Data Feed

08:32 PII Polaris Inds upgraded to Neutral from Sell at BofA (46.12 )

08:32 BKS sees Q4 $1.67-1.86 vs $1.71 Reuters consensus

08:32 KEQU Kewaunee Scientific reports Q2 EPS of $0.47 vs $0.23 in 2Q07; revs rose 16% YoY to $24.7 mln – no ests (13.38 )

08:31 ZL sees Q3 EPS of ($0.13)-($0.15) compared to previous guidance of ($0.08)-($0.10); sees revs of $48-51 mln compared to previous guidance of $55-58 mln

08:31 FCEL FuelCell Energy sells three DFC300 power plants to eastern municipal water district in California (8.89 )

08:31 BKS prelim ($0.03) vs ($0.08) Reuters consensus; revs $1.18 bln vs $1.14 bln Reuters consensus

08:31 RSTO Restoration Hrdwr: Caris believes a second bid for RSTO given the large position taken recently (6.33 )

Caris notes SHLD acquired a 13.9% stake in Restoration Hardware (RSTO) from Nov 8-12, 2007, following the co’s Nov 8 announcement that Catterton Partners and senior mgmt were making moves to take the Co private. The offer for outstanding shares is $6.70, a 150% premium to the prior day’s close. Eddie Lampert, Chairman of Sears and Kmart, is staging what firm believes is a hostile takeover of the home furnishings retailer. They expect Sears will come forward with a second bid for RSTO given the large position taken recently. As such, theyraise tgt to $6.70 from $3.00.
08:31 GME sees Q4 $0.95-0.97 vs $1.00 Reuters consensus

08:31 SNG Canadian Superior Energy Withdraws $155 Million All Cash Bid of CDN$2.16 per Share for Berkana Energy

…
08:31 ZL lowers Q3 EPS guidance

08:30 ZL lowers Q3 rev guidance

08:30 GME prelim $0.31 vs $0.23 Reuters consensus; revs $1.61 bln vs $1.43 bln Reuters consensus

08:30 ECONX Building Permits 1178K vs 1200K consensus

08:30 ECONX Housing Starts 1229K vs 1170K consensus

08:29 AUO AU Optronics: Dell places 12.1-inch touch screen notebook panel order with AUO, says paper – DigiTimes (19.00 )

DigiTimes reports DELL will soon launch a 12.1-inch notebook featuring touch panel technology with the panel being sourced from AU Optronics with Chi Ling Technology, an affiliate of the Chi Mei Group, being in charge of assembling LCD panels with touch screen panels, according to industry sources cited in today’s Chinese-language Economic Daily News.
08:28 ROST Ross Stores beats by $0.01, misses on revs; guides Q4 EPS in-line (24.99 )

Reports Q3 (Oct) earnings of $0.36 per share, $0.01 better than the Reuters Estimates consensus of $0.35; revenues fell 89.2% year/year to $1.47 bln vs the $1.5 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.62-0.68 vs. $0.66 consensus.
08:28 TGT Target misses by $0.05, reports revs in-line; announces $10 bln share repurchase program (53.90 )

Reports Q3 (Oct) earnings of $0.56 per share, $0.05 worse than the Reuters Estimates consensus of $0.61; revenues rose 9.3% year/year to $14.84 bln vs the $14.81 bln consensus. Co announces Board of Directors has authorized a new $10 bln share repurchase program, replacing the previous authorization.
08:28 ROST sees Q4 $0.62-0.68 vs $0.66 Reuters consensus

08:27 ROST prelim $0.36 vs $0.35 Reuters consensus, $0.36 First Call; revs $1.47 bln vs $1.50 bln Reuters consensus

08:27 EV Eaton Vance beats by $0.03, reports revs in-line (45.34 )

Reports Q4 (Oct) earnings of $0.52 per share, excluding $0.05 charge, $0.03 better than the Reuters Estimates consensus of $0.49; revenues rose 29.3% year/year to $293.8 mln vs the $294.6 mln consensus.
08:26 TGT announces Board of Directors has authorized a new $10 bln share repurchase program

08:25 EV prelim $0.52, ex items vs $0.49 Reuters consensus; revs $293.80 mln vs $294.56 mln Reuters consensus

08:25 Reminder: Housing Starts and Building Permits data due out in 5 minutes

For more information see 8:10 preview.
08:25 TGT prelim $0.56 vs $0.61 Reuters consensus, $0.62 First Call; revs $14.84 bln vs $14.81 bln Reuters consensus

08:25 MU Micron: ProMOS and Nanya say no contact yet with Micron about cooperation – DigiTimes (8.84 )

DigiTimes reports with speculations circulating in the mkt about Micron Technology seeking to cooperate with ProMOS Technologies and Nanya Technology, executives of both Taiwan-based makers stressed that the US co has not yet formally contacted them.
08:24 MBT Mobile TeleSystems: Russia’s MTS Q3 net up 35 pct, beats forecasts – Reuters (88.45 )

According to Reuters, Russia’s largest mobile phone operator, posted a better-than-expected 35 percent rise in third-quarter earnings on Tuesday, helped mainly by growth in usage. Net profit to U.S. Generally Accepted Accounting Principles (GAAP) was $654.7 million, compared with $486.3 million in the third quarter of 2006 and the average forecast of $583.9 million in a Reuters poll of nine analysts. The U.S.-listed firm, controlled by services conglomerate Sistema said revenues rose 23 percent from a year ago to $2.22 billion, in line with an average forecast of $2.21 billion in a Reuters poll. MTS, or Mobile TeleSystems, said the monthly average revenue per user amounted to $10.0 in Russia, up from $8.6 a year ago and in line with analysts’ average forecast of $10.1. In Ukraine, the second-biggest market for MTS, ARPU fell to $7.3 per month from $8.7 a year ago, slightly exceeding analysts’ expectation of $7.1. The company said operating income before depreciation and amortisation (OIBDA) increased 22 percent to $1.17 billion, roughly in line with the poll figure of $1.16 billion. OIBDA margin fell to 53.0 percent from 53.6 percent in the third quarter of 2006, above the expected 52.4 percent. MTS said its free cash flow exceeded $1 billion in the first nine months of the year. Its total debt stood at $3.1 billion as of Sept. 30, while net debt was $2.4 billion.
08:23 YGE Yingli Green Energy initiated with an Underweight at Morgan Stanley (26.36 )

08:23 WIRES On The Wires

Neurobiological Technologies (NTII) announces that it was notified on Nov 19, 2007 by The NASDAQ Stock Market that it has regained compliance with applicable NASDAQ Capital Market continued listing standards… Sinovac Biotech (SVA) filed a Form 6-K with the SEC related to the inadvertent disclosure of unaudited, draft financial results for the three and nine month periods ending Sep 30, 2007, which should not be relied upon.
08:23 DISH EchoStar: Weak 3Q07 does not change the speculative equation of a potential AT&T takeout – Kaufman (47.49 )

Kaufman believes the takeout of DISH by T is possible, but not certain. They believe the issues are price, a long history of tough negotiations and the fact that both parties have a high degree of leverage over the other. Recent developments tilt the equation toward a deal, which they think would need to include a significant premium to be approved by the largest shareholder. Firm also sees the potential for a strong contraction should the deal not occur because the premium is too high in light of other options available to T. Based on their current risk-weighting of the situation, firm would be adding to their position below $45, holders to $50, and consider trimming their position over $50. Firm believes there is a strong rationale for AT&T to acquire EchoStar.
08:22 UMC United Micro claims no contact with private equity cos – DigiTimes (3.50 )

DigiTimes reports although the transaction volume of UMC shares surged on November 19 amid rumors about a possible approach from private equity cos, UMC claims that it has not had contact with any of these firms about possible consolidation. Govt officials also said they have not received any application regarding the speculated buyout.
08:22 BONDX Bond Watch: Trimming Gains

The market is getting a little shave as global equities managed to sneak an overnight gain, limiting the risk aversion that has given bonds the edge so far this week. But that sentiment can change quickly & as the open approaches, Freddie Mac’s dismal earnings report is already giving bond prices some lift. The 2-10-yr yield spread is twisting steeper to 89.6 after a modest unwind overnight. Bond prices in the EuroZone are holding firmer despite better stocks & stronger German PPI while in Japan, bonds are flat after being offered much of the night on diminished risk aversion. Treasuries will get some housing data to feed on this morning but there’s very little meat left on that bone while FOMC minutes late in the session should bring some activity. Otherwise bonds will continue to eye the equities & technical levels with liquidity constraints likely causing pops & drops here & there. The dollar tripped up further against the euro, with the European currency now feeling its way to 1.48, while hitting records lows on the Swiss as well. The yen’s action continues to be run by carry-trade. The gold is bid, now 788.73 (+6.98) as the buck loses ground. Crude has been bid as well, now 95.76 (+1.12). Data up is the housing start/building permit (8:30) & FOMC minutes (14).
08:20 BA Boeing, Toray in talks to expand $6 bln 787 deal – Bloomberg (88.27 )

Bloomberg reports the co is in talks with Japan’s Toray Industries to expand a $6 bln contract to supply carbon-fiber sheets for the 787 Dreamliner, the U.S. planemaker’s fastest-selling passenger jet. The Japanese co may raise production of carbon fiber-reinforced plastic sheets that are used on the outside of the jet to supply as many as 14 787s a month in 2010, more than the 10 units scheduled under a current contract, Toray CEO Sadayuki Sakakibara said in an interview in Tokyo. Parts and material suppliers including Toray and Kawasaki Heavy Industries plan to boost output to meet demand for the 787 even after the planemaker announced a six-month delivery delay in Oct.
08:20 CNX CONSOL Energy upgraded to Strong Buy from Outperform at Raymond James (50.18 )

