Bull & Bear's Top Stocks To Watch

       Steven Halpern brings investors the latest investment ideas and market forecasts from the nation's leading investment advisors. Many of the spotlighted newsletters are featured speakers at the Money Show Investment Conferences. Halpern recently asked a number of advisors for their Top Stock Picks for 2004.
       In last year's Top Picks report, Vahan Janjigian, Director and Editor, Forbes Investors Advisory Institute picked American Superconductor, which makes products to serve the electric utility grid. The stock soared in the wake of the 2003 blackouts, and is up a staggering 301% over the last year. Here's his 2004 selection.
       "Oracle (Nasdaq ORCL) produces enterprise software products that help businesses manage their operations as well as their growth. The company was founded by Larry Ellison, who continues to serve as Chairman and CEO. Mr. Ellison is no stranger to controversy. He has been harshly critical of other players in the industry and his critics say he is reckless, both personally as well as in business. But his willingness to assume calculated risks has made Oracle tremendously successful."
       "After suffering through the slowdown in technology spending, which began in 2000, Oracle's revenues are once again on the rise. About three-fourths of the company's revenues, which are close to $10 billion annually, are generated from new software licenses and software license updates. Almost half of all revenues come from overseas. Revenues for the second quarter of fiscal 2004 climbed 8% to $2.5 billion and net income jumped 15% to $617 million. Much of the gains were the result of the weakening US dollar, but Oracle is also starting to see increasing demand in the United States. Given the improving US economy and recent evidence that corporate spending is reviving, I expect Oracle's business and stock to strengthen considerably in the coming year."

       Chris Johnson is managing quantitative analyst for Schaeffer's Investment Research, www.SchaeffersResearch.com. He oversees a team of analysts for the firm's trading department. Here, he applies his expertise in quantified sentiment and the firm's proprietary Expectational Analysis, to select his top pick for 2004, United Parcel Services.
       "After successfully integrating itself into retail shipping, United Parcel Service (NYSE UPS) roars into 2004 with the announcement of large capital expenditures on aircraft and other equipment to continue building the fundamentals of their business. This, as they continue to grab market share from main competitor FedEx. With improvements to the company's fundamentals under way, the share price of UPS has also taken off as the stock recently broke through its long-time resistance at $65. The stock now trades well above its key long-term moving averages signaling healthy technical activity for the shipping giant."
       "Nonetheless, investors continue to show cautious and even pessimistic outlooks for the company as a number of Schaeffer's sentiment gauges reflect. Currently, the Schaeffer's Open Interest Ratio for UPS falls above 1.0, meaning that there are more puts open on the company than there are calls. This number ranks in the top one percent for the year, meaning that option investors have not displayed this much skepticism towards UPS in the last year. Another gauge of sentiment, the short interest ratio for the company, currently weighs in at a hefty reading of 9.8, indicating that short sellers have been very active on the stock and that the potential for a short covering rally exists. Overall, this combination of positive fundamentals, positive price activity and negative sentiment fits the bill for a stock poised to outperform according to our Expectational Analysis approach."

       Richard Band, www.rband.com, a self-proclaimed "New England skinflint" is the epitome of the fundamentally-based, contrarian value investor. His approach is common-sense, low-risk, long-term and understandable. Not surprisingly, his top pick for 2004 is a high-quality, financially-solid firm in the out-of-favor drug sector, Johnson & Johnson.
       "With more than $40 billion of annual sales, Johnson & Johnson (NYSE JNJ) boasts an awesomely diversified product line - from Band-Aids and dental floss at the low end to razzle-dazzle biotech pharmaceuticals and drug-coated stents (to relieve coronary artery blockage) at the high end. What a financial record, too! JNJ has increased its earnings 44 years in a row (soon to be 45) and its dividends 41 consecutive years."
       "In fact, it's the only company I know of that has grown its profits at a double-digit rate for more than a century. Despite these strengths (and a triple-A credit rating, one of only eight left in corporate America), JNJ shares are trading at the same forward P/E as the S&P 500 index. Just average. Yet JNJ's balance sheet and growth prospects rank far above those of the average S&P stock. In today's lofty market, that's my definition of a bargain."

There are few accolades that would overstate the quality and expertise inherent in the work of Louis Navellier, www.navellier.com, who through his MPT Review and Blue Chip Growth Letter has made modern portfolio theory accessible to the general investor. One of the most important factors in his analysis is earnings growth, as seen in his top pick for 2004.
"My top stock pick for 2004 is Schnitzer Steel (Nasdaq SCHN). The company processes almost 5 million tons of scrap steel and iron annually from auto salvage yards (it also owns Pick-N-Pull), demolition firms and other scrap dealers. All this steel and iron is recycled and sold to steel mills. The industrial expansion in China and Southeast Asia has been causing the prices of recycled steel to soar. The company's biggest export market is China, but demand is also strong in Indonesia, Malaysia and Thailand. Schnitzer Steel's operating margins have recently doubled, which caused it latest quarterly earnings to soar over 600%! The company's has had over 50% annual sales growth during the past four quarters, but trades at less than 23 times forecasted earnings and only 17.2 times forecasted earnings."

       Vivian Lewis speaks 6 languages, and has spent 18 years abroad as a leading financial analyst. Her MinuteWoman.com is geared toward sophisticated global investors; while her more-accessible Global Investing focuses on international stocks that trade on US exchanges.
       "As a bear on the market, I want to increase our exposure to non-cyclical stocks whose profits do not depend on economic expansion - and drug stocks are my pick," My top pick for 2004 is Stada Artzneimittel (OTC BB STDAF), an unsponsored ADR. As a generics firm, Stada will gain from recent German drug benefits reforms, which require that patients pay more of medication costs. The push into generics was a deliberate strategy move. About $5-$7 billion (Euro) in drug company patents in Europe will run out, from this year until 2007. That is the main reason for buying a German generics company like Stada. Its current major products are Omeprazol and Ranitidin (for stomach ailments), Naproxen (for pain), Amoxicillin antibiotic, and ACE inhibitor Enalapril."
       "Stada reported 9-month unaudited results that were brilliant, with sales up 25%, mostly in its core businesses (generics, branded products and special pharmaceuticals, and earnings before taxes, interest, depreciation and amortization (EBITDA, aka cash flow) up 21%, year-over-year. Stada's board said that it is "optimistic that the full year 2003 will meet the target of a two-digit rise in sales and profits, and an 8th year of record results." Moreover, it "expects that based on national market policies affecting health which can be predicted on the assumption that current trends do not change, 2004 will see further growth in sales and earnings."

