Is It Time To Buy Hewlett-Packard Shares?

After the sudden resignation of Hewlett-Packard (HPQ: 42.33 0.00 0.00%) CEO Mark Hurd last Friday, shares plunged 8% overnight and through Monday's trading session.

Strangely enough, shares stopped falling at a critical chart support level - so let's take a look at what the charts are saying for the reference price levels investors should be watching.

First, HPQ Daily:

 

The daily chart offers a support level at $42.50 and $42.00 per share - which is roughly where price trades currently.

Cutting to the chase - the main question is whether or not support at $42.00 per share will hold… or more specifically, if longer term investors see the 8% 'haircut' as an opportunity to buy undervalued shares quickly for future appreciation.

However, a price break under $42 - key support - will likely trigger a good number of short-term and perhaps even some intermediate and long-term traders/investors to sell shares for fear of future price declines.

Keep in mind shares were priced at the $54 level at the market peak in April - shares are now down 22% or $12.00 from that peak.  Does that represent value… or increased risk of further price deterioration?

That's a question investors must now face.  What happens here at the chart level support at $42 should give us a sneak-peak to the answer.

Finally, the higher timeframe weekly chart:

 

Let's get a little more detailed in our chart journey.

First, I drew a Fibonacci Retracement reference grid, which shows that price just nipped under the 38.2% retracement price at $43.39 - and if sellers push price under the $42 support, look for a downward spike to test the 50% level at $39.91 ($40 for easy-reference).

Any further selling under $40 could be met with "Fibonacci" buyers at the 61.8% retracement of $36.48 ($36.50 for easy reference).

The 61.8% level also corresponds with a prior price low from the June '09 lows.

The $40 level corresponds with the lower horizontal support of a prior price trading range from 2008.

If we don't see a bounce off $42, look to be defensive and expect a likely move to test $40, and if buyers don't step in at $40, then look for a price play to $36.50.

For alternate reference, the 20 and 50 week EMAs just crossed bearishly overhead at the $47.00 per share level, so that would be expected to provide "cradle" overhead resistance on any bounce off the $42 level.

Keep these levels in mind as you watch the charts and position in or out of this stock.

Historical U.S. Stock Market Behaviour Near 200-Day Moving Average

The bulls lounge was nearly empty when we published Stocks May Surprise By Year-End on July 2, 2010. The S&P 500 was standing at 1,022, bears were out in full force, and talk of a move toward 850 on the S&P 500 was common. As we awake today, the S&P 500 stands 11.50% above the intraday low made on July 2, 2010. With the Dow, NASDAQ, and S&P 500 all above their respective 200-day moving averages (see Hedge Funds Care About 200-Day), the question now becomes should you wait for a bullback before putting any new cash to work?

Many investors have been waiting to see what would happen at the 200-day before investing any new cash. The internal voice of investors may now be saying, "The 200-day has been cleared, I need to be patient and wait for a pullback". That approach may or may not turn out to be a good idea, but the history of stock market action after the S&P 500 retakes its 200-day moving average tells us a pullback from current levels is far from a given. A visual inspection of the historical charts shown below can help you better understand the range of possible outcomes when stocks regain their 200-day moving average.

The purpose of this research is not to forecast or predict what stocks may do in the coming weeks, but rather to review historical cases where the S&P 500 Index ("stocks") continued to surprise on the upside after crossing the 200-day moving average. The pullback approach aligns with the basic instincts of an investor after a big move off an intermediate low. We can find historical periods where the "pullback scenario" would have worked well. However, we were also able to find numerous cases where waiting for a pullback would have proved frustrating (see table below).

Below, we examine each of the historical cases cited above, including charts showing the market's moves relative to the 200-day moving average. The first example is taken from 1998. Fundamental concerns of the day included the Russian financial crisis, aftermath of the Asian financial crisis, and falling commodity prices. Following a multi-month correction, stocks moved above their 200-day moving average in October of 1998. Once the 200-day was cleared, stocks continued to move higher with little in the way of buying opportunities. After calls for a new bear market, stocks gained almost 32% in the nine months after the S&P 500 retook its 200-day moving average.

2004 saw similar fundamental concerns to what we have in 2010; questions about the sustainability of an economic recovery, including slowing data relative to job creation, durable goods, and retail sales. After retaking the 200-day in October of 2004, stocks sprinted 8.7% higher in roughly two months with almost no opportunity to buy on a pullback.

