There’s the rate Cut .75% small rally on

8:28 DOX Amdocs: Earnings preview; expect light rev growth – Kaufman (31.68 )

Kaufman notes DOX reports Dec 2007 results tonight after the close. Firm expects revs and GAAP EPS to come in at the low-end of co guidance and Street ests. Firm notes the focus will be on whether DOX reaffirms its fiscal 2008 rev growth guidance of 8%-11%. Firm believes this guidance looks aggressive given continued signs of weakness in billing software spending from the major U.S. carriers. They currently est fiscal 2008 rev growth of just 6%.
08:27 MNST Monster Worldwide reaffirms FY07 guidance (27.34 )

Co says it anticipates that its full year 2007 financial results will be consistent with the Company’s expectations.
08:27 BONDX Bond Watch: About to get Interesting

The market has found a place to rest with prices hovering in mid-stratosphere following nearly two days of global trade & turmoil that has yet to be reflected in open hours here. Equities are about to experience their worst open since 9/11 & bonds have been bid through the roof in the meantime as fears of a recession, credit crunches as far as the eye can see & not much hope of tax and/or Fed relief sent markets into a tailspin over the holiday. Add to that some more disappointing bank earnings this morning & the day ahead looks to be a wild one. The 2-10-yr yield spread bulldozed its way steeper to 141.2 as the short-end outperformed on rate cut expectations. Bond prices in the EuroZone & Japan were absent data, but found massive positive flow via the flight to quality. Treasuries will be keying of the stocks today with eyes on wires for news of emergency rate cuts as speculation thereon has never been louder (done down to 3.50%). The calendar is light this week so the safe-haven bid will be the primary driver. Any return to confidence in equity-land will weigh on prices as will the overboughtness of the whole thing, but neither of those look likely in the very near term.The dollar has gotten hit on rate cut expectations, while rumors of inter-meeting cuts make the rounds. The euro has been pushing back to 1.45, while the yen is Gold has regained some small ground after falling yesterday with spot now 865.25 (+0.25). Crude has been sliding as expectations for slowing growth. All is now moot with the Fed making its cuts. Anything goes. The euro is at 1.4568 & the yen is at 106.7100 while the 10-yr is +12/32 yielding 3.585%.
08:25 SGMS Scientific Games tgt cut to $18 at Brean Murray (17.91 )

Brean Murray cuts their tgt to $18 from $22 stating they believe that successful execution in international markets will be necessary to outweigh the downside risk relating to pricing pressure and declining growth expectations.
08:25 Details of Fed statement accompanying this morning’s rate cut

As mentioned at 7:20, the Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent. The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets. The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully. Appreciable downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks… Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Charles L. Evans; Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Eric S. Rosengren; and Kevin M. Warsh. Voting against was William Poole, who did not believe that current conditions justified policy action before the regularly scheduled meeting next week. Absent and not voting was Frederic S. Mishkin. In a related action, the Board of Governors approved a 75-basis-point decrease in the discount rate to 4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Chicago and Minneapolis.
08:22 SHLD Sears Hldg: Flaggins Sears plan shakeup in latest bid at turnaround – WSJ (89.43 )

WSJ reports in a fresh effort to halt a long decline, the co’s Chairman Edward S. Lampert plans to reorganize the retailer into several businesses with broad authority to shape their own future. Mr. Lampert now sees a holding-co structure as the best way to breathe new life into Sears’s slow-moving culture, said people familiar with the situation. The change was outlined to senior executives Thursday after Sears, with $50 bln in annual revenue, warned that its fiscal fourth-quarter profit would fall as much as 57% below the year-earlier level. Sears shares have lost half their value over the past year despite new marketing and advertising moves at Sears and Kmart. A Sears spokesman confirmed the moves late Friday, saying the new structure will provide operating businesses with “greater control, authority and autonomy.” Mr. Lampert wasn’t available to comment, he added.
08:21 Equity futures spike sharply following Fed rate cut… Dow futures now -300 points, S&P -40, Nas -50

08:21 S&P futures vs fair value: -41.4. Nasdaq futures vs fair value: -54.3.

Futures get a bounce on news that the Fed unexpectedly cut rates by 75 basis points.
08:21 NCTY The9 Ltd: CFO depature a concern, but sell-off seems overdone; tgt cut to $23 – Brean Murray (18.89 )

Brean Murray notes that on Jan 18 NCTY announced that their CFO Hannah Lee will be leaving at the edn of Feb. Firm continues to expect strong 4Q07 rev, driven by the continued rebound in World of Warcraft. Moreover, they believe the co retained its rev momentum so far in 1Q08. They believe EPS upside will be somewhat tempered given strong appreciation in the yuan vs the dollar, which could result in foreign exchange losses in excess of their forecast. Firm cuts their tgt to $23 from $40.
08:21 Fed says it took action in view of weakening economic outlook

08:20 MRK Merck: Participation in Vioxx settlement is strong after removal of issue – WSJ (53.32 )

WSJ reports prospects for the co’s $4.85 bln Vioxx settlement grew more promising, with participation outpacing expectations and the parties agreeing on amendments that resolve a major sticking point and make payouts more attractive to holdout plaintiffs. The parties announced Friday that more than 57,100 claimants out of an estimated 60,100 — about 95% — registered their cases by the Jan. 15 deadline, far more than the minimum required to keep the deal alive. “That’s really remarkable in my view,” said plaintiffs attorney Andy Birchfield, who was on the settlement-negotiating committee. Vioxx, a widely used painkiller, was pulled from the market in 2004 after being linked to cardiovascular problems. Under the settlement plan announced in November, Merck agreed to compensate plaintiffs who can show, under certain conditions, that taking the drug was connected with a heart attack or stroke.
08:20 Fed cuts fed funds rate 75 basis points to 3.5%

08:20 SCANX Early pre-market gappers

Gapping up: VMSI +4.0%, GILT +2.5%, GGP +1.6%… Gapping down: ZF -44.3%, SEED -21.3%, CTDC -18.3%, TSL -18.2%, CSUN -17.7%, LDK -17.6%, ALU -17.4%, TASR -17.1%, LFC -16.9%, PTR -16.9%, ACH -15.3%, RTP -13.2%, STP -12.2%, FSLR -11.9%, ABK -11.3%, JASO -11.2%, SAP -10.4%, AAUK -9.9%, ERIC -9.8%, VMW -9.6%, ESLR -9.5%, BHP -9.4%, SPWR -9.0%, EBAY -7.9%, GOLD -7.2%, AUY -7.1%, SU -6.1%, BAC -5.5%, MBI -5.1%, FBR -4.1%, YHOO -3.8%, VIVO -3.0%, FITB -2.7%, WB -2.6%, UNH -2.6%, JNJ -1.9%, SAY -1.9%, DD -1.6%, JEC -1.6%, GLD -1.5%.
08:17 GTOP Genitope tgt cut $0.25 at Brean Murray (0.71 )

Brean Murray cuts their tgt on GTOP to $0.25 from $1.00 following co’s filing noting they owe approx $8.5 mln in debt within the next year and nearly $16.2 mln over the next 1-3 years for a total debt of $24.7 mln due within three years. Given MyVax’s failure and lack of near-term, positive catalysts, firm does not believe Genitope will be able to secure the capital necessary in order to repay its debt and continue to fund operations. They do not believe that there is any reason for investors to continue to fund Genitope’s development programs, given their view that its antibody panels only add value in conjunction with MyVax.
08:16 Buyout debt logjam is still in place; likely sticking banks with more losses, while squlching lending, too – WSJ

WSJ reports many on Wall Street hoped the new year would dislodge a pileup of debt commitments waiting to be moved off banks’ ever-constrained balance sheets. But as February approaches, the logjam is still in place, likely sticking banks with more losses, while squelching lending, too. That could hurt companies with solid credit as well as those buyout loans needing refinancing. “We’re in a credit crunch,” said one senior investment banker. “There’s no money around for new deals.” The mkt will get another test as a group of underwriters led by DB and BAC begin unloading $7.25 bln in loans related to the buyout of casino operator HET by Apollo Management and TPG. Last week, the banks began marketing the bonds at a discount of 96.5 cents on the dollar, for a deal widely seen as one of the most desirable credits created during the 2006 buyout boom. The gambling business is generally less susceptible to an economic downturn than other sectors.
08:16 BIIB Biogen Idec could make large-scale acquisition following failed sale – FT Mergermarket (59.91 ) -Update-

FT Mergermarket reports that “Biogen Idec could make a large-scale acquisition this year following its recent failed attempt to sell itself, the co’s CEO Jim Mullen told mergermarket. In an exclusive interview, Mullen said the co is always looking at value-add opportunities. Although he said it would be hard to give guidance, he added that prospective targets did not necessarily need to own late stage drugs. When asked to provide a target range for a buy, the executive responded: “We could spend USD10 bln”. Regarding a merger, Mullen said that would have to be determined. Biogen has a current market capitalization of around USD18 bln. Yet, it appears further share buybacks will not be part of Biogen’s imminent business strategy… Mullen also emphasized that two drugs will be launched this year from the existing pipeline of specialty products. With its blockbuster multiple sclerosis (MS) drug Avonex coming off patent in 2013, and Biogen’s patents for Rituxan, for the treatment of rheumatoid arthritis and non-Hodgkins Lymphoma expiring between 2013 and 2018, Mullen said he still sees further growth from the strong pipeline…”
08:14 WIRES On The Wires

Raytheon (RTN) announces that it has recently sold its technology for extracting heavy oil to Schlumberger (SLB). Details of the transaction were not disclosed… Response Genetics (RGDX) announces that it has begun performing the MAGE-A3 gene expression screening assay for GlaxoSmithKline’s (GSK) Phase III clinical trial of the investigational MAGE-A3 Antigen-Specific Cancer Immunotherapeutic as adjuvant therapy in MAGE-A3 positive patients with stage IB, II or IIIA Non-Small Cell Lung Cancer.
08:14 ERIC LM Ericsson: Hearing donwgraded to sell from neutral at tier 1 firm (23.28 )

08:14 ALU Alcatel-Lucent: Hearing downgraded to sell from neutral at tier 1 firm (6.90 )

08:14 GME Gamestop: Lazard notes upbeat meeting with mgmt; strong and visible earnings growth drivers (49.32 )

Lazard notes last week they hosted an investor meeting with GME mgmt. Overall, firm’s meeting was very upbeat as the co enters the core years of the video game cycle on a strong footing with multiple earnings growth drivers. Firm notes co expects another year of solid industry software growth, with increasing visibility based on a robust release schedule, larger hardware installed base, healthy TIE ratios, and stable software pricing.
08:12 QLTI QLT Inc upgraded to Outperform from Market Perform at BMO Capital (3.90 )

08:12 UAUA UAL Corp. reports narrower than expected loss; announces special distribution of $2.15 per share (32.94 )

Reports Q4 (Dec) loss of $0.47 per share, $0.42 better than the First Call consensus of ($0.89); revenues rose 9.7% year/year to $5.03 bln vs the $4.95 bln consensus. The co announced a special distribution of $2.15 per share of UAL common stock, or approximately $250 million, to holders of record as of January 9, 2008. The co’s fourth quarter results were negatively affected by the sharp rise in the price of fuel. While the company reported passenger unit revenue growth that was among the best in the industry, consolidated fuel expense increased $359 million as fuel prices rose more than 25%versus last year.
08:11 WIRES On The Wires

Ultimate Software (ULTI) announces it has received ISO/IEC 27001 certification… McDermott International (MDR) announces that a subsidiary of J. Ray McDermott, S.A. was recently awarded a contract by Woodside for the Pluto Offshore Platform north west of Karratha, Western Australia. The scope of work for this contract includes the installation engineering, transportation and installation of the complete platform. Contracts of this nature are typically valued at approx $100 mln… White Mountains Insurance Group (WTM) announced that it has acquired a 42% stake in Answer Financial Inc.’s outstanding debt and equity for $30 million. In conjunction with this transaction, Answer Financial will be completing a restructuring… Goldleaf Financial Solutions (GFSI) and C&F Bank (CFFI) expand relationship. Cos announce that C&F Bank has selected Goldleaf’s remote capture solution to launch C&F Remote Deposit… GlobalOptions (GLOI) announced that it has entered into a three-year $3 mln agreement to serve as the exclusive provider of investigative services for an established workers’ compensation third-party administrator in Pennsylvania and a Managed Care Organization in New Jersey.
08:11 ARBA Ariba: Q1 earnings preview – Roth (9.20 )

Roth continues to like ARBA, as firm believes that its business has reached a positive inflection point; firm likes the recent acquisition of Procuri, the rapid growth in subscription rev (FY2008E growth of 70%, of which 40% is organic), the operating leverage in the model, and the low valuation. Firm believes that ARBA’s message of a compelling cost-based ROI will play out pretty well in the current macro climate.
08:10 Is the chemical industry set to brave a US downturn – WSJ

