Contributors

From Notable Calls

Smith International (NYSE: SII) is getting some interesting comments following yesterday's sell-off on the announced secondary:

- Citigroup is upgrading SII to a Buy from Hold while raising their price target to $35 (prev. $29).

Smith shares plunged nearly 13% as the company tried to place a 28 million common share offering that no one expected and that seemed to be poorly timed. Citi notes they have lowered their EPS estimates slightly to reflect the dilution from the share offering. Their EPS estimate for 2010 is revised to $1.05 from $1.10 and their EPS estimate for 2011 is revised to $1.60 from $1.65. They believe that Smith is a company with high quality products and services and a premier brand name in oilfield services. That Smith is the one of the poorest performers among the major oil service stocks in 2009 makes this stock worth of a second look (especially following the stock’s brutal sell-off).


Smith Pays a Price to Remain Investment Grade While Pursuing Growth
Smith surprised analysts and investors by announcing a 28 million share stock offering, with proceeds to be used for debt repayment and to fund potential acquisitions and new growth initiatives. The company (which is determined to preserve its investment grade credit rating) realized that issuing new debt for acquisitions or growth would have resulted in a ratings downgrade.

Citi Believes SII Shares Are Oversold and Could Bounce in 2010
They have raised their rating on Smith to Buy from Hold. While Smith has been one of the worst performing oil service stocks in 2009, its poor operating results and its need for new equity capital are reflected in its current share price. Citigroup believes the stock has upside to around $35 in 2010.

They Believe Smith is a High Value M&A Target
Two M&A deals in oilfield services in 2009 have apparently kicked off another round of industry consolidation. While Smith’s stock offering clearly signals its desire to move forward on its own in the next phase of the business cycle, we see Smith as an ideal M&A target based on its longstanding global leadership in drilling fluids and bits.

Citi believes that Smith is a logical fit for several companies that have clearly signaled to the market that they want to make acquisitions. The most likely buyer of Smith, in firm's view, would be National Oilwell Varco (NOV.N; US$46.13; 1H). Clearly the operations and technological strengths of the two companies are well aligned. Other candidates to acquire Smith could be Schlumberger (SLB.N; US$67.09; 1M) and Weatherford (WFT.N; US$18.56; 1H)(in that order of probability).

If Smith Stumbles Next Year, Pressures to Merge Could Build Quickly
In 2010 Smith will face continuing challenges in the form of start-up costs in new international markets and pricing pressures in domestic markets. Smith’s PathFinder suite of drilling services is trailing expectations with respect to its pace of international expansion. If the company were to stumble amid these challenges, pressures to merge with a larger competitor could intensify quickly.


- RBC Capital is out with a call titled "Buy the Deal". Firm is reiterating their Outperform rating and $35 price target (unch).

They would buy the deal. Here's why:

1. Deal will help accelerate the expansion of SII's Directional Drilling product line and the growth of its international footprint.

2. SII remains the most consumable (razor blade) intensive company.

3. SII is the only pure play service specific company for mid cap ($2-10bn)
investors.

Highlights from chat with company last night:
1. Company has ~30 deals in various stage of discussions, and they typically close 10%. The M&A pipeline has heated up recently, as such, we would expect some deal flow within the next 3-6 months.

2. The sizes range between $6mn-$200mn. This indicates to us that most, if not all, potential deals will be private.

3. Company noted that any acquisition won't be pressure pumping and this equity deal is not related to SLB's put option on the M-I joint venture with SII.

Clients are still questioning execution.
RBC notes they would be concerned about execution if it coincided with status quo. This is not however the case. John Yearwood has been CEO since Jan 1, 2009. He has recently hired a new CFO and established an IR effort, SII's first ever. The CFO is an upgrade, in RBC's opinion, and the IR role shows a commitment to improving its communication effort with both investors and the sell-side.

From an operational standpoint, they have expanded the Pathfinder product line into 6 new countries in 2H09 and are targeting 1-2 new Eastern Hemisphere countries per qtr through 2010.

In RBC's view, the investment decision on SII is simple:
You either buy into John Yearwood, a successful geographic expansion, roll-out of the Pathfinder product line into new countries, successful execution on M&A and an improvement in investor communication or you don't.

Notablecalls: So, there you have it. Two firms are telling you buy SII down 4pts from the $31 level. The thing priced $26.50 last night.

Could trade towards $28 level if the market plays ball.

