Data Feed

07:48 UPS UPS beats by $0.03, reports revs in-line; guides FY07 EPS in-line (75.09 )

Reports Q3 (Sep) earnings of $1.05 per share, excluding non-recurring items, $0.03 better than the Reuters Estimates consensus of $1.02; revenues rose 4.7% year/year to $12.21 bln vs the $12.24 bln consensus. Co issues in-line guidance for FY07, sees EPS of $4.13-4.19 vs. $4.15 consensus.
07:48 ZRAN Zoran: Beats expectations again - Montgomery (20.86 )

Montgomery raises their ests and tgt on ZRAN to $26 following the release of strong 3Q7 resulst last night. Firm notes ZRAN continues to benefit from strength across all segments, reporting record revs from DTV and Printer Imaging and seasonal strength from DVD. Firm believes ZRAN remains well positioned for continued success and is on track to gain market share across each product line.
07:47 TRAD TradeStation beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line (11.94 )

Reports Q3 (Sep) earnings of $0.22 per share, $0.02 better than the Reuters Estimates consensus of $0.20; revenues rose 25.0% year/year to $40.3 mln vs the $39.2 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.19-0.21 vs. $0.21 consensus; sees Q4 revs of $37-40 mln vs. $38.5 mln consensus.
07:47 CRNT Ceragon: Solid execution results in 3Q that is well above ests; co raises top line outlook but maintains operating margin goal at 10% for 2H 2008 - Susquehanna (19.84 )

07:47 EAT prelim $0.35 vs $0.40 Reuters consensus; revs $895.08 mln vs $1.07 bln Reuters consensus

07:46 MRTN Marten Transport: Hearing downgraded to Equal Weight at boutique firm (15.40 )

07:46 TXN Texas Instruments: Color on quarter (34.27 )

ThinkEquity notes TXN reported Q3 results above consensus with revs and EPS of $3.663 bln and $0.54 (consensus $3.659 bln and $0.50). Firm notes mgmt guided wireless revs flat for Q4 due to customer pull-in’s and increasing competition at Ericsson. Firm cuts their rev ests for 4Q07 to $3.54 bln from $3.7 bln and CY07 to $13.82 bln from $13.97 bln. Firm cuts their tgt to $31 from $33… Thomas Weisel believes lower rev is expected due to due to higher mix of low end handsets, inventory conscious OEMs and market share losses. Firm believes these are short-term issues and expect continued market share gains in HPA will continue to drive gross margin higher through 2008. Firm believes this lower rev outlook could be attributed to some order pull-ins from 4Q to meet 3Q demand, the inventory conscious handset inventory supply chain trying to keep inventory tight going into 1Q08 as well as some market share loss at Ericsson. While they recognize TXN will see a pause near-term, the pause is likely to be temporary. Furthermore, low supply chain inventory may soften the q/q decline in the seasonally weak 1Q08… Other analyst calls: J.P Morgan downgraded TXN to Neutral from Overweight … UBS downgraded TXN to Neutral from Buy and lowers their tgt to $38 from $44… Jefferies downgrades TXN to Hold from Buy and cut their tgt to $37 from $43.
07:46 UPS sees FY07 $4.13-4.19 vs $4.15 Reuters consensus

07:45 YHOO Yahoo! transfered coverage with an Accumulate at ThinkEquity- tgt raised to $32 from $27 (29.83 )

ThinkEquity transferes coverage of YHOO and maintains their Accumulate rating and raises their tgt to $32 from $27 saying they believe that Yahoo! has an impressive set of online assets, including 500 mln users globally, but they believe it may take longer than expected to work through near-term challenges: declining marginal profitability, key employee turnover, slowing user growth in key verticals, competitive pressure in display media, and the risk of losing broadband partners next year. The firm says they would become more constructive on YHOO in the mid-$20 range.
07:45 JBLU prelim $0.12 vs $0.07 Reuters consensus; revs $765.0 mln vs $762.74 mln Reuters consensus

07:45 UPS prelim $1.05 vs $1.02 Reuters consensus; revs $12.21 bln vs $12.24 bln Reuters consensus

07:45 PTEC Phoenix Tech beats by $0.07, beats on revs (9.38 )

Reports Q4 (Sep) earnings of $0.10 per share, excluding non-recurring items, $0.07 better than the Reuters Estimates consensus of $0.03; revenues rose 24.6% year/year to $15.7 mln vs the $15.4 mln consensus. Co says they are now completely focused on building long term growth in revs and profitability, and are still intent on achieving our announced target of a market capitalization of a bln dollars or more within the next four years.
07:44 MICC Millicom reports Q3 (Sep) results, beats on revs (86.71 )

Reports Q3 (Sep) earnings of $1.36 per share, may not be comparable to the Reuters Estimates consensus of $0.95; revenues rose 76.8% year/year to $686 mln vs the $662.8 mln consensus. “The most encouraging aspect of these results has been in Africa where we have taken the opportunity to increase the pace of our build-out through a substantial increase in capex. This steadily increasing level of investment is driving the rate of subscriber acquisition in Africa which was up 44% year on year, up an impressive 17% quarter on quarter and delivering year on year revenue growth for the quarter of 52%. In order to exploit the growth opportunity in our African markets we have accepted a somewhat lower margin of 28% in the third quarter, but we still believe that margins will move back to historical levels whilst we continue to invest as we build critical scale.”
07:43 TRAD sees Q4 $0.19-0.21 vs $0.21 Reuters consensus; sees revs $37-40 mln vs $38.5 mln Reuters consensus

07:42 GOOG Google coverage transfered with a Buy at ThinkEquity- tgt raised to $800 from $700 (651.00 )

ThinkEquity transferes coverage of GOOG and maintains their Buy and raises their tgt to $800 from $700 as Google continues to capture market share and drive revenue growth in its core search business while investing aggressively in new growth opportunities like display, video, mobile, and traditional media. The firm says near-term catalysts include the recent east-to-north algorithm change, which they believe could drive an incremental $2 of EPS above their 2008 estimate.
07:42 LMT Lockheed Martin beats by $0.16, beats on revs; raises FY07 EPS guidance, still below consensus, reaffirms FY07 rev guidance (107.24 )

Reports Q3 (Sep) earnings of $1.80 per share, $0.16 better than the Reuters Estimates consensus of $1.64; revenues rose 15.6% year/year to $11.1 bln vs the $10.39 bln consensus. Co raises FY07 EPS guidance to $6.70-6.85 vs. $6.86 consensus; reaffirms FY07 revs of $41-41.75 bln vs. $41.7 bln consensus. Co issues downside guidance for FY08, sees EPS of $6.95-7.15 vs. $7.23 consensus; sees FY08 revs of $41.25-42.75 bln vs. $42.86 bln consensus.
07:42 T AT&T reports EPS in-line, revs in-line (41.17 )

Reports Q3 (Sep) earnings of $0.71 per share, in-line with the Reuters Estimates consensus of $0.71; revenues rose 92.5% year/year to $30.1 bln vs the $30.09 bln consensus. Co reports 2.0 million net gain in wireless subscribers; 126,000 U-verse TV subscribers in service, up from 51,000 three months earlier; total video subscribers, including satellite and AT&T U-verse, up 215,000 in the third quarter to reach 2.1 million.
07:42 TRAD prelim $0.22 vs $0.20 Reuters consensus; revs $40.3 mln vs $39.2 mln Reuters consensus

07:42 AXE Anixter beats by $0.01, reports revs in-line, sees seasonal decline in Q4 (82.55 )

Reports Q3 (Sep) earnings of $1.51 per share, $0.01 better than the Reuters Estimates consensus of $1.50; revenues rose 14.3% year/year to $1.52 bln vs the $1.52 bln consensus. CEO comments on outlook, “Assuming no significant deterioration in the economy during the final months of 2007, we will again have a record-setting year for sales, earnings and return on equity. That said, we do expect that fourth quarter sales and earnings, consistent with historical patterns for the fourth quarter, will show a modest decline from the results we reported for the recently completed third quarter. This projected decline is exclusively based on the fact that there are fewer working days in the fourth quarter due to the Thanksgiving and Christmas holidays.”
07:41 ALNY Alnylam Pharmaceuticals target raised to $37 at Rodman & Renshaw (31.26 )

Rodman & Renshaw raises their tgt on ALNY to $37 from $30, as they believe that positive data recently presented at DALM serve to de-risk ALNY’s current PCSK9 RNAi therapeutic program.
07:41 CMCO Columbus McKinnon beats by $0.07, beats on revs (25.72 )

