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Play of the Day (For Friday)
- TX INFO -
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Interactive Chart
Thursday, March 01, 2001

TX - Texaco Inc. $65.20 +1.10 (+2.15)

Thursday's Comment:

Texaco received a thumbs-up today from the European Union (EU), meaning its proposed merger with Chevron could soon produce the world's fourth-largest oil company. The two oil giants have been in merger talks for a while now, and although the deal is not set in stone, today's hurdle was a big one. The next step will be approval from U.S. antitrust authorities, which sources familiar with the situation said will take some time. Once the merger is complete, the combined firm will have an oil output of 2.7 million barrels per day and have interests in more than 40,000 gasoline stations around the world. For us, the news brought this play back into profitable territory. We are now looking to reap some further gains, so we would like to see the stock bounce off support at $64.50. This, or a direct move through resistance at $65.65, might trigger an entry point for a new play on this stock. If you are considering such a move, look for volume to come in better than 1 million shares traded by mid- day. To protect our backside, we will post our stop loss at $61.88.


Picked on February 18th at $64.90
Change since picked +$0.30
Stop Loss at $61.88


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