Data Feed

08:32 ASPM Aspect Medical announces agreement with Boston Scientific to waive lock-up and call option on remaining shares held by Boston Scientific

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08:32 JCP JC Penney Oct same store sales -1.8% vs -1.0% Briefing.com consensus; reports Q3 revs in-line (51.14 )

Co preannounces revs for Q3 (Oct), sees Q3 (Oct) revs of $4728.0 vs. $4.79 bln Reuters Estimates consensus; reaffirms Q3 EPS guidance of $1.00-1.04.
08:32 ABC AmerisourceBergen Increases Dividend 50 Percent and Boosts Share Repurchase Authorization by $500 Million

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08:32 S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: -6.5.

Initial claims for the week ended November 3 came in at 317k, compared to the consensus estimate of 325k. The futures markets’s reaction was limited to the release.
08:32 PRFT prelim $0.21 vs $0.20 Reuters consensus; revs $53.1 mln vs $55.09 mln Reuters consensus

08:32 WBMD WebMD Health: Upgrade details (44.13 ) -Update-

As mentioned at 8:23 Needham upgraded WBMD to Buy from Hold with a $51 tgt following better than expect Q3 results. The firm says the fundamentals of the co and the online health-related media sector remain solid, and with the stock having declined almost 30% over the past month, they feel valuation is at a level where they believe the stock is attractive.
08:31 XOMA XOMA Limited beats Q3 EPS by $0.14, includes gains, may not be comparable; beats on revs (3.48 )

Reports Q3 (Sept) earnings of $0.16 per share, may not be comparable to Reuters Estimates consensus of $0.02; revenues rose 486.9% YoY to 43.14 mln vs the $25.41 mln consensus. Growth in revenues primarily reflects the license fee of $30.0 million received from Pfizer, increases in royalty revenues from Genentech’s LUCENTIS and RAPTIVA products, and increased activities in our contracts with cos including Schering-Plough Research Institute and Takeda Pharmaceutical co Limited, and with the National Institute of Allergy and Infectious Diseases.
08:31 ROST Ross Stores reports Q3 sales of $1.47 bln vs $1.50 bln Reuters consensus; sees Q3 EPS of $0.35-0.36 vs $0.36 Reuters consensus (25.44 )

08:31 CRRC Courier announces a $10 mln share repurchase program (33.37 )

08:31 FRX Forest Labs announces that Milnacipran Demonstrated Significant Improvement in Pain and the Core Symptoms of Fibromyalgia Syndrome

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08:31 VYYO prelim ($0.47) vs ($0.40) Reuters consensus, ($0.38) First Call; revs $2.6 mln vs $3.58 mln Reuters consensus

08:30 SGK prelim $0.24 vs $0.36 Reuters consensus; revs $130.9 mln vs $137.35 mln Reuters consensus

08:30 SRVY Greenfield Online: Upgrade details (13.33 ) -Update-

As mentioned at 8:17 Needham upgraded SRVY to Strong Buy from Buy with a $20 tgt following earnings. The firm says as they have mentioned before SRVY is misunderstood and/or under-appreciated by investors, though financial results have been strong for the past four quarters. Moreover, the valuation remains among the most attractive in their universe at an implied 5x CY08 EV/EBITDA for the global survey business and 11x for the comparison shopping business.
08:30 ECONX Initial Claims 317K vs 325K consensus, prior revised to 330K from 327K

08:29 ARUN Aruba Networks: Cautious going into quarter following CSCO’s comments on U.S. enterprise weaknedd – Caris (17.27 )

Caris notes yesterday CSCO reported its FY1Q08 results. One of the key takeaways from the earnings call was mgmts comments related to weakness in demand from US-based enterprises. Firm views CSCO, with over 60% of the Enterprise WLAN market, a good indicator and proxy to the overall demand trends in the US. Last quarter, 66% of ARUN’s revs were derived from the US. Based on CSCO’s comments coupled with ARUN’s significant exposure to US enterprises, firm is cautious going into the quarter. Thus firm maintains their long-term sentiment in favor of the co and believe ARUN is a leading provider of Enterprise WLAN solutions.
08:28 FRM Furmanite reports Q3 EPS of $0.10 vs $0.09 single analyst est; revs rose 23% YoY to $74.2 mln vs $71.16 mln single analyst est (10.99 )

08:28 WIRES On The Wires

Scion, a joint venture between Iconix Brand Group (ICON) and Shawn ‘Jay-Z’ Carter, announces that it has acquired the brand Artful Dodger from Sovereign State. The purchase price for the brand was approx $15 mln, paid in cash by Scion… ORBCOMM (ORBC), announces that it and Argon S.T. (STST) have signed an International Value Added Reseller agreement. STAT intends to leverage its communication technology and significant knowledge of the ORBC network to deliver unique services to various markets, including international trucking and heavy equipment.
08:28 TJX TJX Cos Oct same store sales +3.0% vs +2.3% Briefing.com consensus; reaffirms (27.29 )

Co reaffirms guidance for Q3 (Oct), sees EPS of $0.53-0.55 vs. $0.55 Reuters Estimates consensus.
08:28 CHK Chesapeake Energy: Hearing upgraded to Outperform at Raymond James (40.10 ) -Update-

08:27 CSCO Cisco Systems downgraded to Market Perform from Strong Buy at Raymond James (32.75 ) -Update-

08:27 RCNI RCN earnings color (14.10 ) -Update-

Reuters Estimates is telling us that excluding impairments, exit costs, and restructuring, an actual of ($0.80) is comparable to their consensus of ($0.59). See 7:12 comment for full report.
08:27 Early pre-market gappers:

Gapping up: FSLR +31.6%, RTP +30.2%, NTWK +21.9%, AAUK +11.8%, XOMA +10.9%, ENER +9.1%, SRVY +8.8%, SPWR +8.6%, CTRP +8.6%, PBR +7.8%, YGE +7.8%, RMBS +6.8%, STP +7.6%, TSL +6.5%, RIO +6.3%, LDK +6.0%, CY +6.2%, GOLD +5.8%, MT +5.8%, NHY +5.3%, GFI +5.3%, FCX +5.2%, AA +4.8%, CDE +4.7%, URBN +3.6%… Gapping down: BID -8.1%, CSCO -6.8%, IVZ -3.7%, CRNT -3.1%, TS -1.8%, AIG -0.8%, BCS -0.8%.
08:26 OTT Otelco downgraded to Outperform from Strong Buy at Raymond James (19.32 )

08:26 TGT Target Oct same store sales +4.1% vs +2.0% Briefing.com consensus (58.82 )

“Due to strength in the last week of the month which benefited from year-over-year Halloween timing, our October comparable store sales were at the high end of the range provided in our mid-month update,” said Bob Ulrich, chairman and chief executive officer of Target Corporation. “However, for the second straight month, we experienced soft sales in our higher margin categories.”
08:25 ZUMZ Zumiez tgt cut to $33 at Caris; accumulate shares on weakness (39.45 )

Caris cuts their tgt on ZUMZ to $33 from $50 following co’s lowered FY07 EPS guidance to $0.92-0.94 from $0.97-0.99 due to a more conservative stance heading into holiday and below plan EPS in 3Q. ZUMZ provided 3Q EPS guidance of $0.27 – $0.28 vs previous expectations of approx 30% due to the timing of certain non-equity compensation accruals and higher operating costs. Firm would be accumulating shares as they continue to believe in the long-term growth thesis.
08:25 BONDX Bond Watch: Tripped Overnight

The market is shaving some of yesterday’s gains into the open as another bank write-down was not as bad as feared. Morgan Stanley said they would only be taking a $3.7B hit but cautioned that credit markets are worsening. Globally bonds were bid but equities found their footing & bond prices tripped into central bank meetings via BOE & ECB which contained few surprises. Both policy committees elected to keep respective rates unchanged, leaving bonds a little weaker. The 2-10-yr yield spread is holding steeper at 75.1 as the market pushes for another Fed rate cut. Bond prices in the EuroZone are mixed now after the modest reversal of the flight to quality while data highlighted a better-than expected balance of trade. In Japan, bonds were bid as equities imitated US stocks to the downside. Treasuries will be keyed in on Bernanke’s testimony at 10. The data is near nonexistent with just jobless claims which will require a large miss to get much attention. The dollar is burying its head in the sand until Bernanke comes out to play. Central bank risk kept currencies in check overnight & once the Fed-head’s testimony is out of the way there could be some fireworks. Spot gold is up at 833.35 (+2.26) while crude oil is better by a bit at 96.76 (+0.39). The data has initial jobless claims at 8:30 & the Fed has Bernanke at 10. Treasury sells $5B of re-opened 30-yr bonds. The euro is at 1.4663 & the yen is at 113.0700 while the 10-yr is yielding 4.310%. For more bond & economic commentary click here.
08:25 KNXA Kenexa downgraded to Hold from Buy at Needham- following earnings (27.84 ) -Update-

08:24 Fed Call: Around $40 bln repos seen; Fed Funds at 4.50% target – DJ

DJ reports the Federal Reserve is likely to execute three large repurchase agreement operations this morning as it seeks to replace $40 bln maturing, according to Wrightson ICAP. “A whopping $40 billion runs off this morning between four separate operations, and we expect the Desk to replace nearly all of that total. We look for the now-standard three-part Thursday package, consisting of an early 14-day RP, followed by 7-day and overnight RPs later in the morning,” Wrightson said on its Web site. Wrightson said the 14-day repo will likely to be “at least as large as the maturing $6 billion operation, while the 7-day may be somewhat smaller than last week’s $21 billion operation.”
08:24 CVC Cablevision misses by $0.21, misses on revs; reaffirms (26.53 )

Reports Q3 (Sep) loss of $0.27 per share, $0.21 worse than the Reuters Estimates consensus of ($0.06); revenues rose 9.4% year/year to $1.51 bln vs the $1.55 bln consensus. Co reaffirms F07 capex guidance of $600-650 mln; reaffirms total rev growth guidance of 11%.
08:23 WBMD WebMD Health upgraded to Buy from Hold at Needham- tgt $51 (44.13 ) -Update-

08:23 VMSI Ventana Medical: Pullback created attractive entry point – Caris (83.44 )

Caris notes VMSI has sold off roughly 7% over the past two weeks, which they attribute to the softness in the overall equity. While VMSI will not be immune to contractions should investors further recalibrate market multiples downward, given the co’s robust outlook and prospects for a potential higher bid from Roche, they believe current prices provide an attractive entry point.
08:22 NKE Nike: Gretzky, Lemieux among bidders for Nike Bauer – Globe and Mail (62.78 )

Globe and Mail reports hockey legends Mario Lemieux and Wayne Gretzky have surfaced as potential partners in groups interested in acquiring Nike Bauer, the world’s leading maker of skates and other hockey equipment. A large number of would-be buyers, including major competitors, private equity cos and investor groups, have formally expressed interest in buying Nike’s hockey division by filing letters of intent with Lazard, the Wall Street investment bank handling the transaction.
08:22 PNS Pinnacle Data reports Q3 EPS of $0.10 vs ($0.22) in 3Q06; revs rose 13% YoY to $17.4 mln – no ests (2.06 )

08:21 XOMA prelim $0.16, may not be comparable to $0.02 Reuters consensus; revs $43.14 mln vs $25.41 mln Reuters consensus (3.48 )

08:20 TRLG True Religion: Provides investors with an Epiphany for 3Q07 – Brean Murray (15.80 ) -Update-

Brean Murray is raising their ests and reiterating their Buy rating and $24 tgt on TRLG after the co announced 3Q07 upside and provided numerous examples that the shift to a lifestyle brand is gaining traction and, firm believes, credibility with investors. Firm notes mgmt provided a number of data points, from higher-than-expected store expansion in 2008 to extremely strong initial holiday and spring orders, which they believe presage upside in both 4Q07 and 2008. Thus, firm is raising their 2008 EPS forecast but conservatively maintaining their 4Q07 ests. Firm believes TRLG is well on the way to proving the shift to a lifestyle brand, driven by owned stores, will register material upside and more consistent results going forward.
08:19 WCI WCI Communities misses by $0.25, misses on revs (5.29 )

Reports Q3 (Sep) loss of $1.14 per share, excluding non-recurring items, $0.25 worse than the Reuters Estimates consensus of ($0.89); revenues fell 61.0% year/year to $166 mln vs the $203.5 mln consensus – 2 ests. Co says demand continues to be unpredictable from week to week and it saw an increase in defaults and cancellations in Q3. Note, co reported a loss of $1.66, which included items. Reuters tells us it’s going with $(1.14).
08:19 CVC prelim ($0.27) vs ($0.06) Reuters consensus; revs $1.51 bln vs $1.55 bln Reuters consensus

08:19 RMTI Rockwell Medical Tech. reports Q3 EPS of ($0.04) vs ($0.14) in yr ago period; reports revs up 50% yr/yr to $11.1 mln with no estimates (7.00 )

08:19 VG Vonage beats by $0.02 (2.19 )

Reports Q3 (Sep) loss of $0.10 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of ($0.12); revenues rose 30.2% year/year to $211 mln vs the $210.4 mln consensus. CEO comments, “We are executing against our strategy to fix the fundamentals of our business. We are acquiring customers more effectively and running the business at an improved cost structure. While this has resulted in positive changes in our business, we have much more to do. Our primary focus today is to improve the customer experience to reduce churn. While this will take time, we believe the Company has the appropriate plan in place to improve customer satisfaction and build loyalty.”
08:18 HK prelim $0.16 vs $0.13 Reuters consensus; revs $213.3 mln vs $223.03 mln Reuters consensus

08:18 MOT Motorola CFO: Will likely accelerate share buyback – DJ (17.02 )

DJ reports the co will likely accelerate its share buyback plan, CFO Tom Meredith said. “As we improve our cash inversion cycle, we could accelerate that (the buyback),” Meredith said, speaking at the opening of the firm’s new research and development center in Beijing.
08:18 RRI Reliant Energy misses by $0.01, beats on revs (26.13 )

Reports Q3 (Sep) earnings of $0.45 per share, $0.01 worse than the Reuters Estimates consensus of $0.46; revenues rose 7.2% year/year to $3.54 bln vs the $2.9 bln consensus.
08:18 NTWK Netsol reports Q1 non-GAAP EPS of $0.12 vs $0.03 single estimate; reports revs up 48% yr/yr to $8.7 mln vs $8.55 mln single estimate (3.70 )

08:17 SRVY Greenfield Online upgraded to Strong Buy from Buy at Needham- tgt $20 (13.33 )

08:17 PRC Petro Resources CEO purchases 50K shares of common stock at avg price of $1.99/share (2.03 )

Co announces that Wayne Hall, its Chairman and CEO, purchased 50k shares of the co’s common stock in open market transactions on Nov 7, 2007. The shares were purchased at an average price of $1.99/share exclusive of commissions. Hall commented, “I believe that at this price Petro Resources is undervalued and as such provided a buying opportunity.”
08:16 F Ford’s Jaguar and Land Rover face pensions hitch – FT (8.24 ) -Update-

FT reports Jaguar and Land Rover have an estimated pension deficit of more than $2 bln, meaning that Ford is likely to have to pay any buyer to take the British luxury car brands off its hands, people close to the situation said. Ford, which is in discussions with both industry and private equity cos over a sale, is expected to sell the loss-making operations in a deal valuing them at more than $2 bln. But with Ford likely to retain a significant minority stake, the value to the co of any sale would be more than swallowed up by the pension shortfall.
08:16 DLB Dolbys Labs: Solid quarter anticipated; strength expected from PC market – Kaufman (41.90 )