Lingering effects of the savings and loan crisis in 1991 contributed to economic problems in the United States, Canada, the United Kingdom, and Australia. The Gulf War led to a spike in oil prices in 1990, which hurt both consumers and businesses. The period was marked by slow GDP growth, large budget deficits, and high unemployment. Stocks were able to see better days ahead and found a bottom in October of 1990. The S&P 500 crossed its 200-day moving average in late January 1991. Those who waited for a pullback were disappointed as stocks gained almost 18% with little in the way of corrective action after retaking the 200-day moving average.

In 1984 Dr. Deming's "Five Deadly Diseases of American Industry" described a corporate culture that had lost its way, causing a decline in global competitiveness. Unemployment was 8% in January of 1984 and would finish the year at 7.0%.

Fears of a recession were high entering 1996 after a stagnant 1995 fourth quarter in terms of economic growth. GDP growth was tame in the first quarter of 1996 coming in at 2.0%. Stocks hit an intermediate peak in May and did not find a bottom until July of 1996. After an 11.04% correction in the S&P 500, the 200-day moving average was recaptured in late July with the Index valued at 635. That level was never revisited as stocks gained almost 29% in the following seven months.

Computers were blamed for much of the stock market volatility in 1986. Declining oil prices helped tame inflation and the Fed was able to lower interest rates. Reduced capital spending by businesses and a decline in exports contributed to slowing, but positive, economic growth. Unemployment stood at 7% for most of the year. Stocks experienced a sharp correction in September of 1986. After finding a bottom, the 200-day was crossed in a bullish manner on October 1, 1986. Stocks remained above the 200-day over the next six months, except for two days, while posting a gain of 29.18%.

The 1981-1982 case shown below is probably the least similar to present day 2010 since the cross of the 200-day followed a true bear market instead of a correction. However, the sharp move higher after finally breaching the 200-day in July of 1982 does show how market sentiment can change rapidly in a positive manner.

We want to reiterate this analysis is not meant to serve as a forecast of how stocks will perform in the coming weeks. Our purpose is to better understand the real possibility stocks could continue to surprise on the upside should the S&P 500 be able to hold above its 200-day moving average. We also understand and respect the problems of 2010 are quite different from the problems of the historical periods cited above. However, there are also similarities concerning fear of slowing economic growth, recessions, computer dominated stock trading, stubborn unemployment, and a general concern about the competitive standing of the United States in the global arena. In each case, the stock market was resilient and moved higher after completing a corrective process.

Asset markets are ultimately controlled by the actions of human beings. In the financial markets, humans tend to base decisions on either the fear of losses or the fear of missing potential gains. As the market moves further away from the lows, investors' fears begin to shift from the fear of loss to the fear of missing out on gains (shift is most likely well under way now). While the fundamental problems of the day vary in scope and severity, the human emotion of fear remains a relative constant from economic cycle to economic cycle. Consequently, it can be helpful to understand the full spectrum of history as we formulate investment strategies in the coming weeks and months.

Gold – Entering A Strong Seasonal Period

As shown in the chart below, September has traditionally been the strongest month for gold bullion with a rise of 2.6% above the August price. Gold has risen 65% of the time since 1970. November through February are also typically strong months.

The following explanation for the seasonal pattern is offered by U.S. Global Investors: "If history is any guide, gold is about to get even more attractive because we are heading into the fall and winter gift-giving season. This is the time of year that gold jewelers typically do their biggest business. The kickoff is the Muslim holy month of Ramadan, which starts next week and ends with generous gift-giving in early September.

"After Ramadan comes India's post-monsoon wedding season, and in November there's Diwali, one of India's most important festivals. During the fall, jewelry makers in the U.S. and Europe stock up in advance of the Christmas shopping season. And in

China, there are two big gold opportunities: the week-long National Day celebration starting October 1, and the Chinese New Year in early 2011."

With the demand/supply situation looking very favorable (including China encouraging its rapidly growing middle class to stock up on the yellow metal) and the U.S. putting the printing press to maximum use, gold bullion remains one of my preferred investments.

Valuation-Informed Indexing:What If Everything You Thought You Knew About Stock Investing Turned Out To Be Wrong?