       Bryan Perry's Internet Investing Daily merged with ChangeWave Investment Research in January 2001, and Perry has been the head trader and editorial contributor to ChangeWave Investing since. This year, he launched an exciting, technical e-letter, The Tactical Trader www.changewave.com. His pick for 2004 is Superconductor Technologies.
       "My recommendation for stock pick for 2004 is Superconductor Technologies (Nasdaq SCON). The company has roots deep in R&D and transitioned in late 1990s to a product-oriented operation. Extremely innovative approach enables wireless carriers to do more with less. SCON develops superconducting products for wireless markets, which are installed on existing mobile base stations to improve signal strength and network capacity. Since SCON's technologies use extreme temperatures of less than 300 degrees below zero, the components conduct electricity without the electrical resistance that usually creates noise and signal loss during wireless transmissions. SCON acquired Conductus, its largest competitor, in December 2002, giving SCON a near monopoly in this business."
       "SCON's technology enables wireless operators to increase the range and/or capacity of existing cell sites. Using SCON's products, wireless operators can optimize their existing cell sites and put off having to build new sites due to coverage holes or capacity issues. Customers see real, verifiable value from SCON products such as fewer dropped calls, fewer blocked calls, fewer dead spots in a given cell area, better data performance and increased cell capacity (in some cases). Superconductor Technologies expects to double its production capacity in 2004 over 2003. Customers include Verizon Wireless, Cingular Wireless, AT&T Wireless, Alltel, US Cellular and 20 regional, Latin American and other networks."

       "In recent years, Wall Street pros were too optimistic, only to be humiliated as stocks kept on falling," says global, value investor John Dessauer, John Dessauer's Investor's World. "Well, guess what? Now they are going to be humiliated again, this time by being too timid. They are in for a shock. This is a time for us to be fully invested." Here's his top pick.
       "Cendant (CD NYSE) just about doubled in price last year. Normally after a double, caution is advised. Not so in this case, because last year's move was a recovery, not a march to new high ground. This year, Cendant is likely to make another substantial upward move. The reason is the economy. Strong economic growth is good for business travel, leisure travel, and housing. For the first time in many years Cendant is headed for a time when all of its businesses will be firing on all cylinders. Until now real estate has carried the earnings growth while travel remained a cash cow but not a source of growth."
       "In December Cendant said that holiday bookings at its hotels were up 11%, a signal that leisure travel has improved significantly. Management also says that there is excellent 2004 growth opportunity in the integration of Budget with its existing car rental business. Cendant has strong cash flows, is paying down substantial amounts of debt, is buying back shares, and now will pay a dividend. These are all signs of a strong company that is getting stronger. Estimates for last year are $1.42 rising to $1.60 this year. My expectation is that Cendant will beat expectations this year. Management guidance is for 2004 earnings between $1.55 and $1.62. I am going to stick my neck out again and estimate 2004 earnings at $1.70. Cendant is a top pick for 2004."

       Jamie Dlugosch launched his newsletter, The Rational Investor, at the start of last year. His top pick for 2003 was Metris, a credit card marketer. The stock has risen 81%. This year he again takes a contrary play, on an advertising firm, Digital Generation.
       "Digital Generation Systems (Nasdaq DGIT) serves the advertising market with digital/audio distribution services. Dogged by the three-year recession in advertising, DGIT shares fell out of favor with investors. Reacting to the difficult operating environment, the company controlled costs in the face of minimal revenue growth and has been generating small profits over the last few quarters. The combination of a strengthening economy along with an election year should bode well for future revenue growth at DGIT."
       "Shares of DGIT trade for 1 times sales and 1.7 times book value. The company has a pristine balance sheet with zero debt while analysts expect the company to make $.15 in 2004. We think DGIT represents incredible value with the potential to significantly grow revenues and profits in the near term. We would buy DGIT up to $2.50 per share and our target price is $5."

       "While we're bullish on China, we'd avoid local Chinese stocks, which still have issues with accountability and investor rights," warns Neil George, Editor, Personal Finance and By George, a long-standing proponent of investing in Asia. "Instead, go with the leaders that trade in China's top market, Hong Kong."
       "The fact that Asia is home to a collection of high-growth economies isn't new. But while so much of the US media is bashing the region, the key players just keep improving their local economies. First on the list is China. No nation has transformed itself in such a dramatic way, in such short order, more than China. From a centrally planned economy with severe market and investment restrictions only a decade ago, it has emerged as one of the world's fastest expanding economies. We might not like that we've got serious competition in Asia, but we sure better be there with our investment cash."
       "Our top pick is our Growth Portfolio favorite, Hutchison Whampoa (OTC BB HUWHY). If you buy just one stock to profit from China and the Asian ascent, this is it. It 's a wisely constructed conglomerate that controls a few key industries on the mainland and around the region. First is its prime industrial and retail real estate holdings. Next is its shipping operations; nothing moves around the world without paying Hutchison Whampoa. Then there's its telecommunications franchise, which ranges from the basic to cutting-edge third-generation technology. Finally, its energy division-gas and oil as well as manufacturing-makes Hutchison a force in every strategic market in the most dynamic region of the world-and beyond. Buy Hutchison Whampoa in small and consistent batches now and for the long haul."
       Neil George will be participating in Investing for Growth & Income at The World Money Show in Orlando, Florida, February 3, 2004. Tickets are $89.00 through January 22, $109.00 afterwards.
       Editor's Note: Bull & Bear readers can receive The Money Show Digest - free of charge. Log on to www.MoneyShow.com to sign up for your free weekly digest of newsletters by Steve Halpern, former editor of The Dick Davis Digest. Bull & Bear readers and their guests are invited to attend The World Money Show, February 2-5, in Orlando, Florida - free of charge. To register call 1-800-970-4355 or visit www.WorldMoneyShow.com.

