2008 February 13 « Trading for the Masses

So if you buy the retail numbers all is good again. I don’t know, but I think all rallies up to 1400 on any moves here. The masses have all switched bullish well at least over 53% of bloggers are now bullish, so I continue to fade that. I still think that on a daily chart still looks like we need to work out some downside. Time will tell, but I am in no rush to get long for more than a rental in stocks until we can close the spx above 1440. Still a bit away in my book. Until then trade em around as we flop and chop.

Categories: Charts · Forex · Futures · Psychology · Sports · Stocks · Technical Analysis · Trading

Data Feed

February 13, 2008 · No Comments

08:57 PDRT Particle Drilling initiated with a Buy at CK Cooper - tgt $7 (1.64 )

….
08:56 LGF Lions Gate Entain:Profitability hitting an inflection point - Cowen (9.50 )

Cowen believes LGF is poised for an extremely profitable 4Q08 based on the recent strength of its DVD slate. More importantly, with several different business lines all showing improving results and prospects, they believe that FY09 is shaping up to be a very solid year. Firm thinks current levels represent a compelling entry point for LGF shares ahead of what they expect to be a meaningful upturn in profitability and FCF, and reiterate their Outperform rating.
08:56 CRNT Ceragon initiated with a Strong Buy at CL King- tgt $14 (8.35 )

08:56 NURO NeuroMetrix upgraded to Market Perform at Punk Ziegel (4.20 )

…
08:56 CSPI CSP Inc. reports Q1 EPS of ($0.07) vs $0.28 in yr ago period; revs $17.9 mln vs $21.1 mln in yr ago period (23.74 )

08:51 ABB ABB Ltd’s Kindle quits over `irreconcilable differences’ - Bloomberg.com (22.98 )

Bloomberg.com reports ABB’s Chief Executive Officer Fred Kindle, who returned the company to profit and dividends after four years of losses, resigned because of a disagreement with the board. ABB fell the most in three years in Zurich trading. Finance chief Michel Demare will become interim CEO. Chairman Hubertus von Gruenberg, who joined in May, said there were “irreconcilable differences” with Kindle and declined to elaborate… The co also posted record earnings of $3.8 bln on orders for electricity grids in Asia.
08:51 DTV DIRECTV beats by $0.01, beats on revs (23.88 )

Reports Q4 (Dec) earnings of $0.30 per share, $0.01 better than the First Call consensus of $0.29; revenues rose 16.6% year/year to $4.88 bln vs the $4.76 bln consensus. Co reports US Net Subscriber Adds of 275k and Latin America Net Subscriber Adds of 199k. Co reports average monthly churn declined to 1.42%.
08:49 BWLD Buffalo Wild Wings: Comps are stabilizing, but higher wing costs a concern - MKM Equity Research (23.40 ) -Update-

MKM Equity Research is maintaining their Neutral rating and raising their tgt on BWLD to $27 from $26 following last night’s earnings report. The co’s 1Q comps, which so far are running in the low single digits on a year-over-year basis, are more promising than they expected. However, firm remains concerned about higher commodity cost projections in FY08, and are not ready to overlook consumer headwinds that could affect comps through at least the first half of 2008.
08:48 ASX Advanced Semi: Correction

In our 7:33 comment, we reported Wachovia upgraded ASX, when in fact Wachovia upgraded AXIS Capital (AXS). Our previous comment has been changed.
08:47 QDEL Quidel: Well positioned to address growing flu activitiy - Caris (16.66 )

Caris says week 5 flu activity reported by C.D.C. more than doubled again (week/week) with 1538 positive cases, vs. 677 cases during week 4. U.S. flu activity is trending quickly upward and firm believes QDEL is well positioned to address growing market demand.
08:46 ID L-1 Identity Solutions reports Q4 (Dec) results, misses on revs; guides Q1 revs below consensus; guides FY08 revs in-line (13.25 )

Reports Q4 (Dec) earnings of $0.35 per share, includes asset impairments of $0.04 and a income tax benefit of $0.36, may not be comparable to the First Call consensus of $0.08; revenues rose 49.3% year/year to $113.9 mln vs the $126 mln consensus. Co issues guidance for Q1, sees EPS of ($0.06)-($0.05), may not be comparable to $0.01 consensus; sees Q1 revs of $110-115 mln vs. $119.82 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $540-560 mln vs. $554.13 mln consensus.
08:45 ECONX January Retails Sales Follow-up

January retail sales were up 0.3%. Excluding autos, sales were also up 0.3%. These numbers were about in-line with, to slightly better than, expectations. The data are reasonably good and will help ease recession talk. Retail sales make up only about 40% of the personal consumption expenditures which go into the GDP calculation, so this data is not definitive in terms of overall consumer spending. At this point, consumer spending trends appear weak, but not nearly as soft as in some previous recessions
08:44 HPT Hospitality Props beats by $0.04, misses on revs (34.51 )

Reports Q4 (Dec) funds from operations of $1.15 per share, $0.04 better than the First Call consensus of $1.11; revenues rose 28.7% year/year to $326.8 mln vs the $345.3 mln consensus.
08:44 PCLN priceline.com: 4Q07 preview; outlook is everything - Stifel (103.00 )

Stifel says PCLN reports 4Q07 earnings results on Thursday, Feb 14, 2008, after the market close. Firm ests that PLCN will report 4Q07 rev of $322.1 mln +23.8% y/y, 4Q07 adjusted EBITDA of $47.0 mln +79.8% y/y, and 4Q07 cash EPS of $0.81 +40.4%. Co guidance for 4Q07 suggests y/y rev growth of 22%-25% and cash EPS of $0.77 - $0.85. The current 4Q07 mean First Call consensus ests are for rev of $329.3 mln, adjusted EBITDA of $48.8 mln, and cash EPS of $0.84. Firm says topics of interest during the conference call are likely to include the state of the global travel industry and any signs of industry weakness; online travel competition in Europe; the success of booking.com in introducing North American hotel inventory; and growth in the Asia/Pacific region following the 4Q07 Agoda acquisition.
08:43 HPT prelim funds from operations of $1.15 vs $1.11 First Call consensus; revs $326.8 mln vs $345.32 mln First Call consensus

08:43 RTP Rio Tinto under Australian pressure to talk with BHP Billiton - Times of London (428.17 ) -Update-

Times of London reports some Australian shareholders are believed to be pressing Rio Tinto (RTP) to start talks with BHP Billiton (BHP). Rio yesterday refused to knock down the speculation as its chairman Paul Skinner said: “We have got a variety of responses from a variety of investors.” Rio has had no dialogue with its rival since the first offer was made at the beginning of November. Rio again dismissed BHP’s offer of 3.4 shares for each Rio share, which amounts to $146 bln, as undervaluing the business.
08:43 PFCB PF Chang’s earnings correction (28.89 )

Reports Q4 (Dec) earnings of $0.34 per share, excluding a $0.08 charge, $0.03 better than the $0.33 First Call consensus; revenues rose 16.2% year/year to $291.9 mln vs the $292.3 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.32-1.38 vs. $1.34 consensus. The Company expects to open 17 new Bistro restaurants and 25 new Pei Wei restaurants during fiscal 2008.
08:43 PATK Patrick Industries, Inc. reports Q4 EPS of ($0.36), ex-items, vs $0.04 in yr ago period; reports revs up 47.5% yr/yr to $107.4 mln with no estimates (9.18 )

