Data Feed

08:52 SCANX Gapping up

In reaction to earnings/guidance: SOLF +20.6%, TWP +18.7% (raises Y07 guidance), SIGM +13.3%, PTT +11.2% (announces expects to exceed prior 2007 guidance), LULU +8.6%, FRED +6.4%, CFI +6.3%, TIVO +4.7% (also upgraded to Overweight at JPMorgan), STST +4.4%, ATW +2.1%, ZOLT +2.1%, VIP +1.4%… M&A: USBE +4.0% (announces merger agreement VSE; 0.81 share of VSE will be issued for each outstanding share of USBE)… Other news: REGN +34.1% (initiates global collaboration with SNY), SUF +12.0% (announces it has raised approx $5.3 mln through exercise of existing warrants), WCG +11.1% (receives an executed 1 yr contract with CMS), ISSI +10.7% (announces repurchase plan of $80 mln and commencement of tender offer at $7), ETFC +9.8% (announces $2.55 bln cash infusion from Citadel), BIDZ +7.9% (plans to investigate derogatory report by Citron and recent trading activity to regulators), TXCO +3.9% (Third Point discloses 8% stake in SC 13D), GPRO +2.4% (Cramer mentions favorably on MadMoney), FRO +2.4% (still checking), BCSI +2.3% (Cramer makes bullish comments on MadMoney), DRYS +1.9% (continued momentum following yesterday’s 15% bounce), DELL +1.1% (still checking)… Analyst upgrades: VMW +4.9% (upgraded to Neutral at Merrill), RRGB +2.5% (upgraded to Outperform at CIBC), DLTR +2.3% (upgraded to Outperform at Friedman Billings and upgraded to Strong Buy at Raymond James), IACI +1.7% (upgraded to Buy at Piper Jaffray), GM +1.3% (upgraded to Peer Perform at Bear Sterns).
08:50 MU Micron: SSDs strengthens vertical model but memory oversupply troubling – Cowen (8.46 )

Cowen notes MU announced yesterday its entry into the SSD market bolstering its already burgeoning vertically integrated model, confirmed that it will have a sub 40nm product in production in mid CY08E, and surprised firm with its view that its floating gate technology can shrink to 25nm and potentially to mid-teens. Firm believes this as a milestone given competitors have voiced concern that below 30nm degradation to the chip is significant. Despite their increasingly positive outlook on MU’s improving vertical model and cost structure, firm believes the shares will come under near-term pressure due to the oversupply of NAND and DRAM through the 1H of CY:08 muting gross margin and rev growth.
08:48 Video Games: Expect strong Dec game sales driven by recent releases – Cowen

Cowen notes that with the majority of key holiday titles already released, firm expects strong game sales in Dec to be driven by holiday hardware purchases and the continued success of hit recent releases. They think investors are likely to now begin looking at 2008 prospects for video game publishers. Firm continue to recommend TTWO, their top pick, and THQI with Outperform (1) ratings.
08:48 NCOC National Coal names Michael Castle Chief Financial Officer (3.00 )

Co announces that Michael Castle has been appointed Sr VP and CFO effective December 1, 2007. Current CFO and board member, Mike Love, is leaving National Coal to pursue other opportunities.
08:47 JNS Janus Capital initiated with a Buy at Sandler O’Neill (32.32 )

08:47 CVS CVS Corp reports November same store sales +4.4% vs +4.5% single estimate (41.50 )

08:46 BEN Franklin Resources initiated with a Buy at Sandler O’Neill (123.48 )

08:46 NVLS Novellus: AmTech expects cautious 1H08 outlook during mid-qaurter update (26.93 )

AmTech notes that NVLS will provide a Dec mid-quarter update today after the close. Firm expects booking and shipment levels to weaken towards the lower end of the guided range while rev and EPS guidance remain intact. Firm’s checks indicate that tier one memory chipmakers are committed to spending in order to gain share. However, tier-two memory chipmakers could likely delay orders and shipments into 1H08, and the foundry providers do not appear to be spending at all. Firm reduces CY08 EPS ests to $1.45 from $1.58 (Street at $1.62) and introducing CY09 EPS at $1.50 (Street at $1.60).
08:45 CEPH Cephalon: Provigil panel recommendation headline risk only (75.24 )

Last night, firm notes that amidst a three-day FDA Advisory Panel to discuss pediatric prescription drugs, the panel recommended adding language stating that CEPH’s Provigil is not recommended for use in children is needed in addition to the existing language that states the drug isn’t approved for use in pediatric patients. they see this as semantics, and not a material change for the Provigil label. Additionally, there is immaterial off-label prescriptions to the pediatric population. CEPH had already recently sent doctors a letter noting the drug isn’t approved for children. Firm sees this as a headline-risk only, and would be opportunistic on any associated weakness.
08:44 TIVO TiVo: Litigation developments reamisn catalyst – AmTech (5.98 +0.08) -Update-

AmTech notes TIVO exceeded consensus Oct rev ests reporting $58 mln. GAAP EPS also exceeded ests reporting a loss of $(0.08), consensus ($0.13). Firm believes there was a critical development related to the cos pending litigation with DISH. Management stated that the patent office terminated the patent re-examination requested by DISH. TIVO is cautiously optimistic that this issue is complete, but awaits the final documents from the PTO. Firm expects TIVO’s model will begin to transform following favorable litigation. Their new projected operating model would focus primarily on software distribution and advertising providing significantly higher margins than the current hardware based model.
08:43 ETFC E*TRADE call on Citadel investment has ended… see 8:36 comment for summary (5.28 ) -Update-

Link to summary.
08:41 AXCA Axcan Pharma to be acquired by TPG Capital for US$1.3 bln or US$23.35 per share in cash (18.20 )

Co announces that it has entered into an agreement for Axcan to be acquired by TPG Capital and its affiliates in an all-cash transaction with a total value of approximately US$1.3 bln. Under the terms of the transaction, TPG Capital and its affiliates will acquire all of the common shares of Axcan for an offer price of US$23.35 per common share.
08:40 WIRES On The Wires

ORBCOMM (ORBC) announces Archetype has signed an International Value Added Reseller agreement. Archetype intends to begin offering ORBC wireless services to new and existing customers… Amazon.com (AMZN) launched Askville.com, a website where users ask and answer questions, and discover answers to thousands of questions on everything from how to buy an HDTV to the best way to lose weight… Callon Petroleum (CPE) announces it has contracted with Diamond Offshore Drilling (DO) for the semi-submersible rig Ocean Victory to drill and complete the co’s two deepwater development wells at its Entrada Field… Netflix (NFLX) and NBC Universal Domestic Television Distribution announce an agreement through which current episodes of the network’s top-rated prime time series, “Heroes,” can be watched online by NFLX subscribers the day after their network airings.
08:39 RDS.A Royal Dutch Shell to sell stake in Nigeria assets – FT (81.70 )

FT reports the co is privately negotiating the sale of its stake in two offshore oil licences in Nigeria, just two weeks after announcing a shake-up of its business units there. Industry insiders say that CEO and African Petroleum, Nigeria’s leading fuel retailer, are two of the main suitors for the assets, which could fetch up to $1 bln. The two oil licences are operated by Eni, the Italian energy group, which holds a majority stake, with Shell holding the remaining 49.8%.
08:37 FTE France Telecom facing several challenges on the horizon – WSJ (39.08 )

WSJ reports French regulators are weighing issuing a license for high-speed mobile service to a fourth operator, which would usher in more price competition and lower margins in what has been one of Europe’s cushier markets. In October, the govt held up the sole bid from France’s Iliad over terms of the deal. But there are signs the govt might consider a compromise to allow the license to be issued. In a report, Credit Suisse analyst David George estimated that a new mobile-phone competitor in France would lower “medium term” earnings per share forecasts by 6% to 7%. The other challenge looming is the construction in coming years of a next-generation fiber network to supply very-high-speed broadband. Spurred on by nimbler competitors like Neuf Cegetel and Iliad’s Free with ambitious fiber plans, France Telecom has begun laying a fiber network in Paris and a few select cities. But regulatory and political factors will likely affect the overall cost of the network and shape the competitive dynamics. Even after the French regulator said yesterday that France Telecom would have to share certain parts of the network such as underground ducts, the details of prices and access will be a subject of contention among operators for at least another year.
08:37 CHL China Mobile ends bid for Apple’s iPhone – Pacific Epoch (90.81 )

Pacific Epoch reports the co has ended iPhone negotiations with AAPL over disagreements on revenue sharing, reports Nanfang Daily. According to the report, Apple plans to establish direct sales outlets in Beijing next summer and has entered negotiations with other domestic operators and handset distributors for partnership.
08:36 MAT Mattel initiated with a Hold at Needham (20.05 )

08:36 ETFC E*TRADE: Details from ongoing conference call on Citadel investment (5.28 +0.37) -Update-

ETFC mgmt says today’s announcement with Citadel is the culmination of their review process. Says ETFC has been working with outside financial advisors regarding potential strategic and financial partners. Through this process they spoke with nearly 40 potential partners, and unanimously concluded that this transaction with Citadel provided the best solution. Co repeats that Citadel has acquired entire ABS portfolio, including CDOs, for $800 mln in cash — co has no future exposure to CDOs and ABSs. Co notes that total retail assets are currently at $192 bln, down 15% from Oct 31. Says account cancelation was not as bad, as many customers have moved only a part of their balances, and remain customers. Says they’ve been able to contact about 65% of the customers that moved their accounts, and they’ve had good “win-back”. Thinks once this news regains confidence, they’d expect win-back to improve. Co will now provide quarterly financial metrics, rather than monthly updates.
08:36 HAS Hasbro initiated with a Hold at Needham (27.84 )

08:34 DLM Del Monte misses by $0.03, misses on revs; lowers FY08 EPS guidance (9.72 )

Reports Q2 (Oct) earnings of $0.14 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.17; revenues rose 5.0% year/year to $938.1 mln vs the $960.2 mln consensus. Co issues in line Q3 guidance, sees Q3 EPS of $0.25-0.29 vs $0.29 consensus; sees revs up approx 5-7% yr/yr, which equates to approx $952.6-970.7 mln vs $949.85 mln consensus. Co lowers guidance for FY08, sees EPS of $0.72-0.76, excluding non-recurring items, compared to previous guidance of $0.78-0.82, ex-items, vs. $0.75 consensus; sees revs up 5-7% yr/yr, which equates to approx $3.59-3.65 bln vs $3.78 bln consensus. “However, our bottom-line continued to be pressured by aggressive cost increases, primarily in raw products, due to increased demand for alternative fuels and challenging fishing conditions. Looking forward, this severe industry-wide cost environment is expected to continue with costs increasing at rates greater than originally anticipated.
08:34 SIRI Sirius Satellite: With a merger decision now due within weeks; continue to favor Sirius irrespective of the regulatory outcome – Wedbush (3.53 )

Wedbush notes the SIRI/XMS merger is to close likly within weeks. Firm says that if the merger is approved, they believe that it is fairly obvious that both SIRM and XMSR will trade to dramatically higher price levels. However, if the merger is not approved, firm thinks Sirius’ fundamentals (e.g. better FCF profile, faster growth) make it vastly superior to XM’s and thus the better play overall. Firm continues to hold the minority position that the merger will be denied by regulators. In contrast with their regulatory view and expectations on the merger, from a consumer standpoint, firm believes a merger would be a positive as it will allow the spectrum to being better utilized and enable new services, such as a reasonable video offering.
08:33 BAC Bank of America: Bet on Countrywide looks funny to some, but patience may pay – WSJ (44.85 )

