Schaeffer's Upon Further Review Highlights the Following Stocks: 3M Company, Advanced Micro Devices, and Starbucks.

CINCINNATI -- Today's "Upon Further Review" from Schaeffer's Investment Research focuses on 3M Company (NYSE:MMM), Advanced Micro Devices (NYSE:AMD), and Starbucks (NASDAQ:SBUX). "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:

3M Company: It's amazing the reaction investors can have to a company's earnings warning. Today, 3M Company (NYSE:MMM) cited lower sales volumes and higher start-up costs when it reported that second-quarter earnings would miss expectations. And my, my were those expectations high, prompting a decline of more than seven percent so far in the shares. Looking at the indicators, short sellers have ignored MMM for some time, as the stock's short-interest ratio arrives at approximately two days to cover, while only three of the 10 analysts covering the security rate it a "hold." There is a bit of a bright side for MMM, for now at least. The equity's decline has halted at the 75 level, which is not only the site of long-term support, but it is also home to some heavy put open interest among near-term options. However, should the bullish contingent of analysts issue a downgrade or two today, we could see this region finally fail and send MMM toward a retest of the 70 level.

Click the following link to see a Monthly Chart of MMM since July 2003: http://www.schaeffersresearch.com/wire?ID=16379 .

Advanced Micro Devices: With Advanced Micro Devices (NYSE:AMD), we have another stock suffering from a company's earnings warning. While the shares have since rebounded from their lows of the session, the damage is already done, as AMD slipped more than two percent on the news. However, it seems that the security is not ready to go quietly into that good night, as support for the shares appears solid in the 22.50 region. This level isn't historically known for its technical support, and if you put my feet into the fire, I would have to say that the heavy accumulation of put open interest among near-term options at this strike is responsible for AMD's sudden reversal. This region seems to be a last bastion of support for the shares, however.

Click the following link to see an August open interest configuration for AMD: http://www.schaeffersresearch.com/wire?ID=16379 .

Starbucks: The disappointment on the Street didn't end with AMD, however, as Starbucks' (NASDAQ:SBUX) June sales figures were also poorly received by investors. The firm missed analysts' expectations with year-over-year performance falling into negative territory. As such, SBUX shares are solidly in negative territory, trading lower by more than six percent. Sentiment on the king of caffeine is rather wishy-washy, with most investors feigning complacency toward the shares. However, technical support seems to be keeping the froth from fizzling all together. SBUX's decline has stalled at long-term support in the 35 area, with its 10-month moving average rising into the area to lend a much-needed hand. In fact, the security has only closed a handful of months below this key trendline since December 2002.

Click the following link to see a Monthly Chart of SBUX since December 2002 with 10-Month Moving Average: http://www.schaeffersresearch.com/wire?ID=16379 .

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 .