In the day trading model, Management Access, manager Douglas Estadt buys the stocks of small to mid cap companies with credible growth stories and recent news that can affect stock price. Recently, he added Verizon Communications Inc (NYSE:VZ) to the model. In the seemingly endless wireless communication showdown, VZ has proven itself an industry leader determined to gain the upper hand. The company’s recent quarterly financial results for the third quarter of 2010 showed a 6 percent increase in revenue year-over-year. Within the results, they also reiterated their plan to cover 38 major metropolitan areas and 62 airports with 4G by the end of 2010 and that they anticipate making 4G coverage as widely available as their current 3G coverage by 2013. The company also recently announced a special monthly access plan for iPad customers that gives them up to 1GB of data for $20 per month. During the past 4 months, VZ’s stock price has increased more than 12 percent. (CL Note: Increase percentage based on the July 29th closing price of $28.88 and October 29th closing price of $32.48.)
Another position recently added to Management Access model was Teekay Tankers Ltd (NYSE: TNK), a company formed by Teekay Corp (NYSE: TK) to expand its oil tanker business. TNK has a fleet of tankers with time-charter contracts. On October 1st the company announced that it would issue another 8,200,000 shares of class A common stock as a means to help pay off its outstanding debt. The stock’s price has fallen over the past three months, dropping from $13.03 on August 11th to $11.88 on October 29th. The company will be releasing their third quarter 2010 financial results on November 4th.