WSJ reports with growing weakness in U.S. housing and auto sales — two of the chemical industry’s biggest sources of business — fourth-quarter results will offer a window into who in the industry is positioned best to weather a U.S. downturn. Much of the answer will lie in how much business chemical cos have been able to shift overseas to lessen their dependence on the U.S. With the U.S. economy faltering, U.S. chemical cos will be leaning harder on their overseas operations. As providers of America’s building-block materials, chemical cos are a bellwether industry, and slumping sales in housing and autos have been deflating chemical and plastic sales for several quarters. If the economy sinks into a recession this year, the U.S. operations of chemical makers could become a bigger drag on earnings. High prices for oil and natural gas, basic raw materials for chemicals and plastics, have added to the squeeze on profit since those costs couldn’t be passed along to clients in the slumping economy. (Stock mentioned include: DD, CE, PPG, GGC, WLK, DOW)
08:10 ENSG Ensign Group upgraded to Buy from Hold at Stifel- tgt $17 (10.96 )

08:09 PTEC Phoenix Tech beats by $0.14, beats on revs (11.40 )

Reports Q1 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.14 better than the single analyst estimate ($0.02); revenues rose 79.0% year/year to $17.4 mln vs the $16.9 mln single estimate.
08:08 MDP Meredith beats by $0.01, misses on revs; guides Q3 EPS below consensus; reaffirms FY08 EPS guidance (48.85 )

Reports Q2 (Dec) earnings of $0.73 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.72; revenues fell 0.8% year/year to $396.2 mln vs the $405.2 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.98 vs. $0.99 consensus. Co reaffirms guidance for FY08, sees EPS of $3.50-3.55 vs. $3.56 consensus.
08:08 OPWV Openwave: New deal peaks interst but mgmt shake-up is worrisome – Morgan Joseph (2.29 )

Morgan Joseph notes OPWV is scheduled to report its Dec quarter after the close on Thur, Jan 24, but firm is not expecting to see any quick turnaround in its business just yet, and in fact, they are concerned that sales may fail to meet their conservative 2Q08 forecast of $64 mln. Part of firm’s concern for the Dec quarter performance stems from the Jan CFO departure announcement. Firm does not believe there are any quick fixes to Openwave’s long sales cycle and carrier-focused business, and while it’s just conjecture on their part, it could be that Dexmier felt a turnaround could be executed more rapidly.
08:07 UAUA announced a special distribution of $2.15 per share of common stock, or approximately $250 mln, to holders of record as of January 9, 2008

08:07 OSIS OSI Systems awarded approximate $2.0 mln contract for baggage and parcel X-Ray systems (22.92 )

Co announces that its Security division, Rapiscan Systems, has received a contract for approx $2.0 mln from its Chinese distributor, Ryan Security Technologies, Ltd. for its Rapiscan 500 series baggage and parcel inspection systems
08:07 LEE Lee Enterprises misses by $0.04, misses on revs (10.68 )

Reports Q1 (Dec) earnings of $0.48 per share, $0.04 worse than the First Call consensus of $0.52; revenues fell 6.2% year/year to $279.9 mln vs the $293.2 mln consensus.
08:07 FTEK Fuel-Tech announces award of first FUEL-CHEM demonstration program in People’s Republic of China (16.00 )

Co announces the award of the first FUEL-CHEM demonstration program in the People’s Republic of China. Under terms of a previously announced teaming agreement, Fuel Tech and ITOCHU Hong Kong will share in the financial outcome of this and any other orders secured under this exclusive arrangement.
08:07 UAUA prelim ($0.47) vs ($0.89) First Call consensus; revs $5.03 bln vs $4.95 bln First Call consensus

08:06 PTEC prelim $0.12, ex items vs ($0.02) single estimate; revs $17.4 mln vs $16.90 mln single estimate

08:06 CMTL Comtech Telecommunications awarded $6.9 million of orders for high power amplifiers and switches (46.12 )

The co announces that its Melville, New York-based subsidiary, Comtech PST, has received $6.9 mln of orders from a domestic prime contractor to supply broadband, solid state, high power radio signal jamming amplifiers and switches.
08:05 MDP sees Q3 $0.98 vs $0.99 First Call consensus

08:05 MDP reaffirms FY08 $3.50-3.55 vs $3.56 First Call consensus

08:05 MDP prelim $0.73, ex items vs $0.72 First Call consensus; revs $396.24 mln vs $405.15 mln First Call consensus

08:05 CAI CACI awarded $25 million contract to continue support for Naval Shipyard Training and education programs (41.11 )

The co announces that it has been awarded a $25 mln task order by the Naval Sea Systems Command to continue support of the comprehensive Naval Shipyard Training and Education Program. The task order was awarded under the Seaport II Enhanced contract vehicle, with the five-year contract calling for one base year, one option year, and three performance-based years. CACI will perform the work at the Naval Sea Systems Command headquarters, Naval shipyards, and maintenance facilities in the U.S. and Japan.
08:04 SDIX Strategic Diagnostics announces it has surpassed $1 mln in ”booked” genomic antibody technology projects (4.58 )

Co announced that project bookings for “custom” Genomic Antibody Technology projects exceeded the $1 mln dollar mark over the last seven months of 2007. The full-range of G.A.T. offerings were introduced in May of 2007. Since that introduction, the co has received orders from more than 100 customers including eight of the top 18 pharmaceutical/biotech companies (as ranked by global revenue).
08:04 PETS PetMed Express beats by $0.04, misses on revs (10.97 )

Reports Q3 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.14; revenues rose 19.1% year/year to $37.3 mln vs the $37.7 mln consensus.
08:04 TWIN Twin Disc reports DecQ revs up 10.3% yr/yr (22.35 )

Co reprots Q3 (Dec) EPS of $0.37. Revenue rose 10.3% yr/yr to $81.9 mln. There are no analyst estimates. Co says “Demand for our products across most of our product lines continues to be historically high; however, we have begun to experience a shift in our sales mix. Most noticeably, we have begun to experience a slow down in demand for our oil and gas transmissions, which has affected profitability. In addition, our industrial markets continue to experience a cyclical softening. However, despite a slowdown in these sectors, our commercial and mega yacht segments of the marine market and our Airport Rescue and Fire Fighting and military markets continue to grow.”
08:03 IRBT IRobot guides Q4 GAAP EPS of $0.33-0.35, may not be comparable to $0.47 First Call consensus; revs $98-100 mln vs $90.93 mln First Call consensus (19.65 )

08:02 CDNS Cadence Design: Toshiba collaborates with Cadence to improve analog and mixed-signal design reliability at 65NM and below (14.89 )

The co announces that Toshiba has deployed Cadence Virtuoso simulation technology to provide its analog and mixed-signal chip designers an easy-to-use and accurate reliability analysis flow. Toshiba chose the Virtuoso UltraSim Full-Chip Simulator for quantitative simulation methodology for reliability analysis at 65 nanometers and below to help ensure high performance and improve yield and quality of devices.
08:02 MTL Mechel Steel announces appointment of Stanislav Ploschenko as Chief Financial Officer (85.10 )

Co announces the appointment of Stanislav Ploschenko as its Chief Financial Officer effective immediately. Previously, Mr. Ploschenko was Mechel OAO’s Acting Chief Financial Officer.
08:02 SURW SureWest Comm announces it will Sell Wireless assets to Verizon Wireless for $69 mln (14.42 )

Co announces that it has entered into a definitive agreement to sell the operating assets of its Wireless business to Verizon Wireless (VZ) for an aggregate cash purchase price of $69 mln. Co expects to use the net proceeds from the transaction to repay indebtedness to be incurred in connection with its previously announced acquisition of Everest Broadband.
08:02 Paulson say stimulus of one pct of U.S. GDP must be broad-based to pass quickly, debates will bog it down

08:02 HOKU HOKU Scientific: Co and James Campbell Co plan a Kapolei Sustanaible Energy Park; would be the largest photovaltaic facility in Oahu (9.40 )

The Kapolei Sustainable Energy Park would be capable of generating approximately 1.5 megawatts of photovoltaic power. Over the life of the system, it would produce enough electricity to power approximately 6,700 homes for one year. This solar facility is expected to reduce greenhouse gas emissions by eliminating 38,161 tons of carbon dioxide and saving 120,000 barrels of oil over 25 years. The solar facility will be located in the planned Kapolei Harborside industrial project on a 12-acre parcel owned by the Campbell Company next to the James Campbell Industrial Park.
08:02 EPG Environmental Power announces achievement of full capacity & commercial operation at Huckabay ridge facility (4.14 )

08:02 Paulson says optimistic that stimulus bill can pass “before winter turns to spring”

08:01 Paulson says discussions with congress over weekend show broad agreement on need for temporary stimulus

08:01 LEE prelim $0.48 vs $0.52 First Call consensus; revs $279.85 mln vs $293.15 mln First Call consensus

08:01 U.S. Treasury’s Paulson says U.S. experiencing “significant” housing correction, penalizing growth

08:01 EGT Elixir Gaming reports 5,530 machines contracted for placement on a revenue sharing basis casablanca casino surpasses us$125 net win per day target (3.81 )

Co announced that its contract base of electronic gaming machines has risen to 5,530 units. The units are to be installed across 33 venues, with 2,400 contracted at 12 venues in the Philippines, 2,230 contracted at 17 venues in Cambodia, 400 at 2 venues in Vietnam and 500 aboard 2 cruise ships. As with all of the Company’s agreements to date, Elixir Gaming has 100% of the gaming machine floor at each of the 33 venues contracted to-date and receives no less than 20% of the net gaming win from each machine. Elixir’s first property to open, Casablanca Casino, located within the Clark Field Special Economic Zone in the Philippines, recently surpassed management’s targeted annual average net win per day of US$125 and has sustained this average daily win for one month. Casablanca Casino is achieving the better than targeted net win per day following a planned reconfiguration of the slot floor.
08:01 GYI Getty Images confirms it will explore strategic alternatives (21.94 ) -Update-

08:00 PETS prelim $0.18 vs $0.14 First Call consensus; revs $37.34 mln vs $37.73 mln First Call consensus

08:00 U.S. Treasury’s Paulson says U.S. experiencing “significant” housing correction, penalizing growth

08:00 S&P futures vs fair value: -67.8. Nasdaq futures vs fair value: -86.0.

Futures point to a sharply lower open in the wake of substantial losses in global stock markets. Hong Kong, the Shanghai Composite and India have plunged more than 10% in the last two sessions. The selling has been spurred by a fear of a United States economic slowdown. Meanwhile, the Treasury market is rallying in a flight-to-quality bid. In earnings news, Bank of America (BAC) missed expectations and reported a $5.3 billion CDO-related write-down.
08:00 BBBB Blackboard upgraded to Buy at Suntrust (31.96 )

SunTrust upgrades BBBB to Buy from Neutral, based on valuation and believe the co is well positioned to sustain normalized top-line growth of upwards of 20% organically longer term with 25% earnings growth driven by strong leverage in the co’s recurring, subscription-based revenue model.
07:59 ABK AMBAC Fincl reports wider than expected loss; co is evaluating strategic alternatives with a number of potential parties (6.20 )

Reports Q4 (Dec) loss of $6.21 per share, $2.70 worse than the First Call consensus of ($3.51) (Last week ABK said it expects to report operating losses per share of up to $5.80 for Q4). The co is evaluating strategic alternatives with a number of potential parties. “We are exploring the attractiveness of these alternatives as we look for opportunities that will grow shareholder value and enable us to build on Ambac’s fundamental strengths. At the same time, we would expect that over the longer-term, as the market normalizes and perceptions correspond more closely to reality, the market will more accurately assess our assets and strengths.” “The disappointing bottom line for the fourth quarter and the year, resulting from the unprecedented turmoil in the financial markets, is a set back for Ambac. The poor credit market conditions have severely impacted asset values. Ambac is committed to ensuring that its valuations appropriately reflect current market conditions.” Notwithstanding these actions (by Fitch, Moody’s and S&P), management remains confident that Ambac’s capital position and claims paying ability remain strong. Management is equally confident in Ambac’s insured portfolio and the co’s ability to support policyholder liabilities.
07:58 AEL American Equity Investment Life downgraded to Hold from Buy at Citigroup (7.52 )

07:57 SPWR Sunpower: Calyon preview 4Q07; remains bullish on solar sector (74.75 )

Calyon remains bullish on the solar sector and SPWR in particular as high efficiency leader. Firm expects SPWR to show further evidence of executing on its growth plan as well as its continuing efforts to significantly cut costs. They expect the co to highlight progress it has made on ramping additional lines, facility construction, and on its silicon supply situation which continues to improve given SPWR’s ample long-term supply agreements, improving cell efficiencies and use of ever thinner wafers. Firm expects guidance to suggest continued strong revenue growth which coupled with further cost reductions, should support improved margins and even more robust earnings growth. Firm urges investors to use weakness associated with profit-taking, short-term oil price volatility, and recessionary fears to establish longer-term positions in SPWR at an attractive valuation.
07:57 VIT VanceInfo Tech initiated with a Buy at Jefferies- tgt $11 (6.07 )

Jefferies initiates VIT with a Buy and an $11 tgt Ggven healthy P&L momentum, leading position in Chinese offshore industry, strong presence in R&D as well as attractive valuations relative to growth outlook, they see attractive risk reward in VIT from current levels.
07:56 TGT Target sees Jan sales at low end of expected range, near -1% – DJ (50.10 )