        Donald Pearson's recommended Growth & Income stocks for December are H&Q Life Sciences Investors (NYSE HQL $15.85) and High Country Bancorp, Inc. (Nasdaq HCBC $30.27).
       HQL (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940 as a diversified closed-end management investment company, and invests in investment securities of companies in the life sciences industries. The Fund's investment objective is long-term capital appreciation through investment in securities of companies in the life sciences industries. It invests primarily in securities of public and private companies that may have significant potential for above-average growth. Hembrecht and Quist Capital Management LLC acts as the advisor of the Company effective July 1, 2002. For the six months ended 3/31/03, investment income totaled $325 thousand. Net investment loss totaled $1 million. Net increase in net assets resulting from operations totaled $2.6 million. Net asset value per share totaled $14.08.
        High Country Bancorp is the holding company for High Country Bank (formerly Salida Building and Loan Association), which was founded in 1886 as the first savings and loan association chartered in Colorado. Serving the state's tourist-oriented "Fourteener" region (for the number of mountain peaks exceeding 14,000 feet), the bank operates four offices in Salida, Buena Vista, and Leadville. The bank also owns High Country title and Escrow Company. For the fiscal year ended 6/30/03, interest income fell 1% to $12.7 million. Net interest income after LLP rose 8% to $7 million. Net income rose 17% to $1.9 million. Net interest income reflects reduced yields earned on interest earning assets, offset by reduced deposit costs. Net income also reflects greater gains on the sale of loans and an increased absorption of overhead expenses.

        In 1949, Earl Bakken and his brother-in-law, Palmer Hermundslie, formed a medical equipment repair company they named Medtronic. The two men set up shop in a 600-quare foot garage in Minneapolis. The company got off to a slow start during its first month - grossing exactly $8 for the repair of a centrifuge. Earl, using his electrical engineering background, went on to invent the pacemaker, and Medtronic created a whole new industry based on medical technology. In the last 54 years, Medtronic's sales have grown from $8 to more than $8 billion. That kind of growth will jolt one's heart!
        Over the decades, Medtronic has evolved into a diverse business with an array of innovative technologies focused on treating chronic heart conditions; diabetes; spinal disorders; Parkinson's disease and other movement disorders; and urological and gastrointestinal disorders. Today, Medtronic is a global market leader with nearly 30,000 employees.
        In the early days, Medtronic's research and development was carried out on makeshift wooden tables. The scientists and engineers relied on sketches drawn on paper bags and used spare parts from radios for their prototypes. Medtronic today devotes about 10% of sales to R&D efforts with employees operating out of 26 state-of-the-art research centers around the globe. Medtronic's productive research earned it top ranking with the U.S. Patent office for the number of medical device patents issued.

       The fundamentals for consumer cyclicals remain intact, though rich valuations suggest you need to be selective. Consumer spending, which accounts for about two-thirds of U.S. economic activity, has benefited from mortgage refinancings, tax cuts, decent personal income growth, and early signs of life in the labor market. Annualized growth in consumer spending is expected to slow below 4% in the fourth quarter, versus more than 6% in the third quarter. But, with the job market improving, decent spending growth seems likely in 2004. Among retailers, focus on companies delivering healthy same-store sales growth with improving or stable margins and solid cash flow. Top picks include Cost Plus (Nasdaq CPWM $46) and Sportsman's Guide (Nasdaq SGDE $18).
        Another consumer cyclical worth considering is Marine Products (ASE MPX $15). The company designs, manufactures, and sells recreational powerboats under the Chaparral and Robalo brands. Chaparral is the third largest of more than 100 U.S. sterndrive boat builders. Marine Products, targeting the upper-end of the sterndrive market, is gaining market share. Over the last four years, the company's market share increased to 7.8% from 5.5%.
        Boat purchases are extremely discretionary. Higher interest rates could impact consumer financing and hurt sales. But, so far, the company has carefully aligned costs with sales, and the near-term growth outlook appears bright. For 2003, the one analyst following the stock expects per-share earnings to surge 43% to $0.99. For 2004, the single estimate is $1.15. Both estimates have risen sharply over the past month. The stock scores 98 for Quadrix Overall, with high Quality (97) and Earnings Estimate (98) scores. We are initiating coverage with a Buy rating.

       While the widening mutual fund scandal could throw cold water on the fire, investor confidence has been on the mend. Such companies as Investors Financial Services (Nasdaq IFIN $36) should benefit from higher levels of stock trading and fund activity. The insurance sector should continue to benefit from rate increases, but a likely slowdown in overall premium growth suggests such specialty insurers as HCC Insurance (NYSE HCC $31) represent the best way to play the group. Among banks and thrifts, it is no secret that higher interest rates will weigh on loan production and refinancing volumes. Still, cost cuts and cross-selling opportunities should bolster results at Irwin Financial (NYSE IFC $30) and Harbor Florida Bancshare (Nasdaq HARB $30).
        A long-time upside favorite among thrifts is Flagstar Bancorp (NYSE FBC $22). Since its initial recommendation in June 2001, the stock has risen 298%. Even with the strong run, Flagstar trades at just six times the 2003 consensus profit estimate of $3.96 per share. The company closed $2.9 billion of residential mortgage loans in October, compared to $5.1 billion a year earlier. The decline was expected given higher mortgage rates.
       Wall Street is taking a cautious stance toward Flagstar given the slowdown in mortgage activity. For 2004, the consensus per-share profit estimate is $2.38, with a low of $2.15. In October, the company reaffirmed its 2004 earnings per share guidance of $2.35 to $2.60. Using $2.35 implies a forward P/E of 9, compared to 16 for the average small-company thrift stock. Flagstar is rated Best Buy.

        While it is difficult to predict the impact of changes in regulation and reimbursement rates, the fundamentals driving the health-care sector remain bright. Subscribers should focus on high-quality growers with unique products or market positions. Generic drug makers such as KV Pharmaceutical (NYSE KVa $26) appear to be operating in a sweet spot, partly because of growing consumer and political support for cheaper drugs. Medicaid managed-care companies such as AMERIGROUP (NYSE AHG $44) and Centene (NYSE CNC $29) should continue to deliver solid sales and profit growth, keyed by higher prices and mounting cost-containment initiatives. Among brand-name drug makers we favor specialty players like QLT (Nasdaq QLTI $16). Also, Axcan Pharma (Nasdaq AXCA $14) holds an attractive niche.
       Based in Canada, Axcan specializes in treatments used for diseases of the digestive system. Axcan markets more than 40 products and dosage strengths, including several with leading positions. The company has delivered annualized sales growth of 49% over the last five years. During that time, Axcan's sales force went from 11 to nearly 190.
        A healthy stable of drugs, along with new product launches, should drive sales and earnings. Like many specialty drug companies, Axcan relies partly on acquisitions to build its product line. In November, the company acquired the rights to three gastrointestinal products from Aventis S.A. for $145 million. Over the past year, the three products had combined net sales of roughly $42 million. Consensus estimates project per-share earnings of $0.89 for fiscal 2004 ending September, up from $0.67 in fiscal 2003. The stock, an aggressive holding, is being initiated as a Buy.

