Four Seasons Hotels Inc. is engaged in the management of, and the investment in, hotel and resort properties throughout the world. For the nine months ended 9/30/00, revenues rose 27% to C$243.4M. Net income rose 23% to C$64.6M. Revenues reflect an increase in fees from new projects, recently opened properties and hotel investments. Earnings were partially offset by an increase the Company's effective tax rate.

January 23, 2001

Four Seasons Hotels, Inc. manages 47 luxury hotels and resorts in 19 countries under the Four Seasons and Regent brand names. Shares of FS have been on the rise for the past year, hitting a high of $81.25 on September 7th. However, the stock tumbled as the economic outlook in the US weakened. On December 15th, FS traded to an intra-day low of $53.31. Since then, FS has rebounded in a convincing fashion thanks to a surprise rate cut from Alan Greenspan. On Tuesday, the stock hit an intra-day high of $70.75. We believe that FS has strong momentum and it could challenge its all-time high as we move closer to the earnings release, expected on February 16th. Going forward, support is the January 4th intra-day high of $68.69 with additional support at $67.38, the 5-dma. Resistance is the Tuesday’s intra-day high of $70.75 and then the November 6th intra-day high of $73.25. Traders may consider entry points on a bounce off of $68.69 or a move above $70.75 on volume greater than 100,000 shares by midday. We plan to set stops at $65 as downside protection.

Picked on January 23rd @ $70.06
Change since picked +0.00
Stop Loss @ $65.00

January 25, 2001

Luxury hotel and resort operator Four Seasons Hotels spent the last two sessions testing support after Tuesday’s spike above the $70 mark. On Thursday, shares of FS traded to an intra-day low of $67.75 before bouncing back to a close of $69.38 on light volume of 52,100 shares. The stock may be stuck in the $67-$70 range until we hear from the Federal Reserve next week. After that, FS may be able to regain its momentum into the earnings release, scheduled for February 16th. For now, the stock has support at Wednesday’s intra-day low of $68 with stronger support at $67.44, the 10-dma. Resistance has shown up at Wednesday’s intra-day high of $70 and then $73.25, the November 6th intra-day high. A bounce off of $68 or a move above $70 on midday volume of at least 100,000 shares may be possible entry points. Our stops remain at $65.

Picked on January 23rd @ $70.06
Change since picked –0.69
Stop Loss @ $65.00