Posted
Feb 25 2008, 09:07 AM
by
Dave Dispennette
Market Summary
The market staged a dramatic turnaround Friday, shooting higher in the last half-hour of trading after word that a bailout plan for troubled bond insurer Ambac Financial could be announced next week. The market's turnaround came after nearly two full days of selling. The Dow had been down nearly 130 points, but by the close, showed a 225-point reversal from its lows of the session. The Dow closed up 96.72, or 0.79 percent, to 12,381.02. The S&P 500 rose 10.58, or 0.79 percent, to 1,353.11, and the Nasdaq climbed 3.57, or 0.16 percent, to 2,303.35. For the week, the Dow edged up 0.27 percent, while the S&P 500 rose 0.23 percent and the Nasdaq lost 0.79 percent.
The Playbook 100
FRM @ $10.18 (Furmanite) provides technical services and IT services to the oil and gas industry worldwide. We originally recommended this stock on 9/30/07 at $9.10 and rode it as high as $13 before it pulled back and found support at its rising 200 day moving average. We are recommending this again for anyone who missed it the first time. We feel a stop loss at $8.75 will give us enough room to ride this stock to new highs.
Growth Stocks
PRGO @ $34.07 (Perrigo) develops branded OTC pharmaceuticals, generic prescriptions, active pharmaceuticals and nutritional products. Earnings have increased 9%, 26%, 89% and 38% during the last four quarters and are expected to grow 66% this year and another 19% in 2009 to $1.83 a share. We are establishing half a position here and will add the remaining half on a pull back to $31. Our stop loss will be set at $29.50.
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