8:26 NWA Northwest Airlines: IAM leaders leery of NWA merger with large Delta - Star Tribune (18.50 )
Star Tribune reports the head of the Northwest Airlines ground workers union said Thursday his members would be “extremely hard-pressed to support a merger” between Delta Air Lines and Northwest. Stephen Gordon, a key official with the International Association of Machinists and Aerospace Workers, said IAM leaders are concerned about a merger because Delta’s ground workers aren’t unionized, so Northwest employees could lose union representation under a merged airline. “If this is a merger about Wall Street, we’re not interested in it,” said Gordon, president of IAM District 143. “A merger is not beneficial to us at this point.”
08:26 OXPS OptionsXpress upgraded to Outperform from Market Perform at BMO Capital (24.47 )
08:23 Additional detail on Stimulus Plan
WSJ reports as part of the Senate compromise, renewable-energy tax incentives were dropped from the bill, as was a provision that would have allowed cos such as home builders to get tax refunds from past years when they were profitable. Two tax breaks retained in the final legislation would allow businesses to write off equipment purchases made this year more quickly and give small firms greater ability to write off their expenses. The legislation also would raise loan limits for FME, FRE and the Federal Housing Administration, as the House bill did.
08:22 PCZ Petro-Canada to reconsider C$1 bln Quebec LNG Project - DJ (43.33 )
DJ reports the co is reconsidering a proposed C$1 bln liquefied natural gas plant in Quebec after OAO Gazprom announced Thursday it was canceling plans for what would have been the plant’s key supply source. Petro-Canada has been locked in talks with the Russian energy giant since 2003 to try and secure a long-term LNG supply contract for its Gros Cacouna terminal. The negotiations hinged on winning a stake in Gazprom’s proposed $3.5 bln gas liquefaction plant on Russia’s Baltic coast. However, Gazprom said it was dropping its plan, as it was less competitive than other projects in the region.
08:22 BONDX Taking Some Back
The bond market is retracing some of its outsized losses from yesterday. The bond insurers continue to make headlines this morning which is surely contributing to the upside in treasuries as even a capital infusion ($1B of under-priced stock) to stave off a ratings downgrade was unable to bolster MBIA’s outlook while XL was actually downgraded by Moody’s. SF’s Fed pres Yellen voiced concerns about a recession also adding the positive tone in bonds. The 2-10-yr yield spread unwound some steepness to 169.5 as curve trade flirts with near 4-yr highs. Bond prices in the Eurozone are fighting to hold higher as equities try to recover while in Japan bonds closed higher on soft machinery orders & slumping stocks. Treasuries will likely be watching headlines on a stimulus package & bond insurers today with very little else on the calendar. Fed-speak hits later & following Yellen’s overnight comments markets are a little on edge. Despite the early boost, prices have much more work to do today if they want to clean up yesterday’s mess. The dollar is losing its momentum from the strong post-ECB run with euro now perking up a bit. Yen remains weak but is still holding the buck under 108. Spot gold is up at 913.65 (+3.14) while crude oil is firmer at 88.72 (+0.61). Wholesale inventories at 10 while Cleveland’s Pianalto goes at 12:55 & Atlanta’s Lockhart at 13. The euro is at 1.4503 & the yen is at 107.3900 while the 10-yr is +14/32 yielding 3.702%..
08:20 CSTR Coinstar: Color on quarter (29.06 )
Merriman says that with continued coin-counting build-out and contributions from various acquisitions and investments, they believe CSTR is positioned to benefit from its cost-efficient operational structure and “4th Wall” strategy — driving both accelerated rev growth and higher margins. To account mostly for the Redbox consolidation, firm’s FY08 and FY09 rev ests increase to $864 mln and $1.122 bln from $602 mln and $664 mln, while their EBITDA ests increase to $142 mln and $200 mln from $139 mln and $177 mln…. William Blair says that CSTR’ s 4Q results of $0.17 in EPS largely met firm’s forecast. They note WMT is overhauling its usage of kiosks across its store network, resulting in big changes, both positive and negative, for CSTR. On the positive side, WMT will roll out Redbox DVD units across its entire domestic store network. The big retailer will also dramatically increase its usage of coin-counting machines. On the negative side, CSTR must remove half of its Entertainment Services machines from Wal-Mart stores over the next two quarters. Firm cuts 2009 EPS est to $0.56 from $0.75.
08:20 Eisner says deal made to end Writers’ Strike - DJ (31.72 )
DJ reports former DIS CEO Michael Eisner said late Thursday afternoon that a deal has been reached to end the writers’ strike. “It’s over. It’s going to the writers on Saturday,” Eisner said on CNBC. Eisner did not elaborate on terms of the agreement, but said a deal between the major media cos and the Writers Guild of America has been reached. Gregg Mitchell, spokesman for the Writers Guild, confirmed the strike is still on. He would not comment directly on Eisner’s comments. “We’ve agreed to a press blackout, so as far as negotiations are concerned, I can’t comment,” Mitchell said. Eisner, Disney’s chief executive from 1984 to 2005, said he has friends with knowledge of the situation who have told him the strike will come to an end. “It’s impossible the writers will turn it down,” Eisner said, adding the deal will be announced this weekend. The former Disney executive said he expects most of the media cos affected by the strike to have small write-downs.
08:19 HNT Health Net intends to reaffirm its earnings guidance for the full year 2008 at analyst day - 8-k (45.28 )
08:19 Baltic Dry Bulk index rises 3.6%, biggest gain this month - Bloomberg
DRYS, TBSI, DSX, EXM, EGLE, NM, ULTR, DAC, QMAR, PRGN, GNK
08:18 Going online to lure foreign shoppers - WSJ
WSJ reports retailers in the U.S. are turning to the Internet to sell to shoppers abroad in hopes of easing the pain of an economic slowdown at home. Neiman Marcus and its sister luxury retailer, Bergdorf Goodman, will both begin shipping to Canada from their Web sites by May 1, and they’re gearing up to ship to other intl mkts next year. Last fall, SKS began shipping outside the U.S. in what the retailer describes as a pilot program. And Internet jeweler NILE, which already ships to Canada, Ireland and the United Kingdom, this week began to ship to 12 more countries in Europe and the Asia-Pacific region. Others pushing the strategy include ANF, TBL and COH. Even M says intl shipping from its Web site is now “under consideration,” according to spokesman Jim Sluzewski. Using the Internet to build a presence abroad is far less costly — and can be accomplished much more quickly — than building stores. And intl markets are especially attractive now since shoppers in many of those markets haven’t cut back on spending. At the same time, the weak dollar gives many foreign shoppers a huge currency advantage that U.S. retailers hope will be an added incentive to order from their Web sites. BFLY, an online retailer of discounted designer apparel and accessories, has accepted orders from outside the U.S. for nearly a decade. But because of limited awareness of its site, intl sales account for only about 3% of overall revenue. To change that, the co is exploring ways to step up its intl marketing, such as placing ads on foreign search engines. (Stocks mentioned: AMZN)
08:18 ALNY Alnylam Pharmaceuticals upgraded to Aboce Average at Caris- tgt $33 (30.33 )
Caris upgrades ALNY to Above Average from Average and raises their tgt to $33 from $30 based on advancements in RNAi programs their expectation that Alnylam could file an additional investigational new drug application, and sign a major partnership deal in 2008. The firm has a positive long-term outlook on Alnylam based on the potential of RNA interference. RNAi represents a very important advancement in biotechnology. The platform technology could become a foundation for an entire new class of drugs
08:17 AET Aetna: Quarter suggests lingering fear of managed care pricing/cost problem isn’t justified - Opco
Oppenheimer says that it wasn’t apparent from the stock’s reaction, but AET actually had a very solid Q4. Its commercial MLR was better than expected, and its MLR outlook for next year is stable. Firm says sentiment toward the group should improve over the next few weeks, because the MLR issues this quarter have been co-specific and should be largely non-recurring. Earnings projections are unchanged, while cash flow yields and valuations have gotten much more attractive. Also, strong Feb Medicare enrollment figures and the 2009 Medicare rate announcement on Feb 22 should also be positive catalysts for the group, since they will remind the market that Medicare is growing and that rates are rising in 2009 and will not be cut, as many still seem to believe.
08:15 WIRES On The Wires
EMCOR Group (EME) announces that its PACE Mechanical Services subsidiary has been awarded a design build contract for specialized work in Chrysler’s new Axle Plant… Insignia Systems (ISIG) announced a Consent Decree signed by News America Marketing In-Store LLC and the Minnesota Attorney General in the Minnesota Federal District Court Action. In the action, Insignia Systems and the State of Minnesota sued News America Marketing. Insignia Systems alleged that News America Marketing violated laws protecting competition and laws prohibiting commercial disparagement.
08:15 GLW Corning says it expects global demand for liquid crystal display glass to grow 25% to 30% in 2008 (23.49 ) -Update-
Co says that it expects global demand for liquid crystal display glass to grow 25% to 30% in 2008, representing an increase of more than 450 mln square feet of glass. A compound annual growth rate of 25% is expected for the 2007 to 2009 time period. Co states, “In 2008, we estimate that 105 mln LCD TVs will be shipped, reaching 50% penetration of the total color TV market. Additionally, average L.C.D. TV screen size is expected to increase from 31.4 inches in 2007 to approx 34.2 inches in 2009, with total glass demand for L.C.D. TV reaching nearly 1.5 bln square feet that year…Most significantly, L.C.D. is leading in larger screen sizes. We expect 86% of the 40-to-49-inch TV segment and almost half of the 50-inch-and-larger segment to be L.C.D. by 2009.”