08:20 LOGI Logitech Intl SA: Kaufman remains confident in abilitiy to grow in slower econ environment (33.02 )

Kaufman notes yesterday LOGI’s stock declined 5%, due to concerns about the consumer spending outlook for this holiday season. While consumer spending risk has increased during the past several weeks, firm thinks the outlook still calls for Y/Y growth. However, this weekend will give them the first concrete evidence if a slowdown is going to occur. Firm believes LOGI has demonstrated an ability to post strong growth in less than ideal economic environments and that the valuation is reasonable and reflects the uncertainty in the market. In addition, at its rather upbeat analyst meeting in New York earlier this month, mgmt displayed confidence in its outlook by maintaining 15% rev growth and 20% operating income growth for fiscal 2008. Firm continues to believe LOGI will maintain its history of double-digit rev and EPS growth and reiterate their BUY rating and $40 tgt.
08:20 CERN Cerner upgraded to Outperform from Market Perform at Raymond James (54.25 )

08:18 SCANX Early pre-market gappers

Gapping up: ACTG +24.3%, RSTO +18.5%, BCSI +14.7%, JWN +10.4%, CHA +9.5%, UA +8.7%, WCG +8.0%, DKS +6.7%, CN +6.5%, DHI +6.3%, FBTX +5.4%, GMO +5.2%, STO +5.0%, RMBS +4.2%, GLNG +4.1%, ABB +3.8%, LSCC +3.3%, NOK +3.3%, CFC +2.7%, HPQ +2.7%, TSL +2.6%, RIMM +2.6%, WYNN +2.6%, HES +2.2%, FSLR +2.0%, AAPL +1.8%, NICE +1.8%, HRL +1.7%, CVTX +1.7%, MDT +1.7%, GOOG +1.6%, SSI +1.3%, TGT +1.3%, GME +1.2%, RIO +1.1%….Gapping down: GA -16.0%, FRE -8.0%, DISH -7.3%, HRAY -6.5%, FMCN -5.3%, PERY -4.0%, KONG -3.9%, EGLT -3.3%, BHP -2.6%, INAP -2.1%, PCZ -2.0%, CNQR -0.9%.
08:17 INSID Insider trading disclosed in filings after the close yesterday

Buyers: Bitstream (BITS 5.84) CEO bought 3,710 shares at $5.72; Director bought 20K shares at $5.71… American Commercial Lines (ACLI 14.00) 10% Owner GVI Holdings bought 216,400 shares at $13.06-13.60… OMNI Energy Services (OMNI 4.88) Officer bought 36K shares at $5.06… Fannie Mae (FNM 37.58) Director bought 10K shares at $41.44-41.49… Corcept Therapeutics (CORT 3.01) 10% Owner Paperboy Ventures, LLC bought 220K shares at $2.65-3.12… GateHouse Media (GHS 9.04) CEO bought 15K shares at $9.65… Cash America Int’l (CSH 32.54) Officer bought 72,600 shares at $33.24-34.70… Winthrop Realty Trust (FUR 5.11) CEO bought 25K shares at $5.12 and 25K at $5.27… RenaissanceRe Holdings (RNR 56.79) Officer bought 3,500 shares at $22.05… Apollo Investment (AINV 18.02) Chief Operating Officer bought 20K shares at $18.41-18.70… Coleman Cable (CCIX 10.90) Directors (2) bought 6K shares at $11.30; Officer bought 5K shares at $11.60-11.77… Encore Bancshares (EBTX 20.25) Director bought 40K shares at $20.25… Starwood (HOT 50.93) Blakely Capital bought 25K shares at $51.45-51.56… Symmetry Holdings (SHJ 7.17) Director and 10% Owner bought 1.0 mln shares at $8.00… Cinemark Holdings (CNK 16.61) Officer bought 17,650 shares at $16.97-17.95… American Railcar Industries (ARII 14.98) Director and 10% Owner Icahn Associates bought 70K shares at $15.09 and 70K shares at $15.81… Comsys IT Partners (CITP 12.08) 10% Owner Amalgamated Gadget bought 160,163 shares at $12.09-13.29… Avery Dennison (AVY 50.81) CEO bought 5K shares at $51.22; Officer bought 3,400 shares at $50.87… RPC (RES 10.77) Chairman bought 367,100 shares at $10.87-10.97… Thomas Properties Group (TPGI 11.14) CEO bought 11,500 shares at $11.06… Huntsman (HUN 23.95) CEO bought 20K shares at $24.41-24.45… TLC Vision (TLCV 2.15) 10% Owner Strand Advisors bought 618,700 shares at $2.15-2.77… AutoNation (AN 15.79) 10% Owner ESL Partners bought 598,300 shares at $16.80-17.10… Harvard Bioscience (HBIO 3.75) 10% Owner Skystone Advisors bought 99,977 shares at $3.74-3.90… Nexstar Broadcasting (NXST 9.01) CEO bought 14,300 shares at $9.00… Sellers: Orexigen Therapeutics (OREX 14.97) 10% Owner Scale Venture Partners sold 46,561 shares at $15.41-15.85… Beijing Med-Pharm (BJGP 9.42) 10% Owner Abacus Investments sold 900K shares at $9.29-10.33… EchoStar (DISH 47.49) Officer sold 80K shares at $39.50-39.83… DreamWorks (DWA 28.30) Director David Geffen sold 357K shares at $28.41… Abaxis (ABAX 32.45) CEO sold 18,070 shares at $33.
08:16 Price cuts put builders in a bind – WSJ

WSJ reports when freebies like granite countertops and no-cost closings didn’t woo enough buyers, many home builders began trying to outdo one another with price cuts. Now the tactic appears to be backfiring. Potential home buyers are proving unwilling to purchase homes until prices stabilize, fearing further price depreciation, so builders have not gotten the sales volume needed to compensate for their reduced margins. (Stocks named in the article: MTH, PHM, TOL, LEN, WCI, CTX, RYL, HOV, SPF)
08:16 MHK Mohawk: Stifel lowering ests (76.86 )

Stifel is lowering their Q4 and 2008 forecasts for Mohawk based on deteriorating housing conditions. They are lowering their 4Q 2007 est by $0.02 to $1.51 and are lowering their 2008 EPS forecast from $6.50 to $6.15. Firm is now assuming that the housing slump will continue throughout 2008. Firm ests that MHK will generate free cash flow per share in 2008 of approx $8 per share. This assumes no acquisitions. Firm should note that in the first nine months of 2007, the co has generated approx $500 mln in free cash flow before acquisitions or roughly $7.30 per share. On next year’s free cash flow est, the stock is trading at a 10.4% free cash flow yield.
08:15 NCR NCR Corp announces that Tony Massetti is named Chief Financial Officer (24.55 )

Co announces it has selected Tony Massetti as its new CFO. Massetti will join NCR in Jan, 2008, after concluding responsibilities at QLogic(QLGC). Until that time, Bob Fishman, NCR’s corporate controller, will continue to serve as interim CFO.
08:13 Hospital sector upgraded to Equal Weight from Underweight at BofA

08:13 MSFT Microsoft bottom line unaffected by Vista – FT (33.96 )

FT reports for most cos, launching a significant new product to a widespread lack of interest — and, in some cases, hostility — would count as a business disaster of considerable magnitude. But most cos are not Microsoft and most products are not Windows Vista. Some of the customer reactions to the sixth version of the Windows desktop operating system, which was first released to business customers a year ago next week, have been enough to make a product manager blush. Yet, as Microsoft’s recent strong quarterly earnings showed, complaints have done nothing to dent the software industry’s most reliable money machine.
08:12 WIRES On The Wires

BSD Medical (BSM) announces the installation of the first BSD-500 hyperthermia cancer therapy system in Switzerland at the Department of Radiation Oncology of Kantonsspital Aarau… Array BioPharma (ARRY) announces that it has commenced dosing ARRY-797, a novel, small molecule p38 inhibitor, in a Phase 2 clinical trial to evaluate the efficacy of this drug for treating pain in dental patients undergoing third molar extraction… Nuance Communications (NUAN) announces that the United States Department of Veterans Affairs has selected NUAN’s PDF Converter Professional as its primary PDF solution across the agency… Infineon Technologies (IFX) announces it has shipped its one billionth R.F. transceiver… Manatron (MANA) announces that over the last 18 months it has signed contracts with six new clients in the State of Georgia for its Property Tax solution, Manatron VCSTax… Koppers Holdings (KOP) announces that the corporate entity for its new joint venture with Kailuan Clean Coal Co has been established. The new co, Tangshan Koppers Kailuan Carbon Chemical, will operate a new tar distillation facility being constructed in the Hebei Province near the Jingtang Port.
08:10 ECONX Economic Perspective: Housing Starts and Building Permits preview — data due out at 8:30

October Housing Starts and Building Permits data are due out at 8:30 E.T. this morning. Briefing.com expects housing starts to edge less than 1% higher to 1.20 mln after the severe 19% dive over the prior three months. The consensus goes with a continued decline to 1.175 mln (-1.3%). The direction of October home construction doesn’t suggest any change to the longer term trends. Starts have plunged 47% since the January 2006 high and will continue lower given weak underlying demand (sales) and the large supply of unsold inventory. The recession in housing is clear in all the indicators, as September housing starts reached a 15-year low, August new home sales reached an 11-year low, and Monday’s National Association of Home Builders Housing Market Index stood at a record low. Tighter mortgage lending standards now inhibit more prime lending and hold out risky subprime borrowers. Permits to build, an accurate gauge of near term activity, reached a 12-year low in September and are expected to fall another 4% to near 1.2 mln in October. Housing has been a significant drag on GDP growth since the start of 2006. The size of the drag may peak this quarter or next, as the quarterly declines are expected to lighten through 2008. However, improvement (read smaller declines) depends on credit conditions improving, which hasn’t happened yet. Lower prices and mortgage rates help to improve the outlook, but the ability to borrow remains the key risk for the near term housing outlook. The dire straights of the housing sector isn’t new information to the equity markets, but an outsized decline will heighten concern regarding the near-term outlook for an economy already struggling under high energy costs, tightened credit, falling confidence and fear of recession. Bad news on housing is bad news for the economy and the equity market.
08:09 WCG WellCare Group upgraded to Outperform from Sector Perform at CIBC (35.01 )

