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Non-Tech : FITB (Fifth Third Bancorp)
FITB 41.88+0.9%12:22 PM EST
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To: Ross who wrote (1)4/26/1997 5:53:00 PM
From: Ron Kory   of 68
 
You are working overtime on SI! It is funny that we are interested
in the same stocks.....I am long fitb at the moment....banks the last
couple of days are not going down and fitb certainly was one of the
banks hit hardest...I am also long cmb and ftu but as you know my
style I may be out in the first hour Monday if they do not work.
The psychology in the market right now is to stay with "safe earnings"
and banks may emerge once again as a favored area because of the
perception of their earnings being safe. Additionally, the large
sell off puts bank valuations at a more reasonable level.

Since you are working overtime see what you think of RENS....looks
cheap fundamentally, well liked by analysts, beat estimates, and
got killed. Down from 47 it now trades at 21 supposedly earning
$1.65 in '98 with a 40% growth rate. The chart looks terrible but
I am curious if you can count five waves down (actually you can
probably count 25 waves down). I can't tell you how many "cheap
stocks" there are in the small cap area. I have to keep telling
myself to wait for signs of a bottom before jumping in because I
have been doing this long enough to know that cheap can become
cheaper. One thing interesting about RENS is that some of the
comparable stocks seemed to have bottomed such as cibr, whit, sape,
etc. There was a lot of volume in the stock last week.
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