Briefing.com on Storage Networks...
<<StorageNetworks (STOR) 13.08 +2.37: Techs are red hot, with storage group among the sector's top performers... As Briefing.com recently predicted, the more convinced investors became in the sustainability of the tech rally the more money would trickle down to the second and third tier names... One such stock benefitting from the trickle-down effect is StorageNetworks... STOR, which provides storage management services, is up 22% on more than 3x average daily volume... Stock fast approaching pivotal resistance at 13.45... Penetration of this ceiling, especially on increased volume, would position STOR for a near- to intermediate-term run at 20 (minimum)... Technicals not only positive for STOR, as company was one of the few tech players not to disappoint last quarter - beating the street by three cents (reported loss of $0.34 v. estimated loss of $0.37) on a 489% jump in year/year revenues... Company also posted record 12-mo bookings and maintained target of operating profitability by Q402... STOR now has more than 210 customers, adding Ford, Microsoft, Sun Microsystems, Bank One and Weyerhauser to an already impressive array of clients... As traders look for tech names that have been left behind during the initial surge, they are likely to be attracted by STOR's compelling fundamentals and improving technicals - we were. -- Robert Walberg, Briefing.com>> |