Last week's column argued that, while short-term timing (trying to guess where prices are headed in the next year) really does not work and is to be avoided, long-term timing (changing your stock allocation in response to big price swings with the understanding that you may not see benefits for doing so for as long as 10 years) always works and is to be celebrated. Does it really matter so much?

I believe that it matters a lot. I believe that taking valuations into consideration is the key to successful long-term investing. But I have learned over the past eight years that many investors feel an intense emotional resistance to the idea that long-term timing works. I can make the strongest intellectual case in the world for Valuation-Informed Indexing and it won't mean a thing if people do not let the words sink in. So we need to examine a bit why it is that many investors are so cold to the idea.

You've heard about banks that are too big to fail, right? The idea that timing works is the idea too big to accept as possible. If we learn that timing works, everything we know about stock investing changes.

The changes are wonderful stuff. The thing that stock investors most want to be able to do is to avoid losing their money in a stock crash. If it turns out that Yale Professor Robert Shiller is right that valuations affect long-term returns, guess what follows? If valuations affect long-term returns and long-term returns can therefore be known in advance (not precisely but to a considerable extent) by those making reference to the valuation level that applies on the day they buy, we no longer need to worry about losing our money in crashes. We can know when crashes are coming and step aside.

It sounds too good to be true. But we have an historical record that we can use to check whether the idea stands up to scrutiny.

From 1900 forward, there have been four stock crashes that remained in effect for a significant period of time. The first came after a time when we permitted the P/E10 level to rise above 24. The second came after a time when we permitted the P/E10 level to rise above 24. The third came after a time when we permitted the P/E10 level to rise above 24. The fourth came after a time when we permitted the P/E10 level to rise above 24.

There has never been a time when we permitted the P/E10 level to go above 24 in which we did not see a price crash. There has never been a price crash at a time in which we did not permit the P/E10 level to go above 24. I am beginning to detect a pattern.

Stock crashes are optional.

That's good news. No?

It's good news. And if the only thing we learned when we learned that valuations affect long-term returns was how to avoid stock crashes, I am confident that we would have used Shiller's findings to develop the Valuation-Inforned Indexing model back in 1981 and we would all be following it today. What's holding us back are the other implications that follow from Shiller's findings.

We don't take the concepts of overvaluation and undervaluation seriously today. Pretty much everyone acknowledges that overvaluation and undervaluation exist. But we pay these ideas lip service. If we took the concepts of overvaluation and overvaluation seriously, there are a number of things we would do very differently.

Web sites and radio shows and newspapers report the Dow and S&P numbers every day. How often do you hear the numbers reported adjusted for the effect of overvaluation? At the time when stocks were priced at three times fair value, the Dow was at about 12,000. Shouldn't the news reports have been saying that the Dow was temporarily priced at 12,000 but that the true value was 4,000? Wouldn't that have been the more accurate statement given the level of overvaluation?

People who at that time were buying index funds to finance their retirements were not really directing most of their savings to the purchase of stocks, were they? Take a person who invested $1,000 per month in stocks. Wasn't it only about $350 of his monthly 401(k) contribution that was going to stocks while $650 was going to the purchase of cotton-candy nothingness fated to be blown away in the wind over the course of the next 10 years or so? Isn't that the right way to think about it given that stocks were priced at three times their fair value at the time? Doesn't the word "overvalued" mean "mispriced"? The money you turn over to cover the cost added through a mispricing does not benefit you in any way, does it?

We would give people different sorts of advice re how to plan their retirements if we took the concept of overvaluation seriously. Today's retirement studies tell retirees that the safe withdrawal rate is always 4 percent. If overvaluation is a meaningful concept, doesn't it follow that the safe withdrawal rate varies with changes in valuation levels? Stocks are sometimes priced at one-half fair value and at other times are priced at three times fair value. Shouldn't the safe withdrawal rate be six times higher when the true value of a portfolio is double its nominal value than what it is when the true value is one-third of nominal value?

If Shiller is right and Fama and Malkiel and Bogle are wrong, 90 percent of the textbooks on stock investing get it wrong. If Shiller is right and Fama and Malkiel and Bogle are wrong, 90 percent of the investment calculators on the internet need to be corrected. If Shiller is right and Fama and Malkiel and Bogle are wrong, 90 percent of the risk management advice and asset allocation advice and retirement planning advice we have heard over the past 30 years is wrong.

