Data Feed

8:20 LCAPA Liberty Media Capital initiated with an Outperform at Credit Suisse (111.89 )

08:19 BHP BHP Limited turns down Chinalco offer of talks about Rio Tinto stake - Times of London (72.48 )

Times of London reports the co has rebuffed an approach from Chinalco to discuss the Chinese co’s acquisition of a 12% stake in RTP. The state-owned aluminium producer is understood to have written to Don Argus, the BHP chairman, “hoping to open a dialogue” after blocking BHP’s bid for Rio. BHP received the faxed letter on Friday, as Chinalco’s 7.1 bln pounds share raid was being announced. The Chinese are not thought to have received a reply.
08:18 MLM Martin Marietta misses by $0.21, misses on revs; guides FY08 EPS below consensus (118.12 )

Reports Q4 (Dec) earnings from continuing operations of $1.34 per share, excluding non-recurring items, $0.21 worse than the First Call consensus of $1.55; revenues rose 1.0% year/year to $475.1 mln vs the $537.2 mln consensus. Co issues downside guidance for FY08, sees EPS of $6.25-7.00 vs. $7.14 consensus. Co will continue to provide annual earnings guidance, but will eliminate quarterly guidance.
08:18 ILMN Illumina upgraded to Buy from Hold at Cannaccord Adams (64.89 ) -Update-

08:17 SOHU Sohu.com: Growth accelerated on stellar online ads, games, reiterate Positive rating - Susquehanna (48.95 ) -Update-

08:17 SCANX Early pre-market gappers

Gapping up: GTCB +22.5%, SPF +19.6%, SVN +15.9%, NTCT +14.2%, YTEC +10.0%, TMA +9.2%, ILMN +8.6%, SVVS +6.4%, SVNT +5.3%, HOT +4.8%, SOHU +4.2%, CE +3.8%, BMI +3.5%, CSC +3.5%, PRGO +3.4%, COGO +3.3%, MTW +2.7%, STX +2.7%, FRX +2.6%, MOS +2.6%, LVS +1.9%, POT +1.6%, SHFL +1.4%, THOR +1.1%… Gapping down: PEG -49.9%, SIRF -41.6%, RMKR -25.2%, WOOF -19.0%, ARMHY -15.0%, SNCR -6.4%, SPRD -5.8%, CS -3.4%, SGTL -3.4%, NSM -3.3%, GRMN -3.1%, UBS -3.0%, PWAV -2.9%, BSX -2.7%, TXN -2.6%, YUM -2.3%, RMBS -2.1%, BCS -2.1%, BHP -1.4%, NYX -1.2%.
08:16 Amid rising delinquencies, banks get pickier, raise fees; direct-mail pitches decline - WSJ

WSJ reports the credit crunch is starting to hit consumers where it hurts — in their wallets. As lenders tighten credit standards, many consumers have faced greater difficulty getting a mortgage or a home-equity loan or line of credit. Now, some are beginning to feel the squeeze on their credit cards — despite the dramatic cuts the Federal Reserve recently made in its benchmark Fed funds rate, including last week’s half-percentage point cut to 3%. Big card issuers such as C are requiring higher credit scores before issuing new cards, particularly in states that have been hit hard by the housing downturn, including California, Arizona and Florida. Some lenders, including BAC, are offering lower initial credit lines. Other lenders, such as COF, are limiting credit-line increases or reducing credit lines for existing customers if they see signs that they are suddenly applying for more credit or are having trouble paying down their balances. And many card issuers are raising late fees and other charges to help offset what they see as higher risk. The stricter lending standards come as many banks recently reported earnings and disclosed surprisingly large losses from their consumer businesses. Among the problems: higher credit-card delinquencies and losses. The banks expect the problems to get worse as the economy slows.
08:16 MLM sees FY08 $6.25-7.00 vs $7.14 First Call consensus

08:15 MLM prelim $1.33 vs $1.55 First Call consensus; revs $475.1 mln vs $537.17 mln First Call consensus

08:15 LVS Las Vegas Sands: Color on quarter (81.45 )

Citigroup states that LVS reported 4Q operating results that were roughly in-line with firm’s forecasts. Results in Macau were slightly below their ests due in part to low hold and results in Las Vegas were above their expectations due in part to high hold. Overall, firm views this as an in-line report and neutral for LVS shares. Expectations were relatively low heading into the Q following the 3Q miss. Also, investors have recently focused on press reports that LVS’s market share may have declined in January… Jefferies cuts their tgt to $133 from $142 as it remains one of their top picks and believe in mgmt and remain buyers, particularly on the 21% dip since year-end. THey note earnings were heavily affected by unforeseen increases in operating costs in addition to some bad luck. They believe in the Macau model and the demand for the convention business… Deutsche says as they expected, cannibalization impacted Sands Macao, while Las Vegas and Venetian Macao exceeded their est. Firm looks forward to the analyst day next week for a comprehensive look at existing properties and the pipeline. Firm continues to believe in the co’s robust expansion profile complemented by its real estate monetization strategy, maintain Buy rating.
08:12 WIRES On The Wires

Jacobs Engineering (JEC) announces the following contracts: 1). A contract from Catholic Healthcare West to assist in managing the Sequoia Hospital Program in Redwood City, CA. Officials estimate the value of the overall project at $240 mln; 2). A contract from E. I. DuPont India to provide engineering, procurement, and field support services under an Engineering Services Master Agreement… Monsanto (MON) announces that it has received final regulatory approval in Japan, the Philippines and Taiwan for its second-generation soybean technology, Roundup Ready 2 Yield… Sirtris Pharma (SIRT) announces that Leonard Guarente, PhD has signed a new, exclusive consulting agreement with Sirtris Pharmaceuticals. Dr. Guarente first joined Sirtris’ Scientific Advisory Board as Co-Chair in November 2007… eHealth (EHTH) announces the licensing of EHTH’s e-commerce technology. Under the agreement, Kaiser Permanente brokers and agents in Maryland, Virginia and the District of Columbia will use EHTH’s e-commerce platform to prepare quotes and submit applications to Kaiser Permanente… Weight Watchers (WTW) and Groupe DANONE announce the signing of a joint venture agreement to establish a weight management business in the People’s Republic of China based on the successful Weight Watchers approach to weight loss.
08:11 HWD Harry Winston Diamond upgraded to Outperform from Sector Perform at RBC (25.48 )

08:11 China’s stock advance on “Olympics Factor” - WSJ

WSJ reports yesterday’s 8.1% rebound in China’s stock mkt underscores a widespread, if possibly unwise, source of confidence among the country’s investors: the belief that authorities will make sure the stock mkt is healthy when the Summer Olympics open in August in Beijing. Signs that transportation gridlock was easing after weeks of heavy snow, and Wall Street’s rally Friday, helped to encourage investors to buy before the weeklong Lunar New Year holiday that starts tomorrow. But perhaps the biggest trigger, analysts said, was the perception among investors that Beijing is moving to shore up the mkt, as seen in the approval of new mutual funds for the first time in months. That confidence persists although the index remains in bear-mkt territory, or roughly a decline of 20% or more from a peak, for the first time since 2005. It is down 23% since Oct, when many of the world’s benchmark stock indicators crested. Trust in the Olympics factor is a reminder that China’s most powerful investor base, tens of mlns of individuals, often adopts unconventional trading strategies. It also reflects a recognition that the govt influences the mkt as much as economic forces in China. Indeed, it was govt action, in the form of a sweeping change to the share structure of publicly traded cos, that ignited China’s mkt in mid-2005. Driving that trust are expectations that the govt has the desire and wherewithal to ensure that everything in China, from Beijing’s air quality to Shanghai’s stock index, looks presentable when a world-wide television audience tunes in to the opening ceremonies… Beijing has a deep reserve of policy options that might be powerful, from allowing more foreign investment to blocking new fund-raising by Chinese cos that would increase the amount of stock in the mkt and dilute prices… Officials also could boost the mkt simply by voicing support for it, although that is something they have seemed reluctant to do lately. Senior leaders have hardly even mentioned stock values since early 2005. International precedent suggests an Olympic bull run. For all but one of the past five Summer Games, starting with Seoul in 1988, stocks have risen, sometimes powerfully, in the host nation during the Olympic year. The exception is Spain’s IBEX 35 index, which shed 6% in 1992.
08:11 SIMG Silicon Image downgraded to Sector Perform from Outperform at RBC (4.68 )

08:09 ENG ENGlobal receives refinery contract (9.66 )

Co announces that a major refiner has awarded ENGlobal’s engineering group a contract to assist with the modification of a fluid catalytic cracking unit at a refinery in the Southeastern United States. The project scope includes engineering and procurement services for both the processing unit inside the battery limits and ancillary systems outside the battery limits, which together are estimated to generate approximately 100,000 manhours of work over the life of the project.
08:09 PRGO Perrigo beats by $0.02, beats on revs; guides FY08 EPS above consensus (32.04 )

Reports Q2 (Dec) earnings of $0.36 per share, $0.02 better than the First Call consensus of $0.34; revenues rose 17.4% year/year to $435 mln vs the $409.9 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.50-1.60 vs. $1.41 consensus.
08:08 CWSI China Wind Systems reports Q3 results — revs rose 36% YoY, operating income rose 42% (2.10 )

CWSI.OB reports Q3 revs rose 36% YoY to $8.0 mln (no ests). Operating income for Q3 was $2.1 mln, up 42.2% from $1.5 mln in the third quarter of 2006. “CWSI.OB is positioning itself to be a significant manufacturer of forged rolled rings and other wind energy components for the rapidly growing wind industry in China. In 2008, the company plans to use the proceeds from its recent private placement financing to purchase equipment and begin production of forged rolled rings as well as other wind energy components for the wind power industry. For fiscal year 2007, the company anticipates net revenues of approximately $23 mln and net income of approximately $10.4 mln (including a one-time gain from the forgiveness of income and VAT taxes of $6.8 mln). For 2008, China Wind Systems anticipates net revenues of approximately $40 mln and net income of approximately $7 mln.”
08:08 VSH Vishay misses by $0.06, beats on revs; guides Q1 revs in-line (10.64 )

