Data Feed

Initial Claims 316K vs 310K consensus, prior revised to 309K from 307K

Early pre-mkt gappers:
Gapping up: SUF +12.5%, KNOT +11.2%, AOB +8.7%, ISV +7.6%, BBI +7.6%, ORBT +7.3%, ABI +6.6%, GPS +6.2%, FOE +3.8%… Gapping down: AIRN -23.9%, CTRN -17.3%, OMRI -16.6%, INSP -12.2%, NSTK -6.2%, HD -5.0%, BSC -3.2%, GS -2.7%.

Insider trading disclosed in filings out after the close yesterday
Buyers: Allstate (ALL 54.13) Director bought 10K shares for $53.57… LHC Group (LHCG 24.98) CFO bought 25K shares for $24.00… Conseco (CNO 15.03) Officer bought 7K shares for $15.00; CEO bought 10K shares for $15.10; CFO bought 2,500 shares for $14.07… American Express (AXP 62.96) Directors (2) bought 62K shares for $62.25 – $62.33… Morgans Hotel Group (MHGC 19.25) CEO bought 10K shares for $18.37… Town Sports Int’l (CLUB 16.49) Director bought 10K shares for $17.66… Wilshire Bancorp (WIBC 10.64) Chairman bought 39,509 shares for $10.15… Brookfield Homes (BHS 20.65) 10% Owner Brookfield Asset Mgmt bought 90K shares for $18.16… Medicines Co (MDCO 15.59) CEO bought 4K shares for $14.85… Hi Tech Pharmacal (HITK 11.83) 10% Owner Accipiter Capital Mgmt bought 70,300 shares for $10.04… RadiSys (RSYS 12.43) 10% Owner Nierenberg Investment Mgmt bought 110,795 shares for $11.01… Smart Balance (SMBL 9.00) 10% Owner OSS Capital Mgmt bought 170K shares for $9.01… Noven Pharma (NOVN 16.59) 10% Owner bought 80K shares for $16.20… Invesco (IVZ 25.73) Officer bought 4,122 shares for $24.68… International Coal (ICO 4.03) 10% Owner Fairfax Financial Holdings bought 189,500 shares for $3.91. Sellers: Anadigics (ANAD 16.59) Officer sold 15,487 shares at $16.12… Kennametal (KMT 82.65) Officer sold 12,500 shares at $82.41… Amcol Int’l (ACO 33.10) CEO sold 30K shares at $31.76… Comfort Systems USA (FIX 14.57) Director sold 36,800 shares at $15.06… Molina Healthcare (MOH 31.00) Officer sold 15K shares at $33.24… FMC Technologies (FTI 94.07) CFO sold 46,100 shares at $91.53… TLC Vision (TLCV 3.54) 10% Owner Citadel Equity Fund sold 2.0 mln shares at $3.80… Peet’s Coffee & Tea (PEET 27.42) Director sold 82,309 shares at $27.46 – $28.21… Flotek Industries (FTK 33.90) Director sold 70K shares at $32.83 – $33.00; CEO sold 117,984 shares at $31.29… Heartland Payment Systems (HPY 32.00) Officer sold 43,095 shares at $31.01 – $31.10… Pennsylvania Real Estate Investment Trust (PEI 37.59) Director sold 100K shares at $34.54 – $35.72.

BSC Bear Stearns working on damage control – AP (121.12 ) -Update-
Associated Press reports Bear Stearns this week began sending letters to clients reassuring them that the co was financially sound, in an effort to keep people from withdrawing their business. The letters, along with a list of client talking points provided to employees, are aimed at allaying fears about the co’s fiscal shape. Clients have been seeking reassurance since the co put two distressed hedge funds in bankruptcy, ousted co-president Warren Spector and came under review for a rating downgrade by Standard & Poor’s. “The Bear Stearns franchise is financially strong,” the letter said in part. “Rest assured, Bear Stearns has seen challenging markets before and has the experience and expertise to serve you and us well.” The offensive comes as Jimmy Cayne, the co’s longtime chairman and chief executive, has called counterparts at major Wall Street banks to reassure them about mkt rumors.