Reports Q2 (Sep) earnings of $0.54 per share, $0.07 better than the Reuters Estimates consensus of $0.47; revenues rose 5.0% year/year to $151.4 mln vs the $149.2 mln consensus.
07:40 AIZ Assurant upgraded to Buy at Keybanc- tgt $65 (56.33 )

KeyBanc upgrades AIZ to Buy from Hold and sets a $65 tgt, as they believe the recent spike of the foreclosure activity in Q307 may have a positive impact on AIZ’s Specialty Property earnings.
07:40 BIIB Biogen Idec misses by $0.06, misses on revs; reaffirms FY07 EPS guidance, revs guidance (80.11 )

Reports Q3 (Sep) earnings of $0.58 per share, excluding non-recurring items, $0.06 worse than the Reuters Estimates consensus of $0.64; revenues rose 12.2% year/year to $789 mln vs the $802.4 mln consensus. Co reaffirms guidance for FY07, sees EPS of $2.60-2.70 vs. $2.66 consensus; sees FY07 revs up 16-18% yr/yr, which equates to $2.95-3.11 bln vs. $3.13 bln consensus. Co reports Avonex revs of $455 mln vs $463 mln street expectation, Rituxan revs of $235 mln vs $237 mln street expectation, and Tysabri revs of $93 mln vs $72 mln street expectation.
07:40 AXE Anixter beats by $0.01, reports revs in-line (82.55 )

Reports Q3 (Sep) earnings of $1.51 per share, $0.01 better than the Reuters Estimates consensus of $1.50; revenues rose 14.4% year/year to $1.52 bln vs the $1.52 bln consensus. “Assuming no significant deterioration in the economy during the final months of 2007, we will again have a record-setting year for sales, earnings and return on equity. That said, we do expect that fourth quarter sales and earnings, consistent with historical patterns for the fourth quarter, will show a modest decline from the results we reported for the recently completed third quarter. This projected decline is exclusively based on the fact that there are fewer working days in the fourth quarter due to the Thanksgiving and Christmas holidays.”
07:39 KELYA Kelly Services beats by $0.02, reports revs in-line; guides Q4 EPS in-line (20.81 )

Reports Q3 (Sep) earnings of $0.45 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of $0.43; revenues rose 2.0% year/year to $1.43 bln vs the $1.44 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.46-0.51 vs. $0.49 consensus.
07:39 UAUA UAL Corp. beats by $0.08, misses on revs (48.13 )

Reports Q3 (Sep) earnings of $1.96 per share, excluding non-recurring items, $0.08 better than the Reuters Estimates consensus of $1.88; revenues rose 6.8% year/year to $5.5 mln vs the $5413.1 mln consensus. Including the effects of cost savings initiatives previously announced, the company estimates that mainline CASM excluding fuel and special items will increase by 6.0-6.5% for Q4 versus the comparable period of 2006. Approximately half of the y/y increase is driven by higher maintenance costs due to increased heavy maintenance volumes and rate increases in some of our outsourcing contracts. Another 1 point of the increase is due to lower operating expenses in 4Q06 from two favorable insurance settlements. In addition, higher profit sharing expense is causing 1 point of the y/y increase. Co expects 2007 full-year CASM excluding fuel, severance and special items to increase by ~2.5%. UAUA expects mainline jet fuel price per gallon, including the impact of hedges, to average $2.50 per gallon in Q4.
07:39 RCKY Rocky Brands misses Q3 ests; issues downside FY07 EPS guidance, in line rev guidance (9.28 )

RCKY reports Q3 EPS of $0.21 vs $0.91 Reuters consensus; revs rose 5% YoY to $82.3 mln vs $83.33 mln Reuters consensus. RCKY sees FY07 $0.30 vs $1.11 Reuters consensus, down from previous guidance of approximately $1.16; sees revs $280.00 mln vs $280.53 mln Reuters consensus. “While our third quarter sales were in-line with our projections our earnings were lower than we anticipated due to a combination of factors. During the quarter we experienced a 550 basis point decline in gross margin as a result of significant pricing pressure and an increase in product costs. In addition, we made the strategic decision to increase our retail operating expenses in order to capitalize on the near-term prospects created by the bankruptcy of a key competitor. We are committed to driving further top-line gains in both our wholesale and retail divisions while at the same time evaluating all our opportunities in an effort to return to more normalized margins beginning in 2008.”
07:39 AAPL Apple upgraded to Buy at ThinkEquity- tgt raised to $227 from $164 (174.36 ) -Update-

ThinkEquity upgrades AAPL to Buy from Accumulate and raises their tgt to $227 from $164 following earnings and saying with a refresh of its Mac and iPod lineups, and three new carriers set to debut iPhone in Europe in November, they believe Apple will continue to outpace the industry in growth heading into the holiday season.
07:38 FMER FirstMerit Corp beats by $0.01 (18.57 )

Reports Q3 (Sep) earnings of $0.38 per share, $0.01 better than the Reuters Estimates consensus of $0.37. “Our primary goal is to generate increased returns and build long-term shareholder value at FirstMerit. One of our main objectives in the near-term is to continue the solid momentum that we have established in improving and maintaining asset quality. We believe we will achieve this by executing on our enhanced underwriting and portfolio management procedures”.
07:38 T prelim $0.71 vs $0.71 Reuters consensus; revs $30.1 bln vs $30.09 bln Reuters consensus

07:37 TROW T. Rowe Price reports EPS in-line, misses on revs (54.69 )

Reports Q3 (Sep) earnings of $0.63 per share, in-line with the Reuters Estimates consensus of $0.63; revenues rose 26.7% year/year to $571 mln vs the $578.5 mln consensus. Co said, “Looking ahead, despite the recent market turmoil, we remain optimistic about the prospects for stocks over the longer term. We believe that the global economy will continue to grow at a reasonable rate and that the weakness in U.S. housing will continue to work its way through the system. Companies producing stable earnings growth will be afforded higher prices. In our view, this environment should favor our focus on selecting stocks with sound fundamentals and attractive valuations.”
07:37 WU Western Union beats by $0.02, reports revs in-line; guides FY07 EPS above consensus (18.98 )

Reports Q3 (Sep) earnings of $0.30 per share, excluding $0.02 per share non-cash charge for the acceleration of stock compensation expense related to the acquisition of First Data by KKR, $0.02 better than the Reuters Estimates consensus of $0.28; revenues rose 10.2% year/year to $1.26 bln vs the $1.26 bln consensus. Co issues upside guidance for FY07, sees EPS of $1.11-1.13, excluding non-recurring items, vs. $1.08 consensus; co sees Y07 GAAP revs up 10%.
07:37 VNBC Vineyard Natl downgraded to Neutral from Buy at Oppenheimer (16.24 )

07:37 TRAD TradeStation reports metrics of $1.7 bln in assets on 80.859 daily avg trades for month ended Sept 30 (11.94 +0.14)

reported the following business metrics for the month ended September 30, 2007: 80,589 Daily Average Revenue Trades; Total client assets of $1.7 bln (as of September 30, 2007); Average equities client credit balances of $553 million; Average equities client margin balances of $84 mln YoYr, TradeStation’s DARTs increased 34%, total client assets increased 10%, average equities client credit balances increased 5%, and average equities client margin balances increased 35%.
07:37 AMTD TD Ameritrade beats by $0.02, beats on revs; guides FY08 EPS in-line (19.12 )

Reports Q4 (Sep) earnings of $0.33 per share, $0.02 better than the Reuters Estimates consensus of $0.31; revenues rose 17.7% year/year to $575.2 mln vs the $557.2 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.15-1.39 vs. $1.28 consensus. CEO Moglia comments, “In 2007 we successfully completed the largest client integration in the history of our industry and continued the implementation of our client segmentation strategy. Over 80 percent of our revenue growth this year was asset-based, and we plan to take that momentum into 2008″.
07:36 KELYA sees Q4 $0.46-0.51 vs $0.49 Reuters consensus

07:36 MNRO Monro Muffler beats by $0.01, reports revs in-line; guides Q3 EPS above consensus; guides FY08 EPS in-line, revs in-line (22.76 )

Reports Q2 (Sep) earnings of $0.29 per share, $0.01 better than the Reuters Estimates consensus of $0.28; revenues rose 4.4% year/year to $112 mln vs the $111.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.27-0.29, excluding non-recurring items, vs. $0.25 consensus. Co issues in-line guidance for FY08, sees EPS of $1.08-1.11 vs. $1.10 consensus; sees FY08 revs of $440-445 mln vs. $447.08 mln consensus.
07:35 KELYA prelim $0.45, ex-items, vs $0.43 Reuters consensus; revs $1.43 bln vs $1.44 bln Reuters consensus