WSJ reports in the three months since the bank made a $2 bln investment in CFC, the value of the country’s biggest mortgage lender has fallen precipitously. On paper, the stake now looks to be worth only about $1 bln — and some Wall Street analysts have begun snickering. However, even in a worst-case scenario, the investment could still hold important strategic long-term value for Bank of America due to some of the particulars of the deal. The conventional wisdom among some rivals, investors and analysts is that Bank of America soon may be forced to make an even bigger infusion into Countrywide to bolster the co, which is also one of its major corporate clients. Even if Countrywide were to fail, Bank of America’s stake still could have important value for the co. One significant factor: In return for its $2 bln investment, Bank of America was given first right of refusal to buy Countrywide if it were put up for sale. Bank of America points out that if Countrywide were to seek bankruptcy-law protection, the bank would be in line to be repaid behind bondholders but ahead of common shareholders. If any other party purchased Countrywide, the new owner would still be on the hook for the full $2 bln obligation.
08:32 TU Telus announces acquisition of Emergis for approx $763 mln (47.79 )

Telus and Emergis announce that they have entered into a support agreement pursuant to which Telus has agreed to make an offer to acquire all the outstanding common shares of Emergis for $8.25 cash per common share by way of a take-over bid, and values Emergis’ equity at approx $763 mln on a fully diluted basis. TU expects the transaction to close in 1Q08. The Offer is not conditional on financing. TU expects to fund the acquisition initially using availability under its existing or new corporate credit facilities.
08:32 S&P futures vs fair value: -6.0. Nasdaq futures vs fair value: -9.5.

Just hitting the wires, Q3 GDP-Prelim came in at at the expected reading of 4.9%. Initial jobless claims for the week ended 11/24 was 352K, compared to the expectation for claims to hold steady at 330K. Futures gain about a point immediately following the releases.
08:31 RCI Rogers Comms downgraded to Market Perform from Outperform at BMO Capital (46.13 ) -Update-

08:31 WGNR Wegener reports Q3 EPS of $0.01 vs ($0.10) in yr ago period; revs $5.7 mln vs $4.2 mln in yr ago period (0.95 )

08:31 DLM sees FY08 $0.72-0.76 may not compare to $0.75 First Call consensus

08:30 ECONX Personal Consumption 2.7% vs 2.9% consensus

08:30 DLM prelim $0.14 vs $0.17 First Call consensus; revs $938.1 mln vs $960.16 mln First Call consensus

08:30 Temperature falls to freezing for junk bonds – Daily Telegraph

Daily Telegraph reports cos in Britain and Europe have failed to place a single high-yield bond since the credit crunch kicked off in August, and may now have to wait until next year before the credit market reopens for business. Societe Generale said the monthly volume of junk bond issues peaked at 6.5 bln euros in June, falling to zero in August, September, October, and November as investor flight from the market forced up yield spreads to stringent levels. Far from returning to normal, the credit markets appear to tightening even further into the Christmas season. Just two cos have even tried to venture into treacherous high-yield bond mkt since the credit spigot was turned off in August, only to receive a icy reception.
08:30 LUNA Luna Innovations works with the National Institutes of Health exploring new diagnostics for heart attack prevention (8.60 )

Co announces it has been awarded a grant from the National Heart, Lung, and Blood Institute to develop a new diagnostic agent that could improve the diagnosis of coronary artery disease. LUNA is investigating a carbon nanomaterial-based contrast agent, using its exclusive TRIMETASPHERE platform, which may provide the ability to use magnetic resonance imaging to reveal plaque buildup in the arterial walls of the heart and possibly provide fine structural detail of the plaque.
08:30 ECONX GDP Price Index +0.9% vs +0.8% consensus

08:30 ECONX Initial Claims 352K vs 330K consensus, prior revised to 329K from 330K

08:30 ECONX GDP 4.9% vs 4.9% consensus

08:30 ECONX Core PCE q/q +1.8% vs +1.8% consensus

08:29 QLTI QLT Inc: Reviewing strategic options – Caris (4.82 ) -Update-

Caris expects QLTI shares to be range-bound around current levels given uncertainty related to international Visudyne sales and the overhang of a potential generic Lupron on Eligard sales. However, the addition of a strong biotechnology product, or promising early stage ocular technology could have a positive impact on the share price. Firm expects the co will expedite a decision on a divestiture, which could provide a near term cash infusion. Given the share price gain yesterday, they expect QLTI shares to be range-bound around current levels given uncertainty around international Visudyne sales and overhang of a potential generic Lupron on Eligard sales.
08:28 SCANX Early pre-market gappers

Gapping up: REGN +34.1%, SOLF +20.6%, TWP +18.7%, SIGM +13.3%, SUF +12.0%, WCG +11.4%, PTT +11.2%, ISSI +10.7%, ETFC +9.8%, LULU +8.6%, BIDZ +7.9%, FRED +6.4%, CFI +6.3%, VMW +4.9%, TIVO +4.7%, USBE +4.0%, TXCO +3.9%, RRGB +2.5%, GPRO +2.4%, BCSI +2.3%, DLTR +2.3%, ATW +2.1%, IACI +1.7%, VIP +1.4%, GM +1.3%… Gapping down: WEDC -10.1%, MW -9.9%, SHLD -8.9%, JAS -5.2%, ROH -4.7%, RCI -4.6%, EEP -4.1%, ARO -3.6%, PFG -2.7%, SLM -2.7%, LDK -2.6%, SMRT -2.5%, MHS -2.5%, HSC -2.4%, USBE -2.0%, GR -2.0%, EXEL -2.0%, CTR -1.8%, STFC -1.8%, IPAR -1.8%, BPL -1.1%.
08:27 THOR Thoratec: Panel could get contentious but outcome expected to be positive – Caris (19.27 )

Caris notes THOR’s HeartMate II will be reviewed by an FDA advisory panel this Friday. Firm would not be surprised to see heated discussions among panelists regarding the clinical merits of the HeartMate II LVAD given the missed primary endpoint. But at the end of the day, given the totality of the data, they expect the panel to vote in favor of the device. Thus firm continues to rate THOR a 2*/Above Average with a price target of $22.50. Risks to our thesis include an unfavorable panel recommendation for HeartMate II and slower than expected market uptake for HeartMate II post approval.
08:26 DNA Genentech: Analysis of Avastin restriction – Caris (76.32 )

Caris notes DNA presents an attractive long term risk/reward profile. Given the biological profile of anti-angiogenic agents, they believe Avastin could be successfully developed in the adjuvant setting, which is a multi-billion dollar market opportunity that could provide significant long term rev growth for the co. Firm notes DNA plans to stop selling Avastin to compounding pharmacies in Jan 2008. Although doctors and hospital pharmacies could still provide off-label Avastin, firm believes that the restriction will likely have a material impact on both Lucentis and total Avastin sales.
08:23 Beware of liquidity traps in builders – WSJ

WSJ reports with home sales slowing to a crawl and buyers unable to qualify for mortgages, some home builders are struggling to keep their operations going. “Liquidity is the No. 1 concern for builders, and rightly so,” says Nishu Sood, an analyst at Deutsche Bank. “It’s a matter of survival,” he says of the many builders that borrowed heavily for the land they stockpiled during the housing boom. One red flag: Some builders have violated, or are close to violating, credit agreements with their banks. Until now, the banks have been willing to relax their rules to avoid technical defaults. But their patience could be wearing thin for some builders as the housing mkt deteriorates. WCI is currently testing the banks’ patience. The co recently violated an “interest coverage” test, says Andrew Brausa, a debt analyst at Banc of America Securities. Another builder that worries investors is SPF. A few builders stand out as sure survivors and possible buying opportunities for investors. John Gould, a portfolio manager at Schafer Cullen Capital Mgmt, which has $11 bln in assets, says DHI “looks interesting because its balance sheet is in good shape and it appears that the majority of write-downs are behind them.” Luxury builder TOL also has a solid balance sheet, ample cash and a low level of debt, making it a possible buy.
08:20 MW Men’s Wearhouse downgraded to Average at Caris- tgt cut to $40 from $52 (41.05 ) -Update-

Caris downgrades MW to Average from Above Average and cuts their tgt to $40 from $52 following earnings and lowered guidance. Given the continued lack of transparency regarding the After Hours business in 1QFY08, a higher markdown outlook in the MW stores, and continued weakness in the K&G segment, the firm says they are downgrading the shares.
08:19 BONDX Bond Watch: Tripping Higher

The market has located another flight to quality bid this morning with a flip lower in global equities & stock futures courtesy of a run of bad headlines. Oil is soaring on a pipeline explosion, equities are hurting with assistance from poor retail earnings (Sears), foreclosures were up 2% mom & a whopping 94% yoy according to RealtyTrac & just good ol’ fashion fear of the unknown as the Bank of England stirred things up with an announcement that the central bank would be providing extra liquidity (a la Fed’s extended repo program) through the new year. All of this is creating a ripe market full of unease & queasiness leading to another spike in Libor rates as risk gets even more pricey. The 2-10-yr yield spread is a little steeper at 88.1 as curve trade tries to sort out all the mess. Bond prices in the EuroZone are also benefiting from a weak retail sales report while in Japan, bonds are bucking the trend as the stocks have managed to hold gains as yesterday’s rate cut love-fest found a wider audience. Treasuries will need a big bust up in stocks to hold these gains today & data may provide some assistance. GDP will be mostly discarded as old so it’ll be up to new home sale & initial jobless claims to surprise to the weak side to hold current price levels. The dollar is better on the euro & the yen even as rate cuts remain on the menu. Gold is off at 802.60 (-2.22) while crude is holding earlier gains at 92.96 (+2.34). Q3 GDP, initial jobless claims (8:30) & new home sale (10) hit today. Fed-speak has gov Mishkin & chief Bernanke late. Treasury sells $13B of 5-yr notes. The euro is at 1.4744 & the yen is at 110.0200 while the 10-yr is +09/32 yielding 4.001%. For more bond & economic commentary click here.
08:15 EPL Energy Partners provides operational update and announces initial 2008 capital budget of $200 mln (12.80 )

Co announces that the moderate risk, high potential Gulf of Mexico Shelf exploratory well, Eugene Island 21 #1 well was drilled to its objective section and encountered sand, but did not see commercial hydrocarbons. The co will recognize dry hole expense of $4.6 mln in 4Q07 in connection with the 100% EPL owned well. EPL announces that the Board approved an increase in the 2007 capital budget from $300 mln to $350 mln. The co further announced that the Board approved an initial capital budget for 2008 of $200 mln, which reflects the co’s plans to allocate a portion of next year’s cash flow to debt repayment and the cash flow impact of the divestiture of EPL’s onshore South Louisiana assets that closed in 2007.
08:14 Germany’s LBBW faces 800 mln euros writedown – FT

FT reports LBBW, Germany’s biggest public sector bank, faces possible writedowns of more than 800 mln euros related to turmoil in the credit mkts, potentially hitting consolidation hopes among the country’s troubled banks. According to people close to the bank, LBBW told its shareholders, which include the regional state and the city of Stuttgart, about the losses last week. The size of the writedowns is not yet finalized and could rise further, as they were based on prices from October 31. Since then, the mkt has weakened significantly.
08:12 SIGM Sigma Designs tgt raised to $100 at BWS Financial (59.14 ) -Update-

