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SSP - E.W. Scripps CompanyWeek Ended: 1/27/01
Price 63.50 P/E Ratio 31.13 52 Week High 64.44
Last Week + 0.31 Earnings Date 1/22/01 52 Week Low 42.38
Picked At 63.00 Date Picked 1/14/01 Sector Services
Current 63.50 Open 64.06 Change -9/16
Low 62.94 High 64.06 Volume 151,300

Company Description

The E.W. Scripps Co. is a diversified media company operating in three segments: newspapers, broadcast television and category television. For the 9 months ended 9/30/00, revenues increased 10% to $1.26B. Net income rose 15% to $115.2M. Revenues reflect rapid growth of the company%s cable television networks. Net income also reflects an increased gross profit due to programming and employee cost reductions.

Play Description

January 14, 2001

The E. W. Scripps Company is a diversified media company operating in three segments: newspapers, broadcast television and category television. We are adding this company to our list of split candidates based on a couple of compelling factors. First, congratulations are in order as the stock hit a new 52-week high of $64.31 on Friday. Second, since the company has not split its stock before, we feel that they may elect to do so in the near future. The stock has advanced 50% since last February and we think that the BOD may like to reward investors with a split. Additionally, the split would lower the cost of the stock and thus make it more affordable for both individuals and mutual fund managers. At present the company has 78.7 million shares outstanding and 120 million shares authorized, so the BOD could announce a 3:2 without shareholder approval of more authorized shares. The new high that was achieved on Friday occurred on volume of 242,000 shares, which was 125% higher volume than the 3-month average of 107,000. We like breakouts on big volume like this and will now be watching for some follow through next week. If you are looking at SSP and considering opening a new position, the following are possible entry scenarios. First, watch for further advances on volume over the 107K level or a slight pull back to support at the 10-dma at $61.72, if followed by a bounce higher. Below the 10-dma, look for support at the 20-dma at $61.30 and finally the 50-dma at $59.85. Resistance will be the new high at $64.31 until it is breached We are placing our protective stop at $59.50.

Picked on January 14th @ $63.00
Change since picked 0.00
Stop loss @ $59.50


January 23, 2001

On Tuesday, E.W. Scripps reported better than expected earnings of $0.69 per shares versus consensus estimates for $0.67 per share. We dropped this play at Monday's close at a price of $62.75 per our standing policy of never holding a position through an earnings announcement. Nevertheless, Wall Street reacted favorably to the earnings release, taking the stock to a new 52-week high of $65.56 on strong trading volume of 287,000 shares. We exited this play before earnings with a fractional loss. We will watch SSP for another trading opportunity in the near future.

Picked on January 14th @ $63.00
Profit/Loss -0.25 (-0%)(Stopped Monday @$62.75)
Best Profit +1.44 (+2%)

January 21, 2001

The E.W. Scripps Company is a diverse media concern with interests in newspaper publishing, broadcast television, cable television programming and interactive media. Scripps operates 21 daily newspapers, 10 broadcast TV stations and three cable television networks, with plans to launch a fourth. SSP's cable television network brands include Home & Garden Television, Food Network, Do It Yourself, and Fine Living, which is due to launch in the second half of 2001. This will be our last official report on this play, as the company will be reporting their Q4 earnings results on Tuesday. Per our standing policy of never holding a play through earnings, we will exit this play win, lose or draw at the close of trading on Monday. Chances are good that SSP will beat earnings, as they have for the past several quarters. This has been due in most part to cable shows like the Food Network, which has been delivering stable profits for the company. We are looking for a quick pop before earnings and a chance to grab a little profit ourselves. Friday's fractional gain came on volume of 107,000 shares, right in line with the average 3-month volume. Any new plays should be considered risky at this point. Support is now at the 10-dma at $62.23 and the 20-dma at $61.77. Resistance stands at the recent high of $64.43. Assess your own risk tolerance when considering a new position on SSP. As for us we out on Monday as stated. Our stop remains at $59.50 until then.

Picked on January 14th @ $63.00
Change since picked +0.31
Stop Loss at $59.50


Copyright 2001

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