Trading for the Masses

18:49 NGX Northgate Exploration Ltd announced major increase of indicated resources at Northgate’s young-davidson project

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18:40 AMKR Amkor announces departure of Chief Operating Officer (7.72 -0.32)

Co announced that Oleg Khaykin, Chief Operating Officer, is leaving the Co to become Chief Executive Officer of another public co. Ken Joyce, Chief Administrative Officer of AMKR, has been named to succeed Khaykin as Chief Operating Officer. Joyce joined Amkor in 1997 and was Chief Financial Officer for more than 8 years before becoming Chief Administrative Officer in November 2007.
18:38 LLY Eli Lilly announces the FDA Advisory Committee Supports Efficacy and Safety of Zyprexa Long-Acting Injection for Schizophrenia Treatment (51.40 +0.16) -Update-

Co announced The U.S. Food and Drug Administration’s (FDA) Psychopharmacologic Drugs Advisory Committee voted that, with appropriate labeling around excessive sedation events, Zyprexa long-acting injection (olanzapine LAI) has been shown to be effective and acceptably safe for the treatment and maintenance treatment of schizophrenia in adults. FDA reviewers will consider the panel’s favorable recommendation in its review of the New Drug Application that Lilly submitted for Zyprexa LAI.
18:37 ABK AMBAC Fincl: U.S. bank regulators see moderate risks from bond insurers - DJ (11.01 -0.3 -Update-

Turmoil in the bond insurance industry does pose a risk to bank and the broader markets, but the risk to the nation’s largest banks may only be modest, according to letters from federal and state financial regulators to a U.S. House Lawmaker. The Office of the Comptroller of the Currency said the firms it supervises haveboth direct and indirect exposure to problems in the bond insurance industry. Still, the regulator said in its letter, the problem should be controllable.
18:25 MKTIN Market Internals -Update-

The Dow was down 0.53% at 12200, the Nasdaq was down 1.33% to close at 2279, and the S&P was down 0.76% to close at 1326. Leading sectors included: Electronic Manu Services +5.3%, Life Science Tools +4.2%, Trucking +3.2%, Apparel and Accessories +2.6%, Movies and Entertinament +2.4. Lagging sectors included: Consumer Electronics -15.4%, Specialized Finance -9.5%, Education Services -5.5%, IT Consulting and Services -4.2%, Internet Retail -4.1%. Today’s movement came from higher than avg volume (NYSE 1547, vs. 1607 avg, Nasdaq 2424, vs. 2273 avg), with decliners outpacing advancers (NYSE advance/decline 1209/2091, Nasdaq 1076/1940) with new lows outpacing new highs (NYSE new high/new low 15/80; Nasdaq 41/129).
18:19 WOLF Great Wolf resorts closes $55 mln mortgage loan (8.13 -0.34)

WOLF announced that the co has closed on a $55 mln mortgage loan. The loan is secured by the co’s Great Wolf Lodge resort in Williamsburg, Virginia and bears interest at a floating rate of LIBOR plus 300 basis points, with a minimum rate of 6.50% per annum.
18:18 HHGP Hudson Highland Grp misses by $0.02; sees Q1 revs below consensus (6.83 -0.06)

Reports Q4 (Oct) earnings of $0.18 per share, $0.02 worse than the First Call consensus of $0.20; revenues rose 1.4% year/year to $290.5 mln vs the $333.3 mln consensus. Co isses downside guidance; co sees Q1 revs of $285-300 mln vs $335.0 mln consensus.
18:17 FISV Fiserv Earnings Call Summary (49.59 -0.51)

On call the co says it expects EPS guidance to ramp up in the 2nd half of FY08 from cost synergies. They expect to increase penetration rates in all areas of business from the CKFR acquisition and the synergies on tech solutions from CKFR are a surprise… The co sees challenging time in the mkts, but their business model targets critical solutions, the customer base is wide focusing on smaller, less volatile financial institutions and the co looks to expand on outsourcing initiatives… The co also notes the pipeline has not changed as a result of the challenging outlook. Co notes in their ‘08 guidance, they don’t assume big discretionary technology purchases and not assuming that their mortgage business comes back… The co says it expects EPS guidance to ramp up in the 2nd half of FY08 from cost synergies. They expect to increase penetration rates in all areas of business from the CKFR acquisition and the synergies on tech solutions from CKFR are a surprise… The co says that the Street models were “unfamiliar” with earnings dilution associated with the health business at $0.10 and $0.03 for the employee settlement for the offshore captive… On the co’s 75 bps growth in gross margin, the co says they “believe that there are some interesting opportunities in the market that could be in theory absolute kind of increased absolute profit, but potentially at lower margins as you look at some of the outsourcing business. And we don’t want to constrain ourselves artificially by saying we’re going to have 100X increase in margin.”
18:10 SUN Sunoco misses by $0.19 (58.70 -0.9 -Update-

Reports Q4 (Dec) earnings of $0.20 per share, excluding non-recurring items, $0.19 worse than the First Call consensus of $0.39; revenues rose 45.7% year/year to $13.2 bln, may not be comparable to the $8.5 bln consensus. Co says, “The market for refined products has remained weak early in 2008, reflecting continued high costs for crude oil and transportation. Operationally, we have planned maintenance work in both our Northeast and MidContinent systems which is expected to reduce refinery production by ~7 mln barrels during February and March. As industry maintenance activity accelerates and the switchover to summer-grade gasoline approaches, we expect market conditions to improve later in the quarter.”
18:07 EDS EDS Q4 Earnings Conference Call Summary (18.60 +0.27) -Update-

On call, EDS issues Q1 guidance and sees revs $5.1-5.3 bln vs $5.32 bln First Call consensus. Co says expects to repurchase shares over next 18 months (initiated $1 bln program in December but have not repurchased much thus far). Co is “happy with the momentum in the mkt and feels good about it… We are pleased with recent booking trends” … Co fell short on operating margin goal from contract weakness and signings that occurred later in year rather than earlier. Although margins were slightly down, co expects margin expansion and bottom line improvement. Co does say that the deals that shifted in Q4 were all deals co had already been chosen for but are still in process of contracting for… As for the pipeline, overall 2008 sales pipeline is up 10% YoY. All regions are showing very healthy pipeline growth… Co says financial priorities include driving operating margin and free cash flow improvement (that is number one project working on)… As for macroeconomic risk, co still sees mkt strength in what it does, but will scale back if necessary. Co has not seen anything that has put co in serious state of concern.
18:06 BMY Bristol-Myers announced results from the CASTLE study; study showed similar efficacy between once-daily REYATAZ and twice-daily lopinavir/ritonavir at 48 weeks in previously untreated HIV-infected adult patients (23.82 +0.39) -Update-

Co announced results from the CASTLE study, in which 300 mg of once-daily REYATAZ (atazanavir sulfate) taken with 100 mg of ritonavir (REYATAZ/r) showed similar antiviral efficacy to twice-daily lopinavir 400 mg and ritonavir 100 mg (lopinavir/r) in previously untreated adult HIV-1 infected patients at 48 weeks, as part of HIV combination therapy. In this study, 78% of the 440 patients in the REYATAZ/r arm met the primary endpoint of achieving undetectable viral load (defined as HIV-1 RNA less than 50 copies/mL) at 48 weeks, compared with 76% of the 443 patients in the lopinavir/r arm.
18:04 POL PolyOne beats by $0.02, beats on revs; guides FY08 revs above consensus (6.21 -0.10)

Reports Q4 (Dec) earnings of $0.09 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.07; revenues rose 6.1% year/year to $631.3 mln vs the $623.9 mln consensus. Co issues upside guidance for FY08, sees FY08 revs growth of 10-12%, which equates to ~$2.91-2.96 bln vs. $2.68 bln consensus.
18:01 SGP Schering-Plough announces that vicriviroc demonstrates potent and sustained viral suppression through 48 weeks of therapy in treatment-experienced HIV-infected patients (20.37 -0.02)

Co reported that final results of a Phase II clinical study showed vicriviroc, its investigational CCR5 antagonist, demonstrated potent and sustained viral suppression through 48 weeks of therapy in treatment- experienced HIV-infected patients, when administered once-daily as a single tablet in combination with an optimized ritonavir-boosted protease inhibitor containing antiretroviral regimen. Vicriviroc is a next-generation extracellular inhibitor of HIV infection designed to block entry of infectious virions into uninfected CD4 cells via antagonism of the CCR5 co-receptor. No clinically relevant differences in safety profile between the vicriviroc and control groups were observed in this study, including liver toxicity, opportunistic infections, malignancies or other conditions.
18:00 MRK Merck’s ISENTRESS tablets in combination with other anti-HIV medicines maintained reductions in HIV-1 viral load (45.71 -0.24) -Update-

Co announces that ISENTRESS (raltegravir) tablets, MRK’s HIV integrase inhibitor, in combination with other anti-HIV medicines, maintained significant HIV-1 viral load suppression and increased CD4 cell counts through 48 weeks of therapy compared to placebo in combination with anti-HIV medicines, in two Phase III studies of 699 treatment-experienced patients failing antiretroviral therapies (ARTs). Patients in the studies had HIV resistant to at least one drug in each of three classes (nucleoside reverse transcriptase inhibitors (NRTIs), non-nucleoside reverse transcriptase inhibitors (NNRTIs) and protease inhibitors (PIs)) of oral antiretroviral medicines.
17:58 CSCO Cisco Systems: Conference Call Summary (23.08 -0.1 -Update-

On the call, the company guides Q3 revenue growth rate of 10%, which equates to approx $9.79 vs consensus of $10.19 bln. CSCO says they remain comfortable with their long-term growth rate of 12-17%, and says while it is probable that they will remain in the 13-16% growth range for FY08, they will not provide guidance past that. CSCO also sees Q3 gross margins of 65%. The company’s gross margin was 65.9% in Q2, which benefited from cost savings, but was offset by pricing and discounts. CSCO says they see economic challenges in the US and Europe, and has a cautious near-term stance. The company says they saw a sharp drop-off from Dec to Jan, and is assuming January growth rates may continue over the next several months. However, the company expects growth rates to normalize in the relatively short-term. In terms of key trends, CSCO says service providers continue to look strong, and routing looks strong, but switching will probably be more challenging. CSCO says competition remains robust, but believes it is maintaining its leadership position and believes it is gaining market share in many of its 10 product categories. In its verticals, the company said it was most surprised by strength the financial sector, which was up 21% in the qtr. CSCO says retail and transportation were softer. Geographically, CSCO says emerging markets remain very strong, and would not be surprised if its growth rate is twice CSCO’s normal growth rate. The US service provider market is the area where the company continues to feel the most comfortable. The Europe service provider market is expected to be weak. Overall, CSCO remains optimistic about a majority of global economies outside the US. CSCO also states that 60% of its business in now outside the US, compared to 50% a couple years ago. In terms of growth drivers, CSCO is most excited about Phase two of the internet, and believes it has achieved a clear number one position in terms of thought leadership and implementation.
17:57 MEAS Measurement Specialties releases press release Q3 results, including guidance; co sees FY08 EPS and revs in-line (18.46 +0.01) -Update-

As mentioned at 16:55, co reports Q3 (Dec) earnings of $0.33 per share, $0.03 better than the First Call consensus of $0.30; revenues rose 12.4% year/year to $56 mln vs the $56.7 mln consensus. Co reaffirms FY08 EPS of $1.15-1.20 vs $1.17 consensus; sees revs of $227-228 mln vs $226.2 mln consensus. Co says, “Due to upcoming changes in the tax laws in China, we are expecting a jump in our effective tax rate which will negatively impact our fourth quarter; however, due to better than expected results in Q3, we reiterate our EPS guidance.”
17:52 GXP Great Plains Engy misses by $0.09, beats on revs; co is not issuing guidance at this time (28.35 +0.05)

Reports Q4 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of $0.45; revenues rose 23.0% year/year to $806.2 mln vs the $690.1 mln consensus. Co says, “Due to the status and timing of the Aquila transaction and the Co’s strategic alternatives assessment for Strategic Energy, GXP is not issuing 2008 guidance or confirming future years’ guidance at this time. The Co expects to issue guidance later in 2008 upon conclusion of these initiatives.”
17:47 NMX NYMEX issues statement in response to DOJ opinion letter (87.80 -18.7 -Update-

NMX believes that a market-driven regulatory structure can most efficiently and safely meet the needs of a broad array of derivatives market users, particularly during dynamic periods of growth and volatility. The vertically integrated clearing model has stood the test of time for more than a century, including more than 80 years of federal regulation and Congressional oversight. In passing into law the landmark Commodity Futures Modernization Act of 2000, Congress once again rejected an approach under which market structure would be dictated by government fiat. By avoiding a “one-size-fits-all” model, Congress has instead provided for substantial flexibility in how companies may organize their businesses and still comply with regulatory requirements. We continue to believe that Congress made the appropriate choice by focusing upon a free market solution that also involves both self-regulation as well as direct oversight by the Commodity Futures Trading Commission. Our experienced staff has ensured that NYMEX continued to serve its market users without incident through periods of major market volatility. Any mandate or fiat that clearing of a given product must occur on numerous clearing organizations would actually increase systemic risk and default risk and also would seriously undermine the ability of a pro-active clearing organization such as NYMEX to manage market risk.
17:43 WMS WMS Industries: Earnings conf call summary (36.00 +0.65) -Update-