BBY Best Buy: Reaffirms guidance prior to analyst day start – Stifel (45.27 ) -Update-
Stifel notes after the close BBY reconfirmed $2.95-3.15 EPS guidance for the year ending Feb 2008. with back-to-school PC sales and entire holiday season in front of them, it seemed unlikely BBY would lower numbers. Firm does think, however, what was not said was most important here. If BBY is currently seeing gross margin erosion suggesting problematic rate-of-change from 1Q07 would persist through 2007, firm does not think they could back previous guidance. The numbers would not hold up.

TGT Target Jul same store sales +6.1% vs +6.0% Briefing.com consensus (65.21 )

Bond Watch: Here We Go Again
The flight to quality came screaming back overnight as more news of hedge fund mashups make the rounds, this time from the purportedly unaffected EuroZone via BNP Paribas. Action yesterday was highly skewed to unwinding the flight to quality that had wound prices up to their best levels since May as market fears had finally subsided following the FOMC’s semi-reassuring statement. But in the span of 12 hours sentiment has flipped decidedly back in favor of treasuries. The 2-10-yr yield spread blew out to 35.5 at its steepest overnight but has since flattened back to 26.6 as the open approaches. Bond prices in the EuroZone & Japan have been well-bid as the global economy now evidently needs to account for some subprime shake-out. Treasuries look to be well supported heading into an otherwise catalyst-lite session with a $9B auction also on deck. The market will shift back into its recent comfort zone of watching equities implode & newswires for more tape bombs. The dollar has lost ground on the yen as the Japanese currency gained on the majors as carry traders head for the exit. The euro is losing to the buck looking to push to 1.3700 for the 1st time on the week as the subprime worries infect. Gold is sliding on the buck’s euro bounce with spot now 667.07 (-7.73) getting drag as crude slips, flirting with week’s lows now 71.41 (-0.74). The calendar has just initial jobless claims & another auction of $9B re-opened 30-yrs. The euro is at 1.3728 & the yen is at 118.5200 while the 10-yr is +13/32nds yielding 4.790%.

GPS Gap Inc reports July comparable same store sales of -7% vs. -4.9% Briefing consensus (15.73 )
Co also sees 2Q07 EPS of $0.19-$0.20, ex-items (consensus $0.13)

BJ BJ’s Wholesale Jul same store sales +1.5% vs +3.5% Briefing.com consensus (32.26 )

CVX Chevron announces significant oil discovery offshore Angola (84.33 )
Co announced that its subsidiary Cabinda Gulf Oil Company Limited and partners made a significant oil discovery in Block 14, offshore Angola. The discovery well, Malange-1, was drilled in December 2006 in 873 feet of water to a total vertical depth of 15,562 feet. The well encountered 212 net feet of oil in the Cretaceous-age Pinda reservoir. The well was tested in March 2007 and flowed high-quality crude at a rate of 7,669 barrels of oil per day. The discovery will be followed by further drilling in addition to geologic and engineering studies to appraise the field and assess its potential reserves.

DDS Dillard’s Jul same store sales -6.0% vs -0.6% Briefing.com consensus; reports Q2 revs (24.49 )
Co preannounced revs for Q2 (Jul), sees Q2 (Jul) revs of $1.65 bln vs. $1.7 bln Reuters Estimates consensus.

ANF Abercrombie reports July same store sales -4% vs -0.9% Briefing.com consensus (74.18 )
Co sees Q2 EPS of $0.90-0.91, ex-items, vs $0.83 Reuters consensus.

M Macy’s reports July same store sales of -1.4% vs -1.7% Briefing.com consensus; expects Aug same-store sales to be in the range of -1% to +2% (35.54 )

FDO Family Dollar lowers AugQ guidance; reports July same store sales +0.5% vs +1.8% Briefing consensus (30.38 )
Co now expects Q4 (Aug) EPS will be $0.19-0.22 vs Reuters consensus of $0.28.

