SouthTrust Corporation is a regional bank holding that operates through its subsidiary bank, SouthTrust Bank, and its non-banking subsidiaries. SouthTrust operates 641 banking offices located in Alabama, Georgia, Florida, North Carolina, South Carolina, Tennessee, Mississippi and Texas. SouthTrust is engaged in a full range of banking services, and through its bank-related subsidiaries, also offers a range of other services including trust, mortgage banking, leasing and brokerage services.

April 19, 2001

SouthTrust Corporation is a regional bank holding that operates 641 banking offices in nine states in the southeast. The company provides banking, trust, mortgage, leasing, and brokerage services. Shares of SOTR have performed well despite a tough market. On Thursday, the stock hit an all-time high of $47.20, representing 90% gain over the past year. SOTR is moving higher on news of a rate cut from the Fed, a strong earnings report, and a 2:1 stock split, payable on May 11th. We believe that SOTR may be ready for a split run now that most of the major banks, have announced earnings and the Fed has become more aggressive. From a technical standpoint, SOTR has support at Wednesday’s intra-day high of $46.41 with additional support at $45.41, the 5-dma. Resistance is Thursday’s intra-day high of $47.20 and then possibly $48 or $50. Look for entry points on a bounce off of $46.41 or a breakout above $47.20 on volume of at least 500,000 shares by noon. We plan to set stops at $44 to limit potential losses.

Picked on April 19th @ $46.96
Change since picked +0.00
Stop Loss @ $44.00