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Strategies & Market Trends : YEEHAW CANDIDATES -- Ignore unavailable to you. Want to Upgrade?

To: Sergio H who wrote (1653)	4/5/2003 1:05:20 PM
From: Ken W	Respond to of 23958

Sergio ITP's last earnings report was good, comparing 4th Q 02 to 3rd Q 02, but year over year they got hammered due to the reduction in cash from 48mm to 35mm. The charge against good will looks to be the culprit to me. However, as you noted, for that negative the positive is that they have a book of 12ish, reducing long term debt and are not in covenat trouble with their lenders. Additionally, they have announced buying back a good deal of their stock, thus reducing their outstanding shares which they have not done in the preceeding 12 months. That may be what is putting the bottom to the stock. Technically, the stock has a gap to fill in the low 3's (just where support is being establihed) I'm going to shoot for 3.30ish for a mid term hold. Ken