Kaufman notes DLB is scheduled to report Sept quarterly results today after the close. Firm expects that the co will report revs of $122 mln and non-GAAP EPS of $0.30. The Street is expecting the co to report revs of $119 mln and EPS of $0.30. For fiscal 2007 (Sept) firm is expecting revs of $475 mln in revs and $1.11 in EPS. For fiscal 2007 the Street consensus is for revs of $472.6 mln and EPS of $1.11. Firm notes that if investors believe that consumers will be buying any type of consumer digital media device, then DLB is a way to play that trend without having to guess which device will be the season’s best sellers.
08:15 DPTR Delta Petroleum reports Q3 EPS in-line, beats on revs; reaffirms Q4 and ‘08 production guidance (15.18 )

Reports Q3 (Sept) earnings of ($0.10), in line with ($0.10) Reuters consensus; revs rose 22% to $51.9 mln, better than the $51.18 mln Reuters consensus. The Co reaffirms its production guidance for the fourth quarter of 2007 of 4.95 to 5.13 Bcfe. The co also reaffirms its previously stated production guidance of 40% to 60% growth from 2007 to 2008.
08:15 LGCY Legacy Reserves announces $75 mln private placement at a price of $20.50/share (23.30 )

08:14 RSTI Rofin-Sinar Technologies beats by $0.06, beats on revs; approves 2 for 1 stock split and buyback of up to $120 mln (73.77 )

Reports Q4 (Sep) earnings of $1.03 per share, $0.06 better than the Reuters Estimates consensus of $0.97; revenues rose 12.4% year/year to $130.5 mln vs the $126.2 mln consensus. The Board of Directors approved a 2-for-1 stock split and a stock buyback plan. The stock split will be in the form of a dividend of one share of Common Stock on each outstanding share and the distribution date will be December 5, 2007, for shareholders of record as of November 22, 2007. The buyback program authorizes the repurchase of up to $120 mln of the co’s Common Stock.
08:14 ALL Allstate: Louisiana charges price fixing by insurers – NY Times (50.83 )

NY Times reports the Louisiana attorney general, Charles Foti Jr., is suing the state’s largest property insurance cos, accusing them of conspiring to limit payments to policyholders after Hurricanes Katrina and Rita and engaging in an elaborate price-fixing scheme. Mr. Foti’s wide-ranging lawsuit, filed on Wednesday in a state court in New Orleans, claims that Allstate, State Farm Fire and Casualty and other insurers worked together to manipulate damage estimates and offer reduced claims payments after the 2005 hurricanes. The lawsuit claims the cos coerced policyholders into settling damage claims for less than their actual value by editing engineering reports, delaying payments and forcing policyholders to go to court to challenge the estimates.
08:14 HL Hecla Mining beats by $0.04 (11.16 )

Reports Q3 (Sep) earnings of $0.10 per share, $0.04 better than the Reuters Estimates consensus of $0.06; revs fell 2.4% yr/yr to $49.22 mln.
08:13 LXP Lexington reports FFO in-line, beats on revs; reaffirms FY07 EPS guidance (18.05 )

Reports Q3 (Sep) funds from operations of $0.46 per share, in-line with the Reuters Estimates consensus of $0.46; revenues rose 160.3% year/year to $124.4 mln vs the $118.5 mln consensus. Co reaffirms guidance for FY07, sees FFO of $1.75-1.85 vs. $1.85 consensus.
08:13 NDAQ NASDAQ tgt upped to $54 at Jefferies (47.20 )

Jefferies raises their NDAQ tgt to $54 from $48, noting the contribution of PHLX will provide access to a high margin, fast growing asset class. While NDAQ shares have appreciated in recent months, they believe as they continue to execute successfully on broadening their product set and geographic footprint multiple expansion will occur. Firm notes that NDAQ has historically traded at a steep discount to its global exchange peers due to its leverage to cash trading, and given recent efforts to diversify its business they believe this discount should narrow.
08:12 HBI Hanesbrands appoints William Nictakis as President and Chief Commercial Officer (30.49 )

08:12 NTES Netease.com: WWJ2 weakness and WWJ3 costs drag down results – Brean Murray (22.28 ) -Update-

Brean Murray notes NTES reported net rev of $73 mln was in-line with expectations, while EPS of $0.27 was a penny below the consensus. Online gaming revenue was flat sequentially, though advertising was solid, with 33% sequential revenue growth. The EPS miss was primarily driven by higher-than-expected costs related to the launch of WWJ3. Co confirmed it will no longer pursue the user migration from WWJ2 to WWJ3 and will operate both as stand-alone games. Also confirmed a decline in gamer statistics in WWJ3 from the open beta to the general release. Firm also remains skeptical on the prospects of Da Tang and Tian Xia2, and think NTES’s game pipeline needs fresh blood at this point.
08:11 CHTR Charter Comm reports Q3 (Sep) results, revs in-line (1.78 )

Reports Q3 (Sep) loss of $1.10 per share, includes ginas, may not be comparable to the Reuters Estimates consensus of ($0.83); revenues rose 9.9% year/year to $1.53 bln vs the $1.52 bln consensus.
08:11 BJ BJ’s Wholesale reports Q3 sales of $2.12 bln vs $2.14 bln Reuters consensus; Oct same store sales +4.8% vs +2.3% Briefing.com consensus (34.14 )

08:11 GPX GP Strategies reports EPS in-line, misses on revs (10.28 )

Reports Q3 (Sep) earnings of $0.15 per share, in-line with the Reuters Estimates consensus of $0.15; revenues rose 37.9% year/year to $60.8 mln vs the $61.6 mln consensus.
08:11 DF Dean Foods misses by $0.01, beats on revs; guides Q4 EPS in-line (25.63 )

Reports Q3 (Sep) earnings of $0.14 per share, ex items, $0.01 worse than the Reuters Estimates consensus of $0.15; revenues rose 23.8% year/year to $3.12 bln vs the $3.02 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.30 vs. $0.30 consensus. CFO comments, “Looking ahead to the fourth quarter for the Dairy Group, we expect record high raw milk prices will continue to pressure results. Milk cost stabilization should help in terms of price realization; but, other costs tied to milk costs such as shrink, lower cost of goods sold offsets from excess cream sales, and the potential for continued unfavorable mix shift away from our regional brands will likely continue to challenge earnings.At WhiteWave, we will continue to invest to protect the Horizon Organic brand from aggressive competition through this period of industry oversupply, which will negatively affect WhiteWave profitability”.
08:10 MNTG MTR Gaming reports EPS in-line, misses on revs (8.09 )

Reports Q3 (Sep) earnings of $0.03 per share, in-line with the Reuters Estimates consensus of $0.03; revenues rose 41.1% year/year to $118.6 mln vs the $133.2 mln consensus.
08:10 MGIC Magic Software reports Q3 non-GAAP EPS of $0.02 vs ($0.09) in yr ago period; reports revs up 17% yr/yr to $17.6 mln (1.97 )

08:10 DPTR prelim ($0.10) vs ($0.10) Reuters consensus; revs $51.9 mln vs $51.18 mln Reuters consensus (15.18 )

08:09 GPOR Gulfport Energy reports Q3 EPS $0.33 vs $0.37 YoY; revs +33% to $30.0 mln (21.10 )

08:09 EVOL Evolving Systems reports Q3 EPS of $0.03 vs $0.04 Reuters consensus; revs rose 7% YoY to $9.3 mln vs $9.05 mln Reuters consensus (1.82 )

08:09 LEE Lee Enterprises beats by $0.04, reports revs in-line (14.07 )

Reports Q4 (Sep) earnings of $0.44 per share, $0.04 better than the Reuters Estimates consensus of $0.40; revenues rose 1.6% year/year to $284.1 mln vs the $281.4 mln consensus.
08:09 MWIV MWI Veterinary Supply beats by $0.01, misses on revs; guides FY08 EPS in-line, revs in-line (38.35 )

Reports Q4 (Sep) earnings of $0.35 per share, $0.01 better than the Reuters Estimates consensus of $0.34; revenues rose 18.1% year/year to $190.2 mln vs the $195.1 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.62 vs. $1.62 consensus; sees FY08 revs of $825 mln vs. $827.19 mln consensus.
08:08 CHK Chesapeake Energy tgt raised to $45 at Calyon (40.10 )

Calyon raises their tgt on CHK to $45 from $40as Q3 results beat due to higher production, higher prices. Firm expects CHK to fund projected capex through at least the end of 2008 without taking on new debt or issuing equity.
08:07 DDS Dillard’s reports Oct same store sales -7% vs -4% Brieifng.com consensus (19.85 )

Co reports Q3 (Oct) revenue of $1.63 bln, below the Reuters consensus of $1.70 bln. In Oct, the cosmetics category was significantly above average while sales of juniors’ and children’s apparel were significantly below trend.
08:07 ABBI Abraxis Bioscienc misses by $0.10, misses on revs (24.22 )

Reports Q3 (Sep) earnings of $0.12 per share, excluding non-recurring items, $0.10 worse than the Reuters Estimates consensus of $0.22; revenues rose 18.7% year/year to $241 mln vs the $254 mln consensus.
08:07 LINC Lincoln Educational Services misses by $0.01, misses on revs (13.82 )

Reports Q3 (Sep) earnings of $0.18 per share, excluding non-recurring charge of $0.01, including $0.01 in option expense, $0.01 worse than the Reuters Estimates consensus of $0.19; revenues rose 5.7% year/year to $86.6 mln vs the $90.1 mln consensus. CEO comments, “Our third quarter financial and operating performance reflects a reversal in the trends we had been experiencing over the last 18 months… We will continue to invest prudently in sales, marketing and new program development to maintain the momentum we experienced in the third quarter of 2007. While the environment remains challenging, we believe that our initiatives are producing tangible results, which gives us the confidence that we will continue to achieve organic growth in the fourth quarter and beyond.”
08:07 GNTA Genta announces that Genasense Plus Temodar and Abraxane show ‘promising’ early clinical activity (0.95 )

Co announces the presentation of clinical data using the co’s lead oncology drug, Genasense Injection in combination with Abraxane and Temodar in patients with advanced metastatic melanoma. The study represents the rapid translation of preclinical results that demonstrated marked anticancer synergy with this drug combination.
08:07 BID Sotheby’s downgraded to Neutral from Buy at BofA (50.07 )

08:06 JCOM j2 Global: Mixed 3Q07 results; long-term fundamentals intact – Broadpoint Capital (30.93 ) -Update-

Broadpoint Capital notes JCOM reported Q3 revs at $56 mln (consensus $57 mln) and non-GAAP EPS of $0.38 (consensus $0.37). Firm notes that guidance was weak. For Q4 co guided $56.1-$57.6 mln in rev and $0.36-$0.37 in earnings vs the consensus of $59.1 mln and $0.38. Firm notes almost all of the shortfall was due to lower usage by customers in the credit-sensitive businesses, such as commercial banking, security and commodity brokers, accounting and financial advisory firms, and real estate. The impact was roughly $1 mln to 1.25 mln in 3Q. Mgmt expects a roughly $4-$5 mln impact on 2008 revs.
08:06 JAS Jo-Ann Stores reports Q3 revs in-line (16.18 )

Co issues in-line preannouncement for Q3 (Oct), sees Q3 (Oct) revs of $480.2 mln vs. $480.35 mln Reuters Estimates consensus. Same-store sales for the quarter increased 2.4% versus a same-store sales decrease of 5.4% for the third quarter last year.
08:06 OMAB Grupo Aeroportuario announces that total passenger traffic increases 20.9% (28.53 )

Co announces total passenger traffic at its 13 airports reached 1.2 mln in October 2007, an increase of 20.9% compared to October 2006. Domestic traffic in October 2007 totaled 999,410 passengers, an increase of 23.6% compared to the prior year
08:05 DSW DSW reports Q3 revs rose 11% YoY to $367.4 mln vs $361.01 mln Reuters consensus (20.64 )

08:05 ABBI prelim $0.15 may not be comparable to $0.22 Reuters consensus; revs $241.0 mln vs $253.99 mln Reuters consensus

08:05 TSN Tyson Foods upgraded to Market Perform from Underperform at Wachovia (14.60 )

08:05 FDO Family Dollar reports Oct same store sales of 0% vs +0.5% Briefing.com consensus (23.27 )

Co sees Nov same store sales +1-3%.
08:04 FNET FortuNet upgraded to Source of Funds at ThinkEquity (8.55 )

ThinkEquity ugrades FNET to Source of Funds from Sell and maintains their $8 tgt following earnings. The firm says given 6% downside to their target they are upgrading the shares.
08:04 LORL Loral reports Q3 GAAP EPS $0.96, includes hedging gain, vs $0.06 YoY; revs +4% to 236 mln (38.76 )

08:04 ECB keeps key rate at 4% as inflation accelerates, growth slows – Bloomberg

Bloomberg reports the European Central Bank left interest rates unchanged as policy makers weigh signs of slowing economic growth against the threat of accelerating inflation. The ECB kept the benchmark refinancing rate at 4%, as predicted by all 61 economists surveyed by Bloomberg News. The central bank may not alter borrowing costs for more than a year, a separate survey shows. Signs of discord have grown among the ECB’s 19 governing council members. With oil prices near $100 a barrel stoking the fastest inflation in two years, some have signaled they want to raise interest rates further. Other policy makers argue the euro’s appreciation and the U.S. housing slump will curb Europe’s economic expansion, damping price pressures.
08:04 M Macy’s reports Q3 same store sales of -1.3% vs -1.5% Briefing.com consensus; reports net sales for Q3 of $5.910 bln (vs $5.905 mln consensus) (29.91 )

08:04 CVTX CV Therapeutics announces that Adenosine A1 agonist Tecadenoson shows synergistic effect with ultra low dose beta blocker in preclinical atrial fibrillation model (10.28 )

Co announces that data from a preclinical study of the selective adenosine A1 agonist tecadenoson, in combination with a low dose of the beta blocker metoprolol, showed increased rate control compared to either agent alone in an established animal model of atrial fibrillation. Tecadenoson also demonstrated effective rate control at rest and during exercise in this preclinical model. “These preclinical results underlie the basis for the ongoing Phase 2 study to evaluate this drug combination as a potential rate control agent for atrial fibrillation,” said Louis Lange, CVTX chairman and CEO.
08:04 RRI prelim $0.45 vs $0.46 Reuters consensus; revs $3.54 bln, may not be comparable to $2.90 bln Reuters consensus

08:03 LXP sees FY07 funds from operations of $1.75-1.85 vs $1.85 Reuters consensus

08:03 CMTL Comtech Telecom receives additional funding to support the fielding of U.S. Army AN/TRC-170 troposcatter terminals (50.72 )

Co announces that its Orlando, Florida-based subsidiary, Comtech Systems, has received a $1.7 mln increase in funding to its previously announced $4.3 mln AN/TRC-170 engineering and support contract. In August 2007, the U.S. Army increased funding of this contract by $0.5 mln, which coupled with the $1.7 mln announced today brings the total funding for the engineering and support contract to $6.5 mln.
08:03 RSTI prelim $1.03 vs $0.97 Reuters consensus, $0.96 First Call; revs $130.49 mln vs $126.17 mln Reuters consensus

08:03 HA Hawaiian Airlines, Inc. reports Oct traffic statistics; load factor of 89.9% (4.86 )

Co announces its systemwide traffic statistics for the month of Oct. In October, Hawaiian served 607,393 passengers, while recording Revenue Passengers Miles of 704,320,000, Available Seat Miles of 783,701,000, and Load Factor of 89.9%.
08:03 LXP prelim funds from operations of $0.46 vs $0.46 Reuters consensus; revs $124.4 mln may not compare to $118.52 mln Reuters consensus

08:03 WCI prelim ($1.66), may not be comparable to ($0.89) Reuters consensus; revs $166.0 mln vs $203.5 mln Reuters consensus

08:03 DF sees Q4 $0.30 vs $0.30 Reuters consensus

08:02 BONDX Economic Calendar

Initial jobless claims at 8:30.
08:02 ANF Abercrombie Oct same store sales -2.0% vs -1.5% Briefing.com consensus (72.62 )

08:02 DF prelim $0.14 vs $0.15 Reuters consensus; revs $3.12 bln vs $3.02 bln Reuters consensus

08:02 CYBS CyberSource announces that Borders enlists the co for eCommerce payment management (16.00 )

Co announces it has signed an agreement with Borders Direct, the eCommerce platform of Borders Group,(BGP) to provide bank card and Bill Me Later payment processing and fraud protection services for the upcoming Borders.com eCommerce site, which will launch in early 2008.
08:02 GS Goldman Sachs downgraded to Market Perform from Outperform at Wachovia (214.18 )

08:02 NTEC Neose Tech: Encouraging positive GlycoPEG-GCSF phase I data – Rodman & Renshaw (1.56 )

Rodman & Renshaw notes NTEC and partner BioGeneriX AG yesterday announced positive data from two Phase I clinical studies with GlycoPEG-GCSF, which is being co-developed by the cos as a treatment for chemotherapy-induced neutropenia. The results demonstrated potent stimulation of neutrophils and mobilization of peripheral blood progenitor cells that was better than Neulasta, a pegylated granulocyte colony stimulating factor marketed by Amgen (AMGN) with worldwide sales of $3.9 bln in 2006. Firm believes the positive interim results hint at GlycoPEG-GCSF ‘s potential as a safe, and potentially more efficacious future alternative to Neulasta.
08:02 S&P futures vs fair value: +5.6. Nasdaq futures vs fair value: -6.0.