Co believes 5,000 units will be shipped to California in the remainder of FY08, with the majority in fiscal Q3 — remainder will be shipped in FY09 and FY10. Of four orders co has garnered so far, believe it has 23% mkt share… Co has 17% mkt share at LVS’ Palazzo, which is its highest mkt share ever on the Las Vegas Strip — typically in single-digits, 8-10% range… Co says it will continue to look at buying back its stock — current share repurchase program has $40 mln remaining; began in 2002… Dec quarter and January results so far have not indicated the economy is affecting results. Trying to be “very comfortable, realistic” with guidance due to anticipated impact from a slower economy… Co expects to see turnaround in North American replacement demand in second half of its FY09.
17:43 ABK AMBAC Fincl ‘financially strong’ - state regulator-DJ (11.01 -0.3

17:40 AKAM Akamai Tech Conf Call Summary (29.73 ) -Update-

Co. guided on call: Q1 EPS of $0.38-$0.39 vs $0.38 consensus. Raising FY08 rev guidance to $800-$825 mln vs $804 mln consensus and raising EPS guidance to $1.65-$1.70 vs $1.65 consensus Also guided Q1 EPS to $0.38-$0.39 vs $$0.38 consensus on revs of $186-190 mln vs $183 mln consensus. Not commenting on upcoming litigation as per company policy. Noting that they saw stronger than expected growth in their commerce vertical as well as significant seasonal strength in media and entertainment. Consolidated ARPU grew 12% q/q. Saying the low customer adds was a result of churn. Saying it is also a result of shifting focus to deepening relationships with existing customers. Noting they expect gross margins to continue to trend downward but at a slower rate than it has been for the past few years. Noting that they still believe they have a good shot of achieving $1 bln in revs in 2009. Commenting that their gross margin decline was driven mostly by product mix. Saying that most of the customer churn they are seeing is from their smaller customers. They are playing down their subscriber addition number going forward… focusing on growing the relationship with their larger customers. Trading $30.55
17:39 REG Regency Centers beats by $0.02 (59.15 -1.10)

Reports Q4 (Dec) funds from operations of $1.16 per share, $0.02 better than the First Call consensus of $1.14.
17:38 EDS EDS issues Q1 guidance on conference call, sees revs $5.1-5.3 bln vs $5.32 bln First Call consensus (18.60 +0.27) -Update-

17:36 NYNY Empire Resorts confirms that it has not abandoned the St. Regis Mohawk casino project in Monticello and has no intention of doing so (1.46 -0.01) -Update-

Co announced today that is aware of a press release issued by the Tribe on February 5, 2008 and wishes to confirm that it has not abandoned the St. Regis Mohawk casino project in Monticello and has no intention of doing so. Given the recent rejection of the Tribe’s class III gaming project at the Monticello Raceway by the Secretary of Interior, the co and the Tribe must now continue to work together on a joint litigation strategy to overturn the Secretary’s unfair and unwarranted decision. Pending the outcome of this litigation, the Company, in furtherance of its fiduciary obligations to its stockholders, is exploring additional business proposals. The co and Concord Associates are currently in discussions with respect to the joint development of a 160 acre parcel in Kiamesha Lake, New York which may involve the relocation of the co’s raceway and V.G.M. operations to that site. In the event that a transaction emerges the Company will make timely and appropriate disclosure.
17:36 ENS Enersys beats by $0.07; guides Q4 EPS above consensus (25.37 +0.94)

Reports Q3 (Dec) earnings of $0.35 per share, excludingh non-recurring items, $0.07 better than the First Call consensus of $0.28; revenues fell 31.7% year/year to $474.6 mln vs the $474.6 mln consensus. Co sees Q4 EPS of $0.31-0.35, ex-charges, vs $0.28 consensus.
17:33 BEXP Brigham Exploration announces 2008 capital budget (6.32 -0.29)

Co announced its Board of Directors has approved a $134.4 million capital expenditure budget for 2008. Co currently plans to spud 33 wells in 2008 with an average working interest of 54%. Approximately $102.6 mln, or 76%, of our 2008 capital budget will fund drilling expenditures, which represents an approximate 6% increase compared to 2007. “We estimate that we will operate 93% of our 2008 drilling capital expenditure budget and that 71% of 2008 drilling capital expenditures will be allocated to development drilling while 29% will be allocated to exploration drilling. Additionally, we estimate that we will spend approximately $31.2 million in 2008 to develop our proved undeveloped reserves at December 31, 2007.”
17:33 CSCO Cisco Systems: On call, company says financial veritcal was up 21% in the qtr, retail and transportation was soft (23.08 -0.1 -Update-

17:32 IDIX Idenix Pharma reported data for IDX899; IDX899; demonstrates rapid and profound inhibition of HIV replication in a Phase I/II Clinical Trial (4.94 -0.06)

Co reported data for IDX899, a non-nucleoside reverse transcriptase inhibitor being developed for the treatment of HIV. In the first dosing cohort of an ongoing phase I/II study, eight HIV-1 infected treatment-naive patients receiving 800 mg of IDX899 once-daily achieved a mean reduction in virus level of 2.01 log(10), or 99%, after seven days of treatment. Additionally, two posters detailing the in-vitro resistance and pharmacokinetic profile in man of IDX899 were presented at the 2008 Conference on Retroviruses and Opportunistic Infections (CROI) this week in Boston, MA.
17:31 PDRT Particle Drilling reports Q1 EPS of ($0.10) vs ($0.05) First Call consensus - no revs (1.94 -0.03) -Update-

17:31 AHL Aspen Insurance beats by $0.36 (27.37 -0.27)

Reports Q4 (Dec) earnings of $1.47 per share, $0.36 better than the First Call consensus of $1.11. Co gives outlook saying, “The Co expects a challenging pricing environment to continue in 2008. Given the prevailing market conditions and anticipated trading performance, the Co expects to report an return on average equity in the range of 14-17% for 2008 assuming normal loss experience.
17:29 WCG WellCare Group discloses amendments to its Florida Non-Reform and Reform contracts — 8-K filing (49.64 +1.93) -Update-

The Registrant received executed amendments to its Florida Non-Reform and Reform contracts, between the State of Florida, Agency for Health Care Administration (”AHCA”) and each of HealthEase of Florida, Inc., a wholly-owned subsidiary of the Registrant, and WellCare of Florida, Inc. d/b/a Staywell Health Plan of Florida, also a wholly-owned subsidiary of the Registrant. The amendments under the Non-Reform and Reform contracts reflect, among other things, the allocation reduction and adjusted capitation rates as a result of reduced funding for prepaid health plans determined at the Florida Legislative Special Session held in October of 2007. The rate adjustments are effective as of January 1, 2008… The Registrant also received an executed amendment to its Medicaid Managed Care and Family Health Plus Model Contract between the City of New York Department of Health and Mental Hygiene and WellCare of New York, Inc., a wholly-owned subsidiary of the Registrant (”WellCare NY”), pursuant to which WellCare NY participates in New York City Family Health Plus and Medicaid programs. The amendment, among other things, extends the term of the contract through September 30, 2009.
17:28 Solar companies’ shipments slowed by winter storm in China - DJ

DJ reports heavy storms in China are affecting solar cos that manufacture there, with LDK Solar (LDK) and Suntech Power Holdings (STP) reporting delays in shipments. But these cos say disruptions should be minor. Since the weather worsened about three weeks ago, LDK and Suntech experienced delays that are likely to clear up by the middle of the month. Suntech had to close its factory for a day, Clean Technology Investor has learned. “We shut down production for one day because the workers could not get into the factory,” Suntech America’s President Roger Efird said in an interview. The co’s facility produces about one megawatt of modules at its facility per day, Efird estimated. “In terms of shipments we’re running two to three days behind,” Efird said of shipments to the U.S. Suntech’s factory is based in Wuxi, in the Jiangsu province of China. Other cos whose facilities are located there include Canadian Solar (CSIQ), China Sunergy (CSUN), Solarfun (SOLF) and Trina Solar (TSL).
17:27 PDRT Particle Drilling files S-3 related to $20 mln mixed shelf offering (1.95 -0.03) -Update-

17:26 UHAL AMERCO reports Q3 EPS of ($0.69) vs ($0.90) First Call consensus; revs $468.7 mln vs $462.00 mln First Call consensus (61.99 -5.31) -Update-

“The fourth quarter is developing in line with the most recent analyst’s estimate. As always in the fourth quarter, bad weather can significantly offset income, most of which comes right off of the bottom line.”
17:25 AVB AvalonBay misses by $0.05, reports revs in-line; guides Q1 FFO in-line; guides FY08 FFO in-line; co expects to issue ~$800 mln in new secured or unsecured debt during 2008 (91.85 +0.16)

Reports Q4 (Dec) funds from operations of $1.14 per share, $0.05 worse than the First Call consensus of $1.19; revenues rose 9.4% year/year to $212 mln vs the $212.7 mln consensus. Co issues in-line guidance for Q1, sees FFO of $1.23-1.27 vs. $1.22 consensus. Co issues in-line guidance for FY08, sees FFO of $4.90-5.20 vs. $5.04 consensus. Co says, “As discussed in Amendment No. 1 to the Company’s 2006 Annual Report on Form 10-K/A, the Company made a change related to its accounting for land leases. This change resulted in a non-cash charge to operating expenses and reduced reported FFO by $0.03 and $0.13 per share from what would have been reported for the three months and full year ended December 31, 2007 under the Company’s prior accounting treatment. Co expects planned asset sales of $700,000,000 to $1,000,000,000 in 2008. The co also expects that it may issue ~$800 mln in new secured or unsecured debt during 2008.
17:23 Follow-up on Airline merger talks headlines - WSJ

WSJ reports merger discussions between Delta Air Lines (DAL) and Northwest Airlines (NWA) have picked up steam, and a deal could be announced as early as next week, according to people who have been briefed on the negotiations. At the same time, preliminary talks between United Airlines parent UAL (UAUA) and Continental Airlines (CAL) have grown more serious, according to a person familiar with the situation. Key details of either agreement are yet to be hammered out, and the negotiations for either tie up could still fall apart, say people close to the talks. But major snags over how mgmt of the combined Delta-Northwest airline would be structured were overcome earlier this week, those people said, and previously stalled talks have resumed… As of Wednesday, a Delta-Northwest match still wasn’t a done deal. There is always the chance that Anderson will tell his board he thinks Delta should remain independent… United is instead focusing on discussions with Continental, said one person familiar with the situation. If a deal between the two does come together, the hope would be to do it very near a Northwest-Delta announcement, so the two potential combinations would undergo regulatory scrutiny at the same time, this person added… If Delta and Northwest sign a letter of intent in the coming days, that would trigger another development that could hasten further attempts to consolidate. Northwest currently has a “golden share” of preferred stock in Continental that allows Northwest to block a merger of Continental with another large carrier.
But if Northwest agrees to merge with Delta - even if the deal is never consummated - Continental could redeem that stock for a total of just $100.
17:23 EDS EDS Earnings Conference Call update (18.50 +0.27) -Update-

Co says second-half 2007 contract value was $11.8 bln, representing best performance since 2001. “We are pleased with recent booking trends.” Co is “happy with the momentum in the mkt and feels good about it”… The deals that shifted in the Q4 were all deals that were down selected to one, these are deals co has already been chosen for but are still contracting for… As for the pipeline, overall 2008 sales pipeline is up 10% YoY. All regions are showing very healthy pipeline growth. Margins were slightly down, but expect margin expansion and bottom line improvement… Co says financial priorities include driving operating margin and free cash flow improvement (that is number one project working on), building on strong presence in ITO, continuing to enhance high-margin applications services, and expanding Best Shore global delivery… As for macroeconomic risk, co believes and still sees mkt strength in what it does, but will scale back if necessary. Co has not seen anything that has put co in serious state of concern.
17:19 AVB sees FY08 funds from operations of $4.90-5.20 vs $5.04 First Call consensus

17:18 JAV Javelin Pharmaceuticals files S-3 related to $60 mln mixed shelf (3.57 +0.04)

17:18 AVB sees Q1 funds from operations of $1.23-1.27 vs $1.22 First Call consensus

17:17 AVB prelim funds from operations of $1.14 vs $1.19 First Call consensus

17:16 CSCO Cisco Systems: On call, company sees Q3 gross margins of approx 65% (23.08 -0.1 -Update-

17:15 CSCO Cisco Systems: Says it is probable they will remain in lower range of 13-16% growth range for FY08, but wont provide guidance beyond Q3 (23.08 -0.1 -Update-

17:15 Airline merger talks could fall apart, sources say - WSJ

(CAL, DAL, UAUA, NWA)
17:15 CSCO Cisco Systems’ cautious commentary/guidance sends tech stocks lower in after-hours (23.08 -0.1 -Update-

A number of tech stocks are trading lower in reaction to CSCO’s cautious guidance, including the following: Peers JNPR -5%, FFIV -6.9% and BRCM -2%; NETL is -4% as its largest customer is CSCO, with 61% of 2006 sales coming from CSCO… Additionally, big tech stocks HPQ -2%, INTC -2%, DELL -1%, QQQQ -1.4% are lower as well… CSCO is trading -7% at 21.48 in after-hours.
17:14 DAL Delta, Northwest deal may be announced next week, sources say - WSJ (17.95 +0.92)

(NWA)
17:14 ESS Essex Property reports 4Q07 funds from operations of $1.25 vs $1.26 First Call consensus; sees FY08 funds from operations of $5.85-6.15 vs $5.89 First Call consensus (101.81 +1.31)

17:13 CAL Continental Air, UAL talks serious, source says - WSJ (28.78 +0.5 -Update-

(UAUA)
17:12 ESS sees FY08 funds from operations of $5.85-6.15 vs $5.89 First Call consensus

17:11 NWA Northwest Airlines/Delta merger talks pick up steam, sources say - WSJ (18.47 +0.69) -Update-