07:35 NFLX Netflix: Color on quarter (23.01 )

Broadpoint Capital notes NFLX reported Q3 rev and GAAP EPS of $294 mln and $0.23 vs. their ests of $283.8 mln and $0.15, respectively. Firm’s 2007 rev and EPS ests go to $1.21 bln and $0.85 from $1.18 bln and $0.67, respectively. Their 2008 rev increases to $1.25 bln from $1.11 bln and EPS increase to $0.86 from $0.33. Firm says to keep an eye on net subscriber additions, down 42% annually, not gross additions, which were flattish. Firm sees nagging trends underneath the “beat-and-raise” headline NFLX offered yesterday. They also think the cult of NFLX bears is likely to push down the rally certain to follow yesterday’s strong results… Cantor notes NFLX posted stronger-than-expected 3Q07 results and offered a bullish outlook for 4Q07 and 2008. Competitive forces continue to inhibit NFLX’s growth/profit potential, but seem to be doing so less substantively than had been anticipated… Thomas Weisel notes NFLX Q3 results indicate their bullish thesis on NFLX is playing out faster and stronger than they had expected. The co reported better than expected 3Q results across the board: more new subscribers, lower churn, lower SAC, lower content costs, higher margins and better than expected EPS. Management increased its guidance for ending subs and EPS for 2007 as well as its outlook on net income for 2008. Firm increases their 2007 and 2008 subscriber, revenue and EPS estimates as well as increasing our 12-month price target to $30 from $21 per share. Firm increases 2007 rev est to $1.201 bln from $1.186 bln and EPS to $0.80 from $0.64. Firm also increases 2007 ending subscriber number assumption from 7.344 mln to 7.524 mln.
07:34 FMER prelim $0.38 vs $0.37 Reuters consensus

07:34 FCX Freeport-McMoRan: Hearing tgt raised to $135 from $130 at tier 1 firm (106.73 )

07:33 PTEC prelim $0.10 vs $0.03 single estimate; revs $155.7 mln vs $15.40 mln single estimate

07:33 LMT sees FY08 $6.95-7.15 vs $7.23 Reuters consensus; sees revs $41.25-42.75 bln vs $42.86 bln Reuters consensus

07:32 UAUA prelim $1.96 vs $1.88 Reuters consensus; revs $5.527 mln vs $5.41 bln Reuters consensus

07:32 MTLK prelim ($0.24) vs ($0.25) Reuters consensus; revs $3.9 mln vs $2.95 mln Reuters consensus

07:32 CMCO prelim $0.54 ex-items vs $0.47 Reuters consensus; revs $151.40 mln vs $149.17 mln Reuters consensus

07:32 LMT raises FY07 EPS guidance to $6.70-6.85 vs $6.86 Reuters consensus; reaffirms revs $41-41.75 bln vs $41.70 bln Reuters consensus

07:32 GFI Gold Fields: Hearing upgraded to buy from neutral at tier 1 firm (17.55 )

07:32 TROW prelim $0.63 vs $0.63 Reuters consensus; revs $571 mln vs $578.47 mln Reuters consensus

07:31 CMCO prelim $0.49 vs $0.47 Reuters consensus; revs $151.4 mln vs $149.17 mln Reuters consensus

07:31 OREX Orexigen Therapeutics reports preclinical results showing contrave acts on specific pathways in the brain to reduce food intake (15.56 )

Co presented the results of a preclinical study that further supports the co’s understanding of an aspect of the mechanism of action of Contrave, one of its two late-stage obesity drug candidates. The findings showed: The combination of bupropion and naltrexone resulted in a 94% reduction of food intake in obese mice, greater than either drug alone; The drugs act in a part of the brain where food reward pathways are located; and the combination directly increased firing of neurons associated with reduction in food intake and satiety. “We originally theorized that the combination of bupropion and naltrexone, the components of Contrave, would stimulate proopiomelanocortin (POMC) neuronal firing which would lead to sustained weight loss. These new findings indicate that Contrave may also modulate food cravings through its effect on reward pathways,” said OREX founder and Chief Scientific Officer, Michael Cowley. “We believe this aspect of Contrave’s mechanism of action may have the potential to differentiate it from other pharmaceutical therapies available or in development for the treatment of obesity.”
07:31 MNRO sees Q3 $0.27-0.29, ex items vs $0.25 Reuters consensus

07:31 AXE prelim $1.51 vs $1.50 Reuters consensus; revs $1.52 bln vs $1.52 bln Reuters consensus

07:31 AMTD sees FY08 $1.15-1.39 vs $1.28 Reuters consensus

07:31 AMSC Am Superconductor receives 150 MVAR Static VAR Compensator order (26.67 +0.86)

Co announces that it has received a multi-million-dollar order from a major U.S. utility for AMSC’s Static VAR Compensator solution. The complete turnkey solution is scheduled to be commissioned in mid-2008 and will provide 150 mega volt-ampere-reactive (MVAR) of support to help control and stabilize voltage in the utility’s surrounding power grid.
07:31 CALLS Early Research Calls VI

Upgrades: ThinkEquity upgrades Arris Group (ARRS 11.65) to Buy from Accumulate with a $15 tgt saying believe the co will make a powerful case for continued market share strength across the board and outline how it will close the C-COR transaction and achieve synergies. The firm also believes there are very low expectations going into the 3Q report, which means a favorable risk/reward at this point. Downgrades: ThinkEquity transfers coverage and downgrades ValueClick (VCLK 25.46) to Source of Funds from Buy and cuts their tgt to $22 from $34 saying they believe VCLK faces additional risk from the F.T.C inquiry into promotional activities, and that VCLK’s display network is increasingly vulnerable given the focus of market leaders on the non-premium display opportunity… Thomas Weisel downgrades Volterra Semi (VLTR 13.15) to Market Weight from Overweight following earnings, and based on lack of near term growth catalysts… UBS downgrades Zions Bancorp (ZION 61.36) to Neutral from Buy. Miscellaneous: Morgan Stanley initiates Agrium (AGU 54.42) and Potash (POT 107.1 with Underweights… Morgan Stanley initiates Mosaic (MOS 60.90) with an Equal Weight… Thomas Weisel initiates Itron (ITRI 101.11) with a Market Weight… Credit Suisse initiates Camden Property (CPT 58.56) with a Neutral… Nollenberger initiates Netgear (NTGR 30.21) with a Buy and a $36 tgt saying they believe the co offers investors a pure-play opportunity to capitalize on the global penetration of broadband connectivity, especially in emerging economies; the secular adoption of networking technologies by smaller companies; and the penetration of home networks, particularly in more established economies.
07:31 AAPL Apple: Color on quarter (174.36 )

Cross Research notes AAPL report strong 4Q7 results, which beat their close to high on the Street EPS ests, driven by strong Mac and iPod sales. EPS was $1.01 vs their est of $0.97 (consensus was $0.86). Rev was $6.2 bln vs consensus of $6.1 bln but below their est of $6.4 bln, as they had forecasted slightly higher iPod sales. Firm is raising their tgt to $225 (from $200) driven by upside to their earnings and cash flow ests. Firm notes Mac sales were very strong with Mac product sales and services representing 62% of total rev. AAPL said that it had sold about 1.1 mln iPhones and 95% of its iPhone customers were very satisfied and would recommend the product to others… Broadpoint Capital says due partly to the price cut AAPL shipped a cumulative 1.4 mln iPhones by the end of 4Q07, 400K more than prior guidance. Desktop rev growth accelerated to 30.9% from 19.8% in the prior quarter, driven by the new iMacs. Firm increased tgt to $210 from $170… ThinkEquity notes AAPL’s new product rollout powered a solid F4Q. Even excluding the co’s one-time tax benefit, EPS grew a robust 50% y/y. With a refresh of its Mac and iPod lineups, and three new carriers set to debut iPhone in Europe in Nov, firm believes AAPL will continue to outpace the industry in growth heading into the holiday season. If firm carries forward AAPL’s current CY’07 P/E of 40x, implying a 1.3x PEG to their 31% CAGR for EPS, to their CY’08 EPS of $5.69, firm arrives at a fair value of $227, or 30% upside, making shares a Buy… BMO Capital Markets notes for the first time in many years, AAPL’s rev guidance is significantly higher than they anticipated. Firm projects modest sequential CPU and iPhone impact, and therefore believes that AAPL will have significant iPod rev growth at close to 140% sequentially, helped by healthy ASPs and 135% q/q unit growth.
07:31 MNRO sees FY08 $1.08-1.11 vs $1.10 Reuters consensus; sees revs $440-445 mln vs $447.08 mln Reuters consensus