       Strong consumer demand and improving business spending have fueled a recovery in technology stocks. Before you join the party, consider that the average tech stock in the Russell 2000 Index has doubled in 2003. And while there is no shortage of small and mid-cap tech companies, the number of attractive names is surprisingly small. Of the 734 tech stocks in our Quadrix universe of nearly 4,200 stocks, 633 have market capitalizations below $3 billion - the usual cutoff for Upside. The median Overall score for the 633 stocks is a dismal 30, hurt by a median Value score of 20. While it makes sense to have tech stocks in a portfolio, investors should insist on quality growers supported by solid Quadrix scores.
        A standout technology play is ManTech International (Nasdaq MANT $25). The company, a leading provider of technology services to the military, is well positioned in the growing market for defense information technology and intelligence services. Unlike traditional defense-related companies, ManTech is fairly sheltered from budget cuts and the uncertainties surrounding big-budget weapons programs.
       Strong profit gains are likely to drive the stock price higher over the next 12 months. For 2003, per-share earnings are expected to jump 22% to $1.09. For 2004, Wall Street expects earnings in the range of $1.24 to $1.31, with an average of $1.27. The low figure implies at least 13% growth and works out to a forward P/E ratio of 20 - far below the 33 of the average technology stock. A strong balance sheet, with long-term debt to total capital at less than 9%, provides a foundation for growth. ManTech is rated Best Buy."

THE TURNAROUND LETTER
Suite 801, 225 Friend St., Boston, MA 02114.
Monthly, 1 year, $195.

Drug store industry:
Prescription for recovery?

       George Putnam, III: "With all of the recent turmoil in the healthcare industry, one segment of the healthcare delivery system has been largely ignored, both by the media and by investors: the drug store industry. A great deal of attention has been paid to new drugs and new medical devices, but the stores where most people still go to obtain these products have been largely overlooked. As a result, most of the drug store stocks are trading from the middle to the bottom of their five-year ranges.
       The drug stores definitely face challenges. On one side, they compete with mail order prescription drug services, and on the other side, they are battling with the big discount chains, such as Wal-Mart, who are trying to gain market share in health and beauty products. But we believe these challenges are already priced into the drug store stocks.
       There are also a number of developments that could favor the drug store companies. First and foremost, the aging of the American population will increase demand for many of the products carried in drug stores. In addition, the likely Medicare reform will not only increase demand for prescription drugs, but as more seniors go to the prescription counter, they will also make purchases of the more profitable non-prescription products in the front of the store. Similarly, as many high profile drugs such as Claritin become available without prescription, that may draw more consumers into the stores.
       On the whole, we find the drug store group to be quite cheap. As the economy picks up, we expect investors to rediscover retailers in general and the drug stores in particular. Details on the leading players follow.
       CVS (CVS) celebrated key acquisitions in 1998 and 1999 that moved the company into the number two spot in the drug-store industry behind Walgreens. But the stock plunged in 2001 as the company continually lowered guidance, settled Department of Justice charges and closed a number of stores. But now, on the heels of a restructuring in 2002, the company is once again looking up. The stock has rallied, but it remains well off its five-year high. The balance sheet looks strong.
       Duane Reade (DRD), while small in comparison to industry leaders, is the largest drug store chain in the New York City area. The fallout of the 9/11 attacks and the ensuing economic malaise in the financial services industry have crimped operations. With the stock still near its lows, it looks attractively valued.
       Longs Drugs Stores (LDG) operates on the West Coast, primarily California, and Hawaii. The company has been the target of takeover speculation from time-to-time. While results remain lackluster, it might be a good fit for a larger retailer.
       Rite Aid (RAD) has been battered by fraud and too much debt, but a turnaround appears to be underway. With $16 billion in revenues expected in fiscal 2004, Rite Aid has the potential to be a formidable competitor. The balance sheet is still highly leveraged, but operations have been steadily improving. The stock has good gain potential, but the debt load makes it only suitable for aggressive investors.
       Walgreens (WAG) was reviewed just this past October when we hunted for revenue growers. It has rallied since then, but continues to trade at a level not much higher than it did in early 1999. It is by far the largest pure drug store play. With an outstanding franchise and a clean balance sheet, it could well trade at much higher levels as the industry comes back into favor."

       Barry Arnold: "General Electric (NYSE GE $28.67) seems to crave the spotlight these days. In mid-October, GE announced a series of acquisitions that totaled more than $25 billion. This huge spending spree included two of the biggest mergers and acquisitions deals in GE's 111-year history. In its biggest deal ever, GE agreed to buy Vivendi Universal's film and television assets for about $14 billion. These assets will be folded into GE's NBC Division, which has been hitting on all cylinders lately. The second largest acquisition and most controversial, is GE's $9.5 billion purchase of Amersham, a British medical diagnostic and bioscience company. While investors are clear on the strategic direction and synergistic fit of Amersham with GE Medical Systems, Wall Street is not completely convinced that paying $3 billion more (a 46% premium) than Amersham's market value was a prudent or an accretive move. While the impact of these two acquisitions on GE's earnings will be foggy for a while, the new shift away from the stodgy industrial businesses of GE's core portfolio now has Immelt's signature.
       In mid November, GE announced the initial public offering of its insurance business. GE's spin-off of Genworth Financial, Inc., which will include the majority of its domestic and international mortgage insurance business and its U.S. life insurance business, is to be completed in the first half of 2004. GE expects to retain 70% ownership in Genworth initially but relinquish all ownership over the next four years. This IPO is good news: 1) GE's insurance business is a sub-par performer; and 2) this spin-off lowers GE Capital's insurance assets to 20% of total from 40% (typically a lower-multiple operation than the industrial side).
       Only time will tell by how much these moves will improve GE's, margins and EPS, but the strategic direction is a positive. GE common trades at only 17x 2004 estimates of $1.61 per share, a 22% discount to the market. We recommend buying GE common at current levels and especially on weakness into the mid-20s."