(DAL)
17:10 ESS prelim funds from operations of $1.25 vs $1.26 First Call consensus

17:10 RJET Republic Airways beats by $0.01, reports revs in-line (20.06 +0.47)

Reports Q4 (Dec) earnings of $0.58 per share, excluding $0.07 gain, but including transition expenses, $0.01 better than the First Call consensus of $0.57; revenues rose 19.1% year/year to $351.8 mln vs the $353.3 mln consensus. Briefing.com note: Whether transition expenses are included or excluded from consensus, the co beat either way.
17:08 PSD Puget Energy reports Q4 EPS of $0.46 vs $0.51 consensus; reports revs up 2% yr/yr to $953.4 mln vs $957.2 mln consensus (26.16 +0.0

17:08 CSCO Cisco Systems: On call, company says 60% of business is now outside US, compared to 50% from a couple years ago (23.08 -0.1 -Update-

17:06 DEL Deltic Timber reports Q4 EPS of $0.13 vs ($0.16) in yr ago period; revs $24.44 mln vs $26.75 mln in yr ago period (49.63 -1.16)

Co says, “We currently anticipate the pine sawtimber harvest to be 170,000 to 180,000 tons and 550,000 to 575,000 tons, respectively. Finished lumber production and sales volumes are estimated to be 60 to 70 million board feet for the first quarter and 270 to 300 million for the year, but these volumes are dependent upon market conditions. Residential lot sales are projected at 5 to 10 lots and 60 to 80 lots for the first quarter and year of 2008, respectively.”
17:02 JKHY Jack Henry reports EPS in-line, beats on revs (24.67 -0.09)

Reports Q2 (Dec) earnings of $0.32 per share, in-line with the First Call consensus of $0.32; revenues rose 14.9% year/year to $192.2 mln vs the $188.2 mln consensus.
17:01 JKHY prelim $0.32 vs $0.32 First Call consensus; revs $192.2 mln vs $188.16 mln First Call consensus

17:01 MWAV M-Wave terminates merger with Blue Sun Biodiesel LLC/Sunfuels, Inc. (0.85 -0.05)

Co announces that they have terminated the merger agreement with Blue Sun Biodiesel LLC, and Sunfuels, Inc, originally dated January 26, 2007. On January 31, 2008, the Merger agreement expired and was terminated by M-Wave’s board of directors on February 1, 2008. The company does not have further obligations to Blue Sun with respect to the existing Merger Agreement. The Board of Directors of M-Wave, Inc. determined that it is in the best interest of their shareholders, customers, suppliers, and employees to terminate the Merger Agreemen
17:01 RJET prelim $0.65 vs $0.57 First Call consensus; revs $351.8 mln vs $353.30 mln First Call consensus

16:56 PPHM Peregrine Pharma Correction (0.51 -0.02)

At 15:55 we incorrectly reported that a PPHM Director bought 21K shares, when in fact it was a PHHM Director that bought stock. (Briefing.com note: original post has been updated)
16:55 CSCO Cisco Systems: On call, company guides Q3 rev growth of 10%; which equates to approx $9.79 vs consensus of $10.19 (23.08 -0.1 -Update-

16:55 MEAS Measurement Specialties beats by $0.03, misses on revs (18.46 +0.01)

Reports Q3 (Dec) earnings of $0.33 per share, $0.03 better than the First Call consensus of $0.30; revenues rose 12.4% year/year to $56 mln vs the $56.7 mln consensus.
16:53 AKAM Akamai Tech Guiding Q1 revs to $186-190 mln vs $183 mln consensus -Update-

16:52 WSH Willis Group beats by $0.05, misses on revs; guides FY08 EPS in-line; guides EPS for FY09 and FY10 (34.30 -0.55)

Reports Q4 (Dec) earnings of $0.64 per share, $0.05 better than the First Call consensus of $0.59; revenues rose 2.9% year/year to $639 mln vs the $654.4 mln consensus. Co issues in-line guidance for FY08, sees EPS of 2.85-2.95 vs. $2.91 consensus. WSH sees FY09 EPS of $3.30-3.40; sees FY10 EPS of $4.00-4.10 … includes $0.10 accretion in FY08 and $0.30 by FY10 via share buy backs.
16:52 MEAS prelim $0.33 vs $0.30 First Call consensus; revs $56.0 mln vs $56.66 mln First Call consensus

16:52 CSCO Cisco Systems: On call, says they see Europe and US customers as being “cautious” (23.08 -0.1 -Update-

16:51 AKAM Akamai Tech Guiding on Call -Update-

Q1 EPS of $0.38-$0.39 vs $0.38 consensus. Raising FY08 rev guidance to $800-$825 mln vs $804 mln consensus and raising EPS guidance to $1.65-$1.70 vs $1.65 consensus
16:49 WSH sees FY09 EPS of $3.30-3.40; sees FY10 EPS of $4.00-4.10 … includes $0.10 accretion in FY08 and $0.30 by FY10 via share buy backs

16:47 WSH sees FY08 $2.85-2.95 vs $2.91 First Call consensus

16:47 XIDE Exide Tech announces appointment of Phillip Damaska as EVP and CFO; Francis Corby to retire at conclusion of FY08 (8.37 +0.06)

Co announced that its Board of Directors has appointed Phillip Damaska as the co’s new Executive Vice President and Chief Financial Officer, effective April 1, 2008.
16:47 NAVR Navarre beats by $0.01, beats on revs; guides FY08 revs in-line (1.86 +0.09)

Reports Q3 (Dec) earnings of $0.11 per share, $0.01 better than the two analyst est of $0.10; revenues rose 11.3% year/year to $217.5 mln vs the $188 mln two analyst est. Co issues in-line guidance for FY08, sees FY08 revs of $620-$640 mln vs. $620.03 mln two analyst est.
16:46 WSH prelim $0.64 vs $0.59 First Call consensus; revs $639 mln vs $654.40 mln First Call consensus

16:46 SFLY Shutterfly misses by $0.02, beats on revs; guides Q1 revs below consensus; guides FY08 revs in-line (15.90 -1.13)

Reports Q4 (Dec) earnings of $0.63 per share, $0.02 worse than the First Call consensus of $0.65. Co issues downside guidance for Q1, sees Q1 revs of $34-36 mln vs. $37.43 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $245-255 mln vs. $251.73 mln consensus. Average orders per day were approximately 28,800, a 44% year-over-year increase.
16:45 CEP Constellation Energy Ptnrs appoints Stephen Brunner as Chief Operating Officer (21.64 -0.60)

16:45 SHLM A. Schulman announces that it has decided to shut down its manufacturing facility in St. Thomas, Ontario, and to pursue a sale of its plan in Orange, Texas (20.33 -0.15)

The co announces two aggressive steps in its continuing effort to improve the profitability of its North American operations. The co has decided to shut down its manufacturing facility in St. Thomas, Ontario, and to pursue a sale of its plant in Orange, Texas. The St. Thomas, Ontario plant primarily produces engineered plastics for the automotive mkt, with a capacity of 74 mln pounds per year and approximately 120 employees. By closing the facility, the co expects to save $6-7 mln in fiscal 2009 and an estimated $9-10 mln annually beginning in fiscal 2010… The co expects to take charges related to the St. Thomas closing and the Orange plant sale. While the exact amount and timing of the charges are undetermined at this time, the co expects total charges in the range of $10-15 mln. A. Schulman’s goal is to find a buyer and close the sale by the end of fiscal 2008.
16:44 DSCM Drugstore.com: Correction (2.72 -0.17) -Update-

In our 16:18 comment we incorrectly compared DSCM’s FY08 guidance to FY07 consensus. Our previous comment has been changed to reflect FY08 guidance to FY08 consensus.
16:44 DTLK Datalink beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs in-line (4.28 +0.03)

Reports Q4 (Dec) earnings of $0.13 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.12; revenues rose 31.0% year/year to $50.7 mln vs the $50.5 mln consensus. Co issues downside EPS guidance for Q1, sees EPS of $0.02-0.06 vs. $0.10 consensus; sees Q1 revs of $44-48 mln vs. $48.00 mln consensus.
16:43 SFLY sees FY08 revs $245-255 mln vs $251.73 mln First Call consensus

16:43 CSCO Cisco Systems: On call, co says they believe they are maintaining their leadership position in many segments, gaining share in most product catagories (23.08 -0.1 -Update-

16:43 SFLY sees Q1 revs $34-36 mln vs $37.43 mln First Call consensus

16:42 NAVR reiterates FY08 revs $620-640 mln vs $620.03 mln First Call consensus

16:42 SFLY prelim GAAP EPS of $0.63 vs $0.65 First Call consensus; revs $97.5 mln vs $93.77 mln First Call consensus

16:42 ENH Endurance Specialty beats by $0.57 (40.02 -0.92)

Reports Q4 (Dec) earnings of $2.30 per share, excluding non-recurring items, $0.57 better than the First Call consensus of $1.73; co reports revs down 1% yr/yr to $470.7 mln.
16:41 NAVR prelim $0.11 vs $0.10 First Call consensus; revs $217.5 mln vs $188.04 mln First Call consensus

16:41 PPDI PPD Inc. reports EPS in-line, beats on revs (42.08 -0.09)

Reports Q4 (Dec) earnings of $0.34 per share, in-line with the First Call consensus of $0.34; revenues rose 15.0% year/year to $375 mln vs the $346.4 mln consensus.
16:41 UFPI Universal Forest reports Q4 (Dec) results, beats on revs; guides FY08 revs in-line (32.26 -1.49)

Reports Q4 (Dec) loss of $0.57 per share, may not be comparable to the First Call consensus of $0.08; revenues rose 2.7% year/year to $512.7 mln vs the $497.2 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $2.45-2.55 bln vs. $2.52 bln consensus.
16:40 MBI MBIA Capital Raising May Preserve AAA Rating — Wilbur Ross during Bloomberg TV interview (14.28 -0.62) -Update-

Ross also commented that he has been taking a look at co’s in the space.
16:40 SPTN Spartan Stores beats by $0.03, beats on revs (18.51 +0.5

Reports Q3 (Dec) earnings of $0.36 per share, $0.03 better than the First Call consensus of $0.33; revenues rose 15.6% year/year to $826.1 mln vs the $807.4 mln consensus. Co expects comparable retail store sales to increase in the low single digits during the final quarter of fiscal 2008. For the full fiscal year, they expect the Felpausch stores to add approximately $85 mln in consolidated sales. Co does not expect to incur any significant incremental expenses for repositioning and marketing costs during the balance of fiscal 2008, as the grand re-openings for the next four remodels will not take place until the fiscal 2009 first quarter.
16:39 UFPI sees FY08 revs $2.45-2.55 mln vs $2.52 bln First Call consensus

16:38 UFPI prelim ($0.57), may not be comparable to $0.08 First Call consensus; revs $512.6 mln vs $497.21 mln First Call consensus

16:38 CPII CPI International reports Q1 (Dec) results, misses on revs; guides Q2 EPS below consensus; lowers FY08 revs in-line (13.30 +0.72)

Reports Q1 (Dec) earnings of $0.14 per share, includes charges, may not be comparable to the First Call consensus of $0.28; revenues rose 2.6% year/year to $85.9 mln vs the $88.1 mln consensus. Co downside guidance for Q2, sees EPS of $0.24-0.29 vs. $0.33 consensus. Co lowers guidance for FY08, sees FY08 revs of $375-385 mln vs. $381.18 mln consensus, down from $382-390 mln. Co says net income in the third and fourth quarters of fiscal 2008 are expected to be relatively equal to each other. Co also says, “Delays in the placement of certain orders, which resulted in delayed and reduced shipments in the first quarter, appear to be continuing into the second quarter, shifting the corresponding sales to later periods. Therefore, in fiscal 2008, we do not expect to make up the amount by which we missed our guidance in the first quarter.”
16:37 RACK Rackable Systems: Discloses that CFO Madhu Ranganathan will voluntarily terminate her employment with the co within 3-5 months (7.99 -0.22) -Update-

In its 8-K, the co disclosees that “Madhu Ranganathan, the Chief Financial Officer of Rackable Systems, advised the co that she intends to voluntarily terminate her employment with the Company within three to five months, during which time a suitable successor can be hired and transitioned without interruption. “
16:36 EXBD Corp Exec Bd beats by $0.04, misses on revs; co guides Y08 (51.82 -3.27)

Reports Q4 (Dec) earnings of $0.63 per share, $0.04 better than the First Call consensus of $0.59; revenues rose 13.3% year/year to $142.2 mln vs the $145 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.33-0.37 vs. $0.52 consensus; sees Q1 revs of $133-137 mln vs. $144.45 mln consensus. Co issues mixed guidance for Q2 (Jun), sees EPS of $0.44-0.48 vs. $0.48 consensus; sees Q2 (Jun) revs of $134-141 mln vs. $151.95 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.55-0.64 vs $0.65 consensus; co sees revs of $139-152 mln vs $160.05 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.71-0.78 vs $0.71 consensus; co sees revs of $150-165 mln vs $173.55 consensus. Co issues downside guidance for FY08, sees EPS of $2.06-2.22 vs. $2.46 consensus; sees FY08 revs of $559-586 mln vs. $632.83 mln consensus.
16:34 FRED Fred’s announces strategic plan to improve profitability and operating margin, sees FY07 EPS of $0.50-0.56 vs $0.57 First Call consensus (9.02 -0.35)

