1. Consumer/Cyclical Sector Update Marvin McTaw Sector Director

2. In The News… Iraq Economic News –Wholesale Prices –Unemployment –Trade Deficit

3. News Corporation Joe Millionaire The Simpsons American Idol Daredevil Trading at 26.05, 52 Week high: 30.89 Beta 1.41 Stock Scouter Rating: 8

4. YUM Brands Own Taco Bell, KFC, Pizza Hut, Long John Silvers, and A&W All American Food Worlds largest restaurant company Growing about 1000 restaurants a year Debt cut in half in last three years Revenues shrinking but margins improving Trading at 23.07, P/E 3.3 Steep discount to industry P/E of 16

5. Quote for the Day The problem is not that there are problems. The problem is expecting otherwise and thinking that having problems is a problem. -Theodore Rubin