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Week in Review


See you on Monday!


Market Recap

After last week's rally, investors returned with the news of civilian casualties caused by Israeli air strikes over the weekend. In spite of this troubling news out of the Middle East, all the major indices were able to stage gains based on hopes for a Fed pause in August on slowing inflationary data. The S&P 500 closed over the important 1280 level we have been discussing for the past two months on Wednesday. However, the markets failed to follow through this level, but were able to hold the "line in the sand" as the indices sold off after Friday morning's employment report. This is a very discouraging sign for the Bulls as fear seems to be mounting for the potential of a more severe economic slowdown. All eyes remain fixed, as they have been for some time, on the Fed's FOMC meeting next Tuesday.

Top Headlines

Israeli Prime Minister Ehud Olmert ruled out a possible cease-fire after an air strike over the weekend killed civilians. So far the fighting has lasted 3 weeks and elicited an 'immediate cease-fire' response from the European Union. (Mon 31st & Tue 1st)

Fidel Castro's poor health forced him to step down temporarily and hand power to his younger brother while he recovers from surgery. (Wed 2nd)

The "Big Three" Detroit automakers posted doubled digit declines in sales for the month of July as foreign automakers Toyota (TM), Honda (HMC) and Hyundai continue to grab market share. (Tue 1st)

The unemployment rate hit a 5 month high as employers added fewer jobs than expected for the month of July. (Fri 4th)

Apple Computer (APPL) is the latest technology company to come under fire for its stock option handling. The company said it may have to restate financial statements dating back to fall of 2002. (Fri 4th)

The Senate passed a bill that is designed to protect the pensions of retiring workers and is now expected to be signed by the President. However, the Republican majority came up short on passing estate tax cut legislation. (Fri 4th)

Earnings Snapshot

Procter & Gamble (PG) had a strong 4th quarter helped by its Gillette acquisition and price increases across several of its brands. (Wed 2nd)

Sirius Satellite Radio Inc. (SIRI) reported a wider loss than expected, but encouraged investors by raising its subscriber guidance for the rest of the year. (Tue 1st)

Media conglomerate Time Warner (TWX) reported strong earnings fueled by growth in high speed internet and digital phone customers. (Wed 2nd)

Investors sent shares of Starbucks (SBX) lower as its same store sales number missed expectations. (Wed 2nd)

Japanese car marker Toyota (TM) reported another stellar quarter and is on pace to overtake General Motors (GM) as the number 1 automaker in the world. (Fri 4th)

Shares of MGM Mirage (MGM) headed lower Thursday after the casino operator warned about a slowdown at its lower-end properties. (Thurs 3rd)

Telecommunication giant Verizon (VZ) posted mixed results as its profit fell, but made headway into gaining more market share in wireless and high-speed internet customers. Sprint Nextel (S) fell to a 52 week low after issuing downward guidance. (Tue 1st & Thurs 3rd)

Duke Energy (DUK) reported a 16% rise in quarterly profit on lower expenses. (Thurs 3rd)

Market Movers: Winners and Sinners

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