2008 February 12 « Trading for the Masses

Reports Q4 (Dec) funds from operations of $0.92 per share, in-line with the First Call consensus of $0.92; revenues rose 12.7% year/year to $127.4 mln vs the $127.5 mln consensus. Co reaffirms in-line guidance for FY08, sees FFO of $3.89-3.94 vs. $3.91 consensus.
16:47 FRT reaffirms FY08 funds from operations of $3.89-3.94 vs $3.91 First Call consensus

16:46 FRT prelim funds from operations of $0.92 vs $0.92 First Call consensus; revs $127.4 mln vs $127.54 mln First Call consensus

16:44 PL Protective Life commenced execution of its previously authorized share repurchase program of $100 mln in shares (38.19 +0.86)

Co commenced execution of its previously authorized share repurchase program. On May 7, 2007, PL’s Board of Directors extended its previously authorized $100 mln share repurchase program. The current authorization extends through May 6, 2010. Co says that today’s share repurchase was the first activity under the authorization.
16:44 RICK Rick’s Cabaret on call guides FY08 $1.10 vs $1.06 single analyst estimate; sees revs $55 mln vs $56.20 mln single analyst estimate (26.03 +0.86)

16:41 TWTI Third Wave announces filing of a $100 million shelf registration statement (7.94 +0.12) -Update-

16:40 RICK Rick’s Cabaret in slides sees FY09 $2.00 vs $1.66 single analyst estimate; sees revs $100 mln vs $77.80 mln single analyst estimate (26.03 +0.86)

Stock is trading at $29.00 in after hours.
16:36 BOBE Bob Evans beats by $0.07, beats on revs; guides FY08 EPS in-line (28.24 +0.04)

Reports Q3 (Jan) earnings of $0.61 per share, $0.07 better than the First Call consensus of $0.54; revenues rose 7.1% year/year to $449.7 mln vs the $438.1 mln consensus. Co issues in-line guidance for FY08, sees EPS of 1.77-1.84 vs. $1.78 consensus.
16:34 DNA Genentech announces Avado study of Avastin Plus docetaxel chemotherapy showed improved progression-free survival in patients with advanced breast cancer (71.60 +0.44)

Co announces that Avado, a Roche-sponsored Phase III, placebo-controlled study evaluating Avastin in combination with docetaxel chemotherapy met its primary endpoint of prolonging progression-free survival in patients who had not received prior chemotherapy for their locally recurrent or metastatic HER2-negative breast cancer. No new safety signals related to Avastin were observed. The Avado study investigated the addition of Avastin administered either at 15 mg/kg or 7.5 mg/kg every three weeks to docetaxel chemotherapy and both doses of Avastin in combination with chemotherapy showed statistically significant improvement in the time patients lived without their disease advancing compared to chemotherapy and placebo, based on investigator assessments. The U.S. Food and Drug Administration is reviewing DNA’s supplemental Biologics License Application for the use of Avastin, in combination with paclitaxel chemotherapy, for the treatment of patients who have not received prior chemotherapy for their locally recurrent or metastatic HER2-negative breast cancer, and the FDA is expected to make a decision by 2/23.
16:33 WSPI Website Pros reports Q4 EPS of $0.13 vs. $0.14 YoY; revs increased 89% from a year ago to $30.9 mln (9.88 +0.23)

For FY08, frims expects EPS of $0.78-0.82 on revs of $133-137 mln
16:32 BOBE reaffirms FY08 $1.77-1.84 vs $1.78 First Call consensus

16:32 BOBE prelim $0.61 vs $0.54 First Call consensus; revs $449.7 mln vs $438.10 mln First Call consensus

16:30 OCNF Oceanfreight reports Q4 EPS of $0.44 vs $0.37 First Call consensus; revs of $23.2 mln vs $20.50 mln First Call consensus (19.94 +0.43)

16:28 ING ING Group sells Mexican non-core insurance business to AXA for 1.0 bln euros (30.32 +1.04) -Update-

The co announces that it has reached an agreement with AXA to sell part of its Mexican business, Seguros ING and subsidiaries, for a total consideration of $1.5 bln (EUR 1.0 bln). Under the terms of the agreement, ING will divest companies that comprise its non-life businesses of P&C and Auto, plus its Health and Life insurance lines, its Health Maintenance Organization and its Bonding Business. This sale will allow ING to focus on growing its existing Mexican pension and Annuities businesses.
16:27 COHR Coherent reports Q4 results; company in position to launch share repurchase program (26.40 -0.15) -Update-

Reports Q4 (Dec) earnings of $0.37 per share, excluding tax benefits and charges, vs no estimates. Revenues decreased 2% y/y to 144.3 mln. “With our imminent re-listing on the NASDAQ Global Select Market, and a track record of strong cash flows, we are in a position to launch a substantial stock repurchase program..”
16:26 VOLC Volcano beats by $0.07, beats on revs; guides FY08 revs above consensus (12.31 +0.10)

Reports Q4 (Dec) earnings of $0.05 per share, excluding non-recurring items, $0.07 better than the First Call consensus of ($0.02); revenues rose 35.5% year/year to $40 mln vs the $36.4 mln consensus. Co issues guidance for FY08, sees net loss of ($0.04)-($0.02), may not be comparable to $0.05 consensus; sees FY08 revs of $158-162 mln vs. $152.85 mln consensus.
16:25 AWH Allied World Assurance announces second program mgr agreement with C.V. Starr & Company (45.09 -0.57)

Co announces that effective immediately C.V. Starr & Company will offer mgmt liability lines of insurance for middle market accounts on behalf of Allied World Assurance. The agreement enables AWH to expand their national platforms into the middle market account directors and officers liability segment with additional coverage.
16:25 TECHX Equity markets finish mixed after strong, early gains for Nasdaq erode

The major indices finished with mostly positive gains but were held back by weakness in the tech. sector as the Nasdaq lagged after three up days in a row. We saw some money shift out of Nasdaq 100 names like AAPL (-3.5%), GOOG (-0.60%), & RIMM (-3.15%) & possibly move into some of the beaten down financial names (XLF +1.6%) after positive news earlier today involving a plan by billionaire investor Warren Buffett offering to help the beleaguered bond insurer companies. The plan offers to take over the liabilities of the three biggest bond insurers ABK, MBI and FGIC (PMI) & proposes to reinsure their municipal bonds while helping delinquent homeowners avoid home foreclosures. This buoyed the broad markets but buyers failed to break the early morning range highs in afternoon trade, giving some reasoning to the late day retracement. However, the markets stabilized heading into the close & unofficially the INDU settled @ 12373 +133 or +1.1%, SPX @ 1348.90 +9.75 or +0.75%, COMPQ @ 2320 +/- 0.00%, NDX @ 1780.50 -12.50 or -0.70%, & RUT @ 705.50 +5.75 or +0.80%. Today’s sector strength was seen in Real Estate (IYR +3.15%), Financials (XLF +2.75%), Regional Banks (RKH +2.1%), Materials (XLB +1.8%), & Utilities (XLU +1.7%). This sessions sector weakens was seen in Agriculture (DBA -2.4%, DBC -2.0%), Gold (GLD -2.0%), Clean Energy (PBW -1.65%), & Coal (KOL -1.65%).
16:24 XPRT LECG Corp reports Q4 (Dec) results, revs in-line (8.38 -0.07)

Reports Q4 (Dec) earnings of $0.14 per share, excluding non-recurring items, compared to 01/29 guidance of $0.13-0.14; revenues rose 0.9% year/year to $88.2 mln compared to 01/29 guidance of $90-92 mln. Co sees Y08 rev growth in the mid to high single digits and that EPS growth will exceed rev growth. Long-term, co sees rev growth in the 8-12% range and that EPS growth will continue to exceed growth.
16:21 NPLA InPlay Tech and WPG Holdings expand partnership into North and South America (1.14 -0.05)

Co announces that it has partnered with WPG Holdings to expand business development efforts in North and South America. The partnership is an extension of an existing relationship with WPG Holdings’ RichPower Electronics Devices that covers Asia and India.
16:20 MIG Meadowbrook Ins beats by $0.02, misses on revs; reaffirms FY08 EPS guidance (9.11 -0.07)

Reports Q4 (Dec) earnings of $0.20 per share, $0.02 better than the First Call consensus of $0.18; revenues rose 8.9% year/year to $86.1 mln vs the $90.5 mln consensus. Co reaffirms guidance for FY08, sees EPS of $0.83-0.89 vs. $0.87 consensus.
16:20 HCSG Healthcare Services Group misses by $0.02, misses on revs (23.40 -0.17)

Reports Q4 (Dec) earnings of $0.17 per share, $0.02 worse than the First Call consensus of $0.19; revenues rose 6.3% year/year to $148.6 mln vs the $150.6 mln consensus.
16:19 BGC General Cable beats by $0.13, beats on revs; guides Q1 EPS below consensus, revs above consensus (58.75 +1.75)

Reports Q4 (Dec) earnings of $1.00 per share, excluding non-recurring items, $0.13 better than the First Call consensus of $0.87; revenues rose 40.3% year/year to $1.3 bln vs the $1.23 bln consensus. Co issues mixed guidance for Q1, sees EPS of $1.05 vs. $1.15 consensus; sees Q1 revs of $1.5 bln vs. $1.43 bln consensus. “The Company continues to benefit from its strategic investments in new products and geographies more than offsetting the ongoing weakness in certain product lines in the developed economies.” Markets in Latin America, Sub-Saharan Africa, Middle East and Asia Pacific are particularly strong. This includes the markets for the Company’s historical operations in the South Pacific, Australia, India and China.
16:18 HCSG prelim $0.17 vs $0.19 First Call consensus; revs $148.6 mln vs $150.6 mln First Call consensus

16:18 ATAC Aftermarket Tech reports EPS in-line, beats on revs; guides FY08 EPS below consensus, revs in-line (25.63 +0.63)

Reports Q4 (Dec) earnings of $0.41 per share, in-line with the First Call consensus of $0.41; revenues rose 5.5% year/year to $134.6 mln vs the $132.9 mln consensus. Co issues mixed guidance for FY08, sees EPS of $1.60-2.00 vs. $2.09 consensus; sees FY08 revs of $550-625 mln vs. $578.68 mln consensus.
16:18 WYNN Wynn Resorts beats by $0.04, beats on revs (119.84 -0.04)

Reports Q4 (Dec) earnings of $0.72 per share, $0.04 better than the First Call consensus of $0.68; revenues rose 26.2% year/year to $711.3 mln vs the $692 mln consensus. Wynn Macau generated adjusted property EBITDA of $99.6 mln compared to $58.5 mln in Q4 of 2006. Table games results in Macau are segregated into two distinct reporting categories, the VIP segment and the mass market segment. Table games turnover in the VIP segment was $11.2 bln for the period, compared to $6.6 bln for the fourth quarter of 2006. VIP table games win as a percentage of turnover was 3.0%, at the top end of the expected range of 2.7% to 3.0% and higher than the 2.6% in the comparable period of 2006.
16:17 SIAL Sigma-Aldrich beats by $0.03, beats on revs; guides FY08 EPS in-line (52.07 +0.1

Reports Q4 (Dec) earnings of $0.64 per share, $0.03 better than the First Call consensus of $0.61; revenues rose 14.6% year/year to $532.1 mln vs the $523.6 mln consensus. Co issues in-line guidance for FY08, sees EPS of $2.52-2.62 vs. $2.55 consensus; co sees revs to meet the co’s 7% organic growth goal.
16:17 MOSY MoSys misses by $0.08, reports revs in-line (3.55 +0.10)

Reports Q4 (Dec) loss of $0.14 per share, $0.08 worse than the First Call consensus of ($0.06); revenues fell 27.5% year/year to $2.9 mln vs the $2.9 mln consensus.
16:16 SSTR Silverstar reports Q2 EPS of ($0.0 vs ($0.14) in yr ago period; revs rose +260% yr/yr to $10.8 mln (1.85 -0.02)

16:16 ATAC sees FY08 $1.60-2.00 vs $2.09 First Call consensus; sees revs $550-625 mln vs $578.68 mln First Call consensus

16:16 CSCD Cascade Microtech misses by $0.03, beats on revs; guides Q1 EPS below consensus, revs below consensus (7.90 -0.07)

Reports Q4 (Dec) loss of $0.01 per share, $0.03 worse than the First Call consensus of $0.02; revenues rose 3.3% year/year to $22 mln vs the $21.3 mln consensus. Co issues downside guidance for Q1, sees EPS of ($0.02)-0.02 vs. $0.09 consensus; sees Q1 revs of $20-22 mln vs. $22.07 mln consensus.
16:16 ATAC prelim $0.41 vs $0.41 First Call consensus; revs $134.6 mln vs $132.88 mln First Call consensus

16:16 SM St. Mary Lnd/Expl announces David Honeyfield, Senior Vice President and Chief Financial Officer, resigns (36.06 +0.40)

Co announces that David Honeyfield, Senior Vice President and Chief Financial Officer, will resign from the Company effective March 21, 2008 to pursue a new opportunity in the mining industry. The co has begun an external search to identify a replacement for the chief financial officer position. Honeyfield has agreed to assist in the transition through the date of his resignation.
16:15 CSCD Cascade Microtech misses by $0.03, beats on revs; guides Q1 EPS below consensus, revs below consensus (7.90 -0.07)

Reports Q4 (Dec) loss of $0.01 per share, $0.03 worse than the First Call consensus of $0.02; revenues fell 2.7% year/year to $22 mln vs the $21.3 mln consensus. Co issues downside guidance for Q1, sees EPS of (0.02)-0.02 vs. $0.09 consensus; sees Q1 revs of $20-22 mln vs. $22.07 mln consensus.
16:15 GXDX Genoptix beats by $0.07, beats on revs; guides FY08 EPS below consensus, revs above consensus (29.27 -0.75)

