Dominion Resources is a utility holding company for Virginia Electric & Power Co. and Dominion Energy Inc. The Co. also offers financial services through Dominion Capital,Inc. For the 9 months ended 9/30/00, revenues increased 52% to $6.48B. Net income before extra. item and acct%g change fell 37% to $309M. Results reflect the inclusion of CNG revenues and increased electric service revenues, offset by purchased gas and liquid expenses.

December 3, 2000

Northeastern utility holding company Dominion Resources has been struggling for the past two sessions. On Friday, shares of Dominion traded to an intra-day low of $58.31 before bouncing off of the 50-dma on volume of 727,200 shares. Friday’s session was a bit of setback because Dominion fell below support at $59 (last week’s 6 million share offering price) and it closed below the 20-dma for the first time in two weeks. The stock is also feeling some pressure from profit taking within the energy sector. Shares are currently in split territory but the company does not currently have enough shares for a split. However, the next BoD could bring an authorization of more shares and a split announcement. Dominion’s last split announcement came out of a BoD when the stock was trading in the $45-55 range. For now, support is the 20-dma at $58 with additional support at the November 8 intra-day low of $57.50. Resistance is now at $60, just above Friday’s intra-day high. Heavier resistance remains at Thursday’s intra-day high of $61.19. Traders should plan to open new positions on a bounce off of $58 or a move above $60 on volume greater than 500,000 shares by midday. Our stops remain at $57.50.

December 7, 2000

Utility holding company, Dominion Resources is recovering after testing support at the 50-dma earlier in the week. On Thursday, the stock hit an intra-day high of $60.69 but it ran into resistance and reversed directions late in the day. On the positive side, Dominion has posted gains in the last two sessions and it has made two higher lows. For now, support has moved up to Thursday’s intra-day low of $58.88 with additional support at the 50-dma, now up to $58.31. Resistance is now at Monday’s intra-day high of $60.75 and then $62.69, the November 17 intra-day high. Traders could consider opening new plays on a bounce off of $58.31 or a move above $60.75 on volume greater than 500,000 shares by midday. Our stops remain steady at $57.50.

Picked on November 19th @ $62.69
Change since picked –2.75
Stop Loss @ $57.50

December 5, 2000

Dominion Resources continues to struggle along with the rest of the energy sector. Shares of Dominion, a utility holding company, fell to an intra-day low of $58.31 on volume of 1.22 million shares on Tuesday, as safety stocks took a back seat to the tech sector. However, the stock did manage to stay above the 50-dma. Going forward, support is the 50-dma at $58.19 with stronger support at the November 8 intra-day low of $57.50. Resistance has come in at the 20-dma, currently at $59.75 and then $60.75, Monday's intra-day high. A bounce off of $58.25 or a move above $59.75 on midday volume of at least 500,000 shares may be possible entry points. We are keeping our stops at $57.50 to limit potential losses.