In this Issue:
• Patience Likely to Be Rewarded - We see stronger-than-expected earnings boosting stocks and advise a greater equity allocation.
• In the Limelight
• STARS Status - Changes in S&P analysts' STARS rankings for July 18 through July 22.
• Three Recent Upgrades - S&P analysts expect these stocks to outperform over the next 12 months.
• Luxury Hotels Book Solid Gains - Here are three stocks that we think will outperform because of improving conditions at the high end of the hotel industry.
• The Potential Effects of a Revalued Yuan
• Master List Stocks Update - Our three supervised Master List groups of stocks, recommended as core holdings for long-term investors, are regularly featured on these two pages. Group 2, highlighted this week, consists of stocks we like for total return.
• S&P's Platinum Portfolio

Some of the Companies Featured:
Allstate Corp.
Andrx Corp.
Bank Of America
Chubb Corp.
Fairmont Hotels & Resorts Inc.
Four Seasons Hotels Inc.
Home Depot
Ingersoll-Rand
Kroger Co.
Motorola
Polo Ralph Lauren Corp.
Strategic Hotel Capital Inc.
Vornado Realty Trust
Wachovia Corp.
Wilmington Trust Corp.
Yahoo Inc.

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