Reports Q4 (Dec) GAAP earnings of $0.27 per share, $0.07 better than the First Call consensus of $0.20; revenues rose 138.5% year/year to $18.6 mln vs the $18 mln consensus. Co issues mixed guidance for FY08, sees GAAP EPS of $0.85-0.95 vs. $0.99 consensus; sees FY08 revs of $90 mln vs. $88.57 mln consensus.
16:15 OSUR OraSure Tech reports EPS in-line, revs in-line; guides Q1 EPS above consensus, revs below; guides FY08 EPS below consensus, revs below consensus (7.49 -0.30)

Reports Q4 (Dec) net of breakeven, in-line with the First Call consensus of ($0.00); revenues rose 11.7% year/year to $19.8 mln vs the $19.8 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.03-0.04 vs. $0.01 consensus; sees Q1 revs of $18-18.5 mln vs. $22.23 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.05-0.07 vs. $0.10 consensus; sees FY08 revs of $90-92 mln vs. $98.81 mln consensus.
16:14 BWLD Buffalo Wild Wings beats by $0.03, reports revs in-line (23.40 -0.53)

Reports Q4 (Dec) earnings of $0.34 per share, $0.03 better than the First Call consensus of $0.31; revenues rose 9.7% year/year to $91.4 mln vs the $91.8 mln consensus. Co also says “… Q1 is well underway, and our same-store sales to date are 4.1% for our company-owned and 1.3% at franchised restaurants. We believe our operational attention to guest service and hospitality and a strong first-quarter marketing plan will deliver results…. Despite an uncertain economy, we remain committed to 15% unit growth in 2008. While no one can predict how the consumer will react in a changing economy, and the extent of commodity increases is still unknown, we are focused on continuing our four-year trend of positive quarterly same-store sales and our eight-year trend of average weekly sales volume growth. We believe that with our unit growth, along with continued sales strength and an emphasis on cost controls, we can achieve our net income growth target of 25% in 2008.”
16:14 CEPH Cephalon beats by $0.06, reports revs in-line; guides Q1 EPS in-line, revs in-line; reaffirms FY08 EPS guidance, revs guidance (58.46 -0.65)

Reports Q4 (Dec) earnings of $0.83 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.77; revenues fell 7.1% year/year to $439.5 mln vs the $437.6 mln consensus. Co issues in-line guidance for Q1, sees EPS of $1.00-1.10 vs. $1.01 consensus; sees Q1 revs of $435-445 mln vs. $446.64 mln consensus. Co reaffirms guidance for FY08, sees EPS of $5.10-5.20 vs. $4.36 consensus; sees FY08 revs of $1.80-1.85 bln vs. $1.89 bln consensus.
16:13 OSUR OraSure Tech reports EPS in-line, revs in-line; guides Q1 EPS above consensus, revs below consensus; guides FY08 EPS below consensus, revs below consensus (7.49 -0.30)

Reports Q4 (Dec) net of breakeven, in-line with the First Call consensus of ($0.00); revenues rose 11.9% year/year to $19.8 mln vs the $19.8 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.03-0.04 vs. $0.01 consensus; sees Q1 revs of $18-18.5 vs. $22.23 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.05-0.07 vs. $0.10 consensus; sees FY08 revs of $90-92 vs. $98.81 mln consensus.
16:13 ARP American Reprographics beats by $0.04, beats on revs; guides FY08 EPS in-line, revs in-line (14.84 -0.02)

Reports Q4 (Dec) earnings of $0.33 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.29; revenues rose 18.4% year/year to $174.1 mln vs the $169.9 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.52-1.60 vs. $1.53 consensus; sees FY08 revs of $720-760 mln vs. $732.61 mln consensus.
16:12 RICK Rick’s Cabaret beats by $0.05, reports revs in-line (26.03 +0.86)

Reports Q1 (Dec) earnings of $0.24 per share, $0.05 better than the First Call consensus of $0.19; revenues rose 55.8% year/year to $11 mln vs the $11 mln consensus.
16:12 SPSS SPSS Inc beats by $0.12, beats on revs; guides Q1 EPS in-line, revs in-line; guides FY08 EPS in-line, revs in-line (31.60 +0.14)

Reports Q4 (Dec) earnings of $0.50 per share, $0.12 better than the First Call consensus of $0.38; revenues rose 12.0% year/year to $79.6 mln vs the $75.3 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.40-0.45 vs. $0.43 consensus; sees Q1 revs of $73-75 mln vs. $74.26 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.85-1.95 vs. $1.86 consensus; sees FY08 revs of $305-315 mln vs. $311.32 mln consensus.
16:12 CEPH sees Q1 $1.00-1.10 vs $1.01 First Call consensus; sees revs $435-445 mln vs $446.64 mln First Call consensus

16:12 NILE Blue Nile beats by $0.01, misses on revs; guides Q1 EPS below consensus; guides FY08 revs below consensus (54.00 -1.20)

Reports Q4 (Dec) earnings of $0.45 per share, $0.01 better than the First Call consensus of $0.44; revenues rose 23.4% year/year to $111.9 mln vs the $113.2 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.11-0.14 vs. $0.23 consensus. Co issues guidance for FY08, sees EPS of $1.04, may not be comparable to $1.28 consensus; sees FY08 revs of $340 mln vs. $388.50 mln consensus. “Given the current economic environment, however, we believe it is prudent to be extremely cautious in our expectations for the year. There is tremendous uncertainty in the luxury retail sector, which is experiencing a widely reported consumer slowdown”.
16:11 CEPH sees FY08 $5.10-5.20 vs $4.36 First Call consensus; sees revs $1.80-1.85 bln vs $1.89 bln First Call consensus

16:11 AMAT Applied Materials beats by $0.03, beats on revs (18.07 -0.36)

Reports Q1 (Jan) earnings of $0.23 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.20; revenues fell 8.3% year/year to $2.09 bln vs the $2.01 bln consensus.
16:11 GXDX sees FY08 GAAP EPS of $0.85-0.95 vs $0.99 First Call consensus; sees revs $90.00 mln vs $88.57 mln First Call consensus

16:11 CEPH prelim $0.83 vs $0.77 First Call consensus; revs $439.5 mln vs $437.61 mln First Call consensus

16:09 GXDX prelim GAAP $0.27 vs $0.20 First Call consensus; revs rose 137% YoY to $18.6 mln vs $17.97 mln First Call consensus

16:09 WTS Watts Ind beats by $0.04, beats on revs (28.65 -0.42)

Reports Q4 (Dec) earnings of $0.58 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.54; revenues rose 4.5% year/year to $345.3 mln vs the $340.9 mln consensus.
16:09 STR Questar beats by $0.02, misses on revs; guides FY08 EPS below consensus (53.83 +0.92)

Reports Q4 (Dec) earnings of $0.74 per share, $0.02 better than the First Call consensus of $0.72; revenues rose 1.3% year/year to $782.8 mln vs the $807.4 mln consensus. Co issues downside guidance for FY08, sees EPS of $2.90-3.05, raised from previous guidance of $2.85 to $3.00, vs. $3.10 consensus. The company expects Questar E&P 2008 production to range from 148 to 151 Bcfe.
16:09 VOLC sees FY08 ($0.02-0.04) vs $0.05 First Call consensus; sees revs $158-162 mln vs $152.85 mln First Call consensus

16:08 AWRE prelim $0.01, including SBC, vs $0.04 First Call consensus; revs $6.8 mln vs $7.45 mln First Call consensus

16:08 ANAD Anadigics beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs above consensus (10.36 -0.32)

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 39.4% year/year to $67.6 mln vs the $66.8 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.09-0.11, excluding non-recurring items, vs. $0.13 consensus; sees Q1 revs of $68-70 mln vs. $67.09 mln consensus.
16:08 VOLC prelim $0.05, ex items vs ($0.02) First Call consensus; revs $40.0 mln vs $36.44 mln First Call consensus

16:07 VR Validus Holdings reports Q4 EPS of $1.77 vs $1.16 YoY, revs of $365 mln vs 123.69 mln YoY (24.72 -0.14)

16:07 WYNN prelim $0.72 vs $0.68 First Call consensus; revs $711.33 mln vs $691.98 mln First Call consensus

16:07 NILE sees FY08 ~$1.04 vs $1.28 First Call consensus; sees rev growth of at least 10% (~$340 mln) vs $388.50 mln First Call consensus

16:07 SIAL sees FY08 $2.52-2.62 vs $2.55 First Call consensus

16:07 BGC sees Q1 $1.05 vs $1.15 First Call consensus; sees revs $1.50 bln vs $1.43 bln First Call consensus

16:07 COO Cooper Cos announces Midlock to succeed Neil as CFO (39.56 +0.19)

Co announces that Steven Neil, the co’s chief financial officer, has resigned, effective February 29, 2008, to accept a position with Diamond Foods (DMND) where he has served as a member of its board of directors since 2005. Midlock, currently Cooper’s vice president of finance, has been named senior vice president and chief financial officer succeeding Neil effective today.
16:06 SIAL prelim $0.64 vs $0.61 First Call consensus; revs $532.1 mln vs $523.59 mln First Call consensus

16:06 BGC prelim $1.00 vs $0.87 First Call consensus; revs $1.3 bln vs $1.23 bln First Call consensus

16:06 WTS prelim $0.56 vs $0.54 First Call consensus; revs $345.3 mln vs $340.87 mln First Call consensus

16:06 SPSS sees FY08 $1.85-1.95 vs $1.86 First Call consensus; sees revs $305-315 mln vs $311.32 mln First Call consensus

16:06 CSCD sees Q1 ($0.02)-$0.02 vs $0.09 First Call single est; sees revs $20-22 mln vs $22.07 mln First Call single est

16:06 XPRT prelim $0.16, ex items vs $0.13-0.14 company guidance; revs $87.4 mln vs $88.90 mln First Call consensus

16:06 SPSS sees Q1 $0.40-0.45 vs $0.43 First Call consensus; sees revs $73-75 mln vs $74.26 mln First Call consensus

16:05 DMND Diamond Foods names Steven Neil Executive Vice President, Chief Financial and Administrative Officer (19.25 unch)

16:05 NILE sees Q1 $0.11-0.14 vs $0.23 First Call consensus

16:05 SPSS prelim $0.50 vs $0.38 First Call consensus; revs $79.6 mln vs $75.33 mln First Call consensus

16:05 COHR prelim $0.37 (no estimates), ex-items, on revs $144.3 mln

16:05 CSCD prelim ($0.01) vs $0.02 First Call consensus; revs $22 mln vs $21.34 mln First Call consensus

16:04 NILE Blue Nile announced today that its Board of Directors authorized the repurchase of up to an additional $100 million of the Company’s common stock -Update-

Company’s current repurchase authorization now totals $150 million.
16:04 TTHI Transition Therapeutics reports Q2 EPS of ($0.07) vs. ($0.25) YoY; revs increased to $1.56 mln vs. %0.33 mln YoY (10.40 -0.06)

16:04 AMAT prelim $0.23 vs $0.20 First Call consensus; revs $2.09 bln vs $2.01 bln First Call consensus

16:03 NILE prelim $0.45 vs $0.44 First Call consensus; revs $111.9 mln vs $113.15 mln First Call consensus

16:03 COHR Coherent announces intent to repurchase up to $225 mln of its common stock through a modified ‘dutch auction’ tender offer (26.40 -0.15)

(COHR.PK)
16:03 NILE Blue Nile announces Mark Vadon has assumed the role of Executive Chairman; Diane Irvine has been named new CEO (53.85 -1.35)

16:02 MIG prelim $0.20 vs $0.18 First Call consensus; revs $86.1 mln vs $90.45 mln First Call consensus

16:02 QBAK Qualstar reports Q2 EPS of $0.00 vs ($0.01) two analyst est; revs rose 15% YoY to $6.04 mln vs $5.62 mln two analyst est (3.20 +0.00)

16:02 RICK prelim $0.24 vs $0.19 First Call consensus; revs $10.95 mln vs $10.96 mln First Call consensus

16:02 ARP sees FY08 $1.52-1.60 vs $1.53 First Call consensus; sees revs $720-760 mln vs $732.61 mln First Call consensus

16:01 BWLD prelim $0.34 vs $0.31 First Call consensus; revs $94.1 mln vs $91.84 mln First Call consensus

16:01 MOSY prelim ($0.14) may not compare ($0.06) First Call consensus; revs $2.9 mln vs $2.90 mln First Call consensus

16:01 STR sees FY08 $2.90-3.05 vs $3.10 First Call consensus

16:01 ARP prelim $0.33, ex items, vs $0.29 First Call consensus; revs $174.1 mln vs $169.92 mln First Call consensus

16:01 ANAD sees Q1 $0.09-0.11 vs $0.13 First Call consensus; sees revs $68-70 mln vs $67.09 mln First Call consensus

16:00 STR prelim $0.74 vs $0.72 First Call consensus; revs $782.8 mln vs $807.40 mln First Call consensus

16:00 INTV InterVoice secures multi-million dollar expansion contract with major U.S. telecommunications company (6.77 +0.0

Co announces that a major U.S. wireless telecommunications company has contracted it to provide speech-enabled self-service for its prepaid wireless subscribers. This long-standing customer chose Intervoice to replace its existing pre-paid self-service platform that was originally acquired from a competing vendor. The new contract is estimated to be worth $5.2 mln. Citing competitive issues, the customer requested anonymity in this announcement.
16:00 ANAD prelim $0.13 vs $0.12 First Call consensus; revs $67.6 mln vs $66.79 mln First Call consensus

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Whip Saw McGRaw

February 12, 2008 · No Comments

Trade em small because this market has random 10 pt moves like its the job, yet volatility in sotcks was down 4% go figure. I don’t have the answers and amd staying small until some clarity comes. Very tricky times indeed.

