Trading for the Masses

18:45 ACTU Actuate announced that its Board of Directors authorized the increase of its existing stock repurchase program by over 50% for the first quarter of fiscal year 2008.

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18:43 RMIX U.S. Concrete announces divestiture of its Memphis, Tennessee operations (4.30 +0.2

Co announced that it has sold its Memphis, Tennessee operations to Memphis Ready Mix. The sales price was ~$7.2 mln, plus payment for certain inventory on hand at closing. During 2006 and 2007, these operations generated revenues of $24.4 mln and $14.5 mln on ready-mixed concrete volumes of 302,000 and 179,000, respectively. During 2006 and 2007, the Memphis operations generated pre-tax losses of $1.3 mln and $2.8 mln, respectively. For 2007 financial reporting purposes, the financial results of these operations will be reflected under the caption, “Results of Discontinued Operations” and the Co will also reflect a loss on the sale of these assets. The sales proceeds will be invested and available for general corporate purposes. Co says, “The sale of our Memphis operations represents another step in our strategy of exiting markets that do not meet our performance and return criteria nor fit our strategic objectives. Based on its historical performance and our outlook for 2008, this transaction will be accretive to our 2008 earnings EPS, operating margins and cash flow.”
18:34 SVNT Savient Pharma reports additional positive trial data for secondary endpoints from Puricase (pegloticase) Phase 3 studies (19.95 -0.0

Co announced additional positive results for secondary efficacy endpoints in the two replicate Phase 3 studies for Puricase (pegloticase) for treatment-failure gout. Results were favorable for the treatment effect on clinical outcomes assessed by the reduction in the number of tender and swollen joints, and in improvement in Patient Reported Outcomes (PRO) as measured by Short Form-36 (SF-36) and the Health Assessment Questionnaire - Disability Index (HAQ-DI). These endpoints were assessed in a pre-specified pooled analysis from the two replicate studies and are reported for the Intent-to-Treat population. The improvement reported in these outcomes was clinically meaningful as determined by the pre-specified definitions. The co previously reported that pegloticase had met the pre-specified primary efficacy endpoint, i.e. normalization of plasma uric acid for every two week and every four week dose administration, independently, in each of the two Phase 3 studies.
18:27 WGL WGL Holdings misses by $0.06, beats on revs; raises FY08 EPS above consensus (32.80 +0.47)

Reports Q1 (Dec) earnings of $0.96 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of $1.02; revenues rose 2.5% year/year to $751.6 mln vs the $652 mln consensus. Co raises guidance for FY08, sees EPS of $2.35-2.45, excluding non-recurring items, vs. $2.29 consensus.
18:23 APC Anadarko Petro beats by $0.01, beats on revs (59.75 -0.29)

Reports Q4 (Dec) earnings of $0.78 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.77; revenues fell 3.8% year/year to $3.06 bln vs the $2.67 bln consensus. Co Anadarko estimates its worldwide proved reserves at year-end 2007 totaled 2.43 billion BOE. In 2007, excluding the effect of divestitannounced the details of its 2008 capital budget and provided production estimates for 2008. Anadarko’s Board of Directors has approved total capital expenditures, including expensed exploration, of $4.5 to $4.7 billion. The capital program includes approximately 20% for exploration activities. ures, the company added approximately 250 million BOE of proved reserves and incurred costs in exploration and development activities of approximately $3.84 billion. Co
18:19 BDX Becton Dickinson meets FDA warning letter commitments for a plant - DJ (88.20 +1.03)

18:04 TDC Teradata reports FY07 record revs (24.27 +0.66)

Co reported 18.7% revs growth to $2.15 bln revs for FY07 vs $1.7 bln dual-analyst est. Co says, “Business iIntelligence applications drive 15% frowth in sales… we are not seeing a downward trend.”
17:59 SHW Sherwin-Williams: Farallon Capital Management reports a 5.2% stake in the co in an SC 13D (56.16 -2.05)

17:55 MKTIN Market Internals -Update-

The Dow was down 0.85% at 12635, the Nasdaq was down 1.26% to close at 2383, and the S&P was down 1.05% to close at 1381. Leading sectors included: Trucking +3.2%, Health Care Facilities +3.1%, Independent Power Producers and Energy Traders +2.1%, Wireless Services +1.8%, Oil and Gas Drillers +1.7%. Lagging sectors included: Diversified Banks -6.3%, Homebuilding -6.0%, General Merchandise Stores -5.6%, Consumer Finance -5.5%, Home Furnishings -5.1%. Today’s movement came from lower than avg volume (NYSE 1360, vs. 1613 avg, Nasdaq 2075, vs. 2270 avg), with decliners outpacing advancers (NYSE advance/decline 1360/1983, Nasdaq 1254/168 with new lows outpacing new highs (NYSE new high/new low 46/54; Nasdaq 54/70).
17:54 SPRD Spreadtrum Comms reports Q4 earnings above consensus; issues in line Q1 rev guidance (10.34 +0.97)

Co reports Q4 GAAP earnings per ADS of $0.22 vs $0.17 First Call consensus; revs rose 57% YoY to $48.5 mln vs $46.63 mln First Call consensus. Co sees Q1 revs $39-40 mln vs $39.87 mln First Call consensus. The co estimates its operating margin in 1Q08 should be in the range of 4%-5%. Excluding Quorum, the Company’s operating margin should be approximately 9%- 10%.
17:51 LVS Las Vegas Sands: Earnings conf call summary (81.45 -6.40) -Update-

The co did not provide guidance, as is its custom… Says the Venetian’s hold was about two points below what the co expected, but as the property opens, expects to see normal hold levels. Co admits it is working on the margins as it figures out the various business segments and the exact staffing levels needed to efficiently operate that property. Specifically, missed some opportunities to maximize revenue by selling tickets at a higher price for certain events… The ferry is up and operating — offering service every half hour. Co is waiting for the approval of additional slips in Hong Kong, which will allow 24-hour sailing for the night crews. As the co adds more ferries and get into full operations, service should ramp up to every 15 minutes… Co has offered junket reps to the Venetian Macao new commission rates, which began on Feb 1. The hold rate now affects the commission — reps share a portion of the downside if the expected hold percentage is not reached, which is the current state, though they get more upside if the hold percentage is met. Says competitors already use this type of structure… Co says there are no more waves of competition on the peninsula; no developments in the foreseeable future (this has affected the Sands Macao’s mass-market revenues in 2H07). Notes during expansion, Macao market has increased nearly 4x over a 5-yr period… Co has a tax holiday in Macao through 2008, when it expires. But fully expects it to continue based on a tax holiday given to Stanley Ho on the peninsula… Stock trading ~$83 after hours (hit a low of $74.95 following the release before quickly bouncing).
17:46 FEIC FEI Company Earnings Color (22.10 -1.09) -Update-

Co reported Q4 (Dec) earnings of $0.25, excluding a $0.15 tax benefit, which appears to be comparable to the $0.26 First Call consensus.
17:41 ALXN Alexion Pharm announced in an 8-K that SB2, Inc. filed a civil action against the co (68.32 -0.52)

Co announced in an 8-K that on January 31, 2008, SB2, Inc. filed a civil action against ALXN in the U.S. District Court for the Northern District of California. SB2, Inc. claims willful infringement by Alexion of SB2, Inc. patents. SB2, Inc. seeks, among other things, monetary damages and equitable relief.
17:39 UTR Unitrin misses by $0.30, misses on revs (42.10 +0.13)

Reports Q4 (Dec) earnings of $0.29 per share, including $0.21 from discontinued operations, $0.30 worse than the First Call consensus of $0.59; revenues rose 2.0% year/year to $723.3 bln vs the $754.6 mln consensus.
17:34 SIRF SiRF Technology Earnings Call Summary (16.27 +0.22)

On call the co guides Q1 EPS to ($0.04)-$0.00 vs $0.24 First Call consensus; sees revs $71-77 mln vs $92.37 mln First Call consensus. “In reviewing our revenue forecast for Q1 and comparing with Q4, we are seeing typical seasonal declines in ordering from our traditional customer base. This year, however, our seasonal decline will be accentuated due to the decision of the S.O.C business through our Centralty acquisition. This business is currently driven by mostly tier 2 and white box customers in China, who typically present a much larger revenue decline from Q4 to Q1, because their annual volume is highly concentrated on the holiday season. In addition, we do not expect demand from our wireless customers to offset these declines in Q1″… The co says “gross margin performance was negatively impacted by a combination of competitive market pricing and a shift of product mix. This product-mix shift was triggered by late-breaking demand softness from two major customers, and a general weakness in the Korean market. This resulted in gross margin and ultimately EPS lower than we had anticipated. Going forward, we now expect to see our gross margin at approximately 50% for the near future, driven primarily by increasing competitiveness in the PND market segment and by our anticipated product mix. Our market share in Q4 was negatively impacted at one major customer, partially offset by share gains elsewhere”… The co says it expects the wireless market to provide good growth opportunities. “The customers, which have lost GPS-enabled product, they’re doing quite well, and wireless has been showing good growth for us in the last two quarters, and we expect it to become an increasing part of our mix this year”… The co sees the GPS option in the hand-set increasing. “Going forward, there are going to be multiple ways of wiring GPS into the hand-sets. We believe there will be a substantial portion which will be stand-alone, but also an increasing mix that would be what we call multifunction radios, whether that’s GPS with Bluetooth, GPS with wi-fi, GPS with wiMax, there are multiple combinations possible, and there are some of those combinations which we will be involved with, and what I don’t think there’s going to be one fixed way of integration of GPS into the hand-sets. If you look at some of our competitors are integrating into the base band. Some of us who stand alone are integrated into the multifunction radios or integrated into the application processes. So if you look at all of those four matters, SIRF is capable of doing at least three of them today.”
17:34 MTW Manitowoc beats by $0.06, beats on revs; guides FY08 EPS in-line (39.13 -0.04)

Reports Q4 (Dec) earnings of $0.74 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.68; revenues rose 44.2% year/year to $1.12 bln vs the $1.01 bln consensus. Co reaffirms in-line guidance for FY08, sees EPS of $3.20-3.40, excluding non-recurring items, vs. $3.33 consensus. Co is also increasing their 2008 capex guidance to ~$120 mln.
17:32 UTR prelim $0.29 vs $0.59 First Call consensus; revs $723.3 mln vs $754.60 mln First Call consensus

17:31 BOOT LaCrosse Footwear announces $1.00 special dividend (14.51 )

17:31 PPS Post Properties beats by $0.04, reports revs in-line; Board authorization to seek a potential sale of the company (43.28 +0.66)

Reports Q4 (Dec) funds from operations of $0.51 per share, includes $0.03 gain on land sale and including $0.1 mln charge, $0.04 better than the First Call consensus of $0.47; revenues rose 4.8% year/year to $78.1 mln vs the $78.2 mln consensus. On January 23, 2008, the Co announced that its Board of Directors had authorized management, working with financial and legal advisors, to initiate a formal process to pursue a potential sale or other business combination and to seek proposals from potentially interested parties. The process commenced immediately after the announcement and is continuing. As a result of the commencement of the process discussed above, the Co will not provide earnings or FFO guidance for 2008.
17:31 CTS CTS awarded production program for smart actuators worth approx $75 million (10.62 )

The co announces that CTS Automotive Products was awarded a new production program for a smart actuator by a global diesel engine manufacturer. The smart actuator is used as a key part of a turbocharger system. This initial application will be used on diesel engines for light duty diesel trucks sold in the North American market with production beginning late 2009. Total revenues over the life of this six-year program are expected to be approximately $75 million.
17:29 SEPR Sepracor Q4 Earnings Preview (29.08 -0.29) -Update-

SEPR is expected to report Q4 earnings 2/5 before the mkt opens, the conference call has been temporarily delayed to ~2/29 (since co is in process of determining past restatements co may report only revs)… SEPR Consensus: First Call consensus is Q4 EPS of $0.54 on revs of $343.43 mln; Q1 EPS of $0.58 on revs of $325.94 mln; FY07 EPS of $1.46 on revs of $1.24 bln; FY08 EPS of $2.32 on revs of $1.34 bln… Guidance: Co reaffirmed guidance at JPMorgan Healthcare conference on 1/9, co sees FY07 EPS of $1.33-1.43 (excluding $0.28 charge and including restructuring costs, may not be comparable to $1.46 First Call consensus) on revs $1.23-1.30 bln vs $1.24 bln First Call consensus. Co also sees FY08 EPS of $2.35-2.45 vs $2.32 First Call consensus… Expectations: Since 2000, co has beaten earnings estimates 26 times (missed only 4 times) and beat Q4 estimates for past 4 years by at least $0.21. Revs growth YoY for Q4 has been >14.8% for past 8 years, but growth has slowed over the past year (revs growth actually declined last qtr -1.9%). For the most part, slower Rx trends have dampened Q4 and 2008 expectations, but estimates still remain plausible with new deals in the pipeline (such as Ciclesonide franchise deal with Nycomed and Bial collaboration)… As for particular drug numbers, Q4 estimates (based on single analyst estimates) are Lunesta $160 mln ($612 mln for the year), Xopenex/XopenexHFA $185 mln ($587 for the year) and Brovana $12 mln. In July, co stated on call it expects FY07 Lunesta sales of $595-615 mln and Xopenex sales of $495-515 mln… Areas of Focus: 1) Drug numbers 2) FY08 outlook (co usually gives more detailed guidance on call which has been delayed until the end of the month) 3) update on recently announced Nycomed agreement 4) update on recently announced (1/2 internal review of government price reporting (co also disclosed statements for periods back to 2002 should no longer be relied upon) 5) competition such as market risk for Lunesta as Ambian goes generic and NBIX’s Indiplon 6) takeover speculation that JNJ may place bid… Recent price movement: Since reporting last qtr, stock is trading up 8%. Stock is up 2% over past 20 days, up 1% over past week. The stock has made some notable moves after releasing earnings/guidance in the past. Last qtr the co gapped up ~14% after reporting (beat by $0.11 and issued mixed guidance) and on 7/27 the stock traded down ~25% after co missed estimates by $0.31 and revised guidance on conference call (in significant part due to the CMS changes on Xopenex inhalation solutions)… Based on its options volatility, implied volatility is up 72% vs its historical volatility (over 30 day period) and its implied 1-day % change move is ~4%… Briefing note: Short interest is 9%, mkt cap is $3.24 bln, float is 110.48 mln and avg volume is 2.2 mln. Due to the high short interest and relatively modest float, any upside guidance could fuel a move higher… Secondary plays: GSK, SNY, CRTX, PRX, MYL, WPI… Technical Levels of Interest: Please see chart for the Levels of Interest (Note that the length of horizontal line correlates with strength of support or resistance level). (PVIEW)
17:29 MTW prelim $0.74 vs $0.68 First Call consensus; revs $1.12 bln vs $1.01 bln First Call consensus