Co announces it has embarked on a strategic plan to improve its performance. Specifically, the plan will involve (all focused on achieving the long-term goal of increasing annual operating margin to 4.5%) improving the core store performance by closing 75 under-performing locations, repositioning and reducing corporate overhead by 10%, generating $11 mln in annualized cash savings beginning in the second half of 2008 and initiating multiple merchandising programs to enhance margin and address the changing shift in sales mix. The Company plans to close all of the 75 underperforming stores in 2008… The anticipated cost of the restructuring is ~$26 mln. The write-offs of inventory, fixtures and pharmacy intangible assets will affect the fourth quarter 2007 by ~$19 mln, or ~$0.32/share. Co estimates FY07 EPS of $0.50-0.56, excluding these expenses, vs $0.57 First Call consensus. In 2008, the co expects to record the remaining $7 mln of lease-related expenses of the closed stores. The program will yield savings of ~$11 mln on an annualized basis… Co also reports comparable store sales for January fell 1.2% vs -1.3% Briefing.com consensus.
16:34 CSCO Cisco Systems: On call, company says they are comfortable with long-term growth rate of 12% to 17% (23.08 -0.1 -Update-

16:34 OESX Orion Energy Systems reports Q3 EPS of $0.03 vs $0.03 First Call consensus; revs rose 71% to $23.3 mln (vs $19.99 mln First Call consensus) (14.90 )

16:33 TMK Torchmark Corp beats by $0.01 (60.18 +0.17)

Reports Q4 (Dec) earnings of $1.41 per share, $0.01 better than the First Call consensus of $1.40.
16:33 ENH prelim $2.18 vs $1.73 First Call consensus

16:33 PPDI PPD to acquire InnoPharm, an independent contract research organization based in Russia (42.08 -0.09)

16:32 IXYS Ixys reports Q3 EPS $0.07 vs $0.09 two-analyst consensus; revs $73.1 mln vs $78.00 mln single analyst est (7.37 +0.00)

16:32 WIND Wind River reorganizes into product divisions to optimize growth and profitability, some positions will be eliminated (8.29 -0.21)

Co announced that it has reorganized into four product divisions. As a result of the reorganization, certain non-critical, redundant or administrative positions will be eliminated, and staffing of development resources in low-cost geographies will be accelerated.
16:32 CPII prelim $0.14 vs $0.28 First Call consensus; revs $85.9 mln vs $88.09 mln First Call consensus

16:31 MOT Motorola: Carl Icahn discloses 5.0% stake in SC 13D (11.47 -0.04)

In filing Icahn states it “acquired their positions in the Shares in the belief that they were undervalued. The Reporting Persons have had, and intend to seek to have further, conversations with members of the Issuer’s management and the board of directors to discuss ideas that management, the board of directors and the Reporting Persons may have to enhance shareholder value.”
16:31 SPTN prelim $0.36 vs $0.33 First Call consensus; revs $826.1 mln vs $807.39 mln First Call consensus

16:31 EXBD sees Q1 revs $133-137 mln vs $144.45 mln First Call consensus

16:31 DTLK sees Q1 $0.02-0.06 vs $0.10 single estimate

16:31 Warren Buffett says dollar ‘worthless’ in 5-10 years if dollar deficit continues - DJ

16:30 EXBD sees FY08 $2.06-2.22 vs $2.46 First Call consensus; sees revs $559-586 mln vs $632.83 mln First Call consensus

16:30 DTLK prelim $0.13 vs $0.12 First Call consensus; revs $50.7 mln vs $50.50 mln First Call consensus

16:30 EXBD prelim $0.63 vs $0.59 First Call consensus; revs $142.2 mln vs $145.04 mln First Call consensus

16:29 GFF Griffon reports 1Q08 EPS of ($0.05) vs $0.19 First Call two analyst est; revs decreased from a year ago to $341.4 mln vs $371.00 mln First Call single analyst est (10.98 +0.12)

16:29 CCI Crown Castle misses by $0.20, beats on revs; guides Q1 EPS in-line; guides FY08 EPS in-line (34.80 -0.31)

Reports Q4 (Dec) loss of $0.30 per share, $0.20 worse than the First Call consensus of ($0.10); revenues rose 78.0% year/year to $375.2 mln vs the $359.8 mln consensus. Co issues in-line guidance for Q1, sees EPS of ($0.15)-($0.01) vs. ($0.07) consensus; co sees site rental revs of $336-341 mln. Co issues in-line guidance for FY08, sees EPS of ($0.42)-(0.06) vs. ($0.23) consensus; co sees site rental revs of $1.377-1.392 bln.
16:27 PPDI prelim $0.34 vs $0.34 First Call consensus; revs $375.0 mln vs $346.44 mln First Call consensus

16:26 NAPS Napster beats by $0.06, reports revs in-line; guides Q4 revs below consensus (1.73 -0.09)

Reports Q3 (Dec) loss of $0.06 per share, $0.06 better than the First Call consensus of ($0.12); revenues rose 15.5% year/year to $32.8 mln vs the $33.1 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of $29-31 mln, excluding breakage revenue, vs. $35.19 mln consensus. Revenue for FY08 is expected to exceed $125 mln, vs consensus of $132.19 consensus, and excluding breakage revenue, FY08 revenue is expected to grow more than 17% year over year. “We believe that Napster will be cash flow positive for fiscal 2008 as previously projected.”
16:25 SNWL SonicWALL misses by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus (8.19 -0.3

Reports Q4 (Dec) earnings of $0.06 per share, $0.01 worse than the First Call consensus of $0.07; revenues rose 19.9% year/year to $56 mln vs the $54.8 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.02-0.04 vs. $0.07 consensus; sees Q1 revs of $54-56 mln vs. $53.60 mln consensus. The co also expects non-GAAP gross margin to be in the range of 70% to 71% of revenue.
16:25 TLEO Taleo beats by $0.01, beats on revs (20.98 )

Reports Q4 (Dec) earnings of $0.14 per share, $0.01 better than the First Call consensus of $0.13; revenues rose 30.2% year/year to $34.5 mln vs the $33.9 mln consensus.
16:25 TECHX Equity markets surrender days gains, finish at or near session’s worst levels

For the second straight session, the major averages settled at or near their worst levels of the day. However, unlike yesterday, the markets started off strongly after recovering from the worst daily performance for stocks in nearly one year. The Dow Industrials posted triple digit gains in the early going, riding some bullish sentiment from a stronger than anticipated Q4 Productivity figure and strong DIS earnings. The markets topped out at 11:30a.m. Est & began trending lower for the remainder of the session, finally settling near their late afternoon lows. Much of the aforementioned drop can be attributed to big cap financial name MER (S&P noted most at risk of downgrade due to Bond Insurer/CDO trouble) and commentary from a Fed member during the afternoon (rate cuts will not solve bond insurers’ problems, biggest risk is recession but Fed must remain vigilant against rising inflation as well). Unofficially, the INDU settled @ 12200 -65, SPX @ 1326.50 -10.0, NDX @ 1741 -32.50, COMPQ @ 2278.75 -30.8, & RUT -692.50 -9.0. Today’s sector strength is noted in Gold (GLD +1.4%), Agriculture (DBA +0.55%), Healthcare (XLV +0.30%), & Transports (IYT +0.20). Sector weakness is evident in Homebuilders (XHB -3.8%), Broker/Dealers (IAI -3.5%), Semiconductors (XSD -3.5%, SMH -1.8%), Clean Energy (PBW -3.4%), Technology (QQQQ -2.0%), & Real Estate (IYR -1.8%).
16:25 EGOV NIC Inc beats by $0.01, beats on revs; guides FY08 revs above consensus (7.10 -0.01)

Reports Q4 (Dec) earnings of $0.04 per share, $0.01 better than the First Call consensus of $0.03; revenues rose 17.3% year/year to $22.1 mln vs the $21 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $98.5-100.7 mln vs. $98.00 mln consensus.
16:23 LTRE Learning Tree misses by $0.02, reports revs in-line (17.91 -0.51)

Reports Q1 (Dec) earnings of $0.35 per share, $0.02 worse than the single estimate of $0.37; revenues rose 19.2% year/year to $50.9 mln vs the $50.7 mln single estiamte.
16:23 CREL Corel beats by $0.04, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY08 EPS in-line, revs in-line (7.39 +0.02)

Reports Q4 (Nov) earnings of $0.51 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.47; revenues rose 52.7% year/year to $72.4 mln vs the $67.8 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.24-0.30, excluding non-recurring items, vs. $0.36 consensus; sees Q1 revs of $61-63 mln vs. $63.23 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.50-1.70, excluding non-recurring items, vs. $1.56 consensus; sees FY08 revs of $258-273 mln vs. $265.49 mln consensus.
16:22 KNL Knoll beats by $0.05, beats on revs; guides Q1 EPS above consensus, revs above consensus (12.70 +0.03)

Reports Q4 (Dec) earnings of $0.42 per share, $0.05 better than the First Call consensus of $0.37; revenues rose 3.2% year/year to $281.8 mln vs the $267.9 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.32-0.34 vs. $0.31 consensus; sees Q1 revs of $258-265 mln vs. $247.97 mln consensus.
16:22 HMN Horace Mann misses by $0.01 (18.20 -0.07)

Reports Q4 (Dec) earnings of $0.41 per share, $0.01 worse than the First Call consensus of $0.42. Revs fell 3.6% YoY to $221.6.
16:22 MBI MBIA Inc provides updated information on 2007 financial results (14.28 -0.62) -Update-

Co announced that in connection with the continuing review and finalizing of its financial results for its Q4 and full year 2007, it will decrease its previously announced fourth quarter pre-tax net loss on financial instruments at fair value (”mark-to-market”) by $110 mln and increase its previously announced special addition to the unallocated loss reserve for prime, second-lien mortgage exposure by $100 mln to $200 mln. These changes will result in a $6.5 mln decrease to the co’s previously announced net loss for the year and three months ended December 31, 2007.
16:22 SRCL Stericycle beats by $0.01, beats on revs (54.89 -1.39)

Reports Q4 (Dec) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.37; revenues rose 20.6% year/year to $251.6 mln vs the $239.8 mln consensus.
16:21 HB Hillenbrand beats by $0.04, reports revs in-line; guides FY08 EPS in-line, revs in-line (51.44 -0.84)

Reports Q1 (Dec) earnings of $0.70 per share, $0.04 better than the First Call single analyst est of $0.66; revenues rose 4.4% year/year to $504.3 mln vs the $502.3 mln single est. Co issues in-line guidance for FY08, sees EPS of $3.10-3.38 vs. $3.23 consensus; sees FY08 revs of $2.095-2.162 bln vs. $2.13 bln single analyst est.
16:21 MBI MBIA to issue $750 million in common stock (14.28 -0.62)

The co announces that it will issue approximately 50.3 mln shares of its common stock to raise $750 mln in an underwritten registered offering. J.P. Morgan Securities and Lehman Brothers are acting as the joint book-running managers of this offering. Warburg Pincus will provide a backstop for this offering by agreeing to purchase up to $750 mln of convertible participating preferred stock, subject to limited conditions. The convertible participating preferred stock will mandatorily convert into the co’s common stock, upon a shareholder vote. Warburg Pincus has the option to purchase up to $300 mln of the convertible participating preferred stock under the backstop.
16:21 HUBG Hub Group beats by $0.06, beats on revs; guides FY08 EPS in-line (28.06 -0.19)

Reports Q4 (Dec) earnings of $0.43 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.37; revenues rose 4.7% year/year to $445.5 mln vs the $426.6 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.50-1.62 vs. $1.57 consensus.
16:21 CREL sees FY08 $1.50-1.70 vs $1.56 First Call consensus; sees revs $258-273 mln vs $265.49 mln First Call consensus

16:21 EGOV prelim $0.04 vs $0.03 First Call consensus; revs $22.1 mln vs $21.00 mln First Call consensus

16:20 NVT Navteq beats by $0.13, beats on revs (73.72 -0.23)

Reports Q4 (Dec) earnings of $0.61 per share, $0.13 better than the First Call consensus of $0.48; revenues rose 53.0% year/year to $276.4 mln vs the $246.2 mln consensus.
16:20 CREL sees Q1 $0.24-0.30 vs $0.36 First Call consensus; sees revs $61-63 mln vs $63.23 mln First Call consensus

16:20 SSTI Silicon Storage reports Q4 (Dec) results, beats on revs; guides Q1 EPS below consensus, revs in-line; announces $30 mln repurchase program (2.65 )

Reports Q4 (Dec) loss of $0.23 per share, may not be comparable to the First Call consensus of $0.02; revenues fell 9.2% year/year to $107.4 mln vs the $105.2 mln consensus. Co issues mixed guidance for Q1, sees EPS of ($0.10)-($0.03) vs. ($0.01) single analyst est; sees Q1 revs of $83-$93 mln vs. $88.00 mln single analyst est. The co also announced a $30 mln repurchase program
16:19 CREL prelim $0.51 vs $0.47 First Call consensus; revs $72.4 mln vs $67.82 mln First Call consensus

16:19 EDS EDS misses by $0.02, reports revs in-line; guides FY08 EPS below consensus, revs in-line (19.61 +0.27)

Reports Q4 (Dec) earnings of $0.55 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.57; revenues rose 2.2% year/year to $5.83 bln vs the $5.88 bln consensus. For FY08, co sees EPS of $1.35, excluding non-recurring items, vs. $1.62 consensus; sees FY08 rev growth of +2% which computes to $22.58 bln vs. $22.59 bln consensus.
16:19 NVT prelim $0.61 vs $0.48 First Call consensus; revs $276.4 mln vs $246.24 mln First Call consensus

16:19 MRY Memry reports Q2 $0.01 vs $0.01 First Call consensus; revs rose 11% YoY to $13.8 mln vs $12.95 mln First Call consensus (1.26 -0.06)

