On Friday, the 30-share Dow Jones industrial average fell 14 points, or 0.1%, to close at 10,318.16.  The broader S&P 500 index closed 0.3% lower at 1091.38 and the tech-heavy Nasdaq finished the day at 2146.04, off 0.5%.  On the week, the Dow average managed to hang on to gains, registering a paltry 0.5% advance.  The S&P 500 and the Nasdaq fell 0.2% and 1%, respectively.  On the New York Stock Exchange, 1.1 billion shares exchanged hands, with declining issues ahead of those that advanced in price by a three-to-two margin.

Last week’s disappointing reports on housing and weak forecasts from technology companies had antsy investors swooping up safe haven investments like Treasury bonds and dollar.  The demand for safe havens also spiked after European Central Bank President Jean-Claude Trichet remarked that the bank is planning to unwind some of its stimulus measures.  A higher dollar pushed crude prices lower and pressured stocks.

Nevertheless, at the center of the activity on the Wall Street is the ascending price of such physical assets as gold, which touched its fresh highs of $1146.80 on Friday, and a declining dollar.  The metal, although lacking fundamental valuation measures, has surged 29.7% so far this year.  Since India's central bank bought 200 tons from the IMF, the metal has jumped 11.5% on its dollar-alternative, safe-haven, inflation-resistant appeal.

Meanwhile, the decline in the US dollar has raised valuation expectations for the major industrial companies, with offshore sales expected to boost revenues.  Nevertheless, this week’s highlight remains today’s after-market-close earnings from Hewlett-Packard (NYSE:HPQ).  Last week the company preannounced strong quarterly numbers, anticipating record sales results of $30.36 billion, and earnings of $1.13, and also lifted its 2010 guidance.

Last week, the 1% decline in the technology shares came after weaker-than-expected guidance from two software companies, Autodesk (NASDAQ:ADSK) and Salesforce.com (NYSE:CRM), was compounded by disappointing numbers from Dell (NASDAQ:DELL).  Technology companies felt the heat after Dell (NASDAQ:DELL) reported quarterly earnings that were well below analysts’ expectations.  The company said sales of its computers to big businesses remain weak.  Shares in the company plunged 10% to $14.29.  So far in November, the NASDAQ has advanced 5%, and is up 36.1% year-to-date. 

The 0.2% pullback in S&P500 was caused by declines in oil and gas (-1.4%) and tech (-1.3%) sector shares that offset gains in health care issues (+1.5%) and basic materials (+1.2%).

The earnings calendar has slowed, but companies still due to report include: Campbell Soup (NYSE:CPB) on Monday; American Eagle (NYSE:AEO), Barnes and Noble (NYSE:BKS), Dollar Tree (NASDAQ:DLTR) on Tuesday, with Deere (NYSE:DE), J Crew (NYSE:JCG) and Tiffany (NYSE:TIF) on Wednesday.

Chicago, IL – October 7, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Intel Corp. (INTC), Altera Corporation (ALTR), Xilinx, Inc. (XLNX), Texas Instruments (TXN) and Skyworks Solutions Inc. (SWKS).

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Here are highlights from Tuesday’s Analyst Blog:

Chip Sales Grew in August

Last month, most chipmakers raised their quarterly projections, backed by an improving market scenario. The world’s largest technology company, Intel Corp. (INTC)raised its third quarter revenue forecast driven by strong demand for programmable chips and microprocessors. This was followed by Altera Corporation (ALTR) which raised its revenue guidance for the third quarter, driven by improving market conditions.

Xilinx, Inc. (XLNX) followed suit and upgraded its guidance driven by broad-based strength across all end-markets and geographies. Top player Texas Instruments (TXN) upgraded its forecast for the third quarter driven by unpredicted demand in all segments, particularly the analog segment.

Skyworks Solutions Inc. (SWKS) raised its guidance for the fourth quarter of fiscal 2009, driven by broad-based, massive improvements in order demand.

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Today, the media and marketing services company also finds itself as a top-performing Zacks #1 Rank, with shares that have advanced approximately 7%.

(In addition to company-specific factors, VCI is most likely getting a boost today from news out of Gannett (GCI) that third-quarter earnings are expected to top expectations.)

VCI offers a wide range of marketing services to customer packaged goods manufacturers, retailers, technology companies and other customers. It is the only company that provides a combination of home-delivered media products and services at the market, neighborhood and household targeted levels, an can integrate all three levels of targeting into a single solution.

The company is gaining a lot of traction in this environment from its coupon books and fliers that are sent to homes, as well as from redplum.com - its interactive offering.

Volume today is nearing 700,000, which is above the daily average of 527,000. VCI is part of the Printing - Commercial industry. There are 2 other companies from this space on today's Zacks #1 Rank List: R.R. Donnelley & Sons Company (RRD) and Schawk, Inc. (SGK).

Earnings Estimates

The company's second-quarter report from late July led to a sharp advance in earnings estimates, which has remained over the past 2 months.

The Zacks Consensus Estimate for this year is at $1.21 per share, up more than 70% in 60 days from 71 cents.

Next year's Zacks Consensus Estimate has advanced 65% in that timeframe to $1.34 per share from 81 cents. The estimate also suggests year-over-year profit growth of nearly 11%.

Second Quarter

VCI earned 31 cents per share in its second quarter, marking a more than 100% advance from 15 cents a year earlier. The result also bettered the Zacks Consensus Estimate by more than 138%.

Revenue declined 8.6% to $544 million from $594.9 million. The drop was attributed to economic uncertainty.

"We continue to outperform most media companies because our product portfolio is well aligned with what research indicates is a permanent shift in shopper behavior toward value-oriented media," said Chairman/President/CEO Alan F. Schultz.

VCI also increased full-year 2009 adjusted EBITDA guidance to $245 million from $215 million.

Zacks Investment Research

The fund may invest up to 35% of total assets in securities of foreign issuers and non-dollar securities, including emerging market securities. As of April 2009, its portfolio turnover was 80%.

Ford Motor Co. (F), ACE Ltd. (ACE) and Goldman Sachs Group Inc. (GS) are among the fund’s key holdings.

Hartford Global Technology A (HGTAX) seeks long-term capital appreciation by investing in stocks of technology companies worldwide.

The fund uses bottom-up security selection based on fundamental research and valuation analysis to determine favorable investment opportunities not yet recognized by the market. It has an expense ratio of 0.98%.

The fund pays dividends and capital gains annually.

Hartford Global Financial Services A (HGFAX) was incepted in October 2000. The investment seeks long-term capital appreciation.

The fund normally invests at least 80% of total assets in equity securities of financial services companies worldwide. It may invest in banks, savings and loan associations, mortgage banking companies, insurance companies, securities brokers, asset management companies, leasing companies and consumer and industrial finance companies.

Mark T. Lynch has been lead manager at the fund since October 2005.