S&P futures vs fair value: -14.4. Nasdaq futures vs fair value: -14.8.
After three consecutive sessions of gains that lifted the major indices more than 4.0% on average, renewed concerns about liquidity/credit risks suggest stocks will be subjected to a day of extensive profit taking. The latest shoe to drop has come from France’s biggest bank, BNP Paribas. It has suspended withdrawals from three of funds valued at around $2.1 bln due to an inability to fairly value their holdings on account of the turmoil in the U.S. credit market. Even though BNP’s exposure (which is less than 1.0% of total assets) seems relatively small, the announcement serves as a clear reminder that the headline risk remains real and that the volatility in trading conditions will persist.

Bernstein cuts their 2007 and 2008 ests for US Securities firms BSC, GS, LEH and MS
Bernstein cuts their 2007 and 2008 ests for US Securities firms based on weaker expected fixed income trading and debt underwriting revenues in 1H07-2008. The firm also expects wider credit spreads and more difficult market conditions to constrain new financial sponsor announced M&A activity in Q4 and into 2008. Firm cuts their BSC & LEH 2007-08 estimates by 7%, their GS EPS estimates by 5%, and their MER and MS EPS estimates by 3-4%. Maintains Mkt Perform on BSC, GS, LEH and MS.

JCP JC Penney reports July same store sales of +10.8% vs +9.0% Briefing consensus (69.65 )
For the Q3, mgnt expects both comparable department store and Direct sales to increase low-single digits. Consistent with second quarter sales patterns, management reiterated that calendar shifts due to last year’s 53rd week will continue to have a significant impact on reported monthly sales.

ANN AnnTaylor Jul same store sales -5.0% vs -4.3% Briefing.com consensus; reaffirm Y07 EPS of $2.15-2.25, consensus $2.13

HANS Hansen Natural target raised to $62 at Longbow following Q2 results (46.92 )
Longbow raises their tgt on HANS to $62 from $54 following stronger than expected Q2 results. Firm notes the following: 1) short-term cost and top-line drags associated with the co’s switchover into BUD’s network since mid-2006 largely dissipated during the qtr; 2) the acceleration in YoY sales growth in Q2 suggests the BUD system enhanced HANS’ geographic coverage as well as the co’s “go-to-market” capabilities at retailers; 3) several new growth drivers for Monster could emerge during 2H07; and 4) potential penetration of Monster into Europe could emerge as major positive growth driver over the next 6-12 months.

FRED Fred’s reports same store sales of +0.05% vs +1.6% Briefing consensus (11.71 )
Co states, “Helping to offset slower sales, we had lower-than-planned markdowns on back-to-school supplies,” Hayes added, “and the shift to generic drugs, as we have said before, should have a largely neutral-to-positive effect on our bottom line because of the increased margin on generics. The roll-out of our merchandise refresher program is complete in almost 300 stores, and those stores continue to post 1%-2% better comparable sales. The financial impact of the July sales miss is estimated to be about $0.01 per diluted share and, as a result, we expect to hit the low end of our targeted range for earnings this quarter. ” (Q2 EPS Reuters consensus is $0.10).

HB Hillenbrand misses by $0.02, issues downside FY07 guidance (67.37 )
Reports Q3 (Jun) earnings of $0.66 per share, $0.02 worse than the Reuters Estimates consensus of $0.68; revenues rose 5.3% year/year to $494.1 mln vs the $497.7 mln consensus. Co issues downside guidance for FY07, sees EPS of 3.02-3.18 vs. $3.21 consensus; sees FY07 revs of 2000-2050 vs. $2.06 bln consensus. “We continue to vigorously pursue the long-term operating strategies for both Hill-Rom and Batesville Casket that we outlined last fall, and we will continue to accelerate our investment spending in order to position both units for enhanced future growth. Our investment spending will continue to include increased funding for margin improvement programs and distribution channel enhancements at both companies and research and development activities at Hill-Rom. As a result of our on-going commitment to this ambitious plan, we expect a YoY decline in earnings during the fourth fiscal qtr, similar to what we experienced in the third qtr.”