08:41 ID sees FY08 revs $540-560 mln vs $554.13 mln First Call consensus

08:41 ID sees Q1 ($0.06-0.05) may not compare to $0.01 First Call consensus; sees revs $110-115 mln vs $119.82 mln First Call consensus

08:40 ID prelim $0.35 may not compare to $0.08 First Call consensus; revs $113.9 mln vs $126.00 mln First Call consensus

08:38 Teen Specialty Retailing: ARO, BEBE, CACH mentioned - Merriman

Merriman says even with the weather ARO is faring better than other stores even though traffic levels have been falling. Firm says BEBE is still making its numbers despite the seasonal slowdown in traffic. Bebe has switched from an inventory style to a more aggressive fashion-based style. They note that CACH is using heavy discounting to drive traffic; this short term boost may not be sustainable. However, with strong mgmt, use of discounting as a short term stimulus may be what CACH needs to turn itself around. With strong comps and a solid fourth quarter result, CACH is well on its road to recovery.
08:38 GENZ Genzyme misses by $0.01, beats on revs; guides FY08 EPS in-line, revs above consensus (76.72 )

Reports Q4 (Dec) earnings of $0.91 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.92; revenues rose 21.4% year/year to $1.04 bln vs the $1.01 bln consensus. Co issues in-line guidance for FY08, sees EPS of $4.00, excluding non-recurring items, vs. $4.00 consensus; sees FY08 revs of $4.5-4.7 bln vs. $4.33 bln consensus.
08:37 CYBI Cybex beats by $0.02, beats on revs (4.48 )

Reports Q4 (Dec) earnings of $0.17 per share, $0.02 better than the First Call consensus of $0.15; revenues rose 16.5% year/year to $44.5 mln vs the $43.7 mln consensus.
08:37 DAKT Daktronics beats by $0.02, beats on revs; guides Q4 (Apr) EPS in-line, revs in-line (19.48 )

Reports Q3 (Jan) earnings of $0.13 per share, $0.02 better than the First Call consensus of $0.11. Co issues in-line guidance for Q4 (Apr), sees EPS of 0.12-0.19 vs. $0.19 consensus; sees Q4 (Apr) revs of 130-138 vs. $137.30 mln consensus. “Non-operating income included extra interest costs related to sales tax audits concluded during the quarter, a $2.8 mln gain on the sale of our interest in Arena Media Networks and a larger than expected loss on our share of earnings in FuelCast Networks as we expanded the network and saw sales less than expected. We expect this to turn around in calendar year 2008 as FuelCast further develops its advertising revenues.”
08:36 CBR Ciber reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY08 EPS in-line, revs above consensus (4.74 )

Reports Q4 (Dec) earnings of $0.12 per share, in-line with the First Call consensus of $0.12; revenues rose 12.8% year/year to $290.5 mln vs the $283.4 mln consensus. Co issues guidance for Q1, sees EPS of $0.11-0.12 vs. $0.12 consensus; sees Q1 revs of $275-280 mln vs. $270.35 mln consensus. Co issues guidance for FY08, sees EPS of $0.53-0.57 vs. $0.53 consensus; sees FY08 revs of $1.120-1.140 bln vs. $1.11 bln consensus.
08:36 FHC Female Health reports Q1 EPS of $0.03 vs ($0.01) in 1Q07; revs rose 37% YoY to $5.7 mln - no ests (2.44 )

“We are very pleased to report strong revenue growth, a record number of female condoms sold and the highest quarterly profit in the Company’s history for the three months ended December 31, 2007… “The 37% revenue increase reflects the growing role that our female condoms are playing in the global battle against HIV/AIDS. Acceptance of our second-generation FC2 Female Condom(R) has been excellent.”
08:36 NOIZ Micronetics Wireless reports Q3 EPS $0.11 vs $0.02 YoY; revs rise 60% to $8.8 mln — no estimates (8.40 )

“The pipeline of opportunities in two of our growth business segments, jamming devices for military and in-flight broadband communications, is increasing as expected and is validated by our recent booking announcements. Additionally, we have completed the initial integration of MICA, and we have shifted our focus to increasing operating efficiencies and expect to see improvement in FY2009. I am pleased with MICA’s bookings and new business opportunities especially in the satellite space marketplace…”
08:36 WIRES On The Wires

Phoenix Technologies (PTEC) and SupportSoft (SPRT) announce a plan to develop the industry’s first remote PC management solution that would allow users to continue running key productivity applications while the Windows operating system is being remotely diagnosed and repaired… Spire (SPIR) announces that it has been awarded United States Patent Number 7,306,963 entitled “Precision Synthesis of Quantum Dot Nanostructures for Fluorescent and Optoelectronic Devices.”
08:36 PRICE Filings, Offerings, Pricings and IPOs

Filings: Third Wave (TWTI) files for a $100 mln mixed shelf offering… Pricings: Acorda Therapeutics (ACOR 21.55) prices a 3.3 mln share common stock offering at $21.50/share… Vertex Pharm (VRTX 17.14) prices a 6 mln share common stock offering at $17.14/share.
08:35 COHR Coherent: Healthy Orders Improve Backlog and Outlook - Merriman (26.40 )

Merriman says COHR announced sales at the lower end of its guidance range. Sales were negatively impacted by some order push outs and the sale of its Imaging Optics subsidiary. Margins were stable and are expected to grow in the March quarter along with sales and net income. Orders received during the quarter resulted in a book-to-bill of 1.07 and a $10 mln improvement in the backlog. CHOR also announced a 7.6 mln share repurchase and the relisting of its stock on the NASDAQ on Feb 14, 2008. Firm est the reduced share count could propel COHR’s FY09 earnings to over $2.00 per diluted share.
08:35 NGAS NGAS Resources announces year-end proved reserves Of 105 BCFE (5.24 )

Co announces that its estimated proved reserves at year-end 2007 were 105 bln cubic feet equivalents (”Bcfe”), of which 46% were proved developed. Based on annualized fourth quarter production, the reserve life index at the end of 2007 was 28.8 years overall and approximately 13.1 years for the co’s proved developed producing reserves. A majority of the acreage in the co’s major fields is undeveloped, providing a multi-year inventory of drilling locations for future development.
08:32 CBR sees FY08 $0.53-0.57 vs $0.53 First Call consensus; sees revs $1.120-1.140 bln vs $1.11 bln First Call consensus

08:32 S&P futures vs fair value: +10.9. Nasdaq futures vs fair value: +21.5.