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Data Feed

February 12, 2008 · No Comments

09:42 RNR RenaissanceRe: Hearing RNR upgraded at Citigroup (54.50 +0.91) -Update-

09:40 GS Goldman Sachs slides lower off the open as it breaks below its 4-day range low near 185.00 (183.89 -2.02) -Update- -Technical-

09:40 GM General Motors: White House says confident GM over time will succeed in restructuring to keep competitive - Reuters (27.54 +0.43) -Update-

09:39 CROX Crocs: Expect Q4 EPS above consensus and 2008 growth expectations to remain unchanged; tgt cut to $45 from $70 given retail and market environment - Wedbush (32.19 +0.19)

Wedbush notes that CROX will report Q4 and 2007 results on February 19 after market close. They are looking for rev in line with their est of $207 mln, roughly the same as consensus of $208 mln. They expect the co to guide Q1 EPS and rev roughly in line with consensus, while reiterating its plan for 35-40% top-and bottom-line growth in 2008. Although some of these sales may have been at the expense of other styles, they believe the Mammoth drove incremental buyers in a difficult retail environment. In particular, they did not see any discounting of the Mammoths despite the significantly promotional Holiday selling season. They remain concerned about the co’s ability to sell closed-toe product due to their greater requirements for retailers, as well as the need to educate consumers. Therefore, they expect the co to see slower growth in 2H 2008 compared to 1H, although given the breadth of the co’s opportunity, they expect growth to remain robust. Firm cuts their tgt to $45 from $70.
09:38 HGR Hanger Orthopedic sees 2008 EPS of $0.70-0.72; sees 2008 sales of $670-680 mln - Reuters (10.61 +0.92)

(Consensus $0.70, $662.58 mln)
09:36 APWR A-Power Energy receives two new distributed power generation contracts worth a combined $72.3 mln (18.75 +0.95)

Co announces it has signed two new domestic contracts to develop distributed power generation systems worth a combined $72.3 mln. The first is a $44.5 mln contract to construct a 24 MW distributed power generation system for a new paper and pulp plant in Wuzhong, China. This project is expected to begin in June 2008 and will take about 12 months to complete. The second is a $27.8 mln contract to construct a 24 MW stand alone distributed power plant in Hailen, China. This project is expected to begin this month and will be completed in approximately 12 months.
09:36 CF CF Industries: Goldman Sachs Ag Forum Summary (113.89 +2.39) -Update-

During the conference, the company says the worldwide market for grain remains robust, and absent weather problems, overall planting could be even stronger in 2008. CF says that record crop prices should spur the strong planting. The company also believes it’s leading position in key US corn belt states is a positive for the company. For phosphate, a robust global demand and tight worldwide supply/demand balance are positives. The company also notes that it acquired 50% of Keytrade, which has markets in fertilizer in 65 nations, and a presense in Peru and S. America.
09:35 TECHX Market View: S&P 500 extends firmer start to recent range top at 1347 (1347.59 +8.46) -Update- -Technical-

Initial resistance above is at 1351 followed by the 1356/1357 area.
09:34 ERTS Electronic Arts extends interactive videogame agreements with NFL and NFL Players (46.52 +0.17)

Before the open ERTS announced an extension of its exclusive licensing relationships with the National Football League and NFL Players to develop, publish and distribute interactive football video games. These agreements - which were negotiated separately and are extensions of contracts originally signed in December 2004 - provide EA continued rights to NFL teams, stadiums and players for its critically-acclaimed and best-selling football videogames through the end of the 2012 season, which culminates in February 2013.
09:33 WMK Weis Markets, Inc. reports Q4 EPS of $0.32 vs $0.52 in yr ago period; reports revs up 4.4% yr/yr to $603 mln with no estimates (36.66 +0.00)

09:31 END Endeavour Intl awarded Norwegian exploratory blocks (1.30 -0.03)

Co announced that its subsidiary, Endeavour Energy Norge AS, has been awarded interests in two production licenses on the Norwegian Continental Shelf as part of the Awards in Predefined Areas 2007 licensing round conducted by the Ministry of Petroleum and Energy.
09:31 AIG American Intl 4Q07 est cut to $0.18 from $1.18 at UBS (45.20 +0.46) -Update-

UBS says AIG filed an 8-K yesterday stating their auditors found a material weakness in accounting for its super senior credit default swap portfolio. Mgmt did not provide detail on the material weakness. It will use the binomial expansion technique’s (BET) $(5.2) bln valuation as of Nov 30, vs. its prior modified BET mark of $(1.6) bln. Firm is cutting 4Q07E EPS to $0.18 from $1.18 to reflect the new mark (consensus is $1.37). Firm prefers LNC, PRU, TRU and Allianz.
09:31 COP ConocoPhillips enters agreement for long-term market access at Zeebrugge LNG Terminal in Belgium (76.81 -0.16)

Co announces it has entered into an agreement with Suez LNG Trading SA which provides ConocoPhillips with long-term access to the Northwest Europe LNG market through Suez’s regasification capacity at the Zeebrugge LNG terminal in Belgium starting in October 2008. Under a separate agreement, COP will also provide Suez with market access through its planned regasification capacity in the Freeport LNG terminal in Texas, starting in mid-2010.
09:30 FLWS 1-800-FLOWERS extends partnership with AT&T for data hosting services (8.53 +0.00) -Update-

AT&T (T) announces an extended and expanded contract with 1-800-FLOWERS.COM (FLWS). Under the new multi-year contract, AT&T will provide enterprise hosting and voice services to support 1-800-FLOWERS.COM’s online retail business and retail locations nationwide.
09:30 CCU Clear Channel: Buyout could get antitrust approval from the DoJ as early as tomorrow - TheDeal.com (29.99 +0.2

TheDeal.com reports the $23 billion buyout of the co could get antitrust approval from the DoJ as early as Wed, Feb. 13. The proposed merger was announced more than a year ago, but unlike most deals with potentially contentious regulatory reviews, buyers Bain Capital and Thomas H. Lee Partners did not file the requisite notification with the DOJ early on and instead initially filed only with the FCC. Notification to DOJ did not occur until Jan. 14, and the deal now awaits approval on competition matters. Under federal antitrust law, that would mean the DOJ must approve the deal when the initial 30-day waiting period expires Wednesday, or launch a second request for information. According to antitrust lawyers who asked not to be named, the parties likely anticipated that the FCC would require divestitures on the deal and may have waited until the FCC demands were clear before filing with the DOJ.
09:27 LEH Lehman Brothers: Mark-downs look to be worse than expected, lowering numbers - BofA (58.25 ) -Update-

BofA is lowering their Q1 EPS estimate to $1.05 from $1.49, (consensus is $1.59), on worse than previously modeled inventory marks plus weaker than expected results in equity trading, on both a 20% q/q and y/y decline in International dollar volumes which will pressure the cash business but also negative marks on private equity gains which flow through Equities. The firm also cuts their tgt to $60 from $65.
09:27 MON Monsanto: Wheat looking more attractive, could steal acres - UBS (114.03 ) -Update-

UBS says what prices have rallied after the recent WASDE report significantly lowered projected ending stocks. Prices increased more than 12% the past week on concerns about tight supply. Firm says the jump in price has suddenly made planting spring wheat much more economically favorable to plant wheat vs. corn in certain areas. Firm says the higher probability of an acreage shift to wheat, on which MON earns no profit, lead them to believe there is greater risk that the Seeds & Genomics segment will be weaker than expected in 2Q & 3Q. Soybean prices also remain strong and firm still expects significant acreage gains there as the soybean/corn price ratio remains above 2.4. Tightness in the soybean seed market and favorable deals for some triple stacked corn varieties also support their acreage shift thesis.
09:25 AIG American Intl Issues statement on Super Senior CDS loss risk (44.74 ) -Update-

AIG continues to believe that the mark-to-market unrealized losses on the super senior credit default swap portfolio of AIG Financial Products are not indicative of the losses AIGFP may realize over time. Based upon its most current analyses, AIG believes that any losses AIGFP may realize over time as a result of meeting its obligations under these derivatives will not be material to AIG.
09:22 NYNY Empire Resorts: Trump may invest in casino project — NY Times (2.34 ) -Update-

The NY Times reports that Donald Trump, who was once fined for waging a secret lobbying campaign against a proposed Indian casino at Monticello Raceway, may join his former opponent and another developer in developing a $700 mln resort at the old Concord Hotel, just a few miles from the track. Empire Resorts (NYNY), which for years had tried to build a casino at the raceway, announced on Monday that it had struck a deal with Concord Associates to build what it called “Entertainment City,” with a hotel, convention center, shops, racetrack and gambling hall.
09:22 U.S Oilfield rating changes details

As mentioned at 6:31 UBS upgraded WFT to Buy from Neutral and downgrades SII and BHI to Neutral from Buy. The firm revisited their thesis after a tumultuous earnings season: downward EPS revisions, lower than expected international growth, and delayed impact from offshore newbuilds. They have cut their outlook for large caps U.S Oilfield service stocks to Equal weight from Overweight, with beneficiaries being E&Ps, major oils, and (to a lesser extent) refiners. The firm believes WFT has the most attractive and sustainable growth outlook of the group, reiterating 25%/40% growth in LatAm/E. Firm says BHI’s products continue to receive praise, but execution performance does not, as growth lags despite heavy capex. They say Halliburton (HAL) remains their top pick
09:21 Q Qwest, on earnings call, says “we have the opportunity of to achieve flat to modest growth in revenue within mass-market in 2008″ (5.13 )

09:20 AIG American Intl: Citigroup assumes a $5 bln loss in capital markets for AIG; brings their 4Q07E EPS to zero (44.74 )

Citigroup says PricewaterhouseCoopers has suggested a lack of oversight at AIG has lead to a material weakness in financial controls. Firm says AIG stated that it doesn’t have the ability to reliably quantify market values that underlie certain underwritten financial guarantees. It may have improperly estimated the valuations for the CDS portfolio managed by its AIG Financial Products financial guaranty unit. Firm is assuming a $5 bln loss in capital markets, which brings their 4Q07 EPS est to $0.00 (vs consensus of $1.37). While they expect to revise their price target when AIG reports earnings, the lack of transparency makes such a change largely arbitrary at this time.
09:19 TECHX Market View: Support and Resistance -Technical-

A modestly bullish bias for the open with the S&P 500 in position for a push toward its recent trade range top. For a look at the short term levels that need to be cleared to improve the Feb bias, an intermediate term look at the market as well as the support/resistance for all the major averages go to The Technical Take.
09:17 BONDX Clean-Up in Aisle 10

The market has been bounced back off again, with the idea of a bail-out for bond insurers (rejected by some; unanswered by others) has swung the shorter maturities hard, taking nearly twice the yield range on the 2-yrs than the 10’s (13 basis points versus about 7). On the news via CNBC, the market shifted the odds on the next rate cut, moving more toward an only 50bp, cut versus the likelihood of 75bp, by the Mar meeting, up to over 80% on the 50bp from 70%. 10-yr is -19/32 yielding 3.686%
09:17 WRAPX Pre-market Summary

Following yesterday’s modest gains, futures indicate a higher start for the mkt after Warren Buffett announced Berkshire Hathaway (BRK.A) offered to reinsure municipal bond insurers Ambac (ABK), MBIA (MBI) and FGIC, a subsidiary of PMI Group (PMI). The offer, sent last week, would add $5 bln of his co’s resources, pledging there would be no distributions/mgmt fees taken for 10 years. While the insurers have 30 days to respond, as of last night one had already turned him down. Futures, which had already been trading modestly higher, spiked following the announcement. Also easing credit concerns this morning is a report from the AP that at-risk borrowers with all types of mortgages, not just high-cost subprime loans, could be eligible for help under a new plan involving six big home lenders. In other news, General Motors (GM) reported a Q4 profit of $0.08 per share this morning (which may not be comparable to the consensus est due to a tax benefit). After spiking to a morning high of $28.50 in pre-market trade, shares of GM are indicated 2.5% lower. Dow futures are currently +80; Nasdaq futures are currently +13.5; S&P futures are currently +10.3. For technical levels of interest, click here… Following modest losses overnight, the Bond mkt spiked lower following the announcement from Warren Buffett. The 10-yr is currently -19/32 to 3.688%. Note: San Francisco Fed President Yellen speaks on the economy at 11:05ET… In Commodities, Mar crude oil ($93.30 -0.29) has regained much of its early losses by mid-morning. It gave up a good portion of yesterday’s gains earlier after a Venezuelan official said oil supply cutoff to the U.S. is undesirable (the comment is on the heels of Hugo Chavez, Venezuela’s President, threatening to cut off supplies to the U.S. if Exxon Mobil (XOM) did not stop its move to freeze assets belonging to PDVSA, Venezuela’s state oil co)… In Europe, mkts climbed sharply higher as gains in oils majors offset weaker financials following Credit Suisse’s earnings and chatter of a large write-down at Dutch group ING (ADR: ING). FTSE is currently +1.9%; DAX is currently +2.3%; CAC is currently +2.2%. In Asia, mkts closed modestly higher on speculation gains in metals prices will help commodities producers withstand global growth. Note: Mainland Chinese mkts remained closed today for the Lunar New Year holiday. Nikkei closed unch; Hang Seng closed +1.4%… Notable pre-market Calls include Upgrades: SLB at Bear Stearns, TWX at UBS, WFT at UBS; Downgrades: AIG, SAF and WSH at Lehman, BHI and SII at UBS, MBI at Piper Jaffray… On the Earnings calendar, 28 cos are confirmed to report today after the close, including AMAT and WYNN… On the Economic calendar, the Jan Treasury Budget (consensus $20.0 bln) is scheduled for release at 14:00ET.
09:17 DAKT Daktronics: Focus on operating margins - C.L. King (19.08 )