Futures point to a mixed opening. The Nasdaq is expected to open slightly lower following a negative reaction to Cisco’s (CSCO) future outlook. The broader market is pointing higher despite several negative developments that include Morgan Stanley (MS) announcing a $3.7 billion write-down and Dow component AIG (AIG) missing the consensus third quarter EPS estimate of $1.62 by 27 cents. Unlike Cisco, though, both of these companies faced low expectations.
08:02 GPS Gap Inc reports in line Q3 revs, upside EPS guidance (18.15 )

Co reports Q3 revs $3.85 bln vs $3.84 bln Reuters consensus; sees EPS of $0.27-0.29 ex items, vs $0.22 Reuters consensus. “While comparable store sales were down in October, merchandise margins were significantly above last year… The results reflect our stated strategy of managing inventory tightly to support margin improvements.”
08:01 KNXA Kenexa downgraded to Hold from Buy at Wedbush- tgt cut to $27 from $34, following earnings (27.84 ) -Update-

08:01 MWIV sees FY08 $1.62 vs $1.62 Reuters consensus; sees revs $825 mln vs $827.19 mln Reuters consensus

08:01 VG prelim ($0.10) vs ($0.12) Reuters consensus; revs $211 mln vs $210.37 mln Reuters consensus

08:01 ARO Aeropostale Oct same store sales +3.0% vs +1.3% Briefing.com consensus; raises Q3 EPS guidance $0.46-0.47 from $0.43-0.45 (21.89 )

Co reports Oct same store sales +3.0% vs +1.3% Briefing.com consensus. The co raises Q3 EPS guidance to $0.46-$0.47 (vs $0.45 consensus), up form previous guidance of $0.43-$0.45. For the third quarter of fiscal 2007, total net sales increased 7.0% to $412.6 mln.
08:01 COWN Cowen Group announces stock repurchase authorization of up to 2 mln shares (10.12 )

08:01 MWIV prelim $0.35 vs $0.34 Reuters consensus; revs $190.2 mln vs $195.08 mln Reuters consensus

08:01 TRIB Trinity Biotech anounces Ronan O’Caoimh will now assume the role of Executive Chairman (8.78 )

08:00 FTGX FiberNet Telecom reports Q3 EPS ($0.12) vs ($0.17) consensus; revs $12.5 mln vs $12.4 mln consensus (7.80 ) -Update-

08:00 RVI Retail Ventures reports Oct same store sales of -7.3% (7.37 )

07:59 LBTYA Liberty Global: Morgan Joseph raising ests ahead of 3Q7 results; expect dollare weakness to help (40.41 )

Morgan Joseph is raising their 3Q07 ests ahead of the LBTYA’s earnings report on Friday to account for the continued weakening of the US dollar. Firm’s 3Q07 rev and EBITDA ests move to $2.237 bln and $888.3 mln from $2.205 bln and $873.8 mln; EPS moves to $0.02 from $0.00. Overall, however, firm believes LBTYA had a very quiet quarter, which should have helped the co continue to deliver solid performance results in a typically seasonally weak quarter. They believe LBTYA remains very well-positioned globally and they reiterate their Buy rating and $44 tgt.
07:59 MCD Mc Donald’s Oct same store sales increase 6.9% vs +4.2% single estimate (58.38 )

07:59 GYMB Gymboree reports Q3 same store sales of +8%; reports net sales for Q3 of $247.6 mln (vs $242.3 mln consensus), sees Q3 EPS of $0.88-$0.90 vs $0.87 consensus (30.98 )

07:58 SI Siemens announces Euro 10 bln buyback in addition to earnings (138.09 ) -Update-

In addition to earnings (see 5:44 comment), SI announced it would back 11.5% of its own shares in the biggest share buyback program in the history of corporate Germany. According to FT.com, the co plans to buy back shares for a total of Euro 10 bln until 2010, then destroy them in order to push higher the co’s share price for other investors.
07:57 BIDU Baidu.com May List Stock in Hong Kong — AP (394.99 )

Baidu.com Inc., China’s leading Internet search engine, is considering listing on the Hong Kong and mainland China stock markets, the company’s chief executive said Thursday. Baidu.com is already listed on the Nasdaq in New York, but Chief Executive Robin Li said Hong Kong and mainland listings could raise the company’s profile among investors in its home country. Baidu is also considering an acquisition in the consumer-to-consumer market in China, Li added. He said the company hasn’t set a budget for possible acquisitions.
07:57 CFSG China Fire & Sec Grp initiated with a Buy at Brean Murray- tgt $19 (15.09 )

Brean Murray initiated CFSG with a Buy and a $19 tgt saying China’s new fire code issued in April 2007 renders 80% of the 1,000 iron and steel manufacturers in China noncompliant, creating a market that could total nearly $1 bln. More importantly, as CFSG currently dominates this market, the firm says their research suggests the co’s revenue pipeline is accelerating.
07:56 KNXA Kenexa downgraded to Hold from Buy at Brean Murray- following earnings (27.84 ) -Update-

07:55 FSLR First Solar: Upgrade details (167.12 )

As mentioned at 6:43, upgraded FSLR to Outperform from Sector Perform and set a $230 tgt following 3Q earnings on 11/7. The firm says FSLR has proved its ability to rapidly replicate facilities through its “copy smart” program, which will translate to similar ramp scheds for Malaysia, while also reducing inter-fab start time. Mgmt is trying to provide greater transparency to actual capacity when new facilities come online, but they continue to believe that it is being conservative with throughput and efficiency gains.
07:55 FTGX FiberNet Telecom authorizes repurchase of up to $5 mln shares of common stock (7.80 )

07:55 CTIC Cell Therapeutics misses by $0.48 (3.06 )

Reports Q3 (Sep) loss of $1.09 per share, $0.48 worse than the Reuters Estimates consensus of ($0.61).
07:54 RATE Bankrate: Downgrade details (52.10 ) -Update-

As mentioned at 6:31, CIBC downgraded RATE to Underperformer from Sector Performer. Firm notes that after the close, learned insiders were offering shares in a block trade, rendering a sale of the co unlikely. Moreover, they note that RATE is 13% above their tgt and they see risk of slowing graphical ad growth. Of the 1.2 mln shares being offered, they believe the chairman of RATE is selling 13% of his shares (600K of 4.7 mln), with mgmt exercising 600K in options of a total position of 2.3 mln shares (35%). They think this should effectively remove any speculation that the company is sold in the near term.
07:53 EXPE Expedia: Building momentum into 2008, reiterating Positive rating – Susquehanna (30.65 )

07:53 SVNT Savient Pharma initiated with a Neutral at Merrill (12.74 )

07:52 CLHB Clean Harbors initiated with a Buy at Merrill (53.49 )

07:52 THG The Hanover Insurance Grp names Eugene Bullis Executive Vice President, Chief Financial Officer (43.56 )

07:52 CSCO Cisco Systems: Color on quarter (32.75 )

Baird notes FQ1 was conventional CSCO – rev in line and EPS $0.01 better, but stock was down ~8% after hours. Street seems to disregard that mgmt raised its long-term growth target 200 bps last quarter and hit the upper end of this guidance. Gross margin guidance was raised 50 bps, but the Street was more focused on weakness in the U.S. finance vertical. Firm is a buyer on weakness for long-term holders… CIBC notes CSCO delivered an in line 1Q08, though chinks in its armor have appeared. In line + soft U.S. = weakness in stock. However, LT fundamentals look solid and unchanged. Firm would buy on the weakness but don’t expect upside near term. General points of concern were: 1) weakness in switching; 2) lowest headcount additions since 2005; 3) implied slow growth in YoY order growth for international service provider; and 4) lack of growth in WLAN and Home Networking. Positive points: 1) continued strength in emerging market orders; 2) high gross margins; and 3) strong YoY order growth in unified communications, storage, application networking and video. Importantly, targeted 16% YoY rev growth in FY2Q08 including an assumed weakness in the U.S.
07:51 WM Washington Mutual likely to cut dividend in 2008 says Bear Stearns- Bloomberg (20.04 ) -Update-

07:51 ANN AnnTaylor reports Oct same store sales -4.2% vs +1.0% Briefing.com consensus (30.50 )

Co is reducing its full-year earnings per share outlook to slightly below its previous guidance range.
07:51 HTV Hearst-Argyle TV misses by $0.01, misses on revs (21.83 )

Reports Q3 (Sep) earnings of $0.13 per share, excluding non-recurring items, $0.01 worse than the Reuters Estimates consensus of $0.14; revenues fell 3.4% year/year to $176.8 mln vs the $181.8 mln consensus. Co says the current advertising environment for some of its leading stations continues to be impacted by local economic issues, particularly the much reported downturn in the housing market in California, Florida and certain areas in the Northeast. This is further aggravated by the lagging NBC prime-time performance.
07:51 GRRF China Grentech upgraded to Positive from Neutral at Susquehanna (9.36 )

07:49 MSSR McCormick & Schmick’s downgraded to Hold at Morgan Joseph (14.91 )

Morgan Joseph downgrades MSSR to Hold from Buy following earnings saying ultimately, while MSSR expects to see SSS improvements in 4Q, they would like to see margin improvement before they regain confidence in its near-term operational outlook.
07:49 FRED Fred’s reports Oct comps rose 0.6% vs +2% two analyst consensus, pre-announces Q3 revs below consensus, cuts Q3 EPS guidance by $0.01 (9.53 )

Co issues downside guidance for Q3 (Oct), sees EPS of $0.14 vs $0.15 consensus; co pre-announces Q3 revs of $419.9 mln vs. $429.47 mln Reuters Estimates consensus. CEO comments, “October sales were significantly affected by warm weather, as softlines made up the majority of the $2 million sales miss. With comparable store sales growth below our forecast of 1% to 3% for the month, we now believe third quarter earnings likely will fall a penny short of our $0.15 forecast for the quarter”.
07:48 HTV prelim $0.13, ex-items, vs $0.14 Reuters consensus; revs $176.8 mln vs $181.8 mln Reuters consensus

07:48 BVF Biovail beats by $0.02, misses on revs (18.91 )

Reports Q3 (Sep) earnings of $0.42 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of $0.40; revenues fell 33.1% year/year to $188.9 mln vs the $201.6 mln consensus.
07:47 NETL NetLogic: Upgrade details (32.38 )

As mentioned at 6:53 CIBC upgraded NETL to Outperform from Sector Perform with a $40 tgt saying they love NetLogic’s unique exposure to growth in I.P data traffic, and believe 2008 may be the first year when Cisco (CSCO) and non- Cisco grow meaningfully at the same time. THe firm notes NETL pulled back following 3Q07 results, as inventory pockets at select customers weighed on guidance. They see a return to growth at these customers, as well as Alaxala, as a potential catalyst over and above the growth they are expecting for enterprise and carrier.
07:47 GM General Motors: Sorting through the debris – Calyon (33.95 )

Calyon says perhaps unremarkably given their severity, the headlines were worse than the reality when it came to evaluating GM’s Q3 results. GM had a credible basis for highlighting the improving trend in its automotive business in most of its markets, the most notable being N. America. Firm notes the charges can be rationalized away as they were either non-cash or, as in the case of the co’s exposure to GMAC’s ResCap, by reflecting on the fact that the results could have been far worse if GMAC was still a wholly-owned subsidiary. Firm considers key threats to the business to include continued exposure to ResCap losses, the risk of recession or economic slowdown in the U.S. and the continued threat of competitors that can leverage stronger balance sheets.
07:46 USPH U.S. Physical Therapy reports EPS in-line, beats on revs (14.42 )

Reports Q3 (Sep) earnings of $0.18 per share, in-line with the Reuters Estimates consensus of $0.18; revenues rose 13.1% year/year to $37.5 mln vs the $36.3 mln consensus.
07:46 ECB leaves benchmark interest rate unchanged at 4.0%

07:44 KNXA Kenexa downgraded to Sector Perform from Outperform at CIBC- following a disappointing Q3 (27.84 )

07:44 ARCC Ares Capital misses by $0.03 (15.35 )

Reports Q3 (Sep) earnings of $0.34 per share, excluding non-recurring items, $0.03 worse than the Reuters Estimates consensus of $0.37.
07:43 IQW Quebecor World downgraded to Sector Perform at CIBC- tgt cut to $11 (8.17 ) -Update-

CIBC downgrades IQW to Sector Perform from Outperform and cuts their tgt to $11 from $15 following earnings and saying they expect greater operating risk given weak market conditions.
07:43 TOPT Top Tankers misses two analyst consensus by $0.09, beats single analyst rev estimate (5.04 )

Reports Q3 (Sep) loss of $0.50 per share, $0.09 worse than the Reuters Estimates two analyst consensus of ($0.41); revenues fell 27.5% year/year to $51.2 mln vs the $46.3 mln single analyst estimate. “We believe that our expansion into the drybulk sector is a major strategic initiative for TOPT, and one that should enable TOPT to compete more effectively in the global shipping community. Since the initial announcements of our dry bulker acquisitions, the Baltic Dry Index has been increasing to historic highs. This has generated a significant premium to our investment, well before we take delivery of the vessels. Based on the performance of the Baltic Dry Index, we chose to diversify into the drybulk trade at a very favorable time. We think that the drybulk business will offset any weakness that may occur on the tanker side, and that the overall mix will better position the company.”
07:43 BRLC Syntax-Brillian beats by $0.11, misses on revs; guides FY08 revs in-line (3.91 )

Reports Q1 (Sep) earnings of $0.16 per share, excluding non-recurring items, $0.11 better than the Reuters Estimates consensus of $0.05; revenues rose 73.1% year/year to $150.6 mln vs the $176.3 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $1.0-1.1 bln vs. $1.05 bln consensus.
07:42 WMT Wal-Mart Oct same store sales +0.7% including fuel vs +1.2% Briefing.com consensus (43.93 )

The Company expects the comparable store sales of its U.S. operations for the November four-week reporting period to be between flat and two percent, said Tom Schoewe, executive vice president and chief financial officer. The November four-week period runs from Nov. 3 through Nov. 30, 2007.
07:42 GOT Gottschalks reports Oct same store sales of -3% vs -2% Briefing.com consensus; says expects financial results in Q3 to be below those of Q3 of last year (3.58 )

07:41 FLO Flowers Foods beats by $0.02, reports revs in-line; guides FY07 EPS in-line, revs in-line; guides FY08 EPS in line, revs above consensus (20.83 )