        Sven Monberg: ASV Inc. (ASVI $28.32): Stock market is probably discounting a satisfactory amount of the anticipated sales and earnings increases with ASV trading over $23 per share and a P/E multiple of over 27 to the high end of the latest upwardly revised earnings estimates from the company. Reduce ASV from a Buy to a Hold on price appreciation and sell ASV at or below $20.
       Brink's Company (BCO $22), formerly known as the Pittston Company, completed the sale of coal operations November 14, 2003. Brink's will be left with three businesses, all in takeover-likely industries: air freight, armored car services, and home security alarms. Watch for possible additional asset sales to maximize shareholder value. BCO technically looks constructive, currently trading above $20 versus $13 last May. We maintain a buy rating.
       California Water (CWT $26.60): SJW Corp., another California water utility, owns an 8.7% stake in CWT. In March 2001, a merger between SJW and American Water Works was terminated, leading to possibility of merger between SJW and CWT.
       CH Energy Group (CHG $43.50, formerly Central Hudson Gas & Elec.): High yield plus an excellent chart. Will buy back up to 25% of its stock over the next 5 years as a way of returning excess cash to shareholder. CHG currently services more than 425,000 customers through two principal subsidiaries. Central Hudson Gas & Electric is a regulated transmission and distribution utility serving eight counties of New York State's Mid-Hudson River Valley, delivering natural gas and electricity from the suburbs of metropolitan New York City north to the Capital District at Albany. CHG has thrived in the deregulated environment, turning profits in extremely competitive markets for energy delivery. This industry leader has a 150-year history with communities of the Mid-Hudson Valley, and has demonstrated a pattern of introducing innovative technology and service reliability improvements. Central Hudson Enterprises Corporation delivers fuel oil, natural gas, propane, motor fuels, and other energy services, to customers in 11 states. Its regional footprint stretches from markets in New England to those of the Washington, DC metropolitan area.
       Charles Schwab (SCH $11.60) is one of the strongest franchises in retail brokerage and financial services. Not only a proxy for the market in general, but overall a very well run business. Mutual fund scandals are creating a buying opportunity. Eventually could be a takeover target for a larger financial services company. Raise buy limit to $12.
Integrated Alarm Services Group, Inc. (IASG $7.60) has been added to the Master List of Recommended Stocks as a strong Buy.
       Newell Rubbermaid (NWL $22.80): Strong Buy, added to Master List in October issue. Call option volume out four to six months suggests speculators are looking for a higher stock price, either through higher margins or a potential takeover."

THE ALEXANDER PARIS REPORT
161 North Clark St., Ste. 2950, Chicago, IL 60601.
Monthly, 1 year $195.

Intuit upgraded to Outperform

       Eric Wanger has raised his recommendation of Intuit (Nasdaq INTU) to Outperform with a new 12-month price target of $58/share, 28.4x his fiscal 2005 EPS estimate.
       "We believe that this high quality large-cap will remain a solid grower for the foreseeable future. Furthermore, this company is a savvy marketer and a scrappy competitor. The company has convinced us that it is willing to roll up its sleeves and address nagging and thorny issues, fun or not. Steve Bennett has assembled an excellent senior management team and results continue to improve.
       Business Description: Intuit is an application software firm specializing in desktop software for small-businesses, consumers and professional accountants in the areas of finance, tax and payroll. Intuit's mission is to "revolutionize the world of small business and personal finance software." Intuit operates a large portfolio of well-known and well-respected software brands. Intuit's primary revenues are derived from sales of small business accounting software (QuickBooks), consumer tax preparation software (TurboTax) and Professional Accounting Solutions (ProSeries, LaCerte). Intuit also provides a number of small business and consumer service offerings including online tax preparation and e-filing services, outsourced payroll services, customer support, discount brokerage services and the office supplies."

       Richard Lehmann: "Underwriters are constantly looking for ways to create securities that look good on the surface, but reserve the really big payoff for themselves. Such an element exists in many brokerage house backed securities. With a resurging stock market, these folks are once again busy creating paper with more promise than is likely to be achieved.
        Two recent example creations deserve recognition. The first example is a Citigroup Global Markets 7% security called SEQUINS, an apt but dubious analogy with something that's all glitter but has no value. This acronym was concocted from the term "Select EQUity Indexed NoteS". A more appropriate concoction would be "Senseless Equities for Uninformed InvestorS". The issue matures in two years, but is callable in one. Its principal redemption value is tied to the share price of Comcast Class A common stock. Well, not really. It's tied to Comcast stock only to the extent it drops in value. If it should rise, it triggers a call price, which limits your upside to a 13% return. Hence, if Comcast does well, even in just one year, they can call the security and pay you a total return of 13%. If Comcast does poorly, they can wait two years and hand you a fixed number of shares of stock guaranteed to be worth less than what you paid for your SEQUINS. While the offering statement clearly discloses all the risks, it fails to explain why anyone interested in owning Comcast stock would seek such a lose/lose way to buy them.
       Our second candidate for dubious investment of the month is also a Citigroup product. It's called Citigroup Global Markets 11% 12/29/04 ELKS. These equity-linked securities promise a bigger payoff by sporting an 11% coupon rate, but that's all show. The fun here is guessing how much of your principal you can expect back at maturity. This is based on a formula tied to the price of five high visibility stocks in five different industries, high tech, retail, pharmaceutical, banking and beverage. Your principal recovery is the lesser of either what you paid in or the value of the worst performing of the five stocks less the first 10% of price decline. What are the odds that all five of these industries as well as all five of the players in these industries will have a good year in 2004? It's like putting 5 apples in a barrel and giving you the pick of the most rotten after a year.
       These securities are clearly for hedge funds and others for whom these are just one card in a poker hand. Investors seeking high yield short-term investments may be blinded by the apparent high yield of these securities, but in fact the risk here is much greater than the inflation risk they may be trying to avoid. In no way should they be considered as growth or income investments. The biggest redeeming quality of these securities is that they did not sully the term preferred stock or bonds by calling them that."

BETTER INVESTING
711 W Thirteen Mile Rd., Madison Heights, MI 48071.
Monthly, 1 year, $24.

Suits poised for a comeback?