C.L. King says the Street is focused on DAKT’s operating margins more so than on its robust, but often lumpy revenue growth. The Street wants DAKT back to a 10% operating margin for the full year. With so many professional stadium wins, i.e., the new Yankees’ and Mets’ ballparks, the Street wants to see the potential margin impact from these big ticket stadium hi-def video/scoreboard wins. Was Daktronics a disciplined bidder or not? Sports are frequently lumpy in revenue and volatile in margin. That will be the “delta” focus in the forward guidance. Good guidance and this stock gaps up historically, but the flip side is also true when guidance disappoints and the stock gaps down. Firm prefers to see sufficient, sustainable discipline revealed going forward, even if they miss the first move up.
09:15 S&P futures vs fair value: +8.8. Nasdaq futures vs fair value: +12.8.
09:15 WIRES Newspaper Notable Mentions

Times of London: Societe Generale has sought to guarantee the success of its 4.1 bln pounds rights issue by pricing the new shares at a hefty 39% discount to the current price… DigiTimes: SNDK introduced its 16GB embedded flash drive, iNAND, which targets mobile applications, with sampling expected to begin in the second quarter of 2008… NVDA has introduced the APX 2500 applications processor which enables Windows Mobile phones with 3D user interfaces and high-definition video. The APX 2500 delivers 10 hours of 720p HD playback, as well as HD camcorder and ultra-high-resolution photo imaging capabilities, the co highlighted.
09:14 TDC Teradata reports Q4 EPS of $0.40 vs $0.39 First Call consensus; revs $466.0 mln vs $481.70 mln single estimate (22.60 ) -Update-

Co sees FY08 EPS $1.35-1.45 vs $1.45 consensus; sees rev growth of 5-8% or ~$1.78-1.83 bln vs $1.84 bln consensus.
09:14 SKX Skechers USA: Q4 earnings preview; not exactly smooth sailing in Q4 - C.L. King (20.43 )

C.L. King says SKX will report Q4 results on Wed, Feb 13. Firm expects the fourth quarter to come in at the low end of its previous guidance range of $0.26-$0.31 and $1.63- $1.68 for the full year. Firm’s ests are $0.27 and $1.64. In the fourth quarter and full year last year, Skechers reported $0.33 and $1.59. Firm believes the North American business was very difficult for Skechers in Q4. Despite an uneven fourth quarter, the first half of FY08 should be good with the initial sell-in of seasonal Cali Gear product, strong kid’s sales, and further international expansion.
09:14 Q Qwest, on earnings call, says “In 2008 revenue will be flat to down slightly from 2007 results” (5.13 )

09:13 PERY Perry Ellis sees Q4 EPS to meet or beat First Call consensus of $0.61; co sees revs of approx $212 mln vs $223.8 mln single estimate. (16.27 )

“We recognize that the first half of Fiscal 2009 will be challenging, however, current bookings and initial readings indicate that this year’s first half should be at least equal, if not better than first half of last year. We will provide full guidance during our March 18th release call.”
09:10 SNCR Synchronoss Tech: Initiation details (19.02 ) -Update-

As mentioned at 8:38 Needham initiated SNCR with a Buy and a $24 tgt saying by winning new customers and capturing a bigger share of existing customer transactions, SNCR has grown revenues 65% compounded over the last four years, including 71% growth in 2007 with help from the iPhone. SNCR has developed the leading transaction management platform through its relationship with AT&T Mobility and the firm believes the co is well positioned to address a substantial market opportunity — a belief that is bolstered by the recent addition of Sprint (S) as a customer.
09:10 ARB Arbitron: Update to postponed PPM rollout is a catalyst, tepid ‘08 guidance expected - C.L. King (39.56 )

C.L. King says ARB reports Q4 earnings on Thursday, when it should give its ‘08E guidance. The most important item will be the progress on its postponed Portable People Meter rollout in major markets, rescheduled for Sept ‘08. Firm anticipates the quarterly results should mostly be in-line with modest Street expectations. The prior informal EPS ‘08 guidance was for EPS flat with ‘07E since the higher-priced PPM fees would not start up again until late in the year, so not much is expected from guidance.
09:09 TEVA Teva Pharm: On call, raises gross margin guidance to 52-59% from 47-50% (46.90 +0.26) -Update-

09:08 WIRES On The Wires

Foster Wheeler (FWLT) announces it has been awarded a contract by PJSC EnergoMashinostroitelny Alliance for a 330 MWe advanced circulating fluidized-bed steam generator to be located in Novocherkassk, Russia… Honeywell (HON) announces that Solano County in the San Francisco Bay Area has awarded the company a solar project. Under the agreement, HON will install a 746-kilowatt solar array near the Claybank Adult Detention Facility and sell the electricity produced by the panels to the county for use in the detention facility.
09:08 SIF SIFCO Industries reports Q1 EPS of $0.20 vs $0.42 in yr ago period; revs $23.06 mln vs $19.13 mln in yr ago period (15.90 )

09:07 VECO Veeco Instruments upgraded to Buy at Amtech- tgt $17 (13.65 )

Amtech upgrades VECO to Buy from Neutral with a $17 tgt noting VECO reported a slight revenue miss of $106.8 mln (Street at $109 mln) but pro forma EPS of $0.07 beat Street estimates at $0.05. The firm notes new CEO John Peeler more importantly reset the bar with a 2008 guide-down that appears more achievable. The firm believes 1Q08 represents a near-term revenue trough along with near trough valuation at 0.96x P/CY08 Sales.
09:06 Aerospace and Defense: AmTech believes momentum towards weapons funding has not peaked

AmTech says President Bush’s FY09 federal budget was submitted to Congress last Monday with few surprises. As expected, the DoD Budget request was slightly higher at $515 bln than last year’s est of $513 bln. What matters most for defense cos is the health of the investment/modernization accounts. The modernization request is up 4.7% in FY09, which is before any plus-ups from Congress. The 4.7% increase will likely climb by another 2% by the time it is signed into law given Congressional actions during an election year. Backlogs for most defense cos will continue to expand in calendar 2008 and 2009 and very likely again in 2010. With the ink barely dry on the FY09 request, it is not too early to think about the potential impact of the new Administration. Firm believes the modernization account could see a net gain as reset activity accelerates. Firm reiterates their BUY rating on their tops picks, LMT and GD.
09:06 ADSK Autodesk: Channel checks suggest more of the same - AmTech (39.25 )

AmTech says their channel checks suggest ADSK is seeing steady growth despite macro headwinds. Despite macro weakness in many end markets, 3D products are able to demonstrate the necessary efficiency gains to justify cost outlays with 2D and AutoCad LT migrations driving crossgrade demand. They expect the stock to trade off of mgmt’s updated 1Q09 and FY2009 guidance and initial 2Q09 guidance. Firm’s current ests are in-line with mgmt’s historical guidance range, as well as seasonal demand patterns. Firm’s evaluation of the co’s EPS potential suggests an upside stock price of ~$45 and a downside price of ~$34.
09:04 AMZN Amazon.com announces diamond sales by Amazon increased more than 100% in fourth quarter 2007 compared with fourth quarter 2006 (75.19 )

09:04 CSL Carlisle Cos authorizes repurchase of an additional 1.4 mln shares (37.60 )

09:03 TDC Teradata announces stock repurchase up to $250 mln over a two-yar period (22.60 )

09:02 PKT Procera Networks names James Brear as new President and CEO (1.45 )

09:02 CPE Callon Petroleum Signs Agreement With CIECO Energy to Fully Develop Entrada Field (15.77 )

Co announces it has signed a Purchase and Sale Agreement with CIECO Energy, a subsidiary of Tokyo-based ITOCHU. Terms of the agreement provide for Callon to sell CIECO a 50% working interest in the Entrada Field, located in the Deepwater Region of the Gulf of Mexico, for total cash consideration of $175 mln and additional contingent cash payments based upon field production milestones. CIECO has also agreed to provide a non-recourse loan to Callon for its $150 mln share of field development costs through initial production. Callon will retain a 50% working interest and continue as operator of the field. The transaction will have an effective date of January 1, 2008 and is expected to close by February 29, 2008.
09:02 MAXY Maxygen reports Q4 EPS of ($0.31) vs ($0.3 First Call consensus; revs $11.00 mln vs $4.44 mln First Call consensus (6.65 -0.11)

09:02 PTSX Point.360 reports Q2 EPS of $0.01 vs $0.02 in yr ago period; revs $12.14 mln vs $11.43 mln in yr ago period (1.75 )

09:01 TBUS DRI Corp announces its Digital Recorders subsidiary has received a Intelligent Transportation System order valued at approx $551,000 (1.83 )

Co announces that its Digital Recorders subsidiary has received an order for intelligent transportation systems valued at approximately $551,000 from Western Contra Costa Transit Authority (WestCAT) in California.
09:01 MOC Command Security reports Q3 EPS of $0.05 vs $0.04 single estimate; reports revs up 25.5% yr/yr to $30.2 mln vs $28.4 mln single estimate (3.88 )

09:00 FSLR First Solar: Q1 correction creating significant long-term opportunity - AmTech (189.64 ) -Update-

AmTech says FSLR is slated to announce earnings earnings prior to the market’s open on Wed, Feb 13. Based on industry strength in 4Q07 and FSLR’s “sold-out” status, they believe that they are in store for another positive report out of the co, with results that are either in-line with consensus or better than expected. However, firm believes the reasons to own FSLR extend much further than the 4Q07 print. Perhaps the most powerful bear argument for the precipitous decline in solar shares YTD is a possible situation of module oversupply in 2H08. Firm believes FSLR is the best equipped module manufacturer to serve this market given its cost per watt metrics and the utility market’s lack of real estate constraints. They view the stock reaction YTD as overdone and more indicative of investors’ shorter-term focus given the recent macro environment.
09:00 S&P futures vs fair value: +8.1. Nasdaq futures vs fair value: +11.8.

S&P 500 futures are managing to hold most of their Buffet induced gains. Crude oil is down 1.2% to $92.48 per barrel after spiking higher yesterday. The sole report on the economic calendar is the January Treasury Budget, and it is not expected to be a market mover.
08:59 HIG Hartford Financial CEO at Merrill Lynch Insurance Conference says Q1 could see realized losses similar to Q4 (70.99 )

HIG CEO says Q1 could see realized losses similar to Q4; believes spreads will eventually come in, but will stay wide in Q4.
08:58 MGI MoneyGram enters into definitive agreement with investor group led by Thomas Lee Partners and Goldman Sachs; reaches multi-year extension of contract with Wal-Mart (5.31 )

Co announced that it has entered into a definitive agreement with an investment group led by Thomas Lee Partners and Goldman Sachs, concerning a comprehensive recapitalization of the Co. Components of the recapitalization include the following: 1) The Investors, which include affiliates of THL and affiliates of Goldman Sachs are expected to make an equity investment of approximately $710 mln, with the exact amount to be determined by the price at which the Co is able to sell certain investment portfolio assets as required under the terms of the agreement. 2) The Company has also entered into an agreement with affiliates of Goldman Sachs to provide debt financing of up to $500 mln and the Co is expected to obtain an additional $200 mln in debt financing prior to the close of the transaction. 3) The Co also expects to have $350 mln outstanding or available under its existing credit agreement, and will seek amendments from its existing lenders to modify certain terms and to permit those amounts to remain outstanding or available. The Co also announced a multi-year extension through January 2013 of its financial services agreement with Wal-Mart.
08:57 SCANX Gapping down

In reaction to weak earnings/guidance: ZOLT -18.8%, DY -16.3% (also downgraded to Mkt Perform at Friedman Billings), MAS -12.7%, IMM -11.2%, BRKS -10.7%, IMB -9.2%, VRTX -8.8%, EMS -7.6%, ASEI -6.7%, PSEC -5.6%, EXPD -4.0%, ANR -3.9%, FOE -3.5%, ANSV -2.8%, ARGN -2.5%, GM -2.4%, TEVA -1.7%, LNCR -1.6%… Other news: CDS -2.8% (announced an agreement for $12.95 mln equity private placement ), ESLR -2.2% (prices a 16 mln share common stock offering at $9.50/share), AZN -1.7% (may spin off drug research unit to venture capitalists - Times of London)… Analyst downgrades: MTZ -3.5% (downgraded to Mkt Perform at Friedman Billings), PNM -2.6% (downgraded to Hold at Citigroup and downgraded to Equal-weight Lehman), BDN -2.1% (downgraded to Sell at Stifel), WSH -1.2% (downgraded to Equal Weight at Lehman), SII -1.0% (downgraded to Neutral at UBS).
08:57 PHST Pharsight Corp initiated with a Buy at Jesup and Lamont- tgt $10 (4.41 )

08:57 ECL Ecolab reports EPS in-line, beats on revs; guides Q1 EPS below consensus; guides FY08 EPS in-line (47.98 )

Reports Q4 (Dec) earnings of $0.40 per share, excluding non-recurring items, in-line with the First Call consensus of $0.40; revenues rose 13.3% year/year to $1.44 bln vs the $1.38 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.38-0.40, excluding non-recurring items, vs. $0.41 consensus. Co issues in-line guidance for FY08, sees EPS of $1.86-1.90, excluding non-recurring items, vs. $1.90 consensus.
08:55 AMLN Amylin Pharms initiated with a Sell at Canaccord Adams (30.35 )

08:55 ECL sees FY08 $1.86-1.90 vs $1.90 First Call consensus

08:55 NURO NeuroMetrix beats by $0.04, misses on revs (5.40 )

Reports Q4 (Dec) loss of $0.17 per share, $0.04 better than the First Call consensus of ($0.21); revenues fell 28.8% year/year to $10.1 mln vs the $11.2 mln consensus.
08:54 NURO prelim ($0.17) vs ($0.21) First Call consensus; revs $10.1 mln vs $11.23 mln First Call consensus

08:54 ECL prelim $0.40 vs $0.40 First Call consensus; revs $1.44 bln vs $1.38 bln First Call consensus