08:13 TIF Tiffany & Co reaffirms FY08 guidance; issues downside EPS guidance for FY09 (38.18 )
Co reaffirms guidance for FY08 (Jan), sees EPS of $2.25-2.28 vs. $2.27 First Call consensus. Co issues downside guidance for FY09 (Jan), sees EPS of $2.50-2.55 vs. $2.63 consensus.
08:12 RMD ResMed upgraded to Buy at Caris- tgt cut to $53 (44.33 )
Caris upgrades RMD to By from Above Average and cuts their tgt to $53 from $56 following mixed Q2 results. The firm says while 2Q U.S. blower sales were soft, they think the underlying market fundamentals continue to be robust. Given the pending acquisition of Respironics (RESP) by Philips, the firm thinks that will improve pricing stability in the market on a going forward basis. In addition, the potential implementation of U.S. home diagnostic testing should help provide a tailwind in the coming quarters.
08:11 Societe Generale readies capital increase - WSJ
WSJ reports two weeks after unveiling a trading loss that wiped out most of its 2007 profit, Societe Generale is close to launching the expected capital increase that would shore up its finances and possibly fend off any takeover attempts. Bank Chairman Daniel Bouton, who has weathered calls from the French govt to step down in the wake of the scandal, is expected to announce the details of the bank’s $8.04 bln rights issue over the next few days, according to people close to the bank. As of late yesterday, France’s stock-market watchdog, hadn’t rubber-stamped the capital increase, but was expected to do so quickly. Societe Generale officials are still selecting the banks that will handle the share sale to both individual and institutional investors. People close to Societe Generale said BNP Paribas and Credit Agricole, through its investment-banking arm, Calyon, were likely to be among those chosen, owing to their large retail networks. Their participation wouldn’t be seen as an indication that those banks might or might not bid for Societe Generale, these people said.
08:10 EUBK EuroBancshares upgraded to Buy at Kaufman- tgt $8 (5.83 )
Kaufman upgrades EUBK to Buy from Hold with an $8 tgt following earnings and because they think the co is making progress in containing losses in its leasing portfolios, and has generously reserved for additional losses. Further, Dec. 2007 quarter results showed a small profit, and with the yield curve steepening and cost reductions likely from consolidating operations in a central location, they think 2008 may be a better year.
08:08 BBSI Barrett Business reports Q4 (Dec) results, beats on revs; guides Q1 revs below consensus (18.20 )
Reports Q4 (Dec) earnings of $0.34 per share, may not be comparable to the First Call consensus of $0.45; revenues rose 7.3% year/year to $293.8 mln vs the $286.1 mln consensus. Co issues guidance for Q1, sees EPS of $0.08-0.12, may not be comparable to $0.15 consensus; sees Q1 revs of $263-268 mln vs. $273.72 mln consensus.
08:07 GLW Corning reaffirms Q1 rev and EPS guidance in-line with consensus (23.49 )
Co reaffirms Q1 revs of $1.59-1.62 bln vs $1.59 bln First Call consensus and EPS of $0.41-0.43 vs $0.41 consensus. On LCDs the co says “We expect a compound volume growth rate of 25% through 2009 as overall glass demand grows by more than 450 mln square feet each year. Overall, we expect that our diesel product sales will grow by more than 25% this year, but this is dependent on the U.S. economy.”
08:05 Fed’s Yellen says not confident recession avoidable - Reuters
Reuters reports San Francisco Federal Reserve Bank President Janet Yellen said on Thursday she was “not confident” that the United States could avoid a recession, or two quarters of negative growth, during the current downturn. In earlier prepared remarks to an audience in Honolulu, Yellen said that an extended spell of slow growth was the most likely outcome, but she later told reporters that a recession was within the range of normal forecasting error. Yellen said Fed interest rate policy needed to remain focused on protecting against the “worst downside risks” to an economy weakened by a housing slump and a rolling series of financial market crises. Recent economic data suggests the U.S. labor mkt is contracting in a way harmful to consumer spending, but “we don’t yet have a dramatic deterioration,” Yellen said. The January nonfarm payrolls report and ISM services survey “were certainly weak numbers,” she said. Yellen noted that mortgage refinancing had surged and “provides some stimulus” to the economy. Resets on adjustable-rate mortgages are about to peak, and “a reasonable share of home buyers who are in this situation will see (interest rate) cuts, not increases,” she said.
08:04 BLSW Bridgeline Software reports Q1 EPS of $0.00 vs ($0.15) in yr ago period; revs +82% yr/yr to $4.20 mln (2.65 )
08:03 PLD ProLogis upgraded to Buy from Sell at Merrill (56.20 )
08:02 GLW reaffirms Q1 revs of $1.59-1.62 bln vs $1.59 bln First Call consensus and EPS of $0.41-0.43 vs $0.41 consensus
08:02 CBG CB Richard Ellis acquires Eurisko, an independent commercial real estate services firm in Romania for ~$35 mln, terms not disclosed (18.26 +0.69)
08:02 MYL Mylan Labs restores availability of generic Levothyroxine in Florida (13.09 )
MYL announces that Mylan Pharmaceuticals has obtained an order from an administrative law judge in Florida finding that the inclusion of Levothyroxine Sodium on the state’s negative drug formulary is an invalid exercise of legislative authority and that the product should be removed from the negative formulary. MYL will make its products available to pharmacies in Florida as soon as motions and procedural steps surrounding its removal from the negative formulary are satisfied. Florida’s Board of Medicine and Board of Pharmacy voted not to appeal the Jan 28, 2008, order; Abbott Laboratories (ABT) has filed a formal appeal. When a drug is included on Florida’s negative formulary, pharmacists cannot substitute a generic version for a prescribed brand version. “This ruling is not just a victory for Mylan, it’s a major victory for the citizens of Florida who have been denied access to lower cost Levothyroxine Sodium for years,” said MYL’s COO Heather Bresch.
08:01 GLW reaffirms Q1 revenue and EPS guidance
08:01 MCD McDonald’s reports January comparable sales (54.46 )
Co reports January global comparable same store sales of +5.7%, same store sales for US of +1.9%, Europe same store sales of +8.2%, APMEA same store sales of +7.8%.
08:01 Apparel Retail: January sales review -RBC
RBC says same-store sales in January were soft as the currently difficult retail environment and lack of shopping catalysts during the month weighed on results. However, as there were few significant negative surprises, the stocks acted very well. Most chains were successful in their efforts to clear through remaining holiday merchandise and enter the spring season with clean inventory positions. From a top and bottom line perspective, ARO continues to be the standout with comps up 4.7% and 4Q EPS likely growing 30%. Firm continues to believe the company is one of the best positioned softlines retailers out there to perform well in a tough environment.
08:01 DPTR Delta Petroleum and Tracinda announce completion of due diligence process; Tracinda has waived its due diligence condition and will proceed with its planned investment (20.79 )
Co and Tracinda announce that Tracinda has completed the due diligence process for its strategic investment in Delta. As a result, Tracinda has waived its due diligence condition and will proceed with its planned investment in the Company. As previously announced, Tracinda has agreed to purchase 36 million shares of the Company’s common stock for $684 million.
08:00 APPX APP Pharma receives FDA approval for Bleomycin Sulfate and Caffeine Citrate Oral Solution (10.24 )
Co announces that it has received approval from the U.S. Food and Drug Administration of its Abbreviated New Drug Application for Bleomycin Sulfate for Injection, USP, the equivalent of Bristol-Myers Squibb’s (BMY) Blenoxane. Sales in 2007 of bleomycin sulfate exceeded $7.2 mln… Co also announces that it has received approval from the U.S. Food and Drug Administration of its Abbreviated New Drug Application for Caffeine Citrate Oral Solution, USP, 20 mg/ml, the equivalent of Bedford Laboratories’ Cafcit Oral Solution. Annualized sales in 2007 of Caffeine Citrate Oral Solution were ~$12.6 million.
08:00 S&P futures vs fair value: -6.3. Nasdaq futures vs fair value: -0.5.
Stock market futures indicate a modestly lower start to the trading day. There is not a specific selling catalyst. Bond insurer MBIA (MBI) increased the size of its common stock offering to $1 billion from the planned $750 million. The offering was priced 14% below yesterday’s closing price. MBIA raised the capital in an attempt to retain its AAA rating. The U.S. Senate came to an agreement on a fiscal stimulus package. President Bush is expected to sign the bill next week.
08:00 CYPB Cypress Bioscience profiled in Inside Wall Street - BusinessWeek Online (8.37 )
BusinessWeek Online reports several hedge funds focused on biotechs are buying into Cypress Bioscience (CYPB). Its product, Milnacipran, a treatment for fibromyalgia, now in Phase III clinical trials, has a potential U.S. market of $1 bln, analysts say. Some 6 mln Americans suffer from fibromyalgia—muscle and joint pain, fatigue, depression, and sleeplessness. Cypress and partner Forest Laboratories (FRX) have filed a new drug application with the FDA. The market is big enough to accommodate multiple players, says Juan Sanchez of Punk Ziegel, who calls Cypress a buy. Brian Lian of CIBC World Markets rates Cypress (a client), now at 8, “outperform,” with a 12-month target of 26.
07:59 SGEN Seattle Genetics: Multiple clinical programs on track; meaningful phase II data likely in 2009 - RBC (9.18 )
RBC says their positive outlook on Seattle Genetics remains unchanged based on the probable clinical success of its three clinical stage antibodies, a large partnership with Genentech, and a valuable technology platform. Firm expects additional proof of concept data from SGN-33 and SGN-35 later this year (Phase I) and continued execution of its robust clinical plan for SGN-40 with Genentech. But meaningful Phase II data is likely to come in 2009.