BWS Financial raises their tgt on SIGM to $100 following Q3 results. Firm notes these results were hands down stronger than any est on the Street. Rev for the quarter reached $66.2 mln and non-GAAP EPS was $0.79. Firm was the highest EPS est with $0.62 expecting gross margins to improve, and they did so by a larger basis. Much of the focus on growth at SIGM has been the phone companies offering IPTV and not cable companies. The reason firm bring this up now is because they believe that Comcast (CMCSA) is near the end of their trials with the technology and that there could be move to IPTV based services in 2008. Firm raises their ests for fiscal 2008 and 2009 and introducing 2010 numbers. Their EPS for 2010 is $4.65 on revs hitting $547 mln.
08:10 WIRES On The Wires

Comtech Telecommunications (CMTL) announces that its subsidiary, Comtech P.S.T., has received $5.6 mln in orders from a domestic prime contractor to supply broadband, solid state, high power radio signal jamming amplifiers… Rackable Systems (RACK) announces that the corp has reached the $1 bln mark in lifetime sales of products and services… Pipex Pharmaceuticals (PP) announces that it has filed a New Drug Application with the FDA for its lead drug candidate, Coprexa, for the treatment of initially presenting neurologic Wilson’s disease… C.V.T. Prepaid Solutions, IDT Telecom (IDT), and Union Telecard Alliance have reached a private settlement of the lawsuit brought by IDT and U.T.A. against C.V.T. Pursuant to the settlement, IDT and U.T.A. have dismissed the lawsuit with prejudice.
08:09 TWP Trex raises Y07 rev guidance (6.74 )

Co raises Y07 rev guidance; sees net revs of $335-345 mln, or $350-360 mln before taking into account its product replacement reserve, compared to previous guidance of $315-335 mln. CEO says, “Our performance in the first two months of the seasonally slow fourth quarter has been stronger than anticipated, particularly at a time when the homebuilding and remodeling markets continue to exhibit weakness. A key to our positive results is the very favorable market response to the quality improvement initiatives we have been implementing for the past 18 months and the best-in-class line-up of Trex decking, railing and fencing products. Our channel partners are reporting excellent retail sell-through for Trex products, and distributor inventories are lower than at the same time last year.”
08:08 TIVO TiVo: Hearing upgraded to Buy at Natexis Bleichroeder (5.98 ) -Update-

08:07 DLTR Dollar Tree upgraded to Strong Buy from Outperform at Raymond James (26.88 )

08:06 PLC PLC Systems achieves successful early conclusion of RenalGuard pilot safety trial (0.45 )

08:06 TWP raises Y07 rev guidance to $335-345 mln compared to previous guidance of $315-335 mln

08:05 BONDX Economic Calendar

GDP revisions & initial jobless claims at 8:30 along with new home sale at 10.
08:05 TWP raises Y07 rev guidance

08:04 GRB Gerber Scientific reports EPS in-line, revs in-line (9.84 )

Reports Q2 (Oct) earnings of $0.14 per share, excluding non-recurring items, in-line with the First Call consensus of $0.14; revenues rose 10.8% year/year to $160.7 mln vs the $161.8 mln consensus.
08:04 TRIB Trinity Biotech announces FDA clearance of TRIstat point-of-care HbA1c test (8.38 )

Co announces that the FDA has given clearance to market the rapid, point-of-care TRIstat HbA1c system designed to measure glycated hemoglobin. The availability of the TRIstat system will improve overall efficiency of diabetes care. TRIstat offers highly accurate results within minutes while eliminating complex, hands-on operator requirements found with other point-of-care technologies.
08:03 AMZN Amazon.com: WSJ reviews Kindle in Mossberg column (90.30 )

Walt Mossberg reviews the Kindle in today’s WSJ Personal Technology saying the Kindle is the first e-book reader that allows you to select, buy and download titles directly to the device, instead of downloading them to a PC first and then transferring them over. The Kindle also can download newspapers, magazines and blogs directly, and update them automatically. Mossberg has been testing the Kindle for about a week, and loves the shopping and downloading experience. But the Kindle device itself is just mediocre. While it has good readability, battery life and storage capacity, both its hardware design and its software user interface are marred by annoying flaws. The Kindle’s six-inch screen can display only monochrome text and gray images, and there’s lag time and a flash of black every time you turn a page. The Kindle has some nice software features but the device is poorly designed. The software interface also is clumsy. Amazon has nailed the electronic-book shopping experience but it has a lot to learn about designing electronic devices.
08:03 Stifel initiates coverage of the restaurant space

Stifel initiates coverage of the restaurant space saying 2007 was tumultuous for restaurants, and they generally expect more of the same in 2008. The firm says rising labor and food costs establishes companies with a higher blend of franchising and international exposure as safer investments as they will likely not experience the brunt of cost increases as much as predominantly company-owned models. The firm initiates Burger King Holdings (BKC) with a Buy and a $30 tgt and adds it to their Stifel Nicolaus Select List compelling idea. The firm also initiates McDonald’s (MCD) with a Buy and a $64 tgt. Firm also initiates Yum! Brands: (YUM), Cheesecake Factory (CAKE), Brinker International (EAT), and Steak ‘n Shake (SNS) with Holds.
08:03 AZN AstraZeneca announces it receives six months pediatric exclusivity patent extension for ARIMIDEX from the FDA (46.97 )

Co announces that the FDA has granted an additional six-month period of exclusivity to market Arimidex for its licensed breast cancer indications until June 2010. Prior to pediatric exclusivity being granted by the FDA, the patent was due to expire in Dec 2009.
08:03 RIG Transocean downgraded to Hold from Buy at Sterne Agee due to price; tgt upped to $140 from $130 (136.38 )

08:03 CTR Cato beats by $0.01; guides Q4 EPS below consensus (19.65 )

Reports Q3 (Oct) earnings of $0.09 per share, $0.01 better than the First Call consensus of $0.08; revenues fell 4.7% year/year to $181.9 mln vs the $184.8 mln single estimate. Co issues downside guidance for Q4, sees EPS of ($0.08)-$0.00 vs. $0.21 consensus. Co cites lower sales and additional markdowns.
08:02 PSMT PriceSmart reports Q4 EPS of ($0.01) vs $0.12 in yr ago period; reports revs up 23% yr/yr to $230.1 mln with no estimates (30.97 )

08:02 MW Men’s Wearhouse: Q3 beat but Q4 and K&G a challenge – Stifel (41.05 )

Stifel notes that MW reported Q3 EPS of $0.69 beating our estimate of $0.68. The reported EPS includes a $0.05 per share contribution from After Hours. Excluding After Hours, the core business produced EPS of $0.64 (an 11% increase over LY). U.S. comp store sales decreased (2.1)% below mgmt’s plan of flat to +1%. The comp decline was primarily due to weaker traffic and lower average sale per transaction at K&G. Firm notes MW has benefited from the consolidating men’s apparel sector and we believe that over the long-term, MW will strengthen its position in the men’s apparel and tuxedo rental businesses, improving profitability.
08:02 TRID Trident Microsystems regains Nasdaq compliance; now in compliance with requirements (6.28 )

08:01 GRB prelim $0.14, ex items vs $0.14 First Call consensus; revs $160.71 mln vs $161.83 mln First Call consensus

08:01 SUF Sulphco raises approximately $5.3 mln (5.85 )

Co announces that it has raised approximately $5.3 mln through an exercise of approximately 1.98 million outstanding 2007 warrants.
08:01 SHLM A. Schulman: Ramius reiterates its commitment to seeking representation on A. Schulman’s board of directors at 2007 annual meeting (22.00 )

RCG Starboard Advisors announces it has reviewed the recent agreement between SHLM and a group led by Barington Capital Group and reiterated Ramius’ commitment to seeking Board representation at the co’s 2007 Annual Meeting. Ramius stated, “The recent announcement of yet another agreement between the co and a group led by Barington Capital provides us little, if any, comfort that the Board is truly committed to taking the necessary steps now to maximize stockholder value.”
08:00 PTT VCG Holding expects to exceed prior 2007 guidance, guides 2008 above single estimate (10.35 )

Co announces that it expects to exceed its previously announced EPS guidance of $0.43 for 2007 vs single analyst estimate of $0.49. For 2008 and 2009, co expects EPS of $0.86-0.92 (vs single est of $0.84) and $1.15-1.25, respectively. Guidance assumes the co will make $40 mln of acquisitions in 2008 and in 2009. Co says “we are highly optimistic that we will be able to achieve strong earnings growth…over the next few years. Since it is difficult to predict the exact timing of when our acquisitions will close, we have chosen to be conservative in our guidance and assume that we will close fewer acquisitions in both 2008 and 2009 than we did in 2007. However, we continue to be presented with highly accretive acquisition opportunities, so I would not be surprised if we exceeded our guidance for acquisitions.”
08:00 CTR sees Q4 ($0.08)-$0.00 vs $0.21 First Call consensus

08:00 S&P futures vs fair value: -3.5. Nasdaq futures vs fair value: -7.8.

Futures point to a lower open. Some profit taking following the stock market’s huge run the last two days is behind the weakness. Oil prices spiked (+2.8% to $93.17) after an explosion in Minnesota shut down four pipelines. Follow up reports indicated two pipelines have been reopened, causing oil prices to ease a bit. In corporate news, E*Trade (ETFC) has announced that affiliates of Citadel Investment Group are providing a $2.5 billion cash infusion and that its CEO is stepping down. Sears Holdings (SHLD) posted a third quarter profit of $0.01 per share. It’s unclear if that number is comparable to the consensus estimate, but regardless, it marks a 99% decline from the year-ago period.
07:59 CTR prelim $0.09 vs $0.08 First Call consensus; revs $181.9 mln vs $184.80 mln single estimate

07:59 GR Goodrich, in 8-K slideshow, reaffirms FY08 EPS of $4.15-$4.30 (vs $4.34 consensus) (72.88 )

07:59 SIGM Sigma Designs: Color on quarter (59.14 )

Montgomery reiterates their Buy rating on SGIM following the release of strong Q3 results last night. SIGM handily beat firm’s ests and posted significant upside to its guidance, as the momentum continues for the industry leader in the IPTV market. In light of the impressive results, firm believes SIGM remains an appealing growth opportunity in the rapidly growing IPTV and high-definition DVD markets. Owing to SIGM’s leading position in the ramping IPTV market and the early ramp in demand in the high-def DVD segment,firm is raising their tgt from $65 to $75 … Roth notes SIGM reported 3Q08 revs of $66.2 mln and non-GAAP EPS of $0.79. With the changes, firm’s 4Q08 est rev and non-GAAP EPS go to $75.26 mln and $0.83 from $55.01 mln and $0.57, respectively. Firm’s projected FY09 rev and non-GAAP EPS numbers grow to $337.5 mln and $2.45 from $246 mln and $1.81, respectively. Firm’s FY10 revs and non-GAAP EPS go to $393.4 mln and $2.57 from $298 mln and $2.00 respectively. Firm raises tgt to $77 from $60.
07:53 Banks in Germany and Norway are facing new losses from exposure to US subprime mkt – WSJ