07:31 LMT prelim $1.80 vs $1.64 Reuters consensus; revs $11.1 bln vs $10.39 bln Reuters consensus

07:30 AMTD prelim $0.33 vs $0.31 Reuters consensus; revs $575.2 mln vs $557.19 mln Reuters consensus

07:30 MNRO prelim $0.29 vs $0.28 Reuters consensus; revs $112 mln vs $111.80 mln Reuters consensus

07:30 QCOM Qualcomm’s collaboration with Microsoft reshapes the smartphone market (40.87 )

Co announces an ‘important’ milestone with the worldwide availability of multiple Windows Mobile smartphones based on the co’s collaboration with Microsoft (MSFT). The devices offer advanced functionality in thin and sleek form factors by leveraging the two cos’ work to integrate support for Windows Mobile into Qualcomm’s chipsets, eliminating the need for a separate applications processor.
07:30 BNT Bentley Pharmaceuticals announces plans to separate its two businesses and explore strategic alternatives with respect to its generics business (12.63 )

Co announces that its Board of Directors has completed a strategic review of the co and unanimously approved a plan to separate its drug delivery business from Bentley in a transaction that will result in two independent and highly focused public companies. The Board of Directors also announced its intention to explore strategic alternatives with respect to its generics business… Bentley plans to spin off the drug delivery business as an independent, publicly traded company to be known as CPEX Pharmaceuticals. Bentley’s drug delivery business segment reported revenues of $8.4 mln in 2006. Bentley plans to implement the spin-off through a taxable stock dividend of all CPEX Pharmaceuticals common stock to Bentley shareholders. CPEX Pharmaceuticals plans to seek a listing on the NASDAQ Capital Market under the ticker symbol “CPEX” and Bentley will continue to trade on the NYSE under its current ticker symbol “BNT.” The generics pharmaceutical business is the larger of the two business segments of Bentley, with revenues in 2005 and 2006 of $91.6 million and $101.1 million, respectively. Following the consummation of the plan, Bentley will maintain its significant commercial and manufacturing presence in Europe and continue to develop, market and license current and pipeline pharmaceuticals. Following the spin-off, Bentley will employ approximately 425 individuals, including its current senior management team in Spain. Bentley will also continue to maintain corporate headquarters in Exeter, NH. The Company’s current manufacturing, sales and marketing, and R&D centers in Europe will be virtually unaffected by the spin-off. At this time, the Company intends to pursue all options available to seek the highest value for shareholders.
07:30 WU prelim $0.30 vs $0.28 Reuters consensus; revs $1.3 bln vs $1.26 bln Reuters consensus

07:30 MICC prelim $1.36, may not compare to the $0.95 Reuters consensus, $1.00 First Call; revs $686.0 mln vs $662.81 mln Reuters consensus

07:29 LDK LDK Solar initiated with a Sell at Lazard- tgt $25 (40.30 )

07:29 CSUN China Sunergy initiated with a Sell at Lazard- tgt $6 (10.43 ) -Update-

07:24 CFC Countrywide announces a $16 bln comprehensive home preservation program (15.68 )

Co announces a comprehensive home preservation program to reach out to borrowers at-risk of default. CFC will launch an outbound calling initiative to refinance or modify up to $16 bln of CFC loans for borrowers who are facing an adjustable-rate mortgage reset through the end of 2008. CFC will offer tailored solutions to its borrowers to proactively address the rising foreclosure rate. Dedicated teams of CFC specialists will contact customers who are current in their payments and approaching a rate reset to ascertain the borrowers circumstances and advise them about refinance and home preservation options.
07:19 WIRES On The Wires

Telestone Technologies Corporation (TSTC) announces the formation of a subsidiary co named Beijing Telestone Communication Technology focused on developing and managing TSTC’s overseas businesses… G. Willi-Food International (WILC) announces that its Gold Frost subsidiary has signed a binding term sheet with the owners of a manufacturer and global distributor of kosher dairy products who are based in Denmark to form a new joint co… FairPoint Communications (FRP) announces it has reached an agreement with Vermont Electric Cooperative regarding FRP’s proposed acquisition of Verizon’s (VZ) wireline operations in Vermont, New Hampshire and Maine.
07:17 BIIB sees FY07 $2.60-2.70 vs $2.66 Reuters consensus; sees rev growth of 16-18% or roughly $2.95-3.11 bln vs $3.13 bln Reuters consensus

07:16 BIIB Biogen Idec Drug Sales (80.11 ) -Update-

Drug Actual (mln) Street Expectation (mln)
Avonex WW $455 $463
Rituxan $235 $237
Tysabri $93 $72
07:16 BIIB prelim $0.58, ex items vs $0.64 Reuters consensus, $0.65 First Call; revs $789.0 mln vs $802.37 mln Reuters consensus

07:15 JCI Johnson Controls reports in-line; guides Q1 EPS below consensus; reaffirms FY08 EPS, rev guidance (40.07 )

Reports Q4 (Sep) earnings of $0.78 per share, in-line with the Reuters Estimates consensus of $0.78; revenues rose 10.4% year/year to $9 bln vs the $8.9 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.35-0.37 vs. $0.38 consensus. Co reaffirms guidance for FY08, sees EPS of $2.45-2.50 vs. $2.52 consensus; sees FY08 revs of $38 bln vs. $37.82 bln consensus.
07:15 CALLS Early Research Calls V

Downgrades: JMP downgrades TorreyPines (TPTX 4.80) to Outperform from Strong Buy and maintains their $13 tgt saying good results for TPTX requires patience. The firm looks for clarity on the Phase III trial design and timing as a result of an end of Phase II meeting to re-engage with a large market potential, rather than a near-term news flow-driven thesis… J.P Morgan downgrades Texas Instruments (TXN 34.27) to Neutral from Overweight… Lehman downgrades Texas Instruments (TXN 34.27) to Equal Weight from Overweight… J.P Morgan downgrades Air Tran (AAI 9.76) to Neutral from Overweight… Piper Jaffray downgrades Ultra Clean Holdings (UCTT 15.42) to Market Perform from Outperform with a $15 tgt following Q3 earnings, and Q4 guidance that disappoints… ThinkEquity downgrades Authorize.Net (ANET 23.66) to Accumulate from Buy and raises their tgt to $24 from $23 following earnings based on valuation, although they remain positive on the underlying fundamentals of the co.
07:14 IIVI II-VI Inc reports EPS in-line, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY08 EPS in-line, revs in-line (35.86 )

Reports Q1 (Sep) earnings of $0.32 per share, in-line with the Reuters Estimates consensus of $0.32; revenues rose 19.6% year/year to $72.7 mln vs the $73.7 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.30-0.35 vs. $0.35 consensus; sees Q2 revs of $75-78 mln vs. $76.58 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.40-1.50 vs. $1.46 consensus; sees FY08 revs of $310-320 mln vs. $315.80 mln consensus.
07:13 PRSP Prosperity Bancshares reports EPS in-line (31.55 )

Reports Q3 (Sep) earnings of $0.54 per share, in-line with the Reuters Estimates consensus of $0.54.
07:12 WDR Waddell & Reed misses by $0.01, reports revs in-line (28.28 )

Reports Q3 (Sep) earnings of $0.39 per share, $0.01 worse than the Reuters Estimates consensus of $0.40; revenues rose 18.0% year/year to $210.7 mln vs the $211.6 mln consensus.
07:11 USAP Universal Stainless/Alloy beats by $0.03, beats on revs; guides Q4 EPS below consensus, revs below consensus (35.11 )

Reports Q3 (Sep) earnings of $0.81 per share, $0.03 better than the Reuters Estimates consensus of $0.78. Note, this includes a $0.14 charge for an increase in the co’s LCM reserve mainly due to lower nickel prices, offset by a $0.15 FIFO benefit. These seem like normal course of business items to us. We’re checking with Reuters. Revenue rose 12.5% year/year to $62.0 mln vs the $54.1 mln consensus (2 ests). Co issues downside guidance for Q4, sees EPS of $0.60-0.65 vs. $0.73 consensus; sees Q4 revs of $45-50 mln vs. $51.0 mln consensus (2 ests).
07:11 OMC Omnicom beats by $0.01, beats on revs (52.03 )