Futures get a lift on better than expected retail sales data. The Dept. of Commerce said January retail sales rose 0.3%, compared the expected decline of 0.3%. Excluding autos, sales rose 0.3%, compared to the expected rise of 0.2%.
08:32 CBR sees Q1 $0.11-0.12 vs $0.12 First Call consensus; sees revs $275-280 mln vs $270.35 mln First Call consensus

08:32 DAKT sees Q4 $0.12-0.19 vs $0.19 First Call consensus; sees revs $130-138 mln vs $137.30 mln First Call consensus

08:32 PBI Pitney Bowes announces Michael Monahan has been named EVP and CFO (37.17 )

Co announces, effective March 1, Michael Monahan has been named EVP and Chief Financial Officer.
08:32 CBR prelim $0.12 vs $0.12 First Call consensus; revs $290.5 mln vs $283.41 mln First Call consensus

08:31 BLC prelim $0.32 vs $0.37 First Call consensus; revs $406.7 mln vs $403.78 mln First Call consensus

08:31 GENZ prelim $0.92, ex items vs $0.92 First Call consensus; revs $1.04 mln

08:31 DAKT prelim $0.13 vs $0.11 First Call consensus; revs $118.2 mln vs $109.78 mln First Call consensus

08:31 ANAD Anadigics: Upgrade details (10.36 ) -Update-

As metnioned at 8:19 Needham upgraded ANAD to Strong Buy from Buy with a $21 tgt following earnings. The firm says ANAD is a revenue growth and margin growth story that is strategically positioned and focused on the convergence of video/voice & data markets with leading customers which are growing at double digit growth rates with very favorable margins. They believe that ANAD has leverage to EPS growth driven mainly by the transition to a richer product mix and absorption of fixed costs as capacity utilization of the 6″ GaAs fab increases.
08:31 BNT Bentley Pharm announces product approvals in Europe (15.39 )

Co announces that its European subsidiaries have received approvals to market their omeprazole capsule products, through their licensees, in various territories in Europe. The co plans to begin supplying omeprazole to licensees during the first quarter of 2008.
08:31 DTV prelim $0.30 vs $0.29 First Call consensus; revs $4.88 bln vs $4.76 bln First Call consensus

08:30 OXPS OptionsXpress announces $100 mln share repurchase; says DARTs for Jan were 41,200 (25.11 )

Co announces that its Board of Directors has authorized a share repurchase program for up to $100 mln of the co’s outstanding common stock. For Jan 2008, co says it had DARTs of 41,200 - 40% higher than January 2007, 19% higher than December 2007. Net new customer accounts of 4,900. Ending client assets of $5.4 billion
08:30 CYBI prelim $0.17 vs $0.15 First Call consensus; revs $44.5 mln vs $43.69 mln First Call consensus

08:30 ECONX Retail Sales ex-auto +0.3% vs +0.2% consensus

08:30 ECONX Retail Sales +0.3% vs -0.3% consensus

08:29 ERTS Electronic Arts: Bulish long-term outlook; maintaining FY09 tgt - Oppenheimer (48.85 ) -Update-

Oppenheimer says on Tuesday, Feb 12, they attended ERTS’s analyst day as they surprised investors with a more bullish long term outlook–targeting FY11 rev and operating margin of $6 bln and 25% which is at the higher end of margin expectations and suggesting peak EPS in the $3.25 range. Firm believes ERTS “label” strategy is beginning to bear fruit as solid FY09 lineup should drive market share gains. However, they believe other margin drivers (rapid digital rev growth and cost optimization) more likely to drive earnings upside in FY10-11. Firm would look for dips under $45 level to add or build positions.
08:29 LIZ Liz Claiborne brand may fetch $50 million - NY Post (21.55 )

NY Post reports the co is close to selling its Ellen Tracy brand to a private investment group for $50 mln, The Post has learned. Private-equity co Radius Group and apparel firm Windsong Brands, both based in Connecticut, are leading a consortium that’s expected to sign a deal to purchase the women’s apparel line as soon as today, according to a source familiar with the talks. The purchase price will include about 17 outlet stores, as well as inventory and working capital, sources said.
08:29 BWLD Buffalo Wild Wings upgraded to Buy from Neutral at Dougherty- tgt $35, following earnings (23.40 )

08:28 FSLR First Solar expects Y08 revs in the range of $900-950 mln, vs $820 mln consensus (175.56 ) -Update-

Says 1Q08 revs are expected to decline sequentially due to contractual price decline… stock is trading at $212.00 in pre-mkt.
08:27 MO Altria initiated with a Buy at Stifel- tgt $85 (72.43 )

Stifel initiates MO with a Buy and an $85 tgt saying the break-up of the co is finally at hand - expected March 28th. The believe the stock should move up around the expected actual event as investors are forced to value the individual pieces here like their peers relieving a “conglomerate discount”. The firm believes the fundamentals here are in fine shape - PM USA (Philip Morris) should produce 3%-type profit growth courtesy of price realization and strong cost savings potential could push this higher while PMI (Philip Morris International) produces over 10% profit growth due to pricing, cost savings, and 1% volume growth.
08:27 China Mobile lends backing to LTE - FT

Financial Times reports China Mobile (CHL) is on Wednesday expected to lend its support to LTE, the wireless broadband standard that looks set to become the flagship 4G technology. LTE, or Long Term Evolution, is gaining strong momentum as the next generation wireless technology to provide super-fast web surfing on mobiles. Arun Sarin, Vodafone’s (VOD) chief executive, said on Tuesday that the UK group would join China Mobile and Verizon Wireless (VZ), the second-largest US mobile operator, to promote LTE. He said LTE was getting a “pretty good push”. “LTE, on the back of Vodafone, Verizon and China Mobile saying we are going there, is a pretty clear direction in terms of where the industry is heading,” he added. It suggests LTE will emerge as the leading 4G technology, rather than WiMax or Ultra Mobile Broadband, which are the main alternatives. Mr Sarin said WiMax should be harmonised with LTE, adding that Vodafone is planning to roll out 4G networks from 2010. People familiar with the situation said China Mobile, the world’s largest mobile operator by number of customers and market capitalisation, would on Wednesday lend its support to LTE. They added it was unclear whether China Mobile would also support the case for a distinct Chinese 4G technology. Olli-Pekka Kallasvuo, chief executive of Nokia (NOK), the world’s largest handset maker, said: “I see LTE as being the main fourth-generation technology.” However, he said WiMax would be more than a niche alternative to LTE, adding there would be a diversity of 2G, 3G and 4G technologies used by mobile operators. Alcatel-Lucent (ALU), the Franco-American telecoms equipment maker, and NEC, the Japanese electronics group, on Tuesday announced a joint venture under which they will pool research and development on LTE. Patricia Russo, Alcatel-Lucent chief executive, denied it was a cost-cutting exercise for the equipment maker, which last week reported a €2.6 bln ($3.8 bln) net loss for the fourth quarter. She said the joint venture would accelerate deployment of LTE technology, due to be launched in Japan next year.
08:26 SCANX Gapping up

In reaction to strong earnings/guidance: FSLR +21.3%, CPSS +13.3%, XNN +13.2%, BWLD +12.2%, ATAR +11.9%, XPRT +11.0%, VOLC +8.9%, WSPI +8.8%, RICK +5.6%, OCNF +4.7%, CEPH +4.3% (upgraded to Strong Buy at Broadpoint), PFCB +3.7%, BOBE +3.6%, JNY +3.6%, GXDX +1.6%, ABD +1.5%, NTWK +1.3%, KO +1.1%, VG +1.0%… Other news: BRKS +4.6% (Rio Tinto posts solid results, says BHP must boost offer ‘considerably’ - WSJ), TASR +2.8% (announces 3 more product liability lawsuit dismissals), DNA +2.2% (announces Avado study of Avastin Plus docetaxel chemotherapy showed improved progression-free survival in patients with advanced breast cancer), CECO +1.7% (announces co-wide restructuring as part of long term growth strategy), PNCL +1.5% (releases January performance data for Colgan Air and Pinnacle Airlines), INTV +1.3% (secures multi-million dollar expansion contract with major U.S. telecommunications company)… Analyst upgrades: DYN +3.3% (upgraded to Buy at Citigroup), BCSI +2.5% (initiated with a Buy at Brean Murray), SGP +1.9% (upgraded to Buy at BofA), VRX +1.7% (upgraded to Peer Perform at Bear Sterns), HL +1.3% (upgraded to Outperform from Market Perform at BMO Capital).
08:25 BONDX Tagged Lower

