Contributors

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.

Over the last week tickerspy's members have added these ten stocks at more than 35-times their normal rate. The Most Added Rankings reflect stocks added to user portfolios over the last seven days. The following are some of the highest ranked stocks by user adds during the period ended Monday November 9.

Orchard Enterprises (NASDAQ: ORCD) – 37x rating. Orchard, formerly Digital Music Group, is a digital media services company that controls and distributes more than 1.3 million music and audio recordings and approximately 4000 video titles. Last week, the company announced that it received a takeover proposal from majority stockholder Dimensional Associates. After preliminary discussions, Dimensional revised its initial $1.68 per share offer to $1.84 per share.

Rocky Brands (NASDAQ: RCKY) – 68x rating. Footwear designer and manufacturer Rocky Brands has been on a steady upward trend for the last three months, most recently accelerating after it reported its first profitable quarter of the year on October 22. Although revenues dipped by -8%, cost cutting efforts pulled the Rocky into the black for the third quarter.

RCM Technologies (NASDAQ: RCMT) – 40x rating. RCM, a Pennsauken, New Jersey-based IT, engineering and commercial services firm, reported third-quarter results on November 4. Revenues for the period were $44.8 million, down from $51.6 million in the same quarter last year. The company earned $400,000 in the 13 weeks ended September 26, 2009, or 4 cents per diluted share.

AeroCentury (AMEX: ACY) – 40x rating. Micro-cap airplane leasing player AeroCentury is trading well off its October high of just under $25 per share. Meanwhile, its larger peers in the Airplane Leasing Stocks Index all surged higher in the last five sessions by at least 9%.

M&F Worldwide (NYSE: MFW) – 59x rating. New York-based printing firm M&F Worldwide shot up in the most-added rankings after reporting its third-quarter numbers before the bell on Friday. Adjusted net income came in at $33.4 million on $425.7 million in net revenue.

On Track Innovations (NASDAQ: OTIV) – 54x rating. Smart card maker On Track (OTI) announced last week that its China partner would supply parts for electronic passports used by China's Ministry of Foreign Affairs, according to EE Times Asia. On Friday OTI announced that SMARTRAC will acquire the assets of its subsidiary Millennium Cards Technology for an aggregate EUR8.5 million. The deal will result in a long-term supply agreement between the firms.

Miller Petroleum (OTC: MILL) – 57x rating. Micro-cap oil and natural gas exploration firm has trended higher since early August. On October 5, the company reported a 145% increase in revenues to $527,620. CEO Scott Boruff said, "We credit this increase in revenue and this profitable quarter as a result of the first phase of our aggressive acquisition program that added ETC and KTO here in Tennessee."

Lifetime Brands (NASDAQ: LCUT) – 44x rating. Cookware and home decor products company Lifetime Brands reported third-quarter net income of $4.9 million or 40 cents a share, up from a loss of 9 cents a share in the same period last year. Revenue came in at $111.4 million, down from $140.6 million.

TNS Inc. (NYSE: TNS) – 43x rating. Data communications firm TNS broke the $30 mark for the first time in its history in October. Since peaking at $32 a share, the stock has dropped off to trade in the high twenties range it had been stuck in since early August.

Cardtronics (NASDAQ: CATM) – 41x rating. Houston, Texas-based ATM company Cardtronics topped third-quarter estimates on October 29, sending the stock to a new all-time high above $10 a share. The company announced last week that its Allpoint Network of surcharge-free ATMs will offer location-finder applications on Apple's (NASDAQ: AAPL) iPhone and Motorola's (NYSE: MOT) Droid smartphones.

For more of tickerspy's Most Added, or for a look at the Most
Shorted Rankings visit tickerspy.com.

Some of the most popular equity plays among long-term investors are those that pay large dividends. In certain sectors businesses are structured to pay out a significant portion of their available cash to shareholders. It's no surprise that these usual suspects tend to remain on top of tickerspy's top-yielding Index rankings.

Yield, however, isn't the only factor in the equation. As was observed during the economic downturn, stocks with normally paltry dividends ended up boasting impressive yields merely because the share price got crushed. Meanwhile, others suspended their dividend payments to conserve cash. Still, there are a few sectors where investors can bet on consistently high dividend payments, and identifying them just takes a little reading between the lines.

