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Play of the Day (For Friday)
- MKC INFO -
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Interactive Chart
Thursday, March 29, 2001


MKC- McCormick & Company $41.43 +0.57 (+1.75)

Thursday's Update:

Time to add some spice to your trading with McCormick & Company, a leading provider of spices, herbs, seasonings and other specialty food products. MKC broke out of its three-year $26-$36 trading range in late November. The stock then spent two months consolidating in the $34-$38 range. On February 12th, shares of MKC broke out on heavy volume and continued to move higher into its earnings release on March 19th. Unfortunately, the stock sold off on profit taking just prior to, and just after, the earnings release. Nevertheless, we believe that MKC has shaken off its post-earnings slump and could be ready to break out to new highs. We are also looking for a possible split with its next BoD meeting or with the June earnings release. The company has enough shares for a split with 160 million authorized and 60.4 million issued. MKC announced its last three splits when the stock was trading in the $35-$45 range, so it is currently trading within historic split range. Going forward, support is the 5-dma at $40.80 with stronger support at $40.35, the 20-dma. Resistance is the all-time high of $41.58 and then possibly $43. Traders may consider entry points on a bounce off of $40.80 or a breakout above $41.58 on volume greater than 65,000 shares by noon. We plan to set stops at $38.75 to limit potential losses.


Picked on March 29th @ $41.43
Change since picked +0.00
Stop Loss @ $38.75


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