17:27 OMI Owens & Minor beats by $0.03, reports revs in-line; guides FY08 EPS in-line, guides FY08 revs in-line (41.39 +0.01)

Reports Q4 (Dec) earnings of $0.55 per share, $0.03 better than the First Call consensus of $0.52; revenues rose 6.0% year/year to $1.75 bln vs the $1.74 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.20-$2.30 vs. $2.25 consensus. Co guides FY08 rev growth to 5-7%, which equates to $7.14-$7.28 bln, in-line with consensus of $7.18 bln.
17:26 NVDA NVIDIA to acquire AGEIA Technologies, terms not disclosed (25.88 -0.84)

Co announces that it has signed a definitive agreement to acquire AGEIA Technologies. AGEIA’s PhysX software is widely adopted with more than 140 PhysX-based games shipping or in development on Sony Playstation 3, Microsoft XBOX 360, Nintendo Wii and Gaming PCs.
17:25 TMA Thornburg Mortg beats by $0.06, reinstates 4Q common stock dividend of $0.25 per share (11.28 -0.37)

Reports Q4 (Dec) earnings of $0.33 per share, $0.06 better than the First Call consensus of $0.27. Co reinstates 4Q common stock dividend of $0.25 per share. “Declaration and payment of 4Q common stock dividend of $0.25 per share underscores co’s optimism for continued profitable growth in 2008 and commitment to rebuilding shareholder value. 4Q mortgage originations of $516.7 mln signals a return to growth on the strength of our lending partner relationships…. Our return to profitability in the fourth quarter during a period of continued unprecedented industry turmoil is testament to the strength of our business model and our conservative approach to risk management, as well as further validation of our focus on quality across all aspects of our business… Our decisive actions to opportunistically raise capital and adapt our hedging and financing strategies in the face of difficult market conditions enabled us to manage successfully through the market’s turmoil in the fourth quarter, and we are confident that these same strategies along with new asset acquisition opportunities will help us continue to provide earnings and dividend growth for shareholders in the future while gaining market share in the prime jumbo mortgage origination business… From a company perspective, there are a lot of positive trends that began to materialize in the fourth quarter including: our declaration and subsequent payment of the common dividend, the fact that our fourth quarter earnings were clearly above the current dividend level and above the consensus estimates, a decline in our cost of funds versus the third quarter and our ability to successfully finance our mortgage loans through securitization at an attractive cost of funds and spread. In addition to these highlights of our fourth quarter, the mortgage market’s continued turbulence has provided ample new mortgage investment opportunities with improved spread opportunities, and our origination business continues to experience dramatic growth since the end of the third quarter. Finally, our portfolio duration has increased to the upper end of our allowable policy range of one year suggesting that we expect our portfolio margins and spreads to continue to improve in the near term.”
17:23 PPS prelim funds from operations of $0.51 vs $0.47 First Call consensus; revs $78.1 mln vs $78.15 mln First Call consensus

17:21 OMI sees FY08 $2.20-2.30 vs $2.25 First Call consensus; sees revs growth of 5-7%

17:20 OMI prelim $0.55 vs $0.52 First Call consensus; revs $1.75 bln vs $1.74 bln First Call consensus

17:16 TMA Thornburg Mortg reinstates 4Q common stock dividend of $0.25 per share (11.28 -0.37) -Update-

17:16 TMA prelim $0.33 vs $0.27 First Call consensus

17:13 EFX Equifax beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs below consensus; guides FY08 (36.57 -0.43)

Reports Q4 (Dec) earnings of $0.59 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.57; revenues rose 25.9% year/year to $490.9 mln vs the $487.2 mln consensus. Co issues guidance for Q1, sees EPS of $0.56-0.61 vs. $0.61 consensus; sees Q1 revs of $488-498 mln vs. $512.67 mln consensus. Co issues guidance for FY08, sees EPS of $2.48-2.58 vs. $2.54 consensus; sees FY08 revs up 9-12%, or roughly $2.0-2.06 bln vs. $2.09 bln consensus.
17:11 ALAB Alabama Natl Banc, RY and RBC Centura Banks announce extension of deadline in connection with pending merger (78.14 -0.31)

ALAB, Royal Bank of Canada (RY) and RBC Centura Banks announce that the deadline for ALAB stockholders to make an election to receive cash or RBC common shares (or a combination of cash and shares), subject to proration, in connection with the pending merger between RBC Centura and ANB, has been extended from 6 pm ET on 2/8 to 6pm ET on 2/14, unless further extended. Cos continue to expect to complete the merger during RBC’s second fiscal quarter.
17:10 SOHU Sohu.com beats by $0.08, beats on revs; guides Q1 EPS above consensus, revs above consensus (48.95 -1.54)

Reports Q4 (Dec) earnings of $0.39 per share, including stock based comp, $0.08 better than the First Call consensus of $0.31; revenues rose 90.1% year/year to $65.3 mln vs the $55.4 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.34-$0.37, including stock based comp, vs. $0.32 consensus; sees Q1 revs of $66.5-$68.5 mln vs. $59.00 mln consensus. Co states, “…With the Beijing 2008 Olympic Games kicking off in 185 days, the Sohu brand resonates across China as we broaden our media reach to penetrate the Olympic audience. We expect the continued expansion of the total Chinese internet population, combined with our advancements in technology and our Olympic sponsorship, to help us to increase our market share of internet users. We believe that we will continue to reap the rewards of our success and strong branding for 2008 and beyond.”
17:10 PWAV Powerwave misses by $0.05, beats on revs (3.81 -0.11)

Reports Q4 (Dec) loss of $0.07 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of ($0.02); revenues rose 35.8% year/year to $230.6 mln vs the $227.1 mln consensus.
17:09 BSX Boston Scientific beats by $0.15, beats on revs; guides Q1 EPS above consensus, revs in-line (12.85 +0.4

Reports Q4 (Dec) earnings of $0.24 per share, excluding charges and amortization expense, $0.15 better than the First Call consensus of $0.09; revenues rose 4.2% year/year to $2.15 bln vs the $2.13 bln consensus. Co issues mixed guidance for Q1, sees EPS of 0.15-0.20, excluding charges and amortization expense, vs. $0.12 consensus; sees Q1 revs of 1.96-2.08 bln vs. $2.09 bln consensus. Co also reported Worldwide sales of the co’s drug-eluting coronary stent systems were $435 mln, as compared to $506 mln. U.S. sales of drug-eluting coronary stent systems were $224 mln, as compared to $329 mln. International sales of drug-eluting coronary stent systems were $211 mln, as compared to $177 mln. Worldwide sales of coronary stent systems were $496 mln, as compared to $550 mln. U.S. sales of coronary stent systems were $250 mln, as compared to $347 mln. International sales of coronary stent systems were $246 mln, as compared to $203 mln. Co also said Full-year 2008 sales and earnings per share guidance will be provided during the co’s conference call with analysts tomorrow.
17:09 SXI Standex Int’l reports Q4 EPS of $0.45 vs $0.38 a year ago; revs rose 23.6% to $172.2 mln (18.40 )

17:09 PRE PartnerRe beats by $1.36, beats on revs (79.90 +0.42)

Reports Q4 (Dec) earnings of $4.55 per share, excluding non-recurring items, $1.36 better than the First Call consensus of $3.19; revenues fell 4.7% year/year to $1.1 bln vs the $906.7 mln consensus.
17:07 ARRY Array Biopharma beats by $0.04, beats on revs (6.58 +0.05)

Reports Q2 (Dec) loss of $0.43 per share, $0.04 better than the First Call consensus of $(0.47); revenues rose 11.3% year/year to $8.4 mln vs the $7.3 mln consensus. This month, ARRY anticipates completing a Phase 2 acute inflammatory pain study with ARRY-797, a pan-cytokine inhibitor. Given appropriate results, ARRY plans to aggressively advance this drug in both pain and inflammatory disease indications.
17:06 YUM YUM! Brands beats by $0.02, beats on revs; guides FY08 EPS below consensus (35.81 +0.57)

Reports Q4 (Dec) earnings of $0.44 per share, $0.02 better than the First Call consensus of $0.42; revenues rose 8.2% year/year to $3.26 bln vs the $3.14 bln consensus. Co issues downside guidance for FY08, sees EPS of $1.79, excluding $0.06 in gains, vs. $1.87 consensus, vs prior $1.82-1.85. Co says, “We are confident we can continue to build on our track record of growing EPS at least 10% each year by generating 20% operating profit growth from our China Division, 10% from our YRI Division and 5% from our U.S. businesses… In Q1 of 2008, we expect the following one-time impacts: pre-tax gain of ~$87 mln from the sale of our minority interest in KFC Japan; charges of up to $10 mln before taxes related to G&A productivity initiatives and realignment of resources to drive stronger U.S. brand growth; and expected refranchising losses of about $20 mln.
17:05 NTCT NetScout Systems reports Q3 (Dec) results, beats on revs; guides Q4, Y09 (9.54 -0.11)

Reports Q3 (Dec) GAAP loss of $0.09 per share, non-GAAP EPS of $0.17, may not be comparable to the First Call consensus of ($0.21); GAAP revenues rose 102.6% year/year to $53.7 mln, non-GAAP revs of $60 mln, may not comapre to the $47.6 mln consensus. Co issues guidance for Q4, sees GAAP EPS of ($0.18)-($0.22), non-GAAP EPS of $0.04-0.08, may not be comparable to $0.07 consensus; sees Q4 GAAP revs of $54-58 mln, non-GAAP revs of $60-64 mln, vs. $55.11 mln consensus. Co issues guidance for FY09, sees GAAP EPS of $0.08-0.18, non-GAAP EPS of $0.50-0.60, may not be comparable to $0.46 consensus; sees FY09 GAAP revs of $250-260 mln, non-GAAP revs of $260-270 mln, vs. $240.41 mln consensus.
17:04 HHGP Hudson Highland Grp pre-announces Q4 results; announces $15 mln share buyback (7.15 -0.06)

Co will report Q4 2007 revenue of $290.5 million, First Call consensus is $333.3 mln, and adjusted EBITDA of $13.5 million from continuing operations. The co’s discontinued operations include the Netherlands Reintegration business it sold in December 2007 and the Energy and Engineering business it sold earlier today. For comparison purposes, including the results of discontinued operations in Q4 would have resulted in revenue of $331.5 million, compared with guidance of $325 - $340 million, and adjusted EBITDA of $14.3 million, compared with guidance of $12 - $14 million. The company also announced today that its board of directors has authorized the repurchase of up to $15 million of the company’s common stock. The company intends to make purchases from time to time as market conditions warrant.
17:04 EXXI Energy XXI beats by a penny, beats on revs (4.26 -0.03)

Reports Q4 (Dec) earnings of $0.07 per share, $0.01 better than the First Call consensus of $0.09; revenues rose 94% year/year to $153.7 mln vs the $149.41mln consensus. The fiscal-year 2008 capital budget, excluding acquisitions, is unchanged at approx $260 mln.
17:04 EFX sees Q1 $0.56-0.61 vs $0.61 First Call consensus; sees revs $488-498 mln vs $512.67 mln First Call consensus

17:04 YHOO Yahoo: NWS.A says not going to make a bid for YHOO - DJ (29.33 +0.95) -Update-

(NWS.A)
17:03 BSX sees Q1 $0.15-0.20 vs $0.12 First Call consensus; sees revs $1.96-2.08 bln vs $2.09 bln First Call consensus

17:03 EFX sees FY08 $2.48-2.58 vs $2.54 First Call consensus; sees annual revenue growth to be between 9%-12%

17:03 SOHU sees Q1 $0.34-0.37 including stock based comp, vs $0.32 First Call consensus; sees revs $66.5-68.5 mln vs $59.00 mln First Call consensus

17:03 YHOO Yahoo: Be careful with antitrust talk, lawyers tell Google - Globe and Mail (29.33 +0.95) -Update-