07:59 MCO Moody’s: Upgrade details (37.00 )
AS mentioned at 6:48, Citigroup upgraded MCO to Buy from Hold and raised their tgt to $51 from $41 following Q4 results yesterday morning. MCO could see headline risk over the next few months, but the firm believes that MCO is taking the necessary steps to restore confidence. They would be buyers into weakness and expect the stock to climb with each piece of incremental information through 2008.
07:59 BECN Beacon Roofing Supply reports EPS in-line, misses on revs (8.87 )
Reports Q1 (Dec) earnings of $0.12 per share, in-line with the First Call consensus of $0.12; revenues rose 4.8% year/year to $398.4 mln vs the $429.3 mln consensus.
07:58 USS US Shipping tgt cut to $9.50 at Citigroup (12.06 )
Citigroup lowers their USS tgt to $9.50 from $12 and raises their risk rating to Speculative from High Risk. They note that USS announced distributions to the subordinated unit will be eliminated in order to conserve cash for internal purposes. While distributions to the publicly traded common units remain at $0.45/quarter, they say this clearly is not a good sign. The firm would rotate into OSP.
07:58 SCANX Early pre-market gappers
Gapping up: TSTR +51.5%, CTSH +13.1%, VNUS +13.0%, PHTN +11.6%, FALC +8.2%, EPIC +8.1%, LMNX +8.0%, IN +7.4%, MTD +6.9%, CF +6.9%, CSTR +6.7%, CELL +5.7%, LQDT +5.1%, CHDX +4.8%, TSYS +4.2%, ALNY +3.9%, BMC +3.8%, MFE +3.1%, BWA +2.7%, GOLD +2.7%, TKLC +2.4%, ATVI +2.3%, MON +1.5%, BBND +1.3%… Gapping down: ARUN -19.5%, SCOR -14.8%, WVCM -12.1%, MBI -12.0%, CHRD -8.2%, APKT -7.0%, AU -6.1%, LIFC -5.5%, RMD -5.2%, OMTR -4.7%, RNWK -4.3%, ESE -3.7%, GSK -3.6%, QI -3.0%, CEPH -2.9%, BHP -2.5%, AEIS -2.5%, RTP -2.4%, MT -2.3%, ALU -2.2%, AZN -1.9%, MGM -1.1%.
07:57 SYT Syngenta upgraded to Hold from Sell at Citigroup (49.80 )
07:56 BAC Bank of America profiled in Inside Wall Street - BusinessWeek Online (43.37 )
BusinessWeek Online reports Bank of America (BAC) may be a good bet before the housing/credit recovery surfaces, according to some pros. “In two to three years, the stock should more than double, based on BofA’s earnings growth trajectory over the next five years,” says Georges Yared, president of Yared Investment Research, who owns shares. He forecasts earnings of $4.15 a share in 2008 and $4.60 in 2009, vs. 2007’s estimated $3.30. Richard Bove of Punk Ziegel says BofA is “significantly undervalued” and does “unusually well” in core banking, based on deposits, spreads, and expense control. On this basis, “there is no better bank in the country,” he says. “No U.S. bank comes close to that.” When the banking industry snaps back to its “normal trend levels,” BofA’s earnings growth rate will bump up to 12%-15%. The time to buy, he says, is when earnings are below trend levels.
07:56 YHOO Yahoo’s largest investor met yesterday with MSFT executives - NY Post (29.04 )
NY Post reports the co’s largest investor met yesterday with MSFT boss Steve Ballmer and other executives in an effort to gauge whether the software giant is willing to increase its already sweet $44.6 bln takeover offer, The Post has learned. Capital Research and Management, which owns roughly 11.4% Yahoo! shares and over 6% of Microsoft shares, is interested in better understanding how Ballmer plans to use the acquisition of Yahoo! to boost profits. They also want to know how much more Microsoft would be willing to pay if Yahoo!’s board rejects the initial offer, sources said. “They want to make sure they won’t lose more money on their Microsoft stake than they will gain from their position in Yahoo!,” said one person familiar with the meeting.
07:56 DO Diamond Offshore tgt cut to $136 at RBC (106.91 ) -Update-
RBC cuts their tgt on DO to $136 from $140 as co has declined 3% Thursday on the heels of is 4% earnings miss and prospects for lower consensus numbers. Shares are now down 25% y-t-d, and have essentially given back all of their gains from mid-November through year-end 2007. Firm’s new 2008/09/10 EPS estimates are $10.70/$12.98/$14.40, down from $11.46/$14.00/$14.75.
07:53 Credit-card pinch leads consumers to rein in spending - WSJ
The Wall Street Journal reports credit-card delinquencies are rising across the nation, a sign that some Americans are “at the end of their rope financially.” And these mounting delinquencies, in turn, have prompted banks to tighten lending standards, keeping people who have maxed out their cards from finding new sources of credit. The result could be a sharp pullback in consumer spending that would further weaken the U.S. economy. Evidence is mounting that the spending spree won’t last. In December, an average of 7.6% of credit-card loans were either at least 60 days delinquent or had gone into default, up from 6.4% a year earlier, according to research firm RiskMetrics Group. The analysis includes a broad swath of more than $200 bln of credit-card loans that are sold off to investors by major card issuers like Citigroup (C), Capital One Financial (COF), American Express (AXP) and J.P. Morgan Chase (JPM). Card delinquencies are ticking up from historically low levels, but the trend is sending shudders through lenders already reeling from the subprime-mortgage tumult. As a result, card issuers are bulking up their reserves against future card-related losses — and getting so much tougher on borrowers that some consumer are reining in overall spending.
07:52 IAR Idearc downgraded to Sell from Hold at Deutsche Bank (11.56 )
07:52 RHD R.H. Donnelley downgraded to Hold from Buy at Deutsche Bank (21.95 )
07:51 MRO Marathon Oil: Value play, growth play …and at these levels, in play - Citigroup (46.28 ) -Update-
Citigroup believes MRO offers the greatest combination of value, growth and operational catalysts of the US oils. They do not traditionally view MRO as an acquisition candidate but say any stock trading 75% below fair value with commodity expectations rising across the industry needs the market to recognize the value this portfolio deserves.
07:50 APKT Acme Packet downgraded to Hold from Buy at Deutsche Bank (8.70 )
07:50 CTSH Cognizant Tech: Color on quarter (27.28 )
Friedman Billings says CTSH posted a solid quarter and provided guidance slightly ahead of CY08 expectations. CTSH experienced broad-based demand across all verticals despite concerns over macro-spending. The results were partially due to strength from Europe, which now constitutes 18% of rev, and which grew nearly 89% YoY. Margins were also strong, due to higher than anticipated rev. The shares will likely be strong today as they shake off some nervousness that stemmed from comments of other tier one offshore providers. While firm generally believes a recessionary environment will drive the demand for outsourcing, they believe this heightens the execution risk due to the near-term uncertainty. Firm continues to believe the offshore model is sound, but they remain cautious on CTSH shares, due to the firm’s exposure to financial services at 47% of rev, exposure to the U.S. at 81% of rev, wage inflation in India, FX, and the pending Indian tax increase in March of CY09… Jefferies says CTSH Q4 results and 2008 outlook suggest that any potential softeness in 2008 IT spending may affect Cognizant less than otehr industry players… Susquehanna says taking CTSH share through the downturn.
07:48 SPR Spirit Aerosystems tgt cut to $22 from $29 at Citigroup (24.53 )
Citigroup cuts their tgt on SPR to $22 from $29 following earnings. The firm says while the stock may trade up in the short term, they believe further weak cash flows are likely and the large disconnect between EPS (due to the flexibility of program accounting) and cash flow in a market worried about liquidity will result in a large discount valuation for reported EPS.
07:47 BSC Bear Stearns cut 800 mortgage employees, 1400 overall; 10% of 2007 head count - DJ (83.03 +0.7 
07:45 MGM MGM Mirage: Color on preliminary expectations (71.81 )
Jefferies reiterates their Buy rating tgt change to $114 (from $115) is perhaps conservative. They notes that last night MGM reported its preliminary expectations for 4Q07. Subsequent to $0.19 of extraordinary items, they compute EPS to be $0.41″0.46 versus the Street at $0.55, and EBITDA between $548mm and $574mm. Firm still remains extremely positive on the company as it continues to develop into a diversified leisure company with limited cash needs… Deutsche says preliminary 4Q07 EPS from continuing operations in a range of $0.60-0.65, excluding $2.10-2.25 from CityCenter gain, including $0.11 in pre-opening expense, $0.02 from Signature, $0.08 from Hurricane Katrina insurance, and $0.22 in property transactions. Firm’s estimate of $0.46 appears in-line with the top end of the range after adjusting for pre-opening, business interruption, and property transactions. Firm would like to be clear that that the ‘consensus’ of $0.55 is not close to a proxy, as some estimates seemingly include Katrina insurance proceeds while others don’t - so best approach is to compare to own estimate.