WSJ reports banks and investors in Germany and Norway are facing new losses from exposure to U.S. subprime mortgages, highlighting how credit problems continue to seep into places far afield from the U.S. In Frankfurt yesterday, German bank officials held a crisis meeting to examine the deteriorating condition of IKB Deutsche Industriebank, whose push into U.S. bond investments left it facing such funding shortfalls in late July that it required an emergency bailout. And in Oslo, a securities co that sold clients securities tied to U.S. municipal bonds designed by Citigroup said it would file for bankruptcy after Norway’s credit regulator revoked its license. KFW of Germany, plans a meeting of its board Friday, according to a person familiar with the matter.
07:52 CECE CECO Environ. receives 10 new orders totaling approximately $13.5 mln (11.08 )

Co announces that it has secured 10 new orders totaling approx $13.5 mln. They involve projects for the power, food processing, automotive, ethanol, and aluminum industries. CEO comments, “…Our newest acquisition, G.M.D., also has a long track record of doing business in Mexico. I am also happy to announce that, for the second month in a row, our bookings are approx $20 mln. Bookings for the year have now reached $183 mln.”
07:51 BIDZ Bidz.com: Judge BIDZ on results and future growth; not much risk to Q4 results – Roth (10.10 )

Roth notes they believe BIDZ should be judged on its results and its future growth prospects and not on the basis of innuendo. In fact, other than the news about Saied Aframian and the prospect of presenting supporting documentation that the co engages in questionable bidding practices, the rest of the information in Monday’s report by CitronResearch was not new news. Based on the co reaffirming its guidance, which is about two thirds over, firm does not believe there is much risk to Q4 results. They further believe that the strong sales of the Thanksgiving weekend, up 78% over last year, highlights the strong value proposition that the BIDZ model is providing to customers, which firm believes will be especially important during this Holiday season.
07:51 ALB Albemarle recent sell-off creates buying opportunity – Jefferies (41.42 )

Jefferies believes ALB’s recent sell-off creates an attractive buying opportunity and expects the co to roll out new longer-term targets in 1H08, most likely implying north of $4 in earnings power in 2010. The firm thinks broader market weakness in the past couple of weeks was exacerbated by investor concerns over the cancelation of several meetings recently. The firm believes the scheduling conflict was due to non-operational issues, which should be confirmed when Q4 results are released. Q4 appears to be on track, and the firm does not expect an inventory reduction comparable to the one performed in Q3.
07:48 RCI Rogers Comms downgraded to Peer Perform from Outperform at Bear Stearns (46.13 )

07:47 ACGY Acergy announces that group is expected to meet operational objectives for ‘07, delivering approx $2.7 bln of net operating rev (25.03 ) -Update-

Co issues pre-close trading update and outlook ahead of results for Q4 ended Nov 30, 2007, which are expected to be announced on Feb 13, 2008. The group is expected to meet its operational objectives for 2007 delivering approx $2.7 bln of net operating rev, a record for the group. Following a disappointing performance on the Mexilhao trunkline project during Q4, mgmt believes that meeting the group’s adjusted EBITDA expectation will be dependent on the positive closure of projects and insurance claims through the reporting period. Cash balances at year end are expected to be approx $550 mln, after share buybacks of $147 mln and capital expenditure of approx $230 mln. ACGY will end the 2007 fiscal year with a strong backlog of approx $3.1 bln, of which $1.8 billion is for execution in 2008. Full year net operating rev for 2008 is expected to reach approx $3.0 bln.
07:47 EEP Enbridge Energy decides not to proceed with offering of Class A common units (53.42 )

Co announces it issued a news release on Nov 28, 2007, confirming the death of two employees in an explosion and fire on its crude oil pipeline. The explosion occurred at approximately 3:45 p.m. CST, November 28, 2007, approximately three miles southeast of Enbridge’s Clearbrook, Minnesota terminal. As a result of the events that occurred, the Partnership has decided not to proceed with the previously announced public offering of its Class A common units as set forth in its preliminary prospectus.
07:47 BUD Anheuser-Busch reaffirms expectation for earnings per share growth for the full year 2007 to exceed its 7-10% long-term objective (51.89 )

The co’s CFO reviewed the company’s long-term earnings model, which continues to target growth in the 7 to 10 percent range. Anheuser-Busch also consistently generates substantial cash flow, and cash returned to shareholders, including dividends and share repurchase, has increased significantly this year. The company increased its quarterly dividend by 11.9 percent in July. Share repurchasing has also been enhanced as a result of the company’s new, more aggressive financial leverage policy. Management continues to expect to spend $2.7 billion on share repurchasing this year.
07:47 IGLD Internet Gold: Susquehanna notes Q3 results below their ests and the Street; exchange rate fluctuation and e-advertising continue to impact profitability (10.93 )

07:46 LCRD LaserCard announces the retirement of CEO Richard Haddock (10.10 )

Co announces a series of organizational changes, including the planned retirement of Chief Executive Officer Richard Haddock effective March 31, 2008. LCRD will begin a formal search for a replacement. Additionally, effective immediately, director Bernard Bailey will assume the position of Chairman of the Board of Directors. Current Chairman Don Mattson will step into the newly created role of Vice-Chairman.
07:45 ENB Enbridge: Pipeline fire brought under control – DJ (37.83 ) -Update-

Two Canada-US pipelines restarted after fire – DJ
07:45 CWTR Coldwater Creek: No relief at Coldwater; becoming even more conservative going forward – Brean Murray (8.26 )

Brean Murray is cutting their ests even further after CWTR beat its frankly dismal 3Q07 projections but remained extremely glum about current and future prospects. The problems the co continues to face, from weak traffic to uninspiring and similar looks, do not figure to change until 2Q08, at the earliest. As such, they are becoming even more conservative in their projections. Given the lack of positive catalysts, firm believes CWTR remains “dead money” until the co can return to its model of full-price selling and once again drive positive leverage.
07:44 SRP Sierra Pacific downgraded to Neutral from Outperform at Credit Suisse (17.24 )

07:43 ARO Aeropostale: Finally some upside in retailing; raising ests and tgt after stellar 3Q07 – Brean Murray (28.01 )

Brean Murray maintains their Buy rating on ARO and raises their ests and tgt after the co announced solid 3Q07 results. Firm believes ARO provided compelling proof in its 3Q07 results that the co has the business model to succeed in the current tough retailing market, driven by an emphasis on value and a drive to raise average pricing via higher levels of fashion-relevant items; when coupled with at least two years of material unit growth in the U.S. and Canada, firm believes ARO is poised to drive solid results in the near term. Firm believes that as the co provides further vivid demonstrations of the robustness of its business model, the potential for multiple expansion will increase.
07:41 AIRN Airspan Networks coverage transitioned with a Buy at Morgan Joseph (1.81 )

Morgan Joseph transistions coverage of AIRN with a Buy saying they remain great WiMAX fans as the technology’s infiltration is clearly evidenced by the almost daily announcement of new deals. The firm sees Airspan winning a share of them, and this too is evidenced by the $45mm in WiMAX business year-to-date, up 36% from the $33mm posted for the first nine months of 2006. However, the firm says they are are also concerned that Airspan may need to invoke severe actions to align its cost structure with reasonable revenue prospects; otherwise, investors are unlikely to see operating leverage on attractive WiMAX growth or prerequisite cash generation.
07:40 HNZ HJ Heinz beats by $0.04, beats on revs; raises top end of Y08 EPS range (47.19 )

Reports Q2 (Oct) earnings of $0.71 per share, $0.04 better than the First Call consensus of $0.67; revenues rose 13.0% year/year to $2.52 bln vs the $2.4 bln consensus. Co raises top end of EPS range for FY08, sees EPS of $2.54-2.62, compared to previous guidance of $2.54-2.60 vs. $2.61 consensus.
07:39 WMG Warner Music Group: Credit squeeze hits EMI and Warner – FT (7.15 )

FT reports the turmoil in credit mkts is frustrating plans by EMI and Warner Music to issue blns of dollars in debt backed by revenues from their publishing catalogues. Both cos have been considering such moves as they contend with an industry collapse in compact disc sales and a difficult transition to digital distribution. The proceeds could have been used to refinance outstanding debt, pay a dividend to frustrated shareholders and reinvest in core operations. However, neither EMI nor Warner is expected to press ahead soon, given the distressed state of the credit mkts. Warner’s bankers also have been studying a securitisation but the co has decided not to pursue the option for now, according to people familiar with the matter. The co was hoping to raise as much as $2 bln, part of which would flow back to leading investors.
07:38 Foreclosure activity increases 2% in Oct according to RealtyTrac

RealtyTrac today released its Oct 2007 U.S. Foreclosure Market Report, which shows a total of 224,451 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, up 2 % from the previous month and up 94 percent from Oct 2006. The national foreclosure rate for the month was one foreclosure filing for every 555 households.
07:38 WIRES On The Wires

SunOpta (STKL) announces that it has reached an agreement to acquire the outstanding shares of The Organic Corp, operating as Tradin Organic Agriculture, with annual revs of approx $120 mln… Alliance Data Systems (ADS) announces that it has signed a multi-year agreement with 7-Eleven to provide payment processing services to more than 5,500 7-Eleven-branded convenience stores nationwide… Smart Balance(SMBL) announces that it is separating all of its outstanding units, which trade separately from its common stock and public warrants on the NASDAQ Global Market under the symbol SMBLU… Glu Mobile (GLUU) announces that it has agreed to acquire Beijing Zhangzhong M.I.G. Information Technology, a developer and publisher of mobile games for China… CDC Software, a wholly-owned subsidiary of CDC Corp (CHINA), announces that its CDC Supply Chain Solutions were implemented at a new parts distribution and packaging center of Shanghai General Motors, a 50-50 joint venture partnership between General Motors and Shanghai Automotive Industry.
07:37 BONT Bon-Ton Stores misses by $0.57; guides FY08 EPS in-line (13.32 )

Reports Q3 (Oct) loss of $1.17 per share, $0.57 worse than the First Call consensus of ($0.60); revenues fell 2.9% year/year to $780.8 mln. Co issues in-line guidance for FY08, sees EPS of $1.50-1.80 vs. $1.73 consensus; co reduced total sales growth guidance to 1.3-1.7%. Co lowers its gross margin guidnace to 36.4-36.5%. Co lowers FY07 comparable stores sales guidance to -1.9 to -2.2% Co said, “Our revised guidance includes the expectation that the retail environment will continue to be promotional through the holidays, and we are managing our inventories and expenses accordingly. We believe we have implemented the right strategies and are managing our business to deliver sustainable long-term sales and earnings growth. In addition, we have an appropriate debt structure in place, our excess borrowing capacity of $253.6 million at the end of the third quarter was approximately $6 million greater than the prior year and in the fourth quarter we expect to pay down debt with the cash generated by the business.”
07:36 GMR General Maritime upgraded to Hold from Sell at Citigroup (26.29 )

07:36 GCO Genesco reports Q3 (Oct) results, misses on revs (26.75 )

Reports Q3 (Oct) earnings of $0.39 per share, $0.15 worse than the First Call consensus of $0.54; revenues rose 2.2% year/year to $372 mln vs the $388 mln consensus.
07:36 PJC Piper Jaffray downgraded to Market Perform from Outperform at Wachovia (49.73 )

07:35 SWIM Investools: November DARTs likely strong; new web-based trading platform expands market opportunity – Merriman (14.92 )

