Dear Subscribers,

As expected we probed the underside of Dow 12,000 early in the session Wednesday. From there stocks rallied strongly into the finish. Yes, it is encouraging that Dow 12,000 has held up as support for three straight days. Unfortunately, I am not wholly convinced that this is our last time under that key level.

Why? Several economic threats continue to circulate out there and it will be hard to move significantly higher until more are resolved satisfactorily. For example, just as we were ready to forget about problems in Europe, we see that new austerity measures in Portugal have been voted down. This will most likely lead to further concerns over their nations stability and a possible bailout by their EU brethren. And don't forget that oil prices have not yet subsided, which leads to inflation and corporate profit concerns.

I still believe the odds for continued economic expansion and a rising stock market are in our favor this year. Unfortunately we are going to have to resolve some of these looming issues before we can press much higher.

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Best,

Steve Reitmeister
Executive VP, Zacks Investment Research

Today's Top Stories: Thursday- March 24, 2011

ZACKS RANK BUY STOCKS

• Aggressive Growth - Anixter International (AXE) fourth-quarter sales were up 18% on a year over year basis to just over $1.2 billion. Earnings per shares came in at $1.19, which beat the Zacks Consensus Estimate by 26 cents. Read More...
   
• Growth & Income - Qualcomm Incorporated (QCOM) reported Q1 EPS 10% above the Zacks Consensus Estimate, driven by a 25% surge in revenues. Management also raised its guidance for the remainder of the year. Read More...
   
• Momentum - Weight Watchers Int (WTW) earnings were strong, coming in at 64 cents, 14% ahead of the Zacks Consensus Estimate, where the company has an average earnings surprise of 6% over the last four quarters. Read More...
   
• Value - Ness Technologies (NSTC) easily blew by the Zacks Consensus Estimate by 12 cents. Earnings per share were 17 cents compared to the consensus of just 5 cents. This was the 7th earnings surprise in a row. Read More...
   

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PeopleAndPicks.com:

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Best,

Steve Reitmeister
Executive VP, Zacks Investment Research

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