The market is soft as equities point higher on better-than expected earnings. The rubber will meet the road though as data begins to trickle in today with retail sales up shortly. The 2-10-yr yield spread steepened to 174.9. Bond prices in the EuroZone are mixed while in Japan, bonds were offered on stocks squeezing out gains.Treasuries have retail sales this morning but not much else. A really bad number will be required to support current price levels with expectations already on the low end. Equity gyrations are likely in the driver’s seat… again. Technicians are eyeing a return to channel bottoms on prices corresponding to about a 4.00% yield on the 10-yr after failing to get back below 3.50%. The dollar is flat on the euro which gave up little ground in to the open after yet another failed attempt to hold above 1.49. The yen has been dropping against the majority of currencies & is heading toward unchanged on the buck. Gold has collapsed, with spot now 899.39 (-7.01) losing traction as a safety-play as stocks come back. Crude has flipped off heading into bond open, now 92.41 (-0.37) after hanging around unchanged. The day’s data has retail sales (8:30) & business inventories (10). The euro 1.4584 & the yen is 107.5635 while the 10-yr is -06/32 yielding 3.683%.
08:25 Stifel initiates the Packaged Food industry

Stifel initiates coverage of the Packaged Food industry including 7 large-cap food companies and one small-cap food company. Firm says their outlook for the food group is characterized by their Neutral weighting saying they expect the market to reward the food stocks for their defensiveness all the while fundamentals are especially challenged by input cost pressure. The firm initiates General Mills (GIS), tgt $65, H.J Heinz (HNZ) tgt $50, and Kellogg (K) tgt $58 with Buys. The firm also initiates CanAgra Foods (CAG), Campbell (CPB), Kraft (KFT), Ralcorp (RAH) and Sara Lee Corp (SLE) with Holds.
08:24 FSLR First Solar rallies almost 20 points during conference call (175.56 ) -Update-

Co stated that strength in Euro was worth $43 mln; gross margins were an “incredible” 55% in Q4; prior quarter were 52%, 2007 gross margin was 49.9% (prior year was 42%), benefitted by 10% y/y from cost reductions; foreign exchange gains were worth another 3%. (FSLR is currently trading at ~$215 in pre-mkt)
08:23 MU Micron, Nanya, Qimonda in JV or M&A talks, according to report - DJ (7.02 )

DJ reports MU is in talks with Taiwan’s Nanya Technology and QI on a joint venture or merger-and-acquisition deal, the Commercial Times reported. The three memory-chip makers are expected to conclude a deal in March or April, the Chinese-language newspaper said. Micron Chief Executive Steve Appleton met Nanya executives before the Chinese New Year holiday, the paper said, without citing sources.
08:21 CYN City National: Credit, NIM headwinds limit upside - FBR (56.13 )

Friedman Billings cuts their tgt on CYN to $70 from $58 and cut their FY08 EPS est by $0.90 to $4.00, and establishing their FY09 EPS est of $4.45. Firm expects EPS to decline in FY08 from FY07, primarily due to elevated provision expense and material NIM pressure. Despite recent Fed rate cuts, they continue to expect credit trends to deteriorate further in FY08, as they believe a significant deceleration in the U.S. economy is more of a foregone conclusion. They expect credit deterioration to continue within the for-sale housing portfolio, and believe there is a risk of more meaningful increases in delinquencies and charge-offs in the commercial portfolio, both of which constitute drivers for elevated provision expense in FY08. Firm believes share upside is limited in light of these headwinds in the context of the premium valuation of the shares versus the industry.
08:20 DEI Douglas Emmett upgraded to Buy at Stifel- tgt $24 (21.63 ) -Update-

Stifel upgrades DEI to Buy from Hold with a $24 tgt saying they expect to be able to write virtually the same wire for the next few quarters as 1) mark-to-market remains above 30%, 2) occupancy remains above 95%, 3) barriers to entry driven by Proposition U are meaningful, 4) selective share repurchasing continues and 5) acquisitions remain difficult.
08:19 ANAD Anadigics upgraded to Strong Buy from Buy at Needham (10.36 ) -Update-

08:19 S Sprint Nextel: New Sprint Director to call for changes - WSJ (9.99 )

WSJ reports Ralph Whitworth, newly appointed as a director at S, will push the wireless carrier to consider major changes, including a sale of its Nextel network or the entire co, if difficulties continue, a person familiar with his thinking said… The person familiar with his thinking says Mr. Whitworth’s first priority is to help stabilize the co, after huge subscriber defections, and push for capital-spending discipline. If the co continues on its negative trajectory, the person said, Mr. Whitworth would press his fellow directors to consider some major structural changes, such as a spinoff or sale of the network that supports users of Nextel, which Sprint acquired in 2005. Another option for Mr. Whitworth, the person familiar with his thinking said, is to lobby Sprint to sell its long-distance unit, its lone remaining tie to the landline business. Mr. Whitworth would even be willing to contemplate a sale of Sprint’s entire core cellphone business to another major U.S. carrier or cable company, the person said… Mr. Whitworth believes it would make sense for Sprint to combine its WiMax resources with those of CLWR, which was founded by cellphone-industry pioneer Craig McCaw, the person familiar with his thinking said.
08:19 PCX Patriot Coal reports Q4 EPS of ($1.14), ex items vs ($0.66) First Call consensus; revs $254.17 mln vs $270.20 mln First Call consensus (44.51 )

The company’s capital expenditures totaled $55.6 million in 2007. Net capital expenditures are expected to increase to $65.0 to $80.0 million in 2008, in part due to the ramp-up of the Black Oak metallurgical mine at the Rocklick Complex.
08:19 FWRD Forward Air upgraded to Outperform from Market Perform at William Blair (33.35 )

08:18 SOV Sovereign Banc downgraded to Sell from Hold at Sandler O’Neill (12.45 )

08:18 WYNN Wynn Resorts: Color on quarter (119.84 )

Citigroup states WYNN reported strong Q4 results that were ahead of firm’s forecasts. Property EBITDA $196.9 mln vs. their est of $182.5 mln. Table hold was slightly above firm’s assumption and contributed to upside, but volumes were also solid. Mgmt was cautious on Las Vegas, given slowing economic growth, but did not provide specific data on current trends. Their interpretation is that mgmt believes it is too early to draw conclusions based on the performance of its single property, which operates at the very high end of the market… Deutsche notes WYNN mgmt highlighted that a holiday bonus to retain employees could be added back as extraordinary item, but would treat as an ongoing expense as it may be recurring from here. WYNN cautioned that 1Q08 and 2008 may not be immune to broader economic weakness - they suspect this could be manifesting in lower occ. and slot volume. Further, inbound Chinese New Year volume has been impacted by perhaps the worst snow storm in China in 50 years. Overall, Macau results were strong despite competition.
08:15 GM General Motors tgt cut to $35 at Citigroup (26.60 ) -Update-