“Looking forward, we anticipate revenues in the second half of fiscal 2008 to be strong, with the nitinol product segment performing particularly well. We should show noticeable full year revenue growth in the nitinol segment for the first time in three years and we anticipate ending the year with our strongest ever pipeline of developmental products. Second half operating expenses should be lower than the prior year due to the completion of the jury portion of the Kentucky Oil trial and a corresponding drop in litigation expenses.”
16:19 TLB Talbots reports comparable store sales, issues downside guidance (8.17 +0.29)

Co sees Q4 non-GAAP EPS of ($0.23)-($0.2 vs ($0.1 consensus; co reports revs of $587 mln vs $602 mln consensus. Co reports Q4 comparable store sales -6.0%, with positive January same store sales.
16:19 ANDE Andersons beats by $0.19, beats on revs (45.65 -0.22)

Reports Q4 (Dec) earnings of $1.28 per share, $0.19 better than the First Call consensus of $1.09; revenues rose 69.3% year/year to $784.6 mln vs the $653.8 mln consensus.
16:18 DSCM Drugstore.com beats by $0.01, misses on revs; guides Q1 revs below consensus; guides FY08 revs in-line (2.72 -0.17)

Reports Q4 (Dec) net of breakeven, $0.01 better than the First Call consensus of ($0.01); revenues rose 5.6% year/year to $118.2 mln vs the $122.1 mln consensus. Co issues downside guidance for Q1, sees Q1 revs of $118-122 mln vs. $123.10 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $498-512 mln vs. $508.97 mln consensus.
16:18 NAPS FY08 revenue is expected to exceed $125 mln; consensus is $132.19

16:18 TLEO prelim $0.14 vs $0.13 First Call consensus; revs $34.5 mln vs $33.94 mln First Call consensus

16:17 DHX Dice Holdings beats by $0.02, reports revs in-line; guides Q1 revs above consensus (6.75 +0.35)

Reports Q4 (Dec) earnings of $0.09 per share, excluding non-cash impairment charge, $0.02 better than the First Call consensus of $0.07; revenues rose 48.5% year/year to $39.5 mln vs the $39.7 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $39-40.5 mln vs. $38.45 mln consensus.
16:17 NAPS sees Q4 revs $29-31 mln vs $35.19 mln First Call consensus

16:17 PRU Prudential misses (77.40 )

Reports Q4 (Dec) earnings of $1.61 per share, $0.27 worse than the First Call consensus of $1.88. “Despite turbulent financial markets in the second half of 2007, our results for the year are solid. Underlying performance of our businesses remained strong, and each of our operating divisions registered a double-digit earnings increase. While we are not immune to unfavorable financial market conditions, which were reflected in results of some of our businesses for the current quarter, we believe that our strong balance sheet and diversified mix of domestic and international businesses position us well for sustainable long-term performance consistent with our goals,” said Chief Executive Officer and Chairman-elect John Strangfeld.
16:16 TLB sees Q4 non-GAAP EPS of ($0.23)-($0.2 vs ($0.1 consensus

16:16 XIDE Exide Tech reports Q3 EPS of $0.25 vs ($0.1 in 3Q06; revs rose 35% YoY to $1.04 bln (8.37 +0.06)

16:16 FISV Fiserv misses by $0.02, beats on revs; guides FY08 EPS in-line (49.59 -0.51)

Reports Q4 (Dec) earnings of $0.69 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.71; revenues rose 19.4% year/year to $1.11 bln vs the $1.07 bln consensus. Co issues in-line guidance for FY08, sees EPS of $3.33-3.47 vs. $3.46 consensus. Co says, “we expect full-year 2008 overall company adjusted internal revenue growth of 5 to 7 percent, with the financial segment at the upper end of the range and the insurance segment at the lower end of the range… We expect to achieve strong results in 2008 even in the face of market variability. And given the nature of our business model, we believe we are positioned to achieve similarly strong results in 2009.”
16:15 TLB sees Q4 revs of $587 mln vs $602 mln consensus

16:15 NAPS prelim ($0.06) vs ($0.12) First Call consensus; revs $32.8 mln vs $33.07 mln First Call consensus

16:15 UTI Universal Technical Institute beats by $0.06, beats on revs (14.10 -0.62)

Reports Q1 (Dec) earnings of $0.24 per share, $0.06 better than the First Call consensus of $0.18; revenues rose 0.6% year/year to $90 mln vs the $86 mln consensus. Average undergraduate enrollment for the first quarter of fiscal 2008 was 16,576 students, a decrease of 4.0%, compared with 17,265 students for the same period a year ago. Undergraduate enrollment at the end of the first quarter of fiscal 2008 was 15,415 students, a decrease of approximately 5.2%, compared with 16,263 students at the end of the first quarter of fiscal 2007.
16:15 RACK Rackable Systems beats by $0.13, beats on revs; guides FY08 revs below consensus (8.00 -0.21)

Reports Q4 (Dec) earnings of $0.18 per share, $0.13 better than the First Call consensus of $0.05; revenues rose 4.4% year/year to $111.7 mln vs the $106.3 mln consensus. Co issues downside guidance for FY08, sees FY08 revs of $353-388 mln vs. $406.12 mln consensus. Expects positive non-GAAP EPS for the full year 2008 Annual Non-GAAP gross margin is projected to be in the range of 17% - 20%.
16:14 MET MetLife beats by $0.17, reports revs in-line (56.37 -0.33)

Reports Q4 (Dec) earnings of $1.60 per share, excluding non-recurring items, $0.17 better than the First Call consensus of $1.43; revenues rose 7.6% year/year to $13.83 bln vs the $13.83 bln consensus.
16:14 SCSS Select Comfort misses by $0.08, misses on revs (7.15 -0.19)

Reports Q4 (Dec) earnings of $0.05 per share, $0.08 worse than the First Call consensus of $0.13; revenues fell 3.7% year/year to $190.7 mln vs the $195.1 mln consensus. SCSS anticipates 2008 net income will be lower than 2007 on flat to slightly lower year-over-year sale. The company will not provide specific earnings guidance for fiscal 2008. However, the company currently anticipates that net income will be lower than 2007 on flat to slightly lower year-over-year sales. The company plans to open 30 new stores and close 15 stores or more. The company does not anticipate incurring any significant asset impairment or lease-buyout costs associated with the store closures. Additionally, the company plans to remodel 50 stores. Results for 2008 will benefit from a fifty-third week.
16:14 ATRM Aetrium beats single estimate by $0.02 (4.90 -0.01)

Reports Q4 (Dec) earnings of $0.18 per share, ex-items, $0.02 better than the single analyst estimate of $0.16; revenues rose 84% yr/yr to $9.3 mln vs the single est of $9.2 mln consensus. Co says that while revenues were very strong in Q4, bookings for the quarter were below parity.
16:13 ULTI Ultimate Software reports EPS in-line, beats on revs; guides FY08 EPS below consensus, revs above consensus (27.57 -0.84)

Reports Q4 (Dec) earnings of $0.23 per share, in-line with the First Call consensus of $0.23; revenues rose 27.6% year/year to $42.1 mln vs the $41.7 mln consensus. Co issues mixed guidance for FY08, sees EPS of $0.65-0.66 vs. $0.68 consensus; sees FY08 revs of $189.25 vs. $183.14 mln consensus.
16:13 MET prelim $1.60 vs $1.43 First Call consensus; revs $13.83 bln vs $13.83 bln First Call consensus

16:13 WEDC White Elec Designs reports EPS in-line, beats on revs (4.30 +0.05)

Reports Q1 (Dec) earnings of $0.01 per share, in-line with the two analyst est of $0.01; revenues rose 5.9% year/year to $23.3 mln vs the $22.2 mln two analyst est.
16:13 AKAM Akamai Tech beats by $0.04, beats on revs (29.96 +0.01)

Reports Q4 (Dec) earnings of $0.41 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.37; revenues rose 45.7% year/year to $183.2 mln vs the $174.6 mln consensus.
16:12 POWI Power Integrations beats by $0.03, beats on revs; guides Q1 revs in-line; approves $50 mln buyback (21.69 -2.04)

Reports Q4 (Dec) earnings of $0.38 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.35; revenues rose 5.8% year/year to $52.7 mln vs the $50.2 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $50-54 mln vs. $50.18 mln consensus; co sees gross margins similar to Q4 levels. Co’s board of directors has authorized the use of up to $50 mln for the repurchase of the co’s shares.
16:12 ATML Atmel misses by $0.01, reports revs in-line, guides Q1 in line (3.20 +0.04)

Reports Q4 (Dec) net of breakeven, $0.01 worse than the First Call consensus of $0.01; revenues rose 1.8% year/year to $425.6 mln vs the $422.7 mln consensus. Co also says consistent with first quarter business seasonality and general market trends, the co anticipates first quarter 2008 revenues will be down 3% to 7% on a sequential basis or up 1% to 5% when compared to first quarter 2007. Microcontroller products are expected to continue to grow on a sequential and year-over-year basis driven by new product introductions and market expansion. This calculates to roughly $395.8-$412.83 mln vs $411.32 consensus
16:12 LTRE prelim $0.35 vs $0.37 single estimate; revs $50.89 mln vs $50.73 mln single estimate

16:12 ATEC Alphatec acquires an exclusive worldwide license for innovative dynamic anterior cervical plate technology (5.32 +0.09)

Co announces it entered into an exclusive worldwide license agreement that provides Alphatec Spine the right to commercialize Progressive’s dynamic anterior cervical plate technologies. The financial terms of the License Agreement include an up-front license fee payment to be made by Alphatec to Progressive, testing, design, regulatory and sales milestone payments that could begin to be achieved and paid by Alphatec to Progressive in 2008 and a royalty payment based on net sales of licensed products, with minimum annual royalties beginning in 2009. The exclusive license agreement expires in 2028.
16:11 WMS WMS Industries beats by $0.02, beats on revs; guides Q3 revs above consensus; guides FY08 revs above consensus (36.00 +0.65)

Reports Q2 (Dec) earnings of $0.27 per share, $0.02 better than the First Call consensus of $0.25; revenues rose 18.3% year/year to $159.2 mln vs the $148.5 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $160-$166 mln vs. $156.37 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $620-$632 mln (vs. $613.39 mln consensus), up from previous range of $595-$615 mln. WMS updated its fiscal 2008 guidance to include new demand from California casinos that have existing capacity for near-term expansion and new racino facilities in Indiana. Based upon current indicated customer demand, WMS believes that its incremental unit volume for these properties will range from 1,000-to-1,500 units, with much of this new demand likely to occur in the March 2008 quarter. In addition, WMS updated its guidance for the average installed footprint of participation games for fiscal 2008 to a range of 8,800-to-9,000 units compared to the prior expectation of 8,400-to-8,600 units. The impact of the additional revenues is tempered by continued softness in North American replacement demand and the anticipated impact from a slower economy.
16:11 SNWL sees Q1 $0.02-0.04 vs $0.07 First Call consensus; sees revs $54-56 mln vs $53.60 mln First Call consensus

16:11 CSCO Cisco Systems reports EPS in-line, revs in-line (23.08 -0.1

Reports Q2 (Jan) earnings of $0.38 per share, excluding non-recurring items, in-line with the First Call consensus of $0.38; revenues rose 17.0% year/year to $9.83 bln vs the $9.79 bln consensus. Q2 operating margins 24.5% vs 24.8% in Q1. Q2 product gross margins 65.0% vs 64.8% in Q1 (64.5% in Q4; 64.1% in Q3). “Cisco delivered another solid quarter with strong revenue and order growth driven by a broad base of geographies, products, services and customer markets… As we enter the second half of the fiscal year, our innovation pipeline is in excellent shape, our balanced product momentum across core and advanced technologies continues to be solid, and execution against our long-term strategy remains unwavering.”
16:11 HMN prelim $0.41 vs $0.42 First Call consensus; revs $221.6 mln

16:10 UNCA Unica reports EPS in-line, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY08 EPS in-line, revs in-line (6.74 +0.46)

Reports Q1 (Dec) earnings of $0.05 per share, excluding non-recurring items, in-line with the First Call consensus of $0.05; revenues rose 19.7% year/year to $28.5 mln vs the $27.4 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.06-0.07, excluding non-recurring items, vs. $0.07 consensus; sees Q2 revs of $29-30 mln vs. $29.80 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.31-0.34, excluding non-recurring items, vs. $0.32 consensus; sees FY08 revs of $121-123 mln vs. $121.99 mln consensus.
16:10 NSIT Insight Enterpr beats by $0.01, beats on revs; guides FY08 EPS above consensus (16.61 -0.54)

Reports Q4 (Dec) earnings of $0.48 per share, $0.01 better than the First Call consensus of $0.47; revenues rose 4.7% year/year to $1.28 bln vs the $1.26 bln consensus. Co issues upside guidance for FY08, sees EPS of $1.80-1.95 vs. $1.79 consensus.
16:10 RACK sees positive non-GAAP EPS for FY08 ($0.19 First Call consensus); sees revs $353-388 mln vs $406.12 mln First Call consensus

16:10 SNWL prelim $0.06 vs $0.07 First Call consensus; revs $56.0 mln vs $54.75 mln First Call consensus

16:10 DSCM prelim $0.00 vs ($0.01) First Call consensus; revs $118.2 mln vs $122.13 mln First Call consensus

16:09 ZBRA Zebra Tech to implement global supply chain strategy, expected to begin to accrue in 2009 (30.80 -0.23) -Update-