08:08 SHLD Sears Hldg: Update on SHLD’s stake in RSTO – Credit Suisse (114.20 )

Credit Suisse notes SHLD filed a a form SC 13D, indicating it had taken a 13.7% stake in Restoration Hardware (RSTO). Interestingly, the filing indicates the position was taken subsequent to RSTO’s buyout announcement on Nov 8, indicating a more aggressive approach after SHLD’s initial $4.00 bid for RSTO was rejected in early Oct. The announced buyout of RSTO, led by mgmt and Catterton Partners, values the co at $6.70 per share, or 12.4 times last year’s EBITDA, which represents a 68% premium to SHLD’s offer. While the deal is small in size at roughly $371 mln including the debt, the implications of SHLD’s interest could be massive.
08:06 MOGN MGI Pharma downgraded to Market Weight from Overweight at Thomas Weisel (29.66 )

08:05 FDP Fresh Del Monte upgraded to Buy from Neutral at Piper Jaffray (27.82 )

08:05 CRXL Crucell N.V. announces PER.C6 licensing agreement with Acambis (16.15 )

Co announces the signing of a research license agreement for PER.C6. The license agreement allows Acambis to use CRXL’s PER.C6 technology for an undisclosed vaccine candidate. Financial details of the agreement were not disclosed.
08:04 BONDX Economic Calendar

Housing starts/building permits at 8:30 & FOMC minutes to the Oct meeting at 14.
08:04 MPR Met-Pro Corp reports EPS in-line, misses on revs (12.51 )

Reports Q3 (Oct) earnings of $0.18 per share, in-line with the Reuters Estimates consensus of $0.18; revenues rose 11.1% year/year to $28.1 mln vs the $29.4 mln consensus.
08:04 SKS Saks beats by $0.01, beats on revs; sees high single digit comp increase in Q4 (20.13 )

Reports Q3 (Oct) earnings of $0.17 per share, excluding non-recurring items, $0.01 better than the Reuters Estimates consensus of $0.16; revenues rose 14.2% year/year to $796.1 mln vs the $762.5 mln consensus. Co sees high single-digit comparable store sales growth in the fourth quarter.
08:04 PCX Patriot Coal reports Q3 EPS of ($1.50) vs ($0.11) in 3Q06; revs declined 3% YoY to $293.3 mln – no ests (28.61 )

08:03 JWN Nordstrom: Bucking the trend, revising ests – Credit Suisse (30.52 )

Credit Suisse notes JWN’s Q3 earnings report struck an upbeat tone after what has been a gloomy start to department store earnings season. Better controlled inventory was the highlight of the quarter, but the remainder of JWN’s financial results were just satisfactory after considering a few benefits that are unlikely to be sustainable. Most surprising to them was JWN’s new plan to aggressively repurchase shares at a time when competitors are shying away due to credit market conditions. Firm notes fundamentals remain pressured and that the do is taking a less conservative approach to capital allocation than its competitors.
08:03 MPR prelim $0.18 may not compare to $0.18 Reuters consensus; revs $28.1 mln vs $29.41 mln Reuters consensus

08:02 TAP Molson Coors Brewing and SABMiller receive request for additional information from U.S. DoJ in connection with proposed JV (51.00 )

SABMiller and TAP announces that they have each received a request for additional information from the Antitrust Division of the U.S. DoJ regarding the proposed combination of their respective U.S. and Puerto Rican subsidiaries, Miller and Coors, into a joint venture. “The DOJ request for additional information is a normal and customary part of the regulatory review process. We are cooperating fully with the DOJ’s review and will comply with the second request in a timely manner, and our goal remains to close the transaction by mid-2008.”
08:02 ASIA AsiaInfo launches mobile e-commerce solution and wins contract with China Mobile (10.17 )

Co announces that it has launched a new mobile e-commerce solution, and won a contract with China Mobile for a bonus point management platform. “We are very excited to partner with China Mobile to help pioneer mobile e-commerce in China,” said Steve Zhang, ASIA’s president and CEO.
08:02 Neuralstem (CUR) obtains UCSD stem cell delivery system for use in spinal cord trials (2.63 )

Co announces that it has exclusively licensed the “Spinal Multisegmental Cell and Drug Delivery System,” invented by Dr. Martin Marsala at the University of California, San Diego. The exclusive, worldwide license to Neuralstem covers all fields of use and includes the right to grant sublicenses. Under the terms of the agreement, UCSD will be eligible for milestone payments and royalties and Neuralstem will assume the cost of development, manufacture and approval of the product.
08:02 S&P futures vs fair value: +6.9. Nasdaq futures vs fair value: +15.5.

Early indications suggest an upbeat start to the trading day following a couple of better-than-expected earnings reports. After Monday’s close, Dow component Hewlett-Packard (HPQ) reported fiscal fourth quarter earnings that topped expectations, and provided first quarter and fiscal 2008 guidance that was above consensus estimates. Meanwhile, retailer Nordstrom (JWM) also beat and issued FY08 guidance above current estimates. Good earnings news from Medtronic (MDT), a UBS upgrade of ExxonMobil (XOM) from Neutral to Buy, and Pfizer (PFE) winning a court victory in lawsuits regarding Celebrex are also factoring in to the positive tone.
08:01 CHUX O’Charley’s announces plans for rollout of re-branding initiatives (14.58 )

Co announces that its Board of Directors approved plans for the rollout of the co’s re-branding initiatives at its regularly-scheduled meeting on Nov 13 and 14. The co’s plans for 2008 include the completion of between 65 and 70 ‘Project RevO’lution’ re-brandings at O’Charley’s restaurants, and between 38 and 42 ‘Project Dressed to the Nines’ re-brandings at Ninety Nine restaurants. The co expects to substantially complete the re-branding initiatives in both restaurant concepts by the end of 2009. These re-branding initiatives include the remodeling and reimaging of the restaurants, staff training, and the introduction of new service standards, plateware and uniforms.
08:00 SKS prelim $0.17, ex items vs $0.16 Reuters consensus; revs $796.06 mln vs $762.51 mln Reuters consensus

08:00 NOEC New Oriental announces $7.5 mln in new fertilizer sales contracts (5.78 )

Co announces it signed several fertilizer sales contracts for urea and ammonium bicarbonate totaling $7.5 mln. Separately, the Co also signed supply agreements guaranteeing its winter coal supply with contracts totaling $4 mln for deliveries beginning December 1, 2007.
08:00 BVF Biovail confirms FDA Class 2 status for BVF-033 submission (16.45 )

Co announces that the FDA has classified the response submitted by the co Oct 23, 2007, to the FDA Action Letter for BVF-033, its novel salt formulation of bupropion, as Class 2. “Biovail is surprised and disappointed by the FDA’s decision with respect to the status of our Complete Response.”
07:59 FRE Freddie Mac trades down $3 following earnings; co also hired GS and LEH to help in capital raising, seriously considering reducing Q4 dividend by 50% (37.50 ) -Update-

FRE is trading down 8% following its Q3 earnings report. In addition to reporting a Q3 loss of $3.29 per share, the co announced it hired Goldman Sachs and Lehman Brothers as financial advisors to help it consider very near term capital raising alternatives, and said it is seriously considering reducing its Q4 common stock dividend by 50%. GSE peer FNM, which reported Q3 earnings on 11/9, is trading down 4% in sympathy.
07:57 C Citigroup tgt cut to $29 from $34 at Deutsche Bank (32.00 )

Deutsche Bank cuts their tgt on C to $29 from $34 saying recent risk management mishaps seem to violate the terms of Citigroup’s prior agreement with regulators, which, the firm says, increases the likelihood that new restrictions may be placed on Citi, such as the inability to pursue acquisitions. If so, they sat this can further hurt the co’s growth rate and flexibility versus peer.
07:56 FMCN Focus Media: Growth momentum strong; lower margin due to rev mix shift rather than organic – Susquehanna (57.15 )

07:54 Semiconductor Manufacturing: Valuation alone not enough since they expect another shoe to drop – FBR

Friedman Billings notes their recent checks indicate that there is increased downside risk to the front-end equipment booking expectations; and, most likely, FE equipment bookings will not stabilize until 2H08. Firm believes such a pushout in the inflection point in equipment bookings is another “shoe to drop” for the equipment “stocks,” and something that has not yet been discounted into stocks. They believe such a pushout is driven by: 1) expected continued weak DRAM pricing throughout 1H08; and 2) increased uncertainties associated with foundry wafer start demand, thus impacting foundry bookings/spending in 1H08. Firm encourages investors to be focused on such differentiated names as AMAT/WFR (soalar exposure) and TSRA (secular trend). We also note that, of all the stocks they cover, FORM currently has the highest downside risk.
07:54 F Ford Motor: Mahindra confirms bid for Ford’s Jaguar, Land Rover – WSJ (7.34 )

07:53 SWY Safeway: Hearing upgraded to buy from neutral at tier 1 firm (32.31 )

07:53 ECB’s Quaden: Euro Zone econ slowdown could worsen, according to newspaper – DJ