Components of the MLPs Index pay an average 7.9% dividend – higher than any other sector. These largely energy-related master limited partnerships benefit from a structure that allows them to pay out the majority of cash flows to shareholders in lieu of company-level taxes.

For holders of Enterprise Products Partners (NYSE: EPD), Kinder Morgan Energy Partners (NYSE: KMP), and Plains All American Pipeline (NYSE: PAA), the MLP tax structure translates into dividend yields of over 7%.

The Tobacco and Tobacco Products Stocks Index is another place to find
high-yielding equity plays. The tobacco business is fairly straightforward, but these companies also have an interest in dishing out big dividends to shareholders – sitting on a mountain of cash makes easy pickings for lawyers and anti-smoking legislators.

Vector Group (NYSE: VGR), which markets tobacco products through subsidiaries Liggett Group and Vector Tobacco, pays its shareholders a whopping 10.9% dividend. Multi-billion dollar giants Phillip Morris (NYSE: PM) and Altria Group (NYSE: MO) pay 4.8% and 7.3% dividends respectively.

Perhaps the safest equity plays around aren't really equities at all. Bond ETFs trade like stocks, but perform like fixed income. A look at the sector's performance chart compared to the S&P 500 shows that the extremely low-volatility ETFs were largely immune to the economic downturn relative to traditional equities.

While traditional fixed income investors earn interest payments, bond ETFs distribute interest via dividends – the current average yield for the sector is 3.6%.

Whether managing an IRA, hedging against a downside risk, or just looking to add some dividend plays to a diversified portfolio, the sectors above some of the most consistent places to earn high yields.
For a full list of the highest yielding equity sectors and a suite of other performance metrics, visit tickerspy.com.

By Owen Vater, tickerspy.com

Good morning. As a rule, I try not to read too terribly much into a “Fed Day� as there is usually a big batch of volatility that may or may not mean much of anything come the dawn of the next day. Maybe, it’s just me. Or maybe there are others that find themselves inclined to simply stand aside and watch the nuttiness from the sidelines on “Fed Days.� But in any event, the volatility after a Fed announcement, while fun to watch, may not be telling as to what to expect in the future.

But if volatility is the name of your game, then yesterday’s “Fed Day� was your kind of day. We got a rally of nearly 150 points out of the gate then a dive after the Fed statement, a quick bounce back up of 90 points to the high of the day, and then a plunge of 125 into the close. And anyone other than those trading on a 15-minute bar chart was left shaking their heads.

The day got started off on the right foot on the back of rallies in Asia and Europe. The World Bank provided a boost to the bulls’ cause by upping their 2010 GDP forecast in China. And the political types were out telling anyone that would listen that the gubernatorial victories by the republicans in New Jersey and Virginia were a big reason for the early rally. There was talk of a mandate lost by the administration and that the idea of a second economic stimulus bill was suddenly out the window.

Traders may have also been breathing a little easier in front of the Fed announcement as it was becoming clear that this Fed was not in the business of taking Wall Street by surprise. Thus, the worry that Bernanke and friends would drop the ball or do something silly seemed to fade as traders covered some shorts.

Everything seemed to be going along swimmingly through the Fed announcement and it looked like the bulls might have another “melt up� on their hands. The Fed had left rates alone and said that (a) the economy was looking a little better, (b) inflation was nonexistent, (c) they would continue with their current quantitative easing programs until the end of the first quarter, and (d) that they had no intentions of raising rates anytime soon.

In short, the Fed statement was little changed from last time and you had to hunt hard to find even single word changes, let alone any new messages or clues about the future. Thus, those traders looking for a sign as to when the Fed would begin to implement their “exit strategy� went home disappointed.

Speaking of disappointment, the financials tanked hard in the last hour or so and took the rest of the market down with it. And while the dollar did rally a smidge during that timeframe, we really can’t blame this move on the greenback. However, we did see a quick spike in interest rates after the Fed meeting as the yield on the 10-year moved up from 3.51 to 3.55 in short order. So, perhaps there were some sell programs tied to move as rising rates is also a bad thing for the dollar carry trade. But we’re going to chalk it up to fun with computers on a Fed Day while everyone else was simply watching from the sidelines.

Turning to this morning, we had a good report from Cisco (CSCO) after the bell, which has helped improve the mood a bit. On the news front, both the BOE and the ECB left interest rates unchanged earlier this morning and we’ve got the nation’s retailers reporting same-store sales comparisons this morning. For example, Target (TGT) just reported a October comps of -0.1%, which was below the StreetAccount estimate for +0.3%

On the economic calendar, we see that Initial Claims for Unemployment for the week ending October 31st were reported at 512K; below the consensus estimate for 522K. The prior week’s numbers were revised higher to 532K from 530K. Continuing claims for Unemployment Insurance for came in at 5.749M; in line with consensus 5.75M.

In addition, Q3 Nonfarm Productivity was reported up 9.5%; well above the consensus of 6.5%. Unit Labor Costs (a measure of wage inflation) fell by -5.2%; more than the consensus estimate of -4.2%. Last quarter’s Nonfarm Productivity was revised to 6.9% from 6.6% and Unit Labor Costs were revised to -6.1% from -5.9%.

Running through the rest of the pre-game indicators, the foreign markets are mixed with Europe fractionally lower. Crude futures are unchanged with the latest quote showing oil trading lower by $0.01 to $80.39. On the interest rate front, we’ve got the yield on the 10-yr trading at 3.55%, while the yield on the 3-month T-Bill is currently at 0.04%. Finally, with about 45 minutes before the bell, stock futures in the U.S. are pointing to a stronger open. The Dow futures are currently ahead by about 77 points; the S&P’s are up by about 8 points, while the NASDAQ looks to be about 16 points above fair value at the moment.

Earnings After The Bell

Allstate ALL $0.99 $1.01
Cisco Systems CSCO $0.36 $0.31
Corrections Corp CXW $0.33 $0.31
Evergreen Solar ESLR -$0.09 -$0.08
Goldcorp GG $0.19 $0.16
Health Care REIT HCN $0.77 $0.77
J2 Global JCOM $0.43 $0.45
Kimco Realty KIM $0.30 $0.31
Liberty Global LBTYA -$0.45 $0.06
Microchip MCHP $0.24* $0.21
Medivation MDVN -$0.42 -$0.39
Murphy Oil MUR $0.98 $0.99
99 Cents Only NDN $0.14 $0.07
News Corp NWSA $0.22 $0.18
Prudential Financial PRU $1.59 $1.34
Qualcomm QCOM $0.48 $0.52
Sunstone Hotel SHO $0.14 $0.14
Whole Foods WFMI $0.20 $0.18

Earnings Before The Bell

Cardinal Health CAH $0.54 $0.42
Cigna CI $1.13 $1.03
CVS Caremark CVS $0.65 $0.64
Dr. Pepper Snapple DPS $0.54 $0.49
Dynegy DYN -$0.25* $0.03
Holly Corp HOC $0.47 $0.45
Imax IMAX $0.06 $0.01
King Pharmaceuticals KG $0.29 $0.27
Nasdaq OMX Group NDAQ $0.42 $0.42
MetroPCS Communications PCS $0.21* $0.09
Spectra Energy SE $0.30 $0.26
Sara Lee SLE $0.32* $0.15
Scotts Miracle-Gro SMG -$0.23 -$0.33
Teradata TDC $0.38 $0.29
Telephone & Data TDS $0.33 $0.43
Time Warner Cable TWC $0.76 $0.76
Wendy's/Arby's Group WEN $0.06 $0.06

Wall Street Research Summary

Upgrades:
# Palm (PALM) – Barclays
# Brinker Intl (EAT) – Bernstein
# Deutsche Telekom (DT) – Citi
# Medtronic (MDT) – Credit Suisse
# Companhia Vale do Rio Doce (VALE) – Deutsche Bank
# Dominion (D) – Jefferies
# TRW Automotive (TRW) - KeyBanc
# Aqua America (WTR) – Macquarie Research
# ON Semiconductor (ONNN) – Piper Jaffray
# El Paso (EP) – RBC Capital
# Eldorado Gold (EGO) – RBC Capital
# Baker Hughes (BHI) - Weeden
# Allis-Chalmers Energy (ALY) – Wells Fargo

Downgrades:
# Olympic Steel (ZEUS) – Added to Sell list at Goldman
# Molson Coors (TAP) – Goldman Sachs
# FEMSA (FMX) – HSBC
# Terex (TEX) – Morgan Stanley
# Garmin (GRMN) – RBC Capital

Long positions in stocks mentioned: PALM, TAP, CSCO, CVS

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

Make the decision to have a great day 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.