Reports Q4 (Dec) earnings of $0.19 per share, $0.06 worse than the First Call consensus of $0.25; revenues rose 16.7% year/year to $729.6 mln vs the $722 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $720-$740 mln vs. $731.53 mln consensus. Gross margins are projected to be up compared to the fourth quarter 2007.
08:08 RMKR Rainmaker Sys downgraded to Hold at Brean Murray (6.02 )

Brean Murray downgrades RMKR to Hold from Buy noting RMKR announced that the company has been notified late last Friday that Dell (DELL) decided to pull all contract renewal business in-house. Dell represents 25% of the company’s revenue as of 4Q07 and was a growing customer for the company since 2001. The firm says at the moment this thesis is challenged as revenue will decline, while profitability will get hit. In addition, retention of top performers may become challenging as most stock options will go under water. Though they acknowledge that the company has $1.73 in cash per share, gave very doable FY08 guidance, and valuation is compelling, the firm believes it would be more prudent to move to the side-lines with our investment recommendation until the co figures out a restructuring plan.
08:07 LPX Louisiana-Pacific misses by $0.02, misses on revs (14.01 )

Reports Q4 (Dec) loss from continuing operations of $0.35 per share, $0.02 worse than the First Call consensus of ($0.33); revenues rose 2.3% year/year to $376.6 mln vs the $395.5 mln consensus.
08:06 NSM National Semi: Color on lowered sales guidance (19.02 ) -Update-

Lehman is lowering theirs ests and tgt on NSM based on a weaker than expected FQ3, but at 17x C08 and 3.3x EV/sales, they think the stock is cheap and would be buyers of the stock following earnings in March. Firm notes co lowered rev guidance due primarily to weaker than expected handset shipments into global OEMs and China. NA and Europe are inline with expectations. Firm believes orders though stabilizing remain weak, and given a likely lower backlog, expect the May quarter to be less than seasonal… Citigroup believes the ~$30 mln miss reflects handset order weakness from 1) tier-1 handset OEMs, and 2) the China disty channel. Firm believes order weakness emerged in late-Dec and while 3+ weeks remain in the quarter, a 21% miss in handset biz is now forecast ($115M vs $145M). Culprits appear to be MOT and negative repercussions from 4Q07 China distribution double-ordering, with NSM’s sell-in revenue recognition model lending vulnerability.
08:06 PNR Pentair beats by $0.04, beats on revs; guides Q1 EPS below consensus; guides FY08 EPS in-line (32.60 )

Reports Q4 (Dec) earnings of $0.51 per share, $0.04 better than the First Call consensus of $0.47; revenues rose 11.7% year/year to $830 mln vs the $810.9 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.46-0.48 vs. $0.50 consensus. Co issues in-line guidance for FY08, sees EPS of $2.25-2.40 vs. $2.32 consensus.
08:06 ALEX Alexander & Baldwin beats by $0.13, misses on revs (44.81 )

Reports Q4 (Dec) earnings of $0.85 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.72; revenues rose 7.9% year/year to $435.9 mln vs the $447.4 mln consensus.
08:06 PRICE Filings, Offerings, Pricings and IPOs

Filings: Accentia Biopharmaceuticals (ABPI) files for an 8.33 mln share common stock offering by selling shareholders… Chiquita Brands (CQB) files for a $150 mln convertible notes offering… Offerings: AAR Corp (AIR) announces a $175 mln convertible notes private placement offering… GMX Resources (GMXR) announces a $100 mln convertible notes offering.
08:06 ARTG Art Technology beats by $0.01, beats on revs; guides FY08 revs above consensus (4.24 )

Reports Q4 (Dec) earnings of $0.03 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.02; revenues rose 22.1% year/year to $39.3 mln vs the $38.2 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $159-165 mln vs. $154.3 mln consensus.
08:05 THOR Thoratec beats by $0.01, beats on revs; guides FY08 EPS below consensus, revs in-line (16.49 )

Reports Q4 (Dec) earnings of $0.11 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.10; revenues rose 8.9% year/year to $64.1 mln vs the $59 mln consensus. Co issues guidance for FY08, sees EPS of $0.36-0.40, excluding non-recurring items, vs. $0.50 consensus; sees FY08 revs of $255-265 mln vs. $260.66 mln consensus.
08:05 FRX Forest Labs announces positive results of Memantine study of once-daily formulation (40.92 )

Co announces preliminary results of a Phase III study of memantine H.C.l. (currently marketed as Namenda, a twice-daily immediate- release formulation) in a novel once-daily formulation. The results indicate that patients treated with memantine 28 mg extended-release formulation experienced statistically significant benefits in cognition and clinical global status compared to placebo. Additional data from the study are expected to be presented later in the year. The primary endpoints evaluated were change from baseline on the Severe Impairment Battery and the Clinician’s Interview-Based Impression of Change Plus Caregiver Input rating at week 24. The study showed statistically significant higher cognitive abilities, as measured by the S.I.B., and clinical global status, as measured by the CIBIC-Plus, in patients treated with memantine 28 mg extended release compared to those treated with placebo The study also showed that the once-daily memantine extended-release formulation was well tolerated.
08:04 Brean Murray initiates the regulated gas distribution industry

Brean Murray initiates coverage on the regulated gas distribution industry and establishes the formal coverage on a majority of the names within the universe. Firm says with a median yield of approx 4.0% and projected growth of 3.0% to 6.0%, they believe the group currently offers a solid return for the level of risk being taken by investors. The firm says Gas distributors are currently trading at valuation multiples near the midpoint of their historical range. They believe gas distributors warrant a premium valuation in the current market cycle given the protective nature of regulation and the consistency of earnings and cash flow. They seek gas distributors with modest, but related, non-regulated operations with identified investment growth opportunities. The firm initiates Northwest Natural Gas (NWN), New Jersey Resources (NJR), Piedmont Natural Gas (PNY), South Jersey Industries (SJI) and Vectren Corp. (VVC) with Buys.
08:04 SUNH Sun Healthcare guides FY08 EPS to $0.85-0.90 vs $0.87 First Call consensus; sees revs $1.84-1.85 bln vs $1.83 bln First Call consensus, affirms FY07 (16.47 )

08:04 GIB CGI Group beats by $0.02, misses on revs (10.37 )

Reports Q1 (Dec) earnings of $0.22 per share, $0.02 better than the First Call consensus of $0.20; revenues rose 1.2% year/year to $914.7 mln vs the $927.4 mln consensus.
08:03 ARTG sees FY08 revs $159-165 mln vs $154.3 mln First Call consensus

08:03 THOR sees FY08 $0.36-0.40, ex items vs $0.50 First Call consensus; sees revs $255-265 mln vs $260.66 mln First Call consensus

08:03 GIB prelim $0.22 vs $0.20 First Call consensus; revs $914.7 mln vs $927.40 mln First Call consensus

08:03 THOR prelim $0.11 vs $0.10 First Call consensus; revs $64.08 mln vs $58.98 mln First Call consensus

08:02 VSH sees Q1 revs $720-740 mln vs $731.53 mln First Call consensus

08:02 VSH prelim $0.19 vs $0.25 First Call consensus; revs $729.6 mln vs $721.98 mln First Call consensus

08:02 PRGO sees FY08 $1.50-1.60 vs $1.41 First Call consensus

08:02 ARTG prelim $0.03 vs $0.02 First Call consensus; revs $39.3 mln vs $38.21 mln First Call consensus

08:01 PRGO prelim $0.36 vs $0.34 First Call consensus; revs $435.0 mln vs $409.85 mln First Call consensus

08:01 PNR sees FY08 $2.25-2.40 vs $2.32 First Call consensus

08:01 PNR sees Q1 $0.46-0.48 vs $0.50 First Call consensus

08:01 ALK Alaska Air says January traffic increased 9.9% to 1.411 bln revenue passenger miles (25.60 )

Co announces Jan passenger traffic for its subsidiaries, Alaska Airlines and Horizon Air. Alaska’s Jan traffic increased 9.9% to 1.411 bln revenue passenger miles from 1.284 bln flown a year earlier. Capacity during Jan was 2.049 bln available seat miles, 6.2% higher than the 1.930 bln in Jan 2007. The passenger load factor for the month was 68.9%, compared to 66.5% in Jan 2007. The airline carried 1,255,300 passengers, compared to 1,216,500 in Jan 2007. Horizon’s Jan traffic increased 7.2% to 205.1 mln RPMs from 191.3 mln flown a year earlier. Capacity during Jan was 317.1 mln ASMs, 4.9% higher than the 302.2 mln in Jan 2007.
08:01 PNR prelim $0.51 vs $0.47 First Call consensus; revs $830 mln vs $810.93 mln First Call consensus

08:01 ALEX prelim $0.85 vs $0.72 First Call consensus; revs $435.9 mln vs $447.37 mln First Call consensus

08:00 Friedman Billings believes Bond Insurer woes are inconsequential to P/C Insurers

Friedman Billings says the problems plaguing monoline bond insurers such as MBI and ABK have called into question the value of municipal bonds insured by these companies. Bond insurance acts as a credit enhancement, raising the credit rating of a municipal bond. Firm hypothesized that the hardening of bond prices due to recent, aggressive fed cuts would outweigh, or at least offset, the softening impact from losing the credit enhancement of bond insurance. They sought to ascertain how much the price of a municipal bond would fall if it were to lose its insurance wrap, and also, how much the price of a municipal bond would appreciate due to the fed funds rate cuts. The net effect of these two dynamics will play a role in determining whether insurers will have to write down or mark up the value of their municipal portfolios when they mark the securities to market at the end of the first quarter.
08:00 LPX prelim ($0.37) vs ($0.33) First Call consensus; revs $376.6 mln vs $395.51 mln First Call consensus

08:00 S&P futures vs fair value: -8.9. Nasdaq futures vs fair value: -13.0.

