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We are adding the following credit spreads to our August recommended list.

We are recommending credit spreads inthe following issues.

JOYG - Joy Global Inc. engages in the manufacture and servicing of mining equipment for the extraction coal, copper, iron ore, oil sands, and other minerals worldwide. The company operates in two segments, Underground Mining Machinery and Surface Mining Equipment. The Underground Mining Machinery segment produces continuous miners, longwall shearers, powered roof supports, armored face conveyors, shuttle cars, flexible conveyor trains, roof bolters, battery haulers, continuous haulage systems, feeder breakers, conveyor systems, high angle conveyors, and crushing equipment, as well as longwall mining systems consisting of powered roof supports, an armored face conveyor, and a longwall shearer. This segment also rebuilds and services equipment, and sells replacement parts and consumables in support of installed base. The Surface Mining Equipment segment produces electric mining shovels, walking draglines, and rotary blasthole drills for open-pit mining operations.

MS - Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals worldwide. It operates in three segments: Institutional Securities, Global Wealth Management Group, and Asset Management. The Institutional Securities segment offers financial advisory services on mergers and acquisitions, divestitures, joint ventures, corporate restructurings, recapitalizations, spin-offs, exchange offers, and leveraged buyouts and takeover defenses, as well as shareholder relations, capital raising, corporate lending, and investments. This segment also engages in sales, trading, financing, and market-making activities, including equity trading, commodities, and interest rates, credit, and currencies, as well as financing services, such as prime brokerage, consolidated clearance, settlement, custody, financing, and portfolio reporting services.

MON - Monsanto Company, together with its subsidiaries, provides agricultural products for farmers in the United States and internationally. It operates in two segments, Seeds and Genomics, and Agricultural Productivity. The Seeds and Genomics segment produces corn, soybean, canola, and cotton seeds, as well as vegetable seeds, including tomato, pepper, eggplant, melon, cucumber, pumpkin, squash, beans, broccoli, onions, and lettuce seeds. . This segment also develops biotechnology traits that assist farmers in controlling insects and weeds, as well as provides genetic material and biotechnology traits to other seed companies. The Agricultural Productivity segment offers glyphosate-based herbicides for agricultural, industrial, ornamental, and turf applications; lawn-and-garden herbicides for residential lawn-and-garden applications; and other herbicides for the control of preemergent annual grass and small seeded broadleaf weeds in corn and other crops. The company offers traits primarily under the Roundup Ready, Bollgard, Bollgard II, YieldGard, Genuity, Roundup Ready 2 Yield and SmartStax brand names; seed treatment products under the Acceleron brand name; row crop seeds principally under the DEKALB, Asgrow, Deltapine, and Vistive brand names; vegetable seeds under the Seminis and De Ruiter brand names; and corn and cotton under the Harness brand name. It also licenses germplasm and trait technologies to seed companies. The company sells its products through distributors, independent retailers and dealers, agricultural cooperatives, plant raisers, and agents, as well as directly to farmers.

We are recommending the following specific credit spreads
call credit spread = bearish call spread.