       Scott D. Horsburgh, CFA: "The Men's Wearhouse, Inc., (NYSE MW) is one of the largest retailers of men's tailored clothing in both the United States and Canada. It operates domestically under the Men's Wearhouse and K&G Men's Center brands, and as Moores Clothing for Men in Canada. As of Aug. 2 it operated 567 stores in the United States and 114 in Canada. K&G operates at lower price points than the Men's Wearhouse brand does.
       Men's Wearhouse succeeded for many years despite the trend toward casual attire in the workplace. By the time the company went public in 1992, the casual dress phenomenon was already under way. At that time only 22 percent of its sales came from casual apparel. Today that figure is around 40 percent.
       The company is such a powerhouse in tailored clothing that it had a 17-percent share of the market for men's suits in 2002. It has also expanded into tuxedo rentals to encourage more frequent visits by younger buyers.
       When Men's Wearhouse was the Undervalued feature in July 2002, retailing was in shambles, and the clothing segment of retailing fared even worse. The U.S. economy had technically emerged from recession, but consumers were still nervous following the Sept. 11 terrorist attacks and bankruptcies and layoffs at several large corporations. Men's Wearhouse experienced a 4.5-percent decline in sales in 2001, with a 10.3-percent drop in U.S. same-store sales that year.
       Better Investing's Editorial Advisory and Securities Review Committee selected Men's Wearhouse as the Undervalued Stock in light of the company's long history of success and certainty that the poor economic and retail climate wouldn't last forever. Negative same-store sales continued for another three quarters before turning slightly positive in the April 2003 quarter and a strongly positive 8.1 percent in the July quarter.
       Better sales have recently translated into improved earnings, but results are still well below the peak year of 2000. The earnings improvement and a stronger stock market have lifted its price to $30, up almost 21 percent from $24.82 when selected. This achieves the committee's goal that an Undervalued Stock should rise by 20 percent in 18 to 24 months.
       An interesting but perhaps early trend toward more formal dress has been observed. The casual dress phenomenon may have peaked because it was formally adopted by so many companies, even starched-shirt outfits like IBM, EDS and the major accounting firms. It's probably too early to declare a trend reversal, however, because suit sales declined an estimated 4.3 percent in 2002 because of the recession and sluggish recovery.
       The economic environment may, however, have masked any desire among consumers to return to more formal dress. If the anecdotal evidence does indeed signal such a trend, Men's Wearhouse could be a major beneficiary."

Thomas Bishop: "I have uncovered stocks in countless ways over the past 23 years, but part of the process usually includes running some screens to see if anything particularly interesting shows up. One of these screens, labeled my "Tough Screen" requires the stock to have a Zacks rank of 1, an EPS surprise of at least 5% in the most recent quarter and a 5% increase in the annual earnings estimate in the past 12 weeks. Estimated EPS growth for the current year, next year and 3-5 years all had to be better than 24%, the PEG ratio had to be less than 1.1, and short interest had to be under 3 days. Not surprising, this screen does not typically return a big list of candidates to check out, and this time it returned only one - BioReliance (BREL $43.86). Of course, the next test is I have to like what the company does. BioReliance is a leading Contract Service Organization (CSO) providing preclinical and clinical testing services and manufacturing services for biologics. Biologics is short for biological pharmaceuticals which are medicines and vaccines developed from living cells or tissues (vs. from the traditional mixing of chemicals). When you are involved in biologics you see a lot of workers wearing bio-suits and using glove boxes to keep from contaminating the biological material...and vice-a-versa. This is very high-tech stuff BioReliance has been involved in for over 50 years.
Biotechnology is a relatively new but rapidly growing segment of the pharmaceutical world, with biotechnology product sales up 20% to 413 billion in 2002 and projected to nearly double by 2006. The rapid growth of functional genomics is expected to continue to significantly increase the number of candidates for new biological development. And it is here that the Company shines as a knowledgeable outsource with decades of experience dealing with biologics and the FDA, which can rapidly test every aspect of these biologics along every step of their development. A mid-sized pharmaceutical product might have sales of around, say, $350 million. That means that every single day that is shaved off development time, or added to it, can be worth a million dollars... and for a blockbuster billion dollar biologic, millions of dollars. BioReliance helps speed the process.

       BioReliance was founded 56 years ago as Microbiologicals Associates and has been dealing with the FDA for about that long. This makes the Company a valuable resource for many start-up biotech firms and others developing biopharmaceuticals requiring approval by the FDA. Through its testing and development business segment, for example, the Company evaluates products along every step of the way to ensure they are free of disease-causing agents and do not case adverse reactions; characterizes products' chemical structure; develops formulations for long-term stability; and validates purification processes under regulatory guidelines. The company does a host of cell line characterization and lot release assays, analytical assays...in fact, there are 135 families of tests the company provides, many of which are performed long before a drug under development even gets close to a human. The company also provides certain toxicology services, for example genetic and molecular toxicology, biodistribution studies, etc.. Don't worry I am not going to quiz you in this stuff. The important thing is this - A drug application filing with the FDA that proves they have done the appropriate testing to determine that the various attributes if their drug candidate meet the standards set by the FDA. BioReliance knows what the FDA wants and can rapidly do the testing it needs.
       In addition, the Company's contract manufacturing segment (entered in 1993) offers contract manufacturing services including both viral production in the U.S. and microbial fermentation at its facility in Germany. This accounts for about 20% of total revenue. Production is capable of supplying preclinical amounts of biologics as well as quantities sufficient to conduct clinical trials. At this time, the Company's involvement in commercial manufacture of NDA approved product of sale is limited. In fact, most of the product it makes for clinical trials is for clients in Phase I and II trials, but as gene therapy and other viral products move into the substantially larger Phase III trials, quantities produced could expand significantly. The facility in Heidelberg, Germany works with companies developing therapeutic proteins and also helps companies scale-up and develop their production processes. The Company landed three subcontracts back in 2000 and 2001 "supporting the testing, development and manufacture of smallpox vaccines" for the U.S. Department of Defense anti-bioterrorism effort for the military and another contract for the U.S. Department of Health and Human Services for civilians that is ultimately expected to result in 155 million doses called for under the prime contract. The work is somewhat confidential, but 25% of BREL's manufacturing revenues come from thee smallpox programs and, including testing and development, 9% of the company's total revenue come from the smallpox vaccine contracts.
       On September 23rd, the Company finalized the acquisition of Scotland-based Q-One Biotech for $69 million in cash. $48 million was borrowed (at around 4% interest) and $21 million came from available cash. The Company still has $17 million of cash and does not anticipate an equity offering to pay the debt down, content to pay it off from internally generated cash. Cash flow for the 9 months ending 9/30 has been has been over $12 million dollars and was $15.8 million for 2002 and $14.9 million in 2001. Plus, Q-One is also nicely profitable, which will further add to cash flow henceforth and make repayment of the five-year loan even easier. Q-One had revenues of $24 million for the fiscal year ending 3/31/02, which was 17% higher than the year before, and presumably has grown similarly in the 18 months to 9/23/03. Q-One's gross profit was US$10 million for a gross margin of 41%, comparable to the Company's. After tax profit was US$2.3 million and immediate cost reductions of US$1.1 million after tax have already been identified. More should follow and there will be synergies from optimal utilization of facilities and marketing of each others' services and marketing to each others' clients. Combined with BREL's ample organic growth this promises excellent growth in EPS in the coming year. 2003 EPS is forecasted at $1.43 a share after excluding a one-time currency gain (around $1.57 with the gain). I expect EPS to forge ahead to a range of $2.00 to $2.10 in 2004. Buy to $44, but use limit orders. www.bioreliance.com."