Futures trade indicates a lower start for the stock market as traders take some more profits. Since yesterday’s close, earnings have overall been better than expected. The sole economic report is the ISM services, set for release at 10:00 ET.
08:00 RTP Rio Tinto: Australia may review Rio stake purchase - FT (432.16 ) -Update-

FT reports China’s purchase of a 9% stake in the co, may become the subject of an investigation by Australia’s Foreign Investment Review Board. Kevin Rudd, Australia’s prime minister, and Stephen Smith, the foreign minister who this week hosted his Chinese counterpart in Canberra, have faced repeated questioning in recent days over whether Australian authorities will review last week’s raid on the Rio share register by Aluminium Corporation of China and Alcoa. The Chinese state-owned mining co, known as Chinalco (ACH), and the US aluminium producer spent $14 bln for a 9% stake in Rio.
07:58 CDO ratings to fall as losses trigger fitch overhaul - Bloomberg.com

Bloomberg.com reports that collateralized debt obligations (CDOs) may be downgraded as many as five levels as mortgage-related losses force Fitch Ratings to review its criteria. The biggest cuts will be to AAA rated CDOs that are based on credit-default swaps and aren’t actively managed, according to ratings guidelines proposed by Fitch today. CDOs that package high-yield assets may be cut as many as three levels for the portions first in line for losses. Ratings firms are responding to criticism that they failed to react quickly enough as rising defaults on subprime mortgages in the U.S. caused a plunge in the value of CDOs, securities that package other debt. Fitch cut ratings on $67 billion of mortgage- linked CDOs in November, slashing some AAA rated debt to speculative grade, or junk. Moody’s Investors Service said yesterday that it may overhaul its system for rating structured-finance securities. The New York-based company is proposing five options to improve ratings, including a numerical scale and a designation of “.sf” to differentiate a structured-finance ranking from a corporate credit grade.
07:57 700 MHz Auctions ‘On Hold’ - Unstrung.com

Unstrung.com reports that The Federal Communications Commission’s 700 MHz auction was put “on hold” after 30 rounds yesterday afternoon because of technical difficulties, but not before the single largest $4.7 bln bid for a 50-state C band package license was overtaken by the combined value of separate bids for the eight individual regional licenses in the bundle. The bid was enough to trigger the “open access” conditions that the FCC agreed to apply to that band. If a carrier or other interested party now wants to get the C band license as a nationwide package, however, they will have to bid more than $5 bln in Round 31 to secure the bundle. Otherwise, the spectrum will be awarded in eight separate regional licenses that cover the U.S., including Alaska and Hawaii. The agency doesn’t reveal which companies are bidding on what spectrum, in order to prevent collusion. There has been plenty of speculation, however, that Google (GOOG) has been involved in the bidding on the C band package in order to further its open access agenda. Overall, the bids for 700 MHz wireless spectrum now total over $18 bln, easily beating the $13.7 bln commanded in the last major wireless auction in 2006.
07:57 NSM National Semi downgraded to Market Perform from Strong Buy at Raymond James (19.02 )

07:55 SOHU Sohu.com downgraded to Neutral from Buy at Pali Research (48.95 ) -Update-

07:54 Homebuilders upgrade details - BofA

As mentioned at 6:28 and 6:33, BofA upgraded PHM (tgt to $20 from $13), MDC (tgt to $58 from $34) and KBH (tgt to $35 from $16) to Buy from Neutral and TOL (tgt to $26 from $15) to Neutral from Sell. The firm believes each co has sufficient liquidity to navigate the current downturn and take advantage of distressed land opportunities. They think PUL remains well-positioned to take market share out of the downturn. Overall, they expect improved affordability, from lower rates and home prices, and less construction, from tighter credit to privately-held builders, to help work off excess inventories.
07:53 POT and MOS upgrade details

As mentioned at 6:33 Citigroup upgraded POT and MOS to Buy from Hold and raised their ests for AGU based on expectations for more bullish outcome from the ongoing China potash contract negotiations. The firm says with perspectives from both sides of the negotiating table, they expect contract potash prices to China and India to increase by +$150/T YoY vs. general expectations of roughly +$100/T, settling around April.
07:50 XTNT Xtent: Drug eluting stent usage troughs; positive for XTNT - Merriman (9.76 )

Merriman says The Wall Street Journal reported yesterday that an independent research group, Goodroe Healthcare Solutions, reported stabilization of D.E.S. penetration after Sept 2007. Although penetration has fallen sharply from 88% in the fall of 2006 to 62% in September 2007, the lack of further declines signals, in firm’s view, the end of the decline. They believe that the introduction of new D.E.S. systems will begin to invigorate this market. Receptivity to new products appears high, in firm’s view, and they believe that a regrowth of the market would be good for XTENT’s long-term prospects.
07:49 RATE Bankrate: Downgrade details (56.85 )

As mentioned at 6:52, Jefferies downgraded RATE to Hold from Buy and raised their tgt to $56.85 from $56.00, as they believe the run-up reflects expectations for strong Q4/guidance, with the co set to report earnings tonight after the close. Firm notes falling interest rates, expectations for strong 4Q/guidance and a large short position drove the recent 40%+ jump in RATE, bringing the stock above their $56 target. At 15.4x FY08 EV/EBITDA, they think RATE seems to have discounted much of this positive outlook.
07:47 2008 Semiconductor Industry outlook; a Q1 bottom - FBR

Friedman Billings notes that chip stocks have had a rough start to 2008, falling 15% in the first three weeks of the year before recovering somewhat and falling 35% peak to trough so far since July. Firm believes industry demand trends should begin to improve by June, when the supply chain ramps up for the back-to-school and holiday seasonal build. Firm forecasts 2008 chip shipments to grow 6% YoY, which assumes a weaker-than-typical 1H, a small snapback in 3Q, and an in-line 4Q. Key growth drivers include emerging market unit strength for notebook PCs and handsets, portability and mobility trends that spur growth in consumer gadgets, an increasing focus on energy efficiency, and some enterprise PC refreshes. Firm believes investors should be overweight chip stocks by April. They believe chip stocks are close to a bottom and there are some terrific opportunities for meaningful capital appreciation in the coming year, including in names like BRCM, FCS, ONNN, MSCC, ATML, and others.
07:47 PER Perot Systems beats by $0.05, beats on revs; guides Q1 EPS in-line, revs in-line (12.29 )

Reports Q4 (Dec) earnings of $0.35 per share, $0.05 better than the First Call consensus of $0.30; revenues rose 21.8% year/year to $732 mln vs the $707.9 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.21-0.23 vs. $0.21 consensus; sees Q1 revs of $665-680 mln vs. $673.52 mln consensus.
07:47 VOCS Vocus: Broadpoint Capital anticipates a strong finish (29.78 )

Broadpoint Capital notes VOCS exceed their 4Q07 rev and EPS ests of $15.8 mln and $0.13. Firm notes several reasons why they believe VOCS can weather an economic slowdown: With relatively low ASPs ($25,000/year), eliminating Vocus is not going to “move the needle” for many organizations as a cost-containment initiative. Based on customer feedback, Vocus is typically cost justified through the reduction of outside PR agency services or the need for fewer internal resources. The co’s core tgt market consists of more than 300,000 businesses that primarily management their PR tasks with manual process and limited technology - leaving plenty of greenfield opportunities. International rev is less than 10% of the total but growing approx 100% Y/Y - leaving ample room for expansion.
07:46 SNCR Synchronoss Tech tgt cut to $48 from $55 at ThinkEquity (23.45 )

ThinkEquity cuts their tgt ton SNCR to $48 from $55 noting SNCR’s strong 4Q07 results and open-ended growth opportunities are hard to reconcile with the conservative revenue guidance. The firm anticipates that the stock will fall initially before focus returns to the continued strong results and remarkably strengthened margin profile. Ramping Sprint revenues and business-grade services round out the current consumer-centric profile, and should bring greater revenue diversity by late 2008.
07:46 NRGY Inergy misses by $0.19, beats on revs (30.20 )

Reports Q1 (Dec) earnings of $0.55 per share, excluding non-recurring items, $0.19 worse than the First Call consensus of $0.74; revenues rose 26.0% year/year to $514.6 mln vs the $462.9 mln consensus.
07:46 IDMI IDM Pharma: Stock up on MTP-PE Phase 3 data publication - Rodman & Renshaw (1.14 )

Rodman & Renshaw says today, share price of IDMI increased by over 35% based on a publication in the Journal of Clinical Oncology showcasing updated positive overall survival data from a pivotal Phase 3 trial evaluating muramyl tripeptide phosphatidylethanolamine in patients with sarcoma. The data analysis showed that the addition of MTP-PE to chemotherapy improved 6-year overall survival from 70% to 78% as compared to those patients who received chemotherapy alone. The hazard ratio for overall survival with the addition of MTP was 0.71. Furthermore, the data showed a trend in an improvement in event-free survival (EFS) with the EFS at year 6 in the chemotherapy + MTP-PE arm projected to be 67%, as compared to 61% in the chemotherapy alone arm. While the newly published data look promising, firm would like to highlight to investors that these updated results were previously presented at the Connective Tissue Oncology Society Annual Meeting in November 2007 in Seattle.
07:46 NRGY prelim $0.55, ex items vs $0.74 First Call consensus; revs $514.6 mln vs $462.92 mln First Call consensus

07:45 PER sees Q1 $0.21-0.23 vs $0.21 First Call consensus; sees revs $665-680 mln vs $673.52 mln First Call consensus

07:45 PER prelim $0.35 vs $0.30 First Call consensus; revs $732 mln vs $707.87 mln First Call consensus

07:45 PWAV Powerwave: Q4 results better, outlook positive - Baird (3.81 )

Robert Baird notes PWAV rev and EPS were slightly above expectations and guidance met Street consensus for 2008, which firm views positively given the macro environment. Rev growth was broad-based and PWAV achieved breakeven sooner than they had modeled. Firm maintains their Outperform rating with new $5 tgt, and recommends stock as they believe fundamentals have bottomed and a recovery in rev and earnings is more visible now.
07:44 QSFT Quest Software: Q4 preview; expect improved results, conservative guidance - Broadpoint Capital (15.34 )

Broadpoint Capital expects QSFT to exceed Q4 expectations. Checks point to improved execution during 4Q, as QSFT may have rebounded from self-inflicted sales organizational changes made during 3Q. They expect license rev growth to improve relative to the 3%-4% rate reported during 2Q and 3Q, potentially reaching 5%-12% during 4Q, particularly when adjusted for a nonrecurring $4 mln license rev benefit in 4Q06. Firm ests total rev could reach roughly $185 mln or more vs the consensus of $178 mln. It is possible that the co will reassure investors that its Windows Management business faces a solid growth opportunity, despite flat license sales in 3Q.
07:43 HAIN Hain Celestial: Would be buyers of the stock at these levels- ThinkEquity (27.71 )