Globe and Mail reports GOOG’s effort to raise antitrust concerns about MSFT’s bid for Yahoo has several flaws, analysts said. For starters, regulators pay more attention to the views of customers and consumers than to those of competitors when reviewing consolidation, antitrust attorneys said. On its specific arguments against the acquisition, Google also may not have made the strongest case possible, these attorneys said. The biggest hurdle when one rival complains about another is that “the regulators suspect the deal might be good for competition,” Stephen Houck, a former antitrust enforcer in New York state, said Monday. “Google has to tread very carefully, lest it have a negative impact,” said Houck, who is counsel for a group of states, led by California, that pushed to extend court oversight of Microsoft’s landmark 2002 antitrust settlement.
17:02 WPP Wausau Paper reports Q4 EPS results (9.91 +0.2

Co reports Q4 EPS of ($0.03), excluding after-tax charge of $28.8 mln, or $0.58 per share, relating to the Dec 2007 closure of Printing & Writing’s paper mill in Groveton, NH; timberland sales gains of $2.0 mln, or $0.04 per share; stock incentive credits of $0.6 mln, or $0.01 per share; and one-time state tax benefits of $1.2 mln, or $0.02 per share, vs. ($0.04) First Call consensus; net sales increased 1% from a year ago to $304.5 mln… Commenting on the outlook for the first quarter of 2008, Mr. Howatt said, “Fiber prices continue to rise for all three businesses and signs of further economic weakness in the domestic economy add uncertainty to near-term demand. While execution of Printing & Writing’s profit recovery plan will provide modest benefit in the first quarter, its impact is expected to build over the balance of the year. Meanwhile, our Towel & Tissue unit continues to outperform the market, and corrective measures in response to product specific economic weakness at our Specialty Products business are underway. As a result, we expect near-breakeven results in the first quarter, excluding timberland sales gains, charges associated with the closure of the Groveton mill and the impact of stock incentives.”
17:02 YTEC Yucheng Technologies beats on EPS, revs (15.27 +0.23)

Co reports Q4 non-GAAP EPS of $0.26, excluding non-recurring items, vs $0.18 consensus; co reports revs up 89% yr/yr to $23.5 mln vs $16.2 mln consensus. Co sees Y08 revs of $71.5-74.5 mln vs $60.5 mln consensus; co sees non-GAAP net income of $14.7-15.2 mln.
17:02 BSX prelim $0.24 ex items vs $0.09 First Call consensus; revs $2.15 bln vs $2.13 bln First Call consensus

17:01 EFX prelim $0.59 vs $0.57 First Call consensus; revs $490.9 mln vs $487.20 mln First Call consensus

17:01 SOHU prelim GAAP $0.39 vs $0.31 First Call consensus; revs $65.3 mln vs $55.42 mln First Call consensus

17:00 IBAS iBasis reports Q4 EPS of ($0.03) vs $0.10 single analyst est; revs fell 4% YoY to $350.6 mln vs $378.90 mln single analyst est (5.53 -0.17)

Co also says it believes that in 2008 Adjusted EBITDA will be $60 to $70 mln and capital asset expenditures will be $30 to $35 mln. This guidance excludes the potential effects of the pending transaction with TDC, which has been announced but has not yet closed.
17:00 PGR Progressive: Moody’s withdraws Progressive’s shelf rating (18.53 -0.29)

Moody’s has withdrawn its provisional rating on the co’s $650 mln shelf registration (senior unsecured debt rated (P)A1) which was filed in October of 2002. Moody’s has withdrawn the rating as the shelf registration is no longer effective, having been withdrawn by the co.
17:00 ENTR Entropic Comms reports Q4 EPS of $0.05 vs $0.03 a month ago; revs rose 11% sequentially to $40.2 mln (6.42 )

16:59 VASC Vascular Solutions reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs in-line; raises FY08 EPS in-line, reaffirmed revs in-line (6.00 -0.03)

Reports Q4 (Dec) earnings of $0.03 per share, in-line with the First Call consensus of $0.03; revenues rose 25.2% year/year to $14.4 mln vs the $13.7 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.04-0.06, excluding non-recurring items, vs. $0.05 consensus; sees Q1 revs of $14.5-14.8 mln vs. $14.58 mln consensus. Co raises EPS guidance, raises EPS in-line for FY08 to $0.25-0.33 vs. $0.25 consensus, up from $0.20-0.28; reaffirmed FY08 revs of $61-64 mln vs. $62.33 mln consensus.
16:59 SIRF SiRF Technology earnings color (16.27 +0.22) -Update-

It appears that the non-GAAP EPS of $0.28 is comparable to the First Call consensus of $0.32. See 16:32 comment for full report.
16:59 WOOF VCA Antech guides Q4 below consensus; guides FY08 EPS below consensus, revs in-line (39.50 -0.27)

Co issues downside guidance for Q4, sees EPS of $0.28-$0.29, which includes an after tax benefit of $0.03 related to a decrease in estimated workers compensation liabilty, vs consensus of $0.28; sees revs of $284 mln vs consensus of $290.46. For FY08, co issues downside EPS guidance, sees EPS of $1.55-$1.60 vs consensus of $1.63 and sees revs of $1.30 bln - $1.33 bln vs consensus of $1.32 bln. Co states, “Although it is apparent that the economy during the past several months has marginally impacted our growth rates, we remain optimistic of our long-term outlook and favorable trends in the animal healthcare industry…”
16:59 TZIX TriZetto Group beats by $0.02, guides Q1 EPS below consensus, guides FY08 in-line (18.87 -0.2

Reports Q4 (Dec) earnings of $0.16 per share, $0.02 better than the First Call consensus of $0.14; revenues rose 31.7% year/year to $116.5 mln vs the $115.4 mln consensus. For Q1, co sees EPS of $0.08-0.14 vs. $0.15 consensus; sees Q1 revs of $113-120 mln vs. $119.7 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.67-0.74 vs. $0.67 consensus; sees FY08 revs of $480-500 mln vs. $496.8 mln consensus.
16:59 CSC Computer Sciences reports preliminary Q3 results above consensus; guides Q4 and FY07 (42.09 -0.05)

Co reported preliminary Q3 EPS of $1.05, including charges of $0.06, vs. $1.00 First Call consensus; revs of $4.16 bln, up 14.3% from a year ago, vs. $4.06 bln First Call consensus. Sees Q4 EPS of $1.33-1.43, excluding items vs. $1.47 consensus; revs of $4.2-4.5 bln vs. $4.4 bln consensus. Sees full year EPS of $3.75-3.85, including the adoption of FIN 48, but excluding special items, vs. $3.80 consensus.
16:58 COF Capital One CEO Enters into Pre-Arranged Stock Trading Plan (52.65 -4.32)

Richard D. Fairbank, Chairman and Chief Executive Officer of Capital One Financial Corp (COF), today announced that he has adopted a pre-arranged stock trading plan to exercise approximately 1.13 million options to purchase Capital One stock. Mr. Fairbank will only sell shares issued upon exercise of the options sufficient to cover the exercise price of the options, taxes and other transaction-related expenses. Fairbank will retain the remainder of the shares. The plan covers stock options granted in April 1999 that will expire in April 2009.
16:58 BONDX Slumming Bonds

The market slumped into the end of the session with little to show for the day, heading out about mid-range in diminishing action with things dominated by tame spread trade. The market will be stuck in this lower, listless trade for the next few sessions as there is little between now & the upcoming auctions to get things revved up. The ISM report carries some water, but is unlikely to help much, more likely to hurt even if it shows worse than expected. The market will continue to work along a steeper slant on the curve trades as safe-haven buying has lost some urgency, yields remain near multi-yr lows while supply out the week is also weighing on the longer end prices. The 2-10-yr yield spread headed out at 157.7 with little but unwinding positions to knock things flatter. The dollar remains stuck in tight ranges against euro & yen. Currencies had little to work with today as data were near absent & Fed-speak didn’t even register. Spot gold pared losses to 902.38 (-3.10) while crude oil settled up at 90.02 (+1.19). Tomorrow hasISM services (10) & Richmond’s Lacker (12:15). The 10-yr is now -14/32 yielding 3.644%
16:57 OPNT OPNET announces a stock repurchase program of 1 million shares (9.24 -0.21) -Update-

16:56 RMKR Rainmaker Sys sees Q4 revs of $20 mln vs $19.52 mln consensus, announces termination of agreement with significant client (6.02 -0.24)

Co announces that it has been notified by a significant client of a change in corporate direction and intent to bring work in-house, resulting in a termination of its agreement with Rainmaker. The notification communicated on February 1, 2008 indicated the client intends to bring in approx half of the business internally today, and the remainder over a transition period of the next three months. Based on preliminary unaudited results, this client represented approx 25% of Rainmaker’s 2007 fourth quarter revenue, down from 28% in the preceding quarter and 35% in the year-ago quarter. The co has reduced this client’s revenue concentration as a result of many new client signings and client expansions over the last year. The co’s unaudited contract sales revenue in the fourth quarter, excluding this client, grew 33% sequentially from the prior quarter as new client programs are beginning to ramp. Based on preliminary, unaudited results, the co expects to report 2007 fourth quarter revenue of $20 mln vs $19.52 mln consensus, bringing total revenue for the full fiscal year to approx $73.5 mln, up 50% from 2006. The co expects to report GAAP profitability for the fourth quarter, representing its eighth consecutive GAAP profitable quarter. In the fourth quarter, Rainmaker generated approx $2.2 mln in operating cash flow and ended 2007 with $37 mln in cash and $2.4 mln in debt. The co also issues preliminary FY08 revenue guidance of $68 mln to $72 mln vs $91.6 mln consensus. Rainmaker will report fiscal 2007 fourth quarter and year end financial results on February 13, 2008.
16:56 NLY Annaly Mortgage reports EPS in-line (19.81 -0.1

Reports Q4 (Dec) earnings of $0.37 per share, in-line with the First Call consensus of $0.37. “While the extreme market turbulence that began in August 2007 has subsided, the US economy is in a tenuous position and fixed income market conditions remain volatile. Policymakers are taking aggressive steps to stimulate the economy and calm the markets through monetary and fiscal policy actions, and financial institutions are in the process of recapitalizing, but the success of these efforts is still evolving. In these conditions, while we continue to manage our portfolio conservatively, we are pleased that we are able to continue to demonstrate the accretive impact of sequential capital raises.”
16:54 OPNT OPNET misses by $0.03, misses on revs; guides Q4 EPS in-line, revs in-line (9.20 -0.25)

Reports Q3 (Dec) loss of $0.06 per share, $0.03 worse than the First Call consensus of ($0.03); revenues rose 6.1% year/year to $26 mln vs the $26.3 mln consensus. “While we anticipated the near term pressure our recent acquisition is putting on operating income, we believe the resulting acceleration in the expansion of our application performance management portfolio greatly enhances the Company’s growth opportunities. We are now in a stronger position to increase license revenue while managing expenses to grow operating income.” Co issues in-line guidance for Q4, sees EPS of -0.05-0.03 vs. ($0.01) consensus; sees Q4 revs of $26.5-28.5 mln vs. $27.39 mln consensus.
16:54 NETM NetManage reports Q4 EPS of $0.17 vs ($0.10) yr ago; revs rise 27% to $10.9 mln (50.7 -0.15)

16:54 AUTH AuthenTec beats by $0.01, guides Q1 revs above consensus (13.45 +0.43)

Reports Q4 (Dec) earnings of $0.04 per share, ex-items, $0.01 better than the First Call consensus of $0.03; revenues rose 66.8% year/year to $15.7 mln vs the $15.4 mln consensus. For Q1 (Mar), co sees EPS of $0.01-0.02 vs. $0.01 consensus; sees Q1 revs of $15.0-15.3 mln vs. $14.7 mln consensus. For FY08, co sees revs of $72-78 mln vs. $73.8 mln consensus.
16:54 GTCB GTC Biotherapeutics announces ATryn meets primary endpoint (1.12 -0.06)

Co announces that ATryn has met the statistical requirements for the primary endpoint in the pivotal study for the treatment of patients with hereditary antithrombin deficiency, or HD, undergoing high-risk surgical or childbirth procedures. The primary endpoint was demonstration of non-inferiority to plasma-derived antithrombin in preventing clinically relevant deep vein thromboses, or DVTs, or other thromboembolisms.
16:54 WB Wachovia clarifies exposure to BluePoint Re (35.53 -3.23)

The co announces on Feb. 1, 2008, Moody’s Investors Service announced that it has placed BluePoint Re, a Wachovia Corporation subsidiary, on review for possible downgrade. Wachovia’s 2007 financial results include valuation losses on BluePoint Re assets that resulted in a write-down of substantially all of Wachovia’s $300 mln investment in BluePoint Re. Consequently, Wachovia believes BluePoint Re should have no further negative impact on Wachovia’s financial results.
16:53 SIRF SiRF Technology SIRF guides Q1 EPS to ($0.04)-$0.00 vs $0.24 First Call consensus; sees revs $71-77 mln vs $92.37 mln First Call consensus on earnings call (16.27 +0.22)

16:53 KIM Kimco Realty and Valad announce strategic relationship (36.62 -0.75)

KIM and Valad Property Group (VPG) announce a strategic alliance focused on creating funds management and joint venture opportunities. Pursuant to the alliance, Kimco and Valad intend to work together to develop their respective real estate businesses by leveraging the complimentary distribution networks of both groups. The alliance is expected to focus on the marketing and introduction of funds management products to major pension funds and other institutional investors. As a sign of their commitment to the strategic alliance, Kimco purchased an A$200 mln convertible note issued by a subsidiary of Valad.
16:52 SGTL SigmaTel beats by $0.08, misses on revs; guides Q1 EPS below consensus, revs below consensus (2.94 +1.15)