DJ reports the current economic slowdown in the euro zone could worsen due to recent financial-market turbulence, Belgian National Bank Governor Guy Quaden said in an interview published Tuesday. “The (euro-zone) slowdown could become more pronounced than expected,” Quaden told Metro, a Belgian daily newspaper. Quaden said he thought the weakening of the U.S. dollar was “normal,” reflecting slower economic growth in the U.S. He noted, however, that other countries are creating foreign exchange problems. “What is most abnormal is the situation with certain Asian currencies, especially the Chinese (yuan),” Quaden said. “These countries, contrary to the U.S., have accumulated significant trade surpluses.”
07:53 AMT American Tower: Hearing downgraded to neutral from buy at tier 1 firm (44.86 )

07:52 CCI Crown Castle: Hearing upgraded to buy from neutral at tier 1 firm (41.02 )

07:51 COG Cabot Oil & Gas: Hearing upgraded to buy from neutral at tier 1 firm (34.16 )

07:51 FRE Freddie Mac earnings color (37.50 ) -Update-

Reuters Estimates is telling us that the reported actual of ($3.29) is comparable to their consensus of ($1.84). See 7:37 comment for the full earnings report.
07:50 VM Virgin Mobile USA initiated with a Neutral at Merrill (9.17 )

07:50 QSII Quality Systems says SEC ends trading inquiry (29.19 )

Co announces that by letter dated November 19, 2007, the Los Angeles Regional Office of the SEC informed Paul Holt, the co’s Chief Financial Officer, that it has completed its previously disclosed investigation of trading activities in the co’s securities and does not intend to recommend any enforcement action concerning such activities to the Commission.
07:50 CHA China Telecom (up 8.1%) and China Netcom (up 11.1%) jump again (67.55 )

The strength in the stocks is being attributed to a report that said the govt may speed up plans to grant wireless permits, this is the second consecutive day the stocks are up on the news. (CN)
07:49 PRICE Filings, Offerings, Pricings and IPOs

Filings: Stifel Financial (SF) files for a common stock shelf offering… EXACT Sciences (EXAS) files for a $50 mln mixed shelf offering… Offerings: SGX Pharma (SGXP) announces a securities purchase agreement in connection with a private placement to a group of institutional investors for the sale of 4.94 mln shares of its common stock and the issuance of 7-yr warrants to purchase 1.48 mln additional shares of SGX common stock at an exercise price of $5.77 per share… Pricings: NGAS Resources (NGAS 6.44) prices a 4.2 mln share common stock offering at $6/share… IPOs: SuccessFactors (SFSF), a maker of performance management software, prices its 10.8 mln share IPO at $10/share, at the top end of the $8-$10 forecast range.
07:49 MAPP MAP Pharma initiated with a Buy at Merrill (13.51 )

07:48 CBI CB&I reinstated with an Outperform at Credit Suisse- tgt $70 (48.89 )

Credit Suisse reinstates CBI with an Outperform and a $70 tgt up from previous tgt of $48 saying they believe Lummus complements CBI’s current mix of business by increasing CBI’s penetration into petrochemical markets while expanding its geographic and customer footprint. The firm says most appealing is Lummus’ process technology business.
07:45 DDS Dillard’s earnings color (16.53 ) -Update-

Reuters Estimates is telling us that excluding gain of $11.1 mln related to hurricane recovery and asset impairment and store closing charges of $3.7 mln, an actual of ($0.21) is comparable to their consensus of ($0.14). See 7:38 comment for full report.
07:44 FRE Freddie Mac to take actions toward capital management — including near term capital raising alternatives, seriously considering reducing Q4 dividend by 50% (37.50 ) -Update-

In addition to reporting earnings (see FRE 7:37 comment), FRE announced that “As a result of GAAP losses and in order to manage to the 30 percent mandatory target capital surplus and respond to regulatory concerns, as well as to have the flexibility to effectively manage its business, the company is planning on taking several actions. First, the company has engaged Goldman Sachs and Lehman Brothers as financial advisors to help it consider very near term capital raising alternatives. Second, the company is seriously considering reducing its fourth quarter common stock dividend by 50%. If these measures are not sufficient to help the company manage to the 30% mandatory target capital surplus, then the company may consider additional measures in the future such as limiting growth or reducing the size of our retained portfolio, slowing purchases into our credit guarantee portfolio, issuing additional preferred or convertible preferred stock and issuing common stock.”
07:43 GOOG Google tgt raised to $900 from $800 at Credit Suisse (625.85 )

Credit Suisse raises their tgt on GOOG in attempt to better account for long term opportunities in areas like display, local, and mobile. The firm believes that over time as all advertising goes digital, including television, radio, and outdoor, and Google becomes the de facto “operating system” for advertisers, providing them with the dashboard to monitor and optimizer their advertising, tremendous value will be created for Google shareholders.
07:42 PGIC Progressive Gaming upgraded to Buy at Roth Capital – tgt $3.50 (2.55 )

Roth upgrades PGIC to Buy from Hold and sets a $3.50 tgt, based on balance sheet and Webb litigation that has been addressed and believe investors can now focus on the core gaming system offerings which they expect to gain traction with casino operators.
07:41 INFN INFN initiated with a Hold at Jefferies; tgt $22.50 (21.32 )

Jefferies initiates INFN with a Hold and $22.50 tgt, saying they like the co as a play on rising network bandwidth growth and mgmt’s ability to execute the business and take share in the WDM space. Nonetheless, they believe the shares already reflect a very bullish outlook for the business.
07:38 DDS Dillard’s reports Q3 (Oct) results, misses on revs; announces share repurchase of up to $200 mln (16.53 )

Reports Q3 (Oct) loss of $0.15 per share, may not be comparable to the Reuters Estimates consensus of ($0.14); revenues fell 5.0% year/year to $1.63 bln vs the $1.69 bln consensus. Co announces that the board of directors has authorized a new share repurchase plan to repurchase up to $200 mln.
07:38 DHI DR Horton earnings color (11.25 ) -Update-

Reuters Estimates is telling us that an actual of $0.00, excluding goodwill impairment, is comparable to their consensus of ($0.57). See 7:17 comment for the full earnings report.
07:37 FRE Freddie Mac reports Q3 (Sep) results (37.50 )

Reports Q3 (Sep) loss of $3.29 per share, may not be comparable to the Reuters Estimates consensus of ($1.84). The co also reported a decrease in the fair value of net assets attributable to common stockholders, before capital transactions, of approximately $8.1 bln for 3Q07, compared to an increase of approximately $300 mln for the same period in 2006. Compared to the second quarter of 2007, the co reported declines in both net income and fair value primarily due to increased credit-related expenses and losses on mark-to-market items. “Without doubt, 2007 has been an extremely difficult year for the country’s housing and credit markets and, as our third quarter financial results reflect, we have been impacted by the deterioration in these markets… It will take time for this market to turn around. But as it improves, we are optimistic about Freddie Mac’s longer-term prospects… Weakening house prices and deteriorating credit have hurt Freddie Mac’s results, as well as those of other participants in the mortgage mkt… Year- to-date, we have recognized $4.6 bln in net credit-related items on a pre- tax basis. During the 3Q07, the co recorded mark-to-market losses totaling $2.7 bln on items included in other non-interest income (loss), compared to mark-to-market losses of $1.5 bln in the third quarter of 2006. Of the mark-to-market losses during the third quarter of 2007, approximately $1.4 bln were related to the impact of widening credit spreads on the value of the co’s credit guarantee activities and approximately $1.4 bln were related to the impact of declining long-term interest rates on the value of the co’s derivatives portfolio.
07:37 ZINC Horsehead Holding: 12 month outlook remains positive despite commodity correlation – FBR (17.67 )

Friedman Billings says despite the recent drop in ZINC’s stock price, they continue to like Horsehead’s 12-month outlook, given co-specific developments. Although zinc prices will play a big part in day-to-day moves for the stock and they expect zinc inventories to continue to build, firm reminds investors of the following: 1) On the macro front, zinc has already been the worst-performing metal to date, and, therefore, zinc surplus expectations are already somewhat factored into zinc prices. 2) Zinc prices could move down to $1.05/lb in 2008 and $0.95/lb in 2009, but they still expect the stock to be higher in 12 months, given co-specific volume growth, cost reductions, and expected multiple expansion.
07:37 CELG Celgene: Enthusiastic over the prospects of CELG/PHRM link-up – Rodman & Renshaw (64.00 )

Rodman & Renshaw notes that after its investor call, they remain confident in their bullish view of CELG’s acquisition of Pharmion (PHRM). Firm believes this acquisition makes great strategic sense for CELG, although mgmt did not and likely will not provide a great deal of guidance regarding their presumed marketing and clinical synergies until the merger closes in mid-08. As they stated previously, the Thalomid-experienced patient population is an ideal target for Revlimid as all patients inevitably relapse. Furthermore, the link-up between CELG and PHRM provides a significant amount of cross selling synergies for both cos’ sales forces in both the U.S. and E.U. hematology markets.
07:36 MELA Electro Optical Sciences coverage initiated at Roth Capital (4.24 )

Roth Capital initiates MELA without a rating saying the co is a development stage medical technology company that has created a hand-held device, called MelaFind, to evaluate pigmented skin lesions in the detection of melanoma. Over the next few quarters, the co is facing a number of key developmental milestones, which they believe positions the stock as an intriguing investment opportunity into 2008.
07:36 DKS Dick’s Sporting Goods beats by $0.04, reports revs in-line; guides Q4 EPS in-line (29.01 )

Reports Q3 (Oct) earnings of $0.10 per share, $0.04 better than the Reuters Estimates consensus of $0.06; revenues rose 18.4% year/year to $838.8 mln vs the $845.9 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.59 vs. $0.59 consensus.
07:36 HLIT Harmonic: Shares attractive post strong quarter and share offering – Merriman (10.12 )