07:45 Antitrust concerns draw fire - WSJ
WSJ reports the Justice Department’s antitrust division is catching flack from some lawmakers and regulators for roiling mkts by raising concerns that business practices in the financial-futures industry may be anticompetitive. CME and NMX both saw shares decline 18% Wed in reaction to a Justice Department letter that suggested that financial-futures exchanges should no longer be allowed to own or control clearing operations. The stance raised questions about how the Justice Department might view a proposed merger of CME Group and Nymex, and generated complaints that antitrust officials seem to have flip-flopped on clearing-co ownership. Sen. Richard Durbin, D-Ill., and Rep. Rahm Emanuel, D-Ill., expressed “strong objections” to the letter, firing off a written complaint Thursday to Attorney General Michael Mukasey and Treasury Secretary Henry Paulson. The Illinois lawmakers said the opinions expressed in the Jan. 31 letter “are inconsistent” with the Justice Department’s decision last year to allow CME Group, which owns a clearing operation, to merge with the Chicago Board of Trade, creating the world’s largest futures exchange. The lawmakers also complained about the mkt impact of the apparent turnabout, saying it slashed CME shares nearly 18%, knocking about $5.5 billion off its mkt capitalization.
07:43 NTRI Nutrisystem removed from Top Picks at Citigroup (27.44 )
Citigroup removes NTRI from their Top Pick list saying they are tracking weak, though stabilized trends through 1Q08 and therefore no longer believe NTRI is a Top Pick. The firm is maintaining their Buy rating given these are still early trends and trends may improve over the Qtr and shares appear attractive given they are likely pricing in ‘08 ests that are too low.
07:43 MU Micron difficult to recommend as investment as memory industry continues to self-destruct - Caris (7.12 +0.13)
Caris says they didn’t hear a great deal of new information at MU’s fairly well-attended analyst meeting yesterday. Mgmt spoke hopefully of DRAM pricing finding a bottom, but spent most of the meeting highlighting MU’s competitive advantages relative to competitors (premium pricing, solid balance sheet, aggressive technology roadmap) in an obviously difficult industry environment. Firm recognizes that MU has made significant progress in operational improvements and cost reduction over the past several years, which complements its impressive intellectual property portfolio. However, firm says it’s difficult to recommend this as an investment if the memory industry continues to self-destruct. Industry consolidation would make firm more positive, but it may not happen as quickly as some hope.
07:42 PDFS PDF Solutions downgraded to Sector Perform at RBC- tgt cut to $8 (8.26 )
RBC downgrades PDFS to Sector Perform from Outperform and cuts their tgt to $8 from $13 due to lowered expectation for CY08 revenue growth. The firm notes the co reported 4Q07 inline with expectation and guided 1Q08 quarter below expectation. Despite a portfolio enhanced with value-added products, revenue has remained flattish for four consecutive quarters. Firm says they would avoid the stock in the near term and await for fab headwinds to subside.
07:41 What if muni insurance disappeared? - WSJ
WSJ reports the financial crisis plaguing municipal-bond insurers has some people wondering what the world would look like without them. The answer: maybe not as bad as you would think. Municipal bonds don’t default much. Municipal bonds with a double-B rating from credit-rating services have a cumulative average 10-year default rate of 1.74% since 1970. That is much lower than double-B-rated corporate bonds, which have a 29.93% 10-year cumulative default rate during the same period, according to research compiled by Municipal Market Advisors. Issuers of municipal bonds with insurance traditionally can expect to pay a lower interest rate than they would otherwise have to pay, thanks to the coverage. But it has always come at a price… “There are questions in the market as to the value of insurance and whether it would save us money,” says California’s deputy state treasurer, Paul Rosenstiel… To be sure, some municipal-bond issuers depend on insurers because they don’t have ratings themselves.
07:38 MLNM Millennium Pharm: Strong Q4; upside to Velcade remains; June approval to boost sales - FBR (14.14 )
Friedman Billings notes yesterday MLNM reported a strong quarter with both EPS of $0.16 and total revs of $181 mln beating the consensus expectation of $0.12 and $159 mln, respectively. The company reiterated its 2008 guidance and continues to expect total Velcade sales between $320 mln and $345 mln. They believe this guidance is beatable with 2Q approval in front line to extend Velcade’s duration of therapy by 50% as well as increased penetration into the 20K newly diagnosed myeloma patients each year; they remain at a Street-high $360 mln (consensus is at $341 mln). Based on the strong 4Q, catalysts ahead, and what they believe is continued upside to Velcade.
07:38 TKLC TEKELEC: Color on quarter (12.19 )
Merriman says TKLC’s Q4 results featured a strong rebound in orders as wireless carrier demand for traditional signaling solutions rebounded in the quarter. Even with this rebound in performance, however, growth expectations remain modest with top and bottom line growth in the 5-10% range expected in 2008 as new IP signaling products somewhat offset slowing legacy SS7 signaling solutions. Firm believes the shares are fairly valued at current valuation multiples pending visibility on meaningful new product traction… Robert Baird says strong bookings, outlook modestly better Q4 rev was in line and EPS beat ests. Bookings were at record levels and ahead of mgmt’s expectations as N. America picked up and new monitoring product is accelerating. Despite TKLC’s encouraging bookings, 2008 rev growth is expected to be around mid-single-digits, which likely limits the stock’s upside.
07:37 ALKS Alkermes: Color on quarter (13.68 )
Merriman says after the close, ALKS reported 3Q08 rev and GAAP EPS of $50.8 mln and $0.03 vs. firm’s ests of $65.0 mln and $0.07 and Street consensus ests of $54.8 mln and ($0.01), respectively. The rev shortfall was due primarily to lower-than-expected manufacturing revs due to a drawdown in inventory levels at J&J. With $517 mln of cash, established partnerships with industry leaders and a diversified portfolio of potential blockbusters… Friedman Billings says ALKS reported an in-line quarter with total revs of $51 mln (the Street was at $55 mln). EPS of $1.63 beat expectations of a net loss per share of ($0.01) due to a $175 mln investment gain from Reliant; excluding the gain, the net loss per share would have been in line. The company reiterated guidance; their model remains relatively unchanged and is in line with guidance as Alkermes’ top- and bottom-line items look like they will come in line with guidance. Investors seem overly concerned with Consta’s trajectory and growth prospects going forward; firm is continuing to project 29% annual growth in Consta sales next fiscal year will reach $1.5B from the current $1.2 bln run-rate. They believe concerns over JNJ’s palmitate, oral risperdone going generic, and Lilly’s Zyprexa Depot entering the market soon are overdone.
07:36 Housing supply rises slightly as sellers wait - WSJ
WSJ reports the supply of homes available for sale in most major metropolitan areas rose only slightly in Jan, a month when for-sale signs usually sprout in greater numbers after the holiday lull. Total listings of homes in 29 metro areas at the end of last month were up 1.1% from a month earlier, according to figures compiled by ZipRealty, a real-estate-brokerage co. The data cover all listings of single-family homes, condos and town houses on local multiple-listing services in those areas, where Zip operates. Listings normally rise about 5% in Jan from Dec, said Thomas Lawler, a housing economist. The lack of a big January rise this year suggests that people who don’t need to sell their homes are taking them off the mkt because “conditions are so lousy,” Mr. Lawler said.
07:36 DO Diamond Offshore: Buy DO for attractive dividend yield - FBR (106.91 )
Friedman Billings says DO believes that, if it were not for the one-time tax charge, DO’s board would have likely raised the dividend, as they expected. Firm expects DO’s board to raise the special dividend by $0.25 to $1.50 next quarter. Based on their distribution growth projections, by 1Q09, DO will be yielding 11.6% or the stock price will be far higher. Once the next, higher special dividend is announced, they expect investors to more fully discount their thesis and DO to converge with its appropriate yield valuation. Firm believes the recent sell-off presents an attractive entry point.
07:35 EMKR Emcore: Fiber optics drive near-term, solar drives long-term value; guidance rasied on solar contracts, Intel buy - Merriman (13.70 )
Merriman says EMKR reported F1Q08 results and discussed guidance and plans for FY08 and FY09, all of which served to both support our sum-ofparts methodology in valuing the company, given clear plans to spin off the solar unit, and also enhance the value of both the fiber optic and solar PV segments. In optics, strong near-term broadband performance and the inclusion of the Intel acquisition in firm’s estimates drive an increased value per share. In solar, despite a near-term rev shortfall, very large recent contract announcements drive an increased estimate of value from previous levels as well.
07:35 COMDX OPEC may cut output to defend $80 oil, officials say - Bloomberg.com
Bloomberg.com reports that OPEC may cut crude production when it meets next month to keep the price above $80 a barrel, oil ministry officials from four of the group’s nations said. OPEC would trim output if prices slip to $80, according to one delegate, while another said $70 would be unacceptable to most members. Two of the four officials, who all asked not to be identified because such discussions are private, said if prices stay above $85 the group probably won’t change supplies at its next conference on March 5. The combination of falling crude prices and the dollar’s 12 percent drop in the past year on a trade-weighted basis puts pressure on OPEC’s 13 members to reduce supplies as slowing economies in the U.S. and Europe threaten energy demand. Oil fell 30% and the group reduced production quotas three times in 2001, the year of the last U.S. recession. Saudi Arabian Oil Minister Ali al-Naimi, who sets policy for OPEC’s largest producer, declined to comment to reporters on prices or production levels at last week’s meeting. Al-Naimi said only that the outlook for supply and demand is “sound”.
07:34 NUAN Nuance Communications: Q1 preview; expecting to meet or exceed - Broadpoint Capital (15.73 )
Broadpoint Capital notes NUAN reports Q1 on Feb 11. Firm expects NUAN to meet or exceed 1Q (Dec.) results, with PF rev of $198-$204 mln (vs the consensus of $200 mln) and PF EPS of $0.17-$0.18 vs. the consensus of $0.17. Firm anticipates NUAN will raise its rev guidance for FY08, reflecting acquisitions and ongoing healthy organic growth trajectory.