ThinkEquity notes Hain reported impressive 20% revenue growth for the second quarter of FY08 and in-line EPS of $0.43, when adjusted for unusual items. Though the co faced dramatic increases in input costs, it made up for the difference through SG&A efficiencies. The firm expects the co to continue this trend of improving SG&A margins as businesses are integrated, and expect some gross margin pressure to be eased by price increases. They also expect revenue growth to remain strong, as Hain’s market niche withstands an economic slowdown, and would be buyers of the stock at these levels. Firm also cut their tgt to $36 from $41.
07:42 MSFT Microsoft: Brief update conveys confidence in FY09 - Broadpoint Capital (30.19 )

Broadpoint Capital nots MSFT held a brief strategic update for financial analysts yesterday. They state co indicated that it sees the overall market as “generally healthy” and expects double-digit rev growth in FY09. Relative to its customary conservatism and the current consensus of 10.3% FY09 rev growth, they view this as an encouraging comment from the mgmt team. MSFT expects to succeed in buying Yahoo! (YHOO) with its current offer and noted that it may borrow money for the first time in its history to fund it.
07:41 RHT Red Hat: Positive tone expected at mgmt dinner - Broadpoint Capital (19.33 )

Broadpoint Capital says they expect RHT mgmt to allude to the possibility of making investments to accelerate growth beyond the current consensus, as new CEO Jim Whitehurst believes the co is resource-constrained rather than demand-constrained. While they believe that the new CEO is resistant to showing margin contraction, it is conceivable that RHT will decide to back off its +200 bps annual margin expansion target, in favor of acceleration in rev, billings, and perhaps cash flow growth. They believe RHT is also likely to curtail investments into non-core products, such as Mugshot and Dogtail, to focus exclusively on flagship offerings.
07:41 TMA Thornburg Mortg: Color on quarter (11.28 )

Friedman Billings is reiterating their Outperform rating and tgt of $13, which reflects an 11% dividend yield on their $1.45 FY08 dividend est and 1.5x book value of $8.36. While the industry is still in a crisis, liquidity issues for the co have subsided, as TMA has been able to roll existing repo lines, and lenders are feeling more comfortable with TMA’s business model. The co is well positioned to take advantage of current spread opportunities. While delinquencies moderately increased during the quarter, TMA’s continued strong credit quality is a differentiating factor from the other mortgage players and justifies a higher valuation multiple for TMA. Firm expects earnings growth in FY08 to reflect moderate NIM expansion on the REIT portfolio of 5 bps to 10 bps… Deutsche expects TMA to benefit from declining financing costs and increasing origination volume during 2008. They expect earnings to grow in 2H08 as the co benefits from a larger portfolio and wider spreads. TMA issued origination volume guidance of just over $6 bln for 2008, which firm expects to be back-end loaded.
07:39 SIRF SiRF Technology: Color on quarter (16.27 )

Deutsche notes SIRF reported $100 mln in rev in line with expectations, but PF EPS of $0.28 missed their est and consensus of $0.32. Citing competitive pressures and mix shift, the co lowered its gross margin outlook, guiding well below firm’s ests. SIRF now faces a difficult year, but they consider that this prospect is fully reflected in its share price, meriting a Hold rating. Firm believes the Centrality SoC products are cannibalizing stand-alone products which saw no organic growth and even steeper price declines. These trends look set to continue in coming quarters. The company guided to further gross margin declines, and increased operating expenses… Lehman downgrades SIRF to Equal Weight from Overweight saying that post close, GPS chipset leader SiRF posted a disappointing 4Q and 1Q08 outlook. While the disappointments appear to be largely co specific, they would not be surprised to see broader sentiment in navigation affected this morning. Firm continues to look for healthy overall growth rates in the PND category fueled by low penetration rates. They believe broader 1Q market seasonality in PNDs remains on track for unit declines of -30% QoQ in line with 1Q07 trends. Inventory levels appear broadly normal, though some pockets of inventory at certain PND customers do appear evident. Firm believes near-term weakness may occur in Garmin (GRMN) stock… Collins Stewart believes that due to concerns related to U.S. consumer spending in 2H’08 and uncertainties related to Motorola’s (MOT, $12.69, NR) roll-out of new GPS-enabled handsets, SiRF’s stock is down ~50% in the last 3 months. Firm believes this has created an excellent buying opportunity, as the global GPS industry fundamental trends remain strong, and that SiRF retains its competitive edge against emerging competitors. They also think the stock is not getting adequate credit for the edge that SiRF’s Centrality acquisition has provided… Also note the mutliple downgrades this morning: Thomas Weisel downgrades Sirf Techonolgy (SIRF) to Market Weight from Overweight and cut their tgt to $12 from $31… Oppenheimer downgrades SiRF Technology (SIRF) to Perform from Outperform… Soleil downgrades Sirf Tech (SIRF) to Hold from Buy and cuts their tgt to $10 from $21… Jefferies downgrades SiRF Technology (SIRF) to Hold from Buy and lowers their tgt to $9 from $32.
07:38 CBL CBL & Assoc downgraded to Market Perform at Friedman Billings- tgt cut to $30 (27.43 )

Friedman Billings downgrades CBL to Market Perform from Outperform and cuts their tgt to $30 from $34 after a 30% share price rebound over the past two weeks. The firm says while shares still trade at a comparatively attractive 7.9% dividend yield and 7.7x 2008 FFO multiple, they believe the risk/reward trade-off has become less compelling at current levels, particularly in light of an increasingly challenging operating backdrop for B/C-malls.
07:35 LAD Lithia Motors downgraded to Underweight from Neutral at J.P Morgan (15.03 )

07:35 YHOO Yahoo! running out of options - Latimes.com (29.33 +0.95) -Update-

Latimes.com reports that YHOO’s board of directors can’t simply say no to MSFT’s strong offer without providing a better alternative, analysts said, and few options have emerged that wouldn’t outrage shareholders or antitrust regulators. “Yahoo does not want this to happen,” analyst Charlene Li of Forrester Research said. “But I’m not sure it has much of a choice.” News Corp (NWS) Chairman Rupert Murdoch told analysts during an earnings call Monday that his company was “definitely not going to make a bid for Yahoo.” Cable TV giant Comcast (CMCSA) wants to extend its online reach, but analysts said the price was probably too rich. NBC Universal Chief Executive Jeff Zucker dismissed a rumor during a conference call, saying NBC “was not in play,”. Turning MSFT down flat is fraught with risk because it all but guarantees a drawn-out fight that would end months from now in an acrimonious vote at YHOO’s annual meeting, said Michael Montgomery, founder of investment bank Montgomery & Co. YHOO insiders, including founders Yang and David Filo, control only about 5% of the co’s shares, while mutual funds and other institutional investors hold about 70%. That leaves YHOO much more vulnerable to Wall Street pressure. This could play out over several acts, and these are unpredictable times, but at the end it all leads to Microsoft winning,” said an investment banker tracking the matter who insisted on anonymity because he could become more closely involved. “This is a really strong offer.”
07:35 HOT Starwood Hotels: Investor group discloses 7.7% stake in co, solely for the purpose of investment (46.19 )

Investment group EGI-SSE discloses 7.7% stake in HOT. “Between October 2, 2007 and January 31, 2008, SSE acquired 14,750,000 shares of Common Stock in open market purchases in a price range from $39.63 to $62.37 per share. The average purchase price per share was $49.97, for a total purchase price of $736,997,526.78. All funds used in the acquisition such shares of Common Stock by SSE were obtained from the working capital of SSE and from brokerage account margin loans maintained in the ordinary course of business. The acquisition of Common Stock by SSE has been effected solely for the purpose of investment. SSE has no intention of participating in the formulation, determination or direction of the basic business decisions of the Issuer or any affiliate of the Issuer. SSE intends to continue to review its investment in Common Stock from time to time depending upon certain factors, including, without limitation, the financial performance of the Issuer, the availability and price of shares of Common Stock and other general market and investment conditions, may determine to acquire through open market purchases or otherwise additional shares of Common Stock or may determine to sell through the open market or otherwise.”
07:34 RTP Rio Tinto: China denies legal challenge to BHP bid for Rio - Reuters (432.16 )

Reuters reports China’s Foreign Ministry on Tuesday denied the Chinese govt would mount a legal challenge against BHP’s proposal to take over rival RTP. Britain’s Observer newspaper on Sunday said Beijing would use its new anti-monopoly law to oppose a hostile bid by BHP to take over Rio in a three-for-one share offer. “I’ve not heard of this,” spokesman Liu Jianchao told reporters on Tuesday when asked if China would lodge a lawsuit to stop the merger of its two largest iron ore suppliers. “This deal is totally between the companies,” he said, referring to Friday’s surprise announcement that national champion Aluminum Corp of China had teamed up with Alcoa to buy a 12% stake in Rio.
07:34 EDS EDS downgraded to Underweight from Equal Weight at Morgan Stanley (20.39 )

07:34 KBW Keefe, Bruyette & Woods reports Q4 (Dec) results, misses on revs (26.88 )

Reports Q4 (Dec) GAAP earnings of $0.11 per share, non-GAAP earnings of $0.17, excluding the 2006 IPO restrictred stock awards, may not be comparable to the First Call consensus of $0.34; revenues fell 12.3% year/year to $105.4 mln vs the $108 mln consensus.
07:33 WIRES On The Wires

Titan Machinery (TITN) announces that it has acquired Ceres Equipment, a farm equipment dealership of CaseIH and New Holland brands. Ceres reported revenues of $11 mln during its most recently completed fiscal year ended December 31, 2007… Geron (GERN) announces that it has received U.S. Patent 7,326,572 with claims covering a widely used method for producing endoderm cells from human embryonic stem cells.
07:33 TE TECO Energy reports Q4 (Dec) results, beats on revs (17.25 )

Reports Q4 (Dec) earnings of $0.83 per share, includes $146.1 mln gain, doesn’t comapre to the First Call consensus of $0.19; revenues rose 3.9% year/year to $858.3 mln vs the $809.6 mln consensus.
07:33 NRG NRG Energy initiated with an Overweight at Morgan Stanley (40.30 )

07:32 KPN Royal KPN gives upbeat 2010 outlook, shares rise - Reuters (18.18 )