Merriman notes HLIT reported a breakout quarter in terms of both rev and EPS, marked by a significant rebound in satellite revs, displaying both the sort of rev diversification and margin upside that they believe should translate into multiple expansion. Trading at 15x firm’s revised FY08 EPS est, they find it difficult to cite valuation as a concern for a 30% grower in the midst of a positive macro environment, underscored of late by fierce competition among the cable, telco and satellite providers and a strong HD encoder product cycle.
07:35 CIEN Ciena: Pullback potentially driven by unfounded competitive concerns; business trends remain strong – Merriman (40.45 )

Merriman says with CIEN shares down nearly 20% from annual highs, they believe it is timely to revisit the fundamental drivers for the co and also to note that sell-offs of this sort have proven to be excellent entry points for the shares over the past two years. While the market likely played a significant factor, they also note potential concerns regarding recent competitive announcements from Alcatel Lucent and Nortel at Verizon Business (MCI). Firm expects strong results and outlook in the co’s upcoming F4Q07 report, likely in early Dec, and reiterate their Buy rating on the shares.
07:35 UNFI Utd Nat Foods beats by $0.01, reports revs in-line; guides FY08 revs above consensus (26.26 )

Reports Q1 (Oct) earnings of $0.32 per share, $0.01 better than the Reuters Estimates consensus of $0.31; revenues rose 13.9% year/year to $736.4 mln vs the $732.1 mln consensus. Co issues guidance for FY08, sees GAAP EPS of $1.40-1.45, may not be comparable to $1.41 consensus; sees FY08 revs of $3.27-3.35 bln, compared to previous guidance of $3.05-3.13 bln, vs. $3.13 bln consensus.
07:35 HRL Hormel Foods beats by $0.05, reports revs in-line; guides FY08 EPS in-line; raises dividend 23% (35.75 )

Reports Q4 (Oct) earnings of $0.70 per share, excluding non-recurring items, $0.05 better than the Reuters Estimates consensus of $0.65; revenues rose 6.9% year/year to $1.66 bln vs the $1.67 bln consensus. HRL dividend raised to $.74 per share from $.60 per share, representing a 23 percent increase. Co issues in-line guidance for FY08, sees EPS of $2.30-2.40 vs. $2.32 consensus. Co said, “Effective with fiscal 2008, our new earning guidance procedure will be to provide only annual guidance. We feel this is consistent with the long-term view the company takes in making business decisions. We will continue to provide investors with information and insight into strategic initiatives, growth and value drivers, and industry data critical to understanding the company’s business and operating environment.”
07:34 II Ivivi Tech coverage initiated at Roth Capital (5.65 )

Roth Capital initiates II without a rating saying Ivivi stands at an exciting stage in its development. The firm says the co has developed a device based on P.E.M.F (pulsed electromagnetic frequency) that has demonstrated clinical benefits in treating pain and edema in a range of indications (post-surgical care in cosmetic surgery, wound care, sports injuries, etc).
07:34 CYBX Cyberonics: Sees weak epilepsy growth, bit quite out of the woods – Broadpoint Capital (12.70 )

Broadpoint Capital notes CYBX’s depression sales continued their sequential and YoY declines follwoing a non-coverage decision by the CMS in May. While firm believes in the viability of Vagus Nerve Stimulation (VNS) to treat depression, the reimbursement environment may stunt sales growth for some time. Epilepsy saw a slight sales increase, fueled by strong international growth. They believe that this is CYBX’s most important business unit fueling growth in the short term and that strategic efforts and a more focused sales force should help drive revs. Firm believes the co’s recent sales data, unit growth, and other business operation details have added a component of transparency to a co they believe is cleaning itself up.
07:34 CASY Casey’s General: Raising ests on stronger gas margins and inside store comps – FBR (29.16 )

Friedman Billings is revising their 2Q08 EPS est to reflect higher-than-expected gas margins and same-store sales growth in prepared foods and grocery. The monthly sales release for all three months indicated gasoline margins were above the co’s FY07 goal of 10.7 cents. Firm’s prior $0.41 EPS est reflected gas margin assumption of 10.7?. We now estimate gas margins will come in at 11.7?. Our higher margin estimate, combined with the higher comparable sales growth in grocery and prepared foods translate into EPS of $0.49, versus consensus of $0.45. Our FY08 also increases from $1.59 to $1.66 largely due to the higher 2Q08 estimate. Consensus is at $1.61.
07:34 UNFI sees FY08 $1.40-1.45 vs $1.41 Reuters consensus; sees revs $3.27-3.35 mln vs $3.13 bln Reuters consensus

07:33 UCBH UCBH Holdings: Credit showing no signs of deterioration – FBR (15.38 )

Friedman Billings reiterates their Outperform/Top Pick rating on UCBH and maintains their $23 tgt, equating to ~ a 250-bp earnings yield premium to the expected risk-free rate, or 3.25x 4Q08 projected tangible book value–a fair value, given UCBH’s mid- to high-teens EPS growth rate and low-20% returns on tangible equity. Firm recently discussed commercial business loan delinquencies with mgt in order to determine if any signs of deterioration were present. UCBH responded in a fashion similar to most of the cos to which they have posed this question, in that no evidence of deterioration is evident. However, firm trims their ests, partially due to their expectation of further Fed cuts, but also due to modeling higher provision levels in 2008; as they head into a recession, no bank will be completely immune to higher credit costs. They trim their FY08 EPS est by $0.05, to $1.25 from $1.30.
07:33 ZILA Zila coverage initiated at Roth Capital (0.87 )

Roth Capital initiates ZILA with out a rating saying after successfully implementing a number of strategic and financial changes to its business over the past several quarters, the firm believes Zila now stands as a more focused oral disease care company, concentrating on the execution of its sales strategy for ViziLite Plus. The firm says the co’s primary diagnostic tool, ViziLite Plus, is beginning to gain traction in the market as a more accepted means of evaluating dental patients for the existence of oral cancer. With its recent acquisition of Pro-Dentec, Zila has a sales infrastructure of over 60 direct reps with which it can effectively target dental practices in the US.
07:33 UNFI prelim $0.32 vs $0.31 Reuters consensus, $0.31 First Call; revs $736.4 mln vs $732.06 mln Reuters consensus

07:33 DKS sees Q4 $0.59 vs $0.59 Reuters consensus

07:33 HPQ Hewlett-Packard: Color on quarter (49.44 )

Friedman Billings notes that after the close, HPQ reported Oct-quarter rev and EPS, exceeding consensus ests, and then guided consensus higher for the coming quarter and fiscal year. Rev and profit growth slowed somewhat in the core printing business unit, but continued to pick up meaningfully in several other key segments, including desktop PCs, high-end servers, and software. Rev and profits from notebook PCs continued to grow rapidly. Firm considers the most noteworthy item from the quarter to be the return of the high-end, high-margin server unit to YoY growth after six quarters of declines. If the high-end server mix declines have finally stopped, then the removal of the associated margin drag would add roughly 25 bps to their est of operating margins over the next two years. HPQ affirmed the widespread belief that its mix of 67% non-U.S. rev and its large consumer-focused businesses have kept HPQ relatively insulated from the weakness in U.S. enterprise IT spending. Firm raises their tgt of $60 from $54… Cross Research notes HPQ reported strong F4Q07 reves and earnings with upside to their and consensus ests. Strength in PCs, software, services and servers drove rev upside while favorable commodity costs and overall cost control led to a 90 bps y/y improvement in operating margin. Mgmt emphasized HPQ’s diverse rev streams with limited exposure to U.S. financials. Results in the printer division were a bit below their ests as the co pulled back on 4×6 photo printers. Cash flow generation remained solid, supporting $2 bln in share repurchases during the quarter. Reiterate Buy and $62 price target.
07:32 DDS announces that the board of directors has authorized a new share repurchase plan to repurchase up to $200 mln

07:32 DKS prelim $0.10 vs $0.06 Reuters consensus; revs $838.8 mln vs $845.90 mln Reuters consensus

07:32 HRL dividend raised to $.74 per share from $.60 per share, representing a 23 percent increase.

07:31 DDS prelim ($0.15) may not compare to ($0.14) Reuters consensus; revs $1.63 bln vs $1.69 bln Reuters consensus

07:31 PSUN Pacific Sunwear: Q3 earnings preview – Nollenberger (14.12 )

Nollenberger notes PSUN is scheduled to report Q3 earnings today after the bell. Firm has raised their fiscal 3Q07 EPS est to $0.15 from $0.12 due to a stronger gross margin than their initial forecast due to lower than expected promotional activity in the PacSun stores. Firm’s 3Q07 EPS est is a penny above Street consensus and in line with co’s recently revised EPS guidance of $0.14-0.15. Firm’s earnings est does not include $0.45 in charges associated with the previously announced decision to close One Thousand Steps and seek strategic alternatives for its demo stores. They believe the strength of the junior’s business at PacSun and tightly managed inventories helped offset some of the continued weakness at One Thousand Steps and demo during the quarter. An opportunity exists for accelerated earnings growth once the co eliminates its underperforming businesses. They will be listening on the call for more detail regarding the timing of the closing of One Thousand Steps and how the co will address strategic alternatives for the demo stores.
07:31 HRL sees FY08 $2.30-2.40 vs $2.32 Reuters consensus

07:31 SPSX Superior Essex: Share price weakness represents superior opportunity – Morgan Joseph (21.59 )

Morgan Joseph notes the shares of SPSX are off more than 30% since the co reported 3Q07 (Sept) results on Nov 1st on no news specific to the co. Furthermore, the shares are more than 45% off the 52-week high established in July 2007. Firm believes it appears the sell-off reflects investors taking a “shoot first” and “ask questions later” posture with regard to stocks that have U.S. residential and HVAC exposure. Despite the end-market risk in N. America, mgmt’s solid execution and acquisition strategy provide them with comfort as they look toward 2008. Firm’s EPS ests for 2007 and 2008 remain intact.
07:30 HRL prelim $0.70, ex items vs $0.65 Reuters consensus; revs $1.66 bln vs $1.67 bln Reuters consensus