Co announces its plan to establish regional distribution and configuration centers, consolidate its supplier base, and transfer final assembly of thermal printers to Jabil Circuit (JBL). These actions are intended to optimize Zebra’s global printer product supply chain to improve responsiveness to customer needs and increase Zebra’s flexibility to meet emerging business opportunities. The supply chain optimization plan will result in estimated total costs and charges of $24-$26 mln for severance, professional services and other associated non-recurring costs. Of these charges, the co expects to incur ~$18 mln in 2008, with the remaining amount occurring in 2009. The recovery of these costs and expected financial benefits are expected to begin to accrue in 2009.
16:09 RACK prelim $0.18, may not be comparable to $0.05 First Call consensus; revs $111.65 mln vs $106.34 mln First Call consensus

16:09 TIER Tier Technologies misses by $0.10 (7.81 -0.04)

Reports Q1 (Dec) ($0.15) per share, $0.10 worse than the First Call consensus of ($0.05); revenues rose 11.7% year/year to $29.2 mln vs the $28.9 mln consensus.
16:08 AIRT Air T announced an order for $14.7 million (11.14 +0.31)

The co announces that its wholly owned subsidiary Global Ground Support, LLC has received an order for 44 mobile deicing trucks to be supplied to the United States Air Force for a total of approximately $14.7 mln. The order is pursuant to Global’s existing multi-year contract with the Air Force and includes the actual units, shipping costs and training courses associated with the units.
16:08 TMK prelim $1.41 vs $1.40 First Call consensus

16:08 UNCA sees FY08 $0.31-0.34 vs $0.32 First Call consensus; sees revs $121-123 mln vs $121.99 mln First Call consensus

16:08 SSTI prelim ($0.23), including write-down, SBC, and impairment, vs $0.02 First Call consensus; revs $107.4 mln vs $105.15 mln First Call consensus

16:08 UNCA sees Q2 $0.06-0.07 vs $0.07 First Call consensus; sees revs $29-30 mln vs $29.80 mln First Call consensus

16:07 GLW Corning adds LCD glass capacity in Taiwan (22.86 -0.24)

Co announces that its board of directors has approved a capital expenditure plan of $453 mln to further expand its liquid crystal display glass substrate manufacturing facility in Taichung, Taiwan. This will be the fourth phase of expansion for the Taichung facility, which opened in 2006.
16:07 UNCA prelim $0.05 vs $0.05 First Call consensus; revs $28.5 mln vs $27.39 mln First Call consensus

16:07 ZUMZ Zumiez Inc reports Jan same store sales +1.7% vs +1.5% Briefing.com consensus (18.21 -0.81)

16:07 CTRN Citi Trends says total sales in the 13-week period ended Feb 2, 2008, increased 6.2% to $134.6 mln (consensus of $136.67 mln) (12.94 +0.41)

Co announces total sales in the 13-week period ended February 2, 2008, increased 6.2% to $134.6 mln (consensus $136.67 mln). Comparable store sales decreased 1.1%, comparing the 13 weeks ended February 2, 2008, to the 13 weeks ended February 3, 2007. The co stated that, although it is very early in the year-end closing process, based on the fourth quarter negative comparable store sales results, together with a related increase in clearance markdowns, the co believes it will recognize earnings per diluted share of approximately $0.42-$0.46 for Q4 (vs consensus of $0.44) and $0.83-$0.87 for the full fiscal year 2007.
16:07 EDS sees FY08 $1.35, ex items vs $1.62 First Call consensus; sees revs $22.58 bln vs $22.59 bln First Call consensus

16:07 CCI sees FY08 ($0.42-0.06) vs ($0.23) First Call consensus; sees revs $1377-1392 mln vs $1.49 bln First Call consensus

16:06 ZBRA Zebra Tech to Implement Global Supply Chain Strategy; Co expects to incur $24-26 million in charges in 2008 and 2009 (30.80 -0.23)

The co announces to establish regional distribution and configuration centers, consolidate its supplier base, and transfer final assembly of thermal printers to Jabil Circuit (JBL), a global third-party electronics manufacturer. The supply chain optimization plan will result in estimated total costs and charges of $24-$26 million for severance, professional services and other associated non-recurring costs. Of these charges, the company expects to incur approximately $18 million in 2008, with the remaining amount occurring in 2009. The recovery of these costs and expected financial benefits are expected to begin to accrue in 2009.
16:06 POWI sees Q1 revs $50-54 mln vs $50.18 mln First Call consensus

16:06 TWP Trex sees FY07 revs of $329 mln vs $344.18 mln First Call consensus, copared to guidance of $335-345 mln (8.16 -0.04)

Co announces it expects net sales for 2007 to total approx $329 mln vs $344.18 mln. This preliminary net sales level compares to the co’s most recent net sales guidance of $335 to $345 mln. As the co exited 2007, it became apparent that, due to an aesthetic enhancement made in 2007 to its best-selling deck board, Trex Accents, a significant amount of older-generation product remained in inventory at its distributor locations. Although this older-generation product is saleable at a measured rate, the co decided to take back this inventory so that its 2008 sales and marketing program could focus on a totally consistent product platform. As a result, while Trex did achieve gross sales for 2007 that were within the range of the net sales guidance it provided on November 29, 2007, net sales were adversely impacted late in the fourth quarter by $7.6 mln in distributor credits related to older-generation Trex Accents and a $500 thousand sales revenue reduction that is part of a $1.5 mln fourth-quarter increase to the product defect reserve the Company recorded in the third quarter of 2007.
16:06 CCI sees Q1 ($0.15–0.01) vs ($0.07) First Call consensus; sees revs $336-341 mln vs $362.50 mln First Call consensus

16:06 POWI prelim $0.38 vs $0.35 First Call consensus; revs $52.7 mln vs $50.15 mln First Call consensus

16:05 PRU prelim $1.75 vs $1.88 First Call consensus

16:05 EDS prelim $0.55 vs $0.57 First Call consensus; revs $5.83 bln vs $5.88 bln First Call consensus

16:05 CSCO prelim $0.38 vs $0.38 First Call consensus; revs $9.8 bln vs $9.79 bln First Call consensus

16:05 SRCL prelim $0.38 vs $0.37 First Call consensus; revs $251.6 mln vs $239.77 mln First Call consensus

16:05 ANDE prelim $1.28 vs $1.09 First Call consensus; revs $784.6 mln vs $653.75 mln First Call consensus

16:05 UTI prelim $0.24 vs $0.18 First Call consensus; revs $90.0 mln vs $85.95 mln First Call consensus

16:05 SSTI Silicon Storage announces $30 million share repurchase program (2.65 -0.05)

16:05 WEDC prelim $0.01 vs $0.01 First Call consensus; revs $23.3 mln vs $22.20 mln First Call consensus

16:05 CCI prelim ($0.30) vs ($0.10) First Call consensus; revs $337.5 mln vs $359.79 mln First Call consensus

16:04 ATML prelim $0.00 vs $0.01 First Call consensus; revs $425.6 mln vs $422.65 mln First Call consensus

16:04 ULTI sees FY08 $0.65-0.66 vs $0.68 First Call consensus; sees revs $189.25 mln vs $183.14 mln First Call consensus

16:04 DHX sees Q1 revs $39-40.5 mln vs $38.45 mln First Call consensus

16:03 FISV sees FY08 $3.33-3.47 vs $3.46 First Call consensus

16:03 KNL prelim $0.42 vs $0.37 First Call consensus; revs $281.8 mln vs $267.88 mln First Call consensus

16:03 AEO American Eagle reports January comparable store sales -7% vs -3.1% Briefing.com consensus (20.47 -0.91)

Co reports January comparable store sales -7% vs -3.1% Briefing.com consensus. Co reaffirms Q4 EPS of $0.64-0.65 vs $0.65 consensus; co sees revs of $995.4 mln vs $1.03 bln consensus.
16:03 DHX prelim $0.06 vs $0.07 First Call consensus; revs $39.5 mln vs $39.68 mln First Call consensus

16:03 ULTI prelim $0.23 vs $0.23 First Call consensus; revs $42.1 mln vs $41.65 mln First Call consensus

16:03 HUBG sees FY08 $1.50-1.62 vs $1.57 First Call consensus

16:02 FISV prelim $0.69 vs $0.71 First Call consensus; revs $1.11 bln vs $1.07 bln First Call consensus

16:02 WMS sees FY08 revs $620-632 mln vs $613.39 mln First Call consensus

16:02 EGOV NIC Inc announces retirement of Chief Executive Officer Jeff Fraser (7.10 -0.01)

Co announces the retirement of Jeff Fraser as Chief Executive Officer, effective February 4, 2008. He will continue to serve as Chairman of the Board. The Board has named Harry Herington as Chief Executive Officer, effective February 4, 2008. Herington has served as President since 2006.
16:02 HOTT Hot Topic reports January comp store sales -3.6% vs -6.7% Briefing.com consensus; reaffirms Q4 EPS of $0.25-0.29 vs $0.26 First Call consensus (4.99 -0.10)

Co also announces that it has reduced the number of store projects planned for fiscal 2008 and now expects to open ~10 Torrid stores during the year, 15 to 20 less than previously announced. In addition, co now expects to remodel or relocate 25 Hot Topic stores during the year, 5 less than previously announced. Based upon the reduced number of store projects, the co expects capital expenditures for FY08 to be $24-26 mln (previously issued guidance for FY08 capital expenditures was $28-30 mln).
16:02 AKAM prelim $0.41 vs $0.37 First Call consensus; revs $183.2 mln vs $174.61 mln First Call consensus

16:02 FNSR guides Q4 revs in-line

16:02 POWI Power Integrations acquires Potentia Semiconductor for $5.5 mln; POWI’s Q4 results will include a one-time charge of $1.4 mln (21.43 )

The co announces that it has acquired Potentia Semiconductor, a developer of innovative controller chips for high-power AC-DC power supplies. Potentia’s engineering team, based in Ottawa, Canada, will form the core of a new analog design group for Power Integrations focused primarily on high-power applications. Power Integrations paid approximately $5.5 mln in cash for Potentia, including closing costs. The acquisition closed on December 31, 2007. Power Integrations’ financial results for the fourth quarter of 2007 include a one-time charge of $1.4 million for purchased in-process research and development expenses.
16:02 SCSS anticipates 2008 net income will be lower than 2007 on flat to slightly lower year-over-year sale

16:01 HLND Hiland Partners announces increase in credit agreement by $50 mln (49.00 0.00)

16:01 NSIT sees FY08 $1.80-1.95 vs $1.79 First Call consensus

16:01 HUBG prelim $0.43 vs $0.37 First Call consensus; revs $445.46 mln vs $426.61 mln First Call consensus

16:01 WMS sees Q3 revs $160-166 mln vs $156.37 mln First Call consensus

16:01 KOOL Thermogenesis reports Q2 rev growth of $5.5 mln, a 48% y/y increase; co reported a net loss of $0.03 per share

16:01 HB prelim $0.70 vs single est of $0.66 ; revs $504.3 mln vs single est of $502.3 mln

16:01 NSIT prelim $0.48 vs $0.47 First Call consensus; revs $1.28 bln vs $1.26 bln First Call consensus

16:01 FNSR guides Q3 revs above consensus

16:01 WMS prelim $0.27 vs $0.25 First Call consensus; revs $159.2 mln vs $148.51 mln First Call consensus

16:00 SCSS prelim $0.05 vs $0.13 First Call consensus; revs $190.7 mln vs $195.08 mln First Call consensus

16:00 JJSF J&J Snack Foods announces it has authorized the purchase and retirement of 1 mln of common stock (25.54 -0.01)

16:00 EXAR Exar acquires exclusive ownership for digital power patents (7.49 -0.01)

Co announces that it had acquired exclusive rights to all of Fyrestorm’s intellectual property, including rights to 30 patents related to digital predictive algorithms. The digital predictive technology enables power conversion and power management solutions based on digital logic, rather than classic analog feedback techniques.

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Asian Markets down 5 to 5.5% overnite. Our futures guiding upward, but still below the daily pivot points here premarket on the spoos. Oil bouncing a bit, gold up 1%, futures are up slightly today. I would love to see a solid test of 1300 thru the end of the week and see if the bulls are for real at that level. If they can’t hold 1300 watch out for test and possible new lows. The Fed’s bullets are gone until March 17th again and more bad news will be coming. Full recession is on already. Just a matter of if all the bailouts and free money will stimulate Joe 6 pack and his job less recovery.