Reports Q3 (Sep) earnings of $0.24 per share, $0.02 better than the Reuters Estimates consensus of $0.22; revenues rose 7.7% year/year to $475.2 mln vs the $472.2 mln consensus. Co issues in-line guidance for FY07, sees EPS of $0.98-1.02, up from previous guidance of $0.92-1.02, vs. $0.98 consensus; sees FY07 revs of $2.027-2.034 bln, up from previous guidance of $2.02-2.04 bln, vs. $2.03 bln consensus. Co issues upside guidance for FY08, sees EPS of $1.07-1.17 vs. $1.09 consensus; sees FY08 revs of $2.20-2.258 bln vs. $2.16 bln consensus.
07:40 HSP Hospira reports EPS in-line, misses on revs; reaffirms FY07 EPS guidance (39.50 )

Reports Q3 (Sep) earnings of $0.49 per share, excluding non-recurring items, in-line with the Reuters Estimates consensus of $0.49; revenues rose 29.6% year/year to $838 mln vs the $849.3 mln consensus. Co reaffirms guidance for FY07, sees EPS of $2.11-2.16, excluding non-recurring items, vs. $2.14 consensus; co reaffirms Y07 net sales growth up approx 26-28%.
07:40 SMRT Stein Mart Oct same store sales decrease 3.8%, Briefing.com consensus -6.7%; guides EPS above consensus for Q3 (5.57 )

Co issues upside EPS guidance for Q3 (Oct), sees EPS of ($0.06)-($0.08) vs. ($0.17) Reuters Estimates consensus; preannounces Q3 (Oct) revs of $333.4 vs. $333.70 mln consensus.
07:39 HLYS Heelys: Lots of pain ahead in 4Q07 but a possible light at the end of the tunnel – Brean Murray (7.22 )

Brean Murray notes last night HLYS reported 3Q07 EPS of $0.24 or $0.01 above their est as well as revised guidance of $0.22-$0.23. In addition, mgmt updated its 4Q07 outlook. Clearly, the situation continues to be bleak and until mgmt proves that it can reduce retail inventories while reinvigorating demand, investors are better off investing elsewhere. More specifically, the weak 4Q07 guidance is caused by mgmt’s plan to completely eliminate excess retail inventory by the end of the year. Coupled with an improved product line and an increased door count, this could lead to a return to growth in 2008.
07:39 PRICE Filings, Offerings, Pricings and IPOs

Filings: Progressive Gaming (PGIC) files for a 9 mln share common stock secondary offering… ImageWare Systems (IW) files for a 3.5 mln share common stock offering by selling shareholders… Yingli Green Energy (YGE) files for a 10 mln ADS offering, 3 mln by the co and 7 mln by selling shareholders… Compass Group (CODI) files for an 8.82 mln share offering by selling shareholders… Pricings: MFA Mortgage (MFA 7.95) prices a 15 mln share common stock offering at $7.95/share… Ceragon (CRNT 14.07) prices a 6.6 mln share follow on offering at $13.50/share… IPOs: Approach Resources (AREX) -an energy co engaged in the exploration, development, exploitation, production and acquisition of unconventional natural gas and oil properties, prices its 7.6 mln share IPO at $12/share, below the forecast range of $14-$16/share… ICx Technologies (ICXT) -a developer, manufacturer, marketer and integrator of advanced sensing technologies, products and solutions (co’s first and for now principal market is homeland security), prices their 5 mln share IPO at $16/share, below the forecast range of $17-$19/share… Golden Pond Healthcare (GPH) -a blank check company looking to acquire an operating business in the healthcare industry, prices its 15.6 mln share IPO at $8/share.
07:39 ISIL Intersil: Hearing upgraded to neutral from sell at tier 1 firm (30.09 )

07:38 NOVN Noven Pharma beats by $0.13, misses on revs (13.51 )

Reports Q3 (Sep) earnings of $0.30 per share, excluding non-recurring items, $0.13 better than the Reuters Estimates consensus of $0.17; revenues rose 38.9% year/year to $21.8 mln vs the $23.5 mln consensus.
07:38 MER Merrill Lynch disclosed SEC inquiry in last night’s 10-Q filing (53.99 ) -Update-

In a 10-Q filing out last night, MER said “On October 24, 2007, the SEC staff initiated an inquiry into matters related to Merrill Lynch’s subprime mortgage portfolio. Merrill Lynch is cooperating fully with the SEC in this matter.”
07:38 SINA Sina initiated assumed with an Outperform at Bear Stearns (54.57 )

07:37 AXP American Express: Visa settlement a positive for AXP; MA could follow – Calyon (55.37 )

Calyon notes yesterday Visa has agreed to pay AXP $2.25 bln in cash to settle AXP’s anti-trust suit. Visa will pay half up front and the remaining half over the following four years. Positive for AXP: the co will receive a $2.25 bln cash infusion from Visa, with the potential for an additional settlement (which they est at between $1.5 and $1.8 bln, as discussed below) from MA. Positive for MA: frames a potential settlement that would, despite the cost, remove most legal overhang from the shares. Positive for Visa: removes uncertainty in advance of IPO and frees the co to focus on fundamentals during the road show.
07:37 IQW Quebecor World downgraded to Neutral from Buy at UBS (8.17 )

07:37 SHRP Sharper Image guides Q3 revs below consensus; reports Oct comparable store sales of -8% vs -4.8% Briefing.com consensus (3.02 )

Co issues downside guidance for Q3 (Oct), sees revs of $67.4 mln vs. $81.24 mln consensus.
07:36 TLB Talbots reports Q3 comps -8.2%; reaffirms guidance for Q3 & Q4 (13.61 )

Co issues reaffirms guidance for Q3 (Oct), sees EPS of ($0.20)-($0.25) vs. ($0.23) Reuters Estimates consensus; sees Q3 (Oct) revs of $556 mln vs. $546.83 mln consensus. Co reaffirms guidance for Q4 (Jan), sees EPS of ($0.05)-($0.09) vs. ($0.09) consensus.
07:36 BONT Bon-Ton Stores reports Oct comps fell 1.4% vs -3.0% consensus, cuts EPS guidance as previously announced (15.35 )

Co issues downside pre-announcement for Q3 (Oct), reports revs of $780.8 mln vs. $793.53 mln Reuters Estimates consensus. Co issues downside guidance for FY08 (Jan), sees EPS of approx $2.00 vs. $2.05 consensus. On Oct 17, co announced that it would no meet previous EPS guidance, which was $2.75-2.90. CFO comments, “At this point, we expect the retail environment to be extremely promotional during the fourth quarter and we will employ an aggressive promotional strategy to drive sales, which could exert downward pressure on our margins. As we will have more clarity on our holiday sales, we will incorporate our expectations for fourth quarter results and provide our revised full-year fiscal 2007 guidance with our third quarter earnings release and conference call on Thursday, November 29.”
07:36 MSEX Middlesex Water upgraded to Outperform at Boenning and Scattergood- tgt $22 (18.79 )

Boenning and Scattergood upgrades MSEX to Outperform from Market Perform with a $22 tgt saying recent rate relief in each of Middlesex Water’s key service territories positions the co to deliver solid earnings growth in the near-term, while a number of key developments position Middlesex for improved financial performance over the long-term. The firm says in particular, an improving regulatory climate in the co’s core NJ market should enable the co to reduce the negative impact of regulatory lag on returns, while the strong regulatory environment in DE should enable continued solid returns for the co’s Tidewater subsidiary. Meanwhile, through aggressive expansion in both the potable water and wastewater segments of the market, Middlesex appears primed to transform itself from a relatively sleepy water utility into a leading water services company with operations across the Mid-Atlantic.
07:36 BRL Barr Pharma beats by 4 cents, revs light; guides for Q4 EPS & 2007 revs (56.68 )

Co reports Q3 EPS $0.75 vs $0.71 consensus, revs $601 mln vs 621 mln consensus. Sees Q4 EPS $0.73-0.83 vs $0.83 consensus; sees 2007 revs $2.4-2.5 bln vs $2.5 bln consensus.
07:35 TOPT prelim ($0.50) vs ($0.41) Reuters consensus; revs $51.2 mln vs $46.32 mln Reuters consensus

07:35 NRF Northstar Realty beats by $0.01, beats on revs (8.00 )

Reports Q3 (Sep) funds from operations of $0.40 per share, excluding non-recurring items, $0.01 better than the Reuters Estimates consensus of $0.39; revenues rose 93.3% year/year to $112.7 mln vs the $110.3 mln consensus. “The fixed income and equity market volatility continues to be driven by issues in the residential lending and single family housing sector. NorthStar has always been focused on commercial real estate finance and has no direct exposure to single family housing or subprime residential lending. Although commercial real estate is not the cause of current market volatility, we firmly believe that attractive opportunities will be available to those who manage credit and liquidity through these challenging times as weaker competitors and non-dedicated real estate investors leave the market. Our broad and experienced investment platform is well-positioned for this period of opportunity.”
07:35 ATVI Activision: Call of Duty 4, Guitar Hero 3 in high demand – Nollenberger (21.50 )

Nollenberger notes Call of Duty 4, which was released two days ago by ATVI, appears to be in extremely high demand and is sold out across the board. They’ve checked with a wide range of retailers (Gamestop, Wal-Mart, Target), and only pre-orders are being satisfied-stores are otherwise sold out of the title. Guitar Hero 3, to a lesser extent, is also out of stock at many retailers, which is in line with what mgmt said on the call three days ago.
07:34 HSP sees FY07 $2.11-2.16 vs $2.14 Reuters consensus; reaffirms rev growth of approx 26-28%

07:34 HSP prelim $0.49 vs $0.49 Reuters consensus; revs $838.0 mln vs $849.27 mln Reuters consensus

07:33 FNLY Finlay Enterprises reports Oct comparable sales of +1.6%, no consensus (4.29 )

07:33 CBK Christopher & Banks Oct same store sales +22% vs +1.1% Briefing.com consensus; guides above consensus for Q3 & FY08 (14.20 )

Co issues upside guidance for Q3 (Nov), sees EPS of $0.26-0.28 vs. $0.22 Reuters Estimates consensus. Co issues upside guidance for FY08 (Feb), sees EPS of $0.74-0.78 vs. $0.72 consensus.
07:33 FLO sees FY08 $1.07-1.17 vs $1.09 Reuters consensus; sees revs $2.200-2.258 bln vs $2.16 bln Reuters consensus

07:33 FLO sees FY07 $0.98-1.02 vs $0.98 Reuters consensus; sees revs $2.027-2.034 bln vs $2.03 bln Reuters consensus

07:33 JWN Nordstrom reports Oct same store sales -2.5% vs +1.9% Briefing.com consensus (33.67 )

Co also reports Q3 (Oct) revenue of $1.97 bln, in-line with consensus of $1.97 bln.
07:32 FLO prelim $0.24 vs $0.22 Reuters consensus; revs $475.2 mln vs $472.22 mln Reuters consensus

07:32 ABAX Abaxis announces first ever CLIA-Waived comprehensive metabolic panel (32.18 )

Co announces that the FDA has granted waived status under CLIA regulations for 4 additional analytes, that subsequently allows the waived status of 3 additional complete chemistry panels, including the Comprehensive Metabolic Panel, Basic Metabolic Panel and Electrolyte Panel.
07:32 BVF prelim $0.41 vs $0.40 Reuters consensus; revs $188.9 mln vs $201.58 mln Reuters consensus

07:32 BRLC sees FY08 revs $1.0-1.1 bln vs $1.05 bln Reuters consensus

07:31 BONT pre-announces Q3 sales below consensus

07:31 BRL sees Q4 EPS $0.73-0.83 vs $0.83 consensus; sees 2007 revs $2.4-2.5 bln vs $2.5 bln consensus

07:31 BRLC prelim $0.16 vs $0.05 Reuters consensus; revs $150.6 mln vs $176.25 mln Reuters consensus

07:31 DYAX Dyax announces extension of antibody library collaboration with ImClone Systems (3.96 )

Co announces the extension of the antibody library collaboration with ImClone Systems (IMCL) for the discovery of therapeutic antibodies. Under the terms of this agreement, IMCL will continue to have access to Dyax’s proprietary phage display technology for an additional four years.
07:30 USPH prelim $0.18 vs $0.18 Reuters consensus; revs $37.5 mln vs $36.29 mln Reuters consensus

07:30 NTES Netease.com: Growth picture clearer with substantial rev contribution from WJO3 – Susquehanna (22.28 )

07:30 NT Nortel upgraded to Neutral at Credit Suisse- tgt 18 (18.46 )

Credit Suisse upgrades NT to Neutral from Underperform with an $18 tgt following earnings and saying although no change to their view regarding the secular challenges confronting NT, the firm believes shares will be range bound until 4Q07 results given likely near-term focus on impressive G.M improvement.
07:29 RMBS Rambus: INTC news raises possibility of more deals – BWS Financial (19.36 )

BWS Financial announces that the co is evaluating possible uses of XDR technology with INTC. The news of a memorandum of understanding is a step forward for RMBS showing it is tightening a relationship that seemed to have faltered because of market forces in the memory market at the turn of the century. Firm notes that there remains a litigation overhang that should be addressed over the next 6 to 9 months. They view RMBS to have the advantage in the legal battles that the Co is entrenched in. The removal of such risks should allow RMBS shares to react more appropriately to licensing deals.
07:29 BRL reports Q3 EPS $0.75 vs $0.71 consensus, revs $601 mln vs 621 mln consensus

07:28 CNSL Consolidated Comms Illinois misses by $0.02, misses on revs (62.23 )

Reports Q3 (Sep) earnings of $0.14 per share, excluding non-recurring items, $0.02 worse than the Reuters Estimates consensus of $0.16; revenues were unchanged from the year-ago period at $80.3 mln. For FY07 co sees Capital expenditures are expected to be in the range of $32.5 mln to $33.5 mln; cash interest expense is expected to be in the range of $44.0 mln to $44.5 mln; and cash income taxes are expected to be in the range of $13.0 mln to $14.0 mln.
07:28 CXW Corrections Corp beats by $0.01, beats on revs; guides Q4 EPS in-line (26.65 )

Reports Q3 (Sep) earnings of $0.26 per share, $0.01 better than the Reuters Estimates consensus of $0.25; revenues rose 12.4% year/year to $379.9 mln vs the $370.5 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.26-0.28 vs. $0.28 consensus.
07:28 WIRES On The Wires

Birks & Mayors (BMJ) announces that it has executed an asset purchase agreement for the acquisition of the assets of Brinkhaus, a privately-owned Canadian luxury jeweler that sells Swiss timepieces in Calgary and Vancouver, Canada… Endeavor Acquisition (EDA) announces that it has entered into an amended and restated merger agreement with American Apparel. American Apparel shareholder Dov Charney will receive a total of 37,258,065 shares of EDA, subject to downward adjustment if American Apparel’s net debt exceeds $150 mln at closing.
07:27 IVZ InVesco reports Q3 EPS of $0.60 vs $0.44 Reuters consensus; revs flat YoY at $720.3 mln vs $712.07 mln Reuters consensus (28.34 )

07:27 NSTK Nastech Pharm: Nastech and Procter & Gamble part ways over PTH program – Rodman & Renshaw (8.62 )

Rodman & Renshaw notes NSTK announced that Procter & Gamble (PG) has decided to terminate the development and commercialization agreement for teriparatide nasal spray. As a result, NSTK has reacquired the rights to PTH Nasal Spray for the treatment of osteoporosis from its collaborator. Nastech plans to immediately advance PTH1-34 Nasal Spray into a Phase II clinical study to evaluate the change in bone mineral density own its own. According to NSTK, the FDA has previously indicated that BMD is a satisfactory primary endpoint for approval through a 505b-2 route. As a reminder, the traditional route to approval in the osteoporosis setting is through a large Phase III fracture study. Nastech stated that it plans to start an additional 3-6 month Phase II study in 1Q08. While we are disappointed by the today news, firm looks forward to gaining further insight into the program from the publication and presentation of the full data set at an upcoming meeting.
07:26 CHDN Churchill Downs: Pro-gaming candidate takes Governor’s seat on Kentucky; tgt raised to $62 – Brean Murray (49.55 )