For more calls go to http://notablecalls.blogspot.com/

Once again, it was a falling U.S. dollar that helped the stock market advance smartly yesterday. However this time around, the market had some help as traders found a handful of reasons to push the major indices up through important resistance areas and on to new cycle highs.

To be sure, it was the dollar that was the focal point at the outset of trading. With the greenback falling to its lowest level since August 2008, the carry trade took on new life as the appetite for “risk assets,� particularly in the area of commodity stocks, appeared to surge.

And once again, it was what wasn’t said that helped push the dollar to its second lowest level ever. As was the case with the G20 meeting, officials at the APEC (Asia-Pacific Economic Cooperation) meeting did pledge support for stimulus measures and did NOT utter a single word about the dollar’s decline, the idea of supporting the greenback, or worries about the impact of a falling dollar. And although Ben Bernanke did mention that the Fed was monitoring the U.S. currency, he reinforced the idea that rates would stay low for an extended time. So, with literally no one in the world seeming to object in any way, shape, or form, to the ongoing decline in the dollar, investors continued to pile into the dollar carry trade in the knowledge that they were safe from central bank intervention for a while longer.

If you have any doubt that the dollar is the tail wagging the dog at the present time, feel free to pull up a 5-minute chart of yesterday’s trading for both the dollar index and the S&P 500. Pay particular attention to the action in the last hour of trading of both indices. While the bears will say that the buyers simply got tired and stocks pulled back into the close, it was actually a meaningless late-day rebound (likely due to some short-covering) in the dollar that caused stocks to give up some of their gains on the day as the S&P went tick-for-tick with the greenback.

However, it wasn’t just the latest dive in the dollar that was responsible for the move to new high ground for stocks. Both the bulls and bears had been watching the 1100 level on the S&P 500 with great interest as it had become obvious that this was a line in the sand from a chart standpoint. And while the dollar may have been the initial catalyst for additional stock buying, the bulls also got some help from a better than expected headline from the report on Retail Sales, word that General Motors (MTLQQ) will start repaying government loans early after generating a cool $3.3 billion in cash during the third quarter, and continued improvement in the charge-offs at credit card companies.

It was also encouraging that the breadth of the market was solid and that the volume picked up a bit on yesterday’s advance. So, as long as the bulls can avoid the dreaded “breakout fakeout� over the next few days, it would appear that the year-end rally is alive and well.

Turning to this morning, the government reported that the Producer Price Index (PPI) for the month of October gained +0.3%; below the expectations for a gain of +0.5% and above September’s reading of -0.6%. When you strip out food and energy, the so-called Core Rate was reported at -0.6%; well below the consensus for +0.1% and September’s decline of -0.1%.

Running through the rest of the pre-game indicators, with the exception of Shanghai, the foreign markets are fractionally lower across the board on the back of Ben Bernanke’s comments about significant headwinds remaining for the economy. Crude futures are lower with the latest quote showing oil trading down by $0.26 to $78.64. On the interest rate front, we’ve got the yield on the 10-yr trading at 3.37%, while the yield on the 3-month T-Bill is currently at 0.05%. Finally, with about 45 minutes before the bell, stock futures in the U.S. are pointing to a lower open. The Dow futures are currently off by about 30 points; the S&P’s are down by about 3 points, while the NASDAQ looks to be about 9 points below fair value at the moment.

Earnings Before The Bell

Dillard’s DDS -$0.03 -$0.51
Home Depot HD $0.41 $0.35
Jacobs Engineering JEC $0.63 $0.68
Saks SKS $0.01 -$0.11
Target TGT $0.58 $0.50
TJX Companies TJX $0.81 $0.80

Wall Street Research Summary

Upgrades:
# Exxon Mobil (XOM) – Barclays
# Intuitive Surgical (ISRG) – Mentioned positively at Deutsche Bank
# Applied Materials (AMAT) – First Global
# Palm (PALM) – Kaufman Bros
# Alkermes (ALKS) – Leerink Swann
# Adobe Systems (ADBE) – Named Top Trend Long at Research Edge
# Motorola (MOT) – Named Top Trend Long at Research Edge
# Google (GOOG) – Named Top Trend Long at Research Edge
# Hess Corporation (HES) – UBS
# Illinois Tool (ITW) – UBS
# National Fuel Gas (NFG) - UBS
# Devon Energy (DVN) – Wells Fargo