DJ reports said Monday its January sales are coming in at the low end of the range it had expected earlier this month. It was one more sign of weakness at the nation’s second-largest discount retailer. Target said earlier this month that same-store sales for January would range between a decline of 1% and a gain of 1%. On Monday, Target said its results would be at the low end of that range. It said the prediction was based on actual sales at Target stores for the first two weeks of January and its prediction for the remaining two weeks.
07:55 CYT Cytec: Risk/reward improving, trimming ‘08 estimates as uncertainties remain and lowering target – Jefferies (48.11 )

Jefferies notes that CYT’s near-term risks to demand and margins imply a better entry point later this year. The firm says the risk/reward profile has already improved significantly for longer-term investors focused on the co’s leverage to secular trends. To better reflect both the delay in the 787 production schedule and uncertainty over demand trends in Europe, they are trimming their 2008E estimate $0.15 to $4.10 (vs $4.21 consensus) and lowered their tgt to $54 from $75.
07:54 SYK Stryker issues statement regarding FDA warning letter (65.86 )

Co issues the following statement in response to recent media attention regarding a Warning Letter dated November 28, 2007, that the FDA published on its web site on Jan 15, 2008. The co believes it is obligated to provide additional information to healthcare professionals, providers and patients in light of several media reports that draw erroneous conclusions surrounding the Warning Letter. Numerous published independent reports validate the long-term clinical performance of these products. The co takes these matters very seriously and has been cooperating fully with the FDA to address questions related to the FDA’s observations of Stryker’s internal process specifications. As part of a comprehensive review of internal processes following the FDA’s observations, the co conducted an investigation into a deviation from its internal specifications and processes for the Trident PSL and Hemispherical Acetabular Cups manufactured in its Cork, Ireland facility. The internal investigation confirmed that all Trident Acetabular products manufactured in Cork, Ireland, have met all U.S. and international performance standards for sterility and biocompatibility. However, results from that testing indicated that the level of manufacturing residuals in some cases exceeded the co’s internal acceptance criteria. It is important to note this in no way impacts the product’s sterility, nor product conformance to U.S. and international biocompatibility standards. As a result of the deviation from internal specifications, the co is initiating a voluntary recall of Trident PSL and Hemispherical Acetabular Cups manufactured in its Cork facility. Medical expert opinion of current and historical data concludes that there are no safety issues for patients who received these products. The co anticipates some short-term supply disruption as a result of this action and is focused on eliminating these disruptions as expeditiously as possible. In that regard, the manufacturing process for these cups in Cork has now been validated, product shipments have resumed and the co has increased production at both the Mahwah and Cork facilities. The co does not anticipate any material financial impact on Stryker’s guidance for its 2008 results as a result of this voluntary recall.
07:54 FAST Fastenal beats by $0.02, beats on revs (33.61 )

Reports Q4 (Dec) earnings of $0.38 per share, $0.02 better than the First Call consensus of $0.36, and reports an increase of 15.7% in revs to $519.21, vs First Call consensus of $517.6 mln. During 2007, FAST opened 161 new sites (Fastenal opened 245 new sites in 2006). These 161 new sites represent an increase in stores since December 31, 2006 of 8.1%.
07:53 Oppenheimer believes VAR to fare best on strong WW orders in radiation therapy market

Oppenheimer says for the radiation oncology group heading into Dec earnings, they expect VAR to fare best on strong WW orders and slight upside to Street estimates. ARAY may be most at risk as WW orders will be a key metric that may disappoint. TOMO should slightly exceed, and the stock may bounce NT as a result.
07:53 BA Boeing contracts in Quebec exceed $420 million (78.40 )

The co announced yesterday that it has provided contracts worth more than $420 mln to cos in Quebec. The announcement follows the Canadian govt’s 2007 order for four C-17 Globemaster IIIs, the first two of which already are in service with Canadian Forces.
07:51 Soleil lowering 1Q08 earnings forecast for TSO, HOC, and VLO on West Coast concerns

Soleil says that although they believe that the low margins and weak earnings that most of the refiners experienced in 4Q07 are already priced into the stocks, they are concerned that the 1Q08 First Call consensus expectations for many of the refining stocks are too high. It is too early in the quarter to cut all of firm’s margin forecasts; however, given the supply/inventory issues on the West Coast and Southwest, they believe it is prudent at this time to lower their assumptions in these regions, which primarily impacts TSO, and VLO and HOC to lesser extents. Firm expects analysts to lower 1Q08 earnings forecasts when refiners start reporting earnings later this month. Firm believes that refined product inventories should continue rising through at least the end of January, placing downward pressure on refining margins and stock prices.
07:51 IIVI II-VI Inc beats by $0.02, misses on revs; guides Q3 EPS in-line, revs in-line (29.17 )

Reports Q2 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.34; revenues rose 17.2% year/year to $74.3 mln vs the $77.2 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.37-0.42 vs. $0.39 consensus; sees Q3 revs of $81-84 mln vs. $81.29 mln consensus.
07:51 FAST prelim $0.38 vs $0.36 First Call consensus; revs $519.2 mln vs $517.60 mln First Call consensus

07:51 ABF reports core earnings of ($6.39) may be comparable to the ($3.51) consensus

07:51 CRME Cardiome Pharma: FDA decision on IV Vernakalant delayed; contunue to expect approval – Oppenheimer (7.64 )

Oppenheimer notes on Jan 21, CRME and partner Astellas reported that the FDA did not issue an action letter for IV vernakalant (Kynapid) prior to the 1/19 PDUFA target date. This is a surprise, but firm continues to expect approval of IV vernakalant. They suspect the FDA needs additional time to finalize labeling and post-marketing commitments (PMCs), and believe rapid resolution of these issues is likely. Firm believes CRME could be down 10-20% on the news, and view this as a buying opportunity.
07:51 DLB Dolbys Labs downgraded to Underweight from Equal Weight at Morgan Stanley (47.87 )

07:50 PRXL PAREXEL tgt upped to $60 from $52 at Jefferies, citing continued momentum in bookings and backlog should support high-teen revenue growth over the next several years (51.92 )

07:50 ABK reports, evaluating strategic alternatives with a number of potential parties

07:50 WNS WNS upgraded to Overweight from Equal-Weight at Morgan Stanley (13.52 )

07:49 ABK prelim ($31.85), includes charges, doesn’t compare to the vs ($3.51) First Call consensus

07:49 MEOH Methanex initiated with an Overweight at Morgan Stanley (22.20 )

07:48 PHG Royal Philips Electronics Q4 profit beats expectations – Reuters (35.64 )

Reuters reports the co reported fourth-quarter core earnings above analysts’ forecasts on Monday, and said order intake of its key medical division had picked up as it gained mkt share. Noting worries about the broader economic climate, the shavers-to-lightbulbs group said it was confident it could meet its 2008-2010 targets. “Around one third of our sales are now from emerging markets, and this means that we have almost a built-in cushion against the effects of deterioration of established markets,” Chief Executive Gerard Kleisterlee said, adding India and China had fourth-quarter sales growth of above 20%… Also Philips did not on Monday rule out a sale of its TV business, which is suffering from low margins, but said it would for now focus on being more selective in what products it offers where.
07:48 DIS Walt Disney downgraded to Neutral from Buy at Merrill (28.51 )

07:48 CBS CBS Corp downgraded to Neutral from Buy at Merrill (23.09 )

07:47 TNK Teekay Tankers initiated with a Buy at Merrill (15.12 )

07:46 BA Boeing, Air Europa of Spain Announce Order for Eight 787 Dreamliners (78.40 )

Boeing (BA) and Spanish carrier Air Europa announce an order for eight Boeing 787-8 Dreamliners valued at $1.3 bln at list prices. The order, placed by Air Europa in 2007, previously was accounted for on BA’s Orders & Deliveries Web site as an unidentified customer. Air Europa also acquired purchase rights for an additional eight 787s.
07:46 JNJ Johnson & Johnson beats by $0.02, beats on revs; guides FY08 EPS in-line (66.29 )

Reports Q4 (Dec) earnings of $0.88 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.86; revenues rose 16.6% year/year to $15.96 bln vs the $15.4 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.39-4.44 vs. $4.42 consensus.
07:46 NBY NovaBay Pharmaceutical’s investigational new drug application for the prevention of catheter associated urinary tract infections cleared by FDA (3.80 )

07:46 CEDU ChinaEdu initiated with a Perform at Oppenheimer (6.66 ) -Update-

Oppenheimer initiates CEDU with a Perform saying with 165,000 enrollments and long-term contracts with 10%+ of Chinese universities approved for online degrees, ChinaEdu is positioned to be a long-term winner in the emerging online education market in China. However, near-term upside may be muted, as catalysts in the form of milestone achievements may take time to develop.
07:45 NSTR Northstar Neuroscience announces it did not primary endpoint results of Everest clinical trial (8.47 )

Co announces that its Everst pivotal trial evaluating cortical stimulation to improve hand and arm function in stroke survivors did not meet its primary efficacy endpoint. The primary efficacy endpoint required a 20% absolute difference between two groups and thus the endpoint was not met. Secondary analyses of the components of the primary endpoint also failed to show a statistically meaningful difference between investigational and control subjects.
07:45 JNJ prelim $0.88, ex items vs $0.86 First Call consensus; revs $15.96 bln vs $15.40 bln First Call consensus

07:44 SYBT SY BANCORP beats by $0.02 (21.25 )

Reports Q4 (DEC) earnings of $0.43, $0.02 better than the $0.41 First Call consensus. S.Y. Bancorp’s total assets increased 4% to $1.482 billion at December 31, 2007, from $1.426 billion at December 31, 2006. The Company’s loan portfolio increased 5% to $1.202 billion at year-end 2007 from $1.149 billion a year earlier, reflecting steady loan growth throughout the year.
07:44 CEDU ChinaEdu initiated with an Outperform at Bear Stearns (6.66 )

07:43 SNE Sony: Hearing downgraded to neutral from buy at tier 1 firm (51.44 )

07:43 AFL AFLAC: Hearing upgraded to buy from neutral at tier 1 firm (59.60 )

07:42 PFG Principal Fincl: Hearing downgraded to sell from neutral at tier 1 firm (59.88 )

07:41 PRU Prudential: Hearing downgraded to neutral from buy at tier 1 firm (80.00 )

07:41 PSO Pearson: Expects to report full-year earnings at or above the top end of market expectations – DJ (12.75 )

DJ reports the co flagged strong trading momentum in its fourth quarter, and said it expected to report full-year adjusted earnings at or above the top end of mkt expectations. The education publisher, which also owns the Financial Times and publishes Penguin books, said it expected its strongest ever year in education, its largest business unit by sales, and said cash generation was strong. Business information and consumer publishing, which includes the Financial Times, finished the year ahead of expectations, Pearson said. Analysts’ expectations for 2007 adjusted earnings per share were between 42p and 45.5p, Pearson said. The FT Group subscription businesses performed strongly, Pearson said, and FT Publishing also sustained advertising revenue growth and achieved a further significant margin improvement, Pearson said. Penguin had an “outstanding publishing performance,” the said.
07:41 MET MetLife: Hearing downgraded to neutral from buy at tier 1 firm (57.43 )

07:40 BWS Brown Shoe: Susquehanna slightly reducing ests; share repurchase and improved operating efficiency should drive EPS growth in FY08 (13.61 )

07:38 PBCT People’s United Financial: Credit qualtiy stable, but SNC runoff poses rev problems; tgt cut to $17 – FBR (15.41 )

Freidman Billings is lowering their tgt on PBCT to $17 from $21 primarily on industry valuation, but also on reduced EPS and a declining rev outlook. Firm expects continued serious weakness within the banking sector due to credit concerns, which are prompting steep cuts in interest rates. Firm is relatively unconcerned about PBCT’s credit losses in 2008, allowing relative outperformance. They note that the co’s earnings momentum will be limited as asset yields fall and funding costs cannot be lowered significantly. They are lowering their FY08 EPS to $0.65 from $0.70 and establishing their FY09 EPS est of $0.80; firm’s model assumes Fed funds falls to 2.75% by August 2008.
07:37 AMFI AMCORE Fncl misses by $0.09, misses on revs (20.90 )

Reports Q4 (Dec) earnings of $0.34 per share, $0.09 worse than the First Call consensus of $0.43; revenues fell 8.2% year/year to $57.2 mln vs the $59.5 mln consensus.
07:37 Japan, as expected, leaves key rate unchanged – NY Times

NY Times reports as expected, the Bank of Japan left its interest rates unchanged at 0.5% in a unanimous vote.
07:37 LRN K12 initiated with an Outperform at Credit Suisse- tgt $26 (21.78 )

Credit Suisse initiates LRN with an Outperform and a $26 tgt saying they think more states and families will embrace virtual schools and K12 because: 1) States face mounting pressure to provide more viable alternatives to underperforming public schools; 2) Virtual schools save taxpayers money, because they get lower per capita funding than traditional public schools do; 3) K12 costs families nothing because it is publicly funded; 4) K12 students see good results (according to several studies).
07:35 U.S. retail stocks are upgraded at Bernstein after declines – Bloomberg.com

