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Begin Part 3 of 3

CONTINUING CANDIDATES REMAINING PLAYS: When splits are not announced, we will keep the best split prospects on the report rather than continue to carry all of them in case there is a an unexpected announcement. We will continue to monitor the stocks that are trimmed and add them again when we ascertain a revised split announcement date.

ASFC (Astoria Financial--$57.11; +0.09; optionable): Savings and Loan.
http://biz.yahoo.com/p/a/asfc.html
BACKGROUND: Last split its stock in 1996 with the split at a price of $56. The annual shareholder meeting was on 5-17-00 at which time no additional shares were authorized. The company has sufficient shares for a 2 for 1 split. The next annual shareholder meeting is scheduled for 5-16-01 at 9:30 ET.
STATUS: ASFC held the 50 day MVA (56) on the drop back from its handle consolidation (formed after its broke from a saucer pattern in late April). The move up from the 50 day, which has been on low volume typical of ASFC on its attempted moves up, has lost steam now that it has moved past the short-term MVA's (10 day at 56.67), showing a perfect 'star' doji today as volume increased (319,400; average 357,000). It tapped the 10 day at its low, so we will see if it can hold that support and finally make a strong run at the high of 58.50.
BUY POINT: Breakout Over 58.50 on above average volume.
POSITION: Stock and/or July $55 calls to buy (AQR GK).

BBT (BB&T--$35.56; -0.54; optionable): Banking.
http://biz.yahoo.com/p/b/bbt.html
BACKGROUND: The company has declared 21:20 splits in 1996 and 1997. The annual shareholder meeting was on 4-25-00 at which time no additional shares were authorized. The company has insufficient shares for a 2 for 1 split, but just enough for a 3:2 split.
STATUS: Dropped back below its 50 day MVA (35.92), and is not showing much promise. Dropping.

CBH (Commerce Bancorp--$69.58; -0.83; optionable):
http://biz.yahoo.com/p/c/cbh.html
BACKGROUND: Last announced a 5 for 4 split on 6-29-98. The stock price was $54.63. The annual shareholder meeting was on 6-20-00 at which time no additional shares were authorized. The company has insufficient shares for a 2 for 1 split.
STATUS: Did not show us much on the recent breakout from its cup with handle, hitting a high of 72.90 but promptly pulling back and consolidating in the 68-70 range. It has pushed back over its 10 day MVA (69.67) this week, showing a tight pattern over that support on low volume (down to 37,000; average 162,000). We will see if it can hold support here, building some strength for a move back up. Still well within split range.
BUY POINT: Aggressive A strong move back over 72 on above average volume.
POSITION: Stock and/or June $70 calls to buy (CBH FN).

CECO (Career Education--$53.20; -1.05; no options):
http://biz.yahoo.com/p/c/ceco.html
BACKGROUND: Last announced a 2 for 1 split on 8-1-00 in conjunction with earnings. The stock price was $57. The annual shareholder meeting is scheduled for 5-11-01 at 1:00 pm CDT at which time additional shares will be authorized. The company has sufficient shares for a 2 for 1 split without increasing authorized shares.
STATUS: CECO has been trying to make a move, but after reaching 56.10 Tuesday the stock has dipped back, Friday closing just over its 10 day MVA (52.75). The stock has been moving up steadily over the past several months, bouncing along its 50 day MVA (50.03), and has formed a small saucer. Volume was quite low on the recent drop, coming in at 71,800 (average 277,000), so we will see if it can hold here. It has not been to make abrupt moves, but is a steady climber that is in split range.
BUY POINT: Aggressive A move back over 54 on increased volume near the average.
POSITION: Stock only.

GNTX (Gentex--$30.24; -0.46): No announcement, but the stock broke out.
http://biz.yahoo.com/p/g/gntx.html
BACKGROUND: Last announced a 2:1 split on 5-21-98 in conjunction with its annual shareholder meeting (the company has announced three splits with shareholder meetings). The stock price was $35. The annual shareholder meeting is scheduled for 5-16-01 at 4:30 ET at which time no additional shares will be authorized. The company has sufficient shares for a 2 for 1 split.
STATUS: GNTX has been powerful, breaking out of a cup with handle and then, after a bit of a test, blasting back up again last week. It had pulled back on below average volume this week, but dropped back a bit harder Friday, with volume up at 444,800 (average 433,200). It had shown a promising shooting star doji over the 10 day VMA (30.37) Thursday, but gave up that support Friday, as well as its trendline connecting April-May lows, 30.85. Still in the upper range of its late-May consolidation, and the stock tapped down as far as 30 on an intraday move earlier this week. Perhaps it was just caught up in the market Friday, and we will see if it can hold and make a run back up. The recent high is 31.84.
BUY POINT: Aggressive A move over 31 on increased volume. Breakout Over 31.84 on above average volume.
POSITION: Aggressive Stock and/or September $25 calls to buy (GXQ IE). Breakout Stock and/or September $30 calls to buy (GXQ IF).