08:54 DD DuPont at Goldman Ag Conference- ‘ We are on track to deliver double digit earnings growth again in 2008′ (45.93 ) -Update-

Co will hold N. America corn market share; adequate supply to meet customer demand; on track to gain share in soy in M. America in 2008… notes they are #1 in corn in Europe, Latin America, Asia, and Africa… DuPont will launch multi-trait insect product named Optimum-acre max; says it will take some time to ramp up volumes but the earnings after 2010 will be significant.
08:52 ITMN InterMune initiated with a Buy at Canaccord Adams (15.61 )

08:49 BONDX Philanthropic. Not Stupid

The news that Buffett is willing to bail-out muni-bond paper from current insurers. Muni stuff is very unlikely to default, but, with the possibility of losing top ratings, are perhaps most in danger & most likely to spread the misery within communities, rather than within a given business. The lessened risk to municipalities is positive news, hitting bonds. Buffett is not in the business of doing “pro bono” work (CNBC), so he is offering to take on munis, not necessarily anything else. The treasuries got rocked on the news, slammed as the market read this as some light at the end of the tunnel. Bonds have recovered some, but are still pressured. 10-yr is -13/32 3.664%
08:47 CDS China Direct signs agreement for $12.95 mln equity private placement (7.05 )

Co announces that it has signed an agreement for a $12.95 mln private placement of securities with a group of institutional investors. Co states, “…We are confident that with this new equity infusion our company has never been in a better position to swiftly capitalize on this opportunity as we continue to accelerate our revenues and earnings in 2008 and beyond.”
08:46 BNVI Bionovo initiated with a Market Perform at BMO Capital (1.41 )

08:45 TEVA Teva Pharm: On earnings call, for FY08, co sees $10.75 bln revs vs $10.46 bln consensus, adjusted EPS of $2.60-$2.75 vs. $2.69; For 2009 - adjusted EPS exceeding $3.00 (46.90 ) -Update-

08:44 WIRES On The Wires

Yahoo! (YHOO) announces that it has acquired Maven Networks, an online video platform provider, to expand state-of-the-art consumer video and advertising experiences on Yahoo!.com and Yahoo!’s network of leading premium video publishers across the web. Under the terms of the agreement, Yahoo! acquired Maven Networks for approximately $160 mln… UQM TECHNOLOGIES (UQM) announces that it has received a generator order from Traction Technology to power their hybrid electric power packs for use in city buses in the United Kingdom… Teledyne Technologies (TDY) announces that its subsidiary, Teledyne Brown Engineering, has been awarded a $19.4 mln contract to manufacture and deliver an initial complement of gas centrifuge service modules… Ivivi Technologies (IVVI) announces that it has entered into a collaboration agreement with DSI Renal… Peregrine Pharmaceuticals (PPHM) announces that patient dosing has begun in its clinical trial designed to evaluate the safety and efficacy of bavituximab in combination with chemotherapy in patients with advanced breast cancer.
08:41 SCANX Gapping up

In reaction to strong earnings/guidance: GLUU +12.6%, CPST +11.3%, TWTC +8.4% (upgraded to Outperform from Market Perform at Raymond James), NUAN +4.6%, WYN +4.2%, NDN +3.7%, BXC +2.8%, Q +2.3%, CMP +2.2%, PACR +2.0%, FWRD +2.0%, MON +1.8%, XTO +1.7%, CUZ +1.4%, VECO +1.1%, QGEN +1.1%… M&A news: GCT +60.1 (American Campus Communities to acquire GMH Communities Trust)… Bond insurers trading higher following report that Buffett sent offer to reinsure municipal bonds of MBI, ABK & FGIC: SCA +9.3%, PMI +3.9%, ABK +3.1%, XL +2.0%, MBI +2.0%… Other news: DEPO +22.3% (reports ‘positive’ efficacy data from a Phase 2 trial of Gabapentin GR in the treatment of menopausal hot flashes), DYAX +18.0% (enters into antibody agreements with Sanofi-Aventis for the fully human monoclonal antibody DX-2240 and phase display technology), ALDA +17.2% (declares $5.00/share special cash dividend and signs credit facility for up to $15 mln), BCS +3.7% (still checking), DAI +3.7% (still checking), MT +3.2% (still checking), HME +2.6% (to be added to S&P 600), BHP +2.5% (co issued letter to shareholders regarding its RTP takeover attempt; copper prices rose for fifth day in a row in Asia - Bloomberg.com)… Analyst upgrades: CBEY +4.2% (upgraded to Outperform at Raymond James), SNCR +4.1% (initiated with a Buy at Needham), TWX +2.3% (upgraded to Buy at UBS), PCP +1.7% (hearing added to Conviction Buy List at tier 1 firm), SLB +1.6% (upgraded to Outperform at Bear Sterns).
08:41 FSLR First Solar: Some upside surprise likely on Wed, Feb 13 but nothing like 3Q07 - Calyon (189.64 ) -Update-

Calyon says while they expect a strong 4Q07 (co reports earnings on 2/13), with some upside surprise likely from currencies and/or throughput, they do not expect anything as dramatic as 3Q07. They do not fault FSLR for that as such meaningful positive surprises are not sustainable although the co’s consistent, incremental cost improvements and robust EPS growth are sustainable. They are also not anticipating meaningful upward revision to guidance, although they expect it to suggest strong revenue growth and cost improvements, driving robust EPS growth. Firm thinks investors should use weakness due to profit-taking, oil price volatility, and recessionary fears to establish longer-term positions at an attractive valuation.
08:41 BHP BHP Billiton discloses, in 6-K, letter from Chairman to shareholders regarding the recently announed pre-conditional offer for Rio Tinto (65.84 )

From today’s 6-K: “You will have seen a great deal of press coverage recently of the proposal we made in early November to the Board of Rio Tinto to combine BHP Billiton and Rio Tinto. Extensive consultations with the shareholders and stakeholders of both Rio Tinto and BHP Billiton since that time have indicated a clear understanding of the logic of the combination. On 6 February 2008 we formalised that proposal by making an offer to Rio Tinto shareholders to combine with BHP Billiton by offering 3.4 BHP Billiton shares for each Rio Tinto share. Bringing these two great companies together will provide a unique opportunity to unlock value for both BHP Billiton and Rio Tinto shareholders… The offers we have made are subject to pre-conditions relating to merger control and necessary regulatory approvals in a number of jurisdictions and this process will take some time. We will work closely and constructively with all key regulators to assist with their review. Your Board is satisfied that the offer we have made is both compelling and responsible and, very importantly, is value enhancing for you. We have been patient and disciplined to date and will continue to be so. Your approval for the combination will be sought in due course and I will continue to update you on the offer as it proceeds. In the meantime I invite you to call our shareholder help line on the numbers below should you have any questions regarding the offer.”
08:38 SNCR Synchronoss Tech initiated with a Buy at Needham- tgt $24 (19.02 )

08:38 XTO XTO Energy acquires $1 bln in producing properties and leasehold; elects not to proceed with master limited partnership (56.53 ) -Update-

Co announces that it has entered into definitive agreements with multiple parties to acquire producing properties located in our Eastern and San Juan Regions and to purchase acreage positions in the Woodford, Fayetteville and Barnett shales for a total of about $1 bln. From the producing property transactions, XTO’s internal engineers estimate proved reserves to be 212 billion cubic feet of gas equivalent of which approx 60% are proved developed. These acquisitions will add about 35 million cubic feet of natural gas equivalent per day (MMcfe/d) to the company’s growing production base. In the emerging shale plays, the company added 76,000 net acres to expand its drilling inventory.
08:38 TAP Molson Coors Brewing beats by $0.08, beats on revs (45.36 )

Reports Q4 (Dec) earnings of $0.73 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.65; revenues rose 4.5% year/year to $1.6 bln vs the $1.55 bln consensus.
08:35 XTO XTO Energy beats by $0.04, beats on revs (56.53 )

Reports Q4 (Dec) earnings of $0.96 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.92; revenues rose 32.9% year/year to $1.59 bln vs the $1.54 bln consensus. The Company is increasing its 2008 production volume growth target from 17% to 20%.
08:34 BRN Barnwell Industries, Inc. reports Q4 EPS of $0.39 vs $0.13 in yr ago period; reports revs up 18% yr/yr to $15.7 mln with no estimates (9.75 )

08:34 CRTX Critical Therapeutics since the market introduction of ZYFLO CR on Sept 27, 2007, avg weekly prescriptions of ZYFLO CR for Feb 1, 2008 have increased approximately 43% YoY (1.16 )

Co announces that since the market introduction of ZYFLO CR extended-release tablets on September 27, 2007, average weekly prescriptions of ZYFLO CR and ZYFLO for the four week period ending February 1, 2008 have increased approximately 43% compared to the four week period ending September 28, 2007. In addition, the number of active prescribers, or physicians who have prescribed ZYFLO CR and ZYFLO on a weekly basis, has grown more than 50 percent. Approximately 1,500 physicians have initiated therapy with ZYFLO CR since launch.
08:34 FEIM Frequency Electronics announces new satellite contracts with total value of over $9 mln (8.68 )

Co announces it has been awarded new contracts with a total value of over $9 mln for two long-term domestic satellite programs. Under these contracts, FEIM will supply payload clocks, RF microwave generators and frequency synthesizers.
08:33 WWE World Wrestling beats by $0.13, beats on revs (15.31 )

Reports Q4 (Dec) earnings of $0.30 per share, $0.13 better than the First Call consensus of $0.17; revenues rose 23.2% year/year to $132.6 mln vs the $115 mln consensus.
08:33 ORCT Orckit Comms reports Q4 (Dec) results, beats on revs (9.17 )

Reports Q4 (Dec) earnings of $0.38 per share, include one-time income of $14.2 mln derived from a payment to the co in connection with the settlement of a commercial dispute related to the co’s legacy operations, may not be comparable to the First Call consensus of $0.39; revenues fell 80.0% year/year to $1.8 mln vs the $1.7 mln consensus. Co issues guidance for Q1, sees EPS of ($0.55) and revs of approx $1.6 mln with no estimates.
08:33 XTO prelim $0.96, ex items vs $0.92 First Call consensus; revs $1.59 bln vs $1.54 bln First Call consensus

08:32 DTV DIRECTV: Q4 preview; reasonable potential for better than expected subscriber gains - Wedbush (23.28 ) -Update-

Wedbush says DTV will report 4Q results on Wed, Feb 13. Firm believes subscriber growth could come in well ahead of the consensus. Gross adds likely to be driven by higher SAC. With the HD rollout effects being felt in 4Q, firm expects incremental ARPU improvement. They are maintaining their EPS est.
08:32 IOMI Iomai says study shows self-applied travelers’ diarrhea vaccine patch comparable to clinician-applied vaccine patch (1.04 )

Co announces the interim results of a study that showed that the second dose of the two-dose regimen for its novel, patch-based travelers’ diarrhea vaccine yields a robust immune response when self-applied by subjects outside of a clinical setting. The 160-subject study, part of an extensive Phase 2 program for the vaccine, measured the immune response to the vaccine patch, which is approximately the size and shape of an adhesive bandage. Four groups were evaluated: two groups received both doses of the vaccine from a medical professional and two other groups of volunteers administered the second vaccine patch themselves. All groups had robust responses to the vaccine, and a statistical analysis of immune parameters following vaccination showed no significant differences between treatment groups at any time point.
08:32 BSX Boston Scientific announces court decision; rules in favor of plaintiff, co to pay $431 mln in damages (12.41 )

Co announced that a U.S. District Court jury in Marshall, Texas has reached a verdict in a patent infringement suit brought against the Co by Dr. Bruce Saffran. The jury found that the Company’s TAXUS Express and TAXUS Liberte drug-eluting stent products infringe Dr. Saffran’s patent and that the patent is valid. No injunction was requested, but the jury awarded damages of $431 mln.
08:31 HYC Hypercom downgraded to Market Perform from Outperform at Morgan Keegan (5.12 )

08:31 ORCT sees Q1 EPS ($0.55), sees revs $1.6 mln

08:30 WWE prelim $0.30 vs $0.17 First Call consensus; revs $132.6 mln vs $115.01 mln First Call consensus

08:30 ORCT prelim $0.38 may not compare $0.39 First Call consensus; revs $1.8 mln vs $1.73 mln First Call consensus

08:30 LGF Lions Gate Entain: Unfortunately solid revs came with even higher costs, possibly due to timing difference in recognition - Wedbush (9.51 )

Wedbush says LGF reports weaker F3Q08 than expected. The good news is that LGF is still maintaining its full year guidance, which they believe implies a strong F4Q08. Firm suspects mgmt will have a very positive tone on today’s earnings call, in spite of the negative impression that the earnings release may deliver. Overall, minor revisions to their model from a valuation perspective, but they did move 9 out of a 12 cents earnings differential to next quarter. Firm is still believers in the LGF investment case, thinking that film and DVD results have been particularly strong, are already showing in revs, and will soon flow through earnings.
08:30 S&P futures vs fair value: +9.8. Nasdaq futures vs fair value: +16.3.