8:13 NOV Natl Oilwell Varco reports EPS in-line, revs in-line (62.00 )

Reports Q4 (Dec) earnings of $1.05 per share, in-line with the First Call consensus of $1.05; revenues rose 27.9% year/year to $2.66 bln vs the $2.68 bln consensus. “Each of our three segments reported higher 2007 sales compared to the prior year, and we enter 2008 with a very healthy backlog of equipment and technology to deliver to our customers. I am very proud of all the contributions made by our employees in helping us deliver quality equipment and services. We look forward to continuing to help our customers retool the world’s rig fleet after years of underinvestment.”
08:13 AIRV Airvana earnings correction (5.28 )

Reports Q4 EPS of $1.46, $0.07 worse than $1.53 First Call consensus; revs of $145.6 mln vs $143.00 mln First Call consensus. Co guides Q1 revs of $7-8 mln vs $1.64 mln First Call consensus. (Briefing.com note: 7:11 comment has been removed)
08:13 PXD Pioneer Natural beats by $0.23, beats on revs (41.51 )

Reports Q4 (Dec) earnings of $0.99 per share, excluding non-recurring items, $0.23 better than the First Call consensus of $0.76; revenues rose 46.4% year/year to $530.9 mln vs the $503.2 mln consensus.
08:12 NMRX Numerex: 4Q07 expected to be one of most profitable in co’s history - Merriman (8.01 )

Merriman says given the co’s marginal profitability during the past three quarters, they believe that 4Q07 results and subsequent FY08 rev guidance will provide the investment community with some comfort that achieving their FY08 adjusted EPS and EBITDA ests of $0.39 and $13 mln respectively are achievable. If met, firm’s 4Q07 ests of $21.3 mln in $0.08 on adjusted EPS will be one of the most profitable quarters in the co’s history with results expected to be driven by robust ActiveKEY deployments, Orbit One and the continuing transition to digital in the security vertical. Given firm’s comfort with their ests, they would be buying the stock prior to its earnings release, which they are expect to occur during the last week of February.
08:11 WIRES On The Wires

Applied Biosystems (ABI) announces an expansion of its line of labeling chemistry reagents used for proteomics research in academic and biopharmaceutical laboratories… Comtech Telecommunications (CMTL) announces that its subsidiary Comtech Systems, has received a $1.8 mln contract to upgrade a digital over-the-horizon microwave communications system for use by a major international oil company… Steiner Leisure (STNR) announces that it has entered into an agreement with NCL America which provides for the continuation of Steiner’s massage, hairdressing, beauty and fitness service… Senesco Technologies (SNT) announces the results of preclinical animal studies focused on multiple myeloma. The goal of these studies, which utilized two different dosing regimens, was to further test the ability of Senesco’s Factor 5A technology to induce apoptosis in tumors. One of the dosing regimens showed evidence of significant tumor regression relative to the untreated control mice, while the other showed a diminished rate of tumor growth along with some regression… Syniverse Technologies (SVR) announces it has signed contracts to protect more than 65 operators around the globe, including 25 in Europe, against the growing risk of roaming fraud… Axcelis Technologies (ACLS) announces that it has received an order from a new customer for its single wafer Optima HD high dose implanter.
08:11 RBC Regal-Beloit reports EPS in-line, beats on revs; guides Q1 EPS in-line (36.97 )

Reports Q4 (Dec) earnings of $0.71 per share, in-line with the First Call consensus of $0.71; revenues rose 29.5% year/year to $474.7 mln vs the $461.2 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.92-$1.00 vs. $0.94 consensus. The gross profit margin for the fourth quarter of 2007 was 22.2%, which was 210 basis points below the gross profit margin in the fourth quarter of 2006 due primarily to the gross margin impact of the acquired businesses and the impact of cost inflation.
08:11 RTIX Regeneration Tech misses by $0.02, beats on revs (8.68 )

Reports Q4 (Dec) net of breakeven, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.02; revenues rose 33.5% year/year to $25.5 mln vs the $24.4 mln consensus. RTIX believes the favorable trends seen over the past several quarters by its direct distribution effort in the sports medicine segment will continue throughout 2008. The company’s growth in tissue recoveries, demand for implants launched in 2007 and anticipated new implant offerings in 2008, such as fresh osteochondral grafts for knee injuries and additional new soft tissue offerings, will continue to drive significant growth in this area.
08:11 RL Polo Ralph Lauren reports Q3 (Dec) results, beats on revs; raises Y08 guidance, guides FY09 EPS below consensus (57.46 )

Reports Q3 (Dec) earnings of $1.08 per share, includes dilutive impact from recent acquisitions, non-cash amortization, and a lower effective tax rate, may not be comparable to the First Call consensus of $0.77; revenues rose 11.0% year/year to $1.27 bln vs the $1.19 bln consensus. Co raises guidance for FY08, sees EPS of lower end of $3.64-3.74, compared to previous guidance of $3.50-3.60, vs $3.47 consensus; co sees revs to increase by a low double digit percentage. Co issues downside guidance for FY09, sees EPS of $3.95-4.05 vs. $4.31 consensus; co sees revs to increase by a low-to-mid single digit percentage.
08:10 Senate Democrats to push expanded stimulus plan - NY Times

NY Times reports the majority leader, Senator Harry Reid of Nevada, said Tuesday that Democrats were prepared to force a showdown with Republicans over a $204 bln economic stimulus package and would not bow to pressure to simply make modest changes to a less expensive plan that was approved by the House last week. “We should go for the whole package,” Mr. Reid said at a news conference. He waved off assertions by some Republicans that he was bluffing. “Wait until we have this vote, and they’ll find out,” he said. “I am not much of a bluffer.” Mr. Reid is hoping to strong-arm the Republicans into adopting the larger package favored by most Democrats and some moderate Republicans, or to compel them to vote against important provisions. That could prove politically costly in the fall elections. Mr. Reid’s plan is to deny Republicans a chance to vote on a package including some, but not all, of what the Democrats are trying to add to the plan that passed the House in January.
08:09 DFZ R.G. Barry reports Q2 EPS of $0.38; revs fell 2.2% YoY to $38.6 mln (7.05 )

Co reports Q3 EPS of $0.38; revs fell 2.2% YoY to $38.6 mln. Despite the weak holiday performance reported by some of its retailer customers, it experienced improved retail sell-through rates during the 2007 holiday season and it expects revenue and earnings for the 2008 fiscal year to fall within its previously issued guidance. Company said that its projected increase in net sales for the full fiscal year is expected to be in the lower end of its previously issued 4-to-8 percent range; and that the anticipated increase in income from continuing operations, before taxes and excluding the fiscal 2007 gain of $878,000 on the sale of land, is expected to be in the upper end of its previously issued 6-to-10 percent range. The Company also reiterated that its operating results for the periods met its expectations and reflected a planned shift in its historic patterns of revenue and earnings performance from the first half to the second half of this fiscal year. The shift is principally related to the Company becoming the sole supplier of replenishment slippers for its largest mass-market customer.
08:07 THQI THQ Inc tgt cut to $31 at Lazard; product momentum should improve (19.50 )

Lazard states that THQI is nearing the close of a difficult year of market share loss with several product disappointments; however, they continue to believe the co is positioned for improving product momentum in F2009 with a stronger release lineup of potential hit licensed titles and a more disciplined strategy for product evaluation and development of wholly-owned IP. Firm cuts their tgt to $31 from $35.
08:07 RL sees FY09 $3.95-4.05 vs $4.31 First Call consensus

08:06 RL sees FY08 lower end of range of $3.64-3.74 vs $3.47 First Call consensus

08:06 AHG prelim $0.52 ex items vs $0.49 First Call consensus; revs $452.70 mln vs $432.15 mln First Call consensus

08:06 JDSU JDS Uniphase upgraded to Outperform from Market Perform at BMO Capital (10.16 ) -Update-

08:06 RL prelim $1.08 may not compare to $0.77 First Call consensus; revs $1.27 bln vs $1.19 bln First Call consensus

08:05 BSX Boston Scientific upgraded to Buy from Hold at Stanford (12.77 ) -Update-

08:05 EQIX Equinix acquires Virtu in the Netherlands; Transaction is not expected to negatively impact EQIX’s previously announced 2008 rev/EBITDA guidance (72.10 )

The co announces that it has expanded the company’s global data center operations with the acquisition of Virtu Secure Webservices, a provider of network-neutral data center services in the Netherlands. Equinix intends to invest a total of $48 mln for the acquisition of Virtu, the anticipated capital expenditures associated with the build-out of the Amsterdam site and the assumption of debt. This transaction is not expected to negatively impact Equinix’s previously announced 2008 revenue and EBITDA guidance.
08:05 AMX America Movil SA: Q4 review - Paili Capital (57.50 ) -Update-

Pali Capital notes AMX reported Q4 results which were largely in line with firm’s ests. Net subscriber additions of 10.0 mln were slightly below their est because of an increase in churn in Mexico to 3.6%. Mexico reported ARPU and revenue that met their est as increased usage offset declines in pricing. Mexican EBITDA beat their est on margins. The co might be reducing pricing in Mexico to appeal to anti-trust regulators that are examining its monopoly status. However, wireless rates are still high and could fall further which could also drive lower gross margins and higher capital spending from the increased usage.
08:04 CAKE Cheesecake Factory downgraded to Neutral from Buy at FTN Midwest (20.87 ) -Update-

08:04 RAIL Freightcar America reports EPS in-line, misses on revs (38.38 )

Reports Q4 (Dec) earnings of $0.58 per share, excluding non-recurring items, in-line with the First Call consensus of $0.58; revenues fell 64.9% year/year to $137.1 mln vs the $147 mln consensus. Co says the North American railcar market has contracted, but long-term fundamentals remain strong.
08:04 ADVS Advent Software upgraded to Buy from Hold at Deutsche Bank (45.02 )

08:03 RBC sees Q1 $0.92-1.00 vs $0.94 First Call consensus

08:03 RBC prelim $0.71 vs $0.71 First Call consensus; revs $474.7 mln vs $461.24 mln First Call consensus

08:02 LII sees FY08 $2.85-3.00 vs $2.95 First Call consensus; sees revs up 2-5%, or roughly $3.82-3.94 bln vs $3.82 bln First Call consensus

08:02 PXD Pioneer Natural replaces 357% of 2007 production for $15.40 per barrel oil equivalent (41.51 )

Co announces that as of Dec 31, 2007, its total proved oil and gas reserves were 964 mln barrels oil equivalent. During 2007, the co increased proved reserves by 148 MMBOE, replacing 357% of production at an average finding and development cost of $15.40 per barrel oil equivalent. The reserve additions were primarily attributable to successful drilling in PXD’s core onshore areas (Spraberry, Raton, Edwards Trend and Tunisia) and recent acquisitions in the Spraberry, Raton and Barnett Shale fields. Drillbit finding and development cost was $17.85 per BOE.
08:02 RTIX prelim $0.00 vs $0.02 First Call consensus; revs $25.5 mln vs $24.36 mln First Call consensus

08:02 ORCT Orckit Comms’s Corrigent signs a long term agreement with Media Broadcast GmbH for Deutsche Telekom’s customer in Germany (8.00 )

Co announces that its CM-100 and CM-4000 product lines were selected by Media Broadcast as a main network infrastructure building block for network solutions deployed by Deutsche Telekom’s (DT) wholesale business unit, and leased to a cable operator in Germany. Deployments in Lower Saxony and Bavaria begin this year, and rollout in further regions for the leading cable operator are expected to span over the next years as part of a 15-year agreement. First shipments of the CM-100 have commenced.
08:02 TMTA Transmeta confirms first LongRun2 licensee has achieved volume production (13.93 )

Co confirms that its first licensee began its production ramp of the first commercial product licensed to use TMTA’s LongRun2 technologies and has achieved volume production levels. As a result, TMTA expects to recognize approx $215K in royalty revenue in 1Q08 for products using TMTA’s LongRun2 technologies that were sold by its licensee during 4Q07.
08:02 JDSU JDS Uniphase: Color on quarter (10.16 )

Deutsche remain buyers of JDSU as shares are likely to continue to trade up on the co’s improving profitability prospects. The co’s ailing optical business has grown for two consecutive quarters and more importantly exhibited material operating profitability for the first time in several years. Firm continues to believe that JDSU represents one of the few liquid ways to be exposed to overall improving optical industry trends, as well as, FTTx trends… Roth says considering most peers have reported disappointing results and/or guidance, firm was amazed with JDSU’s F2Q results and F3Q guidance. Firm has raised their ests and price target to $18 from $17.30. The co executed to perfection in F2Q. It remains to be seen how calendar 2008 will unfold for JDSU, given mounting evidence of the economy slowdown.
08:02 PXD prelim $0.77, ex items vs $0.76 First Call consensus; Oil & Gas revs $508.57 mln vs $503.20 mln First Call consensus

08:01 TISI Team upgraded to Buy from Hold at BB&T (29.24 )

08:01 SON sees FY08 $2.44-2.47 vs $2.45 First Call consensus

08:01 RAIL prelim $0.58 vs $0.58 First Call consensus; revs $137.1 mln vs $147.00 mln First Call consensus

08:01 CSC Computer Sciences wins $70 million contract to provide IT infrastructure support (44.63 )

08:01 BE BearingPoint guides FY07 revs in-line; sees FY08 net revs to flat or slight increase (2.45 )

Co issues in-line revenue guidance for FY07, sees revs of $3.45-$3.47 bln vs consensus of $3.47 bln. Co expects net loss in the range of $345-$375 mln, and bookings of $2.87 bln. For FY08, co sees net revenue to remain flat or slightly increasing. Co expects net income to range from a loss of $70 mln to gain of $1 mln.
08:01 LII prelim $0.55 vs $0.52 First Call consensus; revs $887 mln vs $903.40 mln First Call consensus

08:01 SON sees Q1 $0.50-0.53 vs $0.60 First Call consensus

08:01 YHOO Yahoo! downgraded to Market Perform from Outperform at BMO Capital (28.38 ) -Update-

08:00 SON prelim $0.62 vs $0.54 First Call consensus; revs $1.06 bln vs $1.06 bln First Call consensus

08:00 PRICE Filings, Offerings, Pricings and IPOs

Filings: RadiSys (RSYS) files for a $50 mln convertible notes offering… Orsus Xelent Technologies (ORS) files for up to an $18.4 mln common stock secondary offering… Acorda Therapeutics (ACOR) files for a 2.75 mln share common stock secondary offering; 2.667 mln are being offered by the co and 83k shares are being offered by selling shareholders.
08:00 NOV prelim $1.05 vs $1.05 First Call consensus; revs $2.66 bln vs $2.68 bln First Call consensus

08:00 S&P futures vs fair value: +11.6. Nasdaq futures vs fair value: +13.3.