IFIN (Investors Fin Services--$66.97; +0.23; optionable):
http://biz.yahoo.com/p/i/ifin.html
BACKGROUND: Last announced a 2:1 split on 5-15-00 in conjunction with a board meeting. The stock price was $82. Prior to that announced a 2:1 split on 2-18-99 in conjunction with a board meeting. The stock price was $40.76. The company does not have sufficient shares for a 2:1 split.
STATUS: Still in split range, but we are going to have to see something soon. It gave us a put play, but on a strong move back up it has encountered trouble at the 50 and 200 day MVA's (68.36 and 69.15, respectively). The stock tapped the 50 day at its high Friday, showing a doji. After the very strong volume on the move up, we are not focusing on a put play at the moment, but will see if it can punch back through resistance and get back into the range of its former handle. We will not give it much more time.
BUY POINT: Aggressive A move back over 70 on increased volume near the average (411,500; Friday 253,500), with stock and/or October $65 calls to buy (FLQ JL).

IGT (International Game Technology--$65.00; -0.17; optionable):
http://biz.yahoo.com/p/i/igt.html
BACKGROUND: Based upon our research, it does not appear that IGT has ever announced a split. The annual shareholder meeting was on 3-5-01 at which time no additional shares were authorized. The company has sufficient shares for a 2:1 split.
STATUS: IGT has been very strong, breaking out from a cup with handle and then making its most recent run after a test of that breakout. The stock made a new high Friday at 66.04, but has shown a second consecutive doji as it pulls laterally. IGT could be ready to pull back and test its short-term MVA's again (10 and 18 day 63.30 and 61.61, respectively), so we will be ready for that pullback. On that move, we will see where it holds, and then try to catch another strong move up. It has run quite a ways, so we will be protecting positions carefully.
BUY POINT: After a pullback that catches support at the 62-63 range, a solid move back up, on increased volume (down the last couple of sessions, 676,600 Friday (average 804,600).
POSITION: Stock and/or July $60 calls to buy (IGT GL).

ITG (Investment Tech Group--$53.10; -0.42; optionable):
http://biz.yahoo.com/p/i/itg.html
BACKGROUND: Last announced a split on 11-19-97 at a stock price of $70, and in December 1995 at $65. The annual shareholder meeting is scheduled for 5-16-01 at 1:00 pm ET at which time no additional shares will be authorized. The company has sufficient shares for a 2:1 split.
STATUS: ITG has been quite erratic, moving up along a trendline March and April lows as it built the right side of a cup. It recently dropped back to test the trendline (currently just below its 50 day MVA, at 51.39), but the move that started at 50 pulled back after hitting 55.49 (the range of a handle it was trying to form). After a low-volume pullback the stock finds itself resting on its 10 day MVA (52.90). Not much of a pattern, but we will see if the stock can make a move up and gain some upward momentum again.
BUY POINT: A move back over 55.50 on above average volume (226,000; Friday down to 101,800).
POSITION: Stock and/or October $50 calls to buy (ITG JJ - low open interest).

KMI (Kinder Morgan--$55.24; +0.24; optionable): Gas Utility.
http://biz.yahoo.com/p/k/kmi.html
BACKGROUND: Last announced a 3:2 split in October 1998 at a stock price of $50. It also split 3:2 in the $40 range in 1993. The annual shareholder meeting was on 5-9-00. We are currently unable to determine if any additional shares were increased.
STATUS: Fell back through its 50 day MVA (56.20) last week and has not been able to recover. Still in split range, so we will keep an eye on it, but we are dropping for now.

