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Searching for Shorts (SeekingAlpha)Chad Brand submits: Every once in a while I will run a screen to find stocks that might be overvalued. This can serve to identify candidates for short sales. After a nice upward move in the market, coupled with increased bullishness among market pundits, searching for some shorts to hedge seems reasonable.

Lilly Diabetes Drug Curbs Weight Gain (AP)Drug makers Eli Lilly & Co. and Amylin Pharmaceuticals Inc. said Thursday a clinical study showed that their diabetes treatment exenatide was as effective as insulin in lowering blood sugar levels but without the weight gain.

Study Shows Exenatide Improves Blood Sugar Levels as Effectively as Biphasic Insulin Aspart (PR Newswire)Eli Lilly and Company and Amylin Pharmaceuticals, Inc. today announced results from a study indicating that exenatide improves blood sugar levels as effectively as biphasic insulin aspart 30/70 for people with type 2 diabetes failing to achieve acceptable blood sugar control on both metformin and a sulfonylurea, two common oral diabetes medications.

SYMLIN Improved Diabetes Control in Patients With Type 2 Diabetes on Established Regimens of Basal Insulin (PR Newswire)Amylin Pharmaceuticals, Inc. today announced positive results from a 16-week study evaluating the safety and efficacy of adding SYMLIN to an established regimen of basal insulin glargine in patients with type 2 diabetes who have not progressed to mealtime insulin therapy.

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Leggett & Platt Updates Growth Targets and Plans (PR Newswire)Targeting 8%-10% annual sales growth, 10% annual EPS growth, and 16%-

Leggett Reports Record Quarterly Sales and Earnings (PR Newswire)Record quarterly sales of $1.40 billion, a 7.1% increase over 2Q 2005.

Leggett & Platt posts 6.3% higher profit (at MarketWatch)Leggett & Platt Inc., with a year’s worth of steep restructuring costs behind it, said its second-quarter profit rose 6.3% from a year ago and nudged up the lower end of its 2006 earnings forecast.

Leggett & Platt Reaffirms 3Q Outlook (AP)Leggett & Platt Inc., a maker of home and office furniture and fixtures, on Wednesday reiterated financial estimates for the third quarter and full year, and said it is targeting 10 percent annual earnings growth on sales growth of 8 to 10 percent per year.

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Global 500: Federated Dept. Stores ranks No. 262: FORTUNE (Fortune)Federated Department Stores ranks no. 262 on FORTUNE’s Global 500 this year, with $23.3 billion in revenues, up 49.4% from the previous year. The Cincinnati, Ohio-based company was ranked no. 387 on the 2005 list.

[$] Wal-Mart in drive to persuade its 1.3m workers to vote (at FT.com)Wal-Mart , the largest US retailer, on Friday launched a drive to encourage its 1.3m employees to register to vote, in the biggest operation of its kind ever by a US private employer.

Schwarzenegger vetoes bill aimed at superstores (Reuters)California Gov. Arnold Schwarzenegger vetoed a bill on Friday that would have required retailers such as Wal-Mart Stores Inc. to prepare reports for local officials on the effect of proposed superstores on existing retailers in the same market.

Spending slumps in August; inflation in line with forecasts (at CNNMoney.com)Americans spent less than expected in August, according to a government report Friday that also showed a closely watched inflation reading in line with Wall Street expectations.

Rite Aid’s Ore. Health Clinics Close (AP)Rite Aid Corp.’s first experiment offering health clinics inside its stores ended when the clinic operator decided it could not turn a profit.

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Calif. cable-TV market opened to phone companiesSAN FRANCISCO (Reuters) - California Gov. Arnold Schwarzenegger signed a bill on Friday creating a single statewide market for cable television by eliminating city-by-city franchises, opening the market to competition from telephone companies.

Cramer likes CSCO, GM, F, and more

Filed under: Analyst reports, Cisco Systems (CSCO), Coca-Cola (KO), Ford Motor (F), General Motors (GM)

On STOP TRADING on CNBC at 2:55 PM EST, Jim Cramer said he is tired of hearing the market is expensive, pointing out that ConocoPhilips (NYSE: COP) and steel names are cheap at 5 or 6 times earnings, but names like Coca Cola Company (NYSE: KO) aren’t.

On tech stocks, Cramer said he thinks it positive on techs. He thinks Cisco Systems (NASDAQ: CSCO) at 18 times earnings is too low. Cramer thinks many estimates are too low.

Cramer also is sticking by General Motors Corporation (NYSE: GM) with a $40 target. He thinks Tracinda is buying more and he thinks Ford Motor Company (NYSE: F) will have earnings explosions into next year.

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Linking business and diplomacy with nuclear energyHere’s some news about Areva and its role in the U.S. rediscovery of nuclear energy.

Time to protect my portfolioMy portfolio has produced a modest gain so far, but I want to protect some of it against marketdeclines.