Brean Murray increases their tgt on CHDN to $62 from $58 reflecting last night’s election results in Kentucky and the increased chance that slots/gaming is legalized in the state over the next two years. Although there is still a long road towards the legalization of gaming, the election of Steve Beshear by a landslide is a major and necessary first step.
07:26 CNSL prelim $0.09 vs $0.16 Reuters consensus, $0.17 First Call; revs $80.3 mln vs $81.99 mln Reuters consensus

07:26 SKYW SkyWest beats by $0.05, misses on revs (25.68 )

Reports Q3 (Sep) earnings of $0.68 per share, $0.05 better than the Reuters Estimates consensus of $0.63; revenues rose 10.6% year/year to $875.6 mln vs the $893 mln consensus.
07:26 CRNT Ceragon Networks announces pricing of follow-on offering of $13.50 a share for 6.6 mln shares (14.07 )

07:26 MNT Mentor Corp: Breast Implant market still demonstrating resiliency; mgmt reiterates guidance – Merriman (42.71 )

Merriman notes MNT posted a solid quarter with breast aesthetics sales outpacing their ests by a modest $1.2 mln. The co appears to have lost very modest 100 bp market share, but it seems difficult to ascertain whether this is due to seasonality or aggressive pricing on Allergan’s (AGN) part. The co reiterated its guidance for FY08. Firm notes that despite mgmt’s comments that broader economic concerns may impact physician procedure rates in the near future, procedure growth usually recovers within 2- 3 quarters based on historical precedent.
07:25 SOMX Somaxon Pharma: Blockbuster potential at a bargain price – Merriman (5.76 ) -Update-

Merriman notes yesterday after the close, SOMX reported 3Q07 revs and EPS results of $0.0 mln and ($0.31), well above firm’s ests of $0.0 mln and ($0.43) and Street consensus ests of $0.0 mln and ($0.38), respectively. With sufficient cash to support the co through at least 3Q08 and positive results from six placebo-controlled clinical trials in insomnia, they believe investors should take advantage of the recent weakness and aggressively accumulate SOMX shares ahead of a likely commercialization deal or other “strategic transaction” in 2008.
07:25 CEL Cellcom Israel reports Q3 results (28.06 )

Reports Q3 (Sep) earnings of $0.68 per share, may not be comparable, to the Reuters Estimates consensus of $0.48; revenues rose 7.2% year/year to $391.7 mln vs the $356.05 mln consensus.
07:25 JCOM j2 Global: Reports soft Q3 results; tgt cut to $34 – FBR (30.93 )

Friedman Billings notes JCOM reported soft 3Q07 (Sept) results, which missed Street expectations on both the top and bottom-line. While the co had some pockets of strength in the quarter, they saw some very difficult selling conditions for its credit-sensitive customers, which resulted in lower top-line results and a weaker-than-expected outlook for the Dec quarter. With the consumer price increase now in the rear view mirror and the co now facing some headwinds with its credit-sensitive customers, they believe the JCOM ship could encounter some rough seas over the next few quarters. Firm is lowering their tgt from $40 to $34.
07:24 CMLS Cumulus Media earnings color (9.07 ) -Update-

Reuters Estimates is telling us that excluding impairment charge of $81.335 mln, an actual of $0.03 is comparable to their consensus of $0.04. See 7:17 comment for full report.
07:24 LGND Ligand Pharma: Earnings previw; expect in-line revs – Broadpoint Securities (5.06 )

Broadpoint Securities notes LGND reports 3Q7 results on Nob 8, after the market. Firm ests EPS of ($0.02) on revs of $5.3 mln consisting entirely of royalties paid by King Pharmaceuticals (KG) on sales of Avinza. Firm expects investors to focus on anticipated data presentations on Promacta, LGD4665, and competing platelet drugs at the American Society of Hematology meeting in Dec, and other clinical progress by those drugs.
07:24 AER AerCap beats by $0.09, beats on revs (22.98 )

Reports Q3 (Sep) earnings of $0.68 per share, excluding non-recurring items, $0.09 better than the Reuters Estimates consensus of $0.59; revenues rose 11.8% year/year to $335.9 mln vs the $330 mln consensus.
07:24 FLR Fluor: 3Q07 review; tgt raised to $149 – FBR (145.09 )

Friedman Billings raises their tgt on FLR to $149 from $115 following 3Q07 results. EPS, new awards, and backlog were all ahead of firm’s expectations. Strength continues to be driven by the oil and gas, global services, and power segments. Firm believes FLR’s depth and breadth of services, reputation, and execution within numerous end markets worldwide will help drive solid growth in the intermediate to longer term (especially as front-end projects turns over into construction work); but they believe this growth is embedded in current valuations.
07:24 PAET PAETEC Holding reports Q3 net loss of $5.1 mln vs yr ago net loss of $1.5; revs rose 91% YoY to $283.9 mln (12.04 )

(Note that PAET ended Q3 with 102.5 mln common shares outstanding)
07:23 TRLG True Religion: Denim is not-and never will-die; raising ests – FBR (15.80 )

Friedman Billings notes TRLG beat 3Q07 consensus and maintained FY07 top/bottom-line guidance. Not only are results extremely noteworthy, but guidance clearly indicates that momentum remains strong. Firm is hopeful a strong end to FY07 and a solid 1H08 will finally appease skeptics. Firm thought 3Q results and outlook were extremely positive. They have every reason to believe momentum will continue in 4Q07, but think the real upside to the stock will be seen when TRLG reports 1H08 results. More specifically, based on their product reviews, they think top/bottom-line performance will remain extremely strong into FY08, and firm would hope the short interest finally declines once TRLG demonstrates a sustained ability to deliver/exceed on expectations.
07:23 WIN Windstream earnings color (12.75 ) -Update-

Reuters Estimates is telling us that the GAAP EPS of $0.25 is comparable to their consensus of $0.22. See 6:51 comment for full report.
07:23 SOMX Somaxon Pharma tgt cut to $14 at FBR (5.76 )

Friedman Billings notes SOMX reported a 3Q07 net loss of $0.31, compared to consensus of ($0.38). The co announced that while discussions with potential commercial partners for insomnia drug candidate Silenor are ongoing, it no longer guiding to a deal occurring before year-end. SOMX continues to be on track to file an NDA for Silenor in 1Q08 and expects that a deal will materialize that will allow for an on-time launch. Firm cuts their tgt to $14 from $23.
07:23 WM Washington Mutual tgt cut to $14 at FBR (20.04 ) -Update-

Friedman Billings cuts their tgt on WM to $14 from $23 to reflect continued elevated levels of credit costs going into FY08. Firm believes the co’s deposit franchise has real value and will support the stock’s valuation. However, with credit trends eroding fast in this weakening housing market, continued higher credit costs will put significant pressure on WM’s earnings. Firm notes mgmt pointed out that earnings will continue to reflect elevated credit cost, and they believe the market has now factored in a dividend cut. Firm is reducing their FY08 EPS est to $1.60 from $2.00 on higher credit cost and slower asset growth.
07:22 CTR Cato Corp Oct same store sales -8.0% vs -4.0% Briefing.com consensus; reaffirms EPS guidance for Q3 (17.27 )

Co reaffirms guidance for Q3 (Oct), sees EPS of $0.07-0.09 vs. $0.09 Reuters Estimates consensus.
07:22 FLWS 1-800-FLOWERS initiated with a Buy at Nollenberger- tgt $14 (11.01 )

Nollenberger initiates FLWS with a Buy and a $14 tgt saying through a combination of organic growth and strategic acquisitions, 1-800-FLOWERS has emerged as a leading retailer of consumer floral products and other gift-giving items. While the company is still best known as a destination for fresh-cut flowers and floral arrangements, it has significantly diversified its product offering over the last several years to include higher-margin businesses such as gourmet food and gifts as well as B2B products and services. The firm believes these newer categories will remain the focal point of the co’s growth strategy as it leverages its sophisticated marketing and fulfillment capabilities across its large and growing customer database.
07:22 NICE Nice Systems: Solid Q3 and multiple drivers going into 2008 – Susquehanna (38.44 )

07:22 IMMU Immunomedics: Looking ahead, expect multiple catalysts in 2008 – Brean Murray (2.44 )

Brean Murray believes there are several reasons to keep a close eye on IMMU during toward YE07 and throughout 2008. By year-end, they expect the co will receive a positive decision from UCB to move forward with epratuzumab’s clinical development for Lupus. Firm believes an affirmative decision by UCB would breathe life back into IMMU, as the halting of the trial was detrimental for the stock and the co’s story. Furthermore, the co expects to initiate two additional Phase 1 trials with veltuzumab (previously designated hA20) in ITP, NHL and CLL in 1H08. Firm believes IMMU is taking the careful and necessary steps to build and therefore maximize the value of veltuzumab at the partnership table. Firm believes IMMU will continue to seek out potential partnership opportunities as they present themselves in 2008, and they expect the co to pen a deal in no later than 2009.
07:21 SKYW prelim $0.68 vs $0.63 Reuters consensus, $0.62 First Call; revs $875.6 mln vs $892.97 mln Reuters consensus (25.68 )

07:21 AHR Anthracite Capital reports Q3 operating EPS of $0.32 vs $0.28 Reuters consensus (7.37 )

“The current weaknesses in the sub-prime mortgage sector and in the broader mortgage market have resulted in reduced liquidity for mortgage-backed securities. Although this reduction in liquidity has been directly linked to sub-prime residential assets, to which the Company continues to have no direct exposure, there has been an overall reduction in liquidity across the credit spectrum of commercial and residential mortgage products. Significant price declines may cause lenders to call in all or a portion of their loans to reflect the reduced value of the assets securing those loans. The Company’s strategy is to match-fund assets when economical and to maintain adequate cash to meet any margin calls on the remaining portfolio assets. At September 30, 2007, only 14% of the Company’s commercial mortgage-backed securities (“CMBS”) were not match-funded and approximately 40% of the Company’s recourse borrowings are unsecured term debt which does not permit lenders to call any portion of their loans.”
07:20 CHS Chico’s FAS sees Q3 EPS of $0.10 – $0.13, including $0.02 gain, vs Reuters consensus of $0.17 (12.22 ) -Update-

07:18 CHS Chico’s FAS: For Q3 (Oct), sees revs of $416 mln vs $439.47 mln Reuters estimate consensus (12.22 -0.55) -Update-

07:18 MA MasterCard profiled in New America section of IBD (199.48 ) -Update-

IBD reports many vacationing Europeans made a beeline for New York and other U.S. shopping havens this summer. The co noticed an uptick in the number of cross-border transactions it processed over its network. Though the cross-border mix accounts for only about 5% of MasterCard’s total transactions, average revenue per transaction is much higher. Analyst Robert Dodd of Morgan Keegan estimates that average revenue per cross-border transaction is roughly $1, compared with the overall average of just 20 cents. Currency conversions added up to about 25% of total revenue in the third quarter, he says. What’s more, it’s a high-margin business since the work involved isn’t too extensive. MasterCard is the only pure-play card co that is public. About 70% of MasterCard’s revenue is generated from fees based on pure transaction volume processed on its network, says analyst Moshe Katri of Cowen. Katri considers that 70% a defensive mechanism in challenging times. Since MasterCard went public two years ago it has been paying more attention to expenses. When it was a nonprofit organization of member banks, it didn’t have much incentive to lower operating costs. Some say there is more room to cut. Analysts polled by Thomson Financial expect MasterCard’s fourth-quarter earnings to more than double from last year’s fourth quarter and rise 57% for the full year, to $5.36 a share. They see 2008 profit growing 23%.
07:18 CCO Clear Channel Outdoor reports EPS in-line, beats on revs (24.00 )

Reports Q3 (Sep) earnings of $0.15 per share, in-line with the Reuters Estimates consensus of $0.15; revenues rose 13.5% year/year to $817.5 mln vs the $802.4 mln consensus.
07:17 CMLS Cumulus Media reports Q3 (Sep) results, beats on revs (9.07 )

Reports Q3 (Sep) loss of $1.62 per share, includes charges, may not be comparable to the Reuters Estimates consensus of $0.04; revenues rose 0.2% year/year to $84.2 mln vs the $83.2 mln consensus.
07:16 MDH MHI Hospitality reports FFO in-line, revs in-line; reaffirms FY07 EPS guidance (8.89 )

Reports Q3 (Sep) funds from operations of $0.25 per share, excluding non-recurring items, in-line with the Reuters Estimates consensus of $0.25; revenues rose 3.8% year/year to $16.7 mln vs the $16.8 mln consensus. Co reaffirms guidance for FY07, sees FFO of $1.00-1.10 vs. $1.06 consensus.
07:16 HEES H&E Equipment Srvs Announces Stock Repurchase Program of up to $100 mln (15.12 )

07:16 F Ford Motor beats by $0.47, beats on revs (8.24 )

Reports Q3 (Sep) loss of $0.01 per share, $0.47 better than the Reuters Estimates consensus of ($0.48); worldwide auto revenues rose 11.7% year/year to $36.3 bln vs the $33.46 bln consensus. Co comments on outlook, “Looking ahead, the company’s progress in 2007 reflects it is on track to meet its goal of being profitable in North America and Total Automotive in 2009. The company also is on track to meet its North American cost reduction target of $5 billion by 2008 as compared with 2005. Progress is being made on achieving U.S. market share goals, and the company is ahead of its $17 billion cash outflow target for the 2007 to 2009 period”. CEO comments, “Our third-quarter and year-to-date performance indicate that our plan is working. Our full-year pre-tax outlook excluding special items is to be substantially better than 2006. We remain committed to improving our business and delivering our plan.”
07:16 CHS Chico’s FAS reports Oct comparable sales of -10.6%, vs -6.5% Briefing.com consensus (12.22 )

07:14 ELOS Syneron Medical beats by $0.01, reports revs in-line; guides FY07 revs in-line (16.42 )

Reports Q3 (Sep) earnings of $0.28 per share, $0.01 better than the Reuters Estimates consensus of $0.27; revenues rose 7.7% year/year to $33.1 mln vs the $33 mln consensus. Co issues in-line guidance for FY07, sees FY07 revs of $138-$140 vs. $139.81 mln consensus. The Board authorized Syneron to purchase its ordinary shares in the aggregate amount of up to $50 mln.
07:14 SCVL Shoe Carnival guides Q3 EPS & revs below consensus; reports comparable store sales for Q3 of -5% (13.51 )

Co issues downside guidance for Q3 (Oct), sees EPS of $0.32-0.33 vs. $0.41 Reuters Estimates consensus; sees Q3 (Oct) revs of $173.9 mln vs. $180.88 mln consensus.
07:13 TAGS Tarrant Apparel reports Q3 EPS of $0.05 vs ($0.83) in 3Q06; revs rose 28% YoY to $70.2 mln – no ests (1.15 )

The co reiterated its previous Business Outlook, which called for 2007 full-year net revenue of $230-240 mln.
07:13 ROK Rockwell Automation beats by $0.01, reports revs in-line; guides FY08 EPS in-line (66.37 )

Reports Q4 (Sep) earnings of $1.07 per share, $0.01 better than the Reuters Estimates consensus of $1.06; revenues rose 14.8% year/year to $1.37 bln vs the $1.37 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.25-4.45 vs. $4.34 consensus; co sees FY08 rev growth of 10-12% which is roughly $5.5-5.6 bln vs $5.4 bln consensus.
07:13 KGC Kinross Gold downgraded to Neutral from Buy at Merrill (20.01 )

07:13 ENER Energy Conversion reports EPS in-line, beats on revs; guides Q2 revs in-line; guides FY08 revs in-line (26.13 )