Bloomberg.com reports U.S. retail stocks were switched to an “overweight” rating by Sanford C. Bernstein & Co., which said their recent declines already account for any likely deterioration in earnings growth. Bernstein analysts raised the world’s two largest home-improvement retailers, Home Depot (HD) and Lowe’s (LOW), as well as homewares seller Bed Bath & Beyond (BBBY) to “outperform” from “market perform.” “Our analysis suggests that downside for many stocks should be limited even in a recession,” he added. The note from Bernstein didn’t say what the previous recommendation was for retailers as an industry. The analysts also lifted U.S. gourmet-cookware chain Williams-Sonoma (WSM) and department-store companies Kohl’s (KSS) and Macy’s (M) to “outperform” from “market perform.”
07:35 CRME Cardiome Pharma: Rodman & Renshaw notes FDA takes no action on Vernakalant (7.64 ) -Update-

Rodman & Renshaw notes that the FDA leaves Cardiome and Astellas without an action on iv vernakalant. On Monday, Cardiome and Astellas announced that they have been informed by the FDA that a decision has not yet been made on the PDUFA for Kynapid (vernakalant). Cardiome mgmt has indicated to us that the FDA and Astellas were in discussions regarding Phase IV commitments as recent as last week. However, they speculate that finalization of the Phase IV commitment could potentially be the primary source of the delay.
07:35 TKR Timken announces acquisition of Boring Specialties; expected to be accretive during first year (26.94 )

Co announced that it has entered into an agreement to acquire the assets of Boring Specialties, a provider of a wide range of precision deep-hole oil and gas drilling and extraction products and services. Terms of the acquisition, which Timken expects to be accretive during the first year of ownership, were not disclosed.
07:35 FMER FirstMerit Corp beats by $0.01 (17.12 )

Reports Q4 (Dec) earnings of $0.39 per share, $0.01 better than the First Call consensus of $0.38.
07:33 CYTR CytRx announces the FDA has placed on clinical hold the co’s Phase IIb trial with arimoclomol for treatment of ALS (2.09 )

Co announces that the FDA has placed on clinical hold the co’s Phase IIb clinical trial with arimoclomol for the treatment for amyotrophic lateral sclerosis (A.L.S. or Lou Gehrig’s disease). During a brief telephone conversation with the FDA, the co was informed that this decision was based on the need for additional analysis from previously completed animal toxicology studies with arimoclomol. To the co’s knowledge, there are no human adverse safety data obtained from any clinical trials that led to the clinical hold. Arimoclomol has been shown to be safe and well-tolerated after being administered to approximately 185 study volunteers. CYTR has requested further clarification from the FDA, which is expected in the next several weeks. Based on the limited information provided by the FDA, the co has begun preparations to respond, and the co intends to work diligently to respond as promptly as possible following receipt of an anticipated written correspondence from the FDA.
07:33 KVA KV Pharm announces acquisition of rights to Gestiva (28.20 )

Co announces it has entered into a definitive purchase agreement that gives KV full U.S. and worldwide rights to Gestiva upon approval of the pending Gestiva New Drug Application. The N.D.A for Gestiva is currently before the FDA, pending approval for use in the prevention of preterm birth in certain categories of pregnant women. The proposed indication is for to women with a history of at least one spontaneous preterm delivery (i.e., less than 37 weeks), who are pregnant with a single fetus. The FDA issued an “approvable” letter for Gestiva in October 2006, and a final approval is anticipated in late 2008. The FDA has granted an Orphan Drug Designation for Gestiva. The co is acquiring Gestiva from Massachusetts-based Hologic (HOLX) for $82 mln in cash, $7.5 mln of which is payable at closing. The balance is payable upon final FDA approval and the production of launch quantities of Gestiva. The co expects Gestiva to be additive to KV’s earnings per share in the first 12 months following its launch.
07:33 VIVO Meridian Bioscience beats by $0.01, beats on revs; reaffirms FY08 EPS guidance, revs guidance (33.00 )

Reports Q1 (Dec) earnings of $0.18 per share, $0.01 better than the First Call consensus of $0.17; revenues rose 17.7% year/year to $33.8 mln vs the $33.4 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.72-0.75 vs. $0.74 consensus; sees FY08 revs of $140-142 mln vs. $141.54 mln consensus.
07:32 FMER prelim $0.39 vs $0.38 First Call consensus

07:32 McCain leads Republicans; Obama, Clinton split Nevada – WSJ

WSJ reports Arizona Sen. John McCain defeated chief rival and former Arkansas Gov. Mike Huckabee in the South Carolina Republican primary Saturday, cementing his status as a front-runner for his party’s nomination. Boosted by strong support from independents and South Carolina’s military voters, Mr. McCain eked out a 33%-30% win over Mr. Huckabee. Former Tennessee Sen. Fred Thompson received a distant third-place showing, leaving his path to the nomination unclear. On the Democratic side, Sens. Hillary Clinton and Barack Obama split the spoils Saturday in Nevada caucuses . “This is one step on a long journey,” Mrs. Clinton told cheering supporters in Las Vegas of her 51%-45% victory over Mr. Obama. She captured the popular vote, but Mr. Obama edged her out for national convention delegates, taking 13 to her 12, his camp said. Meanwhile, Former Massachusetts Gov. Mitt Romney decisively won the Nevada Republican caucus, though he finished a disappointing fourth in South Carolina.
07:32 DDIC DDi Corp reports Q4 revs rose 4% to $45 mln, and expects adjusted EBITDA greater than 10% of sales (4.30 )

07:32 SYBT reports Q4 EPS of $0.43 vs $0.41 First Call consensus

07:32 ARTG Art Technology to acquire CleverSet; expected to be accretive in 2009 (3.70 )

Co and CleverSet announced that the two companies signed a definitive agreement for ATG to acquire CleverSet for approximately $10 mln in cash, less closing adjustments of approximately $1 mln. The transaction is subject to customary closing conditions, including the approval of CleverSet’s stockholders, and is expected to occur in the current quarter. The transaction is expected to be accretive on a non-GAAP diluted per share basis in 2009.
07:32 ADTN ADTRAN: Credit Suisse expects ADTN to make gains in the optical access, next-generation DLC & enterprise communications markets (19.47 ) -Update-

Credit Suisse expects ADTN to make gains in the optical access, next-generation DLC & enterprise communications markets. At the same time, however, offsetting some of this expected strength, firm continues to expect further declines in ADTN’s HDSL, DSLAM and other legacy products, which account for over half of total revs.
07:31 IMAX IMAX signs two-theatre deal in Philippines (6.10 )

The co announces it and SM Prime Holdings, the largest mall operator in the Philippines, today announced an agreement to install two IMAX digital projection systems at shopping malls in the cities of Manila and Cebu. 2006. Under the terms of the parties’ agreement, the two IMAX digital theatre systems are expected to be installed during the third and fourth quarters of 2009.
07:31 AMFI prelim $0.34 vs $0.43 First Call consensus; revs $57.2 mln vs $59.53 mln First Call consensus

07:31 CAAS China Automotive signs letter of intent to acquire 36.5% of Jingzhou Henglong Automotive Parts (6.16 )

Co announces it has entered into a Letter Of Intent with Hubei Wanlong Investment to acquire an additional 36.5% of Jingzhou Henglong Automotive Parts. The purchase price of the acquisition will be approx $33 mln. The payment will consist of $10 mln in cash with the remaining value to be paid in the common stock of China Automotive Systems at approx $7.20 per share, which is the Volume Weighted Average Price based on the prior 20 trading days before the signing of this L.O.I. Upon closing, the acquisition will be valued at approx 7 times 36.5% of Henglong’s 2007 net earnings. In the first nine months of 2007, Henglong posted sales of $54.3 mln, representing 56.6% of China Automotive Systems’ total net sales and net profit of US$ 11.1 million, while CAAS’ net profit was $6.7 mln. Management expects that the acquisition will be immediately accretive to net earnings.
07:30 VIVO reaffirms FY08 $0.72-0.75 vs $0.74 First Call consensus; sees revs $140-142 mln vs $141.54 mln First Call consensus

07:30 FRX Forest Labs and Novaxel announce license agreement for NXL 104 (40.97 )

Co announced that they have entered into an agreement for the development, manufacture and commercialization of Novexel’s novel intravenous beta lactamase inhibitor, NXL 104 in combination with Forest’s ceftaroline. NXL 104 is designed to be co-administered with select antibiotics to enhance their spectrum of activity. Under the terms of the license, Forest will receive the exclusive rights to administer NXL 104 with ceftaroline as a combination product in North America. Forest intends to initiate Phase I studies of the ceftaroline/NXL 104 combination in the next fiscal year. Forest will also receive a first negotiation right in North America to an additional NXL 104 combination with ceftazidime, a cephalosporin antibiotic having a different spectrum of activity compared to ceftaroline.
07:30 VIVO prelim $0.18 vs $0.17 First Call consensus; revs $33.8 mln vs $33.35 mln First Call consensus

07:29 CHNL Channell Commcl guides for Q4 (1.24 )

Co issues mixed guidance for Q4 (Dec), sees EPS of ($0.07)-($0.09) vs. ($0.13) First Call consensus; sees Q4 (Dec) revs of $29.5-30 mln vs. $30.83 mln consensus.
07:28 NEM Newmont Mining: Raising the “gold” bar – Credit Suisse (52.88 )

Credit Suisse notes they are aligning their base-case global gold price assumptions with the recently published increases from their South African precious metals team. The changes highlighted below represent average increases of 40% to firm’s base case gold price assumptions in 2008 and 2009, and higher in the out-years. Firm is now assuming avg. gold prices of $950/oz for 2008 and $1,035/oz for 2009, vs previous ests of $700/oz for 2008 and $750/oz for 2009. They have also raised their assumptions significantly for 2010-2013, and their long-term forecast. Firm raises their 2008 EPS est from $1.93 to $3.33. Their NAV est increases from $23.54 to $37.68. They also are raising their tgt price from $70 to $75.
07:26 BSX Boston Scientific announces CE Mark approval for new devices to treat heart failure and suddnen cardiac death (12.13 )

Co announces CE Mark approval for its COGNIS cardiac resynchronization therapy defibrillator and TELIGEN implantable cardioverter defibrillator.
07:25 Financial Guaranty: Framing the valuation debate – FBR

Friedman Billings is maintianing their Market Perform on ABK and MBI following Fitch’s downgrade of ABK last week. Considerable uncertainty remains with regard to the potential unwind of the businesses, particularly ABK. A downgraded bond insurer could suffer further declines in its stock valuation should a regulator step in and trap capital at the operating level to protect current policy holders. In this scenario, it will take years for investors to gain access to the companies’ capital as exposures unwind and very little value is left for current shareholders. Any downgraded bond insurer is allowed to undergo an orderly unwind of its portfolio. In which case, current valuations would prove to be relatively inexpensive if capital is returned to shareholders on a more accelerated basis.
07:25 BSI Blue Square-Israel announces appointment fo new Chief Executive Officer and Chief Operating Officer (13.23 )

Co announces that further to its announcement on December 17, 2007 regarding the resignation of its Chief Executive, Mr. Zeev Kalimi, the Board of Directors has appointed Mr. Zeev Vurembrand as Blue Square’s new Chief Executive Officer and President, effective, no later then May 1, 2008. The Board of directors also decided to appoint Mr. Uri Falach, as the Chief Operating Officer, effective immediately.
07:24 MSCC Microsemi: Lowering expectations for March guidance – FBR (19.74 )

Friedman Billings is lowering their rev and EPS ests for FY 2Q08 and flowing them through to the rest of calendar 2008 as they now expect the firm to guide revs to grow 0%-2% QoQ, lower than their prior expectations for growth of 2%-4% QoQ, but better than most peers. Firm has reduced their FY 2008 EPS to $1.27 from $1.34 and tgt to $31 from $34. With macroeconomic concerns still prevalent, they do not think mgmt will step up and guide March aggressively.
07:24 GILD Gilead Sciences: 4Q07 Preview; expecting another strong quarter of Atripla and Truvada sales – Rodman & Renshaw (46.17 )

Rodman & Renshaw notes GILD will report 4Q07 results on Wed, Jan 23, after the markets close. Based on firm’s trend analysis of IMS sales and prescription data, they believe Atripla will continue to change the HIV treatment landscape, especially with its launch in the E.U. in late 2007. Firm expects GILD’s HIV franchise to drive it to an EPS of $0.41 vs. consensus est of $0.40. FY2007 ests are $1.67 and $1.66, respectively. Firm’s interpretation of weekly and monthly IMS prescription data indicates that Atripla sales will likely continue to follow its growth trajectory. Firm expects U.S. Truvada sales to handily beat their $182 mln est, with an IMS prescription based forecast of $215 mln and a street consensus of $199 mln. Firm expects no large surprises from the other products, and continue to expect sales of Viread, Emtriva, Hepsera and AmBisome to be in-line with their ests.
07:24 CRME Cardiome Pharma and Astellas announce regulatory update, FDA decision has not yet been made regarding the New Drug Application for KYNAPID (7.78 ) -Update-