Reuters reports gave an upbeat three-year outlook as it reported quarterly results that matched forecasts, adding its Dutch business will return to growth after doubling job cuts. KPN shares rose more than 2% after the co forecast its EBITDA would rise to more than 5.5 bln euros ($8.15 bln) in 2010 from 4.9 bln in 2007. Helped by the acquisition of IT services provider Getronics and German mobile unit E-Plus, fourth-quarter EBITDA rose 5.6% to 1.22 bln euros and compared with an average forecast of 1.23 bln. The former Dutch telecoms monopoly also announced it would target a dividend of 0.80 euro per share in 2010, up from the 0.54 euro per share for 2007, and announced a 1 bln euro share buyback for 2008.
07:32 IVZ InVesco reports Q4 EPS of $0.43 vs $0.46 First Call consensus; revs $766.7 mln vs $757.83 mln First Call consensus (27.45 )

07:32 WR Westar Energy assumed with an Outperform from Market Perform at Wachovia (25.18 )

07:32 TE prelim $0.83, includes gains, doesn’t comapre to the $0.19 First Call consensus; revs $858.3 mln vs $809.62 mln First Call consensus

07:31 KBW prelim $0.11 may not compare to $0.34 First Call consensus; revs $105.4 mln vs $107.98 mln First Call consensus

07:30 ALTU Altus Pharma announces resignation of Sheldon Berkle as President and CEO (5.70 )

Co announces that Sheldon Berkle has resigned as President, Chief Executive Officer and a member of the Board of Directors, effective February 4, 2008. The Board of Directors has appointed David Pendergast Chairman of the Board, to the interim position of Executive Chairman of Altus, while the company initiates a search for a new president and chief executive officer.
07:30 KVHI KVH Industries receives orders valued at $1.4 mln for TACNAV military navigation components (7.95 )

Co announces that it has received two orders from a U.S. defense contractor for the purchase of components and upgrades for KVHI’s TACNAV vehicle navigation systems for use on U.S. military combat vehicles. The two orders, which have a total value of approx $1.4 mln, are scheduled to begin shipping in 1Q08.
07:30 WOOF VCA Antech downgraded to Neutral from Buy at Piper Jaffray (39.50 )

07:30 RTP Rio Tinto finds 1.04 bln ton coal resource at Chapudi, South Africa - CNNMoney.com (432.16 )

CNNMoney.com reports the co announced a 1.04 bln ton total coal resource at Chapudi in South Africa. ‘This is a significant find in an area that has previously been viewed as having little geological potential,’ said Preston Chiaro, chief executive of Rio Tinto Energy & Minerals. ‘The project’s potential to produce thermal coal for electricity generation comes at a time when South Africa needs to rapidly increase its generating capacity.’ South Africa is currently in the middle of a power crisis that has stopped or reduced mining operations at many of the country’s mines. Chiaro said the project also offers the opportunity to produce a range of products, from thermal to hard coking coal, for export.
07:28 CXP Corporate Express says not in talks with Staples - Guardian Unlimited (6.49 )

Guardian Unlimited reports the co said it was not in talks with U.S. rival Staples (SPLS) after a Dutch paper reported that Staples is discussing a takeover of the Dutch co. Dutch newspaper De Telegraaf reported earlier on Tuesday that Staples and Corporate Express were in early stage talks but it was not clear how the acquisition of Corporate Express by Staples would look, citing an unnamed source within Staples. Corporate Express said in a statement it had noted “rumours in a Dutch morning paper.”
07:26 DO Diamond Offshore upgraded to Outperform from Market Perform at Wachovia (117.46 )

07:25 CHRT Chartered Semi: Hearing upgraded to neutral from sell at tier 1 firm (5.89 )

07:24 DLB Dolbys Labs: Hearing upgraded to buy from neutral at tier 1 firm (47.38 )

07:23 RIO Comp Vale Do Rio: Hearing upgraded to buy from neutral at tier 1 firm (31.31 )

07:21 BRCM Broadcom: Hearing upgraded to buy from neutral at tier 1 firm (22.22 )

07:20 AIRM Air Methods profiled in New America section of IBD (46.31 )

IBD reports is the nation’s largest air-medical transport co. Air Methods claims 22% of the about $2 bln air medical transport mkt in the U.S. That mkt is growing at 6% a year. “It’s a terrific company. It’s a great management team,” said Robert Labick, analyst with CJS Securities. “We like the field they’re in. They’re independent of the economy.” It operates hospital-based helicopter and airplane services on fixed contracts. That’s the low-risk, but lower-profit reward side of the business. But its community-based air ambulance business is growing faster. There, it is dispatched by emergency responders and operates similar to an independent ambulance service. The margins are higher. But so, too, are the costs. It must hire its own medical staff and conduct its own billing. If it’s grounded by weather or can’t fly for any other reason, it doesn’t get paid… Analysts think foul weather in Dec may have dampened that quarter’s results… Analysts say the co has been able to raise prices on the community-based side. As hospitals consider contracting out their air medical services, Air Methods often is one of the first calls. In addition to weather, the biggest vagaries affecting the co are maintenance and patient mix. On average, the co collects about $6,500 per transport on its community-based service. Patients with private insurance, which pays the most, make up 44% of the load. Medicaid and Medicare patients make up the rest. So if the economy sours and unemployment rises, the number of uninsured patients could climb.
07:20 TCK Teck Cominco: Hearing downgraded to neutral from buy at tier 1 firm (37.26 )

07:19 HEW Hewitt Associates beats by $0.20, beats on revs; reaffirms (37.87 )

Reports Q1 (Dec) earnings of $0.59 per share, $0.20 better than the First Call consensus of $0.39; revenues rose 9.2% year/year to $793.8 mln vs the $758 mln consensus. Co reaffirms FY08 guidance issued on Nov 12th 2007 of mid-single digit total company net revenue growth; underlying operating income of approximately $300 million to $315 million; and underlying earnings per share of $1.70 to $1.80.
07:19 DUK Duke Energy beats by $0.03 (19.24 )

Reports Q4 (Dec) earnings of $0.27 per share, $0.03 better than the First Call consensus of $0.24; operating revenues rose 6.5% year/year to $2.34 bln.
07:18 PBY Pep Boys upgraded to Market Weight from Underweight Thomas Weisel (11.97 )

07:17 SYT Syngenta initiated with an Outperform at Bear Stearns (51.34 )

07:16 KBALB Kimball Int’l misses by $0.06, misses on revs (13.60 )

Reports Q2 (Dec) earnings of $0.12 per share, $0.06 worse than the First Call consensus of $0.18; revenues rose 6.3% year/year to $347.8 mln vs the $351.7 mln consensus.
07:15 HEW prelim $0.59 vs $0.39 First Call consensus; revs $793.8 mln vs $758.01 mln First Call consensus

07:14 CE Celanese beats by $0.12, beats on revs; raises Y08 guidance range (38.53 )

Reports Q4 (Dec) earnings of $0.93 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.81; revenues rose 23.1% year/year to $1.76 bln vs the $1.58 bln consensus. Co raises guidance range for FY08, sees EPS of $3.40-3.70, compared to previous guidance of $3.35-3.65, vs. $3.66 consensus; co sees operating EBITDA of $1.29-1.36 bln, compared to previous guidance of $1.28-1.35 bln.
07:13 WEC Wisconsin Energy beats by $0.11, beats on revs (46.66 )

Reports Q4 (Dec) earnings of $0.80 per share, $0.11 better than the First Call consensus of $0.69; revenues rose 4.9% year/year to $1.15 bln vs the $0.88 bln consensus. Key factors driving the increase in adjusted earnings from continuing operations in 2007 included favorable weather, improved natural gas margins and lower operating costs.
07:12 BHE Benchmark Elec reports Q4 (Dec) results, beats on revs; guides Q1 revs in-line (17.69 )

Reports Q4 (Dec) earnings of $0.35 per share, excluding charges and stock based compensation expense, may not be comparable to the First Call consensus of $0.33; revenues fell 0.4% year/year to $734.5 mln vs the $720.7 mln consensus. Co issues guidance for Q1, sees EPS of $0.33-0.37, may not be comparable to $0.34 consensus; sees Q1 revs of $700-725, excluding non-recurring items, vs. $718.96 mln consensus.
07:12 HEP Holly Energy Partners beats by $0.01, beats on revs (41.99 )

Reports Q4 (Dec) earnings of $0.58 per share, $0.01 better than the First Call consensus of $0.57; revenues rose 7.5% year/year to $27.2 mln vs the $26.9 mln consensus.
07:11 CHD Church & Dwight reports Q4 (Dec) results, beats on revs; guides FY08 EPS in-line (52.92 )

Reports Q4 (Dec) earnings of $0.46 per share, include a $3.5 mln charge relating to the reorganiztion of the co’s Canadian business and trademark impairment charges of $4.2 mln related to certain international brands, may not be comparable to the First Call consensus of $0.45; revenues rose 10.2% year/year to $579.7 mln vs the $560.3 mln consensus. Co issues in-line guidance for FY08, sees EPS of $2.77 vs. $2.76 consensus.
07:10 MLI Mueller Industries beats on EPS, light on revs (28.58 )

REports Q4 EPS of $0.78 vs $0.62 First Call consensus; revs $621.7 mln vs $624.20 mln First Call consensus. “Also, we anticipate that our non-residential businesses, which constitute a significant portion of our total, will have another good year in 2008.”
07:09 AVP Avon Products beats by $0.02, beats on revs (36.01 )

Reports Q4 (Dec) earnings of $0.30 per share, including charges, which is comparable to the First Call consensus of $0.28; revenues rose 17.3% year/year to $3.08 bln vs the $2.92 bln consensus. (Briefing.com note: First Call consensus also includes effect of charges the company announced previously.)
07:09 CME CME Group beats by $0.15, misses on revs (619.00 )

Reports Q4 (Dec) earnings of $3.77 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $3.62; revenues rose 88.2% year/year to $529.5 mln vs the $535.3 mln consensus. Co sees Y08 operating expenses of $835-850 mln, with run rate expense synergies of $150 mln by the end of Y08; co sees capital expenditures of $225-235 mln. Co declares a Q1 dividend of $1.15, payable March 25, 2008 to shareholders of record as of March 10, 2008.
07:07 WIRES On The Wires