07:30 STKL SunOpta announces plans to develop a 10 mln gallon per year commercial cellulosic ethanol facility (13.45 )

Co announces it has signed a Letter of Intent with Central Minnesota Ethanol Co-op to complete a feasibility analysis and engineering study leading to the parties jointly building, owning, and operating a 10 mln gallon per year cellulosic ethanol plant. The proposed operation is expected to be located adjacent to CMEC’s existing 21.5 mln gallon per year corn starch to ethanol plant, will use local wood chips as raw material feedstock, and is dependent upon completion of final engineering and definitive agreements.
07:30 IGTE iGATE upgraded to Buy at Roth Capital- tgt $10 (6.66 )

Roth Capital upgrades IGTE to Buy from Hold with a $10 tgt saying they downgraded shares of IGTE based on valuation and lowered expectations of topline growth at iGS (its Indian subsidiary) in 2008. Since then, shares have fallen 28% and now offer investors 50% appreciation potential to their tgt; therefore, they are upgrading shares to a Buy while maintaining their target and estimates.
07:29 FONR Fonar announces 3 new sales of its Upright multi-position MRI (7.00 )

07:29 Chrysler loan sale likely postponed – WSJ Deal Journal

WSJ Deal Journal reports the $4 bln sale of loans connected to Cerberus Capital’s Aug purchase of Chrysler that was to take place this week will likely be postponed, a person briefed on the matter tells Deal Journal. Orders for the paper were due today, and so far, demand has been sluggish. This person cautions that a final decision won’t be made until Tuesday morning and that a small portion of the loan sale is a possibility this week. Still, even that is looking increasingly unlikely as the Thanksgiving holiday approaches.
07:29 UA Under Armour upgraded to Buy from Neutral at UBS (47.85 )

07:29 TSL Trina Solar initiated with an Overweight at Morgan Stanley (50.87 )

07:27 PALM Palm initiated with a Market Perform at Thomas Weisel (7.92 )

07:25 NCTY The9 Ltd announces a $50 mln share buy-back (20.17 )

07:24 RIMM Research In Motion initiated with an Outperform at Thomas Weisel- tgt $130 (108.21 )

07:24 Dollar slides to record low against euro before housing data – Bloomberg

Bloomberg reports the dollar fell to a record low against the euro and the Swiss franc on speculation a U.S. govt report will show a deepening property slump, prompting the Federal Reserve to lower interest rates. The U.S. currency declined as economists forecast Commerce Department data today will show U.S. housing starts slipped to a 14-year low in October, prompting traders to raise bets the Federal Reserve will cut interest rates by December. The dollar also slid on speculation a group of six Arab nations will change their fixed exchange rates to the U.S. currency. The yen declined versus all 16 of the major currencies as European stocks rose.
07:17 DHI DR Horton reports Q4 (Sep) results, beats on revs (11.25 )

Reports Q4 (Sep) loss of $0.16 per share, includes items, may not be comparable to the Reuters Estimates consensus of ($0.57); revenues fell 34.9% year/year to $3.12 bln vs the $2.87 bln consensus. Donald R. Horton, Chairman of the Board, said, “Market conditions continued to decline in our September quarter as inventory levels of both new and existing homes remained high while pricing remained very competitive. We also experienced reduced mortgage availability due to tighter lending standards, and buyers continued to approach the home buying decision cautiously. We expect the housing environment to remain challenging.
07:17 GS Goldman Sachs’ Global Alpha may end 2007 down $6 bln – Bloomberg (220.54 )

Bloomberg reports the co’s Global Alpha hedge fund may lose about $6 bln in assets this year, a 60% decline, because of trades that went awry and client withdrawals, according to two investors. Global Alpha, which entered 2007 with more than $10 bln, lost 37% on investments through Nov. 14, most of it in August, said the Goldman clients, who asked not to be identified because the fund’s performance is private. The co has about $2 bln in fourth-quarter redemption notices, on top of withdrawals through the year.
07:16 SNP China Petroleum (Sinopec) upgraded to Neutral from Sell at UBS (129.91 )

07:14 ODP Office Depot reports Q3 (Sep) results, revs in-line (18.80 )

Reports Q3 (Sep) earnings of $0.43 per share, may include gain, may not be comparable to the Reuters Estimates consensus of $0.40; revenues rose 2.0% year/year to $3.94 bln vs the $3.94 bln consensus.
07:14 VDM Van Der Moolen: Announces the resignation of COO C.F. Rondeltap (4.49 )

07:13 CALLS Early Research Calls V

Upgrades: UBS upgrades Statoil ASA (STO 29.80) to Buy from Neutral… Susquehanna upgrades Home Inns & Hotels Management (HMIN 35.42) to Neutral from Negative… UBS upgrades Kendle International (KNDL 40.06) to Buy from Neutral. Downgrades: RBC downgrades Ashford Hospitality (AHT 7.79) to Underperform from Sector Perform… Wachovia downgrades Kennametal (KMT 78.28) to Market Perform from Outperform… Wachovia downgrades Quadra Realty (QRR 8.67) to Market Perform from Outperform… Calyon downgrades TransDigm Group (TDG 48.50) to Neutral from Buy and maintains their $45 tgt, based on valuation following Q407 EPS that exceeded firm estimates. Miscellaneous: J.P Morgan removes Intercontinental Exchange (ICE 180.25) from their Focus List… J.P Morgan removes Pepsico (PEP 75.08) from their Focus List… Lehman initiates Helmerich & Payne (HP 34.16) with an Equal Weight… Morgan Stanley initiates Micron (MU 8.84) with an Underweight… Bear Stearns initiates Virgin Mobile (VM 9.17) with a Peer Perform… RBC initiates Corning (GLW 22.70) with a Sector Perform… Thomas Weisel initiates Virgin Mobile (VM 9.17) with an Overweight… Wachovia initiates Euroseas (ESEA 13.77) with an Outperform… Wachovia initiates Textainer Group (TGH 14.14) with an Outperform.. Nollenberger initiates J. Crew (JCG 34.97) with a Neutral, as they believe JCG is one of the best-positioned retail companies in the industry due to strong management and a defined niche in the market place yet the strength of the business and brand are already reflected in shares.
07:12 NWY New York & Co beats by $0.02, reports revs in-line; guides Q4 EPS in-line (7.33 )

Reports Q3 (Oct) earnings of $0.09 per share, excluding charges associated with JasmineSola, $0.02 better than the Reuters Estimates consensus of $0.07; revenues rose 5.9% year/year to the previously announced $287 mln vs the $287.2 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.23-0.32 vs. $0.30 consensus.
07:11 SCVL Shoe Carnival beats by $0.01, misses on revs; guides Q4 EPS below consensus, revs in-line (13.14 )

Reports Q3 (Oct) earnings of $0.33 per share, $0.01 better than the Reuters Estimates consensus of $0.32; revenues fell 8.0% year/year to $173.9 mln vs the $180.9 mln consensus. Co issues guidance for Q4, sees EPS of $0.10-0.13 vs. $0.26 consensus; sees Q4 revs of $167-169 mln vs. $167.63 mln consensus. On a comparable week-for-week basis, the Company expects comparable store sales to decline 4 to 5 percent for the fourth quarter this year.
07:10 ZLC Zale beats by $0.06, reports revs in-line; guides Q2 EPS; guides FY08 EPS below consensus (19.93 )

Reports Q1 (Oct) loss of $0.54 per share, excluding non-recurring items, $0.06 better than the Reuters Estimates consensus of ($0.60); revenues fell 0.9% year/year to $428 mln vs the $425.2 mln consensus. Co issues guidance for Q2, sees EPS of $1.60-1.65 may not compare to $1.80 consensus. Co issues downside guidance for FY08, sees EPS of $0.86-0.91 vs. $1.06 consensus.
07:08 BJ BJ’s Wholesale beats by $0.02, beats on revs; guides FY09 EPS in-line (34.22 )

Reports Q3 (Oct) earnings of $0.35 per share, $0.02 better than the Reuters Estimates consensus of $0.33; revenues rose 8.0% year/year to $2.17 bln vs the $2.15 bln consensus. Co issues in-line guidance for FY09, sees EPS of $1.85-1.95 vs. $1.92 consensus. Co announces Board of Directors has authorized an additional $250 for share repurchases.
07:08 BCSI Blue Coat beats by $0.06, beats on revs; guides Q3 EPS above consensus, revs above consensus (33.13 )

Reports Q2 (Oct) earnings of $0.30 per share, excluding non-recurring items, $0.06 better than the Reuters Estimates consensus of $0.24; revenues rose 84.9% year/year to $73.4 mln vs the $69 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.31-0.35, excluding non-recurring items, vs. $0.26 consensus; sees Q3 revs of $78-81 mln vs. $74.18 mln consensus.
07:07 RTLX Retalix beats by $0.05, beats on revs (18.54 )

Reports Q3 (Sep) earnings of $0.23 per share, excluding non-recurring items, $0.05 better than the Reuters Estimates consensus of $0.18; revenues rose 15.3% year/year to $58.1 mln vs the $56.8 mln consensus. “We are having a record year in sales, and for FY 2007 we expect our total revenues to be above the midpoint of the range of our guidance. We feel that we can still achieve net income at the low end of the range through a few deals that we are working on. The unchanged business fundamentals, the strong demand for our products and our long-term customer relationships support our estimates. Although there can be no assurance, we are optimistic about closing these deals by the end of the year.”
07:07 NWY sees FY08 $0.49-0.58 vs $0.48 Reuters consensus