CRME and its co-development partner Astellas Pharma announce that they have been informed by the U.S. Food and Drug Administration that a decision has not yet been made regarding the New Drug Application for KYNAPID. The FDA did not provide an action letter prior to the PDUFA date of January 19, 2008.
07:23 ADTN ADTRAN: Q4 at a glance; stronger new product results, but legacy weaker – Baird (19.47 ) -Update-

Robert Baird notes Q4 rev and EPS were in-line with expectations. Growth businesses were up 56% YoY and $6 mln ahead of firm’s ests, but this implies legacy products underperformed by an equal amount. Broadband Access delivered 98% YoY growth, which they believe signifies increased traction with the TA5000. While new product growth is encouraging, total rev was just in line and implies legacy rev was lower than they modeled. Additionally, both Optical and NetVanta products grew more slowly than they estimated QoQ. Firm expects mgmt to provide Q1 guidance on the conf call. In Q1, they are expecting rev and EPS of $115 mn and $0.25 including options (Street $118 mln/$0.27).
07:23 HNSN Hansen Medical: Boston Strial Fibrillation Symposium draws EP interest in Hansen; live case provided a forward-looking perspective – Merriman (21.52 )

Merriman notes the Boston Atrial Fibrillation Symposium, held Jan 17-19, allowed HNSN to show off its technology to electrophysiologists. Firm’s observations of activity within HNSN’s exhibit booth lead them to believe that interest among electrophysiologists is high. A live case demonstration provided a forward-looking view of the robotic system’s capabilities to an audience largely unfamiliar with the technology. Firm continues to be avid supporters of this technology, and are reiterating their Buy rating on HNSN shares.
07:23 FDEF First Defiance Financial reports Q4 EPS of $0.50 vs $0.45 First Call consensus (20.75 )

07:22 Telecom and Data Services: Focus on 2008 guidance; expect many to maintain – Merriman

Merriman notes that over the past three months their Telecom and Data Services research coverage universe experienced a 27.9% decrease. This is the largest three-month decline since they launched coverage on the space on April 6, 2006. Declines were seen in 14 of the 15 stocks under coverage; only Covad (DVW) rose after it announced on Oct 28, 2007 that it would be acquired. The significant sell-off has followed increasing concern that the economy could move into a recession, which is in-line with firm’s previous comments that the largest risk to their universe is a downturn in the overall market based on the group’s high beta.
07:22 ADLR Adolor: Entereg documents increase chances of POI approval – Broadpoint Capial (4.25 )

Broadpoint Capital reiterates their Buy rating on ADLR preceding tomorrow’s FDA advisory committee review of Entereg. Firm considers Friday’s briefing documents grounds for greater optimism regarding approval for postoperative ileus (POI), and, as they value the stock at $7 excluding Entereg, believe the risk/reward ratio has improved. The FDA’s review concludes that the cardiovascular, neoplasm, and fracture imbalances in the opioid-induced bowel dysfunction (OBD) studies suggest safety issues. Entereg’s safety profile was clean in the POI trials, but inconclusive due to spotty follow-up.
07:22 RDY Dr. Reddy’s announces settlement fo Exelon ANDA litigation with Novartis (16.88 )

Co announces that it has entered into a settlement agreement with Novartis Pharma AG (NVS) which involves a stipulation of dismissal of the lawsuits in the U.S. relating to the ANDAs filed by Dr. Reddy’s for a generic version of rivastigmine tartrate capsules sold under the trade-name Exelon. Under the terms of the agreement, Dr. Reddy’s will not launch its generic Rivastigmine Tartrate capsules until sometime before the expiry of the Orange Book patents claiming Rivastigmine.
07:21 ETN Eaton increases dividend 16 percent To $.50 per share (81.08 )

07:21 ETR Entergy guides Q4 above consensus; reaffirms FY08 guidance (111.25 )

Co issues upside guidance for Q4 (Dec), sees EPS of $1.10 vs. $1.03 First Call consensus. Co reaffirms guidance for FY08 (Dec), sees EPS of $6.50-6.90 vs. $6.83 consensus.
07:20 SCVL Shoe Carnival: Susquehanna lowering 1H08 earnings ests (11.44 )

07:20 ETN Eaton misses by $0.02, beats on revs; guides Q1 (Mar) EPS in-line; guides FY08 (Dec) EPS in-line (81.08 )

Reports Q4 (Dec) earnings of $1.71 per share, $0.02 worse than the First Call consensus of $1.73. Co issues in-line guidance for Q1 (Mar), sees EPS of 1.60-1.70 vs. $1.68 consensus. Co issues in-line guidance for FY08 (Dec), sees EPS of 7.75-8.25 vs. $7.69 consensus. “As we survey our end markets in 2008, we anticipate our markets will grow by approximately 4 percent. While our U.S. markets–which in 2008 are expected to represent about 45 percent of our sales–are likely to grow by 2 to 3 percent, our international markets are likely to grow by 5 to 6 percent.”
07:20 SKX Skechers USA: 1H08 outlook improving in the U.S.; international growth likely the key sales and earnings driver – Susquehanna (17.16 )

07:19 TSM Taiwan Semi: Q1 shipments below seasonal despite slight upside; early to get excited on Q2 – FBR (8.64 )

Friedman Billings notes that recent checks suggest that Nvidia and Qualcom led to a slight upside to their 4Q07 wafer shipments, while the same two customers, for the most part, have also led to a slight upside to our 1Q08 wafer-shipment expectations. Additionally, despite current forecasts of a high-single-digit increase in wafer shipments in 2Q08, current uncertainties associated with the macro environment do not give firm any confidence in signing up to such growth prospects.
07:18 Bank of China mum on subprime reports – AP

AP reports thee Bank of China issued a statement Tuesday denying awareness of any reasons for recent declines in its stock price amid reports it may face significant losses from U.S. mortgage-backed securities. Noting recent sharp declines in its share price, the bank, China’s second-biggest, said its board was “not aware of any reasons for such movement” and said there were no negotiations or other matters requiring disclosure under Hong Kong’s securities laws. The bank’s notice, posted on the Web site of the Hong Kong Stock Exchange, did not directly mention reports that Bank of China might announce a significant writedown on its $7.95 bln (EUR 5.5 bln) in U.S. subprime mortgage securities. Bank of China spokesman Wang Jianping declined comment Monday on a report by the Hong Kong newspaper South China Morning Post, citing unnamed sources, saying the lender would need to make a significant writedown. Wang said details of the bank’s assets would be released with its annual report in late March.
07:16 WIRES On The Wires

OSI Systems (OSIS) announces that its Security division, Rapiscan Systems, has received a contract for approx $2.0 mln from its Chinese distributor, Ryan Security Technologies, for its Rapiscan 500 series baggage and parcel inspection systems… McDermott International (MDR) announces that a subsidiary of J. Ray McDermott was recently awarded a contract by Woodside for the Pluto Offshore Platform north west of Karratha, Western Australia. Contracts of this nature are typically valued at approx $100 mln, and this contract was recorded in MDR’s Offshore Oil & Gas Construction segment’s backlog during 4Q07.
07:16 ETR reaffirms FY08 guidance of $6.50-6.90 vs $6.83 First Call consensus

07:15 ETR guides Q4 EPS of $1.10 vs $1.03 First Call consensus

07:12 BAC Bank of America misses by $0.13, reports CDO-related writedowns of $5.28 bln (35.97 )

Reports Q4 (Dec) earnings of $0.05 per share, $0.13 worse than the First Call consensus of $0.18; revenue net of interest expense on a fully taxable-equivalent basis fell 29.3% year/year to $13.32 bln vs the $13.24 bln consensus. “Our fourth quarter results were severely impacted by ongoing dislocations in capital markets and the slowing economy… Even given that environment, we certainly are not pleased with our performance. However, we are cautiously optimistic about 2008, though we believe economic growth will be anemic at best in the first half. CDO-related writedowns totaled $5.28 bln, reflecting the impaired value of the underlying assets based on expected credit losses, the lack of demand in the marketplace and the impact of credit rating agency downgrades of the securities. The writedowns reduced trading profits by about $4.50 bln and other income by about $750 mln.
07:12 RF Regions Fincl misses by $0.05 (19.19 )

Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.29.
07:12 WAT Waters misses by $0.08, reports revs in-line (73.23 )

Reports Q4 (Dec) earnings of $0.98 per share, $0.08 worse than the First Call consensus of $1.06; revenues rose 12.9% year/year to $437 mln vs the $437.2 mln consensus.
07:11 TLAB Tellabs beats by $0.03, beats on revs (6.38 )

Reports Q4 (Dec) earnings of $0.04 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.01; revenues rose 3.2% year/year to $469.1 mln vs the $459.6 mln consensus.
07:11 BJS BJ Services misses by $0.01, beats on revs; guides Q2 (Mar) EPS in-line (21.23 )

Reports Q1 (Dec) earnings of $0.58 per share, $0.01 worse than the First Call consensus of $0.59. Co issues in-line guidance for Q2 (Mar), sees EPS of 0.55-0.57 vs. $0.59 consensus. “During the second quarter of fiscal 2008, we expect relatively flat drilling activity with continued pricing pressures in the U.S. market. We expect improved results in Canada as we enter the winter drilling season, and we also anticipate increased revenue and improved margins in the International Pressure Pumping segment.”
07:10 WB Wachovia misses by $0.25, misses on revs (30.80 )

Reports Q4 (Dec) earnings of $0.08 per share, excluding non-recurring items, $0.25 worse than the First Call consensus of $0.33. “The continued turmoil in the capital markets and the dramatic change in the credit environment diminished our fourth quarter results substantially,” said Ken Thompson, Wachovia chairman and chief executive officer. “We took active and prudent steps in the second half of the year to deal with the market disruption and credit deterioration, and we believe this allows us to move forward from a position of strength despite the uncertain economic environment. For the full year, we earned $6.3 billion, paid $4.6 billion in dividends, and maintained a well-capitalized balance sheet even as we had $3.1 billion in net market-related valuation losses and increased our allowance for credit losses by $1.2 billion.”
07:10 MDAS MedAssets initiated with a Market Perform at Wachovia (21.50 )

07:09 USAP Universal Stainless/Alloy beats by $0.01, beats on revs (31.16 )

Reports Q4 (Dec) earnings of $0.65 per share, $0.01 better than the First Call consensus of $0.64; revenues fell 11.1% year/year to $49.6 mln vs the $48 mln consensus. Co issues guidance for Q1, sees EPS of $0.60-0.65 on revs of $50-55 mln.
07:09 BofA raises their U.S stock weighting to 65% of assets from 60%

BofA reduces their Cash allocation
07:08 NCC National City misses by $0.01 (14.33 )

Reports Q4 (Dec) loss of $0.27 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of ($0.26).
07:06 YTEC Yucheng Technologies announces significant online banking contract wins with foreign banks (12.16 )

Co announces strategic contract wins with The Bank of East Asia Limited and Hana Bank to provide online banking platforms for their China operations to better serve their China customers.
07:06 ETN sees FY08 $7.75-8.25 vs $7.69 First Call consensus

07:06 RCI Rogers Comms downgraded to Neutral from Buy at Merrill (37.64 )

07:06 ETN sees Q1 $1.60-1.70 vs $1.68 First Call consensus

07:05 MITI Micromet:Preclinical study published in cancer research demonstrates anti-tumor activity of Micromet’s BiTE antibody at well tolerated doses (1.70 )

Co announces the publication of a new preclinical study in Cancer Research demonstrating that efficacious doses of a BiTE antibody targeting epithelial cell adhesion molecule are well tolerated in two mouse cancer models. BiTE antibodies join cytotoxic T-cells with cancer cells for a tightly controlled elimination of cancer cells. Low doses of muS110 that prevented growth of orthotopic breast cancer and formation of lung metastases in mice were well tolerated. Treatment with MuS110 did not lead to any damage of EpCAM-expressing normal tissues at any dose studied. This indicates that the EpCAM-specific BiTE antibody did recognize EpCAM on tumor cells but not on cells of normal tissues.
07:04 BJS sees Q2 $0.55-0.57 vs $0.59 First Call consensus;

07:04 ETN prelim $1.71 vs $1.73 First Call consensus; revs $3.37 bln vs $3.29 bln First Call consensus

07:04 TLAB prelim $0.04 vs $0.01 First Call consensus; revs $469.1 mln vs $459.56 mln First Call consensus

07:04 ABII Abraxis BioScience receives approval from EU Commission to market ABRAXANE for metastatic breast cancer in Europe (61.44 )

Co announces that the European Commission has granted marketing approval for ABRAXANE powder for suspension for infusion for the treatment of metastatic breast cancer in patients who have failed first-line treatment for metastatic disease and for whom standard, anthracycline-containing therapy is not indicated. Co currently expects to launch ABRAXANE across Europe in mid-2008 and to materially contribute to revenues beginning in 2009. As previously announced, 2008 expenditures to establish a European infrastructure for ABRAXANE are expected to be approximately $30 mln.
07:04 BJS prelim $0.58 vs $0.59 First Call consensus; revs $1.29 bln vs $1.26 bln First Call consensus