Citigroup cuts their tgt on GM to $35 from $41. Firm states that with a mild U.S. economic contraction underway and credit markets remaining vulnerable, they find it prudent to move their risk rating to Speculative from High Risk. They continue to view GM as an appealing long-term turnaround story on the basis of substantial medium term cost savings, better retail share trends, and solid growth overseas. That said, firm continues to advise near-term trading caution through a difficult H1 2008 and suggest investors build gradual positions as GM faces tough comparisons in H1 2008 with limited cost savings to offset. A more aggressive entry point may present itself in H2 2008.
08:13 ATI Allegheny Tech: Believe consensus estimates remain aggressive - Opco (79.12 )

Oppenheimer notes that ATI hosted an investor meeting in NYC, which primarily focused on the co’s Flat Rolled Products segment (over 50% of total sales). Firm continues to believe that the co’s margin targets in this segment remain aggressive and remain a key risk, especially heading into a more difficult macro environment. While its High Performance Metals Segment should fare better, caution in the channel adds a layer of risk. Despite declines, firm thinks that consensus is still probably too high for ‘08 and that the recent share price increase is at risk of valuation contraction.
08:11 SNDK SanDisk: Analyst day preview; strong co-specifics in focus - Citigroup (25.93 )

Citigroup says SNDK’s annual event details product, technology, IP, and manufacturing strategy and updates the long-term target rev and margin model. Long-term targets should be maintained, and Street C09 ests are at the low end of the model range, indicative of low expectations and benign EPS revision risk. Macro risks persist, but firm thinks the Street under-ests 2008’s gross margin mojo and 2010’s non-Samsung royalty potential. A 0.6 r-squared to contract pricing, now near cash cost and showing signs bottoming, should be tailwind in 2Q08. Build positions here for 77% upside to $46 target.
08:10 WIRES On The Wires

MasterCard Worldwide and USA Technologies (USAT) announce the expansion of ePort cashless payment terminals to 17,500 vending machines nationwide, adding more than 4,000 new locations that accept MasterCard PayPass contactless payments… Bankers Petroleum (BNK) provides an operational update for its Albanian heavy oil operations and its United States exploration program… Suntech Power Holdings (STP) announces the opening of a sales office in South Korea to accelerate Suntech’s business development and broaden local customer service capabilities… Hecla Mining (HL) and Independence Lead Mines (announced that they have signed an agreement for Hecla to acquire substantially all of the assets of Independence Lead Mines Co, located in northern Idaho’s Silver Valley… Kaiser Aluminum (KALU) announces that its Board of Directors has approved $14 mln in additional investments to enhance and expand extrusion capabilities at its Tulsa, Okla., and Sherman, Texas, facilities, and deploy “future state” upgrades to the casting complex at its Trentwood facility… Sun Capital Securities Group announces the successful completion of Cardinal Integrated cash tender offer for the outstanding shares of Kellwood (KWD), which expired at 12:00 midnight New York City time, on Tuesday, February 12, 2008… Curtiss-Wright (CW) announces that it has entered into a multi-year agreement valued at over $16 mln from Saab Aerostructures to provide the large cargo door mechanical actuation system for the new Boeing (BA) 787 Dreamliner.
08:10 MDCO The Medicines Co beats by $0.02, reports revs in-line; guides FY08 EPS in-line, revs above consensus (19.78 )

Reports Q4 (Dec) earnings of $0.03 per share, $0.02 better than the First Call consensus of $0.01; revenues rose 19.8% year/year to $72.3 mln vs the $72.4 mln consensus. Co issues mixed guidance for FY08, sees EPS of $0.22-0.30 vs. $0.36 consensus; sees FY08 revs of $325-345 mln vs. $323 mln consensus.
08:09 AMAT Applied Materials tgt raised to $26 at Citigroup (18.07 ) -Update-

Citigroup raises their tgt on AMAT to $26 from $23 following quarterly results. Firm syas that with flat panel and solar orders coming a little earlier than they expected, AMAT is erasing doubts on solar story and proving it can put up the orders to offset ongoing weakness in core semis.
08:09 Ross says Buffett insurer plan unlikely to succeed - Reuters

Reuters reports turnaround specialist Wilbur Ross said in a television interview on Wednesday that he did not expect billionaire investor Warren Buffett’s proposal to reinsure top bond insurer’s portfolios to go forward. “I don’t think it will happen,” Ross said on CNBC television, referring to the Buffett plan, which CNBC on Tuesday reported that ABK, the No. 2 bond insurer, had rejected. Still, he said the offer by BRK.A’s chief executive to reinsure $800 bln of municipal debt guaranteed by bond insurers could put pressure on regulators and others to find another solution for the troubled industry. “I do think Mr. Buffett’s speech yesterday will intensify the pressures so it hopefully will let this whole thing get resolved quickly,” Ross said. He reiterated that he expected his own plan, which he said would offer the bond insurers better economics than Buffett’s, to come together in “a few weeks.” “We’re making progress. We’re getting through the due diligence,” he said. “Municipal bondholders need a solution, and they will get a solution.” (MBI)
08:08 ECONX Retail Sales Preview - Data due out in approx. 23 min at 8:30ET

Retail sales provide the most current read on key consumer goods spending. The recent slowing helps support the argument that the economy is in recession. After a strong 1% gain in November, retail sales fell 0.4% in December. The consensus estimate is for another 0.3% decline in January. Briefing.com expects flat January growth. The forecasts tell the same story as the typically strong turn of the year sales pace shows a net decline over the two months. A fourth consecutive decline in vehicle sales is a major contributor given its heavy 20% weight. Briefing.com expects ex-auto sales to rise 0.5% after the 0.7% average over the last two months. The market looks for a more moderate 0.2% gain. Higher gasoline prices provide a modest lift. We expect a 0.3% ex-auto/gas gain to be just below the 0.4% two month average. Slowing income growth and the weakening labor market are risks for continued retail sales slowing as high energy prices, weaker confidence and the reduced wealth effects from lower home and equity prices remain the key drags. The retail goods spending adds to the service based spending included in personal consumption reported at month end. Goods spending is a minority 40% of PCE and is running at a softer pace given some of the higher costs (e.g. luxury goods, autos) and their tie to the recession in housing (e.g. building equipment, furniture, appliances). While retail sales softened to 3.2% annual growth in December, PCE remained fairly robust at 5.8% year-over-year. The consumer remains a long way from being beaten by the weak economy.
08:07 MDCO prelim $0.03 vs $0.01 First Call consensus; revs $72.3 mln vs $72.41 mln First Call consensus

08:06 ETFC E*TRADE total January DARTs increased 19% m/m (4.98 )

Co released its monthly activity report for January. Total Daily Average Revenue Trades increased 19% month over month and nearly 22% year over year to 212K. The company increased net new retail accounts by 16K in the month - demonstrating the continued strength of the E*TRADE brand and its continued appeal to retail investors. End of period retail accounts totaled 4.7 mln, up 0.3% month over month and 6.2% year over year. Total retail client assets, which includes customer cash and securities holdings, declined 8.4% month over month and 12.3 percent year over year to $174 bln.
08:05 BKUNA Bankunited Fin downgraded to Underperform from Sector Perform at RBC (6.34 )