Stock futures suggest a modest rebound following yesterday’s steep decline when the S&P 500 had its worst day since February 2007. Dow component Walt Disney (DIS) is providing support after the company topped its profit expectations. Time Warner (TWX) met its earnings expectations.
07:58 TIN Temple-Inland beats by $0.09, misses on revs (18.90 )

Reports Q4 (Dec) earnings of $0.23 per share, $0.09 better than the First Call consensus of $0.14; revenues fell 6.4% year/year to $937 mln vs the $988.6 mln consensus.
07:57 TIN prelim $0.23, ex items vs $0.14 First Call consensus; revs $937.0 mln vs $988.58 mln First Call consensus

07:57 BE sees FY08 net revenue flat or slightly increasing

07:56 BE guides FY07 revs in-line

07:56 GM and Ford downgrade details

As mentioned at 6:35 Bear Stearns downgrades F to Peer Perform from Outperform and GM to Underperform from Peer Perform saying the group’s rallied 12% (vs. the S&P up 1%) since the Detroit Auto Show. However, the facts are changing at an accelerating rate. The firm says their downgrades reflect renewed concerns that both the propensity and ability of the automotive consumer to purchase vehicles is deteriorating at an accelerating rate. Firm says in the case of GM, they expect heightened incentives and continued market share losses for the foreseeable future into a fading product cadence and a declining ‘08 market. In the case of F, the trajectory of the turnaround is encouraging, and they like the fact that 26% of Ford’s volumes renew by year-end. However, 3Q is the likely inflection point; they simply believe it prudent to keep some power dry until the macro horizon clears.
07:53 LGND Ligand Pharma: Susquehanna notes AMGN’s Nplate and Wyeth-partnered Viviant head to panel; minimal impact near term (4.19 )

07:51 CAKE Cheesecake Factory: Color on quarter (20.87 )

Friedman Billings reiterates their Market Perform and $18 tgt following CAKE’s 4Q07 results. 4Q07 EPS of $0.22 was below consensus of $0.26, mostly due to deleveraging from weaker- than-expected same-store sales, but also from higher G&A and preopening costs. Notably, the co considerably slowed 2008 new unit growth (from 11% to 5%), which firm views positively and is the appropriate step in this environment. Firm ests this lower unit growth will provide $80-$90 mln more in free cash flow and over the longer term, improve sustainability and ROIIC trends… Robert Baird notes Q4 EPS of $0.04 was below consensus on weak comps and related margin compression; implied 2008 EPS guidance reduced to $1.11-1.16 (consensus $1.29), which seems appropriate in view of tough macro backdrop; lowering ests; encouraged by plan to slow near-term development to emphasize improving ROIC and returning cash to shareholders. Firm is encouraged by revised 2008 guidance, which seems appropriately conservative in view of macroeconomic headwinds. They see potential for industry traffic to become less negative as 2008 progresses, with better trends (vs. weak Q1 levels) possibly supported by less year-over-year drag from gasoline prices and the positive impact of economic stimulus.
07:51 TWX Time Warner considers spinoffs - Washingtonpost.com (15.40 ) -Update-

Washingtonpost.com reports TWX’s new chief executive, Jeffrey Bewkes, is preparing to use his first address to investors today to outline plans for shaking up the world’s largest media company, starting with an attempt to sell or spin off Time Warner Cable to help reverse the corporation’s skidding stock price. Bewkes also is likely to signal plans to break up AOL in the coming year, as TWX holds on to AOL’s growing online advertising properties and sells its struggling Internet service provider business, according to a source close to the company who spoke on the condition of anonymity because Bewkes’s speech has not been made public. A spinoff would liquidate TWX’s remaining interest and create a company worth as much as $34 bln, analysts estimate. Time Warner is currently worth about $56 bln. Potentially complicating an AOL breakup is Microsoft’s (MSFT) proposed $44.6 bln takeover of Yahoo (YHOO), announced Friday, that would create an online advertising behemoth that, though still smaller than Google (GOOG), would dwarf AOL. If TWX were to sell off its non-entertainment properties, such as Time Warner Cable, and concentrate on creating content, Wall Street estimates that its stock would trade closer in value to Viacom’s (VIA), which closed yesterday at $38.29 a share. Cable industry executives suggest that TWX is more likely to spin off its interest in Time Warner Cable than it would be to sell the majority stake to another firm. With 15 mln subscribers, Time Warner trails only Comcast (CMCSA), which has 24 mln, nearly 30% of all U.S. cable subscribers.
07:51 RVBD Riverbed Technology target cut to $18 at Jefferies (22.14 )

Jefferies notes RVBD reported solid Q4 results last night with revenues and pro forma EPS above consensus estimates, but Q1 and full year 2008 EPS guidance was disappointing. As a result, the firm is cutting their tgt to $18 from $36. The firm notes competition from cos with more integrated offerings should intensify and they believe RVBD could remain challenged to generate operating leverage.
07:50 LFUS Littelfuse beats by $0.02, beats on revs; guides Q1 EPS below consensus, guides revs; guides FY08 EPS in-line, guides revs (29.38 )

Reports Q4 (Dec) earnings of $0.38 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.36; revenues rose 5.6% year/year to $134.9 mln vs the $133.2 mln consensus. Co issues guidance for Q1, sees EPS of $0.32-0.37 vs. $0.40 consensus; sees Q1 revs up 2-5% yr/yr, which equates to approx $134-138 mln vs. $138.70 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.80-1.90 vs. $1.87 consensus; sees FY08 revs up 5-7% yr/yr which equates to approx $562.9-573.7 mln vs. $574.51 mln consensus.
07:47 FORM FormFactor: From growth to value in 60 seconds - Citigroup (23.19 ) -Update-

Citigroup says they suggested a month ago this wasn’t going to be pretty for FORM and cut #s, but this was an unmitigated disaster and worse than they ever could have imagined. In checks around the industry post-call, in the past few weeks DRAM makers are in all-out desperation to save $ and, in some cases, are just not testing any more. While pricing is also a factor here, MJC has been the only game in town at the high-end for full wafer contact and thus, FORM has been forced to concede pricing at the low-end - however, they think it’s now regaining quals at high-end for Harmony DRAM. While difficult to defend the stock on near-term fundys, firm believes design activity at DRAM makers has accelerated in recent wks and - if it holds - adds a much stronger fundamental case for FORM as it would drive big upside to CQ2:08 revs.
07:47 DIS Walt Disney target raised to $38 at Oppenheimer (30.07 )

Oppenheimer notes after the close, DIS reported significantly better than expected results and confirmed that Theme Park bookings remain modestly ahead through F4Q. Moreover, Parks should grow “nicely” in F2Q, aided by the Easter shift, while Scatter pricing remains up double-digits over the Upfront. As a result, the firm is raising their tgt to $38 from $36, suggesting 23% upside.
07:47 Spectrum Auction: Now comes the action-packed bonus round - NY Times

NY Times reports bidding slowed in the govet’s auction of wireless spectrum Tuesday. By the fifth bidding round of the day, there were only 87 new bids, adding $6 mln to the total. The total bid now totals $18.9 bln, up from $18.8 bln yesterday. The calm was in contrast to the auction Monday when a second bidder emerged for the C block, the block of licenses that would allow nationwide wireless service. No new bids in the C block were placed Tuesday. The FCC moved to push the auction forward and possibly speed up bidding. It announced that as of Wednesday morning, the auction would enter what it calls Phase 2. That means that in order to stay active in the auction, cos will need to be more active in their bidding.
07:46 LFUS sees FY08 $1.80-1.90 vs $1.87 First Call consensus; sees revs $562.9-573.7 mln vs $574.51 mln First Call consensus

07:45 LFUS sees Q1 $0.32-0.37 vs $0.40 First Call consensus; sees revs $134-138 mln vs $138.70 mln First Call consensus

07:45 LFUS prelim $0.36 vs $0.36 First Call consensus; revs $134.9 mln vs $133.19 mln First Call consensus

07:43 AMX America Movil SA: Traffic following into strong Q4 results - Citigroup (57.50 )

Citigroup states AMX’s growth story continues with a very sharp rise in mobile usage and record net additions across the board in 4Q. AMX beat consensus in revs (+1.6%) and net profit (+9.3%) but came below on EBITDA (-2.2%), as subs were at the high end of estimates. Maintain Buy as this growth and income story is intact and supported on the downside with solid financials and strong FCF generation.
07:42 RIO Comp Vale Do Rio: Xstrata shares climb on persistent Vale bid talk - Reuters (29.69 )

Reuters reports shares in Xstrata climbed as much as 3.2%, as traders cited persistent market talk of a bid from Brazilian mining giant Vale. One trader said there was talk of a bid of 4,500 pence per share.
07:41 Recovery for SIVs unlikely given Basel II rules-panel - Reuters

Reuters reports the troubled mkt for so-called structured investment vehicles is effectively dead and likely to stay that way given new international rules for matching banks’ reserves to their risks, panelists at a bond industry conference said on Tuesday. The new Basel II intl accord, to be applied to U.S. banks with total assets of $250 bln or more, is likely to make investing through off-balance sheet SIVs less attractive for banks, which are the main sponsors of such vehicles, speakers at the American Securitization Forum conference in Las Vegas said.
07:40 BSY British Sky Brdcst adds 167,000 2Q new subs, rev +11% to 2.5 bln pounds - DJ (79.78 )

DJ reports the co posted a 9% drop in second quarter net new pay television customers and a half-year loss of GBP 112 mln, as it invested in new broadband customers. While new customer additions came in at the lower end of analyst expectations, the co grew its broadband customers by 28% to 1.2 mln during the quarter. Revenue for the six months ending Dec. 31. increased 11% to GBP 2.47 bln from GBP 2.2 bln. Average revenue per user, or ARPU, also increased to GBP 421 per customer. As expected, operating profit fell 25% to GBP 295 mln from GBP 395 mln, an improvement on the GBP 287 mln expected by analysts, with investment in broadband and pay-TV expansion eating into profitability. However gross margins improved by two percentage points to 65%. BSkyB said it anticipates operating profit for the full year would be in line with its expectations.
07:40 Friedman Billings states higher credit costs will trump NIM expansion

Friedman Billings continues to have a negative view of bank and thrift stock prospects given their analysis indicating that the projected increase in credit costs will more than offset NIM improvement. Firm’s analysis indicates FY08 bank earnings will decline approx 30% from FY07. In 2009, firm has little confidence about credit costs, but their best est is for a return to positive earnings growth, albeit at levels still below those of 2005-2006. Compounding the lack of reserves is a 17-year low NIM, which leaves banks with little power to earn through higher credit costs. Therefore, while share prices may react positively to announcements of coordinated fiscal and monetary stimulus in the short term, reflecting the belief that banks will be able to earn through higher credit costs, firm believes investors will be disappointed as only time will allow for the banks to work through lending excesses. Specifically, firm would continue to sell WM, IMB, FHN, NCC, SOV, and WFC due to their high levels of residential mortgage exposure.
07:40 Friedman Billings says signs point to growing price pressure; focus on names with strong cost leverage

Friedman Billings says the wave of uncertainity that has greeted the new year has been particularly challenging for many communications infrastructure stocks, which in some cases have seen prices cut 50% or more since last summer’s highs. While they remain optimistic regarding certain technology deployments, including HD video by direct broadcast satellite operators, cable’s rollout of DOCSIS 3.0 for higher-speed data services, and telco TV infrastructure spending, firm has become more cautious about pricing across the board. Firm believes this will have a meaningful impact in areas including high-speed data, set-top boxes, video switching equipment, non-HD video encoding, and processing platforms, etc.
07:39 FRX Forest Labs: Positive phase III results for Namenda once-daily - Lazard (41.28 )

Lazard notes FRX announced positive preliminary phase III data of its once-daily formation of Namenda for the treatment of moderate-to-severe Alzheimer’s disease. The 24-week study indicated that patients treated with the once-a day formulation showed statistically significant higher cognitive abilities, as measure by the SIB, and clinical global status, as measured by the CIBIC-Plus compared to patients treated with placebo at week 24. The once-daily Namenda was well tolerated. Firm believes there is room for stock appreciation this year, driven in large part by increased visibility on the pipeline and, ultimately, the performance of Bystolic. Late-stage data and/or FDA action expected on five new assets in 2008.
07:39 TTG Tutogen Medical reports Q1 EPS of $0.02, ex-items, vs $0.03 consensus; co reports revs up 30% yr/yr to $15.0 mln vs $14.9 mln consensus (10.50 )

07:39 IACI InterActive misses by $0.09, beats on revs (24.55 )

Reports Q4 (Dec) earnings of $0.46 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of $0.55; revenues rose 8.1% year/year to $1.86 bln vs the $1.83 bln consensus.
07:38 SVNT Savient Pharma: Puricase data continues to impress; pre-BLA meeting set - Lazard (20.33 )

Lazard reported SVNT released additional positive secondary clinical endpoints for Puricase data from the two replicate Phase III studies, GOUT I and GOUT II. Both the Q2 and Q4 regimens achieved statistical significance vs. placebo for prespecified evaluations of the reduction in the number of tender and swollen joints, improvement in Patient Reported Outcomes and clinician’s global assessment. Improvement in these endpoints further validates the meaningful clinical benefit of Puricase in this treatment-refractory population. SUA nonresponders demonstrated improvement as well. Firm wouldn’t underestimate the material efficacy of Puricase, both relative to SUA control and meaningful clinical benefit.
07:38 RVBD Riverbed Technology: Q4 rev above expectations; EPS guidance disappointing - Robert Baird (22.14 )

Robert Baird states that RVBD rev and gross margin outperformed, but opex growth limited EPS upside. 2008 EPS gu