Dear Subscribers,

Looks like the "Flight to Safety" warnings sent by bond investors were finally heeded by stock investors today. And run for cover they did with the S&P 500 sinking by –3.1% to yet another close under 10,000. A plummeting Consumer Confidence report certainly sped up the decline.

The tough question at this stage is; Where is the bottom? Is it at 9700 like the last down leg? Is it at 9500 (given technical voodoo that some chartists are talking about)? Or do we make a much scarier dive to 9000…or worse??? I think there will be some support around 9500'ish. But not sure how much the market can go up til we get a good taste of earnings season starting in mid-July. Hopefully you folks are enjoying some protection from the short ETF positions that we've recommended in the recent past.

Get fresh insight and investment ideas from these top Zacks commentaries:
•  Consumer Confidence Takes a Hit
•  Zacks Rank Video: Value Stock Picks
•  Screen of the Week: Current Ratio
•  Top 5 Diversified Bond Funds

Best,

Steve Reitmeister
Executive VP, Zacks Investment Research

Today's Top Stories: Wednesday- June 30, 2010

ZACKS RANK BUY STOCKS

• Aggressive Growth - CarMax Inc. (KMX) reported quarterly results that included revenue of $2.26 billion, a solid 23% improvement since last year. Earnings per share came in at 44 cents, topping the Zacks Consensus Estimate by 11 cents. Read More...
   
• Growth & Income - CLARCOR, Inc. (CLC) is expected to grow its earnings per share 29% in fiscal 2010, 14% in fiscal 2011, and 10% over the next three to five years. The stock also offers investors a dividend yield of 2.1% and trades at 19.9x 2010 consensus EPS estimates. Read More...
   
• Momentum - Dolby Laboratories, Inc. (DLB) recently hit a new multi-year high above $69. Estimates are on the rise with the current year up 21 cents in the last few months to $2.33, and the next-year estimate up 26 cents to $2.68, a bullish 15% growth projection. Read More...
   
• Value - Medical Action Industries Inc. (MDCI) reported fiscal fourth quarter 2010 results and beat the Zacks Consensus by 25%. Earnings per share were 30 cents compared with the consensus of 24 cents. It reported just 11 cents in the year ago period. Read More...
   

Learn how to profit from our exclusive Zacks Rank stock-ranking system with free resources. Read More...

• Top 5 International Funds
  Get International exposure with First Investors International A (FIINX), Calamos International Growth A (CIGRX), Sentinel International Equity A (SWRLX), Wasatch International Growth (WAIGX) and Invesco International Growth A (AIIEX). Read More...
  
• Best Of Fund Family
  Top 5 Invesco Funds Read More...
  

See all the great mutual fund resources.

• Bull Of The Day: Magna International (MGA)
  Full Zacks research report: Read More...
  
  
• Bear Of The Day: Pepco Holdings, Inc. (POM)
  Full Zacks research report: Read More...
  
  
• ZACKS INDUSTRY OUTLOOK: Steel Industry Review and Outlook
  Steel demand in the U.S. was down 41.6% in 2009 at 57.4 million tons. However, with the economy in recovery mode, the industrial sector is expected to drive a 26.5% increase steel demand in the U.S. in 2010. Read More...
  
  
• Union Pacific (UNP) Downgraded
• General Dynamics (GD) Expands Product Line
• Kinetic (KCI) -Novation Extend Contract

• Stocks slammed by global slowdown fears @ CNNMoney.com
• Tech Stocks Take a Beating @ TheStreet.com
• 10 Huge Medical Breakthroughs @ MAINSTREET.com
• BP Going Back to Banks for More Funding @ FOXBUSINESS.com
• 6 Top Mutual Fund Managers See Hard Times Ahead @ Kiplinger.com

EDUCATION: Aggressive Growth

"Short-Selling" Stocks Read More...

PeopleAndPicks.com:

VIP "LeveneOMurray" portfolio withstands the market drop with BUY calls in (GSIT), (TBBK) and (XEC). Read More...

• Value Stock Picks- June 29, 2010
• Current Ratio
• Momentum Stock Picks-June 24, 2010

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Best,

Steve Reitmeister
Executive VP, Zacks Investment Research

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