What if everything you thought you knew about stock investing turned out to be wrong? That's the question that we all should be turning over in our minds today.

I see two possibilities. One is that Shiller is wrong and that the market really is efficient and that both overvaluation and undervaluation are meaningless concepts. The other is that Shiller is right and we need to revisit every strategic issue that we thought had been settled during the Buy-and-Hold Era. Either valuations matter or they don't. If they matter, every number used in investment analysis needs to be adjusted for the extent of the overvaluation or undervaluation that applies at the time. There is no in-between possibility that makes sense.

My take is that Shiller was right. My take is that Shiller's finding was the most important finding in the history of investment research. My take is that we need to begin exploring the implications of Shiller's finding that valuations matter in a serious way and taking our understanding of how stock investing works to places it has never been before.

Stock Picks : Sirius XM Radio, Allied Irish Banks, Dryships, Cell Therapeutics

Sirius XM Radio (SIRI: 1.05 -0.01 -0.94%) - Looking at the technical chart the stock looks like it is forming a symmetrical triangle but it is not yet ripe for the breakout.In fact, another pattern that might happen for this stock is for it to just form an upward channel as we can above without having a proper breakout of the symmetrical triangle. But either way, we may be looking at an upward trend. All the technical indicators are in favor of an upward price movement: all the major moving averages are below the current price, MACD has generated a buy signal and is currently above the "0″ line.

 

Allied Irish Banks (AIB: 2.53 +0.03 +1.20%) - This stock chart looks very enticing. We now have a small ascending triangle broken with MACD above signal line and above zero line, which is a bullish indicator. In addition to that we also have the price currently above the 50-day MA. AIB could be a good stock to trade on Wednesday, and I will be buying the stock once it breaks above Tuesday's high. Watch AIB closely because when it breaks, it will move quickly.

 

Dryships (DRYS: 4.8913 +0.0613 +1.27%) - The stock was on my list a few days ago, and has been slowly trying to make a move up. DRYS has to break above $4.79, for it to pick up momentum. Watch the stock closely on Wednesday, and once it breaks through $4.79, get ready to enter the trade.

Other stocks to watch :

(CTIC: 0.41 +0.0025 +0.61%) - Cell Therapeutics - As long as the stock holds above the $.40 support level the intermediate-term picture should remain positive. Fresh exposures may be considered on a move past $.50.

(BAC: 13.96 -0.06 -0.43%) - Bank of America Corporation - Watching for a close above $14.65
(MOT: 8.00 -0.02 -0.25%)- Motorola - Watching for a close above $7.69
BANR - Banner Corporation - Watching for a close above $2.5
AAPL - Apple - Watching for a close above $265.99
SOMX - Somaxon Pharmaceuticals, Inc. - Resistance is located at $4.09 ( 200 MA ) if the stock breaks this level, it has a chance to run.
JDSU - JDS Uniphase Corporation - Resistance remains at $11.36 and I would be a buyer on a break above that level for a trade.
AMD - Advanced Micro Devices Inc. - The stock continues the downtrend, so look for further downside activity on a break under 7.41.

New 52-week High stocks

LVS - LAS VEGAS SANDS CP
SOLF - Solarfun Power Holdings
CTSH - Cognizant Technology
BIDU - Baidu Inc
SLE - SARA LEE CORP
VSH - Vishay Intertechnology
HLF - HERBALIFE LTD
D - DOMINION RESOURCES
CCE - COCA COLA ENTERPRIS
AZN - ASTRAZENECA PLC
CNI - CANADIAN NATL RAIL CO
NR - NEWPARK RESOURCES INC
INTU - Intuit Inc.
CCI - Crown Castle International
LINE - LINN ENERGY LLC UTS
AGP - AMERIGROUP Corp
HRC - Hil-Rom Holdings
SHPGY - Shire Plc Ads
NBIX - Neurocrine Biosciences
IACI - IAC InterActiveCorp
GGAL - Grupo Financiero Ga
AMCC - Applied Micro Circuits
PGN - Progress Energy Inc
SAPE - Sapient Corporation
CHRW - C.H. Robinson World
WLL - WHITING PETROLEUM CP
PHK - Pimco High Income Fund
SOLR - GT Solar International
RES - R P C INC
PSA - PUBLIC STORAGE INC
FRT - FEDERAL REALTY INVT TR
ACOM - Ancestry.com Inc
RYN - RAYONIER INC
CXO - Concho Resources Inc
CHT - CHUNGHWA TELCOMM
HGRD - Health Grades
CNQR - Concur Technologies
VNR - Vanguard Natural Re
ITC - ITC HOLDINGS CORP
AWH - ALLIED WORLD ASSURANCE
GAS - NICOR INC
EPB - EL Paso Pipeline Pa
WCN - Waste Connections Inc
OAS - Oasis Petroleum Inc
GIM - TEMPLETON GLOBAL IN
BAP - CREDICORP LTD

