Schaeffer's Upon Further Review Highlights the Following Stocks: Advanced Micro Devices, Intel, Apache, CKE Restaurants, and E.W. Scripps.

CINCINNATI -- Today's "Upon Further Review" from Schaeffer's Investment Research focuses on Advanced Micro Devices (NYSE:AMD), Intel (NASDAQ:INTC), Apache (NYSE:APA), CKE Restaurants (NYSE:CKR), and E.W. Scripps (NYSE:SSP). "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:

Advanced Micro Devices: Intel (NASDAQ:INTC) announced this morning that it sold its handheld communications chip business to Marvell Technology Group (MRVL) for $600 million cash. This move comes as INTC continues to lose market shares to Advanced Micro Devices (NYSE:AMD). Meanwhile, both chip companies continue to decline. In fact, AMD finally breached temporary support in the 24.50-25 region as it retreats under pressure from its declining 10-day moving average. What's more, the stock is currently trading below heavy put open interest at its July 30, 27.50, and 25 strikes. Not only does this lack of out-of-the-money put open interest indicate a lack of pessimism among speculators, but it also leaves the stock without potential options-related support. With pessimism still far from an extreme, AMD should continue to see downside as the bulls finally throw in the towel.

Click the following link to see a Daily Chart of AMD since April 2006 with 10-Day Moving Average: http://www.schaeffersresearch.com/wire?ID=16311

Apache: Apache (NYSE:APA) announced that it will sell its 24.5-percent stake in a producing Zhao Dong block field in China for $260 million. The shares rallied on this bit of news, but have been neatly capped by resistance at the 65 level. This strike is particularly important as it is home to more than 14,000 calls in the July series, which could offer up a layer of options-related resistance. Furthermore, it is the site of the equity's 80-week moving average. Adding yet another level of resistance to the mix, the security could potentially trip at the 66 level, which is a 50-percent retracement of the stock's decline from its April high to its June low. APA may need to pull back to support at its 20-day moving average at the 62 level before finally breaking through overhead resistance.

Click the following link to see a Weekly Chart of APA since December 2004 with 80-Week Moving Average: http://www.schaeffersresearch.com/wire?ID=16311

CKE Restaurants: CKE Restaurants (NYSE:CKR) offered up a mixed earnings report last night. The firm posted a profit that beat the Street estimate, but warned that consumers may start to "feel the pinch" of higher gasoline prices now that the summer driving season has begun, and that this factor, along with an associated increase in competitive discounting activities, could have a "dampening effect" on results for the rest of the summer. This mixed report has left the shares range-bound. The stock has been trapped between 16.60 and 15.60 since mid-April, with the exception of a brief in late May/early June. What's more, today's high has been stopped by the stock's 20-day moving average. However, one interesting tidbit comes from the security's sentiment backdrop. Investors are extremely pessimistic, with short interest jumping 23 percent in June. This buildup of bearish bets could supply the stock with the fuel needed for a short-covering rally.

Click the following link to see a Daily Chart of CKR since March 2006 with 20-Day Moving Average: http://www.schaeffersresearch.com/wire?ID=16311

E.W. Scripps: E.W. Scripps (NYSE:SSP) was slapped with a downgrade this morning, sending it down to test support in the 43 region. This area halted the stock's decline in April and is attempting to buoy the shares yet again. However, with the shares tumbling below key support at the 46 level and pessimism far from an extreme, SSP may still additional downside ahead of it.

Click the following link to see a Weekly Chart of SSP since September 2003: http://www.schaeffersresearch.com/wire?ID=16311

The best way to take advantage of the timely Schaeffer commentaries is to sign up to receive their free e-newsletters -- Opening View, Market Recap and Monday Morning Outlook. Click here to have the Schaeffer's commentaries delivered to you free via email every day. http://www.schaeffersresearch.com/redirect.aspx?CODE=PRSC12M&PAGE=1

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.