07:03 BAC prelim $0.05 vs $0.18 First Call consensus; revs $12.67 bln vs $13.24 bln First Call consensus

07:03 CBRL CBRL Group announces 625,000 share repurchase authorization (24.65 )

07:03 WB prelim $0.08 excluding items may not be comparable vs $0.33 First Call consensus; revs $7.2 bln vs $7.40 bln First Call consensus

07:03 HDY Hyperdynamics announces an approx 70% increase in revenue will be reported for the quarter ended Dec 31, 2007 (1.19 )

07:02 IMRX ImaRx Therapeutics and Microbix sign letter of intent to manufacture and further develop the FDA-approved clot-dissolving drug, Abbokinase (1.29 )

IMRX and Microbix Biosystems (TSE: MBX) announce that they have signed a Letter of Intent to manufacture urokinase and further explore development for additional indications. Urokinase is an FDA approved drug currently marketed under the brand name Abbokinase. The product has been used to treat patients in the United States for over 20 years. ImaRx will retain existing drug inventory and exclusive rights to sell the drug for the currently approved indication and will gain access to a long term drug supply through a supply agreement with Microbix.
07:02 USAP sees Q1 $0.60-0.65; sees revs $50-55 mln – no estimates

07:02 USAP prelim $0.65 vs $0.64 First Call consensus; revs $49.63 mln vs $48.00 mln First Call consensus

07:01 WAT prelim $0.98 vs $1.06 First Call consensus; revs $437 mln vs $437.22 mln First Call consensus

07:01 RF prelim $0.24, ex items vs $0.29 First Call consensus

07:01 DTV DIRECTV announces $1 bln stock repurchase program (58.88 )

06:59 SIRF SiRF Technology initiated with an Equal Weight at Morgan Stanley (16.28 )

06:58 CRME Cardiome Pharma downgraded to Neutral from Buy at Merrill (7.64 )

06:56 VLO Valero Energy upgraded to Peer Perform from Underperofrm at Bear Stearns (54.03 )

06:51 CALLS Early Research Calls III

Upgrades: J.P Morgan upgrades Netflix (NFLX 21.85) to Neutral from Underweight… J.P Morgan upgrades NYMEX (NMX 97.30) to Overweight from Neutral… J.P Morgan upgrades CF Industries (CF 93.33) to Overweight from Neutral. Downgrades: Piper Jaffray downgrades JC Penney (JCP 40.93) to Neutral from Buy… Piper Jaffray downgrades Oxford Industries (OXM 20.88) to Neutral from Buy… J.P Morgan downgrades Penson Worldwide (PNSN 11.50) to Neutral from Overweight… Credit Suisse downgrades Mobile TeleSystems (MBT 88.78) to Neutral from Outperform. Miscellaneous: Piper Jaffray initiates Cardtronics (CATM 8.42) with a Buy… Piper Jaffray initiates MedAssets (MDAS 21.35) with a Neutral… Piper Jaffray initiates ChinaEdu (CEDU 6.66) with a Buy and a $10 tgt… Piper Jaffray initiates Intellon (ITLN 5.80) with a Buy.
06:47 S&P futures vs fair value: -57.3. Nasdaq futures vs fair value: -70.8.

06:47 European Markets

FTSE…5586.70…+8.50…+0.2%. DAX…6729.26…-60.73…-0.9%.
06:47 Asian Markets

Nikkei…12573.05…-752.89…-5.7%. Hang Seng…21757.63…-2061.23…-8.7%.
06:43 CALLS Early Research Calls II

Upgrades: Credit Suisse upgrades Barrick Gold (ABX 46.73) to Outperform from Neutral… Bernstein upgrades Kohl’s (KSS 27.05) to Outperform from Market Perform… Bernstein upgrades Lowe’s (LOW 22.19) to Outperform from Market Perform… Morgan Stanley upgrades Incyte (INCY 11.39) to Overweight from Equal Weight. Downgrades: Lehman downgrades Luxottica (LUX 26.05) to Underweight from Equal-weight… UBS downgrades NCI Building Systems (NCS 26.23) to Neutral from Buy… UBS downgrades MedcoHealth (MHS 103.95) to Neutral from Buy… Citigroup downgrades American Express (AXP 43.61) to Hold from Buy. Miscellaneous: BofA initiates Cardtronics (CATM 8.42) with a Buy and an $11 tgt… Deutsche Bank initiates MedAssets (MDAS 21.35) with a Buy and a $25 tgt… Deutsche Bank initiates Cardtronics (CATM 8.42) with a Buy and a $13 tgt… Susquehanna initiates VanceInfo Technologies (VIT 6.07) with a Positive… Susquehanna initiates Under Armour (UA 28.01) with a Neutral… Lehman initiates MedAssets (MDAS 21.35) with an Overweight… J.P Morgan initiates Teekay Tankers (TNK 15.12) with an Overweight… Morgan Stanley initiates Teekay Tankers (TNK 15.12) with an Equal Weight… Citigroup initiates Teekay Tankers (TNK 15.12) with a Hold.
06:41 US stock futures point to losses of roughly 5% – WSJ

U.S. stocks looked set to enter a bear market Tuesday, with stock futures pointing to losses of roughly 5% after two days of relentless selling pressure in overseas markets on fears over a U.S. recession. Less than four hours before the start of trading, Dow Jones Industrial Average futures dropped 556 to 11550. The S&P 500 futures sank 68.7 to 1256.60, and Nasdaq 100 futures fell 94.5 to 1755.00. Changes in futures do not always accurately predict early market moves after the opening bell. Declines in overseas markets were steeper. Shares in Hong Kong lost 8.7%, while Japan’s Nikkei 225 Index closed down 5.7%, its lowest level since September 2005. Over two days, the Nikkei 225 has dropped over 10%. In Europe, stocks extended Monday’s meltdown, with the Dow Jones Stoxx 600 Index down 1.3% to 304.83 and Germany’s DAX-30 Index falling 2.9% to 6591.05. While some parallels are being drawn between the crash of 1987 and today, the Dow would have to lose more than 2700 points to match the percentage loss back then, notes Mark Hulbert. Even so, U.S. markets are in danger of entering bear-market territory — a loss of over 20% from highs — as several overseas indexes have done. Heading into Tuesday, the S&P 500 is nearly 16% below 2007 highs, and the Nasdaq Composite is down about 18%.
06:37 KEY KeyCorp beats by $0.09 (21.10 )

Reports Q4 (Dec) earnings of $0.06 per share, $0.09 better than the First Call consensus of ($0.03). “Key’s results for the fourth quarter of 2007 were adversely affected by a number of charges related to additional reserves for loan losses, separation expense, losses associated with volatility in the fixed income markets and the strategic decision to exit certain business activities,” said Chairman and Chief Executive Officer Henry L. Meyer III. “With these actions, previously announced on December 20, we believe Key is entering 2008 with adequate loan loss reserves and a disciplined approach to managing its expense structure… Key has been positioning itself for a potential downturn in the credit cycle. We moved two years ago to curtail our Florida condominium exposure, completed the sale of our subprime home mortgage lending business during the fourth quarter of 2006 and just recently announced our decisions to exit dealer-originated home improvement lending activities and cease conducting business with non-relationship homebuilders outside of our Community Banking footprint. Further, we have no meaningful CLO, CDO, ABCP or SIV exposure.”
06:36 WIRES On The Wires

Amtech Systems (ASYS) announces that its subsidiary, Tempress Systems, has entered into a research agreement to develop an in-line or conveyor diffusion furnace system for the solar industry…. AgFeed Industries (FEED) announces that Dr. Jinfeng Yuan has joined the Company as Vice President of Technology in charge of breeder hog development… Vical Incorporated (VICL) announces a license agreement with The Wistar Institute granting Vical exclusive, worldwide rights to Wistar’s Towne strain of cytomegalovirus and related technologies. Financial terms of the license agreement were not disclosed.
06:33 IOM Iomega raises Q4 guidance (2.35 )

Co raises their Q4 guidance, sees EPS of $0.06-0.08 vs. $0.06 First Call consensus; sees Q4 (Dec) revs of $117-121 mln vs. $89.27 mln consensus. This compares to previous guidance given December 12, 2007 of net revenue of $92.0 mln and non-GAAP earnings per share of $0.04 per fully diluted share.
06:33 FITB Fifth Third beats by $0.22 (22.60 )

Reports Q4 (Dec) earnings of $0.49 per share, excluding non-recurring items, $0.22 better than the First Call consensus of $0.27.
06:24 EXEL Exelixis and Bristol-Myers to co-develop XL139 (7.51 )

Co announces that Bristol-Myers (BMY) has exercised its option to develop and commercialize Exelixis’ compound XL139. Under the terms of the collaboration agreement between the two companies, which became effective in January 2007, the selection of XL139 by Bristol-Myers Squibb entitles Exelixis to a milestone payment of $20 mln. In addition, Exelixis has exercised its option under the collaboration agreement to co-develop and co-commercialize XL139 in the U.S. Following the transfer of the XL139 development program, which is expected to occur promptly, Bristol-Myers Squibb will lead all global activities. The parties will co-develop and co-commercialize XL139 in the U.S. and share those profits 50/50. Exelixis will be entitled to receive double-digit royalties on product sales outside of the U.S.
06:24 SU Suncor Energy beats by CAD $0.53 (90.49 )

Reports Q4 (Dec) earnings of CAD $2.08 per share, CAD $0.53 better than the single estimate of CAD $1.55.
06:19 CSX CSX Corp beats by $0.21, beats on revs (41.18 )

Reports Q4 (Dec) earnings of $0.85 per share, excluding non-recurring items, $0.21 better than the First Call consensus of $0.64; revenues rose 6.7% year/year to $2.56 bln vs the $2.49 bln consensus.
06:18 CALLS Early Research Calls I

Upgrades: Merriman upgrades Occam Networks (OCNW 3.93) to Buy from Neutral, based in large part on the announcement last week of a contract win with Fairpoint Communications for the upgrade of the 1.5M lines Fairpoint is acquiring from Verizon in New England. Downgrades: BMO Capital downgrades lululemon athletica (LULU 30.92) to Underperform from Market Perform and maintains their $26 tgt… Johnson Rice downgrades Superior Offshore (DEEP 3.33) to Equal-weight from Overweight, based on continued weakness in the 4-point fleet, expectations for lower overall utilization of the saturation fleet in ‘08 and believe a clear growth strategy is needed to get shares moving higher… Merriman downgrades FiberTower (FTWR 1.87) to Neutral from Buy, following the resignation of the co’s chief executive… Jefferies downgrades Kendle Intl’l (KNDL 48.08) to Hold from Buy and maintains their $48 tgt, based on execution risks, less apparent upside to EPS, and foreign exchange exposure.
06:16 UNH UnitedHealth reports EPS in-line, revs in-line; guides Q1 EPS in-line; reaffirms FY08 EPS guidance (54.40 )

Reports Q4 (Dec) earnings of $0.92 per share, in-line with the First Call consensus of $0.92; revenues rose 3.2% year/year to $18.71 bln vs the $18.78 bln consensus. Co issues in-line guidance for Q1, sees EPS of $0.82-0.84 vs. $0.83 consensus. Co reaffirms guidance for FY08, sees EPS of $3.95-4.00 vs. $3.96 consensus.
06:15 IBM and SAP to develop joint software – Reuters

Reuters reports IBM (IBM) SAP (SAP) will bring out their first joint software product in Q4 of this year, the two companies said on Monday. The product, codenamed Atlantic, will allow users to access SAP’s Business Suite applications for workflows, reporting and analytics through IBM’s Lotus Notes desktop software. The two companies, which have been the target of repeated merger speculation, said their thousands of mutual customers had asked for the functions that Atlantic software will supply.
06:15 RGS Regis beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY08 EPS in-line, revs in-line (22.67 )

Reports Q2 (Dec) earnings of $0.51 per share, $0.01 better than the First Call consensus of $0.50; revenues rose 3.8% year/year to $682.2 mln vs the $684.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.48-0.54 vs. $0.53 consensus; sees Q3 revs of $675-685 mln vs. $677.60 mln consensus. Co issues in-line guidance for FY08, sees EPS of $2.01-2.14 vs. $2.07 consensus; sees FY08 revs of $2.74 bln vs. $2.73 bln consensus.
06:13 DD DuPont beats by $0.08, beats on revs; guides Q1 EPS in-line; reaffirms FY08 EPS guidance (42.70 )

Reports Q4 (Dec) earnings of $0.57 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.49; revenues rose 11.3% year/year to $6.98 bln vs the $6.67 bln consensus. Co issues in-line guidance for Q1, sees EPS of $1.12-1.17 vs. $1.15 consensus. Co reaffirms guidance for FY08, sees EPS of $3.35-3.55 vs. $3.43 consensus.
06:09 GYI Getty Images up for sale, could fetch $1.5 bln – NY Times (21.94 )

