The fund focuses on issuers that have potential for above-average sales and earnings growth, overall financial strength, competitive advantages and capable management. It may hold some of its assets in cash or in money market instruments.

Shareholders have to make a minimum initial investment of $2,500 to enter this Zacks#1 Rank (“Strong Buy") fund. It pays dividends and distributes net capital gains annually.

Wells Fargo Advantage Strategic Income A (SASAX) was incepted in November 2000. The investment seeks total return with a high level of current income and capital appreciation.

The fund invests normally at least 80% of assets in income-producing securities and up to 30% of assets in debt securities of foreign issuers. It may invest all of assets in below investment-grade debt securities.

Thomas M. Price has been lead manager at the fund since June 2004. The fund has outstripped total returns of its benchmark index in the last 1-, 3- and 5-year periods.

Wells Fargo Advantage Opportunity Inv (SOPFX) seeks long term capital appreciation. It has an expense ratio of 1.35%.

The fund invests principally in equity securities of medium-capitalization companies that are believed to be under-priced yet have attractive growth prospects. At the end of June, its portfolio turnover was 54%.

Health Management Associates Inc. (HMA), Transocean Inc. (RIG) and Praxair Inc. (PX) are among the fund’s key holdings.

But they threw off their shackles on Friday. Dupont (DD), which fell 46 cents to $45.24 a day earlier, was up by 3.77% to $47.67. Keeping it company was Dow Chemical (DOW), the only one to have bucked the pullback on Thursday, with a surge of 4.16% to trade at $37.31.

But the stock to really watch out for is Olin Corp. (OLN) that climbed by 10.39% to $23.17 in spite of the announcement that caustic soda shipments from its plant in McIntosh, Ala., will be halted until further notice. Praxair, Inc. (PX) too scaled $85.98, up by 4.65%. Dow and Praxair are trading near their 200-Day Moving Average.

Also on the upswing were PPG Industries, Inc. (PPG), Ashland Inc. (ASH) and Air Products & Chemicals, Inc. (APD), all stocks that had tanked on Thursday. However, the biggest chemical maker, BASF (BASFY) was not so lucky, as it was down to $46.83 following a Bloomberg news that the company will cut down polystyrene production in Europe by 25% because of a fall in demand. Dow Chemical too had announced a 15% reduction in polystyrene production in Europe in June.

Adding to the gloomy macro-level economic picture was the Commerce Department's report that the national trade deficit grew to its highest level in 16 months in July, climbing 5.7% to $62.2 billion. The reading was worse than analyst projections of $58 billion, driving the deficit between imports and exports to its highest level since March of 2007.

The gap was fueled by higher oil prices, which accounted for $51.4 billion of the $230.3 billion of total imports, a clear indication that our domestic energy policy is a serious threat to the financial prosperity of this country.

Hurricane Ike unexpectedly strengthened and tripled in size as it spiraled through the Gulf of Mexico, pushing wholesale gasoline prices higher to between $4 and $5 per gallon, up from the previous range between $3 and $3.30. Ike is now on a direct path towards major coastal installations in Texas, where residents are being evacuated in anticipation of 100 mph winds and major storm surges.

And finally, the dollar advanced to a one-year high against the Euro as investors positioned themselves in anticipation of a slowdown in global growth.

The Focus List

The Focus List ended Thursday’s session 0.86% higher.

Accenture Ltd. (ACN) kept the Focus List from advancing further today as it logged in a loss of 4%, making it the biggest portfolio decliner for the day. It is uncertain why the stock sold off as it did.

The company made an announcement today that, if anything, should have helped ACN trade higher. The company announced that it signed a 10-year contract, worth $550 million, to provide finance, accounting and application development services for Bristol-Myers Squibb Co., a pharmaceutical name. Accenture added that the deal provides dedicated global IT and financial support services to Bristol-Myers Squibb to help achieve operational cost savings and flexibility.

We are watching ACN, looking for a reversal from recent declines. The stock remains in positive territory since being added to the Focus List.

One of today’s stronger Focus List performers was Praxair Inc. (PX), which gained 2.5% for the day.

The company said that its Praxair Electronics division announced a 15% price increase on tantalum products. Praxair explained that this action was implemented as a response to rapidly escalating raw material costs related to the mining and recycling of tantalum and tantalum ore. The company added that, in some circumstances, price adjustments may be higher or lower and that PX will be working with worldwide customers to expand tantalum recycling programs and other productivity measures in order to mitigate the effect of the price increase.

Thursday’s Focus List biggest gainers were Columbus Mckinnon Corp. (CMCO) and Fomento Economico Mexicano (FMX), each of which picked up 4% for the day.

CMCO is in the red since being added to the Focus List. We are watching it closely, looking for a reversal into positive territory.

FMX is trading higher since being added to the portfolio. We are expecting this one to keep climbing, especially considering the recent boost in the consensus estimate for this year and next. During the past week, analysts upped earnings estimates from $2.39 per share to $2.41 for the 2008 year and from $2.68 per share to $2.71 for 2009.

"PX2" Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research