Reports Q1 (Sep) loss of $0.07 per share, excluding non-recurring items, in-line with the Reuters Estimates consensus of ($0.07); revenues rose 72.8% year/year to $47 mln vs the $42.2 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $50-55 mln (solar $45-49 mln) vs. $50.78 mln consensus. Gross margins on solar product sales for the second fiscal quarter are expected to be approximately 15 to 16 percent, reflecting the ramp up of the company’s first Greenville facility. The company also expects restructuring charges of $2.0 to $2.5 million and preproduction costs of approximately $2 to $3 million in the quarter. Co reaffirms for FY08, sees FY08 revs of $220-245 mln vs. $229.14 mln consensus. Preproduction costs for the year are expected to be between $6 million and $9 million and restructuring costs for 2008 are expected to be between $3 million and $5 million. Gross margins in the Uni-Solar business are expected to approach 21 percent to 23 percent in the fourth quarter fiscal 2008, at which time the company expects to reach sustainable profitability.
07:12 RCNI RCN does not report EPS vs ($0.59) consensus; reports Q3 revs up 4% yr/yr to $155.7 mln vs $156.76 mln consensus (14.10 )

Co sees Y07 revs of $625-630 mln, compared to previous guidance of $625-635 mln, vs $627.03 mln consensus.
07:11 JOBS 51job initiated with an Outperform at Bear Stearns (21.39 )

07:11 HEES H&E Equipment Srvs announces a $100 mln stock repurchase program (15.12 ) -Update-

07:11 SOHU Sohu.com initiated with a Peer Perform at Bear Stearns (58.83 )

07:10 ONNN ON Semiconductor initiated with an Overweight at Thomas Weisel (9.10 )

07:10 ZLC Zale reports Q1 revs declined 1% YoY to $378 mln vs $425.28 mln Reuters consensus; sees Q1 EPS of ($0.59)-($0.63) vs ($0.61) Reuters consensus; (19.30 )

07:10 CCU Clear Channel reports Q3 (Sep) results, revs in-line (35.91 )

Reports Q3 (Sep) earnings of $0.52 per share, may not be comparable to the Reuters Estimates consensus of $0.38; revenues rose 5.3% year/year to $1.73 bln vs the $1.74 bln consensus.
07:09 VRTX Vertex Pharm: Hearing upgraded to buy from neutral at tier 1 firm (24.77 )

07:09 BCRX BioCryst Pharm misses by $0.04, beats on revs (7.67 )

Reports Q3 (Sep) loss of $0.32 per share, $0.04 worse than the Reuters Estimates consensus of ($0.28); revenues rose 1043.2% year/year to $20.5 mln vs the $10.5 mln consensus. The increase in revenue is primarily due to revenue recognized from the contract with the US Dept of Health and Human Services for the development of peramivir and the continuing amortization of deferred revenue from our collaborative agreements.
07:09 Bank of England keeps key rate unchanged at 5.75% – Bloomberg

Bloomberg reports the Bank of England kept its benchmark interest rate unchanged at a six-year high, with policy makers resisting calls for a cut on concern that rising oil and food prices will fan inflation. The nine-member Monetary Policy Committee, led by Governor Mervyn King, left the bank rate at 5.75%, as predicted by all except three of the 61 economists surveyed by Bloomberg News. Most expect a reduction in February. The decision suggests contagion from the U.S. subprime mortgage mkt slump, which sparked the first run on a U.K. bank in more than a century, has yet to outweigh policy makers’ concerns about inflation. The Bank of England’s reluctance to follow the Federal Reserve in cutting rates sent the pound to a 26-year high against the dollar today.
07:09 CTRP Ctrip.com initiated with an Outperform at Bear Stearns (57.09 )

07:08 BKRS Bakers Footwear reports Q3 comparable sales decreased 16.6% (2.67 )

Co announces that for the thirteen weeks ended Nov 3, 2007, the co’s third fiscal qtr, net sales decreased 13.4% to $40.3 mln, compared to $46.6 mln in the thirteen weeks ended Oct 28, 2006. Comparable store sales in Q3 decreased 16.6%, compared to a 4.2% decline in the comparable period last year. Co states, “…Inventory at quarter end is well controlled and our cost reduction plan is on track and expected to generate $8.0 mln of savings, positively impacting operating results in fiscal 2008 with benefits also expected to positively impact net income in the fourth qtr of fiscal 2007.” The co currently expects to incur one-time charges in 3Q07 of approx $4 mln to $5 mln of which approx $1 mln will be actual cash payments.
07:08 THS TreeHouse Foods beats by $0.02, reports revs in-line; guides Q4 EPS in-line (25.27 )

Reports Q3 (Sep) earnings of $0.34 per share, $0.02 better than the Reuters Estimates consensus of $0.32; revenues rose 8.1% year/year to $272 mln vs the $274.4 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.42-0.45 vs. $0.44 consensus.
07:08 CBRX Columbia Labs reports Q3 EPS of ($0.08) vs ($0.05) yr/yr; revs rise 48% to $7.3 mln- no estimates (2.52 )

07:07 KG King Pharms beats by $0.07, beats on revs (10.05 )

Reports Q3 (Sep) earnings of $0.52 per share, excluding non-recurring items, $0.07 better than the Reuters Estimates consensus of $0.45; revenues rose 10.8% year/year to $544.9 mln vs the $530.1 mln consensus.
07:07 ELOS guides FY07 revs $138-140 mln vs $139.81 mln Reuters consensus (16.42 )

07:06 VNDA Vanda Pharma beats by $0.18 (9.70 )

Reports Q3 (Sep) loss of $0.82 per share, $0.18 better than the Reuters Estimates consensus of ($1.00).
07:06 NWY New York & Co expects OctQ EPS at high end of guidance (6.38 )

Co reports OctQ comparable store sales for its New York & Co brand decreased 4.8%. Co expects EPS for the ongoing New York & Co brand to be at the high end of its previously issued guidance range of $0.03-0.07 for Q3 (Oct) vs consensus of $0.04 and within the previously issued guidance of $0.47-0.58 for the full year (consensus $0.43). Note, co announced on Oct 18 it would exit the 23 store JasmineSola chain by the end of Q4 (Jan).
07:06 ELOS prelim $0.28 vs $0.27 Reuters consensus; revs $33.06 mln vs $32.99 mln Reuters consensus (16.42 )

07:05 BKE The Buckle Oct same store sales +14.9% vs +5.0% Briefing.com consensus; preannounces Q3 revs above consensus (39.35 )

Co issues upside preannouncement for Q3 (Oct), sees Q3 (Oct) revs of $167.6 vs. $164.25 mln Reuters Estimates consensus.
07:05 SKYW SkyWest announces an additional 5 mln share repurchase program (25.68 )

07:04 RATE Bankrate downgraded to Sector Perform from Outperform at RBC (52.10 )

07:04 CCO prelim $0.15 may not be comparable to $0.15 Reuters consensus, $0.14 First Call; revs $817.5 mln vs $802.42 mln Reuters consensus

07:04 BPUR Biopure submits complete response to U.K. regulatory body on marketing application for Hemopure (0.68 )

Co announces that it has submitted a complete response to the provisional opinion letter issued by the United Kingdom Commission on Human Medicines arising out of CHM’s review of Biopure’s application for marketing authorization for Hemopure. The indication requested in the response is for the treatment of acutely anemic adult orthopedic surgery patients under 80 years of age when blood is not readily available or not an option.
07:04 LTD Limited reports Oct same store sales fell 6% vs -2.6% consensus (21.44 )

07:04 ENER sees FY08 revs $220-245 mln vs $229.14 mln Reuters consensus

07:04 FOLD Amicus Therapeutics and Shire enter into $440 mln ex-US licensing agreement to develop and commercialize Amigal, Plicera and At2220 (16.08 )

Co announces that it has entered into a strategic collaboration with Shire Human Genetic Therapies, a subsidiary of Shire (SHPGY), to jointly develop Amicus’ three lead pharmacological chaperone compounds for lysosomal storage disorders. Shire will receive rights to commercialize these products outside of the United States. FOLDwill retain all rights to commercialize these products in the United States. Under the terms of the deal, FOLDwill receive an initial, non- refundable licensing payment of US$ 50 mln. Joint development costs toward global approval of the three compounds will be shared 50/50 going forward, and FOLD is eligible to receive an additional US$ 150 mln if certain clinical and regulatory milestones are met for the three programs through approvals. FOLD is also eligible to receive up to US$ 240 mln in sales-based milestones, as well as tiered double-digit royalties. Not including royalties and cost sharing, the deal is valued at up to US$ 440 mln.
07:04 SUNH Sun Healthcare upgraded to Outperform from Peer Perform at Bear Stearns (15.02 )

07:03 ENER prelim ($0.07), ex items vs ($0.07) Reuters consensus; revs $47.0 mln vs $42.15 mln Reuters consensus

07:03 RGEN Repligen reports ‘positive’ Phase 2a clinical trial results of RG2417 for symptoms of bipolar disorder (4.21 )

Co announces positive results from a Phase 2a clinical trial of RG2417, an oral formulation of uridine, in patients with bipolar disorder… Over the six-week treatment period, the study demonstrated a statistically significant improvement in the symptoms of depression in the patients receiving RG2417 when compared to placebo on the MADRS and a strong trend toward improvement on the CGI-BP-C. Secondary observations from the study included a statistically significant decrease in mania score as determined using the Young Mania Rating Scale (YMRS) for mania (p=0.01), in the patients receiving RG2417 over the aggregate six-week treatment period when compared to placebo.
07:03 BIDU Baidu.com downgraded to Sector Perform from Outperform at RBC (395.00 )

07:03 F prelim ($0.01) ex items vs ($0.48) Reuters consensus, ($0.47) First Call; revs $41.1 bln vs $33.46 bln Reuters consensus

07:03 THS sees FY07 $1.29-1.32 vs $1.29 Reuters consensus

07:02 WTSLA Wet Seal Oct same store sales -5.4% vs -5.2% Briefing.com consensus; guides EPS below consensus for Q3 (2.19 )

Co issues downside guidance for Q3 (Oct), sees EPS of ($0.02)-($0.03), excluding non-recurring items, vs. $0.01 Reuters Estimates consensus.
07:02 CACH Cache reports sames store sales fell 3% vs -3% consensus, ups share buyback to 1.5 mln shares from 1 mln (14.70 )

07:02 THS prelim $0.34 vs $0.32 Reuters consensus; revs $272.0 mln vs $274.37 mln Reuters consensus

07:02 CMLS prelim ($1.62), which is not comparable to the $0.04 Reuters consensus, $0.05 First Call; revs $84.2 mln vs $83.19 mln Reuters consensus

07:02 ELOS Syneron Announces Share Repurchase Program of Up to $50 Million

07:02 PSUN Pacific Sunwear reports Oct same store sales -0.8% vs +2.9% Briefing.com consensus (16.42 )

Co raising Q3 EPS to $0.14-0.15, ex-items, from previous guidance of $0.10-0.13, vs $0.13 consensus; co reports Q3 revs of $373.1 mln vs $374.06 mln consensus.
07:01 ALTI Altair Nanotechnologies reports Q3 EPS of ($0.09) vs ($0.08) Reuters consensus; revs $3.4 mln vs $2.55 mln Reuters consensus (4.65 )

07:01 WLSN Wilsons Leather Oct same store sales -21.8% vs -7.0% Briefing.com consensus (1.26 )

06:59 CALLS Early Research Calls III

Upgrades: ThinkEquity upgrades Somaxon Pharma (SOMX 5.76) to Buy from Accumulate. Downgrades: JMP downgrades Sotheby’s (BID 50.07) to Market Perform from Outperform… JMP downgrades Kenexa (KNXA 27.84) to Underperform from Market Perform.
06:58 UBB Unibanco says net income reached R$2,621 mln in 9M07 (148.15 )

Co announces net income reached R$2,621 mln in 9M07 and R$1,199 mln in 3Q07, up 123.3% and 42.6% when compared to 9M06 and 2Q07, respectively. Excluding the result from non-recurring events in 3Q07, net income was R$667 mln in the quarter, a 17.8% growth from 3Q06. Unibanco’s total assets reached R$133,925 mln, up 31.4% when compared to Sept 30, 2006. It is worth mentioning the R$12.6 bln increase in total loans.
06:55 DYN Dynegy reports Q3 (Sep) results (8.80 )

Reports Q3 (Sep) earnings of $0.26 per share, includes gains, may not be comparable to the Reuters Estimates consensus of $0.17; revenues rose 105.9% year/year to $1.05 bln.
06:53 HEES H&E Equipment Srvs beats by $0.08, beats on revs; guides FY07 revs above consensus (15.12 )

Reports Q3 (Sep) earnings of $0.53 per share, $0.08 better than the Reuters Estimates consensus of $0.45; revenues rose 32.6% year/year to $270.6 mln vs the $243.3 mln consensus. Co issues upside guidance for FY07, sees FY07 revs of $995-1.0 bln vs. $944.12 mln consensus.
06:53 CALLS Early Research Calls II

Upgrades: Credit Suisse upgrades Ashland (ASH 53.97) to Neutral from Underperform… Citigroup upgrades Foster Wheeler (FWLT 146.01) to Buy from Hold… CIBC upgrades NetLogic (NETL 32.38) to Sector Outperform from Sector Perform… Friedman Billings upgrades HLTH (HLTH 13.07) to Outperform from Market Perform and raises their tgt to $16 from $15.50, based on valuation following Q307 results that were generally in line with reduced expectations… Merrill upgrades Royal Gold (RGLD 29.75) to Buy from Neutral… Merrill upgrades Lincoln National (LNC 59.18) to Buy from Neutral. Downgrades: JP Morgan downgrades Global Cash Access Holdings (GCA 9.47) to Neutral from Overweight… Bear Stearns downgrades ING Group (ING 41.86) to Peer Perform from Outperform… Credit Suisse downgrades Kinross Gold (KGC 20.01) to Neutral from Outperform… Jefferies downgrades InnerWorkings (INWK 16.52) to Hold from Buy with a $17 tgt following earnings that were in line with consensus, and based on current valuation… Susquehanna downgrades Kenexa (KNXA 27.84) to Negative from Neutral… RBC downgrades Hologic (HOLX 63.98) to Sector Perform from Outperform. Miscellaneous: Broadpoint Capital initiates Ariba (ARBA 11.63) with a Buy and sets a $15 tgt, based on positive long-term industry trends, accelerating subscription revenue, strong visibility and backlog and a strong mid-market opportunity… Broadpoint Capital initiates Ultimate Software Group (ULTI 34.29) with a Neutral, as they believe the co’s Saas delivery option offers an attractive option for mid-market companies while recurring revenue should gradually increase as a percentage of overall revenue yet remain concerned with a lofty ARR target for Q407 and the loss of the Ceridian revenue… Friedman Billings adds Aflac (AFL 61.08) to their Top Picks List, following Q307 EPS that exceeded consensus and believe the cos’ Japanese earnings engine is set to perform well with improving sales and margins while the U.S. segment will be a defensive growth story moving into 2008.
06:51 WIN Windstream reports Q3 (Sep) results, beats on revs (12.75 )

Reports Q3 (Sep) GAAP earnings of $0.25 per share, may not be comparable to the Reuters Estimates consensus of $0.22; revenues rose 6.6% year/year to $822.6 mln vs the $777 mln consensus.
06:47 PLCE Children’s Place reports Oct same store sales of +2% vs -0.9% Briefing.com consensus; preannounces Q3 revs in-line (23.17 )

Co issues in-line preannouncement for Q3 (Oct), sees Q3 (Oct) revs of $587.4 mln vs. $587.63 mln Reuters Estimates consensus.
06:44 SPP Sappi Limited reports basic Q3 EPS of $0.27 vs $0.21 Reuters consensus; revs rose 10% YoY to $1.42 bln vs $1.35 bln Reuters consensus (14.40 )

06:42 RTP BHP Billiton offered to buy Rio Tinto; proposal rejected – Bloomberg (357.40 )