New 52-week Low stocks

NVDA - NVIDIA Corporation
MDR - MCDERMOTT INTL INC
SYKE - Sykes Enterprises
LEAP - LEAP WIRELESS INTL
MPWR - MONOLITHIC POWER SYSTEMS
AHS - AMN HEALTHCARE SERVICES

Unusual Volume

MET - METLIFE INC
DOW - DOW CHEMICAL CO
BHI - BAKER HUGHES INC
KGC - KINROSS GOLD CORP
MDR - MCDERMOTT INTL INC
AAWW - Atlas Air Worldwide
BGC - General Cable Corp
HLF - HERBALIFE LTD
PHH - Phh Cor
PUK - PRUDENTIAL PLC
TTEC - TeleTech Holdings
ADSY - Ad Systems Communications
SFIO - SMOKEFREE INNOTEC INC
MDCO - Medicines Company
AAWW - Atlas Air Worldwide
NVMI - Nova Measuring Inst
PNTV - Players Network Inc
BLUS - NEUROCHEM INC ORD
MZBY - ASIA PMT SYS INC

Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

U.S. Stocks Slump On Disappointing Jobs Data But Recover Some Losses

The S&P 500 found support above 1100 after this morning's disappointing jobs report, recovering much of today's losses due to short covering. This market drop shifted some of today's trade into Gold and Treasurys — Gold (GCU10) rose above the psychological $1,200 level and the price of 10-Yr Notes rose, while the yield went down to some of the lowest levels in over a year. The next major event on the economic docket is the FOMC Meeting on Tuesday. Earnings season is still in full swing, so check your underlying stocks and look for some sector related stocks that are reporting. Have a good weekend.

Stocks slumped on disappointing jobs data, but finished well off session lows Friday. The underlying tone of trading turned bearish in morning action after the Labor Department reported that the US economy shed 131,000 jobs in July, which was more than the 87,000 loss that economists were expecting. Making things even worse, June numbers were revised down to -221,000, from -125,000. Average hourly earnings rose .2 percent, and a bit better than the .1 percent increase that was expected. Meanwhile, the rate of unemployed stayed the same at 9.5 percent. Economists were looking for an increase of 9.6 percent. Investors seemed focus on the headline number, however, and at one point Friday, the Dow Jones Industrial Average was down as much as 159 points. However, a late day around of buying interest surfaced in the final two hours and, by the closing bell, the Dow was down just 21 points. The NASDAQ finished off 4.6 points, but 35 points from its worst levels.

Bullish Flow
Elan (ELN), the Irish pharmaceutical maker, added three cents to $5.25 per share Friday. Meanwhile, options volume rose to 4X the recent average daily levels after about 13,000 calls and only 70 puts traded in the name. The top trade was a block of 9,400 September 5 calls at the 45-cent ask price, and appears to be a massive premium purchase. 10,380 traded on the session. January 10 calls saw interest as well. Shares are up the past five days straight and have gained 6.3 percent since the company last reported earnings on July 21. Today's call buyers seem to be anticipating additional gains in the weeks ahead.

Bullish order flow was also seen in Pulte Homes (NYSE:PHM), Fortress Investment Group (NYSE:FIG), and Prudential (NYSE:PRU).

Bearish Flow
Athena Health (NASDAQ:ATHN) shares lost 45 cents to $25.79 and options volume rose to 4.5X the average daily, driven by August - September 22.5 put spreads. For example, in morning trading, a block of 4650 Aug 22.5 puts traded on the 20-cent bid and a block of 4650 September 22.5 puts traded on the $1.00 ask. This appears to be a calendar spread at an 80-cent debit. It might be a bet that shares will hold above $22.5 through August expiration (2 weeks) and then fall from that point forward. Or, it is possibly a roll out of August puts and into a fresh position in September. Either way, it seems to be somewhat defensive and possibly hedging activity after the stock's 22 percent rally off earnings a couple of weeks ago.

