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It's hard to find value now among Internet stocks, but there are a few good plays in the infrastructure sector.

Google

(GOOG) - Get Alphabet Inc. Class C Report

, whose price targets have expanded to Pluto, is moving to expand its audience as well. It has struck a deal with

Motorola

( MOT) under which some of its handsets will be equipped with one-click access to Google's Web-search services. Not to be outdone,

Yahoo!

(YHOO)

plans to offer software and services for desktop computers and cell phones in an initiative called Yahoo! Go. Users will have access to email, photos and messenger and news.

Google is rated a hold according to ValuEngine, which puts its fair value at $401.23, making it 16.4% overvalued. The hype after analysts raised their price targets for Google, which was reminiscent of the dot-com mania of 2000, took shares to a new high of $473.40 on Monday. The weekly chart profile is overbought, with the five-week modified moving average at $416.68. Google is above my monthly pivots at $458.60 and $461.87, so my suggestion would be to consider a sell-stop at $461.87 to reduce long positions by 25%.

ValuEngine judges Yahoo! to be a hold, but says it is 6.7% undervalued, with fair value at $46.08. The weekly chart profile is overbought, with the five-week MMA at $40.39. The stock reached a new 52-week high at $43.66 on Monday, which was shy of my semiannual and quarterly risky levels at $44.80 and $47.04. Long-term investors should reduce holdings on strength to $44.80 and add to holdings on weakness to my monthly value levels at $38.37 and $37.93.

Amazon

(AMZN) - Get Amazon.com, Inc. Report

, which

I recommended selling Dec. 1, had difficulties filling and delivering holiday orders on time. It slumped Monday after a research note by J.P. Morgan that said Amazon's business was growing more slowly than the broader e-commerce market.

Amazon is rated a hold by ValuEngine. With fair value at $41.69, it is 12.9% overvalued. The weekly chart profile is overbought, with the five-week modified moving average at $47.31. Long-term investors should consider reducing positions on strength to my monthly risky level at $53.06. Under my monthly pivot at $47.86 is risk to my quarterly value level at $39.40. I show a quarterly value level at $34.00 and a semiannual risky level at $55.58.

TheStreet Recommends

Internet infrastructure plays such as

Symantec

(SYMC) - Get Symantec Corporation Report

and

VeriSign

(VRSN) - Get VeriSign, Inc. Report

, which

I recommended buying Dec. 1, are still undervalued and should provide better returns in 2006, but

Websense

(WBSN)

makes no sense for the long-term investor.

On Monday, Symantec was upgraded by WR Hambrecht to buy from hold. Its shares, which ValuEngine rates a hold, are trading 15.1% below their fair value of $22.85. The weekly chart profile is oversold, with the five-week MMA at $18.44 and the 200-week simple moving average at $17.15, which provided support after shares hit a 52-week low at $16.34 on Dec. 20. If Symantec can close above my annual pivot of $19.50, there is potential strength to my annual risky level of $21.85.

On Monday, Zacks Equity Research raised its price target to $32 on VeriSign, citing strength in its mobile content business. ValuEngine says it's a hold, but calculates that its share are 25.1% below their fair value of $28.90. VeriSign's weekly chart profile has declining momentum, with the five-week MMA at $22.17 and the 200-week simple moving average at $17.79. If VeriSign can hold my monthly pivot at $21.23, it could rise to my monthly risky level of $22.47.

Websense, which

I recommended selling Dec. 1, is rated a hold according to ValuEngine and is 14% overvalued, with fair value at $56.58. The weekly chart profile is overbought, with the five-week MMA at $64.25. Long-term investors should consider reducing their holdings on strength to my quarterly risky levels at $69.11 and $69.31, which are below the 52-week high of $69.73 from Dec. 27. Another way to protect gains would be to consider reducing the holding on a close below my monthly pivot at $59.84. The risk is to my semiannual value levels at $52.35 and $47.75.

My Metrics Explained

I evaluate the U.S. capital markets and profile all sectors, industries or specialty groups of companies. There are more than 6,000 stocks in my database.

Remember that when investing and trading in the U.S. capital markets and specific stocks, decisions should be made only after evaluating both fundamental and technical considerations. It is also equally important to manage risk/reward by having levels at which to buy on weakness and sell on strength. The way to do this is to enter limit orders to buy at a price below the market, or to sell at a price above the market.

Combining fundamentals and technicals is like trying to mix oil and water, but I believe it is necessary to do so, to the best of your ability. The levels at which to buy or sell can be used regardless of the fundamentals or technicals.

My discipline involves a three-pronged approach to measuring the risk/reward for trading or investing:

Fundamental

I use ValuEngine to define my fundamental ratings.

Strong buy

: Long-term investors should start a position now.

Buy

: Buy on weakness to a value level.

Hold

: Add to an existing position on weakness to a value level, and reduce an existing position on strength to a risky level.

Sell

: Reduce on strength to a risky level.

Strong sell

: Liquidate now as a source of funds.

Weekly Chart Momentum

This approach measures the technical strength of a stock.

Overbought

: 12x3 weekly slow stochastic above 80 on a scale of zero to 100.

Rising

: 12x3 weekly slow stochastic rising above 20, but below 80.

Flat

: 12x3 weekly slow stochastic not rising or declining, but between 20 and 80.

Declining

: 12x3 weekly slow stochastic is declining below 80, but above 20.

Oversold

: 12x3 weekly slow stochastic is below 20 on a scale of zero to 100.

Key Technical Levels

I identify these as a price at which to buy on weakness and at which to sell on strength.

Moving averages on daily charts

: The 21-day, 50-day and 200-day simple moving averages (SMAs).

Moving averages on weekly charts

: The five-week modified moving average (MMA) and the 200-week simple moving average (SMA).

Value levels and risky levels

: My model includes proprietary analytics that evaluate the past nine closes in several time horizons: weekly (W), monthly (M), quarterly (Q), semiannually (S) and annually (A).

Richard Suttmeier is president of Global Market Consultants, Ltd., chief market strategist for Joseph Stevens & Co., a full service brokerage firm located in Lower Manhattan, and the author of

TheStreet.com Technology Report

newsletter. At the time of publication, he had no positions in any of the securities mentioned in this column, but holdings can change at any time. Early in his career, Suttmeier became the first U.S. Treasury bond trader at Bache. He later began the government bond division at L. F. Rothschild. Suttmeier went on to form Global Market Consultants as an independent third-party research provider, producing reports covering the technicals of the U.S. capital markets. He also has been U.S. Treasury strategist for Smith Barney and chief financial strategist for William R. Hough. Suttmeier holds a bachelor's degree from the Georgia Institute of Technology and a master's degree from Polytechnic University. Under no circumstances does the information in this commentary represent a recommendation to buy or sell stocks. While he cannot provide investment advice or recommendations, he invites you to send your feedback --

click here

to send him an email.