Merriman notes SWIM is scheduled to release its monthly metrics next week. While Oct was already a huge month with DARTs up 37% M/M at 41,400, and despite normal seasonality, firm believes the co either maintained or improved from those levels during the month of Nov, driven in part by the full impact of Oct’s record new account additions (4,000) and by continued volatility in the stock markets. Firm believes that would suggest that 4Q07 is tracking ahead of their expectations for the thinkorswim segment; their ests assume DARTs of 37,700 for 4Q07.
07:35 QLTI QLT Inc upgraded to Outperform from Market Perform at Raymond James (4.82 )

07:34 TD Toronto-Dominion Bank reports Q4 EPS of C$1.40 vs C$1.43 First Call consensus (71.58 )

Co reports Q4 EPS of C$1.40 vs C$1.43 First Call consensus. “In a year of turbulent markets, clearly the successful altering of our risk-reward profile was a significant advantage for us. This year was also defined by the investments we made to expand our U.S. platform, and we’re excited about growing as a leading North American financial institution.”
07:34 HNZ sees FY08 top end guidance of $2.62 vs $2.61 First Call consensus

07:33 HNZ prelim $0.71 vs $0.67 First Call consensus; revs $2.52 bln vs $2.40 bln First Call consensus

07:33 IACI InterActive upgraded to Buy from Neutral at Piper Jaffray (27.53 )

07:32 IDEV Indevus Pharm misses by $0.03, beats on revs (7.61 )

Reports Q4 (Sep) loss of $0.12 per share, $0.03 worse than the First Call consensus of ($0.09); revenues rose 94.1% year/year to $29.5 mln vs the $26.3 mln consensus.
07:32 BONT sees FY08 $1.50-1.80 vs $1.73 First Call consensus

07:31 BONT prelim ($1.17) vs ($0.60) First Call consensus; revs $780.83 mln which the company preannounced on 11/8

07:31 IDEV prelim ($0.12) vs ($0.09) First Call consensus; revs $29.5 mln vs $26.34 mln First Call consensus

07:31 Chrysler weighs deal to build cars in Russia – Detroit News

Detroit News reports top Chrysler execs, eager to boost overseas sales, will meet today with the president of Russian automaker GAZ to discuss a deal to build Chrysler vehicles in Russia’s booming mkt. Such a project would allow Chrysler to tap into the rapid growth in Russian car and truck sales without making a huge investment, said sources familiar with the negotiations. The discussions between GAZ President Leonid Dolgov, Chrysler President Tom LaSorda and other officials at Chrysler’s Auburn Hills headquarters illustrate the profound changes taking place in the industry, where ambitious cos from emerging mkts are forming ties with struggling old-line automakers.
07:31 DGICA Donegal Group downgraded to Sell from Neutral at Piper Jaffray (17.30 )

07:30 GCO prelim $0.39 vs $0.54 First Call consensus; revs $372 mln vs $387.98 mln First Call consensus

07:30 AMLN Amylin Pharms: Exciting outlook long-term – Rodman & Renshaw (37.41 ) -Update-

Rodman & Renshaw notes AMLN presented modestly incremental data on exenatide LAR, as well as details regarding its pipeline and long term strategy. While several exciting and promising events are ahead for the co, there continues to be a lack of near-term catalysts to move the stock. However, they remain optimistic in the long-run that value for the co will be driven by the blockbuster potential of once-weekly exenatide, followed by the exciting opportunity in obesity with the combination of pramlintide plus leptin, in addition to the co’s intriguing peptide hormone discovery effort referred to as INTO (integrated neurohormonal therapy for obesity). Longer term, partnerships made by the co will allow it to enter the CNS and inflammation markets using a peptide based approach to drug discovery.
07:29 VMW VMware upgraded to Buy from Neutral at Merrill (87.69 )

07:29 ONNN ON Semiconductor: Q4 likely tracking to guidance, tweaking Q1 and 2008 ests – FBR (9.35 )

Freidman Billings notes that despite the ONNN’s recent pullback and mgmt’s strong execution track record, firm is neutral on the stock, as 1) they believe that the Street is not correctly factoring in the negative gross margin impact of the firm’s emptier Gresham fab in 2008, 2) firm think 1Q and 2008 consensus rev ests may be too high (excluding its recent ADI acquisition), and 3) valuation multiples have closed versus faster growing peers. Although ON Semi is a better co today than in years past, firm believes its valuation multiples should, and do, reflect the likelihood of slower EPS growth in the future.
07:29 AMLN Amylin Pharms: Mixed R&D day; own AMLN for LAR and its updates in 2008 – FBR (37.41 )

Friedman Billings notes yesterday AMLN hosted its annual R&D day in New York. Highlights included additional color on LAR, with a new datapoint from the Phase III study where 50% of LAR treated patients got below an A1c of 6.5%; Firm notes LAR continues to look like a $3 bln-plus seller in their minds as no other diabetes medication – now or on the horizon – comes close to lowering A1c as effectively combined with the weight loss profile, which likely gets better in longer-term studies. On pramlintide, firm is incrementally less positive after seeing data details. It is also turning out to have a long time line to market; firm pushed their sales ests out to 2011 (from 2009) as Amylin will likely begin another Phase IIb study next year prior to entering Phase III. These new ests do lower their out-year EPS ests by roughly $0.06-$0.14; they are lowering their tgt to $58 (from $62) and maintaining their Outperform rating.
07:29 BF.B Brown-Forman beats by $0.04, beats on revs; guides FY08 EPS in-line (71.99 )

Reports Q2 (Oct) earnings of $1.04 per share, $0.04 better than the First Call consensus of $1.00; revenues rose 22.9% year/year to $893.4 mln vs the $868.4 mln consensus. Co issues in-line guidance for FY08, sees EPS of $3.42-3.54, compared to previous guidance of $3.35-3.55, vs. $3.45 consensus. Co announced yesterday that the Board of Directors has authorized the repurchase of up to $200 mln of Class A and Class B stock.
07:28 PRICE Filings, Offerings, Pricings and IPOs

Filings: Citizens (CIA) files for a common stock secondary offering… Offerings: Buckeye Partners (BPL) announces it a 1.5 mln limited partnership units offering… Enbridge Energy (EEP) announces it has commenced a 4 mln share class A common units offering… Pricings: Randgold Resources (GOLD 36.42) prices a 6 mln share ADS offering at $35.25/ADS.
07:28 STFC State Auto Fin downgraded to Sell from Neutral at Piper Jaffray (29.38 )

07:28 INFY Infosys: IPU 609 inhibits hedgehog signaling in Lymphoma cell lines – Rodman & Renshaw (41.55 )

Rodman & Renshaw is drawing investor attention to the activity of Infinity Pharmaceuticals’ IPI 609 in B-cell lymphoma cell lines which is due to be presented in the form of a poster at the upcoming American Society of Hematology meeting from December 7-12 in Atlanta, GA. Recall IPI-609 is INFI’s most advanced Hh antagonist in development, and has demonstrated efficacy in multiple preclinical animal models of pancreatic, prostate, SCLC and ovarian cancers. The compound is orally available, well tolerated, and has excellent pharmacokinetics. INFY expects to file an IND for the molecule next year. Furthermore, INFY expects to present four abstracts at the American Association of Clinical Research meeting in 2008 detailing its activity in various orthotopic tumor and xenograft models.
07:27 RBS Royal Bank of Scotland shares fall in Europe on talk of write-downs – Reuters (9.39 )

07:27 TIVO TiVo: Color on quarter (5.98 )

Bear Stearns continues to believe TIVO’s initiatives will deliver significant value long term and reiterate their Outperform rating; in the near term, however, the stock will likely remain volatile as core fundamentals remain challenged. Firm notes sub growth, albeit marginal, was a pleasant surprise despite the sequential increase in churn. SAC of $390/gross add, including non-SAC related marketing, was significantly better than ests – hardware loss was lower, as was marketing costs, even as gross adds was higher. The focus on profitability showed up in breakeven adjusted EBITDA, which was significantly better than the guidance of $(5)-$(8) mln… Friedman Billings notes the looking out over the next year, their primary focus continues to be TIVO’s net “owned” subscriber additions, as they believe this is the only part of the business that is big enough to move the proverbial needle and create profitable growth. Firm remains skeptical that this could occur, however, given FY3Q’s continued weak gross subscriber additions and higher churn, plus little apparent interest by mgmt to ramp marketing expenses to drive sales of its high-definition digital video recorder (HD-DVR). On the other hand, they do not believe other factors, including the Comcast rollout, the development of the advertising model, and the EchoStar patent litigation, can generate much fundamental value over the next 12 months, even though these issues should continue to create share price volatility and short-term trading opportunities.
07:26 INFA Informatica: CIBC believes has handicapped the U.S. financial services market enough to make guidance achievable (16.87 )

CIBC notes they walked away from their meeting with INFA mgmt incrementally more positive on the story. It is firm’s impression from this traditionally conservative mgmt team that the quarter-to-date is at least tracking in line with expectations. Firm notes there are several demand drivers at work that should help INFA maintain its 15% rev growth rate. The two greatest demand drivers are INFA’s continued ability to provide more than just ETL solutions, coupled with future growth in its international business. Firm believes that INFA has handicapped the U.S. financial services market enough to make guidance achievable.
07:25 AAPL Apple to unveil faster iPhone, AT&T’s Stephenson says – Bloomberg (180.22 +5.41) -Update-

Bloomberg reports the co will introduce a version of the iPhone next year that can download from the Internet at a faster rate, AT&T CEO Randall Stephenson said. The device will operate on third-generation wireless networks, Stephenson said today at a meeting of the Churchill Club in Santa Clara, California. “You’ll have it next year,” Stephenson said in response to a question about when the 3G iPhone would debut. He said he didn’t know how much more the new version will cost than the existing model, which sells for $399. Apple Chief Executive Officer Steve Jobs “will dictate what the price of the phone is,” he said.
07:25 Aerospace/Defense: Fall of the dollar and rise of the U.S. aero suppliers – CIBC

CIBC says more that offsetting potential inflationary risks to U.S. aero suppliers from the weakening U.S. dollar is a trickle-down trifecta of benefits. U.S. firms have become low-cost centers, natural hedges for sourcing content and, in their view, a big consolidation tgt for international suppliers. Although competitive dynamics clearly favor BA in the duopoly (which includes Airbus), the trends reveal just as much opportunity for U.S. suppliers, including their favorites BEAV, TGI and COL. Firm believes pricing dynamics, which work on shorter time scales, have begun to play out in market-share gains at U.S. OEMs and suppliers over the past 12-18 months. Firm sees fewer constraints in commercial aero: Euro buyers could get said benefits plus customer diversification with greater access to BA.
07:25 BF.B sees FY08 $3.42-3.54 vs $3.45 First Call consensus

07:24 BF.B prelim $1.04 vs $1.00 First Call consensus; revs $893 mln vs $868.35 mln First Call consensus

07:23 WIRES On The Wires

Adobe Systems (ADBE) and Yahoo! (YHOO) launched Ads for Adobe PDF Powered by YHOO, an opt-in service that enables online commercial publishers to drive new rev by including timely, contextual ads next to Adobe Portable Document Format PDF-based content… Nokia (NOK) announces that mobile operator Telenor Pakistan will offer Nokia Intellisync Wireless Email to its consumer customers, small-medium enterprises, and large corporations. The service, branded as “SmartMail”, is currently available… ArcelorMittal (MT) announces its intention to construct a 300K tonne per annum Longitudinal Submerged Arc Welded pipe mill in Nigeria. Construction on the mill is due to begin in early 2008, with production starting in 2010.
07:22 LFC China Life Insurance eyes stake in foreign insurer – FT (80.84 )