Reports Q4 (Dec) loss of $0.06 per share, excluding non-recurring items, $0.08 better than the First Call consensus of ($0.14); revenues fell 11.5% year/year to $33.2 mln vs the $35.6 mln consensus. Co issues downside guidance for Q1, sees EPS of ($0.35)-(0.25), excluding non-recurring items, vs. ($0.22) consensus; sees Q1 revs of $17-22 mln vs. $29.14 mln consensus.
16:51 ROCM Rochester Medical misses by $0.02; misses on revs (13.22 +0.13)

Reports Q4 (Dec) earnings of $0.05 per share, $0.02 worse than the First Call consensus of $0.07; revenues rose 64.9% year/year to $8.2 mln vs the $8.7 mln consensus.
16:51 KBR KBR awarded contract to provide engineering, procurement and design interface services for Pazflor FPSO topsides (31.97 -1.43)

16:51 RADN Radyne exploring strategic alternatives; sees FY07 EPS of $0.55-0.59 on revs of $141-144 mln (9.35 +0.70)

Co announces it retained Needham & Company as its financial advisor to assist it in exploring strategic alternatives, including a possible sale of the Company. Needham has previously assisted the Company in evaluating inquiries received from time to time from prospective suitors. Co sees FY07 EPS of $0.55-0.59 vs. $0.64 consensus; see revs of $141-144 mln vs. $145.37 mln consensus.
16:51 NDN 99 Cents Only: Akre Capital amends 13D filing; sends letter to mgmt urging reevaluation (7.79 -0.8

In a filing, Akre Capital discloses 13.4% stake in SC 13D and sends a letter to mgmt urging the co to reevaluate their position on 1) New Store Growth 2) Texas Analysis 3) Excess Cash.
16:50 SLM SLM Corp- Responds to S&P Announcement

Co issued the following statement: We are disappointed by today’s announcement by Standard & Poor’s (S&P). We are committed over the long term to strengthen and improve our investment-grade rating. Notwithstanding a tumultuous 2007, Sallie Mae remains a profitable company, and has been for 35 consecutive years. We are the leading provider of federally guaranteed and private education student loans. We will increase that position in 2008 and in future years. We look forward to working with S&P and the other ratings agencies to demonstrate our financial strength and stability.
16:50 PDLI PDL BioPharma AND EKR Therapeutics sign asset purchase agreement for cardiovascular products (15.36 -0.12)

Cos announce that they have entered into an agreement under which EKR would acquire the rights to PDLI’s cardiovascular products, consisting of Cardene (nicardipine hydrochloride), CardeneSR and new formulations of Cardene in development, as well as Retavase and the development product ularitide. Under the terms of the agreement, PDLI would receive cash payments of $85 mln at closing, up to an additional $85 mln in development and sales milestones for the new Cardene formulations, as well as royalties on sales of the new Cardene formulations and ularitide. PDLI would receive a $25 mln milestone upon the approval of a new formulation of Cardene, which PDLI anticipates will occur well in advance of the November 2009 Cardene I.V. patent expiry. Two additional milestones of $30 million each would be payable upon achievement of $80 million and $150 million of annual net product sales of the new Cardene formulations. EKR also would pay PDLI royalties of 10% and 5% on future net sales of the new Cardene formulations and ularitide, respectively. The transaction has been approved by the boards of directors of both companies and is expected to close during the first quarter of 2008.
16:50 TECHX Equity markets settle lower on weak financials, profit taking

The major averages suffered modest losses across the board today, one day after the stock market concluded it’s best weekly performance in nearly 5 years. Contributing to the weakness were the financials & the retailers as renewed recession talk sparked some selling in the respective recession sensitive spaces. Furthermore, UBS downgraded a handful of credit card companies (AXP, COF, DFS) citing higher than forecast credit losses & resulting lower earnings stemming from a U.S. consumer-led recession. Technically, the major averages posted an ‘Inside day’ as the markets remained mostly range-bound, holding above yesterday’s lows, but failing to breach yesterday’s intraday session highs. Unofficially, the INDU settled @ 12635 -108, SPX @ 1380 -14.50, COMPQ @ 2382 -30.50, NDX @ 1828 -26.50, & RUT @ 723.50 -7.0. Today’s sector strength is seen in Commodities (DBA +2.0%), Energy (OIH +1.8%), Utilities (XLU +1.45%), Coal (KOL +1.2%) while sector weakness is noted in Homebuilders (XHB -6.4%), Regional Banks (RKH -4.0%), Retailers (XRT -3.9%,), & Materials (XLB -1.5%).
16:49 SCUR Secure Computing reports EPS in-line, misses on revs; guides Q1 EPS in-line, revs in-line (9.07 +0.10)

Reports Q4 (Dec) earnings of $0.10 per share, excluding non-recurring items, in-line with the First Call consensus of $0.10; revenues rose 28.1% year/year to $66.5 mln vs the $68.2 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.07-0.09, excluding non-recurring items, vs. $0.09 consensus; sees Q1 revs of $67-69 mln vs. $66.67 mln consensus. Co says for the first quarter of 2008 billings are expected to be in the range of $76-79 mln.
16:49 SVN Sun-Times Media to consider strategic alternatives (1.38 -0.02)

Co announces that its Board of Directors has begun an evaluation of the co’s strategic alternatives to enhance shareholder value. These alternatives may include, but are not limited to, joint ventures or strategic partnerships with third parties, and/or the sale of the Company or any or all of its assets. The Company also said that, subject to legal requirements, it does not intend to disclose developments arising from the strategic evaluation process unless the Company has entered into a definitive agreement for a transaction that has been approved by its Board of Directors.
16:49 STX Seagate Tech announces 2 cent dividend increase (from $0.10-0.12); $2.5 billion share repurchase program (20.74 -0.19)

The stock is halted.
16:48 SHFL Shuffle Master announces plan to appeal Nevada District Court summary judgment (9.51 -0.71)

Co announces that it plans to appeal the District Court of Nevada’s Friday, Feb 1, 2008 order granting summary judgment to VendingData, now known as Elixir Gaming Technologies, in regard to Shuffle Master’s claims of patent infringement against VendingData’s Poker-1 shuffler. The court has not yet ruled on Shuffle Master’s separate summary judgment motion requesting the return of a $3 million deposit the Company was compelled to make with the court in November 2004 when a preliminary injunction against VendingData’s Poker-1 was granted.
16:48 PKY Parkway Prop beats by $0.10, beats on revs; guides FY08 FFO in-line (36.25 +0.20)

Reports Q4 (Dec) funds from operations of $1.08 per share, $0.10 better than the First Call consensus of $0.98; revenues rose 10.2% year/year to $63.7 mln vs the $61.8 mln consensus. Co issues in-line guidance for FY08, sees FFO of $4.00-4.20 vs. $4.03 consensus.
16:48 CVTX CV Therapeutics and Medlogics Device Corporation sign licensing agreement for CVT’s innovative stent coating technology (8.52 -0.06)

CVTX and Medlogics Device Corporation sign licensing agreement for CVTx’s innovative stent coating technology. CVTX and Medlogics Device announce that the cos have entered into an agreement under which Medlogics has licensed CVTX’s proprietary biopolymer stent coating technology to develop a drug eluting stent. CVTX received Medlogics stock and is entitled to development milestone payments, royalties and other potential payments on future sales of any products incorporating the technology. Medlogics recently received a CE Mark from European regulatory authorities for its Cobalt Super Alloy stent and expects to launch the stent in Europe in the first quarter of 2008. Medlogics expects to utilize CV Therapeutics’ biopolymer stent coating technology to develop a next- generation DES based on the COBRA stent platform.
16:47 NSM National Semi cuts 3Q08 rev outlook (19.02 -0.34)

NSM sees 3Q08 revs of ~$450-455 mln vs $484.68 mln First Call consensus. Co’s revised outlook is attributable mainly to products for wireless handsets and other portable electronic devices. The shortfall in the third quarter is due to lower-than-expected shipments to global original equipment manufacturers (OEMs) as well as handset companies in China which National serves through distribution channels.
16:47 SPRT SupportSoft announces the appointment of Shelly Schaffer as CFO (3.78 +0.14)

Co announces the appointment of Shelly Schaffer as Executive tickerVP and CFO. Ms. Schaffer will join The co at the end of February 2008 as Executive Vice President and will assume the Chief Financial Officer title after SupportSoft files its Annual Report on Form 10-K for 2007 in March.
16:47 RJET Republic Airways reports preliminary passenger traffic results for January 2008 (20.21 -0.42)

Co reports preliminary passenger traffic results for January 2008. The co generated 710.0 mln revenue passenger miles, a 34.1% increase over the same month last year, while available seat miles increased 30.6% to 1.1 bln. Block hours were 63,232 in January 2008, a 24.8% increase over January 2007. Load factor was 65.6% versus 63.9% in January 2007. A total of 1,378,404 passengers were carried during the month, a 36.4% increase over the same month last year.
16:46 CBL CBL & Assoc announces revised annual 2007 FFO guidance (27.43 +0.09)

Co announces that it revises its funds from operations guidance range to $3.09 to $3.11 primarily as a result of the following items: An $18.5 million non-cash write down of marketable real estate securities related to a significant decline in fair value during 4Q07 ($0.16); A decision to delay the previously announced recognition of $7.0 million of fee income from an affiliate of Centro Properties Group due to its uncertainty ($0.04); and approx $0.05 of FFO per share and diluted EPS related to other non-operating items.
16:46 SIGI Selective Insurance beats by $0.04, beats on revs (24.03 +0.2

Reports Q4 (Dec) earnings of $0.60 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.56; revenues rose 1.7% year/year to $466.6 mln vs the $458.6 mln consensus. Co issues guidance for FY08, sees EPS of $2.20-2.40, includes $0.05 restructuring charge and $0.18 after-tax catastrophe losses, may not be comparable to $2.21 consensus.
16:46 BBSI Barrett Business announces acquisition of First Employment Services; May be accretive to its earnings by approx. 3-4 cents per diluted share (18.04 -0.16)

The co announces that it has successfully completed its acquisition of First Employment Services. The transaction was previously announced on January 2, 2008, subject to completion of due diligence. First Employment Services, a privately-held staffing company, operates two offices in Arizona, one in Tempe and one in Phoenix. BBSI anticipates that this acquisition may be accretive to its earnings by approximately 3 to 4 cents per diluted share, for the 12-month period following the effective date.
16:44 NWS.A News Corp reports EPS in-line, beats on revs (19.35 -0.06)

Reports Q2 (Dec) earnings of $0.27 per share, in-line with the First Call consensus of $0.27; revenues rose 9.5% year/year to $8.59 bln vs the $8.25 bln consensus.
16:43 PFG Principal Fincl misses by $0.15, reports revs in-line

Reports Q4 (Dec) earnings of $0.86 per share, $0.15 worse than the First Call consensus of $1.01; revenues rose 14.4% year/year to $2.9 bln vs the $2.89 bln consensus.
16:40 LVS Las Vegas Sands misses by $0.15, misses on revs

Reports Q4 (Dec) earnings of $0.20 per share, $0.15 worse than the First Call consensus of $0.35; revenues rose 64.9% year/year to $1.05 bln vs the $1.12 bln consensus.
16:39 SVVS SAVVIS Comm reports Q4 (Dec) results, revs in-line; guides FY08 revs above consensus (21.15 -1.47)

Reports Q4 (Dec) loss of $0.05 per share, includes gains, charges, may not be comparable to the First Call consensus of $0.02; revenues rose 3.9% year/year to $197.8 mln vs the $198.1 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $910-925 mln vs. $906.26 mln consensus.
16:39 GMXR GMX Resources announces a $100 mln convertible notes offering; intends to use net proceeds to repay existing debt under co’s revolving bank credit facility (28.36 -0.29)

16:38 AXS AXIS Capital beats by $0.29, misses on revs (39.20 -0.80)

Reports Q4 (Dec) earnings of $1.83 per share, excluding non-recurring items, $0.29 better than the First Call consensus of $1.54; revenues fell 0.5% year/year to $805.4 mln vs the $854.7 mln consensus.
16:37 RMBS Rambus misses by $0.04, beats on revs

Reports Q4 (Dec) loss of $0.14 per share, $0.04 worse than the First Call consensus of ($0.10); revenues fell 23.0% year/year to $40.5 mln vs the $40 mln consensus.
16:34 SNCR Synchronoss Tech beats by $0.02, beats on revs

Reports Q4 (Dec) earnings of $0.22 per share, $0.02 better than the First Call consensus of $0.20; revenues rose 79.0% year/year to $36.4 mln vs the $35.7 mln consensus.
16:32 SIRF SiRF Technology reports Q4 (Dec) results, revs in-line

Reports Q4 (Dec) earnings of $0.99 per share, excluding items and may not be comparable to the First Call consensus of $0.32; revenues rose 35.3% year/year to $100.4 mln vs the $101 mln consensus.
16:28 LNC Lincoln National misses by $0.94, misses on revs

Reports Q4 (Dec) earnings of $0.42 per share, $0.94 worse than the First Call consensus of $1.36; revenues fell 0.4% year/year to $2.61 bln vs the $2.76 bln consensus. Lincoln Financial intends to repurchase approximately $500-600 million of stock in 2008, including share repurchase activity that may be supported by proceeds from the previously announced sales of the media properties.
16:25 ILMN Illumina beats by $0.13, beats on revs; guides Q1 EPS above consensus, revs in-line; guides FY08 EPS above consensus, revs above consensus

Reports Q4 (Dec) earnings of $0.38 per share, $0.13 better than the First Call consensus of $0.25; revenues rose 86.4% year/year to $112.6 mln vs the $105.3 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.33-0.36 vs. $0.26 consensus; sees Q1 revs of $110-115 mln vs. $111.21 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.45-1.60 vs. $1.23 consensus; sees FY08 revs of $500-525 mln vs. $493.82 mln consensus.
16:22 FEIC FEI Company beats on EPS and revs; guides Q1 EPS in-line, revs below consensus (22.10 -1.09)

Reports Q4 (Dec) earnings of $0.25 per share, excluding a $0.15 tax benefit, vs the First Call consensus of $0.26; revenues rose 41.4% year/year to $152.5 mln vs the $150.9 mln consensus. Bookings in the quarter totaled $156.3 million, up 2% compared with $153.3 million in the third quarter of 2007 and down 9% from the record level of $171.7 million for the fourth quarter of 2006. Co issues guidance for Q1, sees EPS of $0.18-0.25, which may not be comparable to $0.30 consensus; sees Q1 revs of $145-152 mln vs. $152.92 mln consensus. Bookings are expected to be above $145 mln.
16:18 BMI Badger Meter beats by $0.02, reports revs in-line

Reports Q4 (Dec) earnings of $0.28 per share, $0.02 better than the First Call consensus of $0.26; revenues rose 8.5% year/year to $57.2 mln vs the $56.6 mln consensus.
16:16 AUDC Audiocodes reports EPS in-line, revs in-line

Reports Q4 (Dec) earnings of $0.08 per share, in-line with the First Call consensus of $0.08; revenues rose 5.9% year/year to $42.8 mln vs the $42.4 mln consensus.
16:12 HAIN Hain Celestial reports EPS in-line, beats on revs; guides FY08 EPS in-line, revs in-line

Reports Q2 (Dec) earnings of $0.43 per share, in-line with the First Call consensus of $0.43; revenues rose 20.0% year/year to $276.2 mln vs the $266 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.38-1.42 vs. $1.40 consensus; sees FY08 revs of $1.025-1.050 bln vs. $1.03 bln consensus.