Bloomberg reports BHP Billiton (BHP 80.35) said it offered to buy rival Rio Tinto Group (RTP), a proposal that was rejected. BHP said in a statement to the Regulatory News Service it “recently” wrote to the Rio board with an outline plan for a merger. BHP has again written to Rio to try to arrange a meeting. Rio stock rallied as much as 24% in London.
06:42 ILA Aquila reports Q3 revs up 13% (4.14 )

Co reports Q3 (Sep) EPS from cont ops of $0.09 vs $(0.05) a year ago. Revenue rose 13% yr/yr to $357.7 mln. There are no analyst estimates.
06:38 ARXT Adams Respiratory Therapeutics beats by $0.11, beats on revs; reaffirms FY08 EPS guidance, revs guidance (43.76 )

Reports Q1 (Sep) earnings of $0.79 per share, $0.11 better than the Reuters Estimates consensus of $0.68; revenues rose 22.1% year/year to $110 mln vs the $105.4 mln consensus. Co reaffirms guidance for FY08, sees EPS “at the high end or slightly exceed” $1.55-1.75 vs. $1.67 consensus; reaffirms FY08 revs at high-end of $400-440 mln vs. $421.13 mln consensus.
06:38 SXCI SXC Health Solutions beats by $0.04, reports revs in-line; guides FY07 EPS above consensus, revs in-line (13.56 )

Reports Q3 (Sep) earnings of $0.12 per share, excluding non-recurring items, $0.04 better than the Reuters Estimates consensus of $0.08; revenues rose 5.7% year/year to $22.2 mln vs the $22.2 mln consensus. Co issues guidance for FY07, sees EPS of $0.55-0.60 vs. $0.53 consensus; sees FY07 revs of $92-93 mln vs. $92.50 mln consensus.
06:37 DTPI Diamond Mngmt reports in-line; guides DecQ below consensus (9.90 )

Reports Q2 (Sep) earnings of $0.09 per share, in-line with the Reuters Estimates consensus of $0.09; revenues rose 10.0% year/year to $45.3 mln vs the $45.8 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.07-0.09 vs. $0.10 consensus; sees Q3 revs of $45-47 mln vs. $49.7 mln consensus. For FY08, co sees EPS of at least $0.37 vs. $0.43 consensus.
06:36 STXS Stereotaxis misses by $0.04, misses on revs (14.52 )

Reports Q3 (Sep) loss of $0.29 per share, $0.04 worse than the Reuters Estimates consensus of ($0.25); revenues rose 57.1% year/year to $12 mln vs the $13.9 mln consensus.
06:35 TRXI TRX misses by $0.14, misses on revs; guides FY07 revs above consensus (2.25 )

Reports Q3 (Sep) loss of $0.21 per share, $0.14 worse than the single estimate of ($0.07); revenues fell 20.9% year/year to $21.2 mln vs the $21.6 mln single estimate. Co issues upside guidance for FY07, sees FY07 revs of $93-97 mln vs. $90.70 mln single estimate.
06:34 XTXI Crosstex Energy reports Q3 (Sep) EPS in line, misses on revs (35.69 )

Reports Q3 (Sep) earnings of $0.05 per share in line with the Reuters Estimates consensus of $0.05; revenues rose 10.3% year/year to $943.3 mln vs the $1103.5 mln consensus.
06:33 MGPI MGP Ingredients reports Q1 (Sep) results, misses on revs (8.87 )

Reports Q1 (Sep) loss of $0.02 per share, may not be comparable to the Reuters Estimates consensus of $0.14; revenues rose 3.5% year/year to $88 mln vs the $103.9 mln consensus.
06:33 ABV AmBev reports Q3 net sales grew 8% to R$23.97 bln; Q3 EPS grows 26.3% to R$1.61; total Q3 volume growth of 3.6% (79.32 )

06:32 PWR Quanta Services reports EPS in-line, beats on revs; provides mixed guidance for Q4 (29.30 )

Reports Q3 (Sep) earnings of $0.21 per share, excluding non-recurring items, in-line with the Reuters Estimates consensus of $0.21; revenues rose 25.3% year/year to $655.9 mln vs the $646.8 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.11-0.12 vs. $0.23 consensus; sees Q4 revs of $810-840 mln vs. $757.9 mln consensus.
06:32 XTEX Crosstex Energy misses by $0.05, misses on revs (34.56 )

Reports Q3 (Sep) loss of $0.10 per share, $0.05 worse than the Estimates consensus of ($0.05); revenues rose 10.3% year/year to $943.3 mln vs the $1071.6 mln consensus.
06:31 CALLS Early Research Calls I

Upgrades: Jefferies upgrades PG&E (PCG 43.71) to Buy from Hold and raises their tgt to $50 from $48, based on valuation… J.P Morgan upgrades Somaxon Pharma (SOMX 5.76) to Neutral from Underweight… J.P Morgan upgrades Coeur D’Alene Mines (CDE 4.25) to Overweight from Neutral… Lehman upgrades FirstMerit (FMER 18.44) to Equal-weight from Underweight… J.P Morgan upgrades Total (TOT 82.72) to Overweight from Neutral… Bernstein upgrades Eaton (ETN 87.91) to Outperform from Market Perform… BofA upgrades Town Sports International (CLUB 10.01) to Neutral from Sell… Citigroup upgrades Ship Finance (SFL 24.80) to Buy from Sell… CIBC upgrades First Solar (FSLR 167.12) to Outperform from Sector Perform and sets a $230 tgt. Downgrades: Deutsche Bank downgrades Gol (GOL 26.40) to Hold from Buy and maintains their $28.30 tgt, based on valuation and lowered estimates following weak Q307 results… JP Morgan downgrades Brown-Forman (BFA 74.75) to Neutral from Overweight… CIBC downgrades Bankrate (RATE 52.10) to Sector Underperform from Sector Perform… BofA downgrades NICE Systems (NICE 38.44) to Neutral from Buy… UBS downgrades AirTran (AAI 9.23) to Neutral from Buy… UBS downgrades AMR (AMR 21.52) to Sell from Neutral… Lehman downgrades Primus Guaranty (PRS 6.97) to Underweight from Overweight… Merrill Lynch downgrades Aflac (AFL 61.08) to Neutral from Buy… Merrill Lynch downgrades NuStar Energy (NS 62.47) to Sell from Neutral.
06:31 MMC Marsh McLennan misses by $0.13, beats on revs (24.20 )

Reports Q3 (Sep) earnings of $0.19 per share, excluding non-recurring items, $0.13 worse than the Reuters Estimates consensus of $0.32; revenues rose 10.3% year/year to $2.79 bln vs the $2.68 bln consensus.
06:30 ANGO AngioDynamics highlights study showing significant 5-yr survival after ablation of colorectal liver metastases (18.51 )

Co announces results from a 10-year study showing actual 3-year and 5-year survival rates of 20.2% and 18.4%, respectively, in 234 patients that had undergone radiofrequency ablation of colorectal hepatic metastases. The patients in this study were not candidates for surgery and had failed chemotherapy prior to receiving RFA; in the absence of treatment, these patients have 5-year survival rates near zero.
06:29 MEMY Memory Pharma beats by $0.06, beats on revs (0.87 )

Reports Q3 (Sep) loss of $0.08 per share, excluding non-recurring items, $0.06 better than the Reuters Estimates consensus of ($0.14); revenues rose 150.0% year/year to $5 mln vs the $2.6 mln consensus.
06:27 YGE Yingli Green Energy beats by $0.04, beats on revs; guides FY07 revs above consensus (34.94 )

Reports Q3 earnings of $0.18 per share, $0.04 better than the Reuters Estimates consensus of $0.14; reports revs of $170.4 mln vs $155.45 mln cosnensus. Co issues upside guidance for FY07, sees FY07 revs of $500-510 mln, compared to previous guidance of $460-480 mln, vs. $499.66 mln consensus. Co sees Y07 PV module shipments to be approx 135-140 MW, up from previous guidance of 130-135 MW. Q3 total shipments of PV modules rose to 45.9 MW from 16.7 MW in yr ago period. The rise in total shipments was primarily due to strong market demand and expanded sales and marketing efforts in Europe, which was supported by the launch of an additional 100 MW of total production capacity of polysilicon wafers, PV cells and PV modules in July 2007. The significant increase in shipments helped to offset a slight drop in the average selling price, which decreased from $3.76 per watt in Q2 to $3.70 per watt in Q3.
06:26 URBN Urban Outfitters beats by $0.02 (24.81 )

Reports Q3 (Oct) earnings of $0.26 per share, excluding non-recurring items, $0.02 better than the Reuters Estimates consensus of $0.24; revenues rose 23.0% year/year to $379.3 mln, in-line with preannouncement.
06:24 Sensex ends down 231pts, Hindalco zooms 8% – The Business Standard

The Business Standard reports that mirroring weakness in the global markets, the Sensex opened with a negative gap of 180 points at 19,110, and slipped below the 19,000-mark in early deals. Fresh buying at lower levels saw the index recover some ground and touch a high of 19,210. Persistent weakness in select counters – ONGC, Bharti Airtel and banking stocks – saw the index slip back below the 19,000-mark again to a low of 18,917. The index finally closed with a loss of 231 points at 19,059. The Sensex thus ended Samvat 2063 with a gain of 50% (6,350 points). The BSE Bankex dropped 2.5% to 10,353. The Metal and the Realty indices slipped around 2% each to 17,050 and 10,078, respectively. The market breadth was negative – out 2,789 stocks traded, 1,645 declined, 1,074 advanced and 70 were unchanged.
06:24 Asian stocks slump as dollar tumbles, subprime losses widen – Bloomberg.com

Bloomberg.com reports Asian stocks fell the most in 12 weeks, extending a global rout after the dollar plunged yesterday, oil slumped and U.S. financial companies disclosed mounting credit-market losses… The Nikkei 225 Stock Average lost 2% in Japan, where the government today reported a bigger-than-expected drop in machinery orders. China’s CSI 300 Index and Taiwan’s Taiex index were the region’s two worst performers, tumbling 4.8% and 3.9% respectively. Markets in Singapore, Malaysia and Sri Lanka were shut for holidays.
06:24 Global stocks, U.S. futures drop; Fortis, Bank of America fall – Bloomberg.com

Bloomberg.com reports stocks retreated in Europe and Asia, led by financial companies, after Morgan Stanley said the outlook for credit markets has worsened and Fortis reported profit that trailed analysts’ estimates. U.S. index futures declined. Fortis tumbled the most in more than four years. Deutsche Bank AG and Credit Suisse Group also declined in Europe. Mitsubishi UFJ Financial Group paced a drop by Asian lenders, while Bank of America fell in German trading… Europe’s Dow Jones Stoxx 600 Index lost 1% to 371.67. France’s CAC 40 dropped 1%, and Germany’s DAX decreased 0.1%. The U.K.’s FTSE 100 was little changed.
06:23 CRZO Carrizo Oil & Gas beats by $0.03, misses on revs (52.99 )

Reports Q3 (Sep) earnings of $0.21 per share, excluding non-recurring items, $0.03 better than the Reuters Estimates consensus of $0.18; revenues rose 49.3% year/year to $30.3 mln vs the $33.1 mln consensus.
06:21 RMIX U.S. Concrete beats by $0.01, misses on revs; guides Q4 EPS in-line, revs above consensus (4.25 )

Reports Q3 (Sep) earnings of $0.26 per share, $0.01 better than the Reuters Estimates consensus of $0.25; revenues fell 0.1% year/year to $250.3 mln vs the $259.3 mln consensus. Co issues guidance for Q4, sees EPS of $0.06-0.10 vs. $0.10 consensus; sees Q4 revs of $205-215 mln vs. $202.57 mln consensus.
06:19 S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: -13.5.
06:19 ALV Autoliv extends share repurchase mandate (62.76 )

Co announces that its Board of Directors has approved an extension of the co’s stock repurchase program. As a result, management is authorized to repurchase an additional 7.5 mln shares or approximately 10% of the co’s outstanding common stock of approximately 75 mln shares.
06:18 European Markets

FTSE…6411.70…+26.60…+0.4%. DAX…7804.14…+4.52…+0.1%.
06:18 HANS Hansen Natural misses by $0.02, misses on revs (56.67 )

Reports Q3 (Sep) earnings of $0.47 per share, excluding excluding termination payments to prior distributors and professional fees associated with the review of stock option grants and granting practices, related litigation and other related matters, $0.02 worse than the Reuters Estimates consensus of $0.49; revenues rose 38.4% year/year to $247.2 mln vs the $257 mln consensus.
06:18 Asian Markets

Nikkei…15771.57…-325.11…-2.0%. Hang Seng…28760.22…-948.71…-3.2%.
06:18 NWN NW Natural Gas beats by $0.09, beats on revs; raises FY07 EPS guidance above consensus (44.75 )

Reports Q3 (Sep) loss of $0.22 per share, $0.09 better than the Reuters Estimates consensus of ($0.31); revenues rose 8.1% year/year to $124.2 mln vs the $117.7 mln consensus. Co issues upside guidance for FY07, sees EPS of $2.70-2.85 vs. $2.61 consensus, prior guidance $2.50-2.65.
06:15 PBH Prestige Brands misses by $0.02, misses on revs (8.43 )

Reports Q2 (Sep) earnings of $0.16 per share, excluding non-recurring items, $0.02 worse than the Reuters Estimates consensus of $0.18; revenues rose 3.2% year/year to $87.3 mln vs the $89 mln consensus.
06:15 LAMR Lamar Advertising beats by $0.01, reports revs in-line; guides Q4 revs below consensus (53.83 )

Reports Q3 (Sep) earnings of $0.15 per share, $0.01 better than the Reuters Estimates consensus of $0.14; revenues rose 7.6% year/year to $314.3 mln vs the $311.3 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of $301-304 mln vs. $306.37 mln consensus.
06:14 SSI Stage Stores Oct same store sales decrease 2.9%, Briefing.com consensus +1.0%; reaffirms EPS guidance, preannounces revs in-line for Q3 (16.86 )

Co reaffirms EPS guidance for Q3 (Oct), sees EPS of $0.04-0.08 vs. $0.06 Reuters Estimates consensus; preannounces revs for Q3 (Oct) of $355.1 vs. $355.03 mln consensus.
06:14 QTWW Quantum Fuel and German solar partner Asola enter into 155 MW solar cell supply agreement with ersol Group AG (1.13 )

Co announces that its German solar strategic partner, asola Advanced and Automotive Solar Systems GmbH, has signed a 10-yr supply contract with ersol Solar Energy AG for the procurement of 155 MW of high-efficiency silicon photovoltaic solar cells, starting in 2008. The potential revenue associated with the purchased ersol cells is estimated to exceed US $0.5 bln.
06:12 JOSB Jos. A. Bank Oct same store sales increase 1.8% vs -0.3% Briefing.com consensus; reports Q3 revs below consensus (26.60 )

Co issues downside preannouncement for Q3 (Oct), sees Q3 (Oct) revs of $131.3 vs. $134.91 mln Reuters Estimates consensus.
06:10 MWRK Mothers Work Oct same store sales decrease 3.9% vs 0.0% Briefing.com consensus (15.98 )

06:06 WW Watson Wyatt beats by $0.14, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY08 EPS above consensus, revs in-line (46.77 )

Reports Q1 (Sep) earnings of $0.77 per share, $0.14 better than the Reuters Estimates consensus of $0.63; revenues rose 19.6% year/year to $401.7 mln vs the $389.5 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.67-0.69 vs. $0.68 consensus; sees Q2 revs of $415-425 mln vs. $417.55 mln consensus. Co issues mixed guidance for FY08, sees EPS of $2.98-3.03 vs. $2.90 consensus; sees FY08 revs of $1.68-1.72 bln vs. $1.68 bln consensus.
06:01 BIG Big Lots reports same store sales decrease of 0.5% (20.80 )