07:34 PFCB and PNRA to follow slow growth pattern of SBUX and CAKE - FBR
Friedman Billings says in their coverage universe, they identified four cos in which they believe the current business model is unsustainable-or said another way, where “growth” has become a dirty word. Two of the cos, SBUX and CAKE have come to the same conclusion their sustainability model projected. Importantly, mgmt of both cos altered their strategic directions, which they believe will ultimately maximize value for shareholders. The two cos that are likely to follow the same path are P.F. Chang’s (PFCB) and Panera Bread (PNRA). To the degree that the new strategic direction does not sit well with the current shareholder base, there could be some choppy waters ahead.
07:33 LZ Lubrizol beats by $0.16, beats on revs; guides FY08 EPS in-line, revs above consensus (52.47 )
Reports Q4 (Dec) earnings of $0.87 per share, ex items, $0.16 better than the First Call consensus of $0.71; revenues rose 16.4% year/year to $1.15 bln vs the $1.05 bln consensus. Co issues guidance for FY08, sees EPS of $4.15-4.40 vs. $4.29 consensus; sees FY08 rev growth of 9% or roughly 4.90 bln vs. $4.62 bln consensus.
07:33 ATVI Activision: Color on quarter (26.29 )
Citigroup says ATVI dominated the holidays and finished 2007 as the #1 3rd party publisher in North America per NPD, a long-time company goal. FY09 is setting up to be another solid year driven by a strong industry backdrop (Citi est.’s global software growth +11% y/y in 2008), the potential for deeper European penetration of its publishing business (increased regional direct sales and a FY09 lineup with more Intl appeal - localized GH3, Bond), and the est. 1H CY08 completion of its proposed merger with Vivendi Games. Firm continues to be very positive on the deal as their model suggests the combined entity could earn up to $1.38 in CY09, or +15% vs. co. guidance… Lehman says ATVI reported better-than-expected F3Q results, while increasing its fullyear outlook, with significant margin expansion implied. Firm is not surprised at outperformance based on impressive sales of internal IP, and continued cost efficiencies driving positive op. leverage, with intl expansion providing an incremental boost. Investors remain largely focused on the pending merger with Vivendi Games, on track for a 1H08 close… Deutsche remains buyers on this future large cap growth story (post Vivendi) at current levels, with downside support at $27.50 and upside on the 2H 2008 product lineup. They believe the inflection point on Activision shares is still ahead, based on the company’s $4 bln tender offer, combined title lineup in 2H, and updated positioning as a large cap growth story in the video game biz.
07:33 Bank of America, Financial Security in SEC Muni Probe - Bloomberg
Bloomberg reports BAC and Dexia’s Financial Security Assurance said they may be sued by the SEC in connection with an investigation into financial products sold to local govts. Financial Security disclosed in a regulatory filing yesterday that it received a so-called Wells Notice on Feb. 4, indicating that the agency’s investigators may recommend legal action. Bank of America spokeswoman Shirley Norton said the bank also got a notice. FSA was one of more than a dozen banks, insurance cos, and advisers subpoenaed in November 2006 by the SEC and U.S. antitrust regulators probing whether they conspired to rig the bidding for investment contracts state and local govts buy with the proceeds of bond money. Bank of America last year agreed to cooperate with the Justice Department in exchange for leniency.
07:32 MFE McAfee: Color on quarter (31.73 )
Deutsche reiterates their Buy rating on MFE following solid 4Q results based on a superior comprehensive security and risk mgmt product portfolio, a new $750 mln share buyback program, and an attractive valuation at 9x ‘08 EV/FCF. The top-line and bookings out-performance was somewhat balanced by a lower than expected margin structure as McAfee… Lehman says MFE reported Q4 results of $357 mln and $0.46, exceeding their $343 mln/$0.45 ests. Quarter was driven by 24% y/y growth in Corporate and 13% normalized growth in Consumer. Revenue upside absorbed by major investment spend in S&M. integrates SafeBoot and invests in future growth, which we view as positive for long-term value creation. Firm says to look for shares to bounce from oversold conditions. They are comfortable adding to positions at current levels… ThinkEquity says MFE delivered robust 4Q07 results, beating Street expectations by utilizing a focused end-point security product market strategy supported by superior sales execution. Building on confidence provided by the performance and a healthy-as-ever security market demand, mgmt issued FY08 guidance ahead of Street expectations. The company also announced a $750 million buyback to be executed by July 2009.
07:31 CHDX Chindex reports Q3 EPS of $0.50 vs $0.26 single estimate; reports revs up 19% yr/yr to $36.0 mln vs $35.44 single estimate (33.52 )
07:31 LZ sees FY08 $4.15-4.40 vs $4.29 First Call consensus
07:31 MPAA Motorcar Parts & Access receives extension of supply contract with estimated aggregate sales of $50 mln, terms not disclosed (7.60 )
07:31 LZ prelim $0.87 vs $0.71 First Call consensus; revs $1.15 bln vs $1.05 bln First Call consensus
07:30 AAPL Apple: Apple event the last week of February, according to rumor - Tuaw.com (121.24 )
Tuaw.com reports it has received a tip that the co that does television for Apple’s live events and Macworld is apparently hiring for an unannounced Apple event at the end of February. Keep in mind that this is an unconfirmed rumor — while TUAW trusts its source, job listings are not available on the video co’s website, and Apple has not yet announced any events happening this month. But Apple did promise us a year flush with announcements, and starting with the new Mac Pros all the way up to the bigger iPhones and iPod touches last week, they haven’t disappointed yet.
07:30 ARRS Arris: Potential catalysts ahead despite near-term caution, target cut to $11 - FBR (8.82 )
Friedman Billings cut their tgt to $11 from $15, largely as a function of the current market environment and the multiple compressions in the group. The firm says the addition of C-COR significantly enhances ARRS’ technology and market-share leadership and, as a result, the co is better positioned to benefit from cable operator spending to enhance its networks and service offerings. They look for ARRS to deliver compelling shareholder value over the long run, although the integration of the C-COR business and questions about cable spending this year are near-term concerns that keeps them on the sidelines for now.
07:26 TCLP TC Pipelines: Hearing downgraded to sell from neutral at tier 1 (36.10 )
07:22 PTIE Pain Therapeutics upgraded to Neutral at Broadpoint (9.02 )
Broadpoint upgrades PTIE to Neutral from Underperform following earnings and based on valuation. The firm also cautions investors that the co’s share price could continue to trade lower in the near-term given the uncertainty associated with the New Drug Application for Remoxy (under development for the treatment of moderate-to-severe pain).
07:19 AAUK Anglo American to report $239 mln earnings from De Beers investment - DJ (28.54 )
DJ reports the co said it will report underlying earnings of $239 mln for the year ended Dec. 31, 2007 from its investment in De Beers Societe Anonym, which reported underlying earnings for the year of $483 mln. It added during the year AAUK received $59 mln in distributions from De Beers, consisting of a $23 mln final dividend on ordinary shares relating to FY 2006, a $18 mln interim dividend on ordinary shares relating to FY 2007, $9 mln dividends representing the second payment on preference shares for 2006 and a further interim dividend of $9 mln on preference shares for 2007.
07:16 IPSU Imperial Sugar reports explosion at Savannah, GA refinery (21.58 )
07:16 COT Cott reports Q4 (Dec) results, beats on revs (5.65 )
Reports Q4 (Dec) loss of $1.07 per share, includes charges, doesn’t comapre to the First Call consensus of ($0.02); revenues rose 3.1% year/year to $412.4 mln vs the $401.6 mln consensus.
07:16 SONO SonoSite profiled in New America section of IBD (35.45 +0.57)
IBD reports shortly after the co launched its newest product lineup in Dec, mgmt knew it hit a home run. SonoSite, maker of hand-carried ultrasound systems, had just begun worldwide shipments of its new fourth-generation M-Turbo and S-Series devices. The five new offerings only had 40 days in the field for the fourth quarter. Yet they accounted for more than 30% of the quarter’s revenue. Analyst Alan Robinson of RBC says he was surprised at the portion of revenue attributed to the new product platform. “There was a lot of momentum with this new product platform,” he said. “I think the momentum in the fourth quarter should catapult sales in 2008.” SonoSite specializes in small, lightweight ultrasound systems that weigh about eight pounds or less and can be used at the point of care. The traditional cart-based ultrasound systems weigh about 300 pounds and typically require a physician or highly trained clinician to perform the examination in a centralized imaging department, such as a hospital’s radiology department. A SonoSite’s system sells for about $50,000 vs. about $100,000 for a traditional system, the co says. Analysts polled by Thomson Financial see 2007 earnings rising 7% to 46 cents a share, then 93% in 2008. The co is poised to ramp up profitability and operating margins in 2008, Robinson says. He sees continued acceleration of earnings per share. He expects revenue to rise at a 20% rate in 2008 and at a 15% to 20% rate over the next few years.
07:15 ARUN Aruba Networks upgraded to Buy at ThinkEquity- tgt cut to $10 (7.76 )
ThinkEquity upgrades ARUN to Buy from Accumulate and cuts their tgt to $10 from $18 noting Aruba “bit the January-quarter dust” for a variety of reasons explained on the conference call. However, they believe that Aruba will be seeing the positive impact soon from the main driver of WiFi growth going forward-voice. T-Mobile USA’s launch of Hotspot@Home has opened the eyes of enterprise CFOs as a significant cost-saving measure, and the firm believes this will significantly accelerate WiFi adoption in coming quarters.