Downgrades:
# Smith Intl (SII) – Credit Suisse
# SunPower (SPWRA) – FBR Capital, Piper Jaffray
# BT Group (BT) – JP Morgan
# Vertex Pharmaceuticals (VRTX) – Merriman Curhan Ford
# Joy Global (JOYG) - UBS

Long positions in stocks mentioned: GOOG, TJX, NFG

* Report includes items that make comparisons to the consensus estimate questionable

Remember to think positive and until next time, “may the bulls be with you!�

David D. Moenning
Founder TopStockPortfolios.com

For more "top stock" portfolios and research, visit www.TopStockPortfolios.com

The opinions and forecasts expressed are those of David Moenning, founder of TopStockPortfolios.com and may not actually come to pass. Mr. Moenning’s opinions and viewpoints regarding the future of the markets should not be construed as recommendations. The analysis and information in this report and on our website is for informational purposes only. No part of the material presented in this report or on our websites is intended as an investment recommendation or investment advice. Neither the information nor any opinion expressed nor any Portfolio constitutes a solicitation to purchase or sell securities or any investment program. The opinions and forecasts expressed are those of the editors of TopStockPortfolios and may not actually come to pass. The opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security nor specific investment advice. Stocks should always consult an investment professional before making any investment.

Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to pass. All opinions expressed herein are subject to change without notice. Neither the editor, employees, nor any of their affiliates shall have any liability for any loss sustained by anyone who has relied on the information provided.

The analysis provided is based on both technical and fundamental research and is provided “as is� without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

The information contained in our websites and TopStockPortfolios publications is provided by Ridge Publishing Co. Inc. (Ridge). One of the principals of Ridge, Mr. David Moenning, is also President and majority shareholder of Heritage Capital Management, Inc. (HCM) a Chicago-based money management firm. HCM is registered with the U.S. Securities and Exchange Commission as an investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Ridge is a publisher and has not registered as an investment adviser. Neither HCM nor Ridge is registered as a broker-dealer.

Employees and affiliates of HCM and Ridge may at times have positions in the securities referred to and may make purchases or sales of these securities while publications are in circulation. Editors will indicate whether they or HCM has a position in stocks or other securities mentioned in any publication. The disclosures will be accurate as of the time of publication and may change thereafter without notice.

Investments in equities carry an inherent element of risk including the potential for significant loss of principal. Past performance is not an indication of future results.

Over the last week, top sectors have moved higher by nearly 10% -- here are some of the top groups carrying momentum into the weekend.

The Dry Bulk Shipping Stocks Index has shot higher by 9.8% this week. Genco Shipping & Trading (NYSE: GNK) and Diana Shipping (NYSE: DSX) all up over 17% on strong earnings, while Safe Bulkers (NYSE: SB) has ridden the momentum higher by a sector-leading 19%.

Dry bulkers Navios Maritime Holdings (NYSE: NM), Omega Navigation Enterprises (NASDAQ: ONAV), and Steamship Co. Torm A/S (NASDAQ: TRMD) will announce their quarterly performance numbers next week.

The Vehicle Stocks Index is also adding to its weekly gain during today's session. U-Haul parent Amerco (NASDAQ: UHAL) is the Index's top component over the last five days, up by 15%. The company topped the Street's expectations in the third quarter, bringing in $2.14 of earnings per share on $574 million in revenue.

This week's report from Priceline.com (NASDAQ: PCLN) bodes well for car rental stocks Hertz (NYSE: HTZ), Dollar Thrifty Automotive (NYSE: DTG), and Avis Budget Group (NYSE: CAR), all of which are adding more than 2% to their weekly gains today.

As of this writing, tickerspy's top-10 Indexes have added more than 5% over the last week, with individual components posting returns exceeding 40%.

For more on tickerspy's top-performers, and a suite of analytical metrics and research tools, visit tickerspy.com.

Good morning. With stocks having skyrocketed on Monday in response to the G-20 saying it was okay to continue shorting the dollar; one might have expected to see some profit-taking on Tuesday. After all, the S&P had run up +5.4% in just six days and the Dow had broken out to a fresh new cycle high. But instead of a scary pullback that might have given the bears some hope, the market simply paused yesterday and awaited fresh inputs.

Tuesday was the kind of day that gives those of us trying to keep the commentary on the action interesting a bit of a challenge. In short, the dollar was up a little and while the Dow managed to forge ahead to another new high, the rest of the indices finished with modestly red numbers. All in all, not a bad effort.