Bernake Love Fest

The Bond Problem

Leveragd Loan “Disarray” = More Losses for Wall Street

Blog Traffic as a Contrary Market Indicator

Never mind that Mortgage

Our Negotiations will not fail

Ain’t No Mountain High Enough

Why Equities should Go Down

Market very sluggish this am as Giants fans are hungover today and the market is trading down all am so far. I still think the bull has his work cut out for the rest of the month. We rallied 135 pts on the spoos or about 11%. Not a bad sucker rally if I ever saw one. I still think you need to be a trader in this market as buy and hold won’t pay the bills for the 2008 year. Time will tell if the bull is back, but you will have to get the spoos over 1440 on a close for me to change teams to the bull at this point.

08:58 S&P futures vs fair value: -0.4. Nasdaq futures vs fair value: +1.3.

A slightly lower to flat start is expected. It continues to be a slow news day.
08:57 MSFT Microsoft says it’s likely to borrow for 1st time to buy Yahoo!- Bloomberg (30.44 ) -Update-

(YHOO)
08:57 RMBS Rambus: BWS Financial previews Q4 earnings (19.86 )

BWS Financial says RMBS is scheduled to report Q4 results today after the close. The news comes just as the shares gained some momentum last week after a news article highlighted the potential damages RMBS could receive. Historically, RMBS shares have managed to move higher ahead of earnings only to see selling pressure afterwards. Firm says the earnings story behind RMBS does not get exciting until towards the end of 2008. This is the time they believe a larger percentage of consumer electronics would start to use the Company’s technologies. Management is likely to keep the conference call low key in an effort that the shares rally doesn’t give some a false impression, as the litigation continues in the courts. Firm believes there is a possibility of a new collaboration with Intel (INTC) to be finalized within the next three months.
08:57 PPCO Penwest Pharma Announces Results of Phase IIa Clinical Study of Nalbuphine ER; Company Intends to Advance Nalbuphine ER Into Phase IIb

…
08:57 MSFT Microsoft CEO says will create clear No. 2 against Google and Yahoo deal will improve competitive marketplace - DJ (30.45 ) -Update-

(YHOO, GOOG)
08:56 PIII PECO II announces reverse stock split proposal (0.71 )

Co announces it intends to seek shareholder approval of a reverse split of the co’s common stock at a ratio of one-for-10 shares at the co’s 2008 annual meeting.
08:56 SCANX Gapping up

In reaction to strong earnings/guidance: PARL +3.4%… M&A news: SGTL +59.8% (to be acquired by Freescale for $3.00 per share)… Select Chinese names trading higher with strength in overseas trading: LFC +6.7%, ACH +6.2%, SNP +5.8%, SEED +4.5%, PTR +3.5%… Other news: GU +18.0% (Cramer makes positive comments on MadMoney, RNWK +10.9% (YHOO switching music unlimited service to Rhapsody owned by RNWK), COIN +7.7% (still checking), APWR +5.6% (continues upward momentum from Friday’s 25% surge), OMRI +4.3% (announced that Ana Stancic has, by mutual agreement with co, resigned as Executive Vice President and CFO), YGE +3.2% (announces 2008 guidance for photovoltaic module shipments and attainment of significant operating milestone), CAO +1.6% (confirmed that it has received an unsolicited proposal from ORLY to acquire all of the outstanding shares), DIS +1.4% (signs Chief Executive Officer Robert A. Iger to a new five year contract)… Analyst upgrades: PALM +8.0% (upgraded to Overweight at JPMorgan), DYN +6.6% (upgraded to Buy at Calyon, also mentioned positively in Barron’s), SWC +4.0% (added to Focus List at JPMorgan), EPIC +3.4% (upgraded to Buy at Lazard), KSS +2.8% (hearing upgraded to Buy at tier 1 firm), PTEN +2.4% (upgraded to Buy at Jefferies), GW +2.3% (upgraded to Neutral at Jefferies), GME +1.5% (upgraded to Buy at Citigroup), JWN +1.4% (upgraded to Overweight at Thomas Weisel), PBY +1.4% (upgraded to Neutral at Credit Suisse), TYC +1.4% (upgraded to Buy at Merrill), BUCY +1.3% (upgraded to Buy at Keybanc).
08:55 BA Boeing shifts managers in defence division overhaul - FT (82.76 )

FT reports the co is shaking up its $32 bln defence arm to improve its position in the mkt. As part of the overhaul, in which 14 senior executives will change roles today, John Lockard takes over as chief operating officer at the integrated defence systems unit. Mr Lockard will report to Jim Albaugh, president and chief executive of the defence arm. The move also includes shifting two top defence executives to help ensure the co’s key commercial jet program, the 787 Dreamliner, does not suffer any more setbacks. John Van Gels, vice-president of operations and supplier mgmt, and Howard Chambers, vice-president of space and intelligence systems, have both moved to Boeing’s commercial aircraft arm to work on the 787 program.
08:54 PPCO Penwest Pharma halted - news pending (5.30 )

08:54 TSCM TheStreet.com: New site design should be a positive catalyst - Needham (11.02 )

Needham says that TSCM is one of their top picks in the Internet Services & Digital Media sector. Firm expects 2008 will be an excellent year for the co, with several positive catalysts ahead. One of those catalysts is the redesign of its core thestreet.com designation, which went live over the weekend. Following a preview at the co’s Analyst Day on and after exploring the site over the weekend, they continue to believe the new site will positively impact results.
08:51 YHOO Yahoo weighs options - FT (28.38 ) -Update-

FT reports the co and its CEO, Jerry Yang, are eager to pursue any other option but a sale to MSFT after it received the unwanted bid. “A fight is brewing, Jerry Yang doesn’t like to be squeezed,” says a person familiar with the situation. “There are strategic options that could maintain Yahoo’s independence,” said the person. “Yahoo wouldn’t rule out Microsoft’s offer, but there are regulatory and valuation issues — it’s too low a price.” Among the possibilities believed to be on the table are a move to monetize Yahoo’s holdings in China and Japan and the outsourcing of search to GOOG. This would allow Mr Yang to focus on the rest of Yahoo’s content and advertising network, said the person, while perhaps appeasing shareholders and analysts who have appealed for more drastic action to realize the value in Yahoo’s assets. “Jerry Yang wants to build a network strategy. He wants to create one big open [advertising] exchange and search is only a piece of that.”
08:51 EPIC Epicor Software upgraded to Buy at Lazard; tgt $15 (11.21 ) -Update-

Lazard upgrades EPIC to Buy from Hold with a $15 tgt. The firm notes EPIC has had some execution issues over the past several quarters, but they think the co is turning the corner and is poised to leverage its vertical market expertise and advanced technology platform to further penetrate the mid-market Enterprise Resource Planning software market. Firm raises their Q4 and 2008 ests.
08:50 NFC win presages bullish year for stocks?

Following last night’s Superbowl upset win by the NFC’s Giants, this stat is certainly a topic of conversation this morning. So purely as a curiousity, we note that Credit Suisse says a victory by the NFC champion supposedly presages a bullish year for stocks, while an AFC victory foretells a decline. As measured by the Dow, firm says this indicator has been correct 30 out of the past 37 years, for an 81% success rate.
08:49 TSM Taiwan Semi may pay cash dividend of at least NT$3 a share, according to report - DJ (9.75 )

DJ reports the co may pay a cash dividend of at least NT$3 a share for its 2007 earnings of NT$4.14 a share, the Economic Daily News reported, citing unnamed sources at the world’s largest contract chip maker by revenue. TSMC’s dividend for 2006 was NT$3 a share in cash and 1% in stock, the paper reported.
08:48 Utility stocks no longer such a haven - NY Times

NY Times reports if your grandmother played the mkt, she probably invested in utilities for safety and income, not capital gains. She would need to adjust her strategy today. Many utilities do not have the dividend yields they once did, and the mkt’s recent turbulence has hit the sector as much as, or more than, others. As for capital gains, shareholders have accrued plenty, whether they expected to or not. Utilities have a history of underperforming in bull markets, as companies more leveraged to economic growth excel, but since the market trough in 2002, the Dow Jones utility average has more than doubled the 80% gain of the Standard & Poor’s 500-stock index, even with the sector’s recent weakness. These are not your granny’s utility stocks. What is different is how utilities are regulated. Distribution companies continue as tightly controlled monopolies, with profits limited in good times and assured when the going gets tough. Their stocks still trade off interest rates; when rates are low, their comparatively stable dividends make them more attractive. (Stocks mentioned: EXC, ETR, PCG, ED, PEG, CEG, EIX, AYE)
08:47 CLX Clorox beats by $0.15, beats on revs (63.09 )

Reports Q2 (Dec) earnings of $0.69 per share, includes $0.02 restructuring-lreated charges associated with the co’s manufacturing networks and includes $0.02 Burt’s Bees acquisition charges, $0.15 better than the First Call consensus of $0.54; revenues rose 8.1% year/year to $1.19 bln vs the $1.16 bln consensus. Co issues guidance for FY08, sees EPS of $3.20-3.35, includes charges, gains, may not be comparable to $3.31 consensus.
08:47 SIMO Silicon Motion: Growth momentum continues with a stable margin outlook - Susquehanna (16.06 )

08:46 MSFT Microsoft CFO says YHOO offer a generous one - DJ (30.45 -2.15) -Update-

Microsoft CFO sees double-digit sales growth in fiscal 2009 and co will outgrow broader software mkt - DJ (YHOO)
08:45 PWAV Powerwave: 4Q07 preview; one step at a time - Caris (3.92 )

Caris states that today after the close PWAV will announce its 4Q07 results. Firm believes the co continues to make steady progress along its rev, GM and operating expense fronts. Furthermore, healthy performance by PWAV’s customer base (such as Nokia-Siemens (NOK) and AT&T (NR) gives firm additional confidence. PWAV is a classic recovery story and going into FY08 macro trends continue to favor the co’s return to profitability. They believe, value oriented, long term investors building positions in this name.
08:45 TRBR Trailer Bridge says awarded exclusive multi-year contract by Costco (67.79 )

Co announces that it has won an award to be the exclusive carrier for all Costco Wholesale (COST) shipments moving in dry containers to Puerto Rico. The expected overall revenue is confidential under the terms of the contract but the container shipments are initially expected to be approximately 5% of Trailer Bridge’s southbound container volume. It is a multi-year award and volume is anticipated to grow over that time based upon the historical relative growth of Costco in the Puerto Rico market.
08:43 WWY Wrigley misses by $0.01, beats on revs; co announces buyback (57.86 )

Reports Q4 (Dec) earnings of $0.52 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.53; revenues rose 16.4% year/year to $1.42 bln vs the $1.38 bln consensus. Co announces board approval of $800 mln stock buyback.
08:42 TWX Time Warner: Pali Capital doibts AOL is next (16.07 ) -Update-

Pali Capital says the market is aflutter with AOL speculation following MSFT’s unsolicited takeover offer for YHOO. Firm notes AOL is not evaporating because it has so many users still “hooked” via e-mail, but it is certainly not a growth story and its brand is increasingly problematic. In addition, while AOL’s ad network strategy (Platform A) is growing rapidly, firm expects an already low-margin business to become increasingly competitive as social networks grow into ad networks (Facebook/Myspace), in addition to the growth of specialized ad networks.
08:40 GSK GlaxoSmithKline gets EMEA positive opinion for Hycamtin - DJ (47.01 )

DJ reports the co said that oral Hycamtin (topotecan hard capsules) has received a positive opinion from the European Medicines Agency recommending marketing authorization. GSK said it expects final approval by the European Commission and Marketing Authorization for this indication in two months.
08:40 WWY announces board approval of $800 mln stock buyback

