Schaeffer's Market Leaders and Laggards Features USG Corp., Transkaryotic Therapies, Progress Energy, Dendrite International, and American Express.

CINCINNATI -- Among the stocks featured in the April 14 edition of Schaeffer's Market Leaders and Laggards are USG Corp. (NYSE:USG), Transkaryotic Therapies (NASDAQ:TKTX), Progress Energy (NYSE:PGN), Dendrite International (NASDAQ:DRTE), and American Express (NYSE:AXP). Schaeffer's Market Leaders and Laggards screener is just one of the many features written everyday at http://www.SchaeffersResearch.com - the home of Bernie Schaeffer and Schaeffer's Investment Research. The information used to compile this commentary is derived from the Schaeffer's Equity Scorecard Filter. Below is a quick overview of some of the heavy hitters that are seeing some particularly high or low rankings. For a complete list of the stocks on our High/Low Schaeffer's Equity Scorecard Filter, sign up for an unlimited access free trial to Schaeffer's Gold. http://www.SchaeffersResearch.com/redirect.aspx?CODE=PRGLD2M&PAGE=1 .

Schaeffer's Market Leaders and Laggards for Thursday, April 14, 2005:

USG Corp.- Ranking 8.0

According to Hoover's, USG Corp. (NYSE:USG) manufactures SHEETROCK brand gypsum products and joint compound, as well as DUROCK brand cement board. The stock's Schaeffer's put/call open interest ratio (SOIR) checks in at 1.03, higher than 87 percent of the readings taken over the past 52 weeks. A SOIR percent ranking higher than 80 percent is considered an extreme reading, therefore, USG's reading would be considered a bearish extreme. Short interest has decreased by nearly 15 percent, indicating that pessimism is unwinding as bears vacate their shorted shares. However, USG's short-interest ratio still checks in at a healthy 11.36. This affords ample fuel for a short-covering rally. Focusing on a monthly chart for the wizard of walls demonstrates why options players' pessimism seems unwarranted. Since April 2003, USG has used the support of its 10-month trendline to ramp higher. The two instances where USG found itself below the support of its 10-month trendline, it was consolidating into its 20-month trendline, where it rebounded in June 2004. Currently, USG is fighting with resistance at the 45 level. USG's sizeable short-interest ratio, along with its Schaeffer's Equity Scorecard ranking of 8.0, out of 10.0.

Click on the following link to see the Monthly Chart of USG since March 2003 with 10-Month and 20-Month Moving Averages: http://www.schaeffersresearch.com/wire?ID=12948 .

Transkaryotic Therapies- Ranking 8.0

Hoover's states that Transkaryotic Therapies (NASDAQ:TKTX) specializes in niche drugs with a focus on gene therapies that activate malfunctioning genes, prompting them to produce proteins needed for proper operation. Glancing into TKTX's sentiment backdrop, what first caught my eye was TKTX's massive SOIR. TKTX has 12,800 puts compared to 1,861 calls in the front three months of options. This results in a SOIR of 6.88, higher than 80 percent of the readings taken over the past 52 weeks. Adding to the pessimistic backdrop is TKTX's nearly 21-percent increase in short interest in the past month. As bears continue to take out short bets against the company, its short-interest ratio continues to climb, checking in at 7.20. This allows plenty of opportunity for TKTX to benefit from a short-covering rally. Two days ago, TKTX tagged a near-term high of 27.90 and has since backed off slightly. However, this is only the continuation of a trend that started in November 2004. Since breaking through the 22 level in mid-November, TKTX moved ahead to retreat from and ultimately break resistance at the 26, 25, 24, and 23 levels respectively. After rebounding off the 22 level, TKTX has quickly ascended to its current level thanks to the support of its 10-day moving average. The firm's 10-day moving average recently completed a bullish cross of its 20-day moving average. This combination of pessimism on the options front and technical strength have garnered TKTX a Scorecard ranking of 8.0 out of 10.0.

Click on the following link to see the Daily Chart of TKTX since November 2004 with 10-Day and 20-Day Moving Averages: http://www.schaeffersresearch.com/wire?ID=12948 .