08:04 CVS CVS Corp and Universal American will end Medicare part d strategic alliance at year-end 2008 (40.06 )

CVS and Universal American (UAM) announce that their strategic alliance covering the Prescription Pathway Medicare Part D prescription drug plan program will end as of December 31, 2008, subject to regulatory approvals. Since the inception of the program in 2006, Universal American has offered Medicare Part D prescription drug plans through its Prescription Pathway products in conjunction with Caremark Pharmacy Services. CVS Caremark and Universal American stated that this change will not affect the Prescription Pathways Part D plan offerings in 2008 in which approximately 550,000 members are currently enrolled.
08:04 GBE Grubb & Ellis reports Q2 (Dec) results (5.81 )

Reports Q4 (Dec) earnings of $0.07 per share, may not be comparable to the First Call consensus of $0.18; revenues rose 237.3% year/year to $103.2 mln may not compare to the $148.2 mln consensus.
08:03 JAZ Jazz Tech explores strategic alternatives to enhance stockholder value (1.12 )

Co announces it has initiated a review of strategic alternatives to enhance stockholder value. To assist the company in its analysis and consideration of various strategic alternatives, the board of directors has retained UBS Securities LLC as its financial adviser.
08:03 POSS Possis Medical sees Q2 EPS of $0.03-0.05 vs $0.04 First Call consensus; revs $20.6 mln vs $19.05 mln First Call consensus (19.35 )

08:03 TOT Total 4Q profits surge with oil prices - AP (71.28 )

AP reports the co said that fourth-quarter profits rose 62% as oil prices surged and new projects in Angola and Qatar boosted production. The world’s fourth-largest oil and gas company said net profit rose to 3.6 bln euros ($5.23 bln) in the fourth quarter of 2007 from 2.23 billion euros a year earlier. After stripping out an after-tax inventory effect, special items and other intangibles, adjusted net profit rose to 3.11 billion euros ($4.52 billion) in the fourth quarter, up 14 percent from 2006 — above analysts’ estimates. Total’s upstream production rose to 2.46 million barrels of oil equivalent per day in the fourth quarter, an increase of 2.4 percent from 2006. The results reflect record prices for a barrel of oil at the end of 2007… Refining margins have been squeezed in recent months as spiking oil prices outpaced increases in gasoline prices and other refined products. The co reiterated expectations of an average of 4% growth a year in oil and gas output until 2010, based on Brent crude at $60 a barrel. At $80 a barrel, production would be 50,000 barrels per day less in 2010, Total said.
08:02 VG Vonage beats by $0.04, misses on revs (2.03 )

Reports Q4 (Dec) loss of $0.06 per share, excluding non-recurring items, $0.04 better than the First Call consensus of ($0.10); revenues rose 19.0% year/year to $215.9 mln vs the $219.4 mln consensus.
08:02 TMTA Transmeta: Details of letter from Riley Investment Mgmt (13.49 ) -Update-

“Please accept this letter as an extension to our January 31, 2008 offer to acquire all outstanding shares of Transmeta for $15.50. Our proposal now expires in two weeks, at the close of business on February 28. At the conclusion of this two-week period any additional bids will reflect our estimates of your cash burn “defending” your Company from our inquiries as well as your daily cash burn from operations. We estimate your operational cash burn to be in the neighborhood of $400,000 per week—or .03 cents a share. It is unclear how much legal fees and banking fees you are racking up. Given the compensation for your General Counsel John Horsley, which according to yesterday’s article in The Recorder one compensation expert said was the first time he saw this type of bonus, we anticipate you are incurring significant costs. During the past week, I have made every effort to reach out to your Company and the Board to discuss our offer. Unfortunately, you have failed to give me the courtesy of a response. Over the last month, moreover, I have, on several occasions, reached out to your Board to discuss both our views and what we believe to be the prevalent views held by other shareholders. Your response was to allow me to communicate with your Board in a recorded conference call in which you mandated that I be allotted no more than 10 minutes to express my views. (For your reference, I have attached the transcripts to this call, so that you can review our opinions once again). Quite frankly, I am left at a total loss by your behavior. I do not understand how a Board which has overseen such heavy losses and actively participated in the continued decline of shareholder value, while, at the same time, personally benefiting financially, can react in this manner. In your press release dated February 7, 2008, you claimed that our bid was “highly conditional.” We believe this is a baseless concern. First, there is no financing contingency. Second, as in all proposals where the bidder has not been given an ability to perform due diligence or to negotiate with the company, our proposal is by necessity conditioned on due diligence and mutually agreeable acquisition agreements. Unfortunately, the standard due diligence requirement takes on more importance here considering that the details of your agreement with Mr. Horsley, worth more than $10 million, were not released until long after your settlement with Intel. Moreover, you should remember, in evaluating the seriousness of our proposal, that we have a track record of executing transactions in the public company arena. We led the $45M acquisition of Country Coach from National RV. In addition, we have spearheaded the acquisition and the resulting shareholder value creation process through our service on the boards of public companies. For example: Alliance Semiconductor: We launched a proxy fight in 2005 when share prices were $1.60. We won over 90% of the vote insiders did not control and took over the Board. I became Chairman, and all incumbent Board members had resigned by March 2006. Between April and June 2006 all operating businesses were sold in three separate transactions. In July 2006 we settled a 21-year old lawsuit. In September 2006 Alliance completed a tender offer for 3 million shares at $3 per share…”
08:02 HAFC Hanmi Financial: More business loan charge-offs - FBR (8.80 )

Friedman Billings is reiterating their Market Perform rating on HAFC while lowering their tgt to $8 from $10. Credit visibility is limited, and mgmt set expectations for FY08 too high –and they would not recommend buying additional stock at this level. However, the valuation level is at the low end of the spectrum relative to the co’s earnings power of $1.10 to $1.30 (based on capital and asset composition and levels) as they emerge from the credit cycle. Management confirmed that loan losses were concentrated in retail-oriented C&I loans; this supports their macro thesis that C&I loan problems will be faster to appear and more severe than commercial real estate.
08:02 VOLT Voltaire renews OEM contract with IBM through 2010 and introduces two new products into the IBM BladeCenter product portfolio (5.60 )

08:02 HYC Hypercom: RLR Capital Partners amends 13D; sends letter regarding oustanding offer of $6.25 by Ingenico, urges to negotiate (5.03 )

RLR in filing says “On February 13, 2008, the Reporting Persons sent a letter to the Issuer regarding the offer made by Ingenico on February 8, 2008 to acquire all of the outstanding shares of the Issuer at $6.25 per share in cash. The letter strongly urged the Issuer to negotiate the best deal possible, subject to establishing the certainty of a near-term closing, receiving evidence of Ingenico’s financing capability and negotiating an overall transaction value that properly rewards the Issuer’s shareholders in view of the benefits and detriments arising from the transaction, including the foregone opportunity of the proposed acquisition of the e-Transactions business of Thales S.A.” RLR disclosed a 6.5% stake in filing.
08:01 VG prelim ($0.06) vs ($0.10) First Call consensus; revs $215.85 mln vs $219.41 mln First Call consensus

08:01 VMW VMware unveils major program enhancements for its nearly 10,000 virtualization channel partners (62.50 )

Co announced major enhancements to the VMware VIP Partner Program. The enhancements, effective immediately, help make it easier for partners to quickly establish or expand their virtualization practices and offer customers increased value.
08:01 GBE prelim $0.07 vs $0.18 First Call consensus; revs $103.2 mln vs $148.20 mln First Call consensus

08:00 GLOI GlobalOptions Group awarded $1.12 million in contracts from N.J. Counties (1.70 )

Co announces that it has been awarded $1.12 mln in contracts to prepare multi-jurisdictional hazard mitigation plans and other related services for Union, Middlesex, Camden, Gloucester, Salem and Cumberland Counties in New Jersey.
08:00 S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: +12.5.