In addition to what could have been deemed a break in the action, since 90% of the S&P 500 companies have reported earnings, the lack of direction during the day could also have been attributed to the lack of fresh inputs. And with a big batch of economic data due out of China Tuesday night, a day of waffling wasn’t exactly surprising.

Speaking of China, it should not be a surprise to anyone at this stage that it is the Chinese economy that is leading the global economic recovery. Thus, if you are looking for guidance on what to expect next from an economic standpoint, you need to acquaint yourself with the economic indicators in China.

The good news is that the basket of data released overnight was favorable. With no fewer than six economic indicators released, it was encouraging to see that nary a one pointed to signs of any kind of slowdown in the Chinese economy. For example, the report on Industrial Production – an indication of factory output – jumped to a 19-month high in October. And while the stock market response in Shanghai was muted, the reports on CPI, PPI, Retail Sales, and the October Trade Balance were all encouraging. The one sore spot was the fact that new loans originated in October were reported at CNY 253 billion, which was well below the expectations for a range of CNY 370 – 380 billion.

However, with Asian markets up nicely over the past week, we should recognize that some sort of a pullback may be in order. And while one can never tell whether it will be the U.S. market leading Asia or Asia leading the U.S., some profit taking wouldn’t be terribly surprising at this stage of the game.

In terms of how to play a pullback in stocks both here and abroad, we should also keep in mind that the period from mid-November through February has historically been very strong in the U.S. And if the Dow continues to be the leader, any pullback to the old highs (10,100ish) which is also accompanied by light volume could be used as a buying opportunity. The only fly in the ointment at the present time is the fact that the S&P and NASDAQ have yet to break on through to the other side, which is something that we will need to closely monitor.

Turning to this morning, once again there is no economic data to review before the bell. And with it being Veteran’s Day, the bond market and many banks are closed today. Therefore, unless something pops up to give traders a reason to get excited, it might be an opportunity to work on your early-season ski technique or get that one last round of golf in.

Running through the rest of the pre-game indicators, Asian markets were mixed while European Bourses are up nicely across the board. Crude futures are higher with the latest quote showing oil trading up by $0.40 to $79.45. On the interest rate front, we’ve got the yield on the 10-yr trading at 3.47%, while the yield on the 3-month T-Bill is currently at 0.05%. Finally, with about 60 minutes before the bell, stock futures in the U.S. are pointing to a higher open. The Dow futures are currently ahead by about 60 points; the S&P’s are up by about 8 points, while the NASDAQ looks to be about 17 points above fair value at the moment.

Yesterday’s Earnings After The Bell

Bob Evans BOBE $0.50 $0.48
Ralcorp Holdings RAH $1.14 $1.24
Weight Watchers WTW $0.68 $0.64
ZOLL Medical ZOLL $0.16 $0.08

Earnings Before The Bell

Flowers Foods FLO $0.34 $0.34
Macy's M -$0.03 -$0.07

Wall Street Research Summary

Upgrades:
# Wynn Resorts (WYNN) – BofA/Merrill
# Fluor (FLR) – Citi
# FPL Group (FPL) – Citi
# T. Rowe Price (TROW) – Credit Suisse
# Banco Bilbao Vizcaya (BBV) – Credit Suisse
# Dicks Sporting Goods (DKS) – Estimate and target increased at Deutsche Bank
# Smithfield Foods (SFD) – Deutsche Bank
# Hewitt Associates (HEW) – Deutsche Bank
# Crown Castle (CCI) – Morgan Stanley
# Toll Brothers (TOL) – Wells Fargo

Downgrades:
# Allegheny Energy (AYE) – Citi
# Priceline.com (PCLN) – Credit Suisse
# Gamestop (GME) – Removed from Conviction Buy at Goldman
# Cytec (CYT) – Added to Conviction Sell at Goldman
# Tyson Foods (TSN) – JP Morgan
# Adobe Systems (ADBE) – Oppenheimer

Long positions in stocks mentioned: GS

* Report includes items that make comparisons to the consensus estimate questionable

Don’t forget, ego is the enemy… and until next time, “may the bulls be with you!�

David D. Moenning
Founder TopStockPortfolios.com

For more "top stock" portfolios and research, visit www.TopStockPortfolios.com

The opinions and forecasts expressed are those of David Moenning, founder of TopStockPortfolios.com and may not actually come to pass. Mr. Moenning’s opinions and viewpoints regarding the future of the markets should not be construed as recommendations. The analysis and information in this report and on our website is for informational purposes only. No part of the material presented in this report or on our websites is intended as an investment recommendation or investment advice. Neither the information nor any opinion expressed nor any Portfolio constitutes a solicitation to purchase or sell securities or any investment program. The opinions and forecasts expressed are those of the editors of TopStockPortfolios and may not actually come to pass. The opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security nor specific investment advice. Stocks should always consult an investment professional before making any investment.

Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to pass. All opinions expressed herein are subject to change without notice. Neither the editor, employees, nor any of their affiliates shall have any liability for any loss sustained by anyone who has relied on the information provided.

The analysis provided is based on both technical and fundamental research and is provided “as is� without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

The information contained in our websites and TopStockPortfolios publications is provided by Ridge Publishing Co. Inc. (Ridge). One of the principals of Ridge, Mr. David Moenning, is also President and majority shareholder of Heritage Capital Management, Inc. (HCM) a Chicago-based money management firm. HCM is registered with the U.S. Securities and Exchange Commission as an investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Ridge is a publisher and has not registered as an investment adviser. Neither HCM nor Ridge is registered as a broker-dealer.

Employees and affiliates of HCM and Ridge may at times have positions in the securities referred to and may make purchases or sales of these securities while publications are in circulation. Editors will indicate whether they or HCM has a position in stocks or other securities mentioned in any publication. The disclosures will be accurate as of the time of publication and may change thereafter without notice.

Investments in equities carry an inherent element of risk including the potential for significant loss of principal. Past performance is not an indication of future results.

Good morning. The recent correction in the stock market was sponsored largely by the worry that the Fed would begin talking “exit strategy� in the not-too distant future. As we’ve been discussing, this reated a bit of a stir in the hedge fund community and put the spotlight on the dollar carry trade. With potential talk of higher rates, some traders began unwinding some of their dollar carry trades, which meant covering dollar shorts and selling so-called “risk assets� such as stocks in the U.S. and in the emerging markets. In short, this explains the recent tick-by-tick linkage between the greenback and the stock market.

However, with the Fed's reaffirmation last week that it will keep rates low for an "extended" period of time and the pledge from G-20 finance ministers over the weekend that they would continue their stimulus programs, it was as if the central banks of the world told traders that it’s still okay to short the dollar for a while longer. Thus, the bottom line is the dollar carry trade lives on.

So, if you have the ability to borrow big bucks at nearly 0%, knowing that the dollar you are borrowing will go down in value, you’ve got a potential “no brainer� on your hands. So, before we start bashing the “evil speculators� around the globe, ask yourself: Wouldn’t you want to borrow at 0% and invest in stocks or commodities if you could?

Up until this weekend, there was fear that either the U.S. or some other foreign financial power would spoil traders’ fun in the carry trade and try to “talk up� either the dollar or the idea of higher rates. But besides the fact that the G-20 said it was committed to the stimulus plan, the biggest thing that came out of the weekend meeting was that no one breathed a single word about a stronger dollar.

To traders, this is a de facto sign that it’s okay for the dollar to head lower. Sure, everybody talks a good game about a strong dollar, but for right now at least, a lower dollar makes the world go around. And while we may not see a plunge in the greenback, we probably won’t see or hear about any support for the dollar either. So, as we’ve been saying, it’s “party on� for the dollar trade – at least for a while longer yet.

But the big thing to recognize on this topic is this game can’t last indefinitely. At some point, the economy WILL improve and the Fed WILL raise interest rates and the dollar WILL rise (or at least stop falling). This combination WILL cause traders to unwind the carry trade – possibly in a hurry. Thus, if the brief period of volatility seen in late October felt bad, imagine what is going to happen when the Fed actually does start hinting about raising rates and the dollar carry trade unwinds for real.

However, for now, the game is about finding ways to profit. And until the next market driver comes along, it looks like this one is a positive for stocks.

Turning to this morning, we don’t have any economic data to review before the bell and in fact the calendar is very light for the remainder of the week. However, we will get a good dose of Fedspeak as Atlanta Fed President Lockhart, San Francisco Fed President Yellen, Boston Fed President Rosengren, and Dallas Fed President Fisher all have speaking engagements today. So, it might be wise to listen closely for any new hints of policy changes to come.