Progress Energy - Ranking 2.50

Progress Energy (NYSE:PGN) provides electricity to roughly 4.4 million customers throughout North Carolina, South Carolina, and Florida; generating most of its energy from nuclear and fossil-fueled plants. PGN has not seen energetic pessimistic sentiment recently, as its SOIR checks in at 0.57, lower than 38 percent of the readings taken over the past year. Working in direct contrast to this optimistic sentiment is the nearly 61-percent increase in short interest over the past month. Analysts find themselves right in between optimism and pessimism (I believe that would be apathy), as Zacks shows 17 of the 19 analysts ranking PGN give it a "hold" ranking. This allows ample opportunity for downward movement should this indecisive bunch decide to change their rankings to negative. Looking at PGN's weekly chart, we see that the equity has closed above its 10-week moving average only one time since the beginning of the year. What's more, resistance lurks overhead at the 42.50 level, where the equity's 10-week moving average currently resides. Finally, PGN's 10-week trendline recently completed a bearish cross of its 20-month trendline, oft times the harbinger of a continued downtrend. Optimism toward this weak performer earns it a Scorecard ranking of 2.50.

Click on the following link to see the Weekly Chart of PGN since December 2004 with 10-Week and 20-Week Moving Averages: http://www.schaeffersresearch.com/wire?ID=12948 .

Dendrite International - Ranking 2.0

According to Hoover's, Dendrite International (NASDAQ:DRTE) produces software that helps manage and analyze sales efforts in the pharmaceutical and consumer-packaged goods industries. The company's SOIR checks in at 0.48, in the 77th percentile; however, only 215 options (both calls and puts) have been opened. This amount of options activity renders this SOIR of minimal importance. A major factor in the company's meager Scorecard ranking of 2.0 is its recent technical performance. After matching a near-term high of 19.77 at the end of last year, DRTE quickly sank below its 10-week moving average and retreated to find support at the 14 level. While DRTE has moved forward in the past two weeks, a recent bearish cross by its 10-week moving average suggests that this downtrend may continue.

Click on the following link to see the Weekly Chart of DRTE since November 2004 with 10-Week and 20-Week Moving Averages: http://www.schaeffersresearch.com/wire?ID=12948 .

American Express - Ranking 2.0

Optimism, don't leave home without it, seems to be the overlying sentiment toward American Express (NYSE:AXP). Options players are optimistic about AXP's future, (they must have seen my SkyMiles credit card bill) as its SOIR of 0.73 is lower than 87 percent of the readings taken over the past year. Analysts never leave home without AXP as, according to Zacks, 17 of the 18 who rank the company deem it a "hold" or better. This allows ample opportunity for downward movement should the happy bunch decide to leave AXP at home. What's more, AXP would find little support in the way of a short-covering rally, as its short-interest ratio checks in at a meager 2.49. Although AXP's 10-day moving average appears to be in the throes of a bullish cross, it recent history indicates that it could be short-lived. From March 8 through March 14, AXP's 10-day moving average attempted a bullish cross and was subsequently rejected. As AXP is consolidating into its 10-day moving average, after being rejected by the 52.50 level, it appears that we may be headed for the same kind of trend. After the rejection on March 14, AXP was pushed lower by the resistance of its 10-day moving average. If AXP's 10-day can not complete a bullish cross, watch for this pattern to repeat itself. On AXP's weekly chart, after tagging a near-term high in February, AXP backed off and has found itself under its 10-week moving average. This trendline recently completed a bearish cross of its 20-week moving average, combine this with resistance at the 52.50 level and it definitely seems that this downtrend could continue. Add AXP's technical weakness with rampaging optimism on the Street and we get an Equity Scorecard ranking of 2.0.

Click on the following link to see the Daily Chart of AXP since February 2005 with 10-Day and 20-Day Moving Averages: http://www.schaeffersresearch.com/wire?ID=12948 .

For a complete list of the stocks on our High/Low Schaeffer's Equity Scorecard Filter, sign up for an unlimited access free trial to Schaeffer's Gold. http://www.SchaeffersResearch.com/redirect.aspx?CODE=PRGLD2M&PAGE=1 .

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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.