INVESTMENT QUALITY TRENDS
7440 Girard Ave., Ste. #4, La Jolla, CA 92037.
1 year, 24 issues, $310. Online version, $265.

Bristol-Myers Squibb: Diminished downside risk

       Joseph McKittrick: "In 1887, William Bristol and John Myers purchased a failing pharmaceutical company. Shortly after the introduction of a salt laxative advertised to taste like "the natural waters of Bohemia," the new company became a success. Just over a century after its founding, Bristol-Myers merged with Squibb Pharmaceuticals to create Bristol-Myers Squibb (BMY). Though the vast majority of corporate revenues continue to derive from pharmaceuticals, BMY also operates segments to produce nutritionals and other healthcare products
       Bristol-Myers' Pharmaceuticals segment produces a wide variety of medications. BMY's number one selling product Pravachol is designed to lower cholesterol and has been proven to reduce the risk of heart attack. A patent extension has allowed for Pravachol to avoid U.S. patent expiration until April 2006. Plavix, another best-selling medication, is designed to prevent blood clots. Earlier this year an initial Plavix patent expired, with another scheduled to last until November 2011. Rounding out BMY's top-ten list of medications by sales are Taxol, Paraplatin, Avapro, Sustiva, Zerit, Monopril, Coumadin, and Glucophage. For the three months ended on September 30, 2003, BMY saw Pharmaceuticals sales increase 19% from the same period in 2002. Plavix, Pravachol, Avapro, and Paraplatin all experienced double-digit growth, leading the company to raise 2003 EPS guidance.
       Nutritionals produces and sells infant and adult nutritional products. BMY's Boost canned beverage is a nutritional supplement, targeted to seniors by its Mead & Johnson subsidiary. This subsidiary also makes several lines of canned baby formula sold under the name Enfamil. Under its own name, Bristol-Myers has created a special brand of products called ChoiceDM for people suffering from diabetes. ChoiceDM's food products include nutritional bars and weight management shakes. Special hygiene products such as mouthwash, body wash, and foot cream are also designed and marketed specifically to sufferers of diabetes.
       Last year, BMY's other heathcare products accounted for approximately 9% of company sales. Within this segment, BMY operates ConvaTec which makes and sells wound care and skin care products. Convatec's wound care includes special dressings to treat burns, liquid wound cleansers, and bandages. Convatec also specializes in the production of ostomy (as in colostomy) care and related products. Bristol's Medical Imaging segment produces a number of injectables which allow target areas to be better illuminated during medical imaging procedures.
       Interesting Qualities to Note: 1. BMY currently has 44,000 employees. 2. Dividends have been paid since 1902. 3. BMY is a member of the S&P 500 index. 4. Sales Mix: United States 62%; Europe, Mid-East, Africa 22%; Pacific 8%; Other 7%. 5. 65% of shares are held by institutions. 6. Telephone # is: (212) 546-4000; Internet: http://www.bristolmyers.com.
       Last March, shares of BMY fell as the company announced it would restate earnings for 1999 to 2001. The restatement came as news revealed the company had made errors in the way it accounted for an inventory glut and sales to two of its largest wholesalers. Shares now seem to be undergoing somewhat of a recovery as the price has risen from its low of approximately $24.
       At a recent price of $27, BMY is in a Rising Trend with a 17% downside risk to an Undervalue price of $22, high yield of 5.0%. Though its yield remains attractive, a correction to the current upsurge could provide investors the opportunity to acquire shares with a diminished downside risk. High debt and payout ratio are signs for caution, but could be dealt with more readily as schizophrenia and HIV medications leave the development pipeline."

Few utilities offer the safety and consistency of Energen (NYSE EGN $40). The company's businesses include natural gas distribution in central and north Alabama (roughly 30% of earnings) as well as exploration and production of natural gas and oil (70%). Energen's long-term debt represents 42% of total capital, and the company's strong balance sheet allows it to purchase reserves and hedge oil and gas production at attractive prices. The company's Quadrix(r) Overall score of 97 is the highest in the utilities sector, which tends to score poorly because of its high debt level and low growth rate. Last month, management raised its 2004 earnings guidance, spurred partly by strong natural gas prices. Per-share earnings are expected to range from $2.90 to $3.10, up from prior forecasts of $2.85 to $3.05. Looking out five years, Energen targets 7% to 8% annual profit growth, keyed by acquisitions and robust production gains. Per-share dividends have increased for 21 consecutive years. At 25%, the dividend payout ratio is far below the peer group average of 59%. Energen, rated Long-Term Buy, has superior growth potential.

KeySpan (NYSE KSE $37) has averaged a dividend yield of 5.5% over the last five years. The payout has remained fixed at $1.78 per share since 1999 and is currently well covered by estimated 2004 earnings of $2.59 per share. With 2.5 million customers, KeySpan is the largest natural-gas distributor in the Northeast U.S. KeySpan also owns a 56% interest in Houston Exploration ($37; NYSE: THX) and 6,400 megawatts of generating capacity that provides 25% of New York City's electrical capacity. The company is refinancing its debt at cheaper rates and selling off noncore assets to pay it down. KeySpan should be able to grow profits at an annualized rate of at least the industry average of 5% going forward, possibly supporting small dividend hikes. Consensus estimates project 2004 profits of $2.59 per share, up 2%. KeySpan trades at 14 times that 2004 estimate, close to its average valuation over the last five years. Given the company's improving balance sheet and demonstrated commitment to a high dividend payout, Neutral-rated Keyspan represents a strong choice for income and offers modest capital-gains potential.

Equitable Resources' (NYSE EQT $43) natural-gas production volumes are increasing, while gas prices remain high. The company produces gas in the Appalachia region and distributes gas to 275,000 customers in the Pittsburgh area and parts of West Virginia and Kentucky. Equitable raised its quarterly dividend 50% to $0.30 per share in August. Despite the increase, the company's payout represents less than 40% of projected 2004 profits, considerably lower than the industry's average payout ratio of 59%. In the past, the company emphasized stock buybacks over dividends. But in the wake of legislation that cut taxes in dividends, Equitable now plans to spend more on dividends than buybacks. Over the last 10 years, Equitable's per-share earnings have risen at an annualized rate of nearly 10%. Consensus estimates project 10% annual growth over the next five years as well, twice the industry average. That earnings growth, coupled with a strong balance sheet, suggests Equitable has the financial wherewithal to keep raising its dividend. Equitable is expected to earn $3.06 per share next year, up 11%. At 14 times that estimate, the Buy and Long-Term Buy appears reasonably valued relative to its total-return potential.