Reports Q3 (Sep) earnings of $0.62 per share, $0.01 better than the Reuters Estimates consensus of $0.61; revenues rose 11.8% year/year to $3.1 bln vs the $3.06 bln consensus.
07:11 COH Coach beats by $0.01, beats on revs; guides Q2 EPS below consensus, revs below consensus; reaffirms FY08 EPS guidance (41.47 )

Reports Q1 (Sep) earnings of $0.41 per share, $0.01 better than the Reuters Estimates consensus of $0.40; revenues rose 28.0% year/year to $677 mln vs the $659.1 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.68 vs. $0.70 consensus; sees Q2 revs of $970 mln vs. $984.79 mln consensus. Co reaffirms guidance for FY08, sees EPS of $2.06 vs. $2.08 consensus; sees FY08 revs of $3.17 bln vs. $3.19 bln consensus.
07:09 TLAB Tellabs beats by $0.01, reports revs in-line; issues Q4 guidance (8.85 )

Reports Q3 (Sep) earnings of $0.02 per share, excluding non-recurring items, $0.01 better than the Reuters Estimates consensus of $0.01; revenues fell 12.4% year/year to $458 mln vs the $455.7 mln consensus. TLAB sees Q4 revenue, non-GAAP gross margin and non-GAAP operating expense “about the same” as Q3. Tellabs gross profit margins were 31.5% in the third quarter of 2007, compared with 48.6% in the year-ago quarter. The change stemmed from a shift in product mix, which included more lower-margin new products and fewer mature products. Tellabs expects Q4 revenue, non-GAAP gross margin and non-GAAP operating expense to be about the same as 3Q07 (Q4 rev consensus is for $481.6 mln). “Third-quarter results were adversely affected by a weak North American wireless market for the Tellabs(R) 5500 digital cross-connect… Yet, we saw strong sequential revenue growth for our data and fiber access products, which enable service providers to deliver triple-play and mobile video services.”
07:09 IHP IHOP Corp misses by $0.08, misses on revs (63.53 )

Reports Q3 (Sep) earnings of $0.60 per share, excluding non-recurring items, $0.08 worse than the Reuters Estimates consensus of $0.68; revenues rose 3.9% year/year to $91.4 mln vs the $93.4 mln consensus. Co sees Y07 same-store sales growth between 2-4%.
07:08 ALDN Aladdin Knowledge Systems beats by $0.03, beats on revs; raises FY07 guidance (24.21 )

Reports Q3 (Sep) earnings of $0.31 per share, $0.03 better than the Reuters Estimates consensus of $0.28; revenues rose 24.1% year/year to $26.1 mln vs the $25.4 mln consensus. Co raises guidance for FY07, to EPS of $1.06-1.15 from $1.00-1.12 vs. $1.17 consensus; raises FY07 revenue guidance to $102-107 mln from $100-106 mln vs. $104.22 mln consensus.
07:08 CALLS Early Research Calls IV

Upgrades: Jefferies upgrades AmSurg (AMSG 23.51) to Buy from Hold and raises their tgt to $30 from $27 saying they believe AMSG’s new CEO is preparing to harness the co’s liquid balance sheet to drive higher earnings growth through the acquisition of multi-site, multi-specialty ASCs… J.P Morgan upgrades Frontier (FRNT 6.3 to Overweight from Underweight… Lehman upgrades Sunpower (SPWR 101.75) to Overweight from Equal Weight… Merrill upgrades Taubman Centers (TCO 54.23) to Buy from Neutral. Miscellaneous: Deutsche Bank resumes Santander (STD 47.26) with a Buy… UBS initiates Encore Energy Partners (ENP 20.42) with a Neutral… Bear Stearns initiates AMAG Pharma (AMAG 65.41) with an Outperform and an $80 tgt… Deutsche Bank reinstates Marathon Oil (MRO 58.11) with a Hold and a $67 tgt… BofA initiates Patterson UTI Energy (PTEN 21.10) with a Neutral and a $23 tgt saying on a net asset valuation basis they still see a cushion for shares at 30% below today’s prices and would look for some negative market catalysts before buying… Jefferies initiates Internap Network Services (INAP 16.42) with a Buy and sets a $20 tgt, based on the co’s recent performance that demonstrates renewed interest in the co’s suite of services, particularly as they package colocation and data center services with its transit product… Lehman initiates First Solar (FSLR 136.90) with an Overweight… Lehman initiates JA Solar (JASO 53.81) with an Equal Weight.
07:08 ULBI Ultralife Batteries issues Q3, Q4 guidance (14.71 )

Co sees Q3 revs in the range of $33 mln, compared to previous guidance of $33-36 mln, vs $35.6 mln consensus; co sees Q3 operating income slightly positive compared to previous guidance of operating profit of $1.2-1.8 mln. Co expect to report their first $40 mln plus qtr in Q4, vs $37.9 mln consensus. The difference between management’s operating income guidance and the preliminary results reflects higher-than-anticipated professional fees and other expenses associated with acquisition-related activity, including negotiating the McDowell Research purchase price settlement; and a three-day power outage at the company’s Newark, NY facility. CEO says, “While we expect to book a substantial gain associated with the McDowell settlement when we make the convertible note prepayment in the fourth quarter, we incurred certain non-recurring charges that impacted our third quarter financial results. In addition, we were affected by an area wide power outage that caused us to lose production for three days, reducing productivity in all facets of our Newark operations during the quarter. Although this factor, combined with less-favorable than expected product mix, compressed the quarter’s gross margin, we did achieve improved gross margin in our communications accessories business and continue to manage toward our target margins.”
07:07 UIS Unisys reports Q3 (Sep) revs slightly light (7.46 )

Reports Q3 (Sep) loss of $0.09 per share, includes charges, does not appear comparable to the Reuters Estimates consensus of $0.05; revenues fell 1.2% year/year to $1.39 bln vs the $1.4 bln consensus. CEO comments, “Our operating profit rose to $44 million in the quarter, an $87 million improvement year-over-year. In our services business, which represented 87 percent of our revenue in the quarter, we achieved an operating profit margin of 3.6 percent. This is a 490 basis-point improvement from the third quarter of 2006. Equally important, our services orders continued to grow, and we enter the fourth quarter with a strong pipeline of opportunities”.
07:06 WAT Waters beats by $0.02, beats on revs (67.84 )

Reports Q3 (Sep) earnings of $0.62 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of $0.60; revenues rose 17.3% year/year to $353 mln vs the $344.5 mln consensus.
07:05 PNR Pentair beats by $0.03, reports revs in-line; guides Q4 EPS in-line; guides FY08 EPS in-line (32.60 )

Reports Q3 (Sep) earnings of $0.53 per share, excluding non-recurring items, $0.03 better than the Reuters Estimates consensus of $0.50; revenues rose 7.7% year/year to $837.8 mln vs the $839.6 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.46-0.50, excluding non-recurring items, vs. $0.48 consensus. Co issues in-line guidance for FY08, sees EPS of $2.25-2.40 vs. $2.33 consensus.
07:04 ULBI sees Q4 revs of approx $40 mln vs $37.9 mln consensus

07:04 USAP prelim $0.81 vs $0.78 Reuters consensus; revs $62.0 mln vs $54.06 mln Reuters consensus

07:04 ULBI sees Q3 revs of approx $33 mln vs $35.33 mln consensus

07:03 TLAB sees Q4 revenue, non-GAAP gross margin and non-GAAP operating expense “about the same” as Q3

07:03 PRSP prelim $0.54 vs $0.54 Reuters consensus

07:03 DNDN Dendreon completes target enrollment of 500 patients in Phase 3 IMPACT study of Provenge for advanced prostate cancer (7.58 )

Co announces that it has completed enrollment of over 500 patients in the Phase 3 Impact (IMmunotherapy for Prostate AdenoCarcinoma Treatment, also known as D9902B) clinical trial of Provenge (sipuleucel-T), the co’s investigational active cellular immunotherapy for the treatment of advanced prostate cancer. The Impact study is a double-blind, randomized, placebo-controlled Phase 3 trial designed to measure overall survival in men with metastatic hormone-refractory prostate cancer receiving Provenge vs placebo.
07:03 TLAB prelim revs $458 mln vs $455.72 mln Reuters consensus, $458.7 mln First Call

