The Dow Jones Industrial Average (DJIA) continues to make new highs and it looks like it will make a new record high thanks to a very strong employment report in which February non-farm payroll numbers increased 236,000, easily beating the 160,000 economists were expecting. At the same time, the unemployment rate fell to 7.7%, its lowest rate since December 2008. Construction jobs continue to be strong as that sector of the economy added 48,000 new jobs in February and 25,000 new jobs in January. With these numbers, the Dow is poised to end the week on a strong note and in record territory. The S&P 500 is also very close to making new highs. The all-time closing high in the S&P is 1,565 and the intraday high is 1,576.

It has been a busy week for Carl Icahn as it was revealed he had built a 100 million-share stake in Dell (DELL) and is basically demanding a $9 special dividend and is threatening years of litigation. Now yesterday he increased his Herbalife (HLF) stake to 15.55% as he added another 2 million shares. Keep in mind, under an agreement with the board, Icahn has the right to purchase up to 25% of Herbalife. The fight is certainly getting interesting but Ackman only needs to get the attention of one fed to investigate his claims. You have to love their CNBC argument.

• Daniel Loeb, Third Point (new buy, 7.15% impact to portfolio)
• Ken Heebner, Capital Growth Management

Google (GOOG) is in the news as it plans to lay off 1,200 jobs from its Motorola Mobility which would represent 10% of the unit’s staff. This comes on top of 4,000 jobs cut that occurred in August and will affect employees in the U.S., China and India. Google made its largest acquisition ever by buying Motorola Mobility for $12.5 billion last year, aiming to use Motorola Mobility's patents to fend off potential lawsuits on its Android mobile platform and expand beyond its software business. The layoffs come at a time when Google’s stock is making all-time highs.

Google has been a mixed bag for Gurus has bulls and bears have lined up on both sides. My guess is that those reducing or selling their positions are simply taking profits.

Google bulls or Gurus who have been adding to or establishing a position include:

• Steve Mandel, Lone Pine Capital
• Robert Karr, Joho Capital
• David Rolfe, Wedgewood Partners
• David Einhorn, Greenlight Capital (New Buy,0.75 impact to portfolio)
• John Griffin, Blue Ridge Capital
• Dodge & Cox
• Tweedy Browne
• Jeremy Grantham, GMO
• Ron Baron, Baron Funds

Google bears or Gurus who have been reducing or sold out completely include:

• Chuck Royce , Sold Out
• RS Investment Management
• Steven Cohen, SAC Capital
• Jim Simmons, Renaissance Technologies
• Bruce Kovner, Caxton Associates
• John Burbank, Passport Capital
• Julian Robertson, Tiger Management
• Alan Fournier, Pennant Capital, Sold Out
• Ken Heebner, Capital Growth Management, Sold Out
• Chase Coleman, Tiger Global Management, Sold Out

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