07:06 NWY sees Q4 $0.23-0.32 vs $0.30 Reuters consensus

07:05 WIRES On The Wires

Actimize, a NICE Systems (NICE) co, announces that it has received a multimillion-dollar order for an enterprise fraud solution from a top-five UK retail bank… Orbitz Worldwide (OWW) announces it has reached an agreement with USA3000 Airlines to distribute its fares through its Orbitz and Orbitz for Business brands… Hana Biosciences (HNAB) announces the dosing of the first two patients in a Phase 2 clinical trial of Marqibo for the treatment of metastatic malignant uveal melanoma.
07:05 RTLX prelim $0.23 vs $0.18 Reuters consensus; revs $58.1 mln vs $56.75 mln Reuters consensus

07:05 NWY prelim $0.09 vs $0.07 Reuters consensus; revs $287.0 mln vs $287.20 mln Reuters consensus

07:04 BCSI sees Q3 $0.31-0.35 vs $0.26 Reuters consensus; sees revs $78-81 mln vs $74.18 mln Reuters consensus

07:04 BJ announces Board of Directors has authorized an additional $250 for share repurchases

07:03 BCSI prelim $0.30 vs $0.24 Reuters consensus; revs $73.4 mln vs $69.01 mln Reuters consensus

07:03 BJ sees FY09 $1.85-1.95 vs $1.92 Reuters consensus

07:03 BJ prelim $0.35 vs $0.33 Reuters consensus; revs $2.17 bln vs $2.15 bln Reuters consensus

07:02 DHI prelim ($0.16), includes items, does not compare vs ($0.57) Reuters consensus; revs $3.12 bln vs $2.87 bln Reuters consensus

07:02 ZLC sees FY08 $0.86-0.91 vs $1.06 Reuters consensus

07:02 ODP prelim $0.43, may not be comparable to $0.40 Reuters consensus; revs $3.94 bln vs $3.94 bln Reuters consensus

07:02 ZLC sees Q2 $1.87-1.92 vs $1.80 Reuters consensus

07:02 SCVL sees Q4 $0.10-0.13 vs $0.26 Reuters consensus; sees revs $167-169 mln vs $167.63 mln Reuters consensus

07:01 ZLC prelim ($0.54) vs ($0.60) Reuters consensus; revs $428 mln vs $425.21 mln Reuters consensus

07:00 SCVL prelim $0.33 vs $0.32 Reuters consensus; revs $173.9 mln vs $180.87 mln Reuters consensus

06:55 CALLS Early Research Calls IV

Upgrades: J.P Morgan upgrades United Rentals (URI 22.50) to Neutral from Underweight… Friedman Billings upgrades Starbucks (SBUX 22.87) to Outperform from Market Perfom and raises their tgt to $27 from $22 saying the co’s dramatic downturn in its fundamental performance is likely to create issues that it never had before as a public co–shareholder activism. They also believe that the Starbucks brand would be a valuable addition to many different global food and beverage companies. The firm says if senior management does not make the appropriate changes soon, losing control of the company is a real possibility. Additionally, many private equity firms are still in business. Miscellaneous: J.P Morgan adds Tupperware Brands (TUP 31.94) to its Focus List… CIBC initiates Protalix BioTherapeutics (PLX 4.64) to Outperform and a $7 tgt saying the co’s PLX’s lead drug, prGCD, is a plant cell–produced version of GENZ’s Cerezyme that recently entered phase III trials for Gaucher disease. Firm says PLX has a unique platform for production of recombinant proteins using plant cells… BofA initiates Akamai (AKAM 35.81) with a Neutral and a $42 tgt.
06:48 CALLS Early Research Calls III

Upgrades: Citigroup upgrades Buckeye Technologies (BKI 12.61) to Buy from Sell… UBS upgrades Exxon (XOM 84.11) to Buy from Neutral and raises their tgt to $96 from $92… UBS upgrades Hess (HES 67.93) to Buy from Neutral… Lehman upgrades Embarq (EQ 49.31) to Equal-weight from Underweight… Lehman upgrades Dollar Tree (DLTR 26.21) to Overweight from Equal-weight… CIBC upgrades Suncor (SU 101.56) to Outperform from Sector Perform saying Suncor’s synthetic crude oil production has increased 14% per annum over the past 10 years, and the Voyageur Project will see output double by 2011/12. The firm says the co has the capability to grow aggressively post 2012, but they do not believe the co is locked into this strategy. There are alternatives. Downgrades: CIBC downgrades Starbucks (SBUX 22.87) to Sector Perform from Outperform and cuts their tgt to $23 from $27 due to expected continued P/E contraction as the U.S. business matures, new store productivity falls and L.T EPS growth continues to slow. The firm notes SBUX has only moderately lowered forecasts and growth rates, but more cuts will likely come. Miscellaneous: Deutsche Bank initiates Ventas (VTR 42.51) with a Hold and sets a $43 tgt, based on valuation and expect debt spreads to remain wide into ‘08, putting upward pressure on cap rates and downward pressure on forward NAV… Broadpoint Capital initiates Omniture (OMTR 27.00) with a Buy and sets a $35 tgt, as they believe the co has the greatest market momentum in the Web analytics sector based on revenue, number of customers, and the rate of new customer additions.
06:37 CALLS Early Research Calls II -Update-

Upgrades: Susquehanna upgrades Sykes Enterprises (SYKE 18.36) to Positive from Neutral… Jefferies upgrades McAfee (MFE 35.70) to Buy from Hold and raises their tgt to $40 from $37, based on valuation and completed acquisition of SafeBoot… Jefferies upgrades Wynn Resorts (WYNN 124.98) to Buy from Hold and maintains their $152 tgt, based on valuation… Keefe, Bruyette upgrades Franklin Bank (FBTX 5.60) to Market Perform from Underperform and maintains their $6.50 tgt, based on valuation… Keefe, Bruyette upgrades Knight Capital (NITE 12.51) to Market Perform from Underperform and raises their tgt to $15 from $13, following the co’s agreement to buy EdgeTrade for approx $59.5 mln. Miscellaneous: Deutsche Bank initiates Nationwide Health Properties (NHP 29.00) with a Hold and sets a $30 tgt, as they view both the operating and reimbursement environments as stable yet believe debt spreads will remain wide into next year, putting upward pressure on cap rates and downward pressure on forward NAV… Deutsche Bank initiates Healthcare Realty Trust (HR 23.93) with a Buy and sets a $27 tgt, based on a strategic shift back toward becoming a pure play medical office/outpatient facility co by selling off its senior housing assets and view this shift favorably while a more aggressive revamp of its development activities should enhance EPS in ‘09 and beyond… Deutsche Bank reinstates McAfee (MFE 35.70) with a Buy and sets a $40 tgt, following their restriction with the SafeBoot acquisition and believe MFE is one of the best positioned security vendors due to its comprehensive integrated security platform, momentum in the consumer vertical and solid management execution..
06:34 CALLS Early Research Calls I

Miscellaneous: Susquehanna initiates WNS Holdings (WNS 19.00) with a Neutral… Susquehanna initiates eTelecare Global Solutions (ETEL 9.11) with a Positive… Susquehanna initiates Exlservice Holdings (EXLS 26.68) with a Neutral… KeyBanc initiates Arctic Cat (ACAT 12.10) with a Hold, as they believe that while segments of the ATV market, namely the side-by-side market, are experiencing favorable growth, the maturity and competitiveness of ACAT’s remaining markets may prove to be challenging in the near and long term… KeyBanc initiates Polaris Industries (PII 46.12) with a Hold, as they believe that while short-term momentum as a result of new product introductions and solid Q307 results has supported shares recently, over the intermediate term a sluggish macro environment could impact consumer discretionary spending and ultimately temper meaningful upside from current levels… KeyBanc initiates Modine Manufacturing (MOD 21.05) with a Hold, as they believe execution capabilities around the co’s global re-alignment plan haven’t been sufficiently demonstrated and see the current state of MOD’s N. American light and commercial vehicle markets as an overhang… Deutsche Bank initiates Parker-Hannifin (PH 77.86) with a Buy and sets a $92 tgt, as they believe there could be some upside to 2008 earnings given that guidance for Aerospace top line growth of around 1% appears very conservative in relation to recent order trends, while Industrial margins could be sustained closer to their solid Q108 levels vs. guidance… Deutsche Bank initiates Eaton (ETN 85.29) with a Hold and sets a $100 tgt, as they see value in shares yet volatility in NAFTA Class 8 truck markets will likely dominate sentiment and could restrain multiple expansion from its current low 11.3x 2008E.
06:32 Sensex ends down 352pts on late selling – The Business Standard

The Business Standard reports the Sensex opened with a negative gap of 122 points at 19,511 on the back of weak global cues. Fresh buying at lower levels saw the index rebound into the positive zone and touch a high of 19,714. The index, however, could not hold gains and came tumbling down to 19,196 – down 518 points from the day’s high – in late noon trades. The Sensex finally ended with a loss of 352 points at 19,281. The market breadth was positive – of 2,866 stocks traded, 1,553 advanced, 1,272 declined and 41 were unchanged today.
06:32 Asian stocks rise on outlook for U.S. economy; Cnooc advances – Bloomberg.com

Bloomberg.com reports Asian stocks rose, reversing earlier declines, on speculation minutes from a Federal Reserve meeting will show the U.S. economy, the region’s biggest overseas market, can weather a slump in values of homes and subprime mortgages… Japan’s Nikkei 225 Stock Average rose 1.1% to 15,211.52, rebounding from a 1.9% slide. Key indexes in Hong Kong, China and Singapore also climbed, while Taiwan’s was little changed.
06:32 European stocks advance; Vodafone, Shell, Total shares gain – Bloomberg.com