KMP (Kinder Morgan--$69.40; -0.65):
http://biz.yahoo.com/p/k/kmp.html
BACKGROUND: Based upon our research it does not appear that KMP has ever split its stock. KMP is a master limited partnership and therefore does not have annual shareholder meetings.
STATUS: Fell back out of the tight, lateral consolidation it had formed over its 18 day MVA (70.82). It looked initially like this could have been a last shakeout before a run back up, and we will still look for a turn back up, but Friday the selling got a bit more intense, with volume coming in at 133,600 (average is 139,000). The 50 day MVA is just below at 68.39 (Friday's low 68.80), so we will see if it can hold support there for a move back up. It has made quite a move over the past year, more recently making a strong move up out of a saucer pattern in April, hitting a breakout high of 73.98.
BUY POINT: A move back over 72 on above average volume.
POSITION: Stock and/or September $70 calls (KMP FN).

MERQ (Mercury Interactive--$64.74; -2.38; optionable):
http://biz.yahoo.com/p/m/merq.html
STATUS: After consolidating below its 50 day MVA (62.24) after last week's hard drop with the techs, MERQ managed to push back up this week. It has moved back over the 50 day and the short-term averages (18 day at 64.39). Friday saw a pullback but it showed strength, holding the 18 day and moving down on very low volume (1.74 million; average 4.83 million). We know that this one can really move with the market, in either direction, so we will keep an eye on it for upside moves if the market improves.
BUY POINT: In a strong market, a run up with increased volume.
POSITION: October $60 calls to buy (RQB JL).

MMM (Minnesota Mining--$120.11; -1.69):
http://biz.yahoo.com/p/m/mmm.html
BACKGROUND: Last announced a 2:1 split on 3-15-94 in conjunction with a board meeting. The stock price was $102. The annual shareholder meeting is scheduled for 5-8-01 at 10:00 am CT at which time no additional shares will be authorized.
STATUS: MMM broke from a cup with handle in mid-May, but after pulling back and testing the 50 day MVA (currently 116.74), the stock has tried a move back up. It is experiencing difficulty, however, and Friday pulled back to the 18 day MVA (119.91). Still well within split range, and it has been pretty strong. It is not the type to make wild moves very often (although it made a great move on its breakout last month), so we will see if it can make a move up and continue the trend upward. The breakout high was 127.
BUY POINT: Aggressive A move back over 123 on above average volume.
POSITION: Stock and/or July $120 calls to buy (MMM GD).

OMC (Omnicom--$90.36; -1.50; optionable)
http://biz.yahoo.com/p/o/omc.html
BACKGROUND: Last announced a split on 12-16-97 at stock price of $70. The annual shareholder meeting is scheduled for 5-22-01 at 10:00 ET at which time no additional shares will be authorized. The company has sufficient shares for a 2:1 split.
STATUS: Had been testing the breakout of its cup with handle in a consolidation over its 18 day MVA (119.91), but fell back through that support Thursday. Friday the drop continued, but after gapping down the stock managed to close right at the 50 day MVA. We will see if it can hold here, but nothing for now.

POST SPLITS REMAINING PLAYS:

EMLX (Emulex--$35.78; -3.22; optionable (UMQ): Computer Hardware: Peripherals
http://biz.yahoo.com/p/e/emlx.html
STATUS: EMLX was finally able to crack back over its 50 day MVA (37.45) on Thursday after having consolidated under that level for over a week, but gave that level up again Friday. The drop was significant but on weak volume, although weak volume was all over the market Friday (3.08 million; average 6.36 million). There is not much happening with this former leader, and we are not interested in playing it within this consolidation range (low of 32.90 and high of 39.09). That does not leave much to do with it, but we need to see something in either direction first, and that will depend on the market. Consequently, we will leave it be for now and update it next week if it can develop.

GENZ (Genzyme--$55.64; -1.23; optionable): Split 2:1 effective 6-4-01.
http://biz.yahoo.com/p/g/genz.html
STATUS: Biotechnology. Has pulled back after making a breakout Tuesday, the day after its split. The stock had been in a lateral consolidation it had formed since breaking from a cup pattern in April, and Thursday hit as high as 58.44 before pulling back to show a doji. Off of that pattern a pullback was a distinct possibility, but Friday's action saw the stock holding its 10 day MVA (55.20), just below the high in the former pattern, at 55.75. We will see if it can hold here, perhaps consolidating a bit, and then making a strong move back up. Still shows good relative strength and solid money flow.
PLAY: Aggressive After holding here and perhaps consolidating, a move back up over 57.22 (closing high) on above average volume (2.83 million; Friday down to 2.5 million), with stock and/or October $55 calls to buy (GZQ JK).

IVX (Ivax--$38.65; +1.55; optionable): Generic drugs. Splits 5:4 on May 21.
http://biz.yahoo.com/p/i/ivx.html
STATUS: Has made a phenomenal move post-split, sparked by some good news on a drug product. After a great move Tuesday the stock pulled back on light volume a couple of sessions, but then took off again on Friday, closing over its high from last October at 38.58 (all-time high at 42.30). It is extended, and we are not looking at positions here, as it has run already over 20% on the breakout. Protect profits, and the aggressive can try positions as the stock continues a move.
PLAY: Aggressive A move up on continued strong volume (up to 2.15 million Friday; average 1.25 million), with stock and/or September $35 calls to buy (IVX IG).

JNPR (Juniper--$38.02; -8.61; optionable (JUX): Computer Hardware http://biz.yahoo.com/p/j/jnpr.html
STATUS: Treated harshly on a warning, and the stock gapped down and closed back below its recent low at 40. The April low is back at 28.60, and we will see if the stock will take a relief bounce back up before falling again.
PLAY: Watch existing put positions watch for a possible relief bounce. On a move down after a failed bounce, a move back down on continued strong volume (way up to 55 million on the news today; average 28.9 million), with July $45 puts to buy (JUX SI).

SEBL (Siebel--$48.61; -3.22; optionable) (SGW): Application Software
http://biz.yahoo.com/p/s/sebl.html
STATUS: SEBL is forming something of a pennant pattern. It held its 50 day MVA (45.62) on its last drop, and after a bit of a move up it pulled back today. Volume dipped low at 7.87 million (average 18.4 million), and the stock held the 18 day MVA (48.21) to close. We will see if it can hold this level, and try a move back over the most recent high at 52.32 (the May high is 55.90).
PLAY: In a strong market, a move back over 52.32, with stock and/or August $50 calls to buy (SGW HJ).

STZ (Constellation Brands--$39.48; -0.47; optionable): Wineries. Split 2:1 May 15.
http://biz.yahoo.com/p/s/stz.html
STATUS: A great post-split move, and it is still looking decent as its holds it 10 day MVA (39.18). It pulled back a bit Friday on low volume (66,000; average 192,200) after a strong move the preceding session, so we will see if it can hold here and make another move. The high is the intraday spike from Tuesday, at 41.20. We will not watch it much longer.
PLAY: After holding the 10 day, a strong move back up on increased volume, with with stock and/or July $35 calls to buy (STZ GG).

STT (State Street--$53.63; -0.50; optionable): Banking. Split 2:1 effective 5-31-01.
http://biz.yahoo.com/p/s/stt.html
STATUS: Is testing its breakout from a pennant pattern handle (to a cup), pulling back gradually in a handle consolidation. In that pattern it fallen back through its 200 day (56.11) and short-term MVA's (10 day at 54.51), holding the 50 day (52.90) with a loose doji Friday. Volume has dwindled back in the handle, coming in at 386,100 Friday (average 1 million). We will see if it can make a move back up toward the high in the pattern at 57.87. Obviously, there is a lot of resistance to overcome between here and there.
PLAY: Aggressive A move over the 200 day MVA on above average volume, with stock and/or August $50 calls to buy (STT HJ).

WFMI (Whole Foods Market--$27.62; -0.57; optionable): Grocery Stores. Split 2:1 effective June 5.
http://biz.yahoo.com/p/w/wfmi.html
STATUS: Continues in a handle to a cup pattern, but pulled back to its 18 day MVA (27.51) Friday after having made a bit of a bounce up the preceding day. Volume has been very low as the stock moves post-split (down to 206,700 Friday; average 503,400). We will want to see the stock make its way back up and give us a breakout for positions.
PLAY: Breakout 29.55 on volume of 750,000, with stock and/or August $27.50 calls to buy (FMQ HY - low open interest).

Good Investing!
Jon Johnson and the Stock Split Report Staff.

All of the foregoing is commentary for informational purposes only. All statements and expressions are the opinion of Online Investment Services, LP or its paid consultants and are not meant to be a solicitation or recommendation to buy, sell, or hold securities. We are not licensed or registered in the securities industry. The information presented herein and on our related web site has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. The security portfolio of Partners of Online Investment Services, LP or its paid consultants may, in some instances, include securities mentioned herein and on our web site. Estimates, assumptions and other forward-looking information are subject to the limits of forecasting. Actual future developments may differ materially due to many factors.

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