BSC China’s CITIC may ride to rescue of Bear Stearns – Forbes (121.12 )
Forbes reports Bear Stearns’ long-running attempts to set up an investment banking joint venture in China may turn into a lifeline to save it from its fast-worsening credit crisis. The floundering U.S. investment bank initiated talks with China’s powerful CITIC Group before the mortgage market meltdown, according to a person close to the Beijing-based conglomerate. CITIC Group is now negotiating to take a minority stake in Bear Stearns, the source told Forbes.com. Their discussions originally envisioned some form of equity tie-up in China between Bear and CITIC’s domestic investment banking unit, CITIC Securities, the largest securities brokerage in China. Talks were facilitated by executives at the parent level at CITIC Group, the source said.

JWN Nordstrom Jul same store sales +9.4% vs +4.3% Briefing.com consensus; guides Q2 revs above consensus (51.11 )
Co issues upside guidance for Q2 (Jul), sees Q2 (Jul) revs of $2.39 bln vs. $2.35 bln Reuters Estimates consensus

GOT Gottschalks July same store sales of -3.9% vs -2% single analyst est; announces Jim Famalette appointed Chairman of the Board (6.95 ) Co announces that Jim Famalette has been appointed Chairman of the Board. He will continue to serve as President and Chief Executive Officer. As previously announced, Gottschalks has formed a special strategic committee to identify and evaluate various strategic alternatives to maximize shareholder value. The Company does not currently intend to disclose further developments or provide updates on the progress or status of the strategic alternatives review process or of any strategic alternatives under consideration, unless and until the Board of Directors has approved a specific transaction.

Filings, Offerings, Pricings and IPOs
Filings: PlanetOut (LGBT) files for a 22.7 mln share common stock offering by selling shareholders… Hughes Communications (HUGH) files for a mixed shelf offering… DCT Industrial Trust (DCT) files for a mixed shelf offering… Inverness Medical (IMA) files for a convertible notes shelf offering by selling securityholders; also included are the 2.86 mln shares of common stock issuable upon conversion… Chesapeake Energy (CHK) files for a $500 mln convertible notes offering… IPOs: WuXi PharmaTech (WX), a pharmaceutical and biotechnology research and development outsourcing co, prices its 13.2 mln ADS IPO at $14/ADS… DemandTec (DMAN), a provider of consumer demand mgmt software, prices its 6 mln share IPO at $11/share, in the middle of the $10-$12 forecast range.

CTSH Cognizant Tech: Indian central bank limits a net positive in limiting rupee appreciation short term – Jefferies (87.03 )
Jefferies notes that earlier this week, the Indian central bank instituted limits on the amounts of dollar denominated borrowings that could be repatriated to and invested in India, essentially curbing demand for rupees. The firm sees this move as a net positive in limiting rupee appreciation short term. With annual wage hikes and visa costs being seasonal Q2 events, they feel most of the margin headwinds for offshore IT players, including Cognizant (CTSH), Infosys (INFY), Patni (PTI) and Syntel (SYNT) could be in the rear view mirror until mid 2008.

CAH Cardinal Health beats by $0.03; reaffirms Y08 guidance (69.14 )
Reports Q4 (Jun) earnings of $0.89 per share, excluding non-recurring items, $0.03 better than the Reuters Estimates consensus of $0.86; revenues rose 4.7% year/year to $22.3 bln vs the $22.56 bln consensus. Co reaffirms guidance for FY08, sees EPS of $3.95-4.15 vs. $4.10 consensus

More detail on BNP’s suspension of 3 funds
The FT reports that BNP Paribas became the latest European casualty of the fallout from the meltdown in the US subprime mortgage market after announcing it had suspended three of its funds because of jitters among its investors. The French bank said in a statement that the decision to suspend Parvest Dynamic ABS, BNP Paribas ABS Euribor and BNP Paribas ABS Eonia funds followed the “complete evaporation” of liquidity. It said the valuation of the funds would resume as soon as liquidity returned to the market and added that in the continued absence of liquidity, additional information on the envisaged measures would be communicated to investors within a month. BNP Paribas shares fell 2.4% in early trading in Paris and sent markets around Europe lower as fears about the scale of the losses in the banking sector mounted.