Alexza Pharmaceuticals (ALXA) announces that it has initiated a Phase 1 clinical trial with AZ-007… MAP Pharmaceuticals (MAPP) announces that Stephen Shrewsbury, Chief Medical Officer, will be leaving the company for personal reasons in early March 2008… Columbia Labs (CBRX) receives Institutional Review Board approval for the first of 19 planned clinical sites for the co’s Phase III PREGNANT study.
07:05 TNDM Neutral Tandem reports Q4 EPS of $0.06 may not compare to $0.11 consensus; reports revs up 65.3% yr/yr to $24.8 mln vs $23.9 mln consensus (20.37 )

Co sees Y08 revs of $112-116 mln vs $107.4 mln consensus; co sees adjusted EBITDA of $39-41 mln.
07:05 BHE sees Q1 $0.33-0.37, may not comapre to the $0.34 First Call consensus; sees revs $700-725 mln vs $718.96 mln First Call consensus

07:05 MLI prelim $0.78 vs $0.62 First Call consensus; revs $621.7 mln vs $624.20 mln First Call consensus

07:04 CBRL CBRL Group says Jan comparable store restaurant sales increased 1.7% (31.84 )

Co announces that Jan comparable store restaurant sales increased 1.7%, which included the effect of an approximately 3.0% higher average check that resulted primarily from an average menu price increase of approximately 3.2%. Comparable store retail sales were down 1.9%.
07:04 BHE prelim $0.35, ex items, may not compare to the $0.33 First Call consensus; revs $734.54 mln vs $720.65 mln First Call consensus

07:03 GBX Greenbrier Comp upgraded to Outperform from Peer perform at Bear Stearns (24.75 )

07:03 WEC prelim $0.80 vs $0.69 First Call consensus; revs $1.15 bln vs $880.34 mln First Call consensus

07:03 HEP prelim $0.58 vs $0.57 First Call consensus; revs $27.2 mln vs $26.89 mln First Call consensus

07:03 IEAM Industrial Enterprises of America names James Margulies Interim CEO and CFO (0.39 )

Co announces that the Board of Directors is pleased to report that James Margulies has accepted the position of Chief Executive Officer and Chief Financial Officer on an interim basis. Mr. Margulies has also agreed to serve as a member of the Board of Directors. In conjunction with the appointment of Margulies, John Mazzuto has resigned his positions as CEO, interim CFO and as a Member of the Board of Directors, effective immediately. As part of the separation agreement, Mazzuto has agreed to act as a consultant to the company to assist in answering any questions as they relate to the filing of the company’s financials. Additionally, Mazzuto will be assuming over $4 mln of unsecured debt. The payment of this debt had been guaranteed by Mazzuto and secured by personal assets and common stock controlled by Mazzuto at the time it was incurred in July 2007 as part of a non bank “credit line.” The nature of these loans and guarantees had not previously been disclosed in public filings. The assumption of this debt is without recourse to the company by Mazzuto or the lenders. As a result of this transaction, the company expects to incur an extraordinary, non-recurring, non-cash gain of over $4 mln. In addition, as part of the separation agreement, Mazzuto will return 500K shares of common stock that were granted to him.
07:02 CME prelim $3.77 vs $3.62 First Call consensus; revs $530 mln vs $535.25 mln First Call consensus

07:02 DUK prelim $0.27 vs $0.24 First Call consensus

07:02 KBALB prelim $0.12 vs $0.18 First Call consensus; revs $347.8 mln vs $351.68 mln First Call consensus

07:01 HEPH Hollis-Eden Pharm presents additional data demonstrating activity of APOPTONE in inducing cancer cell death (2.02 )

Co announces that it is presenting preclinical data at the 19th International Congress on Anti-Cancer Agents, being held February 5-8 further demonstrating that the co’s lead cancer compound, APOPTONE, directly induces apoptosis, or cell death, in tumor cells. Co intends to file an Investigational New Drug application with the U.S. Food and Drug Administration this month to initiate a Phase I/II clinical trial in late-stage prostate cancer patients.
07:01 AVP prelim $0.30 vs $0.28 First Call consensus; revs $3.1 bln vs $2.92 bln First Call consensus

07:01 CHD sees FY08 $2.77 vs $2.76 First Call consensus

07:00 CHD prelim $0.46 may not compare to $0.45 First Call consensus; revs $579.7 mln vs $560.33 mln First Call consensus

07:00 CE sees FY08 $3.40-3.70 vs $3.66 First Call consensus

07:00 PKY Parkway Prop announces Chief Financial Officer appointment (36.25 )

Co announces the appointment of J. Mitchell Collins as Executive Vice President, Chief Financial Officer and Secretary of the co effective March 1, 2008. Collins previously served as Executive Vice President and Chief Financial Officer of Equity Inns, a public hotel REIT that was sold in October 2007 to an affiliate of Goldman Sachs.
07:00 CE prelim $0.93, ex items vs $0.81 First Call consensus; revs $1.76 bln vs $1.58 bln First Call consensus

06:57 SPWR Sunpower dislcoses in 8-k, PM Pai resigned as the Chief Operating Officer of the co effective as of January 31, 2008 (76.50 )

06:56 EMR Emerson beats by $0.02, beats on revs; guides FY08 EPS in-line (52.99 )

Reports Q1 (Dec) earnings of $0.66 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.64; revenues rose 11.6% year/year to $5.64 bln vs the $5.55 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.95-3.05 vs. $3.01 consensus.
06:56 EMR sees FY08 $2.95-3.05 vs $3.01 First Call consensus

06:56 NOOF New Frontier Media beats by $0.03, beats on revs (4.23 )

Reports Q3 (Dec) earnings of $0.13 per share, $0.03 better than the First Call consensus of $0.10; revenues rose 7.8% year/year to $17.9 mln vs the $15.3 mln consensus.
06:55 EMR prelim $0.66 vs $0.64 First Call consensus; revs $5.64 bln vs $5.55 bln First Call consensus

06:52 WIRES On The Wires

PGxHealth, a division of Clinical Data (CLDA), announces that its FAMILION test for Long QT Syndrome has met the Blue Cross and Blue Shield Association Technology Evaluation Center’s criteria for establishing the diagnosis of LQTS in certain individuals… DemandTec (DMAN) announces that Best Buy (BBY) has purchased DemandTec Markdown… R.H. Donnelley (RHD) and Amdocs (DOX) announces the extension of their managed services agreement through 2012.
06:52 CALLS Early Research Calls III

Upgrades: J.P Morgan upgrades Arch Coal (ACI 48.31) to Overweight from Neutral… Oppenheimer upgrades Zoran (ZRAN 13.01) to Outperform from Perform and sets an $18 tgt, based on a multi-year low on valuation. Downgrades: Lehman downgrades SiRF Technology (SIRF 16.27) to Equal-weight from Overweight… Thomas Weisel downgrades Sirf Techonolgy (SIRF 16.27) to Market Weight from Overweight and cut their tgt to $12 from $31 following earnings and saying although they believe that SIRF remains well positioned with leading P.N.D and automotive OEMs, they believe competition is heating up and certain growth drivers, such as wireless, has limited near-term visibility… Soleil downgrades Sirf Tech (SIRF 16.27) to Hold from Buy and cuts their tgt to $10 from $21 following earnings… Oppenheimer downgrades SiRF Technology (SIRF 16.27) to Perform from Outperform, followng Q407 results that were below expectations and lowered Q108 revenue guidance… Jefferies downgrades Bankrate (RATE 56.85) to Hold from Buy and raises their tgt to $56.85 from $56.00, based on valuation. Miscellaneous: Lehman initiates Targa Resources Partners (NGLS 26.87) with an Overweight… Lehman initiates NStar (NST 33.42) with an Equal Weight… RBC initiates Petroleum Development (PETD 63.20) with an Outperform.
06:50 CATS Catalyst Semiconductor guides Q4 revs below consensus; announces up to 4 mln share buyback (3.81 )

Co issues downside guidance for Q3 (Jan), sees Q3 (Jan) revs of $17.4-17.6 vs. $18.84 mln First Call consensus.
06:50 CLP Colonial Properties reports Q4 EPS of $0.62 vs $0.58 consensus; co sees Y08 FFO of $2.15-2.25 vs $2.14 consensus (26.12 )

06:45 VYYO Vyyo reports Q4 EPS of ($0.46) vs ($0.41) consensus; reports revs up 1.7% yr/yr to $2.3 mln vs $3.3 mln consensus (1.85 )

06:33 CALLS Early Research Calls II

Upgrades: BofA upgrades Pulte Homes (PHM 15.24) and MDC Holdings (MDC 45.40) to Buy from Neutral… JP Morgan upgrades Cadbury Schweppes (CSG 45.01) to Overweight from Neutral… Lehman upgrades Amkor Technology (AMKR 8.14) to Overweight from Eqaul-weight… Citigroup upgrades Potash (POT 145.00) and Mosaic (MOS 98.45) to Buy from Hold. Downgrades: UBS downgrades CSX (CSX 49.04) and Norfolk Southern (NSC 54.65) to Neutral from Buy… JP Morgan downgrades Barnes & Noble (BKS 33.04) to Neutral from Overweight… Baird downgrades Associated Banc-Corp (ASBC 28.35) to Neutral from Outperform and raises their tgt to $29 from $28, based on valuation… Jefferies downgrades SiRF Technology (SIRF 16.27) to Hold from Buy and lowers their tgt to $9 from $32, following Q407 results reported below consensus with revenue and EPS guided lower for Q108 and believe the co will face an increasing headwind in the PND market in terms of share loss and pricing pressure. Miscellaneous: Merriman initiates optionsXpress (OXPS 26.73) with a Sell, based on a change in competitive landscape and believe pressures on the co will mount in FY08 in the form of a decline in commissions per trade, an increase in account acquisition costs and/or a decline in account growth, the need for increased investments into technology, customer service and education incentives, and pressure on interest revenue growth.
06:32 DTPI Diamond Mngmt beats by $0.01, beats on revs; guides Q4 below consensus; announces additional $25 mln stock buy-back (4.62 )