Stock futures point to a modestly higher start to the trading session. Better than expected reports from Coca-Cola (KO), Waste Management (WMI) and Applied Materials (AMAT) are helping to give the market support. January retail sales are set for release by the Dept. of Commerce at 8:30 ET. Economists expected sales to decrease by 0.3%, although they do expect a 0.2% rise when excluding autos.
08:00 IMB IndyMac Banc downgraded to Underperform from Sector Perform at RBC (8.24 ) -Update-

07:59 IMB IndyMac Banc: Credit losses pressure capital levels, dividend cut - FBR (8.24 )

Friedman Billings says that on Feb 12, IMB reported a 4Q07 earnings loss of $6.43 per share, significantly below the Street’s expectations and mgmt guidance. Earnings were impacted by elevated levels of loss provision and write-downs of HELOC and subprime securities. IMB cut the dividend and expects to shrink portfolio assets by $4 bln to preserve capital. Firm expects IMB to continue to provision at higher levels in anticipation of higher credit losses as house prices continued to weaken. Due to lack of investor demand, IMB transferred $10 bln of mortgage loans to the investment portfolio and established a reserve of $474 mln, which is too low in their opinion. The real question is, what will losses be? Firm ests that losses could run in the 7-8% range. Firm believes it could take another four to six quarters until credit trends stabilize and investors can quantify banks’ credit losses.
07:59 YHOO Yahoo: TechCrunch discusses possible YHOO/NWS.A deal (29.57 ) -Update-

TechCrunch reports according to its source, the YHOO/NWS.A deal structure would spin off Fox Interactive Media (the primary asset is MySpace, but IGN, Scout Media, Photobucket, Fox Sports, AmericanIdol.com, Flektor, Ksolo; plus investments in Hulu, Simply Hired and Snocap are also assets of FIM) into Yahoo, along with a big cash injection from News Corp. and an unnamed private equity fund. The total investment would be valued at around $15 bln. Yahoo would be valued at somewhere around $50 bln before the transaction, north of Microsoft’s $44.6 bln bid. That would leave News Corp., plus the private equity group, with more than 20% of the combined entity. They’d be the largest single stockholder and effectively in control of the combined Yahoo/FIM entity and their nearly 150 billion monthly page views (which would be second only to Google).
07:58 GM General Motors tgt cut to $35 from $41, says longterm earnings power supports Buy- Citigroup (26.60 )

Citigroup cuts their tgt on GM to $35 from $41 and lowers their risk rating to speculative from high risk given a mild U.S. economic contraction underway and credit markets remaining vulnerable. The firm says they continue to view GM as an appealing long-term turnaround story on the basis of substantial medium term cost savings, better retail share trends, and solid growth overseas. That said, they continue to advise near-term trading caution through a difficult H1 2008 and suggest investors build gradual positions as GM faces tough comparisons in H1 2008 with limited cost savings to offset. Firm says a more aggressive entry point may present itself in H2 2008.
07:57 NILE Blue Nile downgrade details (53.95 )

As mentioned at 6:48, Citigroup downgraded NILE to Hold from Buy and cut their tgt to $50 from $74 following Q4 results, saying their Dec 18 upgrade was wrong. Firm did not believe the jewelry mkt would weaken so dramatically, and that NILE would be this cyclical. Firm now sees material macro headwinds, a significantly lowered growth outlook, no near-term catalysts, and tough 1H comps.
07:57 ANF Abercrombie: 4Q07 preview; expect EPS at low end of range, but story remains attractive - FBR (79.51 )

Friedman Billings notes on Feb 15 ANF is scheduled to report 4Q07 earnings. Co has previously guided 2H07 to a range of $3.63 to $3.67, implying 4Q07 EPS within a range of $2.34 to $2.38. Co has said that the low end of guidance implies a flat comp. They are currently at $2.33 for the quarter vs. the Street at $2.36, given the fact that the co comped approx -1% for 4Q07; despite the slightly weaker than anticipated comp, they do not think the co’s guidance range is in serious jeopardy, as they believe that co has both share repurchases and SG&A flexibility to support EPS targets. Firm also expects the co to guide to 1H08 earnings that could be slightly below the Street; we expect the company to be wisely conservative on the call.
07:55 PLA Playboy reports Q4 (Dec) results, misses on revs (8.63 )

Reports Q4 (Dec) loss of $0.03 per share, includes $1.9 charge due to sale of assets due to co’s Andrita television studio, includes tax benefit of $2.6 mln related to the UK television operations, may not be comparable to the First Call consensus of $0.05; revenues fell 0.3% year/year to $85.9 mln vs the $88.1 mln consensus. PLA sees Q1 decline of 30% in the magazine’s advertising revs.
07:54 GEO Geo Group beats by $0.01, beats on revs; reaffirms Q1, Q2, Q3, Q4, and Y08 guidance (24.00 )

Reports Q4 (Dec) earnings of $0.27 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.26; revenues rose 6.1% year/year to $262.6 mln vs the $252.9 mln consensus. GEO reaffirms Q1, Q2, Q3, Q4, and Y08 guidance. Co reaffirms guidance for Q1, sees EPS of $0.25-0.27, excluding non-recurring items, vs. $0.26 consensus; sees Q1 revs of $240-245 mln vs. $254.76 mln consensus. Co reaffirms guidance for Q2 (Jun), sees EPS of $0.30-0.32, excluding non-recurring items, vs. $0.31 consensus; sees Q2 (Jun) revs of $245-250 mln vs. $263.67 mln consensus. Co reaffirms guidance for Q3, sees EPS of $0.33-0.35, excluding non-recurring items, vs $0.33 consensus; sees revs of $255-260 mln vs $274.77 mln consensus. Co reaffirms guidance for Q4, sees EPS of $0.39-0.41, excluding non-recurring items, vs $0.39 consensus; sees revs of $270-275 mln vs $283.99 mln consnesus. Co reaffirms guidance for FY08, sees EPS of $1.27-1.35, excluding non-recurring items, vs. $1.29 consensus; sees FY08 revs of $1.01-1.03 bln vs. $1.08 bln consensus.
07:54 NFX Newfield Expl: 2007 asset realignment yielding results - FBR (50.72 )