CHS Chico’s FAS Jul same store sales -6.7% vs -4.7% Briefing.com consensus; reports Q2 revs below consensus (19.99 )
Co issues downside preannouncement for Q2 (Jul), sees Q2 (Jul) revs of $436 mln vs. $462.15 mln Reuters Estimates consensus.

BCRX BioCryst Pharm beats by $0.09 (9.55 )
Reports Q2 (Jun) loss of $0.24 per share, $0.09 better than the Reuters Estimates consensus of ($0.33); revenues rose 764.5% year/year to $13.4 mln vs the $8.5 mln consensus.

Upgrades: ThinkEquity upgrades F5 Networks (FFIV 66.11) to Buy from Accumulate with an $84 tgt saying the market has overreacted to the expected dilution and integration risk presented by the Acopia acquisition. The relative small size of the acquisition compared to core business suggests integration risk is overstated… J.P Morgan assumes Eaton (ETN 93.66) with an Overweight from a Neutral… Lehman upgrades NiSource (NI 18.89) to Equal Weight from Underweight… Lehman upgrades Marathon Oil (MRO 52.06) to Overweight from Equal Weight… Jefferies upgrades Molina Healthcare (MOH 31.00) to Hold from Underperform and raises their tgt to $33 from $26, as C.A M.L.R improvement appears more sustainable than the firm had thought and the potential for further C.A rates hikes will likely more than offset concerns about provider fee schedule adjustments in W.A and M.I.. .SunTrust upgrades MicroStrategy (MSTR 65.86) to Neutral from Reduce, based on downside that could be more limited and seeing a dearth of further news flow ahead of Q307. Downgrades: Wachovia downgrades Chesapeake Energy (CHK 35.43) to Market Perform from Outperform based on concerns about management’s comments during a debt offering investor call that an equity offering was likely during the next 6-9 months. The firm says this is in stark contrast to recent mgmt comments about capital discipline and funding plans, and will likely disappoint investors…Wachovia downgrades Cablevision (CVC 34.00) to Market Perform from Outperform following Q2 operational results that were lower than expected.

WSJ reports the rapid expansion of the multibillion-dollar high-speed Internet business may be slowing, threatening one of the major growth engines for cable and phone cos. The four largest phone and cable operators — AT&T (T), Verizon Communications (VZ), Comcast (CMCSA) and Time Warner Cable (TWC) — added a total of 1.2 mln broadband subscribers in the second quarter, 21% fewer than they added during the year-earlier quarter, and short of Wall Street analysts’ projections. While second-quarter results are typically weak, mainly because college students are disconnecting, the results suggest that the mkt is maturing. Until now, cable and telephone cos have primarily been focusing on persuading dial-up Internet subscribers to pay more for faster speeds. That mkt is getting tapped out, prompting cable and telephone cos to eye each other’s customers more hungrily. Operators are competing against each other aggressively with offers of faster speeds and new services such as video messaging.

Upgrades: JP Morgan upgrades NBTY (NTY 36.00) to Neutral from Underperform… Citigroup upgrades Xenoport (XNPT 42.15) to Buy from Hold… Citigroup upgrades LTX (LTXX 3.46) to Buy from Hold… Piper Jaffray upgrades InterDigital (IDCC 21.97) to Market Perform from Underperform… Piper Jaffray upgrades Mattel (MAT 22.97) to Outperform from Market Perform… Friedman Billings upgrades Alcoa (AA 37.09) to Outperform from Market Perform with a $49 tgt based on valuation. The firm says they still believe that there is a good probability of a takeout, albeit with a lower probability and at a lower takeout price, vs previous expectations to reflect higher financing costs. The firm says if AA is acquired, they believe that it would be in the high $40s, reflecting 30% upside… Jefferies upgrades Anthracite Capital (AHR 9.19) to Buy from Hold and cuts their tgt to $10.14 from $12.50 based on the belief that the co will survive and maintain its current dividend. In this scenario, the firm assumes AHR will trade to book value. Downgrades: Lehman Bros. downgrades Novo-Nordisk (NVO 114.10) to Equal-weight from Overweight… JP Morgan downgrades Casual Male (CMRG 12.50) to Neutral from Overweight… Piper Jaffray downgrades Green Moutain Coffee Roasters (GMCR 40.75) to Market Perform from Outperform… Merrill Lynch downgrades Delta Petroleum (DPTR 18.77) to Sell from Neutral.