Bearish flow also picked up in Cina Yuchai International (NYSE:CYD), Comerica (NYSE:CMA), and Gerdau Ameristeel (NYSE:GNA).

Index Trading
The CBOE Volatility Index (.VIX) hit a high of 23.89 as stocks faltered Friday morning, but finished the day down .36 to 21.74. Although the jobs data stirred up a bit of volatility in morning trading, overall market action has been relatively slow and uneventful for the past few weeks. The 20-day statistical volatility of the S&P 500 (SPX) is now 18.7 percent. Since VIX tracks SPX expected volatility, it makes sense that it is falling back towards 20. That is, the volatility index is easing as market action has become much less volatile during the historically quiet summer period for the equity market. That might change in the weeks ahead, however, as September and October are historically the most volatile months.

ETF Trading
Overall options volume and volatility were light Friday, but there was a noticeable uptick in put activity in the exchange-traded funds. 2.9 million puts and 1.7 million calls traded across all the ETFs, which is 121 percent of the recent average daily volume. Puts on the S&P Depositary Receipts (SPY), or "spiders", were the most actives. For example, 89,745 August 110 puts traded. Another 87,567 Weekly puts, which expire today, also changed hands. Players flocked to puts on the fund to hedge portfolios as the market faltered Friday morning. However, at the end of the day, these put buyers were not rewarded. SPY, which is a fund that holds all S&P 500 stocks, finished down 45 cents to $112.39 and .6 percent above its opening price of $111.57.

Singapore Stock Market Update

Singapore market got a lift after Wall Street wrapped up its best month in a year following reports of strong earnings that offset the impact of poor economic data. STI gapped up 24.14 points to open at 3011.84.

Other Asia stocks were also trading higher, with Tokyo market spurred by strong earnings reports.  

• Sembcorp Industries said on Monday it has increased its stake in Cascal to 96.43%, at US$6.75 per share
• Tiger Airways up 1.5 % in early trade after it announced plans to launch a low cost airline in a joint venture with Thai Airways.
• Tiger Airway broke 2.02 (New Trade Opportunity, to buy at 2.10, Stop Loss at 2.01 and Target Profit at 2.19) – small risk
• Sim Siang Choon broke 0.235

Watch out for Economic News Release Today:

1. U.S. July ISM Manufacturing
2. Europe July's PMI Manufacturing index (expected to be unchanged from the previous month at 56.5)
3. China HSBC Manufacturing PMI in July

Corporate Announcements:

1. Keppel Land acquired 1.6 million units in K-REIT Asia as payment by K-REIT Asia of the management fee due to its subsidiary.
2. SGX announced 5% increase year-on-year in FY10 net profit to $320.1 million.

News Updates:

1. Inflation in China over the past decade has taken pressure off the yuan's foreign exchange rate, bringing the rate closer to equilibrium than it was 10 years ago, the head of China's State Administration of Foreign Exchange tells Caixin Online.
2. South Korea's annual consumer price inflation rose 2.6% in July, edged higher from June.
3. U.S. economy decelerating as GDP growth slows to 2.4% in second quarter
4. U.S. equity benchmarks quickly surrender 1% as investors react negatively to GDP data; Major U.S. indexes edge into positive territory; Dow, S&P 500 erase weekly losses 
5. U.S. stocks recover losses into close, gaining 7% in July; best Dow, S&P month in a year

Quick Picks: Here is a quick pick screen that we have designed to pick out potential stocks, both Bullish and Bearish. These are measured with emphasis on larger changes in price and volume.

Bullish Stocks (Singapore)

	Symbol	Name	Entry	SL	TSL	TP	Remarks
1	HKLD	Hong Kong Land	5.45	5.26		5.64
2	SIAT	Singapore Airport Terminal Services	2.98	2.88		3.08
3	TAT	Tat Hong Holdings Ltd	1.02	0.945		1.10
4	ATVE	Asiatravel.com Holdings Ltd	0.515	0.465		0.565
5	HBEE	Ho Bee Investment	1.68	1.58		1.78
6		PEC	0.89	0.835		0.945
7		Du Kang	0.795	0.745		0.845

Stock Prices last updated at 9:05 (Singapore Time)