The Play Of The Day

09-10-99 08:16 EST

Good Morning Stock Fans!

Today's Play of the Day is: 24/7 Media (NASDAQ:TFSM)

Yesterday's increase of many of the Internet related issues on the NASDAQ exchange was spurred on by a number of large brokerage houses on Wall Street coming out and upgrading the issues.

However when stocks such as (NASDAQ:DCLK) and it recent acquisition (NASDAQ:NETG) some good gains the other marquee name in the NASDAQ broker banner marketing stocks was absolutely hammered!

The stock I am speaking of is of course 24/7 Media (NASDAQ:TFSM) It saw very heavy volume that you would like to see this time of year on a stock such as this. In fact more then 4 times its daily average of 479,000 shares. All that volume took shares of (NASDAQ:TFSM) down from an open of $32.56250 all the way at one point about 30 mins prior to yesterday's closing bell as low as $27.00 before it was able to stabilize and find any kind of support closing with VOLUME of over 1.7 million shares down more then $6.00 from where it had opened at $32.8750

What happened? Was there NEW? Yes, It seems that well known Internet analyst Henry Blodgett at (NYSE:MER) decided he would not upgrade shares of (NASDAQ:TFSM) because he saw some of (NASDAQ:TFSM) recent acquisitions of non public companies as an effect on their earnings over the next 2 quarters or so. He (Henry Blodgett ) didn't downgrade shares of (NASDAQ:TFSM) and went on as the report I read said to say he actually sees a substantial increase in (NASDAQ:TFSM) bottom line in the future.

The way I interpret that is that (NASDAQ:TFSM) has taken steps recently to make its company stronger in the future. Isn't that what a company like (NASDAQ:TFSM) has to do if it is to compete in its market share in the future? Of course it is!

However, Investors of (NASDAQ:TFSM) sold yesterday as they failed to see the overall picture on the future of (NASDAQ:TFSM) as brighter on the recent acquisitions then it used to be in the past. So many investors bailed out of shares of (NASDAQ:TFSM) that it just went down steadily all day as the chat boards all over the Internet scared investors of (NASDAQ:TFSM) even more by writing that insiders were even selling out of the stock.

Well, with all that selling (NASDAQ:TFSM) finally bounced yesterday at $27.00 its exact low on August 12, 1999. It then after finding that area of strong support where investors said to themselves "I am buying shares of TFSM at $27.00. I don't care what the news is!" It then rose steadily into the close as investors bought it back up taking it off that low of $27.00 by almost $2.00.

I am going to look to buy shares of (NASDAQ:TFSM) today as it looks to me to go no lower then that $27.00 it that reached yesterday as investors in my mind oversold the stock on panic. I like shares of (NASDAQ:TFSM) to have good VOLUME again today and over the next 5 to 7 trading days get back those gains it lost yesterday again finding its way into the mid 30's again where shares of (NASDAQ:TFSM) should be currently.

Buy Area: $27.00- $29.1250
Sell Stop: $26.8750
TARGET: $32.18750- $33.50 (5- 7 trading days!)

I like shares of (NASDAQ:STMP) as purely a range play today as it graph formation is looking to complete an exact retrace of its graph for the previous 30 days. It sure looks to me in looking at its chart that this stock is ready to go higher right now back up from $33.4063 back up to $42.50 where it was less then 15 trading days ago.

Buy Area: $33.50-34.50
Sell Stop: $31.43750
TARGET: $42.50 (5- 7 trading days)

Have a great day!

More to come...

Stock Jock!

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