08:40 ATTU Attunity determines not to effect reverse share split (0.42 )

Co announces that its Board of Directors, following the authorization by the shareholders in the annual general meeting held on Dec 31 2007, had determined that it would be in the best interest of the co and its shareholders not to effect a reverse share split of its ordinary shares.
08:40 PCH Potlatch reports Q4 (Dec) results, beats on revs (43.88 )

Reports Q4 (Dec) EPS of $0.28 per share, includes gains, charges, may not be comparable to the First Call consensus of $0.47; revenues rose 7.5% year/year to $417 mln vs the $409.5 mln consensus. “The main concern we face in the coming year is downward pressure on sawlog prices caused by a weak lumber market. While we are seeing evidence of price pressure on sawlogs, it should be partially offset by very strong demand and strong pricing for pulpwood.”
08:39 WWY prelim non-GAAP $0.52 vs $0.53 First Call consensus; revs $1.42 bln vs $1.38 bln First Call consensus

08:39 MSTR MicroStrategy: Q4 license shortfall suggests that execution is going from bad to worse; lowering ests - Wedbush (72.42 )

Wedbush remains cautious on MSTR as they believe that over the long-run the co’s rev growth could continue to decelerate due to a lack of compelling performance management applications that the market now demands from BI vendors. They believe that significant changes need to occur at MSTR to get the co back on track. 2007 core BI license rev decline yr/yr. Q4 license revenue, total revenue and EPS lower than our and consensus estimates. Firm lowers 2008 rev and EPS ests.
08:39 WIRES On The Wires

Poniard Pharmaceuticals (PARD) announces that it has appointed Robert De Jager, M.D., as chief medical officer… Meadowbrook Insurance Group (MIG) announces its termination of the Management Agreement associated with its acquisition of the business of U.S. Specialty Underwriters. As previously announced, in April 2007, the co entered into an agreement to acquire the excess workers’ compensation business of U.S.S.U. for a purchase price of $23.0 mln… LivePerson (LPSN) announces that it has seamlessly integrated its live chat technology with the powerful Google (GOOG) Analytics reporting platform enabling small and midsized businesses to accurately measure the impact of the chat channel on sales and conversion rates.
08:38 NNN National Retail Properties reports EPS in-line, beats on revs; raises FY08 funds from operations guidance in-line (23.67 )

Reports Q4 (Dec) funds from operations of $0.45 per share, in-line with the First Call consensus of $0.45; revenues rose 34.6% year/year to $52.6 mln vs the $51.5 mln consensus. Co raises guidance for FY08 in-line, sees FFO of $1.95-2.00 vs. $1.98 consensus.
08:37 SBUX Starbucks: With Starbucks, investors need patience - WSJ (19.22 )

WSJ reports Investors looking to cash in on a turnaround at the co shouldn’t expect results soon. Wall Street cheered the return of coffee pioneer Howard Schultz as CEO last month, bidding up the co’s battered stock price, which had slid nearly 50% during the previous year. But investors looking for a bargain should proceed gingerly. Everyday investors can get tempted by once-hot brand names that look cheap. Many don’t realize how long it can take to right the ship, and how rocky the sailing can be during that time. Cos like GPS and HD have spent several years trying to get back on track after losing their way, and their stocks have sputtered… “There are no quick-fix solutions,” Mr. Schultz said in an interview. “It will take time.”… what individual investors may be overlooking is just how bad things could get during the turnaround, and just how little visibility they will have as to the co’s progress. Consumer spending remains under pressure from weak housing prices, and Starbucks faces increasing competition from, among others, MCD, which plans to start selling espresso drinks — Starbucks’s signature product — at U.S. stores this year.
08:36 YHOO Yahoo!: Stifel believes the numbers don’t work (28.38 )

Stifel says following MSFT’s $31 per share unsolicited takeover proposal of YHOO, firm is confident every major investment banking and private equity firm kicked into overdrive to analyze a private equity/mgmt acquisition of YHOO. As a former member of one of these bulge bracket M&A teams, firm decided to run their own analysis of such an acquisition at a premium to the Microsoft bid. Firm does not believe there is a viable private equity/mgmt led acquisition that could top Microsoft’s proposal because: 1) the financing and operational risks are too high; 2) the cash flows are insufficient; and 3) Microsoft would likely top any competing bid with its own deep pockets and synergies.
08:35 MOD Modine Manufacturing reports Q3 EPS of ($1.4 may not compre to $0.16 two analyst estimate; reports revs up 8% yr/yr to $495.3 mln vs $454.1 mln single estimate (16.00 )

Co sees Y08 revs of $1.80 bln, compared to previous guidance of $1.73-1.80 bln.
08:34 ONCY Oncolytics Biotech Announces Publication of Research on Combination Reovirus and Radiation Therapy (2.08 )

Co announces that Kevin Harrington and his research group at The Institute of Cancer Research, London, U.K. published the results of their work testing combination treatment schedules of reovirus and radiation in human and murine tumour cells in vitro and in vivo. The effect of different schedules of reovirus and radiotherapy on viral replication and cytotoxicity was tested in vitro and the combination was assessed in three tumour models in vivo. The results demonstrated that combining reovirus and radiotherapy significantly increased cancer cell killing both in vitro and in vivo, particularly in cell lines with moderate susceptibility to reovirus alone.
08:34 UST UST Inc: Altria buyout of UST would lift profit 3-5%; MO may feel increased urgency on UST bid, Goldman analysts says - Bloomberg (55.00 ) -Update-

MO
08:34 GOOG Google: YHOO-MSFT may create more, not less, competition - NY Times (515.90 ) -Update-

NY Times reports advertising and media executives said on Friday that they liked the prospect of a combined MSFT and YHOO. GOOG, they said, has become so dominant in its grip over the online audience that the merger might be the only way to produce a competitor strong enough to face off with it. “It’s so reductive to say ‘Google is evil’ or ‘Google owns everyone,’ ” said Sarah Chubb, president of CondeNet, the digital arm of Conde Nast. “But what it comes down to is, competition is good for everyone in the marketplace.” And competition, Ms. Chubb and other executives said, would surely be increased if Google’s foes bulk up. Despite more than a year of courting advertisers and media cos, Microsoft continues to lag Google in online ad sales and in its share of the consumer search mkt. Yahoo, once a prime competitor to Google, has been slipping since the departure last summer of several ad sales executives who had deep relationships with ad agencies, the executives said… A WPPGY executive said Friday that Microsoft’s $44.6 billion bid for Yahoo was great news. “It has to be good to have more than one strong company,” said Mark Read, director of strategy for the co, which owns ad agencies like JWT and Ogilvy & Mather. “It is good for investment. It is good for competition.”
08:33 DNR Denbury Resources says that its total proved oil and natural gas reserves as of Dec 31, 2007 were 194.7 mln barrels of oil equivalent (26.46 )

Co announces that its total proved oil and natural gas reserves as of Dec 31, 2007 were 194.7 mln barrels of oil equivalent, consisting of 135.0 mln barrels of crude oil, condensate and natural gas liquids and 358.6 bln cubic feet of natural gas. This year-end proved reserves total represents a 12% increase over DNR’s year-end proved reserve quantity estimates a year earlier. The co also announces that its proved carbon dioxide reserves were 5.6 tln cubic feet at year-end 2007, a slight increase over its 5.5 Tcf of proved CO2 reserve quantities at Dec 31, 2006. Preliminary estimates of just completed 2007 capital spending include approx $615 mln for oil and natural gas development and exploration activities, approx $50 mln expended on acquisitions, and approx $170 mln spent on DNR’s CO2 producing wells and facilities. Based on these preliminary 2007 estimates, the 2007 finding cost, including the net change in future development cost for proved reserves, is estimated to be $14.18 per B.O.E.
08:33 SVLF Silverleaf Resorts announces that Robert Sinnott will succeed Harry White, Jr. as Chief Financial Officer (3.84 )

Co announces that effective Feb 4, 2008, the board of directors of Silverleaf Resorts has elected Robert Sinnott as Silverleaf’s Chief Financial Officer. Mr. Sinnott succeeds Harry White, Jr., who has served as Chief Financial Officer.
08:32 CSCO Cisco Systems: Q2 preview; expect in-lie quarter with continued cautioanry outlook - Stifel (24.94 )

Stifel says CSCO is scheduled to release earnings for its fiscal 2Q after the market close on Wed, Feb 6. Firm’s checks show that the co is likely to report a quarter largely in line with expectations of $9.79 bln in revs (16.0% y/y growth). Firm expects EPS to trend towards consensus ests of $0.38. Firm’s checks show that CSCO was stretched on the switching side of the business which they believe implies continued weakness in its enterprise business.
08:32 DDDC Deltathree.com appoints Lior Samuelson as Chairman of the Board (0.38 )

08:31 SEIC SEI Investments adds $680 mln in new nonprofit assets (28.46 )

Co announces that as part of its strong 2007 global institutional sales, the co received commitments from 13 new nonprofit clients, adding more than $680 mln in new foundation and endowment assets under management. SEI has seen a two-year period of record growth for the company’s nonprofit institutional business with the addition of 26 clients and over $1.6 bln in new assets under management.
08:31 KTOS Kratos Defense and Security awarded approximately $5.7 million contract (2.06 )

08:31 CLX sees FY08 $3.20-3.35 may not compare to $3.31 First Call consensus

08:31 NNN raises FY08 funds from operations guidance to $1.95-2.00 vs $1.98 First Call consensus

08:31 PGLA Progen Industries announces acquisition of CellGate (1.67 )

Co announces that co will acquire privately-held U.S. oncology company CellGate. The CellGate acquisition will expand PGLA’s product candidate portfolio through the addition of multiple pre-clinical and clinical oncology compounds focused on polyamine and epigenetic targets. As a result of this acquisition, Progen will expand its cancer-focused clinical development portfolio by adding a novel Phase 1 compound, leverage its core capabilities in late pre-clinical and early clinical development of oncology compounds, add more than ten compounds in pre-clinical development and gain platform technologies in the areas of epigenetics and polyamines that will form the foundation for new compound development.
08:30 GIB CGI Group awarded $27 mln contract from Centers for Medicare & Medicaid Services (10.49 )

08:30 NNN prelim funds from operations of $0.45 vs $0.45 First Call consensus; revs $52.6 mln vs $51.46 mln First Call consensus

08:30 CLX prelim $0.65 vs $0.54 First Call consensus; revs $1.19 bln vs $1.16 bln First Call consensus

08:30 CNC Centene: Georgia could drive 4Q07 upside - Stifel (24.65 )

Stifel notes CNC is scheduled to report its 4Q07 earnings on Tuesday, Feb 5. Firm’s EPS est for 4Q07 is $0.49, one penny above First Call consensus and within the co’s $0.46-$0.51 guidance range. For 2008, they expect $1.78, three cents below consensus and within the co’s $1.76-$1.86 range. Despite the visible rev opportunities, firm chooses to remain cautious on CNC and all Medicaid MCOs during the negative headline-rich first quarter. However, should the outlook continue to look reasonable, CNC may be an interesting investment in 2008.
08:29 CCIX Coleman Cable: SCSF Equities discloses 5.9% stake in SC 13D (11.54 )

08:28 S&P futures vs fair value: -2.9. Nasdaq futures vs fair value: -1.3.

It looks to be a lackluster start to the trading day with futures pointing to a slightly lower open. The sole economic report today is the December Factory Orders report at 10:00 ET. It is not expected to have much of an impact on the market.
08:28 BONDX Tipped Lower

The bond market was under water overnight as global stocks outperformed on better confidence. While the potential of bond insurer downgrades dogs markets & bad payrolls aside, sentiment has shifted modestly in favor of taking profits on long bond positions & re-adjusting portfolios to layer on a little more risk. Data ahead are light & with the monster Fed easing the last two weeks putting much of Jan’s reports in a slight rearview mirror kind of light. Bad numbers just won’t have as much traction as they once did. The 2-10-yr yield spread, meanwhile, continues to steepen at 154.3 as curve trade takes some of the risk aversion out of the short end & the long stuff gets offered on inflation concerns. Treasuries have mid-to-low tier data today along with some Fed speak but none of that will likely drive trade. With bond sentiment having turned weaker after price highs from Jan 23 remain unchallenged despite last week’s volatility, the dip buyers may be willing to wait for better levels before stepping back in & technicians are likely looking for a deeper correction leaving trade in a modest corrective position. The dollar is better on the yen as global equities recovered & carry-trading ramped up. The euro gained ground on both the buck & yen, but has backed off some into the session open, but continues to work toward 1.49. Gold is hardly changed now after a hard push lower, with spot 905.24 (-0.23), crude is losing ground on expected slowing demand now 88.67 (-0.29). Data is minor with only factory orders (10) while Fed-speak has gov Kroszner on mortgage regulation (11:20). The euro is at 1.4824 & the yen is at 106.8950 while the 10-yr is -10/32 yielding 3.631%.
08:27 OMCL Omnicell upgraded to Buy at Caris- $28 (19.61 )

Caris upgrades OMCL to Buy from Average saying they believe Friday’s pullback in OMCL share price on investor concerns over backlog growth was overblown. The firm says while it posted in line 4Q07 results and saw sequential decline in backlog, OMCL’s 2008 topline and EPS expectations remain unchanged. They believe OMCL’s competitive position remains strong and fears over credit crunch induced soft demand are exaggerated. Firm recommends investors look at this deeply discounted growth story.
08:27 YGE Yingli Green Energy announces 2008 guidance for photovoltaic module shipments and attainment of significant operating milestone (21.08 )