S&P 500 futures are trading near their best levels, boosted by Buffet’s offer to bond insurers. Buffet’s Berkshire Hathaway (BRK.A) offered to take over $800 billion in municipal bond liabilities from Ambac (ABK), MBIA (MBI) and FGIC. The offer only includes municipal bonds, not CDOs and other investment vehicles. One of the companies has turned him down, and he has not heard back from the other two.
08:30 CS Credit Suisse gets subpoenas over subprime mortgages - DJ (50.83 ) -Update-

08:28 SKH Skilled Healthcare reports Q4 EPS of $0.21 vs $0.23 consensus; reports revs up 26.8% yr/yr to $177.4 mln vs $177.6 mln consensus (13.44 )

Co sees Y08 EPS of $0.95-1.00 vs $0.96 consensus; reports revs of $730-740 mln vs $735.6 mln consensus.
08:28 LZ Lubrizol upgraded to Aggressive Buy at Keybanc- tgt $76 (55.45 )

Keybanc upgrades LZ to Aggressive Buy from Buy and raises their tgt to $478 from $73 saying even without the help of a low (23.6%) tax rate in 4Q07, LZ would have topped expectations by $0.05. The firm says with that help, EPS topped expectations by $0.16, earning $0.86 per share vs. $0.71. Lube additive results were impressive; Advanced Materials struggled. The firm says for 2008, the keys to success will be anticipatory pricing in lube additives coupled with timely fixes to the challenges faced in 2007 that depressed results in its coatings and polymers business lines. Even excluding benefits from a new cost management initiative, more timely pricing and tighter expense control should boost operating income in those businesses by at least 10% in 2008; but with new cost containment actions, that estimate could be exceeded.
08:27 ARRS Arris: Brean Murray believes shares appear cheap, but it still may be early (8.57 )

Brean Murray says ARRS is scheduled to report 4Q07 results after the market close on Thurs, Feb 14. Firm expectations are that the co will report results in line with pro forma earnings of $0.22 per share on revs of $257.2 mln, excluding two weeks of contribution from the acquisition of C-Cor. More significantly, they believe that the results and/or guidance will point to slowing growth in the core EMTA business. While that phenomenon may already be priced into the shares, firm believes the potential lift from the deployment of switched digital video and DOCSIS 3.0 may be more weighted to the second half than many expect. Further, they do not believe there is evidence to support expectations of a significant increase in network upgrade activity. Thus, the conference call could prove to be a near-term disappointment.
08:27 BONDX Dinged by Optimism

The market is getting hit with a loss of bond positive catalysts which is likely fueling a little profit taking ahead of data & Bernanke down the pike. Fed-ster Poole talked up the prospects for the economy last night while big banks said they are working on a plan to stem foreclosures. The newsflow is providing a little positive juice to equity futures while overnight global bonds saw weakness casting the early trade in a slightly dark light for treasuries. The 2-10-yr yield spread is tipping steeper at 171.4 after a bit of unwinding. Bond prices in the EuroZone were hit by better stocks & not-as-bad as expected German economic sentiment. In Japan, bonds were better despite slightly better stocks as the markets played catch-up post-holiday. Treasuries will suffer another day of watching stocks & newswires as the calendar remains near non-existent. Buffet is out talking about a plan on rescuing the municipal portion of the bond insurers portfolio’s which is giving stocks a little more of a boost & therefore bonds are seeing another leg down into the open. The dollar is selling off a bit on that news but nothing severe as euro gets bought & yen gets sold. The buck’s tenuous grip on last week’s gains is beginning to slip though as little further progress was made. Spot is off at 914.39 (-9.11) while crude oil is down at 92.58 (-1.01). TAF results ($30B of 28-days) hit at 10, SF’s Yellen at 11 & treasury budget (14). The euro is at 1.4539 & the yen at 107.4500 while the 10-yr is -20/32 yielding 3.692%.
08:25 LVS Las Vegas Sands: Investor day helps reaffirm bullish long-term outlook - Stifel (92.35 ) -Update-

Stifel says yesterday LVS hosted an upbeat and well attended investor day at the co’s newly opened Palazzo in Las Vegas. We believes mgmt did an excellent job answering lingering questions/concerns that have been overhanging the shares. In Las Vegas, mgmt indicated that convention and group bookings have been solid, in fact, well above last year. In Macau, while gaming trends were somewhat soft in Dec and Jan due to weather and the A-Max/Crown relationship kicking in, mgmt gave staggering visitation data at the Venetian Macau for two recent days during the Chinese New Year.
08:21 ASEI American Science & Engineering: Solid foundation for growth despite a shaky 3QF08 quarter report - Stifel (52.53 )

Stifel believes some investors may be shaken out of positions today as a result of ASEI’s quarterly results, but believe prospects remain very attractive based on orders, backlog, balance sheet and a valuation based on cash earnings excluding one-time items and FAS123R stock-based compensation expense. Firm was pleased to see that the strength in order bookings of $45.8 mln (book to bill of 1.1) was driven by international activity, which represented 71% of the total. Backlog grew 4% sequentially to $125 mln with an additional $45.8 mln in unfunded orders and options expected to be added over the next 12 months. Backlog exceeded $100 mln for the sixth consecutive quarter. Firm says the potential for a strong fourth quarter exists since there are several Z Portals, parcel scanners, and MobileSearch trucks on-site.
08:21 ROCK Gibraltar Industries sees Q4 sales and EPS below earlier expectations (12.66 )

Co sees Q4 EPS of ($0.01)-($0.04), excludes $0.01 due to several inventory purchase accounting adjustments, includes $0.02-0.05 due to tax adjustments, vs $0.14 consensus. Co sees Y07 net income of $31 mln. Co sees 1H seasonal increase in activity, in spite of a residential building market that is operating well below its historic levels. COO says, “The slowdown in the residential building market continued during the fourth quarter, and many of our customers responded by substantially reducing their orders to control inventories, which adversely affected our volumes and mix. Weakness in the housing and credit markets spilled over into other areas, including the automotive sector, and our business there was also below our earlier expectations.”
08:19 CBEY Cbeyond Comms upgraded to Outperform from Market Perform at Raymond James (25.57 )

08:16 ROCK sees Q4 EPS of ($0.02)-($0.05), includes charges, may not compare to $0.14 consensus

08:16 PSEC Prospect Energy reports Q2 EPS of $0.48 vs $0.44 First Call consensus (14.88 )

Co sees Q3 $0.45-0.53 vs $0.45 First Call consensus.
08:15 ROCK sees Q4 below previous expectations

08:14 DTV DIRECTV: 4Q07 preview - Kaufman (23.28 )

Kaufman says DTV will report 4Q07 results Wednesday, Feb 13. Firm believes DTV is uniquely positioned to outperforming its peers. The two strongest dynamics in the market place are 1) the HD upgrade cycle, and 2) upward pressure on churn from economic dislocation. Firm sees DTV as well positioned to address both. Firm expects DTV will stand out in 4Q07, ending the year with the largest market share gain in 2007 and entering 2008 with the greatest momentum. Firm projects DTV will add 275,000 new subscribers in 4Q07. Firm believes DTV’s customer spending will peak in 4Q07/1Q08.
08:13 GOOG Google: Android prototypes struggle to compete with Nokia - EE Times (521.16 )

EE Times reports several technology suppliers, including A.R.M., TXN and QCOM, unveiled their own versions of Google’s Android platform-based cellphones here Monday at the Mobile World Congress. At least in the case of ARM’s demonstration, consisting of Android-based phone running on a two-generation-old ARM 9 core, few here were impressed after seeing new phones such as Nokia’s 6220 (a full-featured device combining a 5-megapixel camera with assisted-GPS functionality). NOK also showed its N96, which is optimized for video and TV, and the N78, which combines music, navigation and photography. But it would be misleading to describe the Android prototypes as “ho hum.” At this point, Android-based phones are either working prototypes or are still on the drawing board. They are still in a “pre-integration phase,” acknowledged Steve Mollenkoph, senior vice president of product management for Qualcomm CDMA Technologies.
08:12 WIRES On The Wires

Alaska Airlines (ALK) and Horizon Air announce they have selected Jones Soda (JSDA) as their new soda drink partner. Beginning April 1, Alaska and Horizon will serve Jones Soda’s premium sodas on 1,000 daily flights. Volt Information Sciences (VOL) reports that it anticipates incurring a charge in its Telecommunications Services segment for the first quarter of its 2008 fiscal year that ended January 27, 2008, which it estimates will not exceed $12.0 mln on an after tax basis.
08:10 MBI MBIA Inc: Follow up on Buffett offer for municipal bond insurers (13.58 ) -Update-

As mentioned at 8:03, CNBC reports that Warren Buffet sent an offer to the three biggest bond insurers last week — ABK, MBI and FGIC (PMI) — offering to reinsure their municipal bonds. Buffett says they would add $5 bln to his company’s resources, pledging there would be no distributions/mgmt fees taken for 10 years. Notes they offered to take over the liability for the whole $800 bln of these three cos, for a premium of 1.5 times the remaining premium left over the life of the bonds. Buffet will give the insurers 30 days to find a better offer… Buffett says as of last night, they were turned down by one of the bond insurers, and they hadn’t heard from the other two, so he doesn’t think they were leaping for the door to say yes to them… He notes this doesn’t do anything for the CDOs, but he’s not sure anything will do much for the CDOs.
08:09 ANR Alpha Natural Resources misses by $0.03, beats on revs (36.43 )

Reports Q4 (Dec) earnings of $0.09 per share, $0.03 worse than the First Call consensus of $0.12; revenues rose 11.4% year/year to $508.8 mln vs the $461.8 mln consensus. Co says conditions in the thermal and the metallurgical coal markets, both in North America and worldwide, are solidly in favor of coal producers. Worldwide, Alpha believes thermal coal stockpiles generally are at multi-year lows, especially in China and India. Although utility coal stockpile levels in the US are at levels above historical norms, some Eastern utilities are struggling with extremely low levels of supply. The result has been an increasing number of requests for spot shipments.
08:09 SCANX Early pre-market gappers

Gapping up: GCT +50.3%, DEPO +19.3%, ALDA +14.1%, GLUU +12.6%, CPST +11.3%, ABK +7.8%, MBI +7.5%, QGEN +4.6%, NUAN +4.3%, NDN +3.7%, BCS +3.5%, GOLD +3.0%, MT +2.3%, CMP +2.2%, PACR +2.0%, XL +2.0%, BHP +1.8%, GFI +1.7%, SLB +1.6%, NOK +1.2%… Gapping down: DY -16.3%, IMB -12.1%, BRKS -10.7%, VRTX -8.8%, ASEI -4.8%, MTZ -3.5%, FOE -3.5%, ESLR -3.2%, GM -2.3%, MAS -1.7%.
08:08 RTLX Retalix: FIMI buys large Retalix stake - Globes Online (18.18 )

Globes Online reports FIMI has bought a large stake in the co. FIMI bought 2.33 mln Retalix shares, 11.7% of the co, through Ronex over the past two weeks. FIMI exploited the recent weakness in Retalix’s share to amass a stake in the co. Sources told “Globes” that FIMI bought the shares over the past ten days at an average price of $15.80 per share for a total of $37 mln. This price is about 20% higher than the low point that Retalix reached following a profit warning
08:08 A Agilent: Buy current weakness; positive defensive attributes help offset slowing macro risk to electronic measurement - Citigroup (31.86 )

Citigroup says a 12% 4-wk decline for A appears over-done given: 1) competitor results indicating overall intact end demand in Electronic Measurement, 2) semi test appearing to stabilize in 1Q, and 3) Bio-Analytical remaining strong. Firm would buy A stock here and add on any weakness. Firm says A should bounce near term as buyback resumes post-quiet period.
08:06 ACM Aecom Tech to acquire Earth Tech from Tyco for $510 mln in cash; expects the transaction to be slightly accretive to cash EPS in FY08 (25.90 )

Co announced today that it has signed a definitive agreement to acquire Earth Tech, a business unit of Tyco International (TYC). Earth Tech provides consulting; engineering; and design, build and operate services to water/wastewater, environmental, transportation, and facilities clients globally. The all-cash $510-mln transaction will combine two world-class professional technical services companies - significantly strengthening AECOM in its key end markets. AECOM expects the transaction to be slightly accretive to cash earnings per share in its fiscal year 2008. On a GAAP basis, the transaction is expected to be slightly dilutive to EPS in fiscal year 2008 and accretive in fiscal year 2009. This transaction is not included in AECOM’s revised fiscal year 2008 guidance announced earlier today.
08:05 4Q07 Maritime earnings preview - Oppenheimer

Oppenheimer is fine-tuning their 4Q07, FY2007 and FY2008 ests heading into earnings season. After an exceptional start to 4Q07, dry-bulk shipping rates fell precipitously in the back half of the quarter. As such, firm believes the greater than expected correction in rates during 4Q07 may have muted the full earnings potential of DRYS and EXM, the dry-bulk names in their universe with stronger spot rate exposure. Firm’s sense is that the timing of voyage renewals within their fleets could have a meaningful impact on earnings. Firm is cutting DRYS 4Q07 EPS by $0.15 to $3.93 vs. $4.07 consensus. Firm cuts EXM 4Q07 EPS est by $0.08 to $1.51, vs. $1.47 consensus. Firm cuts NM 4Q07 EPS est by $0.03 to $0.26 vs. $0.28 consensus.
08:05 ANR prelim $0.09 vs $0.12 First Call consensus; revs $508.8 mln vs $461.8 mln First Call consensus

08:04 S&P futures vs fair value: +6.6. Nasdaq futures vs fair value: +9.0.