Miscellaneous: Pali initiates Sina (SINA 40.55) with a Buy, as the co’s premium value results from its high site traffic that has enabled them to enjoy higher APRU, higher number of advertisers and higher growth compared with its peers and believe this premium can enable them to continue to outpace the market by a wide margin… BofA initiates priceline.com (PCLN 79.56) with a Buy and sets a $96 tgt, as they believe a rising share price trend will continue, based on both top-line growth and margin expansion that exceed expectations, as the co further penetrates the large and growing European market while managing costs in their domestic business… BofA initiates Expedia (EXPE 27.79) with a Buy and sets a $35 tgt, based on improving fundamentals that include accelerating domestic bookings growth, more meaningful revenue contribution from Europe/Advertising and operating efficiencies from cost cutting initiatives… Oppenheimer initiates Virgina Commerce Bancorp (VCBI 16.08) with a Neutral, as they see long-term growth potential yet believe the increasingly difficult interest rate and credit environment will weigh on EPS and P/E multiples.

Upgrades: Deutsche Bank upgrades Watson Wyatt & Co (WW 43.00) to Buy from Hold and maintains their $50 tgt, based on valuation and believe the co may deliver another favorable earnings surprise next week… JMP Securities upgrades 1-800-Flowers.com (FLWS 9.46) to Outperform from Market Perform and sets a $12 tgt, following Q407 EPS that exceeded firm estimates, revenue that was below firm estimates and cost reduction initiatives that are paying off… Jefferies upgrades Centene (CNC 18.94) to Hold from Underperform and raises their tgt to $19 from $18.60, based on valuation… Baird upgrades Knology (KNOL 14.15) to Outperform from Neutral and raises their tgt to $18 from $17, following solid Q207 results and raised full-year legacy Ebitda guidance… Baird upgrades Methode Electronics (METH 13.03) to Neutral from Underperform and maintains their $13 tgt, based on valuation. Downgrades: Merriman downgrades The Knot (KNOT 18.68) to Neutral from Buy, following a better-than-expected Q207 and FY08 growth in Ebitda and EPS that is likely to decelerate due to additional investments into infrastructure and sales… JMP Securities downgrades Kenexa (KNXA 41.00) to Market Perform from Outperform, following Q207 EPS that was in line with firm and consensus estimates and in-line guidance for Q3.

KCI Kinetic Concepts profiled in New America section of IBD (57.30 )
IBD reports KCI’s lead product line is Vacuum Assisted Closure Therapy. The device sprays a special proprietary foam into an open, cleaned wound. The foam shapes itself to the wound and then starts to shrink, helping it to close. The bubbles in the foam also keep air, fluid and cells circulating, helping to prevent infection. Last month, the stock got a healthy bounce when the co reported 29% profit growth in the second quarter to 81 cents a share. Sales gained 20% to $396.7 mln. “The gauze-based technology that competes with it is clearly inferior,” said analyst Mark Richter of Jefferies. However, Smith & Nephew (SNN) became KCI’s main rival in May when it bought BlueSky Medical Group. BlueSky also makes a vacuum-type device that helps close wounds with a shrinking action. However, it uses an antimicrobial gauze instead of foam. The difference hasn’t stopped the two cos from getting involved in a drawn-out patent dispute. A year ago this month, a court found that KCI’s patents are valid, but didn’t find infringement. KCI is appealing the decision. “Because KCI’s (intellectual property) was upheld, that precludes competitors from coming out with a foam-based technology,” he said. “A lot of the utility of the VAC is predicated on the foam.”

