The Play Of The Day
ENJOY A FEW MORE DAYS of MY SERVICES FREE!- SJ!
07-22-99 08:30 EST.
Good Morning Stock Fans!
Today's Play of The Day is: Amazon.com (NASDAQ:AMZN)
Stock Fans, (NASDAQ:AMZN) earnings were reported. They came in line with First Call estimates, and (NASDAQ:AMZN) also announced a 2 for 1 stock spilt. However, (NASDAQ:AMZN) is getting hammered in pre-market today. I heard it was down from its close yesterday of $125.43750 to $119.1250, in heavy pre-market activity of 84,000 shares. I thought to myself right away after I heard that reported on CNBC about 35 minutes ago that (NSADAQ:AMZN) support is looked to be $117.00 even. It almost immediately dropped to $117.00 a share right after that. Just 1 minute later for only 1 trade it dropped to $116.50 a share then, in seconds it popped right back up to $117.00 even.
What does this mean to me? I believe that (NASDAQ:AMZN) has bottomed out right here. I see a great many investors wanting in on (NASDAQ:AMZN) early today, especially with a 2 for 1 stock split on the very near horizon. I also have to take into account here that (NASDAQ:AMZN) will no doubt in my mind EXPLODE later this year into a huge E-COMMERCE Christmas 99 (e-commerce stocks should have a big last 2 months of 1999)
So Stock Fans, I WANT IN on (NASDAQ:AMZN) shares right off the get go today. I see it as a nice discount today. I am looking to hold 100 shares of this one as a mid term investment till mid Jan 2000.
Buy Area: OPEN $117.00 even
Sell Stop: $101.00
Target : $ (Split Adjusted) $131.00 mid Jan 2000.
Barnes & Noble.com (NASDAQ:BNBN)
I really like (NASDAQ:BNBN) today at its current price of $19.00 even. Increased its growth by over 239% to 39 million in revs this last quarter. I see this one at BARGAIN BASEMENT prices today. I like it as a mid term buy just like (NASDAQ:AMZN) is. I will look to get a hold of 300 shares of (NASDAQ:BNBN) today to hold through Jan 2000. I have set a lofty target on this one of over $100.00 dollars a share by Jan 2000. It just think that (NASDAQ:BNBN) just has to much going for it.
STOCKS TO WATCH
North Point Communications (NASDAQ:NPNT)
Stock Fans, one of my "Cable Guys" is on CNBC's "Squawk Box" this AM. This is now the 3rd DSL (broad band-high speed access to the Internet) company in the last 12 hours that CNBC has featured. It tells me that these "Cable Guys" remain RED HOT! I am looking for (NASDAQ:NPNT) to make a move right off the open today.
Insight Communications (NASDAQ:ISSI)
One of yesterday's IPO's came to market yesterday at what I thought was a BIG DISCOUNT. I really like this company to also move right off the open today to the upside!
Stock Fans, watch all of my "Cable Guys" today! Look for me to get to my LIVE TRADING ROOM about 30 minutes after the open.
Have a great day! More to come...