The Play Of The Day
07-30-99 07:15 PM EST.
Good Morning Stock Fans!
It certainly looks like HOLDING yesterday, and buying into weakness was the right play. I wake up today with the S&P Futures up (3.20) and it looks as if we will indeed rally right off the open.
All right Stock Fans! keeping that in mind let's get right to today's Play of the Day
It is: NET2PHONE - (NASDAQ:NTOP)
Stock Fans! I was extremely surprised to see this one come out at the priced that it did. The offering originally was to be priced at $9.00 a share. However late Wednesday night it price was raised for a 3rd time to $15.00 dollars a share. When (NASDAQ:NTOP) came to market late midday yesterday I was amazed to see it open at only about $5.50 over where it was originally priced. I don't know about you but I am quite sure the only reason this most anticipated IPO hit the NASDAQ market at less then $22.00 dollars a share was all because of the environment that it was released into yesterday NASDAQ RED!
Sure, it did manage to rally later on in the day as it would move all the way up off it low public trade of $19.75 to go as high as $29.75 before it would settle at just under $27.00 dollars a share on well over 8.50 million shares trading. However as you all know that really isn't all that big of a move when you have an IPO like NET2PHONE the leader in its market share and extremely high tech sough after technology and compare it to some of the other IPO's that have come to market of late and started traded sky high. Remember Drugstore.com (NASDAQ:DSCM) was priced at $17.00 dollars a share and into a much better market it first public trade was north of $65.00 dollars a share!
Guess what Stock Fans! NET2PHONE (NASDAQ:NTOP) is still looking to me as it trades up slightly today in pre-market to $26.8750 today on 14,800 shares now as a SCREAMING BARGAIN! I will be looking to not wait even a second on this one as I am in at the open today as I strongly believe that NET2PHONE (NASDAQ:NTOP) take the last 3 letter of it NASDAQ trading symbol into account right off the bat and heads way up and "TOPS!" $37.00 to 39.00 dollars as it runs up fast right off the open.
Buy Area: 27.00- 28.00 right off the open REWARD Vs RISK to high to wait!
Sell Stop: More risky $23.50
TARGET: $37.00 -$39.00 a share
OK that is going do it for today!
More to come....