Asset play is a term used to a stock that is gaining momentum or it is very attractive to investors because of its underlying assets. Investors are attracted to this kind of stock because of a current event that would benefit the company's earnings whether it will be successful or not. During the internet bubble of the late 90's most internet companies that goes public has seen their stock prices rise faster than they could even make a profit. This stock became attractive because most internet companies are recieving a lot of attention about their potential earnings in the future. Another example is if a company opens up new wells in a region where an oil boom is underway. The stock of this oil company would be highly favored by investors just because they are in the right place at the right time.