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Week in Review

By

Have a great weekend, Minyans!

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Market Recap

A flurry of M&A activity at the start of the week sent the "Four Sisters" higher ahead of Tuesday's mid-term elections. The rally would soon stall after the Democrats announced a clean sweep of Congress. Institutions quickly began adjusting their portfolios as health insurers, defense, and pharmaceuticals came under pressure. Some of the selling could be overdone with President Bush still in office.

Gold markets experienced a volatile week as the precious metal caught a bid when China announced its plans to diversify its reserves away from dollar denominated assets. Energy traders also were looking for direction after receiving mixed news on the Texas Tea. Early in the week, crude tipped $61 a barrel on supply side concerns, but these fears soon were eased after the International Energy Agency (IEA) cut crude demand forecast for the 3rd consecutive month. Lastly, bonds were range bound ahead of next week's important Consumer Price Index.

The "Four Sisters" Performance




ETF Watch



Top Headlines

The world's largest chipmaker Intel (INTC) will triple its investment on a Vietnam plant raising total investment in to $1 billion. (Fri 10th)

The governor of the People's Bank of China announced China's intentions to diversity its US dollar reserves. (Thurs 9th)

The Democrats swept control of both the House of Representatives and the Senate as the American people were largely influenced by the Republican handling of the Iraq war. (Fri 10th)

Donald Rumsfeld resigned after a difficult tenure as Secretary of Defense. Former CIA Director Robert Gates will replace Rumsfeld. (Wed 8th)

Concerns are mounting in the Middle East after Saddam Hussein was sentenced to death for genocide in the late 1980s. (Fri 10th)

Earnings Snapshot

Toyota Motor Company (TM) reported stellar quarterly results and is on pace to surpass General Motors (GM) as the #1 car producer in the world. (Tue 7th)

Summer blockbuster Pirates of the Caribbean helped Disney (DIS) beat analyst expectations, but investors were weary of Disney's plans to increase capital expenditures. (Fri 10th)

Dow component American International Group (AIG) more than doubled its quarterly profit on increased sales and minimal hurricane damage. (Thurs 9th)

Cisco Systems (CSCO) benefited from increased sales and a recent acquisition that helped the company beat estimates. (Thurs 9th)

Shares of XM Satellite Radio Holdings (XMSR) were higher this week after the company reported a smaller than expected loss and continues to be considered as a potential takeover target for Sirius Satellite Radio (SIRI). (Mon 6th)

J.C. Penny (JCP) reported a 22.6% rise in 3Q earnings and raised guidance as the department chain store continues to impress investors. (Thurs 9th)

Market Movers: Winners and Sinners

No positions in stocks mentioned.

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