FT reports China Life Insurance, the country’s largest insurer, plans to buy a strategic stake in a large insurance company in Europe or North America and is talking to several acquisition targets, its chairman said on Wednesday. “We are just talking for now, nothing has yet been approved [by the government],” said Yang Chao, who is chairman of China Life Group as well as its Hong Kong, New York and Shanghai-listed subsidiary. But he said the govt supports large state-owned insurers investing in overseas assets. The co seen as most likely to attract attention from Chinese insurers is PRU, which has built a powerful position in China and across the broader Asian region. The UK’s Aviva, which is building up its business in Asia, would also offer a Chinese investor access to the UK, continental Europe and the US. Other potential targets include AXA and ING.
07:22 ONXX Onyx Pharma: Hearing initiated with a neutral at tier 1 firm (55.06 )

07:20 GM General Motors: Upgrade details (28.39 )

As mentioned at 6:38 Bear Stearns upgraded GM to Peer Perform from Underperform says while auto and residential mortgage fundamentals are unlikely to improve near term, they think near-term risk/reward seems more balanced (but not yet attractive) for GM shares as the firm’s near-term thesis on the stock has generally played out.
07:19 LULU Lululemon Athletica beats by $0.03, beats on revs; guides FY08 EPS above consensus (40.50 )

Reports Q3 (Oct) earnings of $0.11 per share, $0.03 better than the First Call consensus of $0.08; revenues rose 84.1% year/year to $66.2 mln vs the $63.2 mln consensus. Co raises guidance for FY08, sees EPS of $0.40-0.42 vs. $0.37 consensus, prior guidance $0.30-0.33. Co said, “We are very pleased to have delivered another quarter of strong sales and earnings growth. We believe that our performance during the third quarter further demonstrates that our innovative product offering, unique culture and distinct community-based marketing approach creates brand loyalty and continues to attract healthy and active-minded individuals to the lululemon brand. Based on the strong results in both our comp stores as well as our new stores, we are extremely excited about our future growth prospects. “
07:19 ENS Enersys profiled in New America section of IBD (24.65 ) -Update-

IBD reports the co makes batteries that move forklifts and other industrial equipment. The price of lead has skyrocketed, driving up the co’s costs, but EnerSys has passed some of those increases on to customers. It has also shifted production to cheaper locales such as Asia and Eastern Europe. Lead prices have been climbing for years. But global demand caused them to spike this year. Those prices make alternative battery technologies or fuel cells seem more attractive. But analysts say those other power storage systems either cost more, or they aren’t as reliable. EnerSys says demand is high in all of its mkts. Analysts surveyed by Thomson Financial expect $1.17 this current fiscal year and $1.38 next year. Still, analysts say lead prices have hurt. There’s a three- to six-month lag before the co can pass its rising costs on to customers. John Craig, CEO of the co, says he had expected EnerSys to lose mkt share in the past few quarters as it pushed up its prices, but some of the co’s biggest competitors weren’t in any position to undercut it. Analysts say EnerSys has been the best at managing the rising prices and stands to gain the most when lead either stabilizes or falls. EnerSys also dabbles in lithium and nickel batteries. If fuel cells or other technologies overcome cost and technology hurdles, EnerSys will invest there as well, Craig says.
07:17 LULU sees FY08 $0.40-0.42 vs $0.37 First Call consensus, prior guidance $0.30-0.33

07:17 SOLF Solarfun Power beats by RMB0.89, beats on revs (11.61 )

Reports Q3 (Sep) earnings of RMB1.24 per share, RMB0.89 better than the First Call consensus of RMB0.35; revenues rose 312.4% year/year to RMB753.8 mln vs the RMB569.6 mln consensus. Co raises Y07 guidance, sees revs of $280-300 mln, compared to previous guidance of $250-270 mln. Co sees Y07 shipments at high end of previous guidance of 70-80 MW. Co has already reached its target of hitting annualized total PV cell production capacity of 240 MW by the end of Y07. Chairman says, “Looking forward, we are reiterating our optimism for the fourth quarter and full year ahead. We now have 240 MW of capacity in place, and we plan to continue to expand our production capacity in order to meet our anticipated demand, which remains robust. Additionally, our supply situation is improving; we believe we have secured 100% of our needs in 2007 and a significant portion of our anticipated needs in 2008, and pricing through the remainder of this year and well into next looks to be quite strong.”
07:16 LULU prelim $0.11 vs $0.08 First Call consensus; revs $66.2 mln vs $63.17 mln First Call consensus

07:15 CALLS Early Research Calls V

Upgrades: Jefferies upgrades Nalco Holding (NLC 22.85) to Buy from Hold with a $27 tgt baesd on valuation… Lehman upgrades Patterson Companies (PDCO 31.34) to Overweight from Equal Weight… Citigroup upgrades National Oilwell (NOV 66.36) to Buy from Hold… RBC upgrades Sigma Designs (SIGM 59.14) to Outperform from Sector Perform. Downgrades: SunTrust downgrades Aeropostale (ARO 28.01) to Neutral from Buy, following Q307 EPS that exceeded firm and consensus estimates and believe shares can move incrementally higher and support a valuation in the range of $30 to $31… CIBC downgrades Rogers Comm (RCI 46.13) to Sector Perform from Outperform based on AWS auction rules by Industry Canada that are very generous for new competition, which will reduce opportunities at Rogers and create a great deal of uncertainty for some time… BofA downgrades Tyler Tech (TYL 15.85) to Neutral from Buy. Miscelllaneous: BofA initiates Nextest Systems (NEXT 13.45) with a Neutral… BofA initiates Advantest (ATE 27.39) with a Neutral…
07:13 SOLF sees Y07 shipments at high end of previous guidance of 70-80 MW

07:12 SOLF raises FY07 revs to $280-300, compared to previous guidance of $250-270 mln

07:11 SOLF prelim RMB1.24 vs RMB0.35 First Call consensus; revs RMB753.8 mln vs RMB569.58 mln First Call consensus

07:10 STST Argon ST beats by $0.01, beats on revs; guides FY08 revs in-line (18.00 )

Reports Q4 (Sep) earnings of $0.23 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.22; revenues rose 26.8% year/year to $83.8 mln vs the $81.7 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $325-345 mln vs. $337.30 mln consensus.
07:09 WIRES On The Wires

Micromet (MITI) and MedImmune announce that new data from an ongoing Phase 1 clinical trial of MT103 in patients with late- stage non-Hodgkin’s lymphoma will be presented at the 2007 Annual Meeting of the American Society of Hematology on December 9… BPZ Resources(BZP) announces the spudding of the CX11-18XD Corvina well. The Corvina field is in the co’s offshore Block Z-1 located in northwest Peru.
07:09 WILC G. Willi Food Intl reports 21% increase in revs for Q3 (6.81 )

Co reports that Q3 revs increased 21% to NIS 59.7 million (US$14.9 mln) compared to revenues of NIS 49.4 million (US$12.3 million) in the third quarter of 2006. Net income for third quarter was NIS 595 thousand (US$0.1 thousand), or NIS 0.06 (US$0.01) per share compared to net income of NIS 3.8 million (US$1.0 million), or NIS 0.44 (US$0.10) per share, recorded in the third quarter of 2006.
07:07 SFD Smithfield Foods reports Q2 results (28.18 )

Reports Q2 (Oct) earnings of $0.14 per share, includes charges, doesn’t comapre to the First Call consensus of $0.21; revenues rose 23.5% year/year to $3.46 bln vs the $3.28 bln consensus.
07:06 WTSLA Wet Seal reports EPS in-line, misses on revs; guides Q4 EPS in-line, revs below consensus (2.33 )

Reports Q3 (Oct) loss of $0.02 per share, excluding non-recurring items, in-line with the First Call consensus of ($0.02), compared to 11/08 previous guidance of ($0.02)-($0.03); revenues rose 4.9% year/year to previously reported $150.3 mln. Co issues guidance for Q4, sees EPS of $0.03-0.06 vs. $0.05 consensus; sees Q4 revs of $168-171 mln vs. $174.43 mln consensus.
07:06 CALLS Early Research Calls IV

Miscellaneous: BMO Capital initiates Noble Energy (NBL 71.57) with an Outperform… J.P Morgan initiates Technitrol (TNL 27.41) with an Overweight… Lehman reinstates Transocean (RIG 136.38) with an Overweight… Credit Suisse initiates the U.S Household sector with a Market Weight they believe that 3 billion new potential consumers in the B.R.I.C countries will increasingly be able to get access to Western style personal care and household products. The firm says companies that can tap into this market have many growth opportunities and CL, PG as well as KMB are the best positioned. The firm initiates Colgate (CL 79.74) with an Outperform and an $87 tgt, firm also says CL is their Top Pick. They initiate Procter & Gamble (PG 73.91) tgt $78, and Kimberly Clark (KMB 69.71) tgt $73, with Neutrals. The firm also initiates Clorox (CL 65.17) with an Underperform and a $64 tgt… Jefferies initiates Meredith (MDP 56.30) with a Hold, as they believe Meredith’s magazines are poised for continued advertising revenue growth, but estimate at a decelerating pace due to an increasingly cloudy economic backdrop, while the margin expansion story in broadcasting may have run its course, in their view.
07:05 NUHC Nu Horizons Elec misses by $0.06, misses on revs (6.49 )

Reports Q2 (Aug) earnings of $0.04 per share, $0.06 worse than the First Call consensus of $0.10; revenues rose 5.2% year/year to $203.6 mln vs the $211.6 mln consensus.
07:05 ACGY Acergy awarded $670 mln contract in deepwater Angola (24.70 )

Co announced the award of a contract valued at approximately $670 mln for the engineering, procurement, fabrication and installation of an export line, rigid in-field pipelines, riser, manifolds and control umbilicals offshore deepwater Angola.
07:04 CONN Conns misses by $0.05, misses on revs; guides FY08 EPS in-line (19.53 )

Reports Q3 (Oct) earnings of $0.28 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.33; revenues rose 9.0% year/year to $189.4 mln vs the $193.1 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.75-1.85, excluding non-recurring items, vs. $1.81 consensus.
07:03 NUTR Nutraceutical reports Q4 EPS of $0.25, ex-items, vs $0.27 in yr ago period; reports revs up 12% yr/yr to $39.9 mln with no estimates (11.10 )

07:03 CPHD Cepheid signs group purchasing contract for GeneXpert Systems and Xpert molecular diagnostic tests (21.30 )

Co announces it signed a group purchasing contract with Broadlane. Under the terms of the contract, Broadlane customers can take advantage of CPHD’s molecular diagnostic instruments, reagents and services for its GeneXpertSystem and Xpert line of tests, including Xpert MRSA. “This agreement with Broadlane expands access to the GeneXpert System, enabling rapid on-demand molecular diagnostics for thousands of healthcare providers large and small.”
07:03 SFD prelim $0.14, includes charges, doesn’t comapre to the $0.21 First Call consensus; revs $3.46 bln vs $3.28 bln First Call consensus

07:01 CONN sees FY08 $1.75-1.85, ex $0.11 charge vs $1.81 First Call consensus

07:01 ULBI Ultralife Batteries receives $2.6 mln in military battery orders (12.90 +0.71)