Bloomberg.com reports European stocks rebounded from a three-month low, led by phone and energy companies, after Deutsche Bank raised its price estimate on Vodafone Group and oil advanced for a third day… National benchmarks rose in 12 of 18 western European markets. The U.K.’s FTSE 100 gained 0.8%, as did Germany’s DAX. France’s CAC 40 added 0.6%. The Stoxx 50 advanced 0.5% while the Euro Stoxx 50, a measure for the euro region, rose 0.8%.
06:32 WIRES On The Wires

Dyax (DYAX) and MorphoSys announce the signing of a licensing agreement covering a broad patent portfolio relating to antibodies and other proteins. The agreement grants MorphoSys a fully paid-up license to a variety of phage display-related patents from Dyax as well as other patents, including several relating to methods for displaying and selecting antibodies and other proteins through the use of alternative types of display… Global Imaging Systems, a Xerox (XRX) co, announces the acquisition of Image Quest.
06:22 S&P futures vs fair value: +9.4. Nasdaq futures vs fair value: +8.8.
06:21 European Markets

FTSE…6149.90…+29.10…+0.5%. DAX…7562.41…+50.44…+0.7%.
06:21 Asian Markets

Nikkei…15211.52…+168.96…+1.1%. Hang Seng…27771.21…+311.04…+1.1%.
06:14 SSI Stage Stores reports EPS in-line, revs in-line; guides Q4 EPS in-line, revs in-line; guides FY08 EPS above consensus, revs in-line; announces $50 mln buyback (15.84 )

Reports Q3 (Oct) earnings of $0.06 per share, in-line with the Reuters Estimates consensus of $0.06; revenues rose 0.5% year/year to $355.1 mln vs the $355 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.80-0.85 vs. $0.80 consensus; sees Q4 revs of $483-495 mln vs. $489.53 mln consensus. Co issues guidance for FY08, sees EPS of $1.28-1.33 vs. $1.25 consensus; sees FY08 revs of $1.55-1.57 bln vs. $1.56 bln consensus. The Company also announced that its Board of Directors approved a new Stock Repurchase Program, authorizing the repurchase of up to $50 million of the Company’s outstanding common stock.
06:11 MWRK Mothers Work beats by $0.01, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY08 EPS below consensus, revs in-line (17.27 )

Reports Q4 (Sep) loss of $0.92 per share, $0.01 better than the Reuters Estimates consensus of ($0.93); revenues fell 4.9% year/year to $135.8 mln vs the $137.7 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.11-0.25 vs. $0.42 consensus; sees Q1 revs of $144-147 mln vs. $148.05 mln consensus. Co issues guidance for FY08, sees EPS of $1.00-1.50 vs. $1.56 consensus; sees FY08 revs of $574-586.5 vs. $580.22 mln consensus.
06:10 SGXP SGX Pharma announces $25 mln private placement (5.02 )

Co announces that it has entered into a securities purchase agreement in connection with a private placement to a group of institutional investors that includes OrbiMed Advisors LLC and Great Point Partners, LLC. SGX will receive $25 mln in gross proceeds from the sale of 4,943,154 shares of its common stock and the issuance of seven-year warrants to purchase 1,482,944 additional shares of SGX common stock at an exercise price of $5.77 per share. The per unit purchase price of a share of SGX common stock and a warrant to purchase 0.30 of a share of SGX common stock is $5.0575.
06:05 WIRES On The Wires -Update-

The McClatchy Co (MNI) reports that both consolidated advertising and total revenues in October 2007 decreased 9.9%… Gene Logic (GLGC) announces recognition of a collaboration milestone, triggered by the filing of a patent application for a new use of an existing Pfizer (PFE) drug candidate to treat solid tumors; co will receive a nominal initial milestone payment as a result… Acacia Research (ACTG) announces that its Telematics subsidiary has settled litigation against Xata Corp. that was pending the U.S. District Court for the Northern District of GA… Acacia Research (ACTG) announces that its Safety Braking subsidiary has entered into a settlement with Universal City Development Partners, Ltd. and Universal City Studios LLLP.
05:41 WIRES On The Wires -Update-

Unisys (UIS) announces that its UK subsidiary has signed a seven-year IT outsourcing services contract with The Diamond Trading Co, the London-based sales and marketing arm of the De Beers family of companies; contract is valued at approx $16.5 mln.
05:31 TSN Tyson dealt blow on no-antibiotic label – WSJ (14.84 )

The Wall Street Journal reports the USDA has told Tyson Foods (TSN) that it can no longer label its products as “raised without antibiotics.” The co, which has spent tens of millions of dollars since June on an advertising and labeling campaign to distinguish its product from competitors, is scrambling to salvage the label. The decision, conveyed in a previously nonpublic letter dated Nov. 6, comes after the co received approval by the USDA in May to label its products as “raised without antibiotics,” a coveted term in the industry that companies are seeking as a way to appeal to consumers concerned about the use of antibiotics in animals. The labeling was a coup for Tyson, and the following month the co announced with fanfare that it would become the “first major poultry company to offer fresh chicken raised without antibiotics on a large-scale basis.” Now the USDA says it made a mistake in approving the label. Daniel Engeljohn, an official at the USDA’s office that oversees labeling decisions, said the department is trying to “make sure labels are truthful and not misleading” and “our consistent position is, if you’re going to make a raised-without-antibiotics claim, that there will be no antibiotics that were included in the feed during the life of the animal.” A USDA spokeswoman said Tyson’s “labels should not bear a no-antibiotic claim” and the Food Safety and Inspection Service of the USDA “mistakenly…approved the labels that were contradictory to this policy.” Tyson disagrees with the decision, and for the past few weeks has been in discussions with the USDA trying to “convince them that we are right and that they made a mistake,” said Gary Mickelson, spokesman for Tyson. He said the co intends to have the issue resolved before Thanksgiving.
05:26 RIO Rio eyes BHP pacts to fight off takeover: Paper – Reuters (416.05 )

Reuters reports Rio Tinto (RTP) is considering offering joint ventures with BHP Billiton (BHP) as an alternative to BHP’s proposed around $140 bln takeover, Britain’s Daily Telegraph newspaper said on Tuesday. The offer is part of a preliminary defense plan — called Project Manchester — against BHP’s proposed three shares for one bid for Rio, the paper said in its online edition, without citing sources. One area thought to be under consideration by Rio for a partnership would involve operations in western Australia’s Pilbara region, where both companies have extensive iron ore mining businesses, it said.
05:22 PFE Pfizer legal win might block some lawsuits over Celebrex – WSJ (22.71 )

The Wall Street Journal reports Pfizer (PFE) secured a victory yesterday through a federal ruling that might wipe out some lawsuits alleging that the co’s painkiller Celebrex caused heart attacks and strokes. U.S. District Judge Charles R. Breyer of San Francisco ruled that plaintiffs in the litigation haven’t presented scientifically reliable evidence that Celebrex caused heart attacks or strokes when taken at a daily dosage of 200 milligrams. That is the most common dosage, according to Pfizer. “We are pleased with the decision of the federal court, which recognizes the lack of any credible evidence linking Celebrex, at its most common dosage form, with heart attacks or strokes,” Pfizer General Counsel Allen Waxman said.
05:19 Morning News Summary

WSJ: Pfizer (PFE) legal win might block some lawsuits over Celebrex… Tyson (TSN) dealt blow on no-antibiotic label. Reuters: Rio (RTP) eyes BHP (BHP) pacts to fight off takeover: Paper.
03:31 GMO ArcelorMittal announces acquisition of a 12.6% equity stake in General Moly (8.46 )

ArcelorMittal (MT) announces it has signed an agreement to acquire a 12.6% equity stake (10% of fully diluted shares) in co for a total consideration of $70 mln.
03:28 WIRES On The Wires -Update-

TTI Team Telecom Int’l (TTIL) announces that it has received an order from a U.S.-based system integrator for the expansion and upgrade of a public authority’s fiber network in a major U.S. metropolitan area; order is valued at approx $1.5 mln.
03:27 BIIB Biogen Idec and Neurimmune Therapeutics announce alliance to develop treatments for Alzheimer’s Disease (70.25 )

Co and Neurimmune Therapeutics AG announce they have entered into an agreement for the worldwide development and commercialization of novel, fully human antibodies for the treatment of Alzheimer’s disease. The alliance will focus on the development of antibodies that bind to amyloid beta, a pathogenic molecule thought to cause neurodegeneration and loss of cognitive function in AD patients. Neurimmune will conduct research to identify potential therapeutic antibodies using the co’s Reverse Translational Medicine platform. Biogen Idec will be responsible for the development and commercialization of all products. Neurimmune could receive an aggregate of $380 mln in upfront and success-based milestone payments, as well as a royalty on net sales of any products.
01:03 Guests scheduled to appear on CNBC

William Haseltine, former Chairman and Chief Executive Officer of Human Genome Sciences (HGSI), is scheduled to appear on Closing Bell.
00:47 WIRES On The Wires

Wright Medical Group (WMGI) announces the pricing of $175 mln aggregate principal amount of Convertible Senior Notes due 2014; Wright has increased the size of the offering from the previously announced $150 mln to $175 mln… The U.S. District Court for the Northern District of CA has dismissed the remaining two claims against Chevron (CVX) alleging health impacts to Ecuadorian citizens resulting from Texaco Petroleum’s Ecuadorian oil operations that ended in 1992… Flowserve (FLS) announces that it has reached a tentative agreement to sell the rail business related assets of its wholly owned Australian subsidiary Thompsons Kelly & Lewis Pty Ltd. to Vossloh AG; terms of the sale were not disclosed.
00:46 UXG US Gold announces Ann Carpenter, Chief Operating Officer and President, has stepped down (3.99 )