07:02 IHP sees Y07 same-store sales growth between 2-4%

07:02 JCI sees Q1 $0.35-0.37 vs $0.38 Reuters consensus

07:02 JCI sees FY08 $2.45-2.50 vs $2.52 Reuters consensus; sees revs $38 bln vs $37.82 bln Reuters consensus

07:02 JCI prelim $0.78 vs $0.78 Reuters consensus; revs $9 bln vs $8.90 bln Reuters consensus

07:02 TLAB prelim $0.02 excluding charges, including option expense vs $0.01 Reuters consensus

07:01 IHP prelim $0.60 vs $0.68 Reuters consensus; revs $91.4 mln vs $93.35 mln Reuters consensus

07:01 OMC prelim $0.62 vs $0.61 Reuters consensus; revs $3.1 bln vs $3.06 bln Reuters consensus

07:01 COH sees Q2 $0.68 vs $0.70 Reuters consensus; sees revs $970.00 mln vs $984.79 mln Reuters consensus

07:01 PLUG Plug Power says President and CEO Roger Saillant to retire, effective April 7, 2008 (3.51 )

Co announces that Roger Saillant, president, chief executive officer and member of the board of directors, plans to retire effective April 7, 2008,
07:01 COH sees FY08 $2.06 vs $2.08 Reuters consensus; sees revs $3.17 bln vs $3.19 bln Reuters consensus

07:01 ALDN sees FY07 $1.06-1.15 vs $1.17 Reuters consensus; sees revs $102-107 mln vs $104.22 mln Reuters consensus

07:01 GHDX Genomic Health reports inclusion of oncotype DX in American Society of Clinical Oncology guidelines (20.61 )

Co reports that the co’s Oncotype D.X. breast cancer assay, used to predict the likelihood of disease recurrence and likelihood of chemotherapy benefit for node-negative, estrogen receptor-positive breast cancer patients, has been included in updated guidelines on the use of breast cancer tumor markers by the American Society of Clinical Oncology. These guidelines were published online today in the Journal of Clinical Oncology and will appear in the journal’s Nov 20th print edition. The inclusion of Oncotype D.X. in A.S.C.O.’s updated clinical practice guidelines is based on multiple independent clinical studies involving more than 2,600 breast cancer patients, including a large validation study published in The New England Journal of Medicine and a chemotherapy benefit study published in the Journal of Clinical Oncology. A.S.C.O. Guidelines serve as a guide for doctors and outline appropriate methods of treatment and care.
07:00 ALDN prelim $0.31 vs $0.28 Reuters consensus; revs $26.1 mln vs $25.42 mln Reuters consensus

07:00 COH prelim $0.41 vs $0.40 Reuters consensus; revs $677 mln vs $659.13 mln Reuters consensus

07:00 MYL Mylan Labs announces settlement of paroxetine hydrochloride extended-release tablets with GlaxoSmithKline (15.30 )

Co announces that it and its subsidiary Mylan Pharmaceuticals have entered into a patent license and settlement agreement with GlaxoSmithKline (GSK) relating to Paroxetine Hydrochloride Extended-release Tablets, the generic version of GSK’s Paxil CR. All litigation between Mylan and GSK relating to Paroxetine HCl ER Tablets will be dismissed with prejudice. Under the agreement and an associated supply and distribution agreement, Mylan is provided patent licenses and the right to market all three strengths of Paroxetine HCl ER Tablets, 12.5 mg, 25 mg and 37.5 mg, beginning no later than Oct. 1, 2008.
07:00 IIVI sees FY08 $1.40-1.50 vs $1.46 Reuters consensus; sees revs $310-320 mln vs $315.80 mln Reuters consensus

06:59 IIVI sees Q2 $0.30-0.35 vs $0.35 Reuters consensus; sees revs $75-78 mln vs $76.58 mln Reuters consensus

06:59 WDR prelim $0.39 vs $0.40 Reuters consensus, $0.39 First Call; revs $210.65 mln vs $211.56 mln Reuters consensus

06:59 IIVI prelim $0.32 vs $0.32 Reuters consensus; revs $72.7 mln vs $73.72 mln Reuters consensus

06:51 CALLS Early Research Calls III

Upgrades: Morgan Stanley upgrades Diamond Offshore (DO 110.25) to Overweight from Underweight… CIBC upgrades Zoran Corp (ZRAN 20.86) to Outperform from Sector Perform with a $28 tgt following superb 3Q results/4Q guidance. The firm says with DSC and imaging growing and cash-throwing, and DVD in a stable post-price-war era, they believe it is time to buy ZRAN… Citigroup upgrades Teradyne (TER 12.29) to Buy from Hold… Citigroup upgrades Jarden (JAH 30.99) to Buy from Hold. Downgrades: UBS downgrades Texas Instruments (TXN 34.27) to Neutral from Buy and lowers their tgt to $38 from $44… Citigroup downgrades Kellogg (K 53.83) to Hold from Buy… Deutsche Bank downgrades Mobile Mini (MINI 17.65) to Hold from Buy and cut their tgt to $22 from $30 following lower Q3 EPS guidance and saying although demand and pricing appear fine, a higher cost structure will result in lower margins and returns through 1H08, at the earliest… Jefferies downgrades Texas Instruments (TXN 34.27) to Hold from Buy and cut their tgt to $37 from $43 following earnings. The firm says with worse than anticipated share losses in the wireless segment, they believe that TXN’s fundamentals are weakening.
06:48 JRN Journal Commun says that for the ninth period ended Sept 30, 2007, total revs from continuing operations for its Publishing and Broadcast groups of $47.82 mln (8.64 ) -Update-

Co announces that for the ninth period ended Sept 30, 2007, total revs from continuing operations for its Publishing and Broadcast groups of $47.82 mln decreased 7.1% compared to $51.45 mln reported for the ninth period ended September 24, 2006. For the ninth period 2007, advertising revs from continuing operations of $41.33 mln decreased 8.3% compared to $45.07 mln for the 2006 ninth period. Both periods contained 35 days.
06:41 JRN Journal Commun beats by $0.04, beats on revs; sees reduced revs for Q4 (8.64 )

Reports Q3 (Sep) earnings of $0.19 per share, $0.04 better than the Reuters Estimates consensus of $0.15; revenues fell 5.6% year/year to $144.4 mln vs the $142.6 mln consensus. Due to the impact of this unfavorable comparison, the challenging advertising environment and the expected decline in political and issue advertising revenue the Company expects reduced revenues across all of its businesses for the fourth quarter 2007.
06:40 CNH CNH Global beats by $0.08, beats on revs; guides FY07 EPS in-line (56.80 )

Reports Q3 (Sep) earnings of $0.62 per share, excluding non-recurring items, $0.08 better than the Reuters Estimates consensus of $0.54; revenues rose 32.8% year/year to $3.56 bln vs the $3.2 bln consensus. Co raises guidance for FY07, sees EPS of $2.55-2.60, compared to previous guidance of $2.30-2.45, vs. $2.56 consensus. U.S. net farm income in 2007 to be significantly higher than in 2006, bolstered by higher corn, wheat, soybean and cotton prices. Co sees North American industry retail sales of over-40 horsepower tractors to be up 5 to 10% yr/yr. Outside of North America co sees industry retail unit sales of tractors to be flat to up slightly yr/yr. Co sees worldwide industry unit retail sales of over-40 horsepower agricultural tractors to be up, as much as 5% yr/yr. Co sees North American industry retail unit sales of both heavy and light construction equipment to be down 10 to 15% yr/yr. Co sees both heavy and light construction equipment industry retail unit sales outside of North America to be up significantly. In total, co sees worldwide industry retail unit sales of both heavy and light construction equipment to be up about 10% yr/yr.
06:39 VTNC Vitran misses by $0.15, reports revs in-line; co says will not meet FY07 EPS guidance (17.09 )

Reports Q3 (Sep) earnings of $0.25 per share, excluding non-recurring items, $0.15 worse than the Reuters Estimates consensus of $0.40; revenues rose 41.5% year/year to $171.9 mln vs the $171.2 mln consensus. “We are clearly disappointed with Vitran’s third quarter results, as we came up short of our expectations due to a continuation of the highly competitive operating environment that impacted revenue growth and has put pressure on industry operating margins in recent quarters,” stated Vitran President and Chief Executive Officer Rick Gaetz. “While we are pleased with our penetration into new markets, we must improve in our core regional markets,” he continued. “While we are clearly unhappy with 2007 third quarter results, it is now obvious that we will not meet our annual guidance of $1.60 to $1.70 per share (consensus $1.48). We expect the challenging operating environment experienced in the third quarter to continue through the fourth quarter of 2007.”
06:38 WIRES On The Wires

MySpace (NWS) announces a partnership with Oberon Media to create a new gaming channel on MySpace. MySpace Games will “enable users to choose from hundreds of award winning online casual games to play with friends in the community as well as empower users to add and virally share games through their personal profiles pages.” MySpace Games will launch in early 2008… Elbit Systems (ESLT) announces that its joint venture with Rockwell Collins, Vision Systems International received several new contracts with a total value of more than $60 mln.
06:35 BKUNA Bankunited Fin misses by $0.17 (10.29 )

Reports Q4 (Sep) earnings of $0.26 per share, excluding non-recurring items, $0.17 worse than the Reuters Estimates consensus of $0.43. “While we are pleased with our earnings for the fiscal year, we are disappointed with our fourth-quarter results,” said Alfred R. Camner, BankUnited’s chairman and chief executive officer. “It is clear that this difficult economic climate will continue. There is significant volatility in the markets, the housing sector is still in a downturn, and non-performing assets have not yet leveled off. However, we do have several things in our favor: our capital position is strong, we are a Florida-based banking franchise, and our net charge-offs remain manageable.”
06:34 LXK Lexmark reports Q3 (Sep) results, revs in-line (43.74 )

Reports Q3 (Sep) earnings of $0.60 per share, excluding non-recurring items, may not be comparable to the Reuters Estimates consensus of $0.13; revenues fell 3.2% year/year to $1.2 bln vs the $1.19 bln consensus. Co issues guidance for Q4, sees EPS of $0.50-0.60, may not be comparable to $0.40 consensus; co sees revs to be down in the low-to-mid single digits.
06:33 CALLS Early Research Calls II

Upgrades: Baird upgrades Pall (PLL 38.94) to Outperform from Neutral and maintains their $49 tgt, based on valuation, solid sales prospects and anticipated efficiency gains from ongoing cost realignment/reduction programs… Baird upgrades Watsco (WSO 39.40) to Outperform from Neutral and maintains their $47 tgt, based on valuation… Baird upgrades Apollo Group (APOL 65.93) to Outperform from Neutral and raises their tgt to $80 from $56, following reported Q407 results above firm and consensus estimates and based on positive enrollment and revenue trends, margin improvement, and a strategic international announcement. Downgrades: Baird downgrades Hub Group (HUBG 29.25) to Neutral from Outperform and lowers their tgt to $31 from $38, following Q3 results and based on an ongoing freight recession with no signs of meaningful peak season among domestic transports, a more competitive intermodal pricing environment and lack of a near-term catalyst… Jefferies downgrades Check Point Software (CHKP 25.90) to Hold from Buy and lowers their tgt to $28 from $30, following Q307 revenue and EPS that exceeded firm and consensus estimates yet believe a difficult 1H08 spending environment, tough comps, potentially weak results from Pointsec and the strong possibility of further acquisitions could prevent shares from further appreciation.
06:33 WRLD World Acceptance beats by $0.01, reports revs in-line (33.49 )

Reports Q2 (Sep) earnings of $0.60 per share, $0.01 better than the Reuters Estimates consensus of $0.59; revenues rose 19.3% year/year to $80.2 mln vs the $79.6 mln consensus.
06:32 KCI Kinetic Concepts beats by $0.02, beats on revs; guides FY07 EPS in-line, revs in-line (63.00 )

Reports Q3 (Sep) earnings of $0.82 per share, $0.02 better than the Reuters Estimates consensus of $0.80; revenues rose 17.1% year/year to $410.9 mln vs the $406.7 mln consensus. Co issues in-line guidance for FY07, sees EPS of $3.20-3.30 vs. $3.25 consensus; sees FY07 revs of $1.58-1.60 bln vs. $1.6 bln consensus.
06:31 MVIS Microvision enters development agreement with Asian consumer electronics manufacturer to create accessory pico projector for mobile phones and other devices (4.13 )

Co announces it has entered into a development agreement with one of the world’s largest consumer electronics manufacturers of mobile phones, digital cameras and personal media players. Under the agreement, the manufacturing partner will integrate Microvision’s proprietary PicoP display engine into fully functional stand-alone projector prototypes.
06:27 FSGI FIrst Security Group reports Q3 EPS of $0.18 vs $0.18 Reuters consensus (10.02 )

06:26 GRRF China Grentech obtains 100 mln Yuan RF order (9.24 )

Co announces that it obtained orders with contract value over RMB100 mln from a well-known large domestic base station equipment manufacturer for the procurement of RF modules. These orders are expected to be delivered by the end of the year.
06:25 STFC State Auto Fin misses by $0.02, beats on revs (29.94 )

Reports Q3 (Sep) earnings of $0.55 per share, $0.02 worse than the Reuters Estimates consensus of $0.57; revenues rose 0.5% year/year to $280.9 mln vs the $276.6 mln consensus.
06:24 CALLS Early Research Calls I

Miscellaneous: BofA initiates Grey Wolf (GW 6.03) with a Neutral and sets a $6.50 tgt, as they see near-term risk associated with declines in drilling activity in its core markets due to persistent price weakness in natural gas creating concern among many exploration and production companies… BofA initiates Nabors Industries (NBR 28.37) with a Neutral and sets a $34 tgt, as they see plenty of vulnerability to a decline in U.S. rig count taking place through ‘08 while near term performance is expected to be hampered by N. American weakness as E&P companies look to decrease spending in ‘08 and dayrates continue to decline… BofA initiates Parker Drilling (PKD 7.93) with a Buy and sets an $11 tgt, as they favor Parker’s international exposure and its more stable barge business in relation to other land drilling companies… BofA initiates Pioneer Drilling (PDC 12.04) with a Neutral and sets a $13 tgt, as the co has endured an environment of falling dayrates and margins for footage contracts, yet the firm expects to see a larger contribution from more premium international markets… BofA initiates Helmerich & Payne (HP 31.22) with a Neutral and sets a $35 tgt, as they see earnings growth slowing from double digit levels seen over the past few years and expect international expansion into areas (such as Latin America), where dayrates are increasing, to help offset weakness in the N. American market… Merriman initiates Suntech Power Holdings (STP 47.26) with a Buy as they believe the co is positioned to quickly leverage its manufacturing capacity as it solidifies its #2 position in the global solar PV market while its BIPV subsidiary could see accelerating growth as architectural solar PV becomes a mainstream technology… Merriman initiates First Solar (FSLR 136.90) with a Sell, as they feel the co’s market is limited largely to ground-based systems because of its cadmium-based technology which could potentially lead to environment concerns over time.
06:23 GBTS Gateway Financial Holdings reports Q3 EPS of $0.32 vs $0.25 in yr ago period (13.05 )

06:22 Global stocks rise; Schneider, Apple, Mitsubishi UFJ advance - Bloomberg.com

Bloomberg.com reports European and Asian stocks climbed after Schneider Electric SA raised a forecast for sales growth and China Mobile said record customer growth lifted profit. U.S. stock-index futures also advanced… In Europe, the Dow Jones Stoxx 600 Index added 1%. National benchmarks rose in all of the 17 western European markets that were open. The U.K.’s FTSE 100 added 0.9%. France’s CAC 40 gained 0.5% and Germany’s DAX increased 0.4%.
06:21 Asian stocks climb, led by China Mobile; Hon Hai advances - Bloomberg.com

Bloomberg.com reports Asian stocks rose the most in three weeks, after record customer growth boosted profit at China Mobile and Citic Securities agreed to buy a stake in Bear Stearns. Japan’s Topix index added 0.5% to 1,570.55. The Morgan Stanley Capital International Asia-Pacific Index climbed 1.5% to 164.54 as of 5:33 p.m. in Tokyo, the biggest gain since Oct. 2. A measure of financial stocks accounted for almost 40% of the regional gauge’s advance.
06:21 Sensex ends up 867pts at 18,481 - The Business Standard

The Business Standard reports that Sensex opened with a positive gap of 296 points at 17,910 on the back of firm global markets. Unabated buying in the market saw the index march upwards as the day progressed. The index touched a high of 18,542 - up 928 points from the previous close. The Sensex finally ended (provisional) with a significant gain of 867 points at 18,481.
06:19 S&P futures vs fair value: +4.8. Nasdaq futures vs fair value: +12.3.
06:19 European Markets

FTSE…6523.90…+64.60…+1.0%. DAX…7835.52…+40.58…+0.5%.
06:18 Asian Markets

Nikkei…16450.58…+12.11…+0.1%. Hang Seng…29376.86…+1003.23…+3.5%.
06:15 DD DuPont beats by $0.06, reports revs in-line; guides FY07 EPS in-line; guides FY08 EPS in-line (46.57 )

