Schaeffer's Upon Further Review Highlights the Following Stocks: Panera Bread, Target, Martek Biosciences, and Dell.

CINCINNATI -- Today's "Upon Further Review" from Schaeffer's Investment Research focuses on Panera Bread (NASDAQ:PNRA), Target (NYSE:TGT), Martek Biosciences (NASDAQ:MATK), and Dell (NASDAQ:DELL). "Upon Further Review" is a report that analyzes newsworthy stocks that are generating a lot of attention on Wall Street. "Upon Further Review" is published on www.SchaeffersResearch.com - the home of Bernie Schaeffer and Schaeffer's Investment Research.

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Upon Further Review:

Panera Bread: Expectations were apparently a bit higher for Panera Bread's (NASDAQ:PNRA) monthly same-store sales report, as the shares have dropped more than three percent on the session today. After testing resistance at the option-heavy 65 level for two sessions in a row, it seems that today's news could have been the catalyst for investors to finally give up hope on the shares. Currently more than 2,100 calls and 1,100 puts reside at the 65 level in the June series. However, optimism appears to be the overriding sentiment in the options pits today, as the majority of the volume is taking place at the June 65 call, with most of the activity crossing the tape at the ask price, indicating call buying. There could be some credence to this hopeful sentiment, as PNRA appears to have stalled its decline at long-term support in the 62 area. The shares have rebounded from this level twice in the past several months (in November 2005 and January 2006), both resulting in sizeable gains for the shares.

Click the following link to see a daily chart of PNRA since November 2005: http://www.schaeffersresearch.com/wire?ID=16171

Target: Shares of trendy retailer Target (NYSE:TGT) have rallied rather nicely after the company increased its full-year earnings expectations. However, the shares are caught in a bit of chart congestion in the 49-50 area. Furthermore, the equity's 20-day moving average is quickly descending into the area to cause more trouble for TGT. Also limiting today's advance could be the sizeable accumulation of overhead call activity in the June series of options. More than 2,700 of these bullishly oriented contracts reside at the June 50 strike and could be exerting a bit of options-related resistance on the stock.

Click the following link to see a daily chart of TGT since May 2006 with 20-day moving average: http://www.schaeffersresearch.com/wire?ID=16171

Martek Biosciences: Short sellers could be feeling the pinch today, as Martek Biosciences (NASDAQ:MATK) has surged more than 15 percent with roughly 25 percent of its float sold short. Currently, it would take more than 20 days for investors to buy back their bearish positions on MATK at the stock's average daily trading volume. Shares of the pharmaceutical company gapped higher on the open after the company reported that profit for the second-quarter nearly doubled last year's results for the same period. Since opening more than 10 percent higher and taking out short-term resistance in the 28 area, MATK has gone on to add another five percent on the session. If short sellers continue to jump ship, MATK could continue today's run higher.

Click the following link to see a daily chart of MATK since May 2006: http://www.schaeffersresearch.com/wire?ID=16171

Dell: Despite announcing that Google (GOOG) will use its servers in the newest version of GOOG's search appliance product, Dell (NASDAQ:DELL) is having a rather rough day on the Street. At last check, DELL had dropped more than one percent, giving potential support at the 25.50 level. Recently, this region has acted as both support and resistance for the equity, leaving a rebound from the shares today in question. However, the stock is resting on support at its rising 10-day moving average, and peak put open interest for the front three months lies just beneath the stock at the 25 level. Today, however, DELL could remain trapped between support at 25 and resistance at 25.50, leaving very little wiggle room for investors.

Click the following link to see a daily chart of DELL since April 2006 with 10-day moving average: http://www.schaeffersresearch.com/wire?ID=16171

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About Schaeffer's Investment Research (www.SchaeffersResearch.com)

Schaeffer's Investment Research, founded by Bernie Schaeffer in 1981, is a financial information and trading resources company. It publishes Bernie Schaeffer's Option Advisor, the nation's leading options subscription newsletter. The firm's contrarian approach focuses on stocks with technical and fundamental trends that run counter to investor expectations. The firm's website, http://www.SchaeffersResearch.com, is recognized as one of the leading information sources for stock and options traders and was cited as the top options website by both Forbes and Barron's. Click here for more details about Schaeffer's trading methodology: http://www.SchaeffersResearch.com/method.