The NY Times reports Getty Images (GYI) has put itself on the auction block and could fetch more than $1.5 bln, people briefed on the situation said Sunday. The firm hired Goldman Sachs to advise it on a potential sale, these people said. The co has attracted interest from several buyers, mostly private equity firms, including Kohlberg Kravis Roberts, Bain Capital and others. Final bids are due by the end of the month, but people briefed on the auction cautioned that it was unclear which firms would submit a final bid. A sale is not assured, because the tightening of the high-yield debt markets has cut off private equity firms from the lifeblood of their business, making it harder to finance deals.
06:04 Britain to aid Northern Rock sale – NY Times

The NY Times reports the British Treasury said on Monday that it would facilitate a sale of Northern Rock by converting a pool of the co’s assets into bonds for sale to investors. Under the plan, created by the government and its adviser, Goldman Sachs, Northern Rock would sell government-backed bonds bundling a collection of home loans, unsecured consumer loans and some investment-grade securities to help repay about GBP 25 bln, or $49 bln, it borrowed from the Bank of England last September. The arrangement is intended to ensure taxpayers will not have to pay for the bank’s rescue and help continuing negotiations with two potential buyers, Richard Branson’s Virgin Group and the investment firm Olivant Advisors, which have struggled to finance their bids in the current turbulent market.
05:57 RIO Brazil’s Vale confirms talks to merge with Xstrata – NY Times (28.83 ) -Update-

The NY Times reports Comanhia Vale do Rio Doce (RIO) said on Monday that it was in talks with a rival, Xstrata, about a merger. Vale said that the talks with Xstrata had not led to any “material results” and that conditions in the financial markets might “constrain the realization of a major strategic move.” Vale could bid as much as $90 bln in cash and stock to buy Xstrata, a Brazilian newspaper, Valor Economico, reported Monday, but some analysts called that price too low. Any deal would need the support of Glencore International, the commodity trading co, which owns 35% of Xstrata. “A takeover would create a global supertitan, but it is also possible that the talks will lead to a consortium to move on Rio Tinto or Anglo American (AAUK),” said Tobias Woerner, an analyst at MF Global Securities. Xstrata signaled in December that it was open for takeover proposals when the chief executive, Michael L. Davis, said he had started discussions with several parties. On Monday, Vale said in a statement that “in an environment of a global consolidation of the mining industry, Vale has been maintaining a dialogue with Xstrata management.” Vale is also considering other possible acquisitions of mining assets.
05:53 CRA Gene variant is said to be linked to heart attack and prevention – WSJ (14.82 )

The Wall Street Journal reports researchers said they identified a genetic variant that is linked to both an increased risk of a heart attack and a person’s chances of preventing such an attack by taking a cholesterol-lowering pill called a statin. The variation, in a gene called KIF6, is present in nearly 60% of the population, the researchers found. In four large studies involving a total of more than 30,000 patients, carriers of the mutation had a risk of heart attacks, strokes or death related to heart disease as much as 55% higher than those who didn’t have it. Discovery of the KIF6 variant was announced by Celera Group-Applera (CRA), diagnostics co known for having mapped the human genome in 2000 in a high-profile race with a government-funded project. Details are reported in three studies being published Jan. 29 by the Journal of the American College of Cardiology and now available on the publication’s Web site. The interaction of KIF6 with statin therapy “is a very interesting and unexpected finding,” said Marc Sabatine, a cardiologist at Brigham and Women’s Hospital, Boston, and a co-author of one of the papers. While it would be “premature” to base treatment decisions on a patient’s KIF6 status, he said, the results “take us one step closer to personalized medicine” in which doctors use genetic data to tailor therapy for patients. Celera plans to launch “in the coming months” a genetic test for about $200 for the KIF6 variant through its recently acquired Berkeley HeartLab unit, said Kathy Ordonez, president at Celera.
05:50 New, UK banks are facing housing storm on home turf – WSJ

The Wall Street Journal reports banks in the UK, after spending the past six months coping with the repercussions of the U.S. housing bust, are facing a new challenge: navigating a looming housing crunch at home. After tripling in the past decade, house prices in the U.K. are slipping, adding to rising consumer gloom and sparking fears the U.K. could be on the precipice of a crisis that would rival that of the U.S. With payments on some 1.4 mln mortgages resetting to higher levels this year — up 52% from 2007 — banks and mortgage lenders are likely to face rising defaults as heavily indebted U.K. homeowners run into trouble. Together with a slowing economy, a weakening commercial-property market and continued lack of access to funding, that prospect is leading some analysts to downgrade their forecasts for U.K. banks’ earnings — and that could weigh on their share prices. The deteriorating outlook applies to banks large and small. Royal Bank of Scotland Group (RBS), Barclays (BCS), Lloyds (LYG) and HBOS all have home-mortgage and commercial portfolios that may require them to increase their reserves against losses. RBS’s U.S. unit also has exposure to the U.S. slowdown. Smaller mortgage lenders, such as Alliance & Leicester PLC and Bradford & Bingley PLC, are even more vulnerable to a rise in defaults and could face difficult times in borrowing the money they need to do business.
05:48 BHP BHP isn’t likely to increase bid for Rio Tinto – WSJ (60.72 )

The Wall Street Journal reports BHP Billiton (BHP) is unlikely to sweeten its $99.22 bln unsolicited proposal to acquire mining rival Rio Tinto (RTP 367.50) by a Feb. 6 deadline, according to people familiar with the co’s plans. BHP’s intransigence comes amid further attempts at mining-industry consolidation, such as talks disclosed yesterday between Brazil’s Companhia Vale do Rio Doce (RIO) Xstrata. The consolidation wave could increase pressure on both BHP and Rio to reach a deal, despite BHP’s stance. By not sweetening its offer, BHP could be trying to pressure Rio to negotiate. Rio has refused to engage in buyout talks with BHP, saying its proposal undervalued the co. Christina Mills, a Rio spokeswoman, said nothing has changed since BHP made its initial offer and that BHP’s proposal isn’t acceptable. It isn’t clear whether BHP will let the deadline pass without formalizing its offer. But it appears the co won’t increase its offer, because it believes the price of Rio shares will fall. Even if it does walk away, it could come back after six months and take another stab at getting Rio.
05:44 YHOO Yahoo expects cuts in staff to curb budget – WSJ (20.78 )

The Wall Street Journal reports Yaho (YHOO) expects to cut staff in some areas under a drive to rein in its budget and focus its activities, people familiar with the matter said. The exact extent of any future layoffs at the co isn’t known, though one person familiar with the matter estimated they potentially may affect hundreds of workers. Yahoo expects to finish 2008 with about the same number of workers as it had at the end of 2007 while planning to add staff in some areas deemed priorities, these people said. Yahoo is expected to provide more information about any cuts and activities it is scaling back when it announces fourth-quarter results Jan. 29.
05:42 EBAY eBay chief Whitman plans to retire – WSJ (28.33 )

The Wall Street Journal reports eBay (EBAY) Chief Executive Meg Whitman is planning to retire. She has been delegating more daily responsibilities to her lieutenants and is completing her succession planning, say people familiar with the matter. A decision about her departure could come within weeks, though the situation remains fluid, say these people. John Donahoe, whom Ms. Whitman recruited in 2005 to become the president of eBay’s auction business unit, has emerged as the leading candidate to succeed her, added these people.
05:40 VMW Microsoft beefs up offensive on VMware – WSJ (81.27 )

The Wall Street Journal reports Microsoft (MSFT) is disclosing new details of its plans to take on VMware (VMW) and others in virtualization. The co’s moves include the purchase of a Silicon Valley start-up called Calista Technologies. Terms of the purchase aren’t being disclosed. Microsoft is also relaxing some licensing policies to allow use of virtualization software with more versions of its Windows Vista operating system and is lowering some fees associated with using the technology. The co plans to offer a virtualization component with its coming Windows Server 2008 operating system, which is scheduled to be delivered this quarter. But the feature, known as Hyper-V, won’t be ready for six months, or sometime in the third quarter, said Larry Orecklin, general manager of Microsoft’s server-infrastructure business. Microsoft offers some virtualization components already. But it doesn’t yet offer a key layer of software, called a “hypervisor,” that emulates the physical features of a computer and runs beneath an operating system. Hyper-V is expected to add that capability. “Although virtualization has been around for more than four decades, the software industry is just beginning to understand the full implications of this important technology,” writes Bob Muglia, senior vice president of Microsoft’s server and tools division, in an email Microsoft is distributing to customers this week.
05:36 Bank of China’s subprime hit: up to $2 bln – WSJ

The Wall Street Journal reports Bank of China Ltd. appears increasingly likely to report a large write-down on its investments in U.S. mortgage securities. Analysts estimate that the state-owned lender may have to write off a quarter of the nearly $8 bln it holds in securities backed by subprime mortgages. While that still would leave the bank profitable for last year, it would be far larger than the $322 mln the lender said it had set aside for such losses when it announced Q3 results, the last time it publicly addressed the matter. “We don’t have a good read” on the value of mortgage holdings at Bank of China and other Chinese lenders, said Charlene Chu, a senior director at Fitch Ratings China. The lenders “have not been transparent” about the ratings on the mortgage securities they own. Wang Zhaowen, a Bank of China spokesman, declined to disclose the size of the bank’s losses, saying figures still were being audited. In Hong Kong early Tuesday, Bank of China said in a statement that its directors are aware of recent volatility in the bank’s share price but there is no pending matter that is disclosable under listing rules.
05:33 Fears of a recession spark a global selloff; new pressure on the Fed – WSJ

The Wall Street Journal reports a global stock selloff suggested that recession fears are spreading beyond the U.S., and that the downturn in U.S. markets is dragging down share prices abroad. Major indexes fell 7.2% in Germany, 7.4% in India and 5.5% in Britain. The Dow is now uncomfortably near the 20% decline analysts commonly consider the mark of a bear market. Futures on the blue-chip average fell 4.3% yesterday in London trading. The unraveling markets are boosting the pressure on Federal Reserve Chairman Ben Bernanke to slash interest rates to counter the threat of recession in the U.S. Fed policy makers meet next week, and it appears almost certain they will cut the central bank’s short-term rate target, now at 4.25%, by at least a half percentage point. Officials will likely give close consideration to a three-quarters-point cut. A cut before then isn’t considered likely, but can’t be ruled out if markets suffer badly. A rate cut just a week ahead of the Fed’s meeting would deliver only a modest additional boost to the economy and could risk looking panicked.
05:29 Counterparty risk fears re-enter mainstream – Financial Times

Financial Times reports counterparty risk may be back. Over the weekend, ACA has been in frantic talks to avoid insolvency. Some of its counterparties – including Merrill Lynch (MER), Credit Agricole and CIBC – have already written off billions of dollars worth of trades with ACA. If it collapses, this insurance will be rendered worthless, and every other bank that had dealt with it will suffer losses. This may be the beginning, unfortunately. Specialist bond insurers are not the only companies that have been insuring debt. Banks, hedge funds and other financial institutions have been both buying and selling debt default insurance for years. The lightly-regulated market for these contracts now stands at an estimated $45,000 bln, but only about 20% of this is actual credit exposure, according to the Bank for International Settlements. More worryingly, the market has yet to be tested in asevere downturn. “We just got this really good period where ABS defaults and corporate credit defaults were really low . . . Everybody seems to have forgotten what a default is,” said Peter Nowell, a senior derivatives trader at BNP Paribas.
05:26 Morning Newspaper Headlines: MSFT/VMW – EBAY – YHOO – BHP/RTP – CRA – RIO – GYI – IBM/SAP

WSJ: Fears of a recession spark a global selloff; new pressure on the Fed… Bank of China’s subprime hit: up to $2 bln… Microsoft (MSFT) beefs up offensive on VMware (VMW)… eBay (EBAY) chief Whitman plans to retire… Yahoo (YHOO) expects cuts in staff to curb budget… BHP (BHP) isn’t likely to increase bid for Rio Tinto (RTP)… Now, UK banks are facing housing storm on home turf… Gene variant is said to be linked to heart attack and prevention (CRA). NY Times: Brazil’s Vale (RIO) confirms talks to merge with Xstrata… Britain to aid Northern Rock sale… Getty Images (GYI) up for sale, could fetch $1.5 bln. Reuters: IBM (IBM) and SAP (SAP) to develop joint software. Financial Times: Counterparty risk fears re-enter mainstream.
04:40 RIO Vale makes clear on negotiations (28.83 )

Co announces they have been maintaining a dialogue with Xstrata Plc management and at the moment, these discussions had not produced any material result yet. On the other hand, Vale continues to analyze several other options, involving different mining assets. Similarly, these negotiations did not generate any concrete result yet. Simultaneously, the co has been exploring with banks several ways to support its growth initiatives in the event it decides to effectively pursue one of the above-mentioned options.
04:36 WIRES On The Wires -Update-

BluePhoenix Solutions (BPHX) announces that it has closed its first modernization project in South Korea, with Industrial Bank of Korea; initial value of project is $400K.
04:34 TEVA Teva to acquire CoGenesys (48.12 )