Reports Q3 (Sep) earnings of $0.59 per share, excluding non-recurring items, $0.06 better than the Reuters Estimates consensus of $0.53; revenues rose 5.8% year/year to $6.67 bln vs the $6.68 bln consensus. Co issues in-line guidance for FY07, sees EPS of $3.15-3.20, excluding non-recurring items, vs. $3.16 consensus. Co issues in-line guidance for FY08, sees EPS growth of 5-10% yr/yr which equates to a range of $3.36-3.47, excluding non-recurring items, vs. $3.40 consensus.
06:13 RDWR Radware beats by $0.02, beats on revs (15.61 )

Reports Q3 (Sep) loss of $0.06 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of ($0.08); revenues rose 13.9% year/year to $23 mln vs the $22.5 mln consensus.
06:12 DEEP Superior Offshore to acquire Ocean Flow International (10.94 )

Co announces it has signed a definitive agreement to acquire Ocean Flow International, a privately held deepwater subsea project engineering and offshore project management services firm. The acquisition would be a stock-for-stock transaction valued at approximately $15 mln.
06:12 WHR Whirlpool reports Q3 (Sep) results, misses on revs; guides FY07 EPS in-line (87.99 )

Reports Q3 (Sep) earnings of $2.20 per share, includes gain, may not be comparable to the Reuters Estimates consensus of $2.13; revenues fell 0.1% year/year to $4.84 bln vs the $5.08 bln consensus. Co issues in-line guidance for FY07, sees EPS of $8.00-8.50 vs. $8.28 consensus.
06:10 ICLR ICON plc beats by $0.02, beats on revs; guides FY07 EPS in-line, revs above consensus (52.75 )

Reports Q3 (Sep) earnings of $0.49 per share, $0.02 better than the Reuters Estimates consensus of $0.47; revenues rose 38.3% year/year to $166.9 mln vs the $155.5 mln consensus. Co guides for FY07, sees EPS of $1.82-1.85 vs. $1.82 consensus; raises FY07 revenue guidance to $615-625 mln vs. $600.74 mln consensus.
06:09 CNC Centene beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs in-line; guides FY07 EPS in-line, revs in-line (23.55 )

Reports Q3 (Sep) earnings of $0.37 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of $0.35; revenues rose 18.8% year/year to $749.9 mln vs the $753 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.46-0.51 vs. $0.48 consensus; sees Q4 revs of $770-780 mln vs. $777.40 mln consensus. Co issues in-line guidance for FY07, sees EPS of $1.36-1.41 vs. $1.36 consensus; sees FY07 revs of $2.92-2.93 bln vs. $2.93 bln consensus.
06:08 ELON Echelon beats by $0.01, reports revs in-line; guides Q4 revs below consensus (25.04 )

Reports Q3 (Sep) loss of $0.14 per share, $0.01 better than the single estimate of ($0.15); revenues rose 85.7% year/year to $24.7 mln vs the $24.5 mln single estimate. Co issues downside guidance for Q4, sees Q4 revs of $47.3 vs. $48.00 mln estimate; sees non-GAAP EPS of $0.06 which does not compare to the estimateof $0.03.
05:51 SII Smith Intl reports EPS in-line, beats on revs; expects FY07 EPS to be near the top of guidance range (64.24 )

Reports Q3 (Sep) earnings of $0.83 per share, in-line with the Reuters Estimates consensus of $0.83; revenues rose 17.3% year/year to $2.25 bln vs the $2.22 bln consensus. Furthermore, co announces 2007 EPS should come in near the top of previously issued guidance of $3.15 to $3.25 per share.
05:39 UA Room to run for Under Armour? Maybe - WSJ (54.64 )

The Wall Street Journal reports Under Armour (UA) is facing increasing competition from Nike (NKE) and Adidas. Shares could be in for a hit if its third-period results fall short. “Back-to-school was definitely disappointing for active apparel and footwear, but the rate of decline was more marked here for Under Armour,” says Matt Powell, chief retail analyst at SportScanInfo, which tracks sports-apparel sales and sells data to manufacturers, retailers and workers in the sporting-goods industry, as well as to some in the financial community. It is during the July-to-September period that sales appear to have slowed, according to SportScanInfo, which says it tracks sales from 15,000 outlets in the U.S. Unseasonably warm weather and the lack of a new product introduction in the quarter hurt Under Armour’s sales, SportsScanInfo’s Mr. Powell says. The data show that Under Armour generated retail apparel sales of about $204 mln during Q3. That is up less than 5% compared with the same period last year. This suggests Under Armour may have a tough time meeting analysts’ consensus expectations for Q3 revenue of about $170 mln. While SportScanInfo tracks retail sales, Under Armour, like other companies, reports wholesale revenue figures. Rather, the SportScanInfo data suggest that Under Armour’s sales growth could drop to between 20% and 25% compared with the prior year’s period.
05:24 BP BP’s net falls 29% on lower margins, operational woes - WSJ (73.88 )

The WSJ reports BP (BP) said its Q3 net income fell 29% from a year earlier as lower margins and outages in refining and production more than offset rising crude prices. Net profit for the three months ended Sept. 30 stood at $4.41 bln, or 23.1 cents a share, compared with $6.23 bln, or 31.4 cents a share, for the same period last year. BP’s quarterly revenue rose 2.7% to $72.6 bln compared with $70.7 bln a year earlier. BP’s numbers conform to international financial-reporting standards, which differ from U.S. GAAP.
05:13 Morning News Summary

WSJ: BP’s (BP) net falls 29% on lower margins, operational woes… Room to run for Under Armour (UA)? Maybe.
03:32 CVI CVR Energy prices IPO of 20 mln shares of common at $19.00 per share

02:22 NKE Nike reaches agreement to acquire Umbro (63.17 )

Co announces that it has reached agreement on an all-cash offer to acquire Umbro plc. The Board of Directors of Umbro plc, which is listed on the LSE, has unanimously recommended that shareholders accept the offer of 193.06 pence, which together with the declared dividend values the co at approx $582 mln, or approx $4.00 per share.
01:11 WIRES On The Wires

Sears (SHLD) and Computer Sciences (CSC) have amicably settled an IT outsourcing contract dispute on mutually satisfactory terms, with Sears paying an undisclosed amount to CSC. CSC doesn’t expect to experience a charge associated with the impairment of assets related to the Sears/CSC agreement. SHLD doesn’t expect the settlement will have a material effect on its ‘07 (or full year) EPS… EpiCept (EPCT) announces that Dr. Ben Tseng, Chief Scientific Officer, will present the results of studies examining the combination of EPC2407 with cancer therapeutics in preclinical animal models at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics on October 24, 2007… Retalix (RTLX) announces that PetroChina (PTR) has selected Retalix StorePoint and Retalix Fuel for deployment in its service stations across China.
01:06 KRC Kilroy Realty beats by $0.02 (61.96 )

Reports Q3 (Sep) funds from operations of $0.81 per share, $0.02 better than the Reuters Estimates consensus of $0.79; revenues increases 7.9% year/year to $67.64 mln vs the $65.68 mln consensus.
00:58 BKI Buckeye Tech beats by $0.06, reports revs in-line (17.67 )

Reports Q1 (Sep) earnings of $0.34 per share, $0.06 better than the Reuters Estimates consensus of $0.28; revenues rose 3.1% year/year to $197.4 mln vs the $197.6 mln consensus.
00:47 ‘Mad Money’ Recap: Lightning Round cont. - TheStreet.com

Cramer was bearish on Sangamo Biosciences (SGMO), Virgin Mobile (VM), Superior Energy Services (SPN), Amtrust Financial Services (AFSI) and Charter Communications (CHTR).
00:45 ‘Mad Money’ Recap: Lightning Round - TheStreet.com

Cramer was bullish on Celgene (CELG), eBay (EBAY), Halliburton (HAL) and Under Armour (UA).
00:45 Cramer’s ‘Mad Money’ Recap - TheStreet.com

On Monday’s edition, Jim named Google (GOOG) and Intuitive Surgical (ISRG) as his recovery plays. He says GOOG has scarcity value and thinks shares are cheap at $650. He believes ISRG is in the beginning stages of its growth and set a $358 tgt. During the “Sudden Death” round, Cramer was bullish on Cypress Semiconductor (CY). He was bearish on Unit (UNT).