Dow comes up short on new highTwice the average passes 2000 highs before falling back at the close. The Dow’s September is its best since 1996; the quarter is the best since 2004. H-P’s Dunn apologizes over leak probe, general counsel quits. Kerkorian wants more GM shares.

New stock strategies for a market in record territory

Filed under: Major movement, Magazines, Apple Computer (AAPL), General Electric (GE), Time Warner (TWX), Wal-Mart (WMT), Intel (INTC), Exxon Mobil (XOM)

If you’re an investor that’s been safely sitting on the sidelines, patting yourself on the back for holding energy and food stocks all year, you’re probably not feeling quite so comfortable these days.

In just the past two months — at the same time economic numbers from housing, to durable goods, to gross domestic product have been slipping — the Dow Jones industrial average has been on a tear. It is up about 9% this year and at levels last seen in January, 2006 (what a different world it was then).

Now, as the Wall Street Journal reports in its lead story today, professional money managers are starting to guess this could be the start of a major turn in the market. Or, even if it isn’t, they are starting to realize they can’t afford to hang back any longer. It’s time for a more aggressive stock strategy.

That doesn’t mean you should dump all your cash and bonds. It’s still important to be diversified across asset classes in case stocks turn south (and who really an predict the direction of the market anyway). But if the bullish trends in the market continue, you’ll want to be in a different set of sectors than may have worked for you in the past.

Here are a few trends to consider:

Energy stocks have been falling fast. That doesn’t mean the trend won’t reverse itself in the weeks to come (wait till the first cold snap), but for now, they are still a risky place to be.

Retail stocks are rebounding after getting hammered on declining consumer spending and weak back-to-school sales in August. Always wanted to own Wal-Mart Stores, Inc. (NYSE:WMT)? This could be a good time to get back in. Eddie Lampert’s Sears Holdings (NASDAQ: SHLD) is also worth a look.

Tech stocks are also on the move. Apple Computer , Inc. (NASDAQ:AAPL) is a favorite tech growth name and this is a good time to look again at companies on that list. The holiday season is around the corner and it doesn’t look like the iPod will be getting much competition from Microsoft’s upcoming Zune. Intel Corp. (NASDAQ:INTC) is also looking attractive now, some analysts think.

Media stocks have been competing like crazy over advertising dollars as it seems everything but online advertising struggles. But with a stronger economy, spending on those glossy ads will rise. Time Warner Inc. (NYSE:TWX) is already perking up.

Go GE? There may be no single stock that is a better play on a positive outlook for the economy than General Electric Company (NYSE:GE). The stock has been rising in recent weeks and deserves more notice — especially from those who want to remain conservative while betting on global economic strength.

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Stock Investing

Wells Fargo Third Quarter Earnings Information (PR Newswire)Wells Fargo & Company is scheduled to announce its third quarter 2006 earnings Tuesday, Oct. 17, 2006, at 5 a.m. PDT .

Global 500: Wells Fargo ranks No. 138: FORTUNE (Fortune)Wells Fargo ranks no. 138 on FORTUNE’s Global 500 this year, with $40.4 billion in revenues, up 19.3% from the previous year. The San Francisco, California-based company was ranked no. 144 on the 2005 list.

Working Mother names top family-friendly companies (bizjournals.com)Working Mother magazine has released its annual list of the most family-friendly companies, a number of which have New Mexico operations.

John Chen Elected to Wells Fargo & Company Board (PR Newswire)Wells Fargo & Company today said that John S. Chen, chairman, CEO and president of Sybase, Inc., Dublin, California, has been elected to the Company’s Board of Directors.

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Pfizer Anti-Smoking Drug Gets Europe OK (AP)Pfizer Inc. said Friday that the European Commission has approved anti-smoking pill Champix. Champix will be available with a patient support plan which smokers can customize to address their individual behavioral triggers as they try to quit smoking.

Dow’s Achievement Merely Recoups Losses (AP)Investors can be forgiven if they give a muted reception to the Dow Jones industrial average’s surpassing its record high close: For those who’ve stayed with the Dow stocks since the index’s January 2000 high, Thursday’s achievement merely recoups the losses of the last six years.

Pfizer’s Anti-Smoking Pill Champix(R) Approved in Europe (PR Newswire)Pfizer Inc said today that the European Commission has approved Champix , a novel pill for smoking cessation in adults.

Merck delays filing for combo cholesterol drug (Reuters)Merck & Co. said on Friday it would delay seeking approval for a combination pill designed to lower “bad” cholesterol, increase “good” cholesterol and avoid a common side effect of one of the ingredients.

Global 500: Bristol-Myers Squibb ranks No. 321: FORTUNE (at Fortune)Bristol-Myers Squibb ranks no. 321 on FORTUNE’s Global 500 this year, with $20.2 billion in revenues, down 7.6% from the previous year. The New York, New York-based company was ranked no. 258 on the 2005 list.

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