Co says that based on it’s current forecast on anticipated manufacturing capacity, operating efficiency and customer demand, the co currently expects its PV module shipment target for the full year of 2008 to be in the estimated range of approximately 255MW and 265MW. The co also announced that it has successfully reduced the thickness of its wafers from 200 microns in 2007 to 180 microns at the beginning of February 2008. The co expects this reduction in wafer thickness to benefit Yingli Green Energy by reducing its polysilicon usage per watt, increasing wafer output per ingot and contributing to a reduction in cost of goods sold. Based on its current polysilicon supply contracts and the potential higher yield in its production process from reduced wafer thickness, the co believes it has now secured more than 70% of its expected polysilicon needs for 2008, of which the majority is virgin polysilicon.
08:26 DYN Dynegy upgraded to Buy at Calyon- tgt $10 (7.13 ) -Update-

Calyon upgrades DYN to Buy from Add and raises their tgt to $10 from $9 based on valuation. The firm says Dynegy shares have declined about 10% since mid-December when the company issued 2008 guidance. They believe that downside is limited due to the inherent value of its asset portfolio, which they calculate at a conservative $10.50 per share, an implied 50% discount to their pure replacement value calculation.
08:25 Calyon says early indications are that Jan U.S. auto sales came in at the low end of expectations

Calyon says early indications are that Jan U.S. sales came in at the low end of expectations, with light vehicle sales potentially below 15.5 mln. Given the general concern about sales in the first half of 2008, however, they do not expect the selling rate to have taken anyone by surprise. In 2007, the light vehicle selling rate in Jan was 16.6 mln. Despite the weak selling rate both General Motors (GM) and Ford (F) performed well. In fact, GM characterized its sales as “outstanding”. Ford posted a solid sales month.
08:24 GOOG Google: MSFT-YHOO deal sets the stage for the next phase of the online wars - NY Post (515.90 ) -Update-

NY Post reports although MSFT’s $44.6 bln bid for YHOO is seen as a struggle for search supremacy, it also sets the stage for the next phase of the online wars: display advertising. A combined Microsoft-Yahoo! would have a significant lead over Google in display or graphical ads such as Web banners and video spots. Together, they would control 30% of the world mkt, compared with just 2% for Google. At the same time, Google is seeking to extend its dominance beyond search with the $3.1 bln acquisition of display ad specialist DoubleClick. Analysts say the deal would help Google forge relationships with big-brand advertisers and position it to make serious display inroads.
08:23 ACI Arch Coal tgt raised to $52 at Calyon; coal story on track (49.33 ) -Update-

Calyon raises their tgt on ACI to $52 from $48 as the domestic coal markets continue to impress as the global coal story evolves, which gives firm confidence in their revised tgt price. Coal prices have risen aggressively across the board thus far in 2008, and share price momentum is strong. There is nothing they can see in the near term that will derail the coal story.
08:23 SLW Silver Wheaton upgraded to Buy from Neutral at UBS (15.41 )

08:22 Citigroup economists now fear that the US economy is teetering on the edge of recession

Citigroup notes their economists now fear that the US economy is teetering on the edge of recession. They say previous US downturns have been associated with 20-40% falls in global corporate earnings. Firm notes the analyst consensus currently expects 13% global earnings growth in 2008, so a typical US recession would imply that analyst forecasts may be 30% too high. They note global equities are already trading at very low valuations against defensive assets such as cash or bonds, which should help reduce the price impact of future earnings downgrades.
08:22 ACI Arch Coal downgraded to Market Perform from Outperform at Raymond James (49.33 ) -Update-

08:21 Airline Mergers: The time has come - Calyon

Caylon notes DAL appears to be pressing hard to begin the merger process and M&A activity may finally begin in the next couple of months - unless Washington puts the brakes on the momentum that is currently building. The firm anticipates the process will be led off by DAL and NWA proposing a combination that would be all stock. Once that happens, the “golden share” of CAL stock held by NWA could be bought for $100 and they believe CAL and UAL may begin merger talks. They believe such a scenario would reawaken market interest in the industry, bidding up prices of the whole airline sector.
08:21 DOX Amdocs: Potential new deal from AT&T - Kaufman (33.41 )

Kaufman says that according to their industry sources, DOX may be a few months away from winning a new billing migration deal from its largest customer, T. A portion of T Mobility currently uses an Amdocs billing platform to manage two-thirds of its subscriber base, with Convergys managing the other one-third. Firm understands that T plans to consolidate these subscribers onto a single billing platform and has chosen Amdocs over Convergys. Firm’s sources indicate that the deal is worth approx $20 mln per year in revs. Although this is not one of the large deals that Amdocs has said it is expecting in order to accelerate revenue growth, it is nonetheless a positive.
08:18 WFC Wells Fargo downgraded to Sell at Stifel (33.65 )

Stifel downgrades WFC to Sell from Hold based on valuation. The firm says this move is one of the toughest decisions they have made in recent years. They still believe the co has one of the better management teams in the industry and has a strong capital position relative to other large-cap banks. However, the shares currently trade at 14.0x their 2008 EPS of $2.40, which is in line with the broader market multiple. This premium multiple comes despite the fact that the firm has lowered their 2008 EPS estimate by 20% since 2Q07, which shows that while the company has avoided the large CDO and market valuation writedowns, it is not immune to the overall economic environment.
08:17 SVVS SAVVIS Comm: 4Q07 preview - Kaufman (22.62 )

Kaufman notes SVVS reported 4Q07 results today afte the close. Firm says as a leading provider of outsourced IT infrastructure, they view SAVVIS as well positioned to capture the accelerating demand for outsourced, hosting computering. Firm notes SVVS has a full portfolio of solutions spanning bandwidth (specifically IP/VPN), collocation/hosting and network services (private line, Internet access). They view its portfolio of offerings as differentiated and think it can leverage its services to deliver a complete solution.
08:16 SCANX Early pre-market gappers

Gapping up: GU +18.0%, RNWK +10.9%, ACH +6.2%, OMRI +4.3%, SWC +4.0%, CAO +1.6%, DIS +1.4%… Gapping down: DTG -27.0%, RYAAY -12.7%, MSTR -6.1%, CHRS -2.9%, COF -2.4%, DFS -2.3%, LIZ -1.9%, WFC -1.9%, BEAV -1.7%, BRCM -1.2%.
08:16 USB US Bancorp downgraded to Sell at Stifel (34.00 )

Stifel downgrades USB to Sell from Hold saying the recent rally in the large-cap banks in which their peer group’s relative P/E multiple has increased from 68% of the S&P 500 to nearly an all time high of 86% in just 9 trading days, despite acelerating deterioration in fundamentals, is overdone. Firm says their concern lies in the combination of the co’s safe-haven status premium multiple of 13.1x our 2008 EPS estimate, the over-crowded long position in the shares and the likelihood that the company is not immune to the current economic environment.
08:16 AKAM Akamai Tech: Kaufman expecting in-line quarter and reiteration of conservative 2008 outlook (31.04 )

Kaufman notes AKAM will report 4Q07 earnings after the close on Wed, Feb 6. For the quarter, they are expecting $168.9 mln in revs and normalized EPS of $0.36. This compares to consensus expectations of $174.6 mln and $0.37, respectively. Despite the slowdown in the economy, firm’s checks indicate that demand for AKAM’s services remains strong. Furthermore, they believe AKAM’s ecommerce segment tracked well in 4Q07 as the co announced a 37% Y/Y increase in traffic on “Cyber Monday” vs. a 19% increase in 2006. Accordingly, they expect AKAM to report results at least in line with consensus ests for 4Q07.
08:15 RAMR Ram Holdings says pursuing a number of alternatives to improve its capital position, including seeking reinsurance and reducing its growth (1.67 )

Co responds to Moody’s Investors Service announcement on February 1, 2008 that it has placed the Aa3 insurance financial strength rating of RAM Reinsurance Company on review for possible downgrade. Moody’s stated that its rating actions reflect Moody’s revised expected loss projections for RMBS securities and related CDO risk, and the corresponding implications for RAM’s capital adequacy. RAM is pursuing a number of alternatives to improve its capital position, including seeking reinsurance and reducing its growth. Due to current market conditions, RAM does not expect to raise new capital at the present time.
08:15 ICE IntercontinentalExchange reports January volume and OTC commissions exceeding $1 mln (135.45 )

Total average daily volume for all ICE Futures contracts reached 990,841 in January 2008, an increase of 30% over January 2007. Average daily commissions for ICE’s global OTC business were a record $1,145,338, a 27% increase over January 2007, surpassing the $1 million threshold for the first time.
08:14 STI SunTrust Banks downgraded to Sell at Stifel (68.33 )

Stifel downgrades STI to Sell from Hold saying the recent rally in the large-cap banks in which their peer group’s relative P/E multiple has increased from 68% of the S&P 500 to nearly an all time high of 86% in just 9 trading days, despite acelerating deterioration in fundamentals, is overdone.
08:13 NYB NY Comm Bancrp downgraded to Hold from Buy at Stifel- based on valuation (18.56 )

08:13 MI Marshall & Ilsley downgraded to Hold from Buy at Stifel- based on valuation (28.98 )

08:12 GOOG Google intensified the battle with MSFT yesterday, saying MSFT’s bid for YHOO “raised troubling questions” - NY Post (515.90 ) -Update-

NY Post reports the co intensified the battle with MSFT yesterday, saying MSFT’s bid for YHOO “raised troubling questions.” In a terse broadside of what could be a protracted war, Google’s chief legal officer, David Drummond, hammered on concerns about Microsoft’s software monopoly and its history of clashing with regulators over antitrust issues. “Could Microsoft now attempt to exert the same sort of inappropriate and illegal influence over the Internet that it did with the PC?” he wrote in a blog post on Google’s corporate Web site. “While the Internet rewards competitive innovation, Microsoft has frequently sought to establish proprietary monopolies - and then leverage its dominance into new, adjacent markets.” Drummond identified instant messaging and Web e-mail as areas where a Microsoft-Yahoo! would have an “overwhelming share” of the mkt and questioned whether the combined co would try to limit consumer access to competing services. “This is about more than simply a financial transaction, one company taking over another,” he wrote. “It’s about preserving the underlying principles of the Internet: openness and innovation.” Microsoft’s general counsel, Brad Smith, defended the bid, saying it would increase rather than hurt competition by creating a viable competitor. “The combination of Microsoft and Yahoo! will create a more competitive marketplace by establishing a compelling number two competitor for Internet search and online advertising,” Smith said in a statement. “The alternative scenarios only lead to less competition on the Internet.”
08:12 IACI InterActive downgraded to Hold at Stifel (26.26 )

Stifel downgrades IACI to Hold from Buy saying they upgraded the shares of IACI because they believed that LINTA, through its IAC stake, would find a way to realize fair value for IACI assets. Given the current litigation, it is possible that LINTA does not get its way. The firm says if LINTA were to prevail in the litigation IACI is a Buy because the assets would be broken up with the appropriate focus on economics and all else being equal. If IACI were to prevail in the litigation IACI may be a Sell because IACI management has yet to show an ability to garner a return for shareholders over several years, and all else being equal. The firm says without the benefits of a crystal ball, they rate IACI Hold.
08:11 Caris expects below-consensus semi rev growth in CY08

Caris maintains their cautious approach to semiconductors stocks as they continue to see risk to ests from a deteriorating business environment. Their recent checks suggest that uncertainty on the CY08 growth outlook is growing among industry players, particularly in the PC food chain. They now expect 5% semiconductor industry rev growth in CY08 as microprocessor and memory slow, offset by likely growth in discrete, which actually contracted slightly in CY07. They don’t expect investors to rush to put new money to work in the group despite seemingly low valuations, but their favorite names remain Texas Instruments (TXN) and Broadcom (BRCM), while they would continue to avoid (and, for fast money, short on strength) Micron (MU), Qimonda (QI), and Advanced Micro Devices (AMD).
08:09 GG Goldcorp upgraded to Outperform from Market Perform at BMO Capital (36.75 )

08:09 WIRES On The Wires

Schering-Plough (SGP) announces that the FDA has approved ASMANEX TWISTHALER 110 mcg for the maintenance treatment of asthma as a preventive therapy in patients 4 to 11 years of age… Exterran Holdings (EXH) announces that it has acquired GLR Solutions, a manufacturer and supplier of water treatment products to the international oil and gas industry… Airgas (ARG) announces it has acquired Merriam-Graves, an independent distributor of industrial, medical, and specialty gases and related supplies operating in 25 locations in New England and New York. The acquired business generated $47 mln in revs in 2007… Patients with frequently relapsing bipolar disorder had a significant delay in the time to an initial relapse when risperidone long-acting injection (RLAI) was combined with standard treatment, according to a new study. Risperidone’s formulation is manufactured by Alkermes (ALKS).
08:08 PIR Pier 1 Imports downgraded to Underperform from Market Perform at Morgan Keegan (6.93 )

08:08 TWX Time Warner: Microsoft throws Time Warner a curve - WSJ (16.07 ) -Update-