07:13 SXL Sunoco Logistics: Hearing upgraded to neutral from sell at tier 1 firm (52.20 )
07:13 HEP Holly Energy Partners: Hearing upgraded to buy from neutral at tier 1 firm (42.10 )
07:12 PETM PETsMART: Hearing upgraded to buy from neutral at tier 1 firm (23.04 )
07:09 BEC Beckman Coulter beats by $0.05, beats on revs; guides FY08 EPS in-line, revs in-line (68.80 )
Reports Q4 (Dec) earnings of $1.08 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $1.03; revenues rose 10.8% year/year to $789 mln vs the $765.6 mln consensus. Co issues in-line guidance for FY08, sees EPS of $3.50-3.65 vs. $3.61 consensus; sees FY08 rev growth of 7-9% or ~$2.95-3.01 bln vs. $2.95 bln consensus.
07:08 OMCL Omnicell upgraded to Buy from Hold at BB&T (17.50 )
07:08 EMMS Emmis Comms downgraded to Underweight from Equal Weight at Morgan Stanely (2.93 )
07:07 DRS DRS Tech beats by $0.06, beats on revs; guides FY08 EPS above consensus, revs above consensus (52.07 )
Reports Q3 (Dec) earnings of $1.01 per share, $0.06 better than the First Call consensus of $0.95; revenues rose 23.0% year/year to $836.6 mln vs the $778.1 mln consensus. Co issues upside guidance for FY08, sees EPS of $3.24-3.31 vs. $3.19 consensus; sees FY08 revs of $3.175-3.23 bln vs. $3.16 bln consensus.
07:07 LPNT Lifepoint Hospitals misses by $0.03, misses on revs; guides FY08 EPS in-line, revs below consensus (27.04 )
Reports Q4 (Dec) earnings of $0.54 per share, $0.03 worse than the First Call consensus of $0.57; revenues rose 4.7% year/year to $658.4 mln vs the $665.8 mln consensus. Co issues mixed guidance for FY08, sees EPS of $2.25-2.55 vs. $2.43 consensus; sees FY08 revs of $2.65-2.77 bln vs. $2.79 bln consensus.
07:07 ETM Entercom upgraded to Equal Weight from Underweight at Morgan Stanley (11.75 )
07:06 AIV Apt Inv & Mgt reports Q4 (Dec) results, beats on revs (37.88 )
Reports Q4 (Dec) funds from operations of $0.88 per share, may not be comparable to the First Call consensus of $0.92; revenues rose 15.0% year/year to $455 mln vs the $424.8 mln consensus. Co issues guidance for Q1, sees FFO of $0.68-0.72, may not be comparable to $0.82 consensus. Co issues guidance for FY07, sees FFO of $3.22-3.38, may not be comparable to $3.37 consensus.
07:06 WIRES On The Wires
Spectrum Pharmaceuticals (SPPI) announces that the first patient has received SPI-1620 in a Phase 1 dose-escalation study… FX Energy (FXEN) announces initial operations on the Grundy well in the co’s Fences concession area. Surface casing has been set to a depth of 302 meters.
07:06 CPT Camden Property downgraded to Underperform from Sector Perform at RBC (48.51 )
07:06 WIN Windstream reports Q4 (Dec) results, revs in-line; guides FY08 revs in-line; board of directors adopts $400 mln share repurchase (10.99 )
Reports Q4 (Dec) earnings of $1.25 per share, includes a tax-free gain of approx $451 mln related to the same of the co’s directory publishing business and $3.3 mln in merger and integration costs related primarily to the acquisition of CT Communications, may not be comparable to the First Call consensus of $0.24; revenues were unchanged from the year-ago period at $827.8 mln. Co issues in-line guidance for FY08, sees FY08 revs of $3.160-3.290 bln vs. $3.25 bln consensus. Co’s board of directors adopted a $400 mln share repurchase plan that will expire at the end of 2009.
07:05 SKYW SkyWest beats by $0.02, misses on revs (25.61 )
Reports Q4 (Dec) earnings of $0.66 per share, $0.02 better than the First Call consensus of $0.64; revenues rose 8.3% year/year to $854.7 mln vs the $877.7 mln consensus.
07:04 BEC sees FY08 $3.50-3.65 vs $3.61 First Call consensus; sees revs $2.95-3.00 bln vs $2.95 bln First Call consensus
07:04 AIV sees FY07 funds from operations of $3.22-3.38 vs $3.37 First Call consensus
07:04 AIV sees Q1 funds from operations of $0.68-0.72 vs $0.82 First Call consensus
07:03 FLOW Flow says to respond to FTC request for additional information (8.11 )
Co announces that on Feb 6, 2008 it received a request for additional information and documentary material from the Federal Trade Commission in connection with its intent to acquire OMAX Corporation. Flow intends to respond promptly to the information request.
07:03 AIV prelim funds from operations of $0.88 vs $0.92 First Call consensus; revs $455.00 mln vs $424.84 mln First Call consensus
07:03 WIN sees FY08 revs $3.160-3.290 bln vs $3.25 bln First Call consensus
07:02 WIN prelim $1.25 may not compare to $0.24 First Call consensus; revs $828 mln vs $823.12 mln First Call consensus
07:02 AMED AMEDISYS announces definitive agreement to acquire home health agencies in Kentucky and Tennessee (44.10 )
Co announces that it has entered into a definitive stock purchase agreement to acquire the holding company that operates Family Home Health Care and Comprehensive Home Healthcare Services. The transaction is subject to customary closing conditions, including regulatory approval and is expected to close in the first quarter of 2008. The transaction purchase price is $43 million plus working capital adjustments, and will be funded with $36 mln in cash and a $7 mln note payable over two years. The acquisition is not expected to add materially to earnings in 2008.
07:02 BEC prelim $1.08 vs $1.03 First Call consensus; revs $789 mln vs $765.60 mln First Call consensus
07:02 CREE Cree to acquire LED lighting fixtures for $77 mln, expects to be slightly accretive to EPS in FY09 (31.50 )
Co announces the signing of a definitive agreement to acquire privately-held LED Lighting Fixtures in a cash and stock transaction valued at approximately $77 mln, plus up to an additional $26.4 mln over a three-year period. In fiscal 2009, the co targets this acquisition to add ~$30 mln of revenue from the combination of growing LLF product sales and synergies with Cree’s other LED product lines. The co forecasts for fiscal 2009 the acquisition would be slightly accretive to EPS on a non-GAAP basis, which excludes amortization of acquired intangibles and stock-based compensation. The transaction is targeted to close in early March 2008. Providing the transaction closes at that time, the co targets that this acquisition will add ~$1 mln to its consolidated revs and reduce EPS by ~$0.01 for its third fiscal quarter.
07:02 SKYW prelim $0.66 vs $0.64 First Call consensus; revs $854.71 mln vs $877.65 mln First Call consensus
07:01 Paulson says risks to economy “very much to the downside and the risks are primarily housing” - Reuters
07:01 DDSS Labopharm reports “positive” results for Phase III study on once-daily Trazodone; study achieves primary efficacy endpoint and demonstrates improved quality of sleep (1.98 )
Co announces that its recently completed North American Phase III clinical trial for its once-daily formulation of the antidepressant trazodone achieved statistical significance for the primary efficacy endpoint. The study also demonstrated significantly improved patient sleep patterns in favour of trazodone. Labopharm plans to file a New Drug Application for its once-daily formulation of trazodone with the U.S. Food and Drug Administration later this year.
07:01 DRS sees FY08 $3.24-3.31 vs $3.19 First Call consensus; sees revs $3.175-3.23 bln vs $3.16 bln First Call consensus
07:01 LPNT sees FY08 $2.25-2.55 vs $2.43 First Call consensus; sees revs $2.65-2.77 bln vs $2.79 bln First Call consensus
07:01 Paulson says U.S. economy will continue to grow, but at a slower pace for a while, according to NHK TV - Reuters
07:00 LPNT prelim $0.54 vs $0.57 First Call consensus; revs $658.4 mln vs $665.75 mln First Call consensus
07:00 DRS prelim $1.01, ex items vs $0.95 First Call consensus; revs $836.6 mln vs $778.06 mln First Call consensus
07:00 ULBI Ultralife Batteries announces joint venture to establish local presence in India (16.73 )
Co announces it has entered into a definitive agreement to form a joint venture with its distribution partner in India to establish a battery assembly and sales operation in Bangalore.
06:59 CALLS Early Research Calls III
Upgrades: UBS upgrades Walgreens (WAG 34.74) to Buy from Neutral. Miscellaneous: UBS initiates Accuray (ARAY 10.9 with a Neutral… UBS initiates Dish Network (DISH 29.45), Time Warner Cable (TWC 24.34), Comcast (CMCSA 17.38), and Cable Vision (CVC 25.25) with Neutrals… UBS initiates DirecTV (DTV 22.89) with a Buy.
06:52 CVH Coventry Health Care reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY08 revs in-line (55.24 )
Reports Q4 (Dec) earnings of $1.18 per share, in-line with the First Call consensus of $1.18; revenues rose 43.6% year/year to $2.79 bln vs the $2.78 bln consensus. Co issues mixed guidance for Q1, sees EPS of $0.85-0.87 vs. $0.94 consensus; sees Q1 revs of $2.90-3.10 bln vs. $3.08 bln consensus. Co issues guidance for FY08, sees GAAP EPS of $4.42-4.58, may not be comparable to $4.55 consensus; sees FY08 revs of $12.35-12.90 bln vs. $12.65 bln consensus.