Co announces it has received orders worth a combined value of approx $2.6 mln from the U.S. Defense Department for its BA-5390 with state-of-charge indicator and BA-5347 batteries. Deliveries are expected to begin this quarter and be completed in 1Q08.
07:01 NUHC prelim $0.04 vs $0.10 two-analyst est; revs $203.6 mln vs $211.60 mln two-analyst est

07:01 WTSLA sees Q4 $0.03-0.06 vs $0.05 First Call consensus; sees revs $168-171 mln vs $174.43 mln First Call consensus

07:01 AAP Advance Auto appoints President & CEO (34.16 )

Co announces that Darren Jackson has been appointed President and Chief Executive Officer effective January 7, 2008. Mr. Jackson, who has been a member of AAP Board of Directors since 2004, and will remain on the Board, will replace interim President and Chief Executive Officer, John Brouillard.
07:01 WTSLA prelim ($0.04) may not compare to ($0.02) First Call consensus; revs $150.3 mln vs $152.00 mln First Call consensus

07:00 CONN prelim $0.28, ex items vs $0.33 First Call consensus; revs $189.4 mln vs $193.07 mln First Call consensus

07:00 MHS Medco Health Solutions announces a 2-for-1 stock split (99.68 )

06:51 CALLS Early Research Calls III

Upgrades: Friedman Billings upgrades Range Resources (RRC 38.95) to Outperform from Market Perform and maintains their $48 tgt, following comments from the CEO that RRC expects to beat Q407 production guidance along with positive developments at two high-impacting emerging plays, Nora and Devonian Shale… Friedman Billings upgrades Dollar Tree Stores (DLTR 26.88) to Outperform from Market Perform and maintains their $36 tgt, based on valuation following Q307 EPS reported at the high end of guidance and better-than-expected gross margin expansion… CIBC upgrades Red Robin Gourmet (RRGB 39.99) to Outperform from Sector Perform with a $46 tgt saying their recent visit with management increases their confidence that the co has finally and sustainably reversed negative trends in new store productivity. Firm says this, combined with positive traffic and a low valuation, make shares compelling. Miscellaneous: BMO Capital initiates Noble Energy (NBL 71.57) with an Outperform… CIBC inititaes Airgas (ARG 47.95) with an Outperform and a $56 tgt saying ARG has generally traded in line with APD and PX, so the current valuation gap looks unsustainable. Firm says Airgas has a big secular growth opportunity to consolidate the fragmented packaged gases industry, harvest rich synergies, and leverage its one-of-a-kind nationwide network.
06:51 SMRT Stein Mart beats by $0.01, misses on revs; issues downside Q4 guidance (6.05 )

Reports Q3 (Oct) loss of $0.06 per share, $0.01 better than the First Call consensus of ($0.07), compared to 11/8 previously issued guidance of ($0.06)-($0.08); revenues fell 1.7% year/year to the previously announced $333 mln. Co issues downside guidance for Q4, sees EPS of ($0.15) vs $0.27 consensus, due to lowered sales outlook, escalating competitive pressure, and the prospect of extremely aggressive markdowns to move merchandise on lower than planned sales. Co sees Nov comparable store sales approx -10%, and approx -10% for Q4.
06:49 FRED Fred’s misses by $0.02, reports revs in-line; to review a range of strategic and financial alternatives (9.40 )

Reports Q3 (Oct) earnings of $0.12 per share, includes shift of expenses of $0.02 vs the First Call consensus of $0.14; revenues rose 2.9% year/year to $419.9 mln vs the $420.9 mln consensus. Separately, co noted that Fred’s has received multiple inquiries from qualified parties. The Board of Directors has retained Merrill Lynch & Co. to review a range of strategic and financial alternatives; and, on the advice of counsel, the Company has temporarily suspended its stock repurchase program.
06:43 WMG Warner Music Group reports Q4 (Sep) results, revs in-line (7.15 )

Reports Q4 (Sep) earnings of $0.03 per share, includes $9 mln in restructuring and implementation expenses and $12 mln benefit in Recorded Music, may not be comparable to the First Call consensus of $0.02; revenues rose 1.8% year/year to $869 mln vs the $874.8 mln consensus.
06:42 VIP Vimpel Comms beats by $0.04, reports revs in-line (36.00 )

Reports Q3 (Sep) earnings of $0.45 per share, $0.04 better than the First Call consensus of $0.41; revenues rose 59.3% year/year to $1.96 bln vs the $1.94 bln consensus. Co said, “We are pleased with our progress in Russia and in the CIS countries, particularly in Ukraine and Uzbekistan. On the back of strong revenue growth, OIBDA of our Ukrainian business moved into positive territory, confirming our ability to build a profitable business in that country. In Uzbekistan, we built our market share, while improving margins. We believe that the increasing usage in Russia and expanding subscriber base in the CIS countries will continue to keep our business growing robustly.”
06:38 CALLS Early Research Calls II

Upgrades: UBS upgrades Nuvelo (NUVO 1.52) to Buy from Neutral… UBS upgrades Double Hull Tankers (DHT 13.08) to Buy from Neutral… J.P Morgan upgrades TiVo (TIVO 5.98) to Overweight from Underweight… Bear Stearns upgrades General Motors (GM 28.39) to Peer Perform from Underperform. Miscellaneous: Montgomery initiates Vocus (VOCS 32.34) with a Buy and a $41 tgt saying they believe VOCS has the most comprehensive blend of software, content, and online news distribution focused exclusively on the PR and corporate communications market. Firm believes Vocus will continue to thrive, as it doesn’t require up-front capital commitments and reduces corporate costs… J.P Morgan adds Genentech (DNA 76.32) to its Focus List… J.P Morgan initiates Daktronics (DAKT 22.64) Overweight… Bear Stearns initiates StatoilHydro (STO 32.80) with an Outperform…. Bear Stearns initiates ENI S.p.A. (E 70.60) with a Peer Perform… Citigroup initiates Cogent Comm (CCOI 22.19), PAETEC Holding (PAET 10.98), and Level 3 (LVLT 3.38) with Holds… Citigroup initiates Global Crossing (GLBC 18.88) Time Warner Telecom (TWTC 21.92) and Cbeyond (CBEY 39.42) with a Buy.
06:36 AMWD American Wdmrk misses by $0.29, misses on revs; guides FY08 EPS below consensus (22.85 )

Reports Q2 (Oct) earnings of $0.08 per share, $0.29 worse than the First Call consensus of $0.37; revenues fell 24.0% year/year to $160.2 mln vs the $167.3 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.70-0.90, from previous guidance of $1.40-1.70, vs. $1.39 consensus; co sees sales down 14-18% yr/yr, with core sales down 10-12% yr/yr. Co sees the continuing impact of tighter credit conditions and falling real estate prices will cause the remodeling and new construction markets to remain subdued until these conditions are resolved. These difficult market conditions have contributed to several of the co’s new construction customers experiencing deteriorating financial condition, including two that recently filed for bankruptcy protection.
06:36 Sensex ends up 64pts – The Business Standard

The Business Standard reports the Sensex opened with a bang – up 352 points (1.8%) at 19,291 backed by the strong rally in the global markets. The index touched a high of 19,297, pared some gains and thereafter exhibited lacklustre movement for the major part of the trading day. Fresh selling in noon deals, on account of the derivatives expiry of the November series, saw the index drop to a low of 18,930 – down 361 points from the day’s high. The Sensex finally ended with a gain of 64 points at 19,003. The market breadth turned negative towards the close – out of 2,857 stocks traded, 1,461 declined, 1,323 advanced and 73 were unchanged today.
06:36 Asian stocks rise on U.S. rate cut speculation; Samsung climbs – Bloomberg.com

Bloomberg.com Asian stocks rose, led by Toyota Motor and Samsung Electronics, on expectations the Federal Reserve will cut U.S. interest rates to support growth in the region’s largest export market… Japan’s Nikkei 225 Stock Average jumped 2.4%. Hong Kong’s Hang Seng Index rose 4.1%, extending gains after a Chinese official said the country will proceed with a plan allowing individual purchases of the city’s stocks. All markets advanced in the region except in New Zealand, Vietnam and Sri Lanka.
06:36 European stocks erase gains; Barclays, France Telecom decline – Bloomberg.com

Bloomberg.com reports European stocks erased gains as Barclays Plc and France Telecom SA declined. The Dow Jones Stoxx 600 Index lost 0.2% to 363.39 as of 11:09 a.m. in London. The Stoxx 50 slipped 0.1%, while the Euro Stoxx 50, a measure for the euro region, advanced 0.1%.
06:34 QSC Questcor appoints Don Bailey as CEO (4.98 )

Co announces that Don Bailey has been appointed President and Chief Executive Officer. Prior to this appointment, Mr. Bailey was the Interim President of the Company
06:32 PRVT Private Media reports acquisition of 6.9% of the co’s outstanding shares of common stock in a series of purchases by its majority shareholder (3.30 )

Co announces that its CEO, President, Chairman of the Board and majority shareholder, Berth Milton, has increased his holding of the co’s shares of common stock. Since September 15, 2007, Milton has acquired 3,655,000, or 6.9%, of the co’s outstanding shares of common stock in a series of purchases at an average price of $3.26 per share. Following this $11.9 mln acquisition, Mr. Milton’s beneficial ownership of the co’s common stock is equal to 57.8%.
06:27 EXEL Exelixis to receive milestone payment from Bristol-Myers for achievement of Liver X Receptor agonist development milestone (8.70 )

Co announces that its right to receive from Bristol-Myers (BMY) a milestone payment of $5 mln was triggered as a result of the acceptance of an Investigational New Drug application, or foreign equivalent, for a compound discovered and developed under the two companies’ Liver X Receptor collaboration.
06:21 S&P futures vs fair value: -4.4. Nasdaq futures vs fair value: -7.0.
06:21 European Markets

FTSE…6299.40…-6.80…-0.1%. DAX…7761.45…+37.79…+0.5%.
06:21 Asian Markets

Nikkei…15513.74…+359.96…+2.4%. Hang Seng…28482.54…+1111.30…+4.1%.
06:15 CALLS Early Research Calls I

Miscellaneous: Caris initiates Computer Programs and Systems (CPSI 22.79) with an Average and sets a $25 tgt, as they believe CPSI has crafted a unique small hospital focused Healthcare IT franchise yet despite its advantages, the co is in the midst of a difficult turnaround where it is heavily dependent on outsourcing and support service sales and feel that shares fully value its small hospital franchise and 14% growth rate… Montgomery initiates Ariba (ARBA 11.43) with a Buy and sets a $14 tgt, as they believe spend management applications have a compelling value proposition and expect FY07 to be the final year of Ariba’s transition into a SaaS co, and although revenue and cash flow improved modestly in FY07, the firm feels the full effects of the transition should become more prominent in FY08… Montgomery resumes Omniture (OMTR 29.49) with a Buy and sets a $35 tgt, as they believe the co could deliver upside to their ‘08 revenue and EBITDA estimates given the co’s volume-based pricing model, strong core pricing trends, impressive customer additions, relationships with the largest online brands in the world, and a new set of digital marketing services for its base… Montgomery resumes Concur Technologies (CNQR 36.85) with a Buy and sets a $40 tgt, as they believe the market for employee spend management is fragmented and underserved despite a fundamental shift in the landscape and see a significant revenue opportunity within its existing customer base… Montgomery initiates LivePerson (LPSN 5.62) with a Buy and sets a $7 tgt, as they believe the co’s acquisition of Kasamba will accelerate growth at LPSN, improve margins, and drive demand for the core chat business while LPSN’s transaction-based model could also drive upside to firm FY08 revenue estimates.
06:14 WIRES On The Wires -Update-