05:44 SI Siemens beats forecasts as core units shine – Reuters (138.09 )

Reuters reports Siemens (SI) more than doubled operating profit in the July-September quarter, beating market expectations, as its core factory-automation, power and healthcare businesses thrived. Operating profit rose to 1.990 bln euros ($2.92 bln) from 749 mln euros a year ago, Siemens said on Thursday. New orders rose 21% to 21.328 bln euros while sales rose 9% to 20.201 bln. The ci said it expected operating profit to grow at least twice as fast as sales and orders this fiscal year. Siemens said it would raise its dividend for 2006/07 to 1.60 euros per share from 1.45 euros per share a year ago. Siemens made a net loss of 74 mln euros in the quarter as it had about 1 bln euros’ worth of tax expenses related to the carve-out of VDO automotive, which it sold to tire and car-parts maker Continental. Siemens said it expected a positive gain from the VDO sale this fiscal year. Free cash flow from continuing operations in the quarter was 2.553 bln euros, up from 963 miln year earlier. Operating profit margin increased to 9% from last quarter’s 7%.
05:38 Content firms take a beating – WSJ

The Wall Street Journal reports Wall Street, seeing increased competition for Akamai (AKAM) and Limelight Networks (LLNW), thinks the stocks could go even lower. “There’s plenty more room for [Akamai and Limelight] to fall,” says Scott Kessler, an analyst with S&P. Akamai and Limelight shares remain expensive even after their recent declines, analysts say. Limelight is trading at a P/E of 94x estimated per-share earnings for the next 12-months, far above the tech industry’s average of about 21x earnings, says Thomson Financial. Akamai is trading at a P/E ratio of about 24x future 12-month earnings. In the past, there was some justification for Akamai’s high stock because it operated in a near-monopoly, but it’s different today,” Mr. Kessler says. “It’s too expensive even now.” Since early last year, start-ups like BitGravity and CacheLogic have emerged to move online content. Other companies that previously hadn’t played in the market — such as networking firms Level 3 Communications (LVLT), Internap Network Services (INAP) and BitTorrent — also have entered. The new rivals are competing in myriad ways, but one significant method is by dropping prices. “Both Akamai and Limelight have indicated increased activity on the [pricing] front, especially for larger deals,” says Kaufman Bros. analyst Sameet Sinha. “Until now, most of the declines were largely offset by increased usage, but now we can expect to see a slowdown.”
05:30 Morning News Summary

WSJ: Content firms take a beating (AKAM, LLNW). Reuters: Siemens (SI) beats forecasts as core units shine.
05:17 TOL Toll Brothers reports preliminary Q4 and FY07 totals for home building revenues, backlogs and contracts (21.03 )

For Q4, co reports home building revenues of approx $1.17 bln declined 36% compared to FY06’s Q4 results. Backlog of approx $2.85 bln declined 36% compared to FY06. Gross signed contracts for Q407 of approx $693.7 mln and 1,073 homes declined 38% and 33%, respectively, vs FY06’s same period totals of $1.12 bln and 1,595 homes. For the FY ended October 31, 2007, home building revenues were approx $4.63 bln and net signed contracts were approx $3.01 bln, a decline of 24% in home building revenues and 33% in contracts compared to FY06’s year-end results. FY07 net contracts of approx $3.01 bln declined by 33% from FY06’s twelve-month total of $4.46 bln.
05:08 AIRM Air Methods beats by $0.17, beats on revs (52.94 )

Reports Q3 (Sep) earnings of $0.87 per share, $0.17 better than the Reuters Estimates consensus of $0.70; revenues rose 12.2% year/year to $101.5 mln vs the $98.5 mln consensus.
04:11 MEND Micrus Endovascular names Gordon Sangster CFO, effective November 12, 2007 (18.70 ) -Update-

04:10 MEND Micrus Endovascular misses by $0.11, misses on revs; guides FY08 revs in-line (18.70 )

Reports Q2 (Sep) loss of $0.20 per share, $0.11 worse than the Reuters Estimates consensus of ($0.09); revenues fell 0.7% year/year to $14.4 mln vs the $15.6 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $65-75 mln vs. $69.32 mln consensus.
03:49 OXM Oxford Industries announces $60 mln accelerated share repurchase; reaffirms earnings guidance (23.19 )

Co announces its Board has authorized the repurchase of up to $60 mln of its outstanding common stock, replacing their previously announced stock repurchase authorization. Co also reaffirms its earnings guidance for Q2 ending November 30, 2007 and the two month period ending February 2, 2008. Earnings for each of those periods, without giving effect to the share repurchase, are expected to be flat to slightly higher than the comparable periods last year. Co also updates its guidance for net sales during the same periods. Net sales are now expected to be slightly below the comparable periods last year.
03:15 COST Costco reports October same store sales +9.0% vs +5.5% Briefing.com consensus; net sales increased 13% to $5.21 bln (66.15 )

02:48 CRYP CryptoLogic beats by $0.06, beats on revs; guides Q4 revs in-line (18.99 )

Reports Q3 (Sep) earnings of $0.19 per share, $0.06 better than the Reuters Estimates consensus of $0.13; revenues fell 36.8% year/year to $17.5 mln vs the $16.7 mln consensus. Co issues in-line guidance for Q4, sees Q4 revs of $17.5-18.5 vs. $18.51 mln consensus.
02:05 ADVS Advent Software mentioned negatively in Weekday Trader – Barron’s Online (54.45 )

Barron’s Online reports shares of Advent Software (ADVS) are overbought, selling at 114x next years’ estimated EPS. Even on a cash basis, Advent is expensive. Advent made $10.6 mln in free cash flow in the quarter ended September, almost 4x as much as a year earlier. That number should rise 30% next year as Advent keeps its investments in check, writes Brean Murray analyst Andrey Glukhov in a recent note to clients. But the stock trades at 25x that figure. With the short ratio having declined from 20 this summer to 11, there may be less urgency to own Advent’s growth, as good as it is, and less chance that short-covering will drive up the stock. Advent officers and directors themselves seem chary about the shares’ prospects these days: They’ve exercised a flurry of stock sales in the last two weeks, at prices ranging from $53 to $55, according to data from InsiderScore.com.
02:04 ‘Mad Money’ Recap: Lightning Round cont. – TheStreet.com

Cramer was bearish on Delta Petroleum (DPTR), Excel Maritime Carriers (EXM), MetLife (MET) and SanDisk (SNDK).
02:04 ‘Mad Money’ Recap: Lightning Round – TheStreet.com

Cramer was bullish on Boston Beer (SAM), Research In Motion (RIMM), Monsanto (MON), Deere (DE), Potash (POT) Bunge (BG), Syngenta (SYT), Mosaic (MOS), Agrium (AGU), XTO Energy (XTO), Devon Energy (DVN), Apache (APA), Prudential (PRU), Intel (INTC), athenahealth (ATHN) and UnitedHealth (UNH).
01:59 Cramer’s ‘Mad Money’ Recap – TheStreet.com

On Wednesday’s edition, Jim recommends NRG Energy (NRG) and notes the co has applied for two new reactors in Texas, and they could go up in 2014 and 2015 if they are granted approval. The CEO of NRG believes nuclear power eventually will be the significantly cheaper way to create energy. The added bonus with nuclear is that there are zero air emissions related to nuclear power.
01:54 BMR BioMed Realty beats by $0.01; issues upside EPS guidance for FY07 (21.90 )

Reports Q3 (Sep) FFO of $0.45 per share, $0.01 better than the Reuters Estimates consensus of $0.44; revevues rose 1.6% y/y to $64.8 mln vs the $66.45 mln consensus. Co issues upside guidance for FY07, sees FFO of $1.89-1.91 vs. $1.85 consensus; issues in-line guidance for FY08, sees FFO of $1.86-1.96 vs. $1.95 consensus.
01:43 DK Delek US Holdings misses by $0.07, misses on revs (22.45 )

Reports Q3 (Sep) earnings of $0.38 per share, $0.07 worse than the Reuters Estimates consensus of $0.45; revenues rose 15.6% year/year to $1.06 bln vs the $1.11 bln consensus.
01:40 BKD Brookdale Senior Living reports Q3 results (34.81 )

Reports Q3 (Sep) loss of ($0.55) per share, excluding non-recurring items, $0.28 worse than the Reuters Estimates consensus of $0.27; revenues rose 20% y/y to $464.6 mln vs the $471.06 mln consensus.
00:59 HYGS Hydrogenics misses by $0.02, reports it will windup test equipment business (1.33 )

Reports Q3 (Sep) loss of $0.07 per share, excluding non-recurring items, $0.02 worse than the Reuters Estimates consensus of ($0.05); revenues rose 18% y/y to $10.6 mln vs the $10.6 mln consensus. Co reports it will begin an orderly windup of its fuel cell test products design, development and manufacturing business which is anticipated to take up to two years to complete and require between $3.5 mln to $4.0 mln of funding with a corresponding charge to earnings. They anticipate that the majority of the cash requirements and corresponding charge to earnings will occur in Q407.
00:47 ENS Enersys beats by $0.17, ex-items; guides Q308 EPS higher (17.55 )

Reports Q2 (Sep) earnings of $0.35, excluding a restructuring charge, $0.17 better than the Reuters Estimates consensus of $0.18; revenues rose 30% y/y to $461.5 mln vs the 451.6 mln consensus. Co issues upside guidance for Q308, sees EPS of $0.25-0.29 vs. $0.18 consensus.
00:38 DPM DCP Midstream beats by $0.15, ex-items (42.41 )

Reports Q3 (Sep) earnings of $0.57, ex-items, $0.15 better than the Reuters Estimates consensus of $0.42; revenues rose 15.8% y/y to $188.6 mln vs the $218.23 mln consensus.
00:26 BLDP Ballard Power agrees to sell automotive fuel cell assets (5.38 )

Co announces that it has agreed to sell their automotive fuel cell assets to Daimler AG (DAI) and Ford Motor (F). Payment for these assets will consist of all 34.3 mln Ballard shares held by Daimler and Ford. These shares will then be cancelled. Ballard expects to record an estimated gain on the transaction of $95-to-$105 mln. Daimler and Ford will contribute $60 mln to the new private company and Ballard will invest $60 mln.
00:09 BLDP Ballard Power beats by $0.03, ex-items, beats on revs (5.38 )

Reports Q3 loss of $0.10 per share, excluding $4.6 mln non-cash write-down of long-lived assets relating to a non-core investment, $0.03 better than the Reuters Estimates consensus of ($0.13); revenues rose 53.0% year/year to $17.6 mln vs the $14.6 mln consensus. Co announces revenue from continuing operations is expected to meet or exceed the high end of the guidance range of $55-65 mln.
00:05 WGL WGL Holdings beats by $0.04, reports revs in-line; guides FY07 EPS above consensus (32.36 )

Reports Q4 (Sep) loss of $0.31 per share, $0.04 better than the Reuters Estimates consensus of ($0.35); revenues rose 0.6% year/year to $325.7 mln vs the $328.1 mln consensus. Co issues upside guidance for FY07, sees EPS of $2.17-2.27 vs. $2.03 consensus.
Wednesday After the Close
23:57 ARII American Railcar Industries misses by $0.20, misses on revs (19.23 )

Reports Q3 (Sep) earnings of $0.23 per share, $0.20 worse than the Reuters Estimates consensus of $0.43; revenues fell 7.0% year/year to $139.9 mln vs the $181.2 mln consensus.
23:56 ESPD eSpeed reports EPS in-line, beats on revs (10.62 )

Reports Q3 (Sep) earnings of $0.01 per share, in-line with the Reuters Estimates consensus of $0.01; revenues rose 5.5% year/year to $40.2 mln vs the $38.7 mln consensus.
23:52 TEG Integrys Energy beats by $0.09, misses on revs; guides FY07 EPS below consensus; guides FY08 EPS above consensus (50.85 )

Reports Q3 (Sep) GAAP earnings of $0.56 per share, $0.09 better than the Reuters Estimates consensus of $0.47; revenues rose 36.5% year/year to $2.12 bln vs the $2.35 bln consensus. Co issues downside guidance for FY07, sees EPS of $2.51-2.66 vs. $2.70 consensus. Co issues upside guidance for FY08, sees EPS of $3.91-4.13 vs. $3.88 consensus. Co is expected to release Non-GAAP adjustments November 8th at 6:00 AM EST.
20:04 ACA ACA Capital misses by $0.23 (2.70 +0.05)

Reports Q3 (Sept) earnings of $0.14 per share, $0.23 worse than the Reuters Estimates consensus of $0.37. Co says, “ACA returned to profitability on a net economic basis in the third quarter. The extremely large net unrealized mark on our Structured Credit portfolio and the resulting volatility in our GAAP reported results detract from ACA’s positive economic performance and the underlying financial strength of our insurance subsidiary, ACA Financial Guaranty. Given that our Structured Credit transactions were underwritten with significant cushions above the initial “AAA” rating and even when taking into account the recent extensive ratings downgrades on mortgage backed securities, we remain comfortable with our risk portfolio and we believe we have adequate capital to maintain our “A” rating… With our rating so confirmed, we are not exposed to liquidity calls based on the mark-to-market positions of our Structured Credit exposures.”
19:59 HUGH Hughes Communications reports Q3 EPS of $0.58 vs $0.60 yr ago; revs rise 11.4% to $233.7 mln (59.71 -0.01)

19:51 After Hours Summary: CSCO down 9.5% on earnings/guidance; MS up 1.6% (provides information regarding subprime exposure)

Companies moving in after hours trading in reaction to earnings: Trading Up: FSLR +22.1%; SRVY +15.3%; GRRF +10.0%; YTEC +9.9%; TRLG +9.8%; ISV +6.3%; LOOK +4.8%; SYX +4.8%; CTRP +4.6%; SLH +4.2%; FVE +3.6%; SOMX +3.1%; NKTR +2.5%; ICFI +2.4%; UHAL +2.3%; SCT -2.0%; IPCS +1.8%; HALL +1.6%; TELK +1.4%; AXP +1.3%; EGLE +1.2%… Trading Down: OPTV -17.9%; KNXA -11.6%; TMTA -11.5%; CTRN -10.9%; NTES -10.2%; HLYS -9.8%; CSCO -9.5%; ARAY -8.8%; MSSR -7.8%; MDR -7.5%; TS -7.5%; JCOM -6.3%; TTGT -6.2%; WBMD -3.7%; UBET -3.5%; GDP -3.3%; CHDN -3.0%; THOR -2.9%; ALJ -2.5%; AIG -2.5%; MEAS -2.4%; KNTA -2.1%; URS -2.0%; GAIA -1.8%; TWTC -1.8%; AIRN -1.2%; AUY -1.2%; IO -1.0%… Trading Up: RMBS +7.7% (signs memorandum of understanding with Intel); LOOK +4.8% (announces sale of FindArticles.com); MCO +2.3% (signs technical services agreement with Peruvian credit rating agency); AEO +2.0% (reports Oct same store sales -3% vs +0.7%); PKG +1.7% (reports major, unplanned outage at Counce Mill; impact Q4 by $0.04); MS +1.6% (provides information regarding subprime exposure); HOTT +1.4% (reports Oct comps -4.0%); MOH +1.2% (expands medicare service); TER +1.1% (announces a stock repurchase program for up to $400 mln)… Trading Down: ZUMZ -27.1% (reports Oct same store sales of +5.1% vs consensus; guides Q3 EPS to $0.27-$0.28 vs $0.33 consensus; sees FY07 EPS of $0.92-$0.94); TTGT -6.2% (announces the acquisition of KnowledgeStorm for $58 mln; to contribute $12-14 mln in first 12 months); HSOA -4.3% (to delay Q3 Form 10-Q); FLS -1.7% (Guides Y07 and Y08 Revenues above expectations); AMD -1.2% (announces $1.5 bln convertible note offering); WM -1.0% (responds to NY Attorney General’s press release).