Reports Q3 (Dec) earnings of $0.09 per share, $0.01 better than the First Call consensus of $0.08; revenues rose 6.9% year/year to $46.7 mln vs the $46.1 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.01-0.03, excluding non-recurring items, vs. $0.09 consensus; sees Q4 revs of $42-44 mln vs. $47.08 mln consensus. Co also announced that the Board of Directors approves an additional $25 million stock buy-back authorization.
06:31 MYGN Myriad Genetics beats by $0.07, beats on revs (42.75 )

Reports Q2 (Dec) loss of $0.11 per share, $0.07 better than the First Call consensus of ($0.18); revenues rose 52.8% year/year to $56.7 mln vs the $52.1 mln consensus.
06:28 CALLS Early Research Calls I

Upgrades: JMP Securities upgrade Actuate (ACTU 4.5 to Strong Buy from Market Outperform and maintains their $7 tgt, based on valuation, the announcement that its Board has increased its existing stock repurchase program by over 50% for Q108 and believe management might be overly conservative with its 10% license downside guidance for ‘08… Canaccord Adams upgrades Yahoo (YHOO 29.33) to Buy from Hold and raises their tgt to $35 from $21, as they believe Microsoft is likely to be successful in its bid for Yahoo, but at a higher purchase price than Friday’s $31 offer, and would be willing to pay close to $40/share in order to consummate the transaction on friendly terms with Yahoo, in their view… BofA upgrades Hasbro (HAS 25.73) to Buy from Neutral… BofA upgrades Toll Brothers (TOL 22.35) to Neutral from Sell… BofA upgrades KB Home (KBH 26.41) to Buy from Neutral. Downgrades: Oppenheimer downgrades Goldman Sachs (GS 200.80) to Perform from Outperform, as they believe that at 2.2x book value, an outsized premium valuation simply won’t be sustainable in a year when GS will probably deliver results that won’t be substantially better than its peers… BofA downgrades Yahoo (YHOO 29.33) to Neutral from Buy and raises their tgt to $31 from $26. Miscellaneous: Morgan Keegan initiates Supertex (SUPX 20.9 with a Market Perform, based on the lack of any significant positive near term catalyst despite a reasonable valuation and $10.19 of net cash per share.
06:24 European shares snap winning run

European stocks slipped in early trade on Tuesday, ending a three-day winning streak as miners surrendered some recent gains on mixed metal prices while banking shares fell, tracking a drop by U.S. peers overnight. But the fall was cushioned by rising energy shares, led by BP as news of a more generous dividend policy by the oil firm eclipsed weak quarterly results. At 0958 GMT, the FTSEurofirst 300 index of top European shares was down 0.7% at 1,347.35 points. The index has lost about 10% so far in 2008. Around Europe, Germany’s DAX index was down 0.7%, UK’s FTSE 100 index down 0.7% and France’s CAC 40 down 0.7%. (Reuters)
06:24 Asian markets fall with Wall Street, Australia lifts rates to 12-yr high; Sensex ends flat

Asian markets ended mostly lower Tuesday after losses on Wall Street overnight, with Australia closing down more than 1% after the central bank lifted rates to their highest level in 12 yrs to combat high inflation. The S&P/ASX 200 closed down 1.3% at 5,792.9 after the Reserve Bank of Australia raised rates by 25 basis points to 7%. China is struggling to restore power, transportation and other services that have been battered by the severest snowfalls there in 50 yrs. Power outages have disrupted business operations and the snow has destroyed crops, threatening to reduce growth and increase inflation, already at a 11-yr high. The Shanghai Composite closed down 1.5% at 4,599.70, while the Hang Seng closed down 0.9% at 24,808.70. Investors are selling shares ahead of the Lunar New yr Holidays. Hong Kong will close early tomorrow, while markets in China will be closed from until Feb 12. Taiwan markets have been closed since Monday and will only reopen next Tuesday. The South Korean market will be shut from tomorrow until Friday, while the Singapore market will close from early tomorrow till Friday. Markets in Malaysia and Jakarta will be shut on Thursday and Friday. The Kospi closed slightly higher, up 0.4% at 1,696.57, and the Strait times closed down 1.3% at 3,038.42. The Nikkei 225 index ended down 0.8% at 13,745.50 as investors awaited quarterly earnings to be released by Toyota Motor… The Sensex opened with a negative gap of over 60 points at 18,593, and slipped to a low of 18,510. Fresh buying at lower levels helped the index move into positive zone and hit a high of 18,730 -up 220 points from the day’s low- in late morning deals. Alternate bouts of profit-taking and buying activity saw the Sensex move in a narrow range for most part of the session, and finally end on a flat note at 18,663 - up three points. The NSE Nifty settled with a gain of 20 points at 5,484. (Thomson, Business Standard)
06:21 S&P futures vs fair value: -4.0. Nasdaq futures vs fair value: -7.0.
06:20 European Markets

FTSE…6000.50…-25.70…-0.4%. DAX…6966.72…-33.77…-0.5%.
06:20 Asian Markets

Nikkei…13745.50…-114.20…-0.8%. Hang Seng…24808.70…-223.38…-0.9%.
06:13 HMA Health Management guides in-line for Q4 (5.60 )

Co issues in-line guidance for Q4 (Dec), sees EPS of $0.07-0.08 vs. $0.08 First Call consensus; sees Q4 (Dec) revs of $1.1 bln vs. $1.1 bln consensus.
06:11 SWS SWS Group announces agreement to acquire California-based broker-dealer and its asset management subsidiary (14.92 )

Co announces that an agreement has been signed to acquire M. L. Stern & Co and its wholly owned subsidiary, Tower Asset Management, from a subsidiary of Pacific Life Insurance Company. The co anticipates that initial costs will negatively impact SWS earnings by 5 to 7 cents per share in the first six months. However, they project that the combination will make a positive contribution to earnings thereafter. The purchase price was not disclosed.
06:10 WIRES On The Wires -Update-

Data I/O (DAIO) announces an automotive supplier has selected the FLX500 automated desktop programming solution for its production plants located in eastern Europe.
06:08 WHR Whirlpool beats by $0.23, reports revs in-line; guides FY08 EPS in-line (81.59 )

Reports Q4 (Dec) earnings of $2.38 per share, $0.23 better than the First Call consensus of $2.15; revenues rose 7.5% year/year to $5.33 bln vs the $5.27 bln consensus. Co issues in-line guidance for FY08, sees EPS of $8.50-9.00 vs. $8.81 consensus.
06:05 TYC Tyco beats by $0.16, reports revs in-line; reaffirms FY08 EPS guidance (40.60 )

Reports Q1 (Dec) earnings of $0.73 per share, excluding non-recurring items, $0.16 better than the First Call consensus of $0.57; revenues rose 11.6% year/year to $4.87 bln vs the $4.86 bln consensus. Co reaffirms guidance for FY08, sees EPS of $2.60-2.70 vs. $2.66 consensus.
06:04 WATG Wonder Auto Tech beats by $0.01, reports revs in-line; reaffirms FY08 total sales could exceed $140 mln (9.81 )

Reports Q4 (Dec) earnings of $0.17 per share, $0.01 better than the First Call consensus of $0.16; revenues rose 55.5% year/year to $29.7 mln vs the $29.5 mln consensus. Management confirms that ‘08 anticipated total sales could exceed $140 mln.
06:02 NSTC Ness Tech beats by $0.01, beats on revs; guides FY08 EPS in-line, revs above consensus (9.57 )

Reports Q4 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.30; revenues rose 29.3% year/year to $170 mln vs the $158.1 mln consensus. Co issues mixed guidance for FY08, sees EPS of $1.00-1.05 vs. $1.00 consensus; sees FY08 revs of $635-655 mln vs. $627.46 mln consensus.
05:58 CPO Corn Products beats by $0.04, beats on revs; guides FY08 EPS in-line, revs in-line (34.71 )

Reports Q4 (Dec) earnings of $0.61 per share, $0.04 better than the First Call consensus of $0.57; revenues rose 28.6% year/year to $955.4 mln vs the $801 mln consensus. Co issues in-line guidance for FY08, sees EPS of $2.65-2.85 vs. $2.80 consensus; sees FY08 revs of 3.7 bln vs. $3.63 bln consensus.
05:50 SPLS Staples in talks to buy Corporate Express: Paper - Reuters (23.24 )

Reuters reports Staples (SPLS) is in early-stage talks to buy Corporate Express (CXP), a Dutch newspaper said on Tuesday, boosting Corporate Express shares to month-highs. “How the acquisition will look like is unclear. The talks are early stage,” a Staples source was quoted as saying in Dutch newspaper De Telegraaf. A Corporate Express spokeswoman declined to comment and representatives for Staples in Europe were not immediately available for comment. Corporate Express has come under pressure from hedge funds to sell itself although it has said it wants to remain a stand-alone co.
05:48 MCO Moody’s weighs warning labels for its ratings - WSJ (35.20 )

The Wall Street Journal reports Moody’s (MCO) said it is considering a new way of rating mortgage-related and other sometimes-volatile structured finance vehicles. The firm is considering an overhaul of its rating procedures that could include new labels to help investors distinguish CDOs and other structured-finance investments from corporate bonds and Treasury securities. One of the most significant changes being considered by the parent of Moody’s Investors Service: a new, 21-point numerical scale to rate structured securities. Moody’s familiar letter grades would continue to be used for corporate and government bonds, including tax-exempt municipal debt. More broadly, the ratings firm is trying to decide whether to add warning labels that essentially acknowledge the limitations of its ratings. “We’ve been taking a hard look at the things we do,” said Richard Cantor, a managing director at Moody’s who co-wrote the four-page report released yesterday in which the ratings firm announced the possible changes.
05:44 GM GM is still facing tricky curves - WSJ (27.57 )

The Wall Street Journal reports GM (GM) investors should heed caution because the co still has serious kinks in its core automotive business in North America, and, despite some big cost cuts, it may be challenged to come close to breaking even this year. The rise in January sales in the U.S. came in part as a result of a surge in rebates and incentives, which erode profit margins. GM may have to keep incentive levels high through the year to lure buyers into showrooms amid the slowing U.S. economy. Sales of its most-profitable products, trucks and SUVs, are declining, while sales of cars are increasing. “To be an attractive stock, they’ve got to get North America above break-even and in the 2% margin range,” said Lehman automotive analyst Brian Johnson. GMAC and its ResCap unit remain a concern. GMAC reports its Q4 earnings today, and while the numbers are expected to be dismal, there could be light at the end of the tunnel. At an analyst meeting Jan. 17, GM Chief Executive Rick Wagoner and CFO Fritz Henderson made clear that GMAC will be profitable in 2008 and didn’t need a capital infusion from GM and its co-investor, Cerberus Capital Management, in the Q4.
05:40 YHOO Searching Yahoo for value - WSJ (29.33 )

