Subject: Daily Update
investor-list - analystgroup.com
*******Undervalued Dog************* Vol. 4, No. 97, June 17, 1999
analystgroup.com
A Leading Provider of Stock Advisory Newsletters
***********************Important Notice*********************
We will release a momentum pick at 10:30 am ET tomorrow (June 18, 1999).
Another exciting and interesting play for last day of this week, as the
word is that the company will have a major announcement regarding its
online businesses after the close tomorrow. We will post the pick at
analystgroup.com. Remember, we won't send the
pick via e-mail.
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Daily Market Review
* Wall Street headed higher today, buoyed by cautious optimism after
Federal Reserve Chairman Alan Greenspan's testimony confirmed investors'
perception that an interest rate hike would be enforced when the Federal
Open Market Committee (FOMC) convenes June 29-30. Greenspan said the
central bank must take "pre-emptive" steps to keep the economy growing and
curb inflation. However, Greenspan refrained from mentioning what the
central bank would do going forward, encouraging speculation sparked by
yesterday's favorable consumer inflation report, that the stock market may
endure only one rate increase this year.
As a result, the Dow advancing 56.68 points to 10,841.63, an increase of
0.5%. The NASDAQ gained 26.32 points to 2,544.15. The S&P 500 rose 9.50
points to 1,339.91. The Russell 2000 finished ahead by 0.5% to 443.38, an
increase of 2.18 points. The Microcap 1000 rose 6.34 points to finish at
1076.57.
* The bond market headed higher on hopes that there would only be one
interest rate increase this year. The price of the benchmark 30-year
Treasury rose 1 16/32 points, lowering its yield below the 6% threshold
to 5.95%. The U.S. dollar faltered against the Japanese yen and euro,
rallying briefly on the shoulders of a report that the trade gap shrank
marginally in April.
* The U.S. trade deficit remained flat in April, as a surge in exports of
services helped alleviate some of the negative impact of another month of
record imports. Record imports of $96.95 billion and a surprising boost
in exports to $78.01 billion in April resulted in a trade gap with foreign
partners of $18.94 billion. Initial claims for unemployment benefits fell
28,000 to 297,000 in the week ended June 12, marking the largest drop
since January 16th.
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Daily Stock Review
OLYMPIC CASCADE (NASDAQ: NATS): The stock was up 21.35% to close at $3
3/8, as our pick for this week. The volume was 93.5 K shares, as twice as
many its 3-month daily average. The stock has not been well recognized in
the investment community. However, that won't last long when the news in
the rumor hits the wire. With 510 K shares in the float, the stock will
skyrocket. The stock is rated strong buy under $3.50.
ELCOM INTL (NASDAQ: ELCO): The stock rose 8.87% to finish at $4 7/32. The
volume was light at 577.7 K shares. The intraday high was $4 11/16, as
the Dow Jones Wire picked the old news about global co-marketing agreement
with MasterCard International, that was released on June 2. The stock
appears to have a bottom around $4.00. Remember, the company will come
out of some big news, but we don't know how long that will take. We still
believe the stock is worth at least over $10. Therefore, the stock is
rated accumulation under $4.00.
DATALINK.NET (OTC BB:NETD): The stock finished up $0.25 to $4.75. The
volume was normal at 42.8 K shares. Actually, the stock was down under
$4.50 this morning. We feel it was best time to accumulate. The stock
bounced back to $4.75 this afternoon. The base appears to form between $4
to $4.50. If the company has good news to come next week, the stock
should move over $6. If the news is very big, the stock may move over
$10. The stock is rated accumulation under $4.50.
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