06:50 SIRO Sirona Dental Systems reports Q1 (Dec) results, beats on revs (31.80 )
Reports Q1 (Dec) earnings of $0.31 per share, may not be comparable to the First Call consensus of $0.52; revenues rose 14.5% year/year to $200.1 mln vs the $192.2 mln consensus.
06:48 CALLS Early Research Calls II
Upgrades: Friedman Billings upgrades Anworth Mortgage Asset (ANH 9.41) to Outperform from Market Perform and raises their tgt to $11 from $7, following the successful completion of a 14.3 mln share secondary offering and continued FOMC accommodation… Bear Stearns upgrades Mobile TeleSystems (MBT 77.3 to Outperform from Peer Perform… Bear Stearns upgrades Urban Outfitters (URBN 28.95) to Peer Perform from Underperform… Bear Stearns upgrades Coco Cola (KO 58.4 to Outperform from Peer Perform… Bernstein upgrades Novo Nordisk (NVO 60.72) to Outperform from Market Perform… Citigroup upgrades Moody’s (MCO 37.00) to Buy from Hold. Downgrades: Merriman downgrades Level 3 Communications (LVLT 3.00) to Neutral from Buy, following Q407 Ebitda that exceeded consensus estimates and management’s indication that Q108 core revenue and total Ebitda could be down Q/Q and that meaningful improvement won’t occur until 2H08… Bear Stearns downgrades Limited Brands (LTD 18.46) to Peer Perform from Outperform… Citigroup downgrades Telecom Corp. New Zealand (NZT 16.02) to Hold to from Buy… Lehman downgrades Shire (SHPGY 56.36) to Underweight from Equal Weight… Lehman downgrades BT Group (BT 46.25) to Equal Weight from Overweight. Miscellaneous: Citigroup initiates GLG Partners (GLG 12.42) with a Hold… Morgan Stanley initiates Citadel (CDL 1.43) with an Equal Weight.
06:43 HTGC Hercules Tech reports Q4 EPS of $0.63 vs $0.23 in yr ago period; reports revs up 82% yr/yr to $15.8 mln (11.99 )
06:37 Asian markets mixed as Nikkei falls; Sensex ends down 62pts
Japanese stocks fell Friday after government data showed a larger-than-expected drop in core machinery orders in December, darkening the outlook for Japan’s capital investment. Many major Asian stock exchanges, including bourses in Hong Kong, mainland China and South Korea, were closed for Lunar New Year celebrations. Trading was mixed on exchanges that were open, with benchmark indices rising in Australia and the Philippines, and falling in India and New Zealand. Japan’s benchmark Nikkei 225 stock index fell 1.4% to close at 13,017.2 on the Tokyo Stock Exchange… India’s Sensex opened with a positive gap of 83 points at 17,610. After initial nervousness, the index rallied to a high of 17,689 in early deals. Considerable weakness in financial heavyweights like HDFC and ICICI Bank saw the index drop to a low of 17,203 -down 486 points from the day’s high- in noon deals. (AP, Business Standard)
06:37 European stocks pare gains as drugmakers weigh
European stocks pared gains in mid-morning trade on Friday as drugmakers offset some of the positive effect of strong commodity stocks. At 1038 GMT, the FTSEurofirst 300 index of top European shares was up 0.6 percent at 1,304.71 points but well off its day high of 1,315.77, when it was up 1.5%. In London, the FTSE is up 0.4%; in France the CAC is up 0.7%; while in Germany the DAX is up 0.4%. (Reuters)
06:34 CALLS Early Research Calls I
Upgrades: Merriman upgrades Equinix (EQIX 69.55) to Buy from Neutral, based on valuation and believe concerns that pricing trends have deteriorated and that an overbuild is occurring are unfounded, according to recent channel checks… Morgan Stanley upgrades DeVry (DV 47.63) to Overweight from Equal-weight. Downgrades: UBS downgrades AngloGold (AU 38.57) to Neutral from Buy… Morgan Stanley downgrades Cox Radio (CXR 12.34) to Equal-weight from Overweight… Morgan Stanley downgrades Cephalon (CEPH 63.53) to Underweight from Equal-weight… JP Morgan downgrades Cincinnati Bell (CBB 4.31) to Neutral from Overweight… Bear Stearns downgrades Spectrum Brands (SPC 3.90) to Peer Perform from Outperform. Miscellaneous: Montgomery initiates Deltek (PROJ 13.74) with a Buy and sets a $19 tgt, based on an enviable brand position to go along with a very profitable business model, its position as one of the most profitable enterprise software companies of its size in their on-premise universe, and believe the market for project-focused solutions is fragmented and underserved despite significant operating challenges and new compliance requirements for project-focused businesses… SunTrust initiates FPIC Insurance Group (FPIC 40.20) with a Buy and sets a $50 tgt, based on the co’s attractive valuation and their outlook for sustained growth in book value per share, driven by the current benign claims environment and the co’s substantial reserve redundancies.
06:34 COIN Converted Organics announces delivery of first self-contained organic waste recycling unit (9.48 )
Co announces that it’s first fully automated, free-standing, organic waste recycling system was delivered to Folsom State Prison, near Sacramento, CA. Folsom State Prison, in cooperation with Prison Industry Authority and the California Integrated Waste Management Board, will utilize the unit to process their food waste materials into a high quality organic fertilizer product, thus achieving a state-mandated goal of 50 percent waste diversion and recycling.
06:34 PBH Prestige Brands misses by $0.01, misses on revs (8.02 )
Reports Q3 (Dec) earnings of $0.17 per share, $0.01 worse than the First Call consensus of $0.18; revenues rose 0.1% year/year to $80.2 mln vs the $81.9 mln consensus.
06:32 SMTK Simtek says prepared to enter into more serious discussions with Cypress and other potential strategic partners (2.90 )
Co comments on the Schedule 13D/A by Cypress Semiconductor (CY). “Simtek has not been contemplating selling the Company. However, in response to recent actions by Cypress, we will consider all options. The Company intends to engage an advisor to assist management and the Board with respect to this and other strategic options in order to maximize long-term value for shareholders. We are prepared to enter into more serious discussions with Cypress and other potential strategic partners. The value of Simtek’s overall business is a function of three elements: the Company’s core nvSRAM business, new products being launched in 2008 at 4 megabit and larger densities, and new high density nvRAMs being developed in the Company’s San Diego design center, each of which has potential for sustained and considerable growth.”
06:20 S&P futures vs fair value: -4.4. Nasdaq futures vs fair value: -1.5.
06:19 European Markets
FTSE…5748.90…+24.80…+0.4%. DAX…6770.89…+37.17…+0.6%.
06:19 Asian Markets
Nikkei…13017.24…-189.91…-1.4%. Hang Seng…Holiday………
06:15 CNC Centene reports Q4 (Dec) results, revs in-line; guides Q1 revs in-line (24.67 )
Reports Q4 (Dec) earnings of $0.20 per share, may not be comparable to the First Call consensus of $0.48; revenues rose 25.8% year/year to $777.4 mln vs the $777.1 mln consensus. These results exclude the benefit of the July 1 through December 31, 2007 period rate increase for Georgia which was in the co’s previous guidance and will now be recognized in the first quarter of 2008. Co issues guidance for Q1, sees EPS of $0.59-0.64, may not be comparable to $0.36 consensus; sees Q1 revs of $785-795 mln vs. $791.22 mln consensus.
06:12 WIRES On The Wires -Update-
Old National Bancorp (ONB) and Ronald A. Katz Technology Licensing, LP announce the settlement of patent litigation between the parties. As part of the settlement, Old National Bancorp has agreed to pay an undisclosed sum for a nonexclusive license under a comprehensive portfolio of patents that Katz owns relating to interactive voice applications.
06:11 SYNT Syntel announces delay of Q4 results (29.83 ) -Update-
The Company is delaying the release of its fourth quarter financial results because it was informed today by external auditors that they require additional time to complete the year-end financial audit.
06:10 WY Weyerhaeuser beats by $0.07, misses on revs (64.71 )
Reports Q4 (Dec) earnings of $0.42 per share, excluding multiple non-recurring items, $0.07 better than the First Call consensus of $0.35; revenues fell 18.0% year/year to $3.94 bln vs the $4.13 bln consensus.
06:10 CNST FDA approves expanded use of Constar’s DiamondClear oxygen scavenger technology in PET containers (2.74 )
Co announces the FDA has approved expanded use of co’s DiamondClear oxygen scavenging technology.
05:51 HIT Hitachi to buy Fujitsu’s share of plasma panel venture - Reuters (72.63 )
Reuters reports Hitachi (HIT) said on Friday it plans to buy Fujitsu’s 4.6% stake in their plasma panel joint venture to make it a wholly owned unit on April 1. Hitachi also said it aims to sell 2.1 mln units of LCD and plasma televisions in the year starting in April and 3.6 mln units in the 2010/11 business year.
05:48 Xstrata ups bid for Resource Pacific to A$1.1 bln - Reuters
Reuters reports Xstrata on Friday raised its cash offer for Australian coal miner Resource Pacific Ltd. by 12% to A$1.08 bln ($964 mln) and declared it final. The offer, increased by A$0.35 to A$3.20 a share, was extended until February 22. Resource Pacific Managing Director Paul Jury told Reuters the new offer was “unimpressive” and his board was advising its shareholders against taking any immediate action while it prepared a formal response to the sweetened offer.