WSJ reports MSFT’s bid for Yahoo Inc. Friday threatens to undermine AOL’s competitive standing and suck two obvious partners for the company out of the market. Now Mr. Bewkes must navigate a new, more uncertain landscape. One big question is whether GOOG, a 5% shareholder in AOL, decides to respond to the Microsoft-Yahoo deal by strengthening its ties with AOL. That could be an attractive deal for Mr. Bewkes… While he hasn’t settled on specifics, Mr. Bewkes is expected to lay out the broad direction in which he is headed. One of the priorities he will outline is his intention to reduce Time Warner’s stake in its separate, publicly traded Time Warner Cable (TWC) affiliate below 50%, from about 84% currently. On AOL, he is expected to flag his intention to separate the online business’s declining Internet-access-subscription business from its Web portal and advertising operations, the parts of the co seen to have growth potential. Such a split is seen as a precursor to the sale or spinoff of the Internet-access business. That also would make it easier for Mr. Bewkes to combine AOL’s portal and ad businesses with another company, one of several ideas he has been weighing in his early analysis of AOL’s long-term options, according to people familiar with the situation. A combination would make it easier for AOL to compete with Google’s increasing might… Neither Time Warner nor AOL will talk publicly about the impact of a possible MSFT-YHOO deal, though in the past co executives have played down the idea that a combination of the two companies would cause AOL problems. They predicted that combining those cos, with their starkly different cultures, would be disruptive and could even give AOL an initial competitive advantage.
08:08 Roth previews January comps

Roth says based on their channel checks, traffic trends returned to the weaker patterns they saw prior to the Holiday period. From a micro perspective, this year Jan sales will be negatively impacted by the loss of the 53rd week that benefited Jan sales last year. In addition, the first week of Jan this year, which started on Jan 6, is a less productive week compared to the first week of Jan last year, which started on Dec 31. Firm expects negative comps from HOTT, CHS, and WTSLA. They are looking for flat comps for the PSUN business and slightly positive comps for CACH. They expect URBN to report strong same store sales for the quarter after reporting a 9% increase in comps for both December and the two month period ending Dec 31, 2007. Firm expects negative Q4 comps for BKRS.
08:07 LEH Lehman Brothers upgraded to Buy from Market Perform at Punk Ziegel (66.00 )

08:07 MER Merrill Lynch upgraded to Market Perform from Sell at Punk Ziegel (58.40 )

08:06 CNB Colnl BancGrp downgraded to Sell at Stifel (16.06 )

Stifel downgrades CNB to Sell from Hold based on valuation following earnings. The firm says whether the recent rally relates to the “Fed Saves the Day” mentality permeating bank stocks or the belief that 4Q07 reserve build was sufficient to recognize credit issues, they believe that this rally is overdone and overlooks potential credit deterioration that they believe is still to come. The firm also notes that the short position in the shares increased from 9.3% to 17.0% between November 2007 and January 2008. Thus, they also believe much of the recent rally is the result of some of this unwind.
08:05 CAO CSK Auto announces adoption of shareholder rights plan (8.98 ) -Update-

Co announces that it has adopted a Shareholder Rights Plan in order to maintain the integrity of the strategic review process that its Board of Directors is conducting. As previously announced, CSK’s Board of Directors, with assistance from JPMorgan, has commenced a process in which more than 20 parties to date have been given access to information about the Company so that they can develop strategic alternatives for the Board’s consideration. Also as previously announced, on February 1, 2008 O’Reilly Automotive (ORLY), which has chosen not to participate in the process, announced an unsolicited proposal to acquire all of the outstanding shares of CSK. The adoption of this Rights Plan supports the Board’s intent to complete its process as initially contemplated so as to best preserve and maximize shareholder value.
08:05 LCUT Lifetime Brands issues downside Y07 guidance; issues Y08 guidance (12.13 )

Co issues downside guidance for FY07 (Dec), sees FY07 (Dec) revs of $490-495 mln, compared to previous guidance of $500-515 mln, vs. $503.54 mln First Call consensus. Co issues mixed guidance for FY08 (Dec), sees EPS of $1.05-1.25, excluding non-recurring items, vs. $1.24 consensus; sees FY08 (Dec) revs of $510-525 mln vs. $534.27 mln consensus.
08:04 TYL Tyler Tech sees 2007 results at or above upper end of previous guidance range; issues FY08 guidance (13.98 )

TYL sees FY07 results at or above upper end of previous guidance range of $0.38-0.41 ($0.40 First Call consensus) and revs $217-220 mln ($217.19 mln First Call consensus). TYL sees FY08 $0.49-0.53, including $0.06 per share in stock options expense, vs $0.54 First Call consensus. “We begin 2008 with a record high backlog, a competitive position that we believe is stronger than ever, recurring revenues that are growing faster than our overall growth rate, and a market environment that is generally positive… Our expectation for 2008 is for internal growth in line with our long-term growth objectives, supplemented by our recent acquisitions. We should see margin improvement in 2008, as well as free cash flow that significantly exceeds GAAP earnings, even as we continue to invest aggressively in future growth.”
08:03 LCUT sees Y07 revs of $490-495 mln, compared to previous guidance of $500-515 mln

08:02 Brean Murray previews Jan comp; waiting for Spring

Brean Murray says Jan, despite the increasing usage of gift cards, remains one of the most trendless and frankly, useless months in terms of projecting overall trends for the remainder of the year; the lone key variable is the ability of retailers to reduce inventory levels for the start of the Spring season, which begins in the next few weeks. As such, firm believes their key comp reporters, Aeropostale (ARO), Cache (CACH) and Wet Seal (WTSLA) left the month in solid inventory state and, in Aeropostale’s case, were able to drive solid higher margin sales via early rollouts of new Spring product. Firm reiterates their Buy ratings on ARO, CACH and WTSLA.
08:02 LCUT sees Y08 EPS of $1.05-1.25 vs $1.24 consensus; sees revs of $510-525 mln vs $534.3 mln consensus

08:02 UHCP United Heritage adds Paul Watson as CEO and Chairman (0.83 )

Co announces that on January 15, 2008, Paul Watson was named Chief Executive Officer of United Heritage Corporation and joined the board of directors as Chairman. The co also announced that Joseph Langston Jr. will remain as President, Chief Financial Officer and a director, and has also been appointed as Secretary.
08:02 JKHY Jack Henry Adds Five mln Shares to Stock Repurchase Authorization (24.86 )

08:01 MTSL MER Telemanagement announces sale of itsiInterest in cVidya Networks as part of the co’s decision to sell non-core assets (1.10 )

Co announces that it has completed the sale of its ownership interest in cVidya Networks Inc. The co is expected to receive total proceeds of approx $600,000 for the sale. The co will record a capital gain of approx $380,000 as a result of this transaction. This sale is part of the co’s plan to improve its liquidity by selling non-core assets in which significant synergies or added values no longer exist. This sale and the sale of the co’s 50% ownership interest in Jusan S.A., a Spanish affiliate, during the fourth quarter of 2007 have generated total proceeds of approx $1,600,000.
08:01 HYTM Hythiam announces first commercial reimbursement agreements with third-party payors (2.55 )

Co announced it has entered into its first commercial reimbursement agreements with self-insured employer groups and unions that are part of a regional health plan in a state impacted by methamphetamine addiction. Reimbursement will be provided on a case rate basis for treatment and care management components of Hythiam’s PROMETA based disease management offering. The members covered by these payors represent a significant portion of this regional health plan’s population, and will serve as those initially being included in Hythiam’s disease management offering. Confidentiality is being maintained at the request of the plan and participating parties.
08:01 WAG Walgreen reports January revs up 9.6%; co reports January comparable store sales +3.8%. (36.32 )

08:01 VRX Valeant Pharmaceuticals announces new CEO and Chairman (12.19 )

Co announces that it has appointed J. Michael Pearson to the position of Chief Executive Officer, effective February 1, 2008, following the resignation of Timothy Tyson as President, Chief Executive Officer and a Director of the Company. In addition, Robert Ingram will step down as Valeant’s current Chairman of the Board, but will remain on the Board as the Lead Director. Pearson will assume the role of Chairman of the Board of Directors of Valeant, effective immediately.
08:01 SGTL SigmaTel to be acquired by Freescale for $3.00 per share in cash (1.79 ) -Update-

Freescale Semiconductor (privately held) and SGTL announced that they have entered into a definitive agreement for Freescale to acquire SGTL for $3 per share… Under the terms of the agreement, Freescale will pay $3 per outstanding share of SigmaTel stock representing approximately $110 mln in cash. The agreement is subject to various customary closing conditions, including all necessary shareholder and regulatory approvals, and is expected to close in the second quarter of fiscal year 2008. (Stock is halted)
08:00 TBL Timberland: 4Q07 earnings preview; not out of the woods yet - Brean Murray (17.45 )

Brean Murray notes TBL reports 4Q07 results on Thur, Feb 7 before the market opens. They expect the co to report pro forma EPS of $0.56 for the quarter. For the first few weeks of 4Q, unseasonably warm weather likely hurt boot sales at retail. However, they believe this situation steadily improved starting in late Nov, with the advent of colder weather in many parts of the U.S. (especially the core Northeastern market).
07:59 MAS Masco downgraded to Market Perform from Outperform at Raymond James (23.33 )

07:59 S&P futures vs fair value: -0.6. Nasdaq futures vs fair value: +1.8.

Early indications suggest a flat start for the stock market. There has not been much market moving news this morning. Several financial stocks have been downgraded to sell at various brokerage firms. They include Discover Financial (DFS), Capital One (COF), American Express (AXP), Wells Fargo (WFC), and Wachovia (WB). Meanwhile, the Wall Street Journal reports that Google (GOOG) has offered to help Yahoo! (YHOO) fight off Microsoft’s (MSFT) unsolicited offer.
07:58 HOGS Zhongpin: Hog/Pork prices rise; spread stable - Brean Murray (13.00 )

Brean Murray notes that their weekly checks showed national average hog and pork prices in China increased noticeably compared to the previous week, and the spread between pork and hog prices remained relatively stable week over week, with the recent upward trend remaining intact. Firm believes most of the pork/hog price increases in the past week were due to weather-related supply chain disruption in certain regions in China.
07:58 YHOO Yahoo plans to shutter an online music service - WSJ (28.38 ) -Update-

WSJ reports the co plans to shutter an online music service that charged users a flat monthly fee to access a vast library of songs. In place of that service, YHOO has cut a deal to use its online audience to promote Rhapsody, a rival subscription music service jointly owned by RealNetworks (RNWK) and Viacom’s (VIA.B) MTV. Yahoo said it will migrate existing Yahoo Music Unlimited subscribers — the number of which it didn’t disclose — to Rhapsody accounts in the coming months. The music deal was struck before Microsoft’s disclosure of its $44.6 billion takeover offer for Yahoo on Friday. Financial terms weren’t disclosed.
07:57 COGO Comtech: Brean Murray cuts tgt to $16; solid 4Q07 (11.50 )

Brean Murray notes COGO reported 4Q07 preliminary results of $70.5 mln in rev and $0.22 in EPS, in line with their ests and consensus. More positive is the 2008 guidance of 25-30% YoY growth (rev and EPS), as mgmt sees little impact from the slowdown in the U.S. economy due to COGO’s 70% exposure to China. Firm is increasing their 2008 EPS est to $0.88 (from $0.84); however, the Chinese domestic handset market was not as strong as expected in the fourth quarter, which could contradict mgmt’s aggressive 2008 outlook. Additionally, they continue to believe 2008 will be a challenging year for the electronics supply chain. Firm cuts their tgt to $16 from $20.
07:55 TWX Time Warner: Possible Yahoo sale puts focus on AOL - Washingtonpost.com (16.07 )

Washingtonpost.com reports that Microsoft’s (MSFT) $44.6 bln bid for Yahoo (YHOO) on Friday revived debate about AOL’s plan to remake itself as an online advertising company and whether it might too become a target for acquisition. AOL has been on a tear assembling an advertising network called Platform A that is meant to be the basis for the company’s future growth. At the same time, discussions have surfaced occasionally at AOL’s corporate parent, Time Warner, over whether the subsidiary should be spun out in part or whole. In Nov, new TWX chief executive Jeffrey Bewkes said he would consider selling parts of the company to enhance its “strategic advantage.” Among those that could take an interest in AOL include Google (GOOG), which already owns 5% of the Internet giant and is in the process of buying online ad business DoubleClick. Another possible suitor for AOL is Rupert Murdoch’s News Corp (NWS), which has shown its willingness to go after big enterprises by buying such businesses as MySpace and Dow Jones. Yet analysts were skeptical that a sale was in the cards. The potential Microsoft-Yahoo deal “robs AOL of the two most likely and able suitors,” Michael Nathanson, an analyst at Bernstein Research, wrote in a note to investors. “As such, there appears to be no one on the horizon in need of AOL’s audience and Platform A capabilities that is willing to pay Time Warner a similar value.” “We believe AOL is the odd man out,” Lehman Brothers analyst Anthony DiClemente and his team said in their own note.
07:55 SGTL SigmaTel halted - news pending (1.79 )

07:55 WOLF Great Wolf Resorts: Eric Hovde amends 13D; urges co to explore strategic options (8.72 )

Eric Hovde, in filing a 13D filing (5.6% stake disclosed), “believes that shareholder value would be enhanced if the Board: (a) contained directors with a meaningful equity ownership interest in the Issuer thereby increasing alignment with the interests of its shareholders; (b) immediately commenced an independent process to fully evaluate the Issuer’s strategic options, which may include an extraordinary corporate transaction, and (c) took measures promptly to reduce the Issuer’s expenses and unnecessary overhead.”
07:54 AAPL Apple: Mac OS market share at 7.57%, Safari at 5.82% - LoopRumors (133.75 ) -Update-

LoopRumors reports data gathered by Net Applications shows t