The Wall Street Journal reports in order to receive a sweetened offer, Yahoo (YHOO) will have to resort to some big-deal brinksmanship, where threats, rumors and public pressure all are designed to force a buyer’s hand. The first battleground is over some of the most basic steps of valuing Yahoo. Investors have argued that Microsoft’s (MSFT) $31-a-share offer understates Yahoo’s cash and minority stakes in Yahoo Japan and other companies. The market value of those assets is $16.7 bln. Some investors say these assets alone are valued at $12 a share. But that calculation doesn’t include an adjustment for the tax hit Yahoo would take if the holdings were sold. The figure also doesn’t include an illiquidity discount, which accounts for the difficulty associated in selling off large stakes at one time. Meanwhile, Yahoo prefers to calculate its headline profit number, Ebitda, before stripping out stock-based compensation. But accounting for that cost in the Ebitda calculation reduces the result by about 30%. In 2007, for example, Yahoo’s Ebitda totaled $1.93 bln before the compensation charge and $1.36 bln afterward.
05:36 BP BP’s net rises 53% on turnaround effort - WSJ (64.41 )

The Wall Street Journal reports BP (BP) Tuesday posted a 53% rise in Q4 net profit as it starts reaping the benefits of a turnaround launched last October. The co said it would intensify its restructuring strategy, cutting overheads by 15% to 20%. BP said net profit for the three months ended Dec. 31 was $4.4 bln, or $0.227 a share, compared with $2.88 bln, or $0.149 a share, a year earlier. Revenue rose 30% to $81.22 bln from $62.53 bln. Underlying profit, or clean replacement cost profit, fell to $4 bln from $4.05 bln a year earlier. Analysts had expected profit of $4.59 bln. Underlying profit excludes exceptional items and the impact of inventories changes. BP said output averaged 3.91 mln barrels of oil equivalent a day in the quarter, up 1.7% from 3.84 mln barrels of oil equivalent a day. The rise was driven by the startup of new oil and gas projects such as Angola’s Greater Plutonio, Trinidad’s Mango and Atlantis, in the Gulf of Mexico.
05:33 TM Toyota posts 7.5% rise in net - WSJ (109.19 )

The Wall Street Journal reports Toyota (TM) reported a 7.5% rise in Q3 net profit, as higher sales in overseas emerging markets and cost-cutting efforts helped lift its results despite a rise in the yen and softer U.S. auto demand. TM posted a net profit of 458.67 bln yen ($4.3 bln) in the three months ended Dec. 31, up from 426.77 bln yen a year earlier. Its operating profit grew 4.7% to 601.56 bln yen from 574.79 bln yen and sales rose 9.2% to 6.71 trln yen from 6.147 trln yen. The operating profit was in line with the 599 bln yen to 620 bln yen consensus forecast compiled by Dow Jones Newswires. For the fiscal year ending in March, Toyota left unchanged its net profit outlook of 1.7 trln yen, operating profit projection of 2.3 trln yen and sales forecast of 25.5 trln yen.
05:19 Early Newspaper Headlines: TM - BP - YHOO - GM - MCO - SPLS

WSJ: Toyota (TM) posts 7.5% rise in net… BP’s (BP) net rises 53% on turnaround effort… Searching Yahoo (YHOO) for value… GM (GM) is still facing tricky curves… Moodys’ (MCO) weighs warning labels for its ratings. Reuters: Staples (SPLS) in talks to buy Corporate Express: Paper.
05:15 VSAT ViaSat reports EPS in-line, misses on revs (20.54 )

Reports Q3 (Dec) earnings of $0.40 per share, excluding non-recurring items, in-line with the First Call consensus of $0.40; revenues rose 22.3% year/year to $152.1 mln vs the $156.9 mln consensus.
04:43 WIRES On The Wires

Eltek (ELTK) announces that a U.S. industrial manufacturer has placed a frame order for flex-rigid printed circuit boards that will be used in the production of advanced industrial equipment.
04:08 UMC United Microelectronics reports sales for January 2008 (3.08 )

Co reports unaudited net sales decreased 2.93% from December 2007 to NT$8.22 bln. Net sales decreased y/y 0.26%.
04:02 ARMHY ARM Holdings reports Q407 results (7.06 )

Reports Q4 (Dec) earnings of $0.06 per share, $0.03 worse than the First Call consensus of $0.09; revenues decreased 5.4% y/y to $126.2 mln vs the $142.0 mln consensus.
03:25 LDK LDK Solar provides Q108 financial outlook (38.34 )

Co issues mixed guidance for Q1 (Mar), sees EPS of $0.39-0.44 vs. $0.39 First Call consensus; sees Q1 (Mar) revs of $195-210 mln vs. $221.79 mln consensus. Co reaffirms 2008 guidance given last month, for revs of $960 mln - 1 bln (consensus $1.05 bln)… Due to the recent severe weather conditions in China over the past two weeks, LDK Solar has experienced some delays in shipments to customers and from suppliers as a result of highway closures and power outages associated with snow and ice storms. LDK Solar expects this disruption in shipments to be minor and plans to return to a normal operating schedule by February 12, 2008. The severe weather will have no significant impact on the progress of the polysilicon plant construction and LDK Solar reiterates its target for 100 metric tons to 350 metric tons of polysilicon production in 2008.
03:23 AES AES to sell interests in Kazakhstan power plant and coal mine for $1.1 bln (19.64 )

Co announces an agreement to sell its interests in the AES Ekibastuz power plant and Maikuben West coal mine in Kazakhstan to Kazakhmys PLC, Kazakhstan’s largest producer of copper. AES will maintain its ownership and operation of its other facilities located in Eastern Kazakhstan. Co will receive consideration of $1.1 bln at closing and will have the opportunity to receive, over three years, additional consideration of up to $381 mln under earn-out provisions, a management fee and a capital expenditure program bonus, for a total consideration of up to $1.48 bln.
03:19 ILMN Illumina revises 2008 EPS guidance; sees higher Q108 and FY08 revenue and EPS (64.89 )

Co issues upside guidance for Q4 (Dec), sees EPS of $0.33-0.36 vs. $0.25 First Call consensus; sees Q4 (Dec) revs of $110-115 mln vs. $105.32 mln consensus. Co issues upside guidance for FY08 (Dec), sees EPS of $1.45-1.60 vs. $1.23 consensus; sees FY08 (Dec) revs of $500-525 mln vs. $493.82 mln consensus.
03:08 HIT Hitachi announces revision of business forecast for FY07 (75.39 ) -Update-

Co announces the following revisions to its FY07 forecast: Revenue forecast has been increased 3% to 10,800 bln yen; net income forecast decreased 75% to 10 bln yen.
02:55 HIT Hitachi announces consolidated finacial results for Q307 (75.39 )

Co announces Q307 revenue of $23.75 bln, operating income fo $683 mln, net income of $110 mln and net income of $0.32 per ADS. No First Call consensus estimates available.
02:50 AUO AU Optronics January 2008 consolidated revenue totaled NT$47.1 bln (17.20 )

Co announces January 2008 revenue with preliminary consolidated revenue of NT$47,097 mln and unconsolidated revenue of NT$47,052 mln; both decreased 3.8% and 3.6% respectively from December 2007. On a year-over-year comparison, consolidated and unconsolidated January 2008 revenues increased by 65.5% and 65.4% respectively.
02:41 NYX NYSE Euronext reports EPS in-line, beats on revs (82.73 )

Reports Q4 (Dec) earnings of $0.66 per share, excluding merger expenses, exit costs and other non-recurring items, in-line with the First Call consensus of $0.66; revenues rose 25.3% year/year to $1.06 bln vs the $753.24 mln consensus.
01:13 CNC Centene announces delay in Q407 results (24.77 )

Co announces announces that the release of Q407 and FY07 earnings will be delayed pending resolution of the timing of the revenue recognition for the retroactive rate increases from the state of Georgia dating back to July 1, 2007. Late yesterday evening CZC learned it couldn’t resolve the issue to the satisfaction of their auditor without obtaining further information.
00:42 ‘Mad Money’ Recap: Lightning Round cont. - TheStreet.com

Cramer was bearish on Aqua America (WTR), Time Warner (TWX), Isle of Capri Casinos (ISLE) and Cerner (CERN).
00:40 ‘Mad Money’ Recap: Lightning Round - TheStreet.com

Cramer was bullish on American Eagle Outfitters (AEO), ValueClick (VCLK), Wachovia (WB), Sierra Wireless (SWIR), Skyworks Solutions (SWKS), Terex (TEX), Walt Disney (DIS), Wellpoint (WLP) and Humana (HUM).
00:39 Cramer’s ‘Mad Money’ Recap - TheStreet.com

On Monday’s edition, Jim takes issue with Exxon’s (XOM) 1% production growth and notes how the co made more money from the higher price of oil than it did from drilling or exploring for more. For this reason, he prefers Apach (APA) with its 9% to 12% production growth.
00:37 Australia raises interest rate to 7% to curb prices - Bloomberg.com

Bloomberg.com reports Australia’s central bank raised its benchmark interest rate by a quarter point to an 11-year high, saying a “significant slowing in demand” is needed to cool the fastest inflation since 1991. Governor Glenn Stevens and his board increased the overnight cash rate target to 7% in Sydney today, as forecast by all 27 economists surveyed by Bloomberg News. Stevens said annual inflation, which has overshot the bank’s target, may accelerate further before moderating in 2009. Core inflation in Australia has breached the central bank’s 2 to 3% target for two consecutive quarters, forcing Stevens to make his third rate increase in six months. Underlying inflation accelerated to 3.8% in Q4 from a year earlier, a Jan. 23 report showed.
00:32 SPF Standard Pacific misses by $2.38, beats on revs (4.60 )

Reports Q4 (Dec) loss of $3.27 per share, excluding non-recurring items, $2.38 worse than the First Call consensus of ($0.89); revenues fell 19.4% year/year to $938.3 mln vs the $749.7 mln consensus.