Futures suggest higher start, and get a boost on news that Warren Buffet has offered to reinsure municipal bond insureres, with the offer extending to Ambac (ABK), MBIA (MBI) and FGIC. General Motors reported earnings of $0.08 per share, compared to the expectation the company would post a loss of $0.55 per share. The stock was originally trading higher after its report, but has since fallen into negative territory due to some confusion regarding its earnings numbers. Six major mortgage lenders are on the cusp of announcing a plan that will help homeowners delinquent with payments avoid foreclosure, according to an AP report.
08:04 Stock index futures rally sharply following MBI news

See 8:03 for complete details
08:04 NCOC National Coal Corp. enters into asset purchase agreement to sell Straight Creek to Xinergy for $11 mln in cash (4.91 )

Co announces that it has entered into an asset purchase agreement with Xinergy Corp, pursuant to which the company will sell the balance of its Kentucky assets, also known as Straight Creek, for approx $11 mln in cash. The transaction also will return to the company approx $8 mln in cash pledged to secure reclamation bonds and other liabilities, and relieve the company of $3 mln in reclamation liabilities, $2.5 mln of equipment related debt, and approx $4 mln in operating lease payments.
08:03 ACM Aecom Tech beats by $0.03, misses on revs; guides FY08 EPS in-line (25.90 )

Reports Q1 (Dec) earnings of $0.29 per share, $0.03 better than the First Call consensus of $0.26; revenues rose 15.1% year/year to $1.08 bln vs the $1.11 bln consensus. Co issues in-line guidance for FY08, sees EPS of $1.23-1.29 vs. $1.25 consensus.
08:03 MON Monsanto raises guidance for FY08 (114.03 )

Co raises guidance for FY08 (Aug), to EPS of $2.70-2.80 from $2.50-2.60 vs. $2.81 First Call consensus. Monsanto now expects its glyphosate business could deliver between $1.3 billion to $1.4 billion of gross profit in fiscal year 2008. B
08:03 MBI MBIA Inc: Warren Buffett sent offer to bond insurers last week — offers to reinsure municipal bond insurers; offer extends to ABK, MBI and FGIC - CNBC (13.58 ) -Update-

(ABK, MBI, PMI)
08:03 VRX Valeant Pharmaceuticals reports positive Phase III results on Retigabine in Restore 1 (11.63 )

Co reported positive results for retigabine in RESTORE 1, the first of two Phase III pivotal trials, for this first-in-class neuronal potassium channel opener. Retigabine is being developed as an adjunctive treatment for adult epilepsy patients with refractory partial-onset seizures. RESTORE 1 evaluated the 1200 mg daily dose of retigabine (the highest dose in the RESTORE program) versus placebo in patients taking stable doses of 1 - 3 additional anti-epileptic drugs (AEDs). Retigabine demonstrated statistically significant results on the primary efficacy endpoints important for regulatory review by both the US Food and Drug Administration (FDA) and the European Medicines Evaluation Agency (EMEA). These results build upon the positive findings observed in Study 205 which was published in the journal Neurology in April 2007.
08:02 CSCO Cisco Systems names Frank Calderoni Executive Vice President and CFO (23.52 )

Co announces that Frank Calderoni has been appointed executive vice president and CFO, effective Feb. 15, 2008. Calderoni will succeed Dennis Powell, who will retire.
08:02 YHOO Yahoo! announces Yahoo! oneConnect (29.87 ) -Update-

Co announces it will demonstrate its upcoming Yahoo! oneConnect service. Yahoo! oneConnect is expected to become available in the Yahoo!Go 3.0 and Yahoo!’s new mobile home page in Q2 2008.
08:01 ACM sees FY08 $1.23-1.29 vs $1.25 First Call consensus

08:01 ACM prelim $0.29 vs $0.26 First Call consensus; revs $1.08 bln vs $1.11 bln First Call consensus

08:01 IVGN Invitrogen renews, expands license and supply agreement with Luminex (86.29 )

The co and Luminex (LMNX) announce the renewal and expansion of Invitrogen’s license and supply agreement for Luminex’s multiplexed analyte detection technology and systems. The new agreement extends the lifetime of the license and provides Invitrogen with access to Luminex’s next-generation multiplex detection platforms. The co will offer custom assay development services using the next-generation platform that complement its existing service of rapid, affordable multiplex assay development on the original Luminex platform.
08:00 TWTC Time Warner Tcom upgraded to Outperform from Market Perform at Raymond James (16.62 )

07:59 EVR Evercore beats by $0.05, beats on revs (17.62 )

Reports Q4 (Dec) earnings of $0.28 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.23; revenues rose 16.0% year/year to $87.8 mln vs the $72.3 mln consensus.
07:59 NVDA NVIDIA: Expect demand resilience - Kaufman (25.07 )

Kaufman says NVDA plans to report fiscal 4Q08 results on Wed, Feb 13 after the close. Firm believes that PC order volatility for the Dec/Jan time frame have had limited impact on NVDA’s business momentum. Firm has seen limited challenges to NVDA’s strong competitive position and continues to expect +15% Y/Y growth in fiscal 2009 (Jan.). While there has been some investor concern about gross margins, they believe NVDA has been able to hold the line on pricing and continue to drive cost and mix improvements to hold or even improve gross margins further in the next few quarters. Firm expects in-line results for the Jan quarter vs their rev and EPS expectations of $1.18 bln and $0.46.
07:59 INTC Intel: EU raids computer chip maker, retailers in antitrust probe - DJ (20.68 )

07:58 BDN Brandywine Realty downgraded to Sell at Stifel (17.87 )

Stifel downgrades BDN to Sell from Hold as the board chose not to expand BDN management as fully described below. The firm notes that BDN would not turn the corner and gain institutional investor favor until 1) FFO/FAD growth is dependable at 5% plus — it is currently flat, 2) dividend/FAD payout is below 90% — it is currently 110%+, 3) NOI concentration in Philadelphia is below 30%, — it is over 50% and 4) development reaches 50% occupancy — it is now 0%.
07:58 GWW WW Grainger says Jan 2008 sales grew 8% vs Jan 2007 (76.37 )

Co reports sales results for the month of January 2008. Sales grew 8% versus January 2007 including a 2 percentage point benefit from foreign exchange.
07:58 ING ING Group: Stock fell in Europe on chatter of large writedowns - Reuters (29.28 )

(Stock is trading at $28.80)
07:55 WIRES On The Wires

American Superconductor (AMSC) announces that it has received orders from two electric utilities for its proprietary D-VAR reactive compensation solution… Dell (DELL) has signed a definitive agreement to acquire MessageOne, a Software-as-a-Service co, for approx $155 mln in cash.
07:54 MSFT Microsoft: RBC reports MSFT to report mobile service provider Danger (28.21 ) -Update-

RBC says MSFT is to acquire mobile service provider Danger. Firm says the acquisition is intended to broaden Windows Mobile’s real-time consumer service and app capabilities. Financial terms not disclosed. MSFT does not plan to change Danger’s offerings. Over time, the Danger-MSFT combination may narrow the Win Mobile gap with younger consumers. Thus for now the move likely won’t threaten RIMM, AAPL, NOK. MSFT suggests it has narrowed the gap against RIMM, although in their view MSFT still faces an uphill battle. MSFT announced 14 mln device shipments CY07, and suggested it is on track to reach 20 mln goal F08. MSFT believes it is winning ‘main street’ enterprise and government deployments, with plans to tackle RIMM incumbents afterwards.
07:53 AZN AstraZeneca may spin off drug research unit to venture capitalists - Times of London (38.14 )

Times of London reports the co is considering spinning off part of its research division to venture capital investors. The Anglo-Swedish drugs group indicated yesterday it was exploring a number of options for its gastrointestinal drug research unit, based near Gothenberg, Sweden. The comments came after reports in the Swedish press that AstraZeneca was discussing spinning off up to five individual research projects with venture capital cos, as well as other drugs cos, in a sale that could be worth more than 79 mln pounds. As an alternative to a straight sale, AstraZeneca might consider hiving off its GI research unit into a separate co that might then obtain venture-capital backing before a stock mkt flotation.
07:52 MBI MBIA Inc downgraded to Neutral from Buy at Piper Jaffray- tgt $15 (13.58 )

Piper Jaffray downgrades MBI to Neutral from Buy and cuts thier tgt to $15 from $17 noting MBIA announced the pricing of its capital raise at $12.15, raising an additional $250 mln along the way to bring the total to $1 bln. As part of the capital raise Warburg Pincus looks to purchase $300 mln, while giving up its right to purchase $300 mln in convertible participating preferred stock. The firm says although they maintain a positive bias on the shares, the firm is lowering thier rating given the limited upside to their revised price target, the evolving credit developments, and the fluid nature of the seemingly ever-changing opinions of the rating agencies.
07:51 HL Hecla Mining acquires 70.3% of Greens Creek mine for $750 mln (9.74 )

Co announces an agreement with Kennecott, a subsidiary of Rio Tinto (RTP), to acquire the companies owning 70.3% of the Greens Creek mine near Juneau, Alaska. Pursuant to the acquisition, Hecla will purchase all of the equity of the Rio Tinto subsidiaries that hold the 70.3% interest in the Greens Creek mine. The $750 mln purchase price is comprised of $700 mln in cash and $50 mln in HL common stock.
07:50 NAII Natural Alternatives appoints new CFO (8.98 )

Co announces the appointment of Kenneth Wolf as Chief Financial Officer, effective February 11, 2008.
07:50 NEM Newmont Mining: Indonesia threatens to terminate Newmont’s Sumbawa mining contract - WSJ (50.92 )

WSJ reports Indonesia’s govt has threatened to terminate the co’s 30-year contract to run a massive copper and gold mine on Sumbawa island unless the U.S. mining co divests a 10% stake to local authorities. Simon Sembiring, director general of mineral resources at Indonesia’s Energy Ministry, said Newmont has until Feb. 22 to sign an agreement to divest the stake or face termination of its contract. The ministry sent a letter to Newmont on Monday informing the co of the deadline, Mr. Sembiring told the WSJ… Newmont was supposed to sell a further 3% stake in 2006 and 7% last year but missed the deadline as negotiations dragged on. “They have not stuck to the terms of the contract,” Mr. Sembiring said. Newmont spokesman Rubi Purnomo denied this, saying the co “was surprised and disappointed” by the govt’s threat to terminate the contract. Newmont offered to sell the central govt a 3% stake for $109 mln in 2006 and a 7% stake last year for $282 mln but the govt didn’t take up the offer, Mr. Purnomo said. Since then, Newmont says it has launched talks with the local govt to sell the stakes. Newmont on Jan. 28 signed an agreement with the Sumbawa local govt to sell a 2% stake — the first part of the 7% stake — Mr. Purnomo said. “The foreign shareholders of (the mine) are committed to fulfilling their contractual requirement to divest, and have been working diligently to make sure the process has proceeded in a transparent manner that is fair to all parties involved,” Newmont said in a statement.
07:49 RTP Rio Tinto reaches agreement to sell interest in greens creek mine for $750 mln - Reuters (412.00 )

Rio Tinto has reached agreement on the first sale under its planned programme to divest at least $15 bln of assets. The Group has signed an agreement to sell Kennecott Greens Creek Mining Company and Kennecott Juneau Mining Company, the subsidiaries holding its interests in the Greens Creek Mine in Alaska, to an affiliate of Hecla Mining Company. The sale price is $750 mln. The price comprises a cash component of $700 mln and the balance in Hecla common stock. Closing is subject to customary conditions, including expiration of the waiting period under the Hart-Scott-Rodino Act. The sale of our interests in the Greens Creek Mine is a very positive first step towards our target of realising asset sales of $10 bln in 2008,” said Guy Elliott, chief financial officer of Rio Tinto.
07:48 CBR Ciber initiated with a Buy at Roth Capital- tgt $9 (4.60 )

Roth Capital initiates CBR with a Buy and a $9 tgt saying they believe CBR is a compelling investment opportunity for value investors, with nearly 100% upside from current prices, based on what they view as an appropriate valuation for a stable, diversified single-digit topline (10%+ bottomline) grower. The firm ntoes CBR recently pre-released its 4Q07 results, posting $0.12 of EPS and $290 mln in revenues vs its guidance of $0.13 - $0.15 in EPS and $262 - $268 mln in revenue. The firm says while investors have penalized CBR for execution missteps as well as concern over a tepid I.T spending outlook, they believe value oriented investors should look to build positions at these levels.
07:47 PRICE Filings, Offerings, Pricings and IPOs

Filings: Uranium Energy (UEC) files for a 4.35 mln share common stock offering; 1.8 mln by selling shareholders, 2.55 mln shares are issuable upon the exercise of certain outstanding warrants to acquire shares of common stock by the selling shareholders… Offerings: Vertex Pharm (VRTX) announces a 6 mln share common stock offering pursuant to an existing shelf registration statement; co also intends to offer $250 mln aggregate principal amount of convertible notes… Pricings: GMX Resources (GMXR 25.90) prices a 2.14 mln share common stock offering at $25/share… Evergreen Solar (ESLR 10.02) prices a 16 mln share common stock offering at $9.50/share… Flotek Industries (FTK) prices $100 mln of convertible sr notes.
07:47 GOK Geokinetics tgt cut to $21; reducing EPS ests - RBC (17.94 )

RBC is cutting their tgt on GOK to $21 from $30. Firm believes GOK will perform in-line with the oil service group as investors calibrate near-term project timing issues and longer-term international growth execution. Firm is reducing 4Q07 and 2008 EPS to -$0.70/$0.43 from $0.17/$1.50. They lower 4Q07 est reflects logistical issues on three international projects. The ‘08 number is a function of lower rev and EBITDA margins.
07:45 AMAT Applied Materials: Previous solar contracts should lend upside to orders - ThinkEquity (18.49 )

ThinkEquity says that many solar contracts announced in 2007 are likely to be recognized in April-08 through October-08, lending at least a temporary stimulus to bookings. Firm expects orders of $2,100 mln (+/- $100 mln) for Jan-08. For April, they anticipate orders to jump to $2,400 mln (+/- $100 mln). In April and July, they anticipate $500-800 mln in recognized orders from the solar segment -but note that most of these were contracts booked in 2007. Firm still expects the solar segment to remain under 15% of Applied’s annual orders for the next few years. Firm believes that utilizations are likely to tighten significantly from May onward and that foundries should step up their spending. They also anticipate modest improvement in flat panels in 2H:08.
07:43 BRKS Brooks Automation: Disappointing results, more questions than answers in the near trem - Caris (11.53 ) -Update-

