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Week in Review


See you on Monday, Minyans!


Market Recap

The "Four Sisters" were under pressure all week as concerns over inflation resurfaced. Core consumer prices and unit labor costs continue to reside outside the Fed's "comfort zone." Friday's upward revision to payrolls from the past quarter signaled a stronger than expected labor market which certainly will have "Big Ben and the Gang" on the defensive. Bonds sold off sharply as the 10-year yield notched a 100+ basis point move.

Crude sold off early in the week as investors questioned OPEC's announcement to cut production, but stabilized Friday after Nigerian militants threatened to attack oil facilities. Weakness in the dollar helped the precious metals retrace some of the losses from their mid-May peak.

The "Four Sisters" Performance

ETF Watch

Top Headlines

Payrolls for the month of October rose by 92,000 new jobs and job growth was revised upward in August and September. Further, the unemployment rate dipped to a 5-year low of 4.4%, giving the Republicans some political "ammo" heading into the mid term elections next week. (Fri 3rd)

Rivals Microsoft (MSFT) and Novell (NOVL) announced a partnership designed to build a working relationship between Windows and Linux systems. (Fri 3rd)

U.S. business productivity slowed to a standstill during the 3rd quarter while unit labor costs grew 3.7%, an uncomfortable level by the data dependent Fed. (Thurs 2nd)

Drug store chain CVS (CVS) announced it will buy pharmacy benefit manager Caremark (CMX) for $21 billion in stock. (Thurs 2nd)

October retail sales were mixed, but worries mounted over the entire industry after Wal-Mart's (WMT) intention to offer deep discounts this holiday season which could spark a price war among retailers. (Thurs 2nd)

Earnings Snapshot

Consumer product giant Proctor & Gamble (PG) beat Wall Street estimates, but investors were concerned that profits barely met profit views for the quarter. (Tue 31st)

Telecom service company Verizon Wireless (VZ) beat profit forecasts, but investors still were concerned over its "wired" division of its business. (Mon 30th)

Whole Foods Market (WFMI) sold off sharply after the company announced slower growth ahead. (Thurs 2nd)

Washington Post (WPO) reported a 10% rise in quarterly profit helped by a sale of a property and marketable securities. (Fri 3rd)

Turnaround story United Airlines (UAUA) was able to post back to back quarterly gains for the first time in 6 years. Higher fuel charges were offset by higher fares and lower restructuring costs. (Tue 31st)

Market Movers: Winners and Sinners

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No positions in stocks mentioned.

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