Questar (NYSE STR $35) has boosted its dividend in each of the last 13 years, posting annualized growth of more than 4% during that period. The company's dividend payout of 34% is well below the industry average and affords plenty of room for future growth. With a yield of 2.3%, Questar is a total-return play, not a pure income stock. Consensus estimates project 9% annualized profit growth over the next five years. That earnings-growth rate, coupled with likely dividend growth of 4% to 6%, should lead to above-average returns. Questar's regulated gas utility and pipeline generate nearly half of its income, but the utility posts subpar returns. Questar appealed for regulatory approval to raise rates in 1999, but a 2003 court setback has delayed the process, which the company says may take some time to complete. Exploration-and-production activities, mostly in the Rocky Mountains, provide the rest of Questar's earnings. While gas prices could decline in 2004 and 2005, production should grow as Questar drills 30 wells this year and continues to develop the Pinedale gas field. Questar, with its strong balance sheet and superior profit- and dividend-growth potential, is a Long-Term Buy.

Duke Energy (NYSE DUK $20) has cut down on its energy trading, but the power-marketing business probably lost money last year. Demand for power is likely to increase in 2004, but the merchant-power division is unlikely to regain its position as the company's profit driver. Duke provides regulated utility service to about 2 million electric customers and operates 16,800 miles of gas pipeline. The company announced about $1.7 billion in asset sales in 2003 and plans more. A combination of these sales and the mandatory conversion of some debt to equity this year should allow Duke to cut its long-term debt by more than $5 billion in the three years ending 2005. However, the asset sales limit Duke's ability to grow profits. Duke is expected to earn $1.20 per share both this year and next year. The company's dividend payout has not increased since 1998 and currently represents more than 90% of projected 2004 earnings. While a dividend cut is possible, and many industry watchers expect one, Duke's asset sales and restructuring have set the stage for a strong rebound over the next three or four years. The stock may be volatile but retains its Long-Term Buy rating."

       Gene Inger: "Texas Instruments (NYSE TXN 26.90) and Intel (NYSE INTC 32.40) were superior selections from mid-2002 forward, and remain poised for continued overall superior performance in 2004. Though both more than doubled from our entry points, we believe setbacks will continue within primary uptrends, and that neither fully reflects profitability potential of our forecast Bull Market from 2002 forward. Increased adoption of Digital Signal Processors; use of integrated circuits in more devices, and a competitive domination of HDTV technology by these two firms, including the new Intel HDTV-on-a-chip design; contributes to their fundamental and technical prospects.
       As market interest broadens into secondary or tertiary issues, so do aggressive selections in the wake of forecast leadership by the premier technology issues such as last year's picks. We add, on a low-price speculative basis, Corvis Corp. (CORV 1.80 Nasdaq NM); now in an advanced phase of transition to being a real business. This once-hot optical equipment IPO (never before had interest in it) dove to pennies after the dot.com bust. Subsequently purchasing it's biggest customer; Broadwing (from Cincinnati Bell) at pennies-on-the-dollar (relative to optical network construction costs), Corvis is no longer focused on their equipment sector (though it remains) and is the Nation's only all-optical fully-switched network. Unlike competitors, it's not carrying any debt burden. Newly rational industry structures and potential broadband, VoIP and cable relationships, could evolve in a robust way. Corvis may be undervalued compared to other long-haul carriers. A cutthroat competitive environment; but believed movement back from small-cap to Nasdaq NM, as well as potential recovery to EBIDA positive during 2004 should help share price levels. We've mentioned and owned CORV shares since the 1.30's, with a target of 3-4 a one-two year goal, if CORV plans evolve as they suggest, and overall markets still continue our Bull Market structure. Institutional interest could make that goal conservative, as they frequently do not consider shares under the $5 level, and momentum may have ignited if it's going to. Hence it's a turnaround spec.
       Along with other secondary stocks able to participate in a broadened-out market advance, we find Corvis of particular interest because it's generally still under-covered after the corporate changes; and is funded primarily by well-heeled investors (no assurance), plus has no evident big debts on the books. Like many former dot.com's warned about in the late '90's at ingerletter.com, ultimate promises of the era would become visible, but only after original hype phases collapsed, allowing base-building transitions to occur, and then new investment-grade advance would begin, as we'd targeted from 2002 on, with a primary emphasis on leadership from semiconductors and tech; not just more mundane multinationals, which were however expected to improve price behavior last year as leadership of technology, financials and oils broadened to include additional sectors also."
       Editor's Note: Gene Inger, editor of The Inger Letter offers the following services: Gene Inger's Daily Briefing(tm), $159/quarter, a web-based newsletter providing daily analysis and a forecast of short-term market conditions. Posted 9 p.m. ET each evening, the Daily Briefing focuses on events of significance, potential monetary or psychological impacts, and the next day's likely action. The Daily Briefing is available at: http://www.ingerletter.com.
       Based on his thirty years of market experience, as a money manager and financial television commentator, Gene offers a lively and insightful perspective of the day's action. He covers stocks, bonds, currencies & oil, as well as market-moving events of the day, including market psychology. He examines technical levels and patterns for the Nasdaq 100 and the S&P 500 in particular, with an eye on probabilities.
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       The MarketCast provides a near, real-time analysis of market action. Given the rapid pace of changing economic, psychological, and geopolitical perceptions, shot-term traders need a compass like MarketCast to help them keep their bearings. MarketCast is primarily intended for short-term traders in S&P futures or techs, as well as investors concerned about the T-Bond and the Dollar markets. The service provides a running analysis of current market action and indicates the likely implications for the next trading day.
       The MarketCast updates are distributed by email as an audio file in Windows Media format, so no special software required. The files should open with the default media player. A list of FAQ's about the service is provided on the website to answer most questions regarding connectivity.
       Gene Inger's MarketCast(tm) is available at: $300/month; $800/quarter; $1500/year. A trial week's access is available for $100 on the website. Frequent investor/traders; feel free to contact Laura or Alan in our California office at (805) 496-6441 (Pacific Time hours) to ask questions, or establish service, or via email: CA.office@ingerletter.com.