Caris says BRKS missed their and consensus ests as well as their own guidance for F1Q08. BRKS reported revs of $147.8 mln vs. their est of $160 mln. BRKS saw push-outs of work in progress at the end of the quarter which caused the shortfall. GAAP EPS was ($0.02) and pro-forma EPS was ($0.01) missing their est of $0.07. Firm is maintaining their Average rating but lowering their tgt to $12.50. Firm thinks the restructuring and strategic direction are still in flux and will create added uncertainty in the near term. They would not be taking a position in the stock.
07:42 COMS 3Com: Huawei rails at security concerns over 3Com deal - FT (3.97 )

FT reports the Chinese co participating in the planned buy-out of a US telecoms equipment maker has angrily rounded on US politicians who claim the deal could endanger US national security. Xu Zhijun, chief marketing officer at Huawei Technologies, told the FT that the concerns expressed by some US lawmakers were “bullshit”. He added there was no need to change the terms of the $2.2 bln deal, under which Bain Capital, the US private equity co, is seeking to buy 83.5% of 3Com, the US network equipment maker, with Huawei taking the remaining 16.5%… Asked about the concerns that the deal could endanger US national security, Mr Xu said through an interpreter: “That would be bullshit.” Pressed to clarify his remarks further, Mr Xu added: “Because we only just take 16.5%.” Mr Xu said Cisco supplied products to Chinese telecoms cos: “Cisco’s equipment is everywhere in China.” he said. “If the US government is concerned about Huawei, if some of the lawmakers are concerned about Huawei, Cisco is everywhere within China. Who should be more concerned?” Mr Xu stressed Huawei would be a minority shareholder at 3Com, with no final decision-making powers, even if it exercised an option to raise its stake to 21.5%. He also insisted the Chinese govt had no influence over Huawei, adding Beijing was not a shareholder.
07:40 GIII G-III Apparel: Andrew Marc Deal Another Winner for G-III - Brean Murray (13.60 )

Brean Murray believes GII’s deal with Andrew Marc is a solid, accretive deal is right for the co’s wheelhouse and provides G-III with a well known brand to leverage. While the increased dependence on outerwear, in the short term, will further accentuate the seasonality of the business, firm is more than happy to give that up to drive solid growth. They continue to believe GIII mgmt will remain aggressive to register accretive expansion in the current economic times; as such, they believe their Street-high projections remain conservative. With GIII now trading at approx 10x their increasingly conservative 2008 EPS projection, firm believes the risk/reward in the stock remains excellent.
07:37 FLWS 1-800-FLOWERS: Brean Murray believes FLWS will be investors valentine (8.53 )

Brean Murray is maintaining their Buy and $13.50 tgt on FLWS after conducting a series of institutional meetings with mgmt. Firm left the meetings even more confident in the co’s ability to weather the current economic storm and believe 1-800-FLOWERS.COM will continue to take market share in the floral and florist categories from FTD (FTD). They are also even more excited about the upside potential for the upcoming Martha Stewart rollout, which will begin in April 2008 and should have a material impact in FY09. As such, and with Valentine’s Day on the horizon, firm believes FLWS remains a solid investment.
07:37 INXI INX Inc. downgraded to Hold at Brean Murray (7.11 )

Brean Murray downgraded INXI to Hold from Buy and suspended their $17 tgt following the co’s pre-announcement yesterday morning of revenue for 4Q07 that was below their estimate and guidance. The firm notes the quarter was negatively impacted by cautious customer spending and certain shipment delays. A December product book/bill ratio of 1.07x and January product bookings of $20 mln were encouraging, although uncertainty remains as to the customer spending environment for the balance of the quarter and the year.
07:36 ANDE Andersons: Downgrade details (47.01 )

As mentioned at 6:31 BofA downgraded ANDE to Neutral from Buy and cuts their tgt to $49 from $51 following earnings. The firm says their view across the last few months has been that strong U.S. grain volumes should contribute to solid 4Q07 results. Based on strong performance across its business lines, ANDE ultimately exceeded its initial 4Q07 guidance by $0.50. Looking ahead, the firm expects ANDE’s diversified business model should continue to benefit from a strong ag economy. However, the firm is now moving to the sidelines on ANDE due to a lack of visibility on growth in FY08.
07:35 CYNO Cynosure beats by $0.03, beats on revs (25.69 )

Reports Q4 (Dec) earnings of $0.46 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.43; revenues rose 48.8% year/year to $36.6 mln vs the $34.9 mln consensus.
07:35 BRKS Brooks Automation: Merriman expects BRKS shares to be down following 1Q08 miss (11.53 )

Merriman ests that BRKS shares should be down today in the A.M. as the co missed 1Q08 (Dec) rev and EPS tgts and guided below Street ests for 2Q08 (March). Brooks reported rev of $147.8 mln, down 11.2% sequentially and below their est of $161.6 mln and the Street’s $160.2 mln expectation. Pro-forma EPS was $0.05 vs. their est of $0.09 and the Street’s $0.09 expectation. Given that BRKS missed the current quarter and guided below the Street in the March quarter, the co is taking another set of cost-cutting and head count reductions to lower the breakeven over the next couple of quarters to approx $130-135 mln.
07:34 NUAN Nuance Communications: Delivers early Valentine’s day present to investors; strong quarter and outlook - FBR (16.25 )

Friedman Billings says NUAN delivered another solid quarter, as the co handily beat firm’s and the Street’s ests across the board. As evidenced by NUAN’s strong performance on the fertile speech front, it appears the co is seeing improved execution and deal flow from each of its core product lines. In their opinion, the appetite for speech solutions is just starting to kick into high gear, which bodes well for NUAN, given its leadership position in the speech market. As evidenced by the co’s strong quarter and healthy outlook for FY08, it appears NUAN is continuing to see a healthy spending environment across all core speech segments, as demand for speech technology is disproportionably benefiting the co in the field.
07:34 IACI InterActive: HSN may be key to ending Diller-Malone feud - WSJ (21.96 )

WSJ reports the key to resolving the bitter quarrel between Barry Diller and John Malone over control of IACI may come down to the celebrity fashion designs, antiwrinkle creams and exercise mats on which they built their business relationship. IAC’s fourth-quarter results last week included signs of improvement at home-shopping network HSN, one of the media moguls’ first business ventures together. That could make it easier to negotiate a deal in which Mr. Malone’s LINTA would take control of HSN and possibly another asset in return for giving up its majority voting stake in IAC. That could help the two men settle their legal dispute — sparked by an IAC proposal to spin out four businesses in a structure that would dilute Liberty’s control — before it heads to trial in March. Both sides are expected to turn to Allen, the boutique investment bank with close ties to both cos, to help broker such a deal. Messrs. Diller and Malone have considered such a swap in the past. The two discussed exchanging the bulk of Liberty’s stake in IAC for HSN a year ago but failed to reach agreement because of concerns about HSN’s faltering performance. Liberty already owns the No. 1 home-shopping channel, QVC, and saw potential benefits in owning both, but Mr. Malone thought his stake was worth far more than HSN, while other executives worried the troubled HSN would require too much management time to fix. “We got close,” said Mr. Malone in an interview last fall.
07:33 NDN 99 Cents Only: Color on quarter (8.68 )

Lehman says NDN provided some visibility on the outlook for its turnaround, with a plan for 100 bp of op margin improvement in FY09 and 400 bps over the next four years. Firm is grateful for some insight into NDN`s expectations, but found the guidance underwhelming given the low starting point and their similar forecast, which they thought was conservative. Firm also has concerns about the ability to achieve improvements in the current env of slow consumer spending and high food inflation… Deutsche says after missing in 2Q08, NDN beat 3Q08 EPS expectations, coming in at $0.14 vs. consensus of $0.11. A lower tax rate helped by $0.01, but a beat even so. Sales had already been reported, so the beat came on a 20 bps operating margin gain, vs. expectations of down slightly. The increase shows progress toward longer term margin enhancement initiatives, which is the reason for their Buy rating.
07:33 NXTM Nxstage Medical reports Q4 EPS of ($0.47) vs ($0.34) consensus; reports revs up 304% yr/yr to $29.9 mln vs $28.0 mln consensus (12.75 )

Co sees Q1 EPS of ($0.38)-($0.41) vs ($0.30) consensus; sees revs of $29-31 mln vs $30.0 mln consensus. Co sees Y08 EPS of ($1.41)-($1.52) vs ($0.92) consensus; co sees revs of $130-140 mln vs $136.7 mln consensus.
07:33 FSLR First Solar: 4Q07 earnings preview; would buy weakness after the call - Broadpoint Capital (189.64 )

Broadpoint Capital expects FSLR to have strong results and guidance, but believe plans for an additional factory, a large 100MW+ system contract, or significantly higher 2008 guidance are necessary to move shares higher.
07:33 CCE Coca-Cola Ent beats by $0.02, beats on revs; reaffirms (23.49 )

Reports Q4 (Dec) earnings of $0.29 per share, $0.02 better than the First Call consensus of $0.27; revenues rose 10.7% year/year to $5.3 bln vs the $5.14 bln consensus. For the full-year 2008, CCE continues to expect performance in-line with its long-term growth objectives. Revenue is expected to increase in a high single-digit range reflecting the positive impact of the full year distribution of glaceau, FUZE, and Campbell. Operating income is expected to increase at the high end of the long-term target range of 5 percent to 6 percent, with earnings per diluted share expected to be in line with the long-term objective of high single-digit growth.
07:32 YHOO Yahoo!: Citigroup highlights for scenarios for YHOO (29.87 ) -Update-

Citigroup sees four scenarios for YHOO in the wake of Board’s rejection of MSFT’s $45 bln bid and MSFT’s subsequent description of that rejection as ‘unfortunate.’ THey had previously assigned a 20% probability to the outcome of YHOO accepting the $31 Bid. Scenario 1: YHOO rejects, MSFT bids higher, sale happens; Scenario 2: Another bidder emerges and wins; Scenario 3: Deal blocked by regulators; Scenario 4: YHOO strategic move, include Google search outsource.
07:32 S Sprint Nextel: Pali Research recommends four Board directors to vote out (9.73 )

Pali Research believes S shareholders should vote against or withhold their votes for the following four directors of Sprint’s board in the upcoming annual election: Irvine Hockaday, Linda Koch Lorimer, Gordon Bethune, and Keith Bane. Firm believes the removal of these 4 directors would provide a fresh and more qualified set of eyes that could improve strategic decision making at a critical time for the co and make it easier for new CEO Dan Hesse to execute an already challenging task. Firm encourages these Directors to resign in advance of the election to effect a smooth transition.
07:31 VRTX Vertex Pharm: Color on quarter (18.21 )

Robert Baird maintains their Neutral rating following VRTX’s Q4-07 report and announced plans to issue new equity/converts. Firm has revised their EPS ests and tgt to reflect the 2011 launch timing for telaprevir (based on 1/23/08 update) and the new equity/converts. The most important catalysts for 2008, in our opinion, are likely to stem from PROVE-3, with data/path forward visibility to follow sometime after VRTX’s Q2-08 meeting with FDA… Citigroup says VRTX’s stock may continue to face pressure after the co guided to higher than expected expenses in ‘08 and sought dilutive financing. Moreover, uncertainty still surrounds the outcome of PROVE 3 due to a mixed patient population. While ph 3 trials are likely to support telaprevir’s 12 wk + 12 wk dosing and launch in H2:11, firm believes VRTX faces a bumpy road ahead due to competitors’ data and worries about a high cash burn rate.
07:31 ZQK Quiksilver says Chairman and CEO Robert McKnight to Resume Role as President (9.17 )

Co announces that Robert McKnight has, effective immediately, resumed his role as President of ZQK and remains both Chairman of the Board and CEO.
07:31 CAST ChinaCast Education signs definitive agreement for the acquisition of the Foreign Trade and Business College of Chongqing Normal University (5.70 )

Co announces the signing of a definitive agreement for the acquisition of an 80% controlling interest in the Foreign Trade & Business College of Chongqing Normal University for a cash consideration of RMB 480 million (USD 65.75 mln). Based on the terms of the agreement, CAST will pay 50% of the consideration within 8 days of signing in return for 80% of the outstanding shares of the holding company of F.T.B.C.. An additional 45% of the consideration will be paid by CAST within 30 days and the remaining 5% on August 8, 2008. Co also says for the academic year starting September 2007, the college had over 10,000 students enrolled. Assuming the student level remains unchanged for the 2008 academic year, the college has forecasted its fiscal 2008 revenue under U.S. GAAP to be $15.48 mln may not be comparable to $42.91 mln single analsyst est and net profit before tax to be $6.75 mln. FTBC has an on-campus student capacity of 15,000 students which it is anticipated to reach as early as 2011. The co also reaffirms FY07 guidance saying for the full year ending December 31, 2007, the co expects total revenue to be in the range of $25.0 $26.0 mln vs $25.1 mln single analsyt est and net income, excluding share-based compensation expenses, to be in the range of $7.0 mln to $7.5 mln.(Stock is halted)
07:31 ROYL Royale Energy announces co hit natural gas in first well drilled in 2008 (3.04 )

Co announces it has found multiple natural gas filled sands in its Gobel well in the co’s Sacramento basin Lonestar field. The well was drilled to a total depth of 6,500 feet and logged pay in three separate zones within the Forbes formation. Completion and testing operations will begin later this week with production and sales by the end of the month. The co also recompleted its Andrus Island #1 well in a shallower zone that flowed 950,000 cubic feet of natural gas per day with a strong flowing tubing pressure of 1700 lbs. Because the formation is extremely porous, initial sales will be restricted at 400,000 cubic feet per day to prevent the possibility of the well producing sand. Sales will begin immediately. The Andrus Island East prospect will be drilled in the 2nd quarter of 2008.
07:31 MSFT Microsoft: Susquehanna says MSFT likely to prevail with YHOO, and along with GOOG-DCLK, change online industry dynamics (28.21 )

07:30 FCN FTI Consulting announces the acquisition of Strategic Discovery (55.90 )

Co announces the acquisition of Strategic Discovery, further details of the transaction were not disclosed. The co says “… S.D.I will immediately give Technology a significant pr