SARASOTA, Fla., July 27, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.:
Automotive Capital Group, Inc. (Pink Sheets:AOCP), Intel Corp. (Nasdaq:INTC), Cognizant Technology Solutions Corporation (Nasdaq:CTSH) and eMerge Interactive, Inc. (Nasdaq:EMRG).
Tuesday's Alerts:
Automotive Capital Group, Inc. (Pink Sheets:AOCP) announced after the closing bell Monday that it "plans to acquire 10-year old Colfax Financial, located in Phoenix, Arizona. Colfax Financial has two automotive sales lots located in Phoenix and Tucson. The company currently sells and finances upwards of 100 cars each month at an average price of $8,000 per car ---- Automotive Capital Group has the ability with Colfax to sell $800,000 to $2,000,000 in automobile sales each month ---- with this acquisition, the company plans to file for the American Exchange (AMEX). The company has completed the financial audit of Automotive Capital Group, Inc. and the company is in the process of preparing and filing the form-10." Automotive Capital Group, Inc. states that Colfax has been profitable for 10-years, financing over $5 million in loans annually with an interest rate of 29.9% and the merger would give AOCP .62 per share in cash flowing assets. AOCP currently trades at around .25 -- .35 per share.
On the Nasdaq, Intel Corp. (Nasdaq:INTC), traded up Monday +0.30 to $22.97 a share on volume of 80,777,624. The world's largest chip maker is under pressure from independent directors on returning some of its $17 billion in cash to investors. Intel reported holding $17 billion in cash and investments as of June 26.
Cognizant Technology Solutions Corporation (Nasdaq:CTSH) announced on Monday its financial results for the second quarter ended June 30, 2004. Quarterly revenue increased to $138.7 million, up 16% sequentially and 59% from the year ago quarter. Net income for the second quarter increased to $23.8 million, or $0.17 per diluted share compared to $19.8 million, or $0.14 per diluted share (on a split-adjusted basis) in the first quarter of 2004. The stock closed Monday at $25.82 a share, up $2.96.
eMerge Interactive, Inc. (Nasdaq:EMRG), a technology company providing individual-animal tracking, food-safety and animal information solutions to the beef production industry, announced Monday that Eastern Livestock, the largest cattle order buyer and livestock dealer in the U.S., has selected eMerge's CattleLog individual animal tracking system to help manage their inventory throughout their cattle operations. EMRG was Monday's NASDAQ percentage winner closing at $1.47, up +26.72% a share.
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The newsletter is provided by eLocity Inc., an electronic broadcaster and publisher of this newsletter, here after referred to as "the company". The company received compensation for this newsletter service for Automotive Capital Group, Inc. (Pink Sheets:AOCP) only. The compensation is one hundred thousand free trading shares of AOCP from a non-affiliated third party, Beacon Capital. The company still retains all shares as of the date and time of this release. Because the company received compensation for its services, there is an inherent conflict of interest in the company statements and opinions and such statements and opinions cannot be considered independent.
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