Sensex ends down 208pts at 15,100 – The Business Standard
The Business Standard reports the Sensex opened with a bang at 15,452 -up 144 points from its previous close on the back of positive cues from the world markets. Fresh buying in morning trades saw the index rally to a high of 15,542. However, profit taking at higher levels saw the index pare gains as the day progressed. Negative signals from the overseas markets, weak opening for the European markets coupled with a steep fall in Dow futures, led to some nervousness in our markets. The selling pressure was so intense that the Sensex tumbled all the way into negative zone to a low of 15,062 – down 390 points from the day’s high. The Sensex finally ended with a loss of 208 points at 15,100.

Asian stocks rise for 2nd day, led by Samsung, Sumitomo Mitsui – Bloomberg.com
Bloomberg.com reports Asian stocks rose, led by technology and financial shares, as a pickup in U.S. mortgage applications eased concern subprime losses will derail economic growth. Japan’s Nikkei 225 Stock Average added 0.8% to 17,170.60, with a weak yen benefiting companies such as Sony that rely on overseas sales. South Korea’s Kospi index pared earlier gains after the central bank unexpectedly raised interest rates. China’s CSI 300 Index rose to a record, while Pakistan’s Karachi Stock Exchange 100 index slid on reports of plans to impose emergency rule. Hong Kong, Indonesia, Thailand and India were the only other measures to drop, while Singapore was closed for the National Day holiday.

European stocks decline, paced by BNP Paribas, Commerzbank – Bloomberg.com
Bloomberg.com reports European stocks fell for the first time in three days after BNP Paribas SA, France’s biggest bank, halted withdrawals from investment funds because it can’t “fairly” value their holdings. National benchmarks dropped in all 18 western European markets. The U.K.’s FTSE 100 slid 1.2% and Germany’s DAX decreased 1.3%. France’s CAC 40 lost 1.5%. The Stoxx 50 lost 0.9%, while the Euro Stoxx 50, a measure for the euro region, fell 1.2%.

CMG Chipotle Mexican Grill mentioned negatively in Weekday Trader – Barron’s Online (107.56 )
Barron’s Online reports shares of Chipotle (CMG) trade at large multiples and are primed to fall if Wall Street feels disappointed. “Now is not the best time to put money to work in the stock,” says Robert Derrington, an analyst with Morgan Keegan who downgraded the stock to Market Perform last week. “In our view, the stock is priced for perfection, in a very imperfect world.” Or as Georges Yared, founder and chief investment officer for Yared Investment Research, puts it, “They have executed. They have grown. But earnings need to catch up to that stock price.” The short position in Chipotle has fallen to 4.3 mln shares last month from 7.5 mln in October. In 2007, Chipotle’s food, beverage and packaging costs will rise 31% to $339 mln, noted Bernstein. “Should Chipotle make a misstep, we expect to see the valuation crack,” says Dean Haskell, an analyst with Morgan Joseph. And at 1.85, Chipotle’s PEG ratio also seems high.