Running through the rest of the pre-game indicators, the foreign markets are up fractionally across the board. Crude futures are higher with the latest quote showing oil trading up by $0.30 to $77.73. On the interest rate front, we’ve got the yield on the 10-yr trading at 3.45%, while the yield on the 3-month T-Bill is currently at 0.06%. Finally, with about 45 minutes before the bell, stock futures in the U.S. are pointing to a soft open. The Dow futures are currently off by about 25 points; the S&P’s are down by about 2 points, while the NASDAQ looks to be about 4 points below fair value at the moment.

Yesterday’s Earnings After The Bell

Clear Channel Outdoor CCO -$0.10 -$0.08
Electronic Arts ERTS $0.06 $0.07
Fluor FLR $0.89 $0.90
Hologic HOLX $0.28 $0.27
Lions Gate LGF $0.26 $0.07
MBIA MBI -$3.50 -$1.04
NBTY NTY $0.93 $0.83
Priceline.com PCLN $3.45 $2.92

Earnings Before The Bell

Beazer Homes BZH -$0.87* -$1.39
Diana Shipping DSX $0.36 $0.34
Fossil FOSL $0.52 $0.42
Hewitt Associates HEW $0.68 $0.63
Tyco TYC $0.61 $0.54

Wall Street Research Summary

Upgrades:
# Pan Am Silver (PAAS) – Canaccord Adams
# Robert Half (RHI) – Deutsche Bank
# Taiwan Semiconductor (TSM) – FBR Capital
# Polo Ralph Lauren (RL) – Added to Conviction Buy at Goldman
# Kroger (KR) – Added to Conviction Buy at Goldman
# Adobe Systems (ADBE) – Janney Capital
# TW Telecom (TWTC) – JP Morgan
# Nordic American Tanker (NAT) – JP Morgan
# Rackspace (RAX) – Oppenheimer
# Rockwell Automation (ROK) – RW Baird
# Ann Taylor (ANN) - Stephens
# Wynn Resorts (WYNN) – Target increased at UBS
# Vodafone (VOD) – UBS

Downgrades:

# BJ’s Wholesale (BJ) – Added to Conviction Sell at Goldman
# TRW Automotive (TRW) – Deutsche Bank
# Coca-Cola Enterprises (CCE) – Removed from Conviction Buy at Goldman

Long positions in stocks mentioned: GS

* Report includes items that make comparisons to the consensus estimate questionable

Best of luck today and until next time, “may the bulls be with you!�

David D. Moenning
Founder TopStockPortfolios.com

For more "top stock" portfolios and research, visit www.TopStockPortfolios.com


The opinions and forecasts expressed are those of David Moenning, founder of TopStockPortfolios.com and may not actually come to pass. Mr. Moenning’s opinions and viewpoints regarding the future of the markets should not be construed as recommendations. The analysis and information in this report and on our website is for informational purposes only. No part of the material presented in this report or on our websites is intended as an investment recommendation or investment advice. Neither the information nor any opinion expressed nor any Portfolio constitutes a solicitation to purchase or sell securities or any investment program. The opinions and forecasts expressed are those of the editors of TopStockPortfolios and may not actually come to pass. The opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security nor specific investment advice. Stocks should always consult an investment professional before making any investment.

Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to pass. All opinions expressed herein are subject to change without notice. Neither the editor, employees, nor any of their affiliates shall have any liability for any loss sustained by anyone who has relied on the information provided.

The analysis provided is based on both technical and fundamental research and is provided “as is� without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.

The information contained in our websites and TopStockPortfolios publications is provided by Ridge Publishing Co. Inc. (Ridge). One of the principals of Ridge, Mr. David Moenning, is also President and majority shareholder of Heritage Capital Management, Inc. (HCM) a Chicago-based money management firm. HCM is registered with the U.S. Securities and Exchange Commission as an investment adviser. HCM also serves as a sub-advisor to other investment advisory firms. Ridge is a publisher and has not registered as an investment adviser. Neither HCM nor Ridge is registered as a broker-dealer.

Employees and affiliates of HCM and Ridge may at times have positions in the securities referred to and may make purchases or sales of these securities while publications are in circulation. Editors will indicate whether they or HCM has a position in stocks or other securities mentioned in any publication. The disclosures will be accurate as of the time of publication and may change thereafter without notice.

Investments in equities carry an inherent element of risk including the potential for significant loss of principal. Past performance is not an indication of future results.