05:38 SHLD Worries ring up at Sears - WSJ (102.68 )
The Wall Street Journal reports there are signs at Sears Holdings (SHLD) that cash flows - which had remained healthy throughout the retailer’s decline - are dwindling. Now, some analysts wonder whether falling sales, slimmer profit margins and other woes are causing cash flows to decline to a level that could hinder a turnaround. Expect investor dissatisfaction to deepen if Sears reports next month that cash flows from its core operations were anemic in its Q4, which includes holiday shopping and which the co traditionally relies upon for its cash generation. The fear isn’t so much that lower cash flows would lead to a liquidity crunch. Instead, less cash could limit management’s ability to spend big to revitalize sales and stores. If Sears has less cash coming in, the heads of those units might not have the money they would need to pursue some objectives they think are necessary. In addition, weak cash flows could make it harder for Sears to continue its stock-buyback program, which has lured investors. If cash inflows of approx $1.6 bln in Q4 came wholly from Sears’s operations, it would be less than the $1.97 bln of cash generated in Q406. And while Sears could be getting better at wringing cash out of its business — for example, it said inventory was down in Q407, which likely led to an inflow of cash — declining profitability may overwhelm such efforts.
05:28 MER Prosecutors widen probes into subprime - WSJ (53.65 )
The Wall Street Journal reports the U.S. attorney’s office in Manhattan has notified the SEC that it wants to see information the agency is gathering in its investigation of Merrill Lynch (MER), according to people familiar with the matter. The SEC is examining, among other things, whether the firm booked inflated prices of mortgage bonds it held despite knowledge that the valuations had dropped, the people say. The move by the U.S. attorney’s office comes as the SEC has upgraded its Merrill probe to a formal investigation, which requires approval of the full commission and gives the agency broad power to require firms and individuals to produce information. The interest by the federal prosecutors is preliminary; it is unclear whether the SEC has turned over information. But the U.S. attorney’s office request could be a precursor to a criminal investigation, these people say. A spokeswoman for the Manhattan U.S. attorney’s office declined to comment. A Merrill spokesman said the firm had no comment, except to say that Merrill cooperates on regulatory matters when asked.
05:24 Congress approves economic-stimulus bill - WSJ
The Wall Street Journal reports Congress approved a $168 bln bill to boost the economy, paving the way for more than 130 mln households to start receiving rebate checks this spring. The measure passed the Senate, 81-16, after Democrats dropped demands for billions in extra spending and tax breaks, which were opposed by most Republicans. The House quickly adopted the Senate’s changes last night, in a 380-34 vote. In a statement, President Bush made clear he intends to sign the legislation, calling it “an example of bipartisan cooperation at a time when the American people most expect it.”
05:16 Early Newspaper Headlines: MER - SHLD - SHLD - Xstrata - HIT
WSJ: Congress approves economic-stimulus bill… Prosecutors widen probes into subprime (MER)… Worries ring up at Sears (SHLD). Reuters: Xstrata ups bid for Resource Pacific to A$1.0 bln… Hitachi (HIT) to buy Fujitsu’s share fo plasma panel venture.
03:15 UTIW UTI Worldwide issues downside FY08 EPS guidance; announces cost reduction measures (19.49 )
Co issues downside guidance for FY08 (Jan), sees EPS of $0.98-1.02, excluding restructuring charges, vs. $1.08 First Call consensus. This is due to slower than expected net revenue growth, resulting from yield compression and a slowing economy, as well as deterioration of underperforming businesses. Furthermore, co announces that it is undertaking several cost reduction measures to streamline operations, improve performance and better position the company for the challenging economic environment. These measures are focused on exiting underperforming businesses, canceling certain long-term initiatives and rationalizing operations to reduce overhead. UTi expects to reduce annualized operating expenses by approx $105-110 mln. Net revenues are expected to decrease by approx $75-80 mln as a result of these measures. The net impact is expected to be an increase in operating profit of approx $30-40 mln.
03:07 CYTX Cytori Therapeutics to raise $12 mln in equity agreement with Green Hospital Supply (5.10 )
Co enters into a strategic equity agreement with Green Hospital Supply. Green Hospital Supply, Cytori’s StemSource commercialization partner for Japan, will purchase 2.0 mln shares of unregistered Cytori common stock at $6.00 per share and be granted a non-voting observer seat on Cytori’s board of directors. Following the transaction, Green Hospital Supply’s ownership in Cytori will increase to 3.0 mln shares, representing 11.5% of Cytori’s total shares outstanding.
03:04 ALU Alcatel-Lucent misses by EUR 0.12, beats on revs; suspends dividend for FY07 and sees Q108 operating loss (6.25 )
Reports Q4 (Dec) loss of EUR 0.02 per share, excluding impairment charge, EUR 0.12 worse than the First Call consensus of EUR 0.10; revenues rose 18.4% year/year to EUR 5.23 bln vs the EUR 4.99 bln consensus. Co announces it will suspend its 2007 dividend payment. ALU expects to report a Q1 loss at the adjusted operating level. CFO says for FY08, co expects its adjusted operating margin to be between 2.5% and 5% of revenue. Chief executive P. Russo says CDMA mobile digital radio technology market will continue to decline.
02:38 IONA IONA Technologies plc statement regarding possible offer (2.75 )
Co’s board confirms that it has received an unsolicited preliminary expression of interest from a third party to acquire IONA, which may or may not lead to a formal offer being made to acquire all of the outstanding shares of the co. No assurances can be given that a formal offer will be forthcoming or that any transaction will occur.
02:36 WIRES On The Wires -Update-
Dr. Reddy’s Laboratories (RDY) announces that it has entered into an agreement with SkyePharma plc to undertake a feasibility study of a product utilizing two of SkyePharma’s proprietary drug delivery systems; the costs of this study will be paid by Dr. Reddy’s. SkyePharma will also receive an upfront payment.
00:48 SLB Schlumberger mentioned positively in Weekday Trader - Barron’s Online (75.76 )
Barron’s Online reports shares of Schlumberger (SLB) at 15.7x ‘08 estimates are trading around its lowest p/e multiple in a decade. “I actually applaud management for stepping up and recalibrating expectations,” says Michael LaMotte, managing director and head of Americas energy research at JPMorgan. The consensus estimate was subsequently cut by 5%, “but the stock’s down a whole lot more than 5%. In our view, that’s as much a function of what’s happening in the broader market as it is the loss of Schlumberger’s earnings momentum,” he says. The lackluster North American drilling activity and weak prices for pressure pumping to extract oil and gas from the ground is expected to stabilize this year. These areas of Schlumberger’s business are being offset by a robust international backlog as the co and other industry players continue to see demand for more sophisticated oil-field services. With oil prices still at high levels, Robin Shoemaker, Bear Stearns managing director of oil service and equipment, attributes the slower earnings growth to the industry already running at high capacity. Deliveries starting this year of the roughly 70 offshore-drilling rigs currently under construction should boost Schlumberger revenues next year, he says. Global Resources Fund’s co-manager Brian Hicks sold his entire stake of Schlumberger due mainly to lofty expectations. But at around $75, “it’s definitely starting to look interesting.”
00:47 ‘Mad Money’ Recap: Lightning Round cont. - TheStreet.com
Cramer was bearish on Boston Scientific (BSX), Cypress Semiconductor (CY), Infosys Technologies (INFY), American Express (AXP), Triumph Group (TGI), JetBlue Airways (JBLU) and ITT Educational Services (ESI).
00:46 ‘Mad Money’ Recap: Lightning Round - TheStreet.com
Cramer was bullish on St. Jude Medical (STJ), Avery Dennison (AVY), Accenture (ACN), Akamai Technologies (AKAM), China Life Insurance (LFC), Focus Media (FMCN), Baidu.com (BIDU), Riverbed Technologies (RVBD), Capital One Financial (COF) and Apollo Group (APOL).
00:45 Cramer’s ‘Mad Money’ Recap - TheStreet.com
On Thursday’s edition, Jim favors America Movil (AMX) for its recent strong quarter as it added 10.1 mln new subscribers and notes shares trade at 14x this year’s earnings estimates, which makes it cheaper than Verizon (VZ), which has only a fraction of AMX’s growth. In the ‘Sudden Death’ round, he was bearish on SiRF Technology (SIRF) and Broadcom (BRCM).
00:42 WIRES On The Wires
EnergySolutions (ES) announces it has been awarded a $7 mln contract by the Washington Savannah River Co for work to be completed at the US Dept. of Energy Savannah River Site in S. Carolina… Quanta Capital Holdings (QNTA) announces that it has entered into an agreement for the sale of all of its interests at Lloyd’s to Chaucer Holdings plc for approx $116.0 mln.
00:40 DDRX Diedrich Coffee Chief Executive resigns (3.23 )
Co announces that Stephen V. Coffey has tendered his resignation from his position as Chief Executive Officer. J. Russell Phillips has been appointed by the Board of Directors to assume the Chief Executive Officer position.
00:39 PL Protective Life misses by $0.03, misses on revs; guides FY08 EPS in-line (38.91 )
Reports Q4 (Dec) earnings of $0.93 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.96; revenues rose 21.5% year/year to $791.4 mln vs the $808.7 mln consensus. Co issues in-line guidance for FY08, sees EPS of $3.80-4.20 vs. $4.12 consensus.
00:28 ICOC ICO reports Q108 results (9.93 )
Reports Q1 (Dec) earnings of $0.14, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.18; revenues rose 28.5% y/y to $110.87 mln vs the $110.06 mln consensus.
Thursday After the Close