After Hours Summary: INSP down 10.1% on earnings/guidance; CTRN down 13.3% (reports prelim revs; sees Q2 EPS below consensus)Companies moving in after hours trading in reaction to earnings: Trading Up: BFLY +12.2%; KNOT +11.4%; SYX +11.1%; TELK +9.1%; RWT +6.2%; ISV +5.5%; RCMT +5.3%; EPAY +4.4%; IDSA +4.4%; SRVY +3.9%; FOE +3.8%; EXLS +3.7%; VNUS +3.5%; JUPM +3.1%; PRSC +2.5%; DCEL +2.3%; STRS +2.2%; HLS +2.0%; LORL +1.6%; XOMA +1.4%; GDP +1.4%; XRM +1.3%; TKC +1.3%; STKL +1.1%; LBTYA +1.1%; ARP +1.0%… Trading Down: AIRN -24.9%; OMRI -21.3%; CIA -12.7%; INSP -10.1%; NSTK -9.3%; IO -9.3%; NKTR -8.9%; COSI -7.4%; UHAL -6.6%; GGC -6.4%; CELL -6.3%; CNIC -5.8%; CENT -5.6%; INWK -5.3%; TOA -5.1%; CECO -4.6%; TBSI -4.5%; DESC -4.4%; KPPC -4.2%; KNXA -4.3%; ACF -3.8%; PDII -3.0%; VITL -2.6%; NP -2.4%; ARBX -2.1%; AAP -2.1%; AVRX -2.0%; TRCI -1.9%; VHI -1.8%; BNE -1.6%; BFS -1.5%; WEDC -1.4%; IPAS -1.4%; QLTY -1.3%; SEB -1.3%; MEAS -1.2%; ISIS -1.1%… Companies moving in reaction to news: Trading Up: SUF +12.5% (commissions 30,000 bpd of crude capacity in Fujairah, UAE); AOB +9.4% (enters into a legally binding letter of intent to acquire Guangxi Boke Pharmaceutical Company); BBI +8.8% (acquires Movielink); ABI +6.6% (retains Morgan Stanley to explore potential corporate restructuring; Increases stock repurchase authorization to $1.2 bln); FSYS +5.9% (sees FY07 EPS above consensus); SFY +3.7% (Lake Washington production not affected by area pipeline disruption); HOTT +2.8% (reports July same store sales fell 7.4% y/y); CGI +1.9% (and Commerce Banc Insurance services reach comprehensive agreement); PNCL +1.9% (announces $30 mln share repurchase program); EMMS +1.9% (announced that the co’s Board of Directors has authorized the repurchase of its common stock, up to an aggregate value of $50 mln); ABBI +1.5% (launches Doxorubicin Hydrochloride Injection, USP); SMHG +1.0% (announces postponement of Q2 earnings teleconference)… Trading Down: CTRN -13.3% (reports prelim revs; sees Q2 EPS below consensus); MRGE -7.4% (to delay announcement of Q2 2007 earnings); RSTO -6.0% (guides JulQ below consensus; cites challenging home furnishings environment); SCT -4.8% (Q2 2007 release of earnings and earnings call to be rescheduled to Aug 14 from Aug 9); SALM -3.8% (announces A special cash dividend of $0.42 per share); TRCA -3.5% (receives marketing approval for Increlex in the European Union); IPCS -3.5% (hires Conrad Hunter as COO and Executive VP); ZUMZ -2.4% (reports July same store sales +9.7%); VSCN -2.8% (reports option grants under Nasdaq marketplace rule 4350); SFD -1.8% (confirms classical swine fever in Romania; outbreaks will negatively impact fiscal Q2 operating results by $4-5 mln); USAK -1.4% (comments on jury verdict in contract dispute).

‘Mad Money’ Recap: Lightning Round cont. – TheStreet.com
Cramer was bearish on Spectranetics (SPNC), Boston Scientific (BSX), Perfect World (PWRD) and RealNetworks (RNWK).

‘Mad Money’ Recap: Lightning Round – TheStreet.com
Cramer was bullish on Nvidia (NVDA), Dynegy (DYN), China Telecom (CHA), Baidu.com (BIDU), Nymex (NMX), Teck Cominco (TCK), Lockheed Martin (LMT), General Dynamics (GD), Raytheon (RTN), Northrop Grumman (NOC), Ralcorp Holdings (RAH) and ENGlobal (ENG).

Mad Money’ Recap: Sudden Death Round – TheStreet.com
During the “Sudden Death” round, Cramer was bullish on Allergan (AGN). He was bearish on Lowe’s Companies (LOW), Advanced Medical Optics (EYE) and Best Buy (BBY).

Cramer’s ‘Mad Money’ Recap – TheStreet.com
On Wednesday’s edition, Jim reiterated his positive stance on Under Armour (UA), Coca-Cola (KO), PepsiCo (PEP) and Level 3 (LVLT). Finally, with the chief executive as a guest, Cramer said VF Corp. (VFC) should go up with or without a strong American consumer.