Friedman Billings says that as NFX turned in a solid 4Q07, they believe the market is just beginning to witness the fruits of the co’s 2007 asset restructuring to a more resource-play-based profile. The signs are encouraging, and they expect that continued execution throughout 2008, defined particularly as continuously improving costs and recoveries across its Woodford Shale position and progress in drilling up its expanding inventory at the massive Monument Butte oil field, should gradually call for increased market recognition of the value embedded in Newfield’s substantial 3P resource base.
07:54 Q Qwest upgraded to Buy from Hold at Deutsche Bank (5.28 )

07:54 SCANX Early pre-market gappers

Gapping up: CPSS +13.3%, OCNF +12.2%, FSLR +12.2%, BWLD +12.2%, VOLC +8.9%, WSPI +8.8%, ARP +7.8%, BRKS +4.6%, CEPH +4.3%, RICK +3.0%, TASR +2.8%, DNA +2.2%, GXDX +1.6%… Gapping down: NILE -20.2%, HCSG -12.4%, ATAC -10.3%, OSUR -8.5%, ANAD -5.4%, WYNN -4.2%, ACGY -2.9%, DE -2.6%, MS -1.2%.
07:54 TMTA Transmeta: Riley Investment Mgmt extends $15.50 takeover proposal til Feb 28th (13.49 )

On February 13, 2008, RIM sent a letter to the Issuer’s board of directors extending its January 31, 2008 offer to acquire all outstanding shares of Transmeta for $15.50. RIM’s proposal now expires at the close of business on February 28. RIM stated that at the conclusion of this two-week period any additional bids will reflect its estimates of the Issuer’s cash burn from defending itself against RIM’s inquiries as well as its daily cash burn from operations. RIM estimated that the Issuer’s operational cash burn to be in the neighborhood of $400,000 per week — or .03 cents a share, and anticipated that the Issuer is incurring significant legal and banking fees. RIM noted that the Issuer has not responded to RIM’s efforts to discuss the offer. RIM expressed its disappointment by the behavior of the Issuer’s board and management with respect to RIM’s offer and its previous concerns. RIM also disputed Issuer’s allegation that its proposal was highly conditional, reiterating that there was no financing condition and noting that diligence and mutually agreeable acquisition agreements are standard conditions to proposals in these situations. RIM noted that due diligence takes on more importance here given that Mr. Horsley’s bonus agreement was not disclosed until long after the Intel settlement. Finally, RIM noted its track record of executing transactions in public company arena, directly and through its service on boards. RIM stated that if the Board believes its proposal undervalues the Issuer, RIM would welcome the alternative of replacing the entire board with RIM’s representatives, who have had a history of creating value for their constituency.
07:52 Calyon downgrades ACI and FCL

Calyon changes their ratings on select Coal stocks saying the global coal story has been well discussed and certainly is very bullish, more so given the events in Australia (flooding) and China (severe ice storms) over the past several weeks. However, the firm believe these issues have been priced into coal sector equities at this point given the strong performance these companies have enjoyed over the past 14 months. The firm says while the fundamentals of the coal industry are certainly compelling, and the price increases speak volumes, firm says their concern is that the rather illiquid O.T.C markets are being materially influenced by non-traditional financial players. The firm also says they have seen material insider selling at many of the major coals. While some selling may be appropriate, they consider this a red flag. The firm downgrades Arch Coal (ACI) and Foundation Coal (FCL) to Neutral from Buy based on valuation.
07:52 YHOO Yahoo: Google loses enthusiasm for ad tie-up - WSJ (29.57 )

WSJ reports GOOG’s enthusiasm has waned in recent days for a potential advertising tie-up that could help YHOO try to thwart MSFT’s unsolicited takeover offer, people familiar with the matter say… One of the people familiar with the matter cautioned against ruling out a Google advertising pact with Yahoo. But it doesn’t appear likely because of Google’s concerns about the intense regulatory scrutiny it could attract, given Google’s and Yahoo’s significant shares of the Web-search and online-advertising markets, the people say. Google’s lack of enthusiasm could narrow Yahoo’s options and reduce its leverage for extracting a higher price from Microsoft.
07:52 PLA sees Q1 decline of 30% in the magazine’s advertising revs

07:52 ERTS Electronic Arts: outstanding analyst day; bullish long-term mgmt view; FY09 lineup is stacked - Broadpoint Capital (48.85 )

Broadpoint Capital says the mere fact that ERTS held an analyst day is a strong positive. Firm says the “pitch” of the event was perfect, with an appropriate blend of forward-looking confidence and backward-looking contrition. CEO John Riccitiello appeared to have been momentarily possessed by Plaxico Burress when he referred to the pending merger between Vivendi and Activision, Inc. as a “non-event”, but that sort of swagger is exactly what investors want to hear with respect to ERTS’ future. Firm expects in line to slightly better-than-consensus initial FY09 guidance, as the company probably wants off the earnings treadmill.
07:51 PLA prelim ($0.03) may not compare $0.05 First Call consensus; revs $85.9 mln vs $88.14 mln First Call consensus

07:50 AAPL Apple: A global network is thriving by selling up to 1 million iPhones that bypass Apple’s restrictions - BusinessWeek (124.86 )

BusinessWeek sources confirm analyst reports that 800,000 to 1 mln iPhones, or about one-fourth of the total sold, are “unlocked”—that is, altered to be able to run on networks other than those of Apple’s exclusive partners. This iPhone aftermarket didn’t take long to develop. By the time the device went on sale on June 29, 2007, software hackers and companies that specialize in unlocking cell phones were already searching for ways to make the iPhone work on nonsanctioned networks. Within weeks, online forums were buzzing with an answer that emanated from a tiny company based in Prague, Czech Republic… The boom is being fueled not just by short supply of a hot product, but also by scant evidence of interference from Apple or its partners.
07:47 GEO reaffirms Q1, Q2, Q3, Q4, and Y08 guidance

07:47 GEO sees Q1 $0.25-0.27 vs $0.26 First Call consensus; sees revs $240-245 mln vs $254.76 mln First Call consensus

07:47 CYTX Cytori Therapeutics receives first Celution 800 System orders in Europe and Asia; Begins commercialization into the reconstructive surgery market (5.40 )

Co announces its first orders from Europe and Asia for Celution 800 Systems. The devices are now being sold into the growing international reconstructive surgery market. Eleven Celution 800 Systems and related CT-805 single-use consumables were ordered by Cytori’s distributors MBA Grupo, who covers Spain, Italy, and Portugal, and Astrea International, who covers Singapore. The first devices are expected to be delivered in 1Q08.
07:47 GEO sees FY08 $1.27-1.35 vs $1.29 First Call consensus; sees revs $1.01-1.03 bln vs $1.08 bln First Call consensus

07:46 GEO prelim $0.27 vs $0.26 First Call consensus; revs $262.6 mln vs $252.88 mln First Call consensus

07:46 SLM SLM Corp upgraded to Outperform at Friedman Billings- tgt $25 (19.80 )

Friedman Billings upgrades SLM to Outperform from Market Perform and raises their tgt to $25 from $23 and adds the co to their FBR Top Picks list. The firm says although the current funding environment is certainly taking its toll on financial companies, they believe that Sallie Mae, with 83% of its loan portfolio federally insured, will be among the first to benefit if/when the credit markets improve, releasing significant earnings leverage. They say until that time, investors can take comfort in the $45.5 billion of liquidity, strