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Begin Part 4 of 4

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--$58.00; +0.47; 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 5-16-01 at which time no additional shares were authorized. The company has sufficient shares for a 2:1 split.
STATUS: This stock has been wildly erratic of late. It was in something of a rolling range, but after making a strong move up toward the highs ASFC made a huge drop last Friday, closing at the lower range of the pattern. Just as abruptly the stock gapped back up this week, and is now holding its 18 day MVA (57.03), moving up again today toward the pattern high at 58.55. Volume was not strong on today's move, however, so we will see if it can gather strength for a breakout. Given the volatility, we will carefully protect positions; this one could turn south again quickly unless we see a really strong move.
BUY POINT: Breakout: Over 58.55 on volume in the 750,000 range.
POSITION: October $55 calls to buy (AQR JK - under 100 open interest).

CBH (Commerce Bancorp--$71.13; -0.19; optionable):
http://biz.yahoo.com/p/c/cbh.html
BACKGROUND: Last announced a 5:4 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 2:1 split.
STATUS: CBH is trying a move back up, but is not looking too strong as it slowly wedges upward. The stock had made a weak breakout from a cup with handle pattern, but after falling back and showing a possible head and shoulders pattern it has made a recovery back over its 50 day and 10 day MVA's (68.25 and 70.04, respectively), leveling out a bit the last week. A pullback to the 10 day could be in order, and we will see if it can hold that level for an assault at its high of 72.90. Target on breakout: 80.
BUY POINT: Breakout: 73.03 on volume of 230,000 (average 155,000; down today at 76,600). Stop: 67.90.
POSITION: Stock and/or September $70 calls to buy (CBH IN).

CECO (Career Education--$57.75; -1.39; 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: The stock had been moving steadily moving up along its 50 day MVA (53.56), but in recent weeks has steepened its trend, using the 18 day (56.84) for support as it moves in surges, making sharp jumps from that level. After the last jump reached 61.35 the stock has pulled back again, but is trying to hold, showing a doji today. We will see if it can hold here for a move back up, or if it needs to again test its 50 day. On a move from here we will watch the recent high carefully for resistance.
BUY POINT: From here - aggressive: A bounce over 59.14 on above average volume (231,000; today 196,300). Stop: 55. Pullback: A strong move back off of the 50 day MVA after a lower volume pullback that holds that level.
POSITION: Stock only.

IGT (International Game Technology--$63.45; -0.66; 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 is resting on its short-term MVA's (10 day at 62.89) after having bounced from its 50 day MVA (60.30) after a month-long pullback. The stock has frequently made such pullbacks to the 50 day before making strong moves, but it is getting pretty extended after several runs over the past year. We are looking for a strong move, but will use care with stops. The high is 66.04.
BUY POINT: Aggressive: After a test of the 10 day, a strong move over 64.35 (Tuesday's high), with above average volume (way down at 375,100 Thursday; average 783,300). Stop: 59.85.
POSITION: Stock and/or July $60 calls to buy (IGT GL).

KMP (Kinder Morgan--$71.50; +0.80):
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: Trying to make a move, but it is not easy in the oil and gas sector these days. It broke from its recent consolidation over the 50 day MVA (68.83) Tuesday, and continued the move today but could not hold the move that hit a high of 72, dropping back as volume remained weak (88,600; average 130,400). Looks like a pullback, and we will see if it can hold the highs in the recent pattern, near the 10 day MVA at 69.81. Relative strength has broken out.
BUY POINT: After a test of the 10 day, a move back over 72 on above average volume.
POSITION: Stock and/or September $70 calls (KMP FN).

MMM (Minnesota Mining--$116.44; -0.39):
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 was on 5-8-01 at which time no additional shares were authorized.
STATUS: MMM was looking weak, and Monday it gave a negative report and gapped way down (near the 200 day MVA at 108.23), but got a lot of support and surged back up on huge volume. It still could not break back over resistance from a confluence of MVA's (50 day at 117.21), and in the subsequent sessions it has continued to bang its head against that resistance on low volume (showing a doji today on volume of 1.24 million; average 2 million). With all of the support it received, we are a bit wary of a put play, and it does not appear poised to make a jump to the upside. We will hold off for now.

POST SPLITS REMAINING PLAYS:

BRCD (Brocade--$40.77; -3.32; optionable (UBF): Telecom
http://biz.yahoo.com/p/b/brcd.html
STATUS: BRCD is a stock that we expect to show strength in a stronger market, and it made a good move recently, but gave some back today. It dropped back to close below its 50 day MVA (41.23) with weak volume (8.78 million; average 14.6 million), and we will see if it can weather the weakness we are seeing in the market. It will prosper in market strength, but will struggle otherwise. The recent high on this move was 45.10.
PLAY: Aggressive: In a strong Nasdaq, a move back up on increased volume near the average, with October $35 calls to buy (UBF JG). We might not get it very soon.

CAKE (Cheesecake Factory--$27.02; -0.36; optionable): Restaurant. Splits 3:2 effective 6-19-01.
http://biz.yahoo.com/p/c/cake.html
STATUS: The stock made a strong breakout of a double bottom last week, and on a pullback this week it is holding support at the center of the pattern (26.80; 10 day MVA at 26.54). The stock showed a 'shooting star' doji today, closing well off its intraday high of 28.14. Not a lot of volume (360,800; average 428,500), but on a hold here and move back up we will look for more behind the move. The breakout high was 28.50.
PLAY: After holding here, a move back up over 27.50 with above average volume, with stock and/or October $25 calls to buy (CFQ JE). Stop: Just under the 18 day MVA (currently 25.84).

EMLX (Emulex--$35.82; -1.87; optionable (UMQ): Computer Hardware: Peripherals
http://biz.yahoo.com/p/e/emlx.html
STATUS: EMLX, like some of the other techs, made a solid move last week, running back over its 50 day MVA (36.23). Friday, however, it surged intraday to 43.55 before pulling way back to close, and off of that topping sign it has run back to the 50 day, closing just below that level today. We will see if it can show some strength by holding here, again looking for a move up with some power in the market.
PLAY: After showing it can hold support in this range, a strong move back up on increased volume (4.15 million today; average 6.25 million) in a good market, with October $35 calls to buy (UMQ JG).

ESRX (Express Scripts--$50.87; -1.46; optionable): Split 2:1 effective on or about June 25.
http://biz.yahoo.com/p/e/esrx.html
STATUS: ESRX was holding up well post-split, but looks now to be ready to test its 50 day MVA (49.70). It made such a strong run going into the split, and is in something of a handle to a large cup pattern here, although a bit volatile. We will see if it can hold the 50 day, and if so, try to catch it on a strong move back up in the pattern. Nothing for Friday.

FHCC (First Health--$25.10; -0.39; optionable): Insurance Broker. Split 2:1 effective 6-26-01.
http://biz.yahoo.com/p/f/fhcc.html
STATUS: Recovered a bit from last week's steep drop, and is now holding its 50 day MVA. Not much happening, and we are dropping.

FIC (Fair Isaac--$64.50; +3.25; optionable): Split 3:2 effective June 5.
http://biz.yahoo.com/p/f/fic.html
STATUS: Business services. Simply relentless, FIC again broke out today, moving out of a very short (three-day) consolidation formed after its last solid move. Volume was again very strong, showing that the moves are not flukes (way up to 334,400 today; average 100,400). Too extended for us to chase, but we will carefully monitor existing positions and keep stops in place, perhaps just below the 10 day MVA (59.45), below the recent consolidation range. Still shows strong money flow and buying, with relative strength breaking out.
PLAY: Aggressive: A move up after a test back toward 60, with stock and/or October $55 calls to buy (FIC JK - very low open interest as FIC just became optionable).

GENZ (Genzyme--$57.46; -1.54; optionable): Split 2:1 effective 6-4-01.
http://biz.yahoo.com/p/g/genz.html
STATUS: Biotechnology. Broke out last Friday, but closed well off of its intraday high of 64 and subsequently pulled back. After holding on with a couple of dojis, today GENZ dipped back to its 10 day MVA (57.17), although volume was weak on the selling (2.58 million; average 3 million). Looking for it to hold here, in the range of its pre-breakout highs, for a move back up. Our target on the initial breakout was 65.
PLAY: After holding here, a move back over 60 on above average volume, with stock and/or October $55 calls to buy. Stop: 55.80.

JNJ (Johnson&Johnson--$50.91; -0.13; optionable): Drugs. Split 2:1 June 12.
http://biz.yahoo.com/p/j/jnj.html
STATUS: After pulling back from its fine post-split run, JNJ is bouncing about on its 50 day MVA (50.07). Not a lot going on here, and not much of a pattern, but we will see if it can hold the 50 day and try a move back up, with the recent high at 54.20. Last Friday it sold down hard, so holding here will be a key signal of whether we can expect a move back up any time soon.
PLAY: Aggressive momentum: A move back over 52.60 on above average volume (5.4 million; today 4.8 million), with stock and/or October $50 calls to buy (JNJ JJ). It might take some time. Stop: 48.92.

LH (Laboratory Corp--$78.01; -0.94; optionable): Health Services. Split 2:1 June 11.
http://biz.yahoo.com/p/l/lh.html
STATUS: Has been trying to hold on post-split, moving in a handle to its cup (dating back to the beginning of the year). It is now edging upward along its short-term MVA's (10 day at 77.53), moving on low volume (266,200; average 482,000). The handle high is back at 82.50. Solid relative strength and money flow.
PLAY: Aggressive: A move back over 81 on above average volume, with stock and/or August $75 calls to buy (LH HO).

LOW (Lowe's--$36.20; -0.80: Split 2:1 on July 2.
http://biz.yahoo.com/p/l/low.html
STATUS: Made a great run for us, but pulled back the last week going into the split, and could be headed back to test the 50 day MVA. Dropping for now.

MTON (Metro One--$42.79; -0.79; optionable): Telecom. Splits 3:2 effective July 2.
http://biz.yahoo.com/p/m/mton.html
STATUS: Made a steady, strong move into the split, and we were looking for a fall back post-split. It has not happened, as the stock made an initial move up followed by a low volume, gentle pullback to the 10 day MVA (41.62). We will see if it shows any more weakness that could indicate a test back to the 50 day (34.34) that could give us a put, but it is too extended to play to the upside. We will give it a bit more time.

SEBL (Siebel--$43.35; -4.32; optionable) (SGW): Application Software
http://biz.yahoo.com/p/s/sebl.html
STATUS: SEBL is another tech that made a nice move last week, but it took an abrupt drop today. It appeared to be making a controlled pullback, but gave up the 50 day MVA (44.86) on the drop Thursday. Volume was not big on the drop, and we will not chase it down from here, but will see if it can hold on a bit and try to recover. Nothing for Friday.

WFMI (Whole Foods--$28.28; +0.01; optionable): Grocery Stores. Split 2:1 June 5.
http://biz.yahoo.com/p/w/wfmi.html
STATUS: Has formed a long handle to a cup pattern, and after dropping out of a nice, flat consolidation and testing its 50 day MVA (26.63), the stock bounced back up a bit. After a solid initial move Monday it has not been able to follow up, gapping down each day but regaining the lost ground to close level. A tough call on what it will do from here, but we are still looking for a breakout.
PLAY: Aggressive: Over the recent consolidation high of 28.50 on increased volume near the average (467,600; today down to 276,100). Breakout: 29.55 on minimum volume of 720,000, with stock and/or August $27.50 calls to buy (FMQ HY).

Good Investing!
Jon L. 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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