Silver State Bancorp (SSBX) announces they intend to repurchase up to 5% of outstanding shares of common stock.
06:14 SHLD Sears Hldg reports Q3 (Oct) results, revs in-line (116.34 )

Reports Q3 (Oct) earnings of $0.01 per share, may not be comparable to the First Call consensus of $0.50; revenues fell 3.4% year/year to $11.5 bln vs the $11.61 bln consensus.
06:10 DSGX Descartes reports Q3 (Oct) results, beats on revs (3.96 )

Reports Q3 (Oct) earnings of $0.03 per share, may not be comparable to the First Call consensus of $0.05; revenues rose 15.7% year/year to $15.5 mln vs the $15 mln consensus.
06:07 ETFC E*Trade announces $2.5 bln investment led by Citadel (5.28 ) -Update-

Co announces an agreement that will result in a cash infusion of $2.5 bln. The transaction, led by affiliates of Citadel Investment Group, includes immediate funding of approx $2.4 bln with the remaining $150 mln expected to fund by January 15, 2008. E*Trade also announces that, effective immediately, R. Jarrett Lilien has been named acting Chief Executive Officer, succeeding Mitchell H. Caplan, who has stepped down from the position of Chief Executive. Mr. Caplan will serve as an advisor to the co on transition matters through the end of the year. Co will receive $1.6 bln of capital in exchange for 12.5% unsecured notes and common stock. Additionally, Citadel has acquired E*Trade’s entire ABS portfolio, including CDOs, for $800 mln in cash. As a result of the sale of the ABS portfolio, E*Trade will take a charge of $2.2 bln.
06:04 VSE VeraSun Energy and US BioEnergy announce merger agreement (10.64 )

Co and US BioEnergy (USBE 8.03) announce they have entered into a definitive merger agreement, which has been unanimously approved by the boards of each co. The merger is expected to close during Q108, pending shareholder approval, anti-trust regulatory clearance and the completion of other customary conditions. Under the merger agreement, 0.81 share of VeraSun common stock will be issued for each outstanding share of US BioEnergy common stock, representing a premium of approx 11% based on November 23, 2007, closing prices. The merger is also expected to be accretive to VeraSun’s earnings in the first full fiscal year of combined operations.
06:04 SBH Sally Beauty beats by $0.03, beats on revs (8.05 )

Reports Q4 (Sep) earnings of $0.09 per share, $0.03 better than the First Call consensus of $0.06; revenues rose 5.5% year/year to $639.7 mln vs the $633.1 mln consensus.
05:51 ENB Fire shuts key Canada-U.S. pipeline, oil leaps $3 – Reuters (37.83 )

Reuters reports an explosion hit the main pipeline that supplies Canadian crude to U.S. Midwest refineries on Wednesday, forcing operator Enbridge (ENB) to halt nearly a fifth of U.S. imports and sending crude prices $3 higher. One of the set of four pipelines will require repairs and regulator inspections, while the largest is “not likely” to start up any time soon, Larry Springer, a spokesman for Enbridge, said on Thursday. The smaller two lines were several hundred feet from the fire and appear to be undamaged, but will be inspected soon before they are restarted, Springer said. Two employees were killed in the incident, which came after one pipeline was shut to inspect a small leak. The explosion about 3.0 miles southeast of its Clearbrook, MN, terminal, shut down a line that carries an estimated 1.9 mln bpd of Canadian crude, equivalent to about 9% of total U.S. oil demand. Oil prices rose more than 2% higher on the news, with traders fearing that the outage would leave mid-continent refiners short of crude. Canada is the biggest supplier of foreign crude to the U.S., accounting for almost one-fifth of its over 10 mln bpd of imports, government data show. Nearly all of that is delivered via the Enbridge system. Springer declined to give a specific timeframe for restarting the lines, but a spokeswoman for the county said the fire could burn for another three days. Enbridge was not able to say what caused the blast but said it was working with federal and state authorities to begin a thorough investigation.
05:41 Australia’s NAB buys Great Western Bank for $798 mln – Financial Times

Financial Times reports National Australia Bank has agreed to pay $798 mln for Great Western Bank as part of its strategy to expand its US agribusiness banking. The South Dakota-based bank has assets of more than $3.4 bln and a network of more than 100 branches across six mostly midwest states.
05:36 LUV An airline shrugs at oil prices – NY Times (13.82 )

The NY Times reports Southwest Airlines (LUV) could be standing above competition. The reason for Southwest’s rapidly increasing advantage over other big airlines is much simpler: it loaded up years ago on hedges against higher fuel prices. And with oil trading above $90 a barrel, most of the rest of the airline industry is facing a huge run-up in costs, and Southwest is not. Southwest owns long-term contracts to buy most of its fuel through 2009 for what it would cost if oil were $51 a barrel. The value of those hedges soared as oil raced above $90 a barrel, and they are now worth more than $2 bln. Those gains will mostly be realized over the next two years. The hedges have helped keep Southwest profitable, producing gains on the hedging contracts of $455 mln in 2004, $892 mln in 2005 and $675 mln in 2006, as well as $439 mln for the first nine months of 2007, as oil prices have nearly doubled this year. These gains mostly offset rising fuel prices while other airlines were largely unprotected against the increases.
05:29 ETFC E*Trade gets help from Citadel – WSJ (5.28 )

The Wall Street Journal reports E*Trade (ETFC) is receiving a $2.55 bln cash infusion from Citadel Investment Group, people familiar with the transaction say, in a bid to restore confidence and liquidity in the discount brokerage. In a plan overseen by the federal Office of Thrift Supervision, Citadel will make a two-part investment in E*Trade. The first component is the purchase of E*Trade’s entire $3 bln portfolio of asset-backed securities for a value of around $800 mln. The second component is the purchase of $1.75 bln worth of 10-year notes, paying an annual interest rate of about 12.5%. After regulatory approvals, Citadel is expected to own almost 20% of E*Trade, including the approx 3% of the broker it already holds, and gain a seat on the co’s board. The deal also signals the end of the tenure for E*Trade Chief Executive Officer Mitch Caplan. President Jarrett Lilien will serve as acting chief executive until a new chief executive is found. Donald H. Layton will replace the firm’s current nonexecutive chairman. Mr Caplan will retain a seat on the board.
05:25 Morning News Summary

WSJ: E*Trade (ETFC) gets help from Citadel. NY Times: An airline shrugs at oil prices (LUV). Financial Times: Australia’s NAB buys Great Western Bank for $798 mln. Reuters: Fire shuts key Canada-U.S. pipeline, oil leaps $3 (ENB).
05:04 MBHI Midwest Banc plans capital raise (13.23 )

Co announces that it has filed a prospectus supplement with the SEC for a proposed offering of 1.4 mln depositary shares each representing a 1/100th fractional interest in its Series A Noncumulative Redeemable Convertible Perpetual Preferred Stock plus up to 210,000 depositary shares pursuant to a 30-day over-allotment option to the underwriters.
04:53 REGN Regeneron Pharma initiates global collaboration with Sanofi-Aventis to develop and commercialize fully-human therapeutic antibodies (17.15 )

Co and Sanofi-Aventis (SNY) announce that they have entered into a global collaboration agreement to discover, develop, and commercialize fully-human therapeutic antibodies utilizing Regeneron’s proprietary VelociSuite of technologies (including VelocImmune). Sanofi will also increase its ownership of Regeneron’s outstanding common stock from approx 4% to approx 19% by purchasing 12 mln newly issued shares of Regeneron common at a price of $26.00 per share, subject to customary closing conditions including antitrust clearance. As part of the research agreement, Sanofi will make an $85 mln upfront payment to Regeneron and will fund up to $475 mln of research over the next five years.
02:52 GOLD Rangold Resources announces that an offering of 6.0 mln ADS has been priced at $35.25 per ADS (36.42 )

01:07 IAR Idearc mentioned positively in Weekday Trader – Barron’s Online (18.54 )

Barron’s Online reports shares of Idearc (IAR) may be a bargain given the co’s EV as a mulitple of operating earnings is 8x, less than some directories businesses have fetched in leveraged buyouts in recent years. Idearc has the cash flow to support, and perhaps even increase, its $1.36 dividend, but it could use that cash to make more acquisitions or enter new U.S. markets, offering the prospect of higher-than-expected sales growth. “We thought Idearc was undervalued when we first bought into the shares, and at the current price, it’s still undervalued,” says Mike Shinnick, who runs the 1st Source Monogram Long-Short Fund. Shinnick sold two-thirds of his holdings in the period ending in September, but he had been buying again in recent weeks, he says. Among the things that continue to attract Shinnick is the prospect that Idearc has greater potential for upside in results from its online business than does competitor R.H. Donnelley (RHD). Assuming there’s no wrongdoing inherent in the CFO’s departure, the shares could be worth holding given the prospect for steady cash flow with which the co can keep paying a hefty dividend.
01:05 ‘Mad Money’ Recap: Lightning Round cont. – TheStreet.com

Cramer was bearish on LDK Solar (LDK), TXCO Resources (TXCO), Smithfield Foods (SFD) and American Railcar (ARII).
01:05 ‘Mad Money’ Recap: Lightning Round – TheStreet.com

Cramer was bullish on First Solar (FSLR), Costco (COST), Blue Coat Systems (BCSI), Boeing (BA), XTO Energy (XTO), ConocoPhillips (COP), Nike (NKE), Garmin (GRMN), Yum! Brands (YUM), Chipotle Mexican Grill (CMG) and Layne Christensen (LAYN).
01:03 Cramer’s ‘Mad Money’ Recap – TheStreet.com

On Wednesday’s edition, Jim mentions favorably Gen-Probe (GPRO), which has a fast technology for detecting infectious microorganisms. He claims the co’s trial of a new HPV test that was pushed back a quarter and its food-testing deal with 3M (3M) have been discounted and favors shares for its positive results from two tests the co has done for prostate cancer. During the “Sudden Death” round, Cramer was bullish on First Solar (FSLR), Monsanto (MON), CVS (CVS) and AT&T (T). He was bearish on Evergreen Solar (ESLR), American Oriental Bioengineering (AOB), China Nepstar Chain Drugstore (NPD) and Virgin Mobile (VM).
01:01 WIRES On The Wires

Interstate Power and Light, a subsidiary of Alliant Energy (LNT) receives an oral decision from the Illinois Commerce Commission regarding the sale of the co’s transmission assets to ITC Midwest LLC, a subsidiary of ITC Holdings (ITC); ICC votes to approve the sale transaction… Bank of Marin Bancorp (BMRC) announces its Board has approved a share repurchase program to buy back common shares with a value totaling up to $5.0 mln.
00:57 MBFI MB Financial announces expansion of stock repurchase program to 3.0 mln shares from 2.0 mln (31.26 )

00:56 ZOLT Zoltek reports Q407 results; revs increase 83% (37.70 )

Reports Q4 (Sep) earnings of $0.24 per share, excluding convertible debt and litigation charge, $0.01 better than the First Call consensus of $0.23; revenues rose 83.0% year/year to $43.58 mln vs. the 44.87 mln consensus.