Co announces that it has entered into a definitive agreement to acquire CoGenesys, a privately-held biopharmaceutical co focused on the development of peptide- and protein-based medicines across broad therapeutic categories. CoGenesys was established in 2005 as a division within Human Genome Sciences (HGSI) to focus on early drug development and was spun off as an independent co in June 2006. Under terms of the agreement, Teva will pay a purchase price of $400 mln cash.
02:01 SAY Satyam Computer beats by $0.01, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY08 EPS above consensus, revs in-line (22.57 )

Reports Q3 (Dec) earnings of $0.32 per share, $0.01 better than the First Call consensus of $0.31; revenues rose 49.9% year/year to $562.9 mln vs the $542.9 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.36 vs. $0.34 consensus; sees Q4 revs of $594.4-597.3 vs. $575.27 mln consensus. Co issues mixed guidance for FY08, sees EPS of $1.27 vs. $1.24 consensus; sees FY08 revs of $2.12 bln vs. $2.09 bln consensus.
01:40 CTIC Cell Therapeutics announces phase 2 results of Zevalin in NHL patients (1.52 )

Co announces that results of a phase II clinical study, published in the journal CANCER demonstrate that the addition of radioimmunotherapy to chemotherapy for previously untreated patients with non-follicular indolent non-Hodgkin’s lymphoma was both well tolerated and effective, producing a 100% complete remission at end of treatment with an estimated 89% of patients remaining in remission at three years.
01:14 ACOR Acorda Therapeutics mentioned positively in Barron’s (24.32 )

Barron’s reports the next milestone for Acorda Therapeutics’ (ACOR) multiple sclerosis drug Fampridine could come in a few months, when results from cardiac-safety tests begun last September are announced. “Although routine, not every one passes these tests,” says Joel Sendek, an analyst with Lazard Capital Markets. “But once they pass this hurdle, and if the Phase 3 results reconfirm the previous positive results — which we think they will — Acorda will be in a good position to file for approval with the FDA. And if approved, we expect the drug to be a big seller.” If approved, Fampridine would be the first MS therapy that actually tries to improve nerve function. Other MS drugs merely attempt to slow the disease’s progress. In fact, it might be used with existing therapies like Bayer Schering’s Betaseron. “If approved, physicians forecast using Fampridine in 20% of their patients with walking disability during the first full year of launch, increasing to 30% in the second year,” says Sendek. Ultimately, he estimates, Fampridine could be a half-bln-dollar product. “There’s really no competing drug,” he adds. Of course, the big danger for Acorda bulls is that the drug might not pass this latest round of Phase 3 trials successfully. Four years ago, a different set of Phase 3 trials geared to test Fampridine’s effect on spasticity in spinal-cord injuries didn’t meet data targets to establish its effectiveness. Says Sendek: “If the current Phase 3 trials are successful, the company could be taken out at a premium of from 50% to 80%. But my feeling is that they really want to maintain their independence.”
01:12 MBI MBIA mentioned positively in Barron’s (8.55 )

Barron’s reports the current price levels of MBIA’s (MBI) debt, credit-default swaps and stock are undervalued. MBIA isn’t nearly as troubled as Ambac (ABK) because it has far less exposure to the really-troubled subprime paper. Also MBIA has already completed raising, or locked in commitments for the additional capital demanded last month by Fitch and the other rating agencies. Likewise, MBIA’s triple-A rating seems to have passed muster with both Fitch and S&P even after the latter ran a new stress-test on its 2006-vintage subprime exposure using the 19% cumulative default rate. Next, the present value of any claims costs dwindles when discounted over a 20-yr or 50-yr period. Another favorable sign is that a number of value investors have piled into the stock in recent months, albeit at prices three to four times as high as the current trading level. Furthermore, MBIA assumes it could continue to generate annual revenues of $1.3 bln to $1.4 bln, just from growing net investment income from reserves and other assets; installment premiums from existing customers; investment-management revenues from various funds it runs for municipalities and other customers, and already-collected insurance premiums that get booked into revenues as coverage periods expire. As a result, some observers claim that, conservatively, the present value of MBIA’s liquidation value in run-off is likely to be $30 to $40 a share.
01:11 Mario Gabelli, Chairman, Gamco Investors, discloses stock selections at 2008 Barron’s Roundtable

Mario Gabelli of Gamco Investors favors Genuine Parts (GPC), EnergySouth (ENSI), EchoStar (DISH), Cadbury Schweppes (CSG), Great Atlantic & Pacific Tea (GAP) and LIN TV (TVL).
01:10 Meryl Witmer, General partner, Eagle Capital Partners, discloses stock selections at 2008 Barron’s Roundtable

Meryl Witmer of Eagle Capital Partners favors Mohawk Industries (MHK), Whirlpool (WHR) and American Eagle Outfitters (AEO).
01:09 Fred Hickey, Editor, The High-Tech Strategist, discloses stock selections at 2008 Barron’s Roundtable

Fred Hickey of The High-Tech Strategist favors StreetTracks Gold (GLD) and Agnico-Eagle Mines (AEM). He is bearish on Research in Motion (RIMM) and Amazon (AMZN).
01:09 Art Samberg of Pequot Capital Management discloses stock selections at 2008 Barron’s Roundtable

Art Samberg of Pequot Capital Management favors Ultra Petroleum (UPL), MEMC Electronic Materials (WFR), Qualcomm (QCOM), Focus Media (FMCN), America Movil (AMX) and Gafisa (GFA).
01:08 ‘Mad Money’ Recap: Lightning Round cont. – TheStreet.com

Cramer was bearish on Applied Materials (AMAT), Tyco (TYC), Amgen (AMGN), Limelight Networks (LLNW) and NYMEX (NMX).
01:07 ‘Mad Money’ Recap: Lightning Round – TheStreet.com

Cramer was bullish on Mercadolibre (MELI), United Parcel Service (UPS), Cypress Semiconductor (CY), Omniture (OMTR), Inverness Medical (IMA) and Transocean (RIG).
01:06 Cramer’s ‘Mad Money’ Recap – TheStreet.com

On Friday’s edition, Jim suggests Microsoft (MSFT) for its balance sheet, which carries $21.57 bln in cash reserves. He also cites the co’s stock repurchase program and the recent upgrade it received from Goldman Sachs. In addition, Cramer says Microsoft will benefit from the launch of Windows Server 2008 and Windows Vista Service Pack 1 later this year. He recommends getting into the stock before it reports earnings next Thursday, adding that “Microsoft is the best tech stock for this bear market.”
01:05 VMSI Roche to acquire Ventana for $89.50 per share (85.33 )

Roche (RHHBY.PK 92.10) and co announce that they have signed a definitive merger agreement. Under the terms of the agreement, Roche will increase the purchase price in the tender offer for Ventana common shares to $89.50 per share in cash (or an aggregate of approx $3.4 bln on a fully diluted basis), and Ventana’s Board of Directors will recommend that Ventana’s shareholders tender their shares to Roche. The merger agreement has been approved by the boards of Ventana and Roche.
01:04 TOD Todd Shipyards announces reduction of quarterly dividend (17.74 )

Co announces that its Board of Directors, at its January meeting, voted to reduce its quarterly dividend from $0.15 per share to $0.05 per share.
01:03 WIRES On The Wires -Update-

Wyeth Pharmaceuticals, a division of Wyeth (WYE), announces that it has agreed with Teva Pharmaceuticals USA (TEVA) to extend the standstill period previously announced on December 24, 2007 for 10 days while the parties continue to explore whether a settlement of their patent litigation is possible. The extension will expire on January 31, 2008… Cisco (CSCO) announces a plan to invest up to $1.59 bln on information and communications technology in the United Arab Emirates over the next five years… Microsoft (MSFT) and Citrix Systems (CTXS) announce an expanded alliance to deliver a set of virtualization solutions to address the desktop and server virtualization needs of customers.
00:59 WIRES On The Wires

National Semiconductor (NSM) announces that it is disposing of certain manufacturing equipment and reducing staff at its wafer fabrication facilities; co will eliminate approx 200 positions and incur a charge of approx $20 mln… Todd Shipyards (TOD) announces that it has signed an agreement to purchase the assets of Everett Shipyard… Apex Silver Mines Ltd. (SIL) expects expects that its FY07 financial results will reflect a non-cash Q4 gain related to its derivatives of approx $2214 mln, which is expected to reduce its recorded net derivatives liability to approx $741 mln at December 31, 2007, primarily due to metals price decreases in Q407.
00:56 FORTY Formula Systems (1985) announces appointment of Guy Bernstein (11.00 )

Co announces the appointment of Guy Bernstein to the position of Chief Executive Officer, replacing Mr. Gad Goldstein.
00:55 PCH Potlatch announces time change for earnings Web Cast and conference call (38.56 )

Co reschedules its Q407 Web Cast and conference call for Monday, February 4, 2008, at 6:30 AM PT. The call and Web cast were previously scheduled for Monday, February 4, 2008, at 8:00 AM PT.
00:52 GMTC GameTech revises earnings and revenue for Q407 and FY07 results (6.25 )

Co announces a revision of its results of operations for Q407 and FY07 that were previously announced in its press release dated January 14, 2008. The revision results in a decrease of $665K in revenue and a decrease of $337K in net income in Q407 and FY07 from the results previously reported. The revision was a result of a closer review by management and the co’s independent auditors of the proper accounting treatment for two invoices related to a single non-standard arrangement involving multiple delivery elements with a customer in our Summit Gaming division. This revenue and related net income will be recognized in Q108. As revised, net income totaled $1.3 mln for Q407, or $0.10 per fully diluted share, which is up from $1.0 mln and $0.08 per fully diluted share for Q406.
00:50 LABL Multi-Color signs definitive agreement to acquire Collotype International (24.01 )

Co announces it has signed a binding agreement to acquire Collotype International Holdings Pty., a wine and spirits label manufacturer, for approx $175 mln plus an additional $10 mln upon achieving certain financial targets.
00:48 UFPI Universal Forest Products announces plant closures (28.25 )

Co announces the closure and intended sale of a number of facilities to better align manufacturing capacity with the current business environment. The closures are expected to result in pre-tax, non-cash charges of approx $6.8 mln ($5.5 mln after income taxes) to write down the value of certain property, plant and equipment. In addition, UFPI will recognize severance and other nonrecurring expenses of approx $2.0 mln ($1.3 mln after income taxes). All of these costs will be recorded in Q407.
00:46 GGP General Growth responds to recent statements in the press (32.86 )

Co announces that it is required to respond to recent inaccurate statements and irresponsible suggestions that GGP might default on its debt obligations or file a petition for bankruptcy. Co states it “is absolutely not in any danger of having to contemplate a bankruptcy filing, and the Company unequivocally has no intention of doing so.”
00:43 JEC Jacobs beats by $0.05, beats on revs; guides FY08 EPS in-line (74.21 )

Reports Q1 (Dec) earnings of $0.75 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.70; revenues rose 22.5% year/year to $2.47 bln vs the $2.44 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.95-3.25 vs. $3.03 consensus. Co announces a backlog totaling $15.0 bln at Dec. 31, 2007, including a technical professional services component of $7.1 bln. This compares to total backlog and technical professsional services backlog of $10.4 bln and $5.5 bln, respectively, at Dec. 31, 2006.
00:38 WGOV Woodward Governor beats by $0.06, beats on revs; guides FY08 EPS in-line (52.26 )

Reports Q1 (Dec) earnings of $0.72 per share, $0.06 better than the First Call consensus of $0.66; revenues rose 20.2% year/year to $272.1 mln vs the $262.4 mln consensus. Co issues in-line guidance for FY08, sees EPS of $3.05-3.15 vs. $3.13 consensus.
00:36 DST DST Systems misses by $0.04, misses on revs (71.36 )

Reports Q4 (Dec) earnings of $0.98 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $1.02; revenues rose 3.1% year/year to $432.5 mln vs the $446 mln consensus. Co’s board authorizes an additional 5.0 mln shares to be repurchased under current share repurchase plan.
00:30 ELS Equity Lifestyle Properties beats by $0.09, reports revs in-line; guides Q1 FFO in-line; guides FY07 FFO above consensus (40.94 )

Reports Q4 (Dec) funds from operations of $0.72 per share, $0.09 better than the First Call consensus of $0.63; revenues rose 7.4% year/year to $91.1 mln vs the $91.7 mln consensus. Co issues in-line guidance for Q1, sees FFO of $1.04-1.07 vs. $1.06 consensus. Co issues upside guidance for FY07, sees FFO of $3.15-3.30 vs. $2.97 consensus.
00:23 ADTN ADTRAN reports EPS in-line, revs in-line (19.47 )

Reports Q4 (Dec) earnings of $0.27 per share, in-line with the First Call consensus of $0.27; revenues rose 9.0% year/year to $119 mln vs the $118.5 mln consensus.
00:21 SLG SL Green Rlty beats by $0.01, beats on revs (83.16 )

Reports Q4 (Dec) funds from operations of $1.24 per share, $0.01 better than the First Call consensus of $1.23; revenues rose 81.4% year/year to $263.5 mln vs the $255.5 mln consensus.

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