In this Issue:
• Caution Flags - Although we remain optimistic about the market this year, some potential problems concern us.
• In the Limelight
• STARS Status - Changes in S&P analysts' STARS rankings for October 3 through October 7.
• The Changing S&P 500 Index - A favorite investment industry parlor game is trying to guess the next stock to be added to the S&P 500. Most efforts to do so are futile.
• Selected HMOs Should Benefit From New Medicare Drug Law - Older Americans will soon be deluged with marketing messages as companies position themselves for the January launch of a new Medicare drug program.
• Merrill's HOLDRs vs. ETFs - What investors need to know about these recently developed funds.
• Wall Street Wallflowers - Stocks that are covered by relatively few of the major brokerages may be poised for gains when Wall Street finally recognizes their potential. Here are three we like.
• Stocks Ranked One and Two STARS by S&P - On a rotating basis, we list issues by STARS ranking (quality ranking in parentheses).
• Walgreen's Winning Formula - This drugstore operator has been adding services and opening new locations, and we expect these moves to boost sales and earnings.
• S&P Sector Scorecard
• Index to the Outlook - Cumulative Index to The Outlook from May 11, 2005 through October 5, 2005
• Statement of ownership, management and circulation
• Stocks in the S&P 500 index

Some of the Companies Featured:
Aetna Inc.
Allmerica Financial Corp.
Check Point Software
China Mobile (Hong Kong)
Citadel Broadcasting
Coventry Health Care
Fedex Corp.
General Motors
Lancaster Colony Corp.
Olin Corp.
Raymond James Financial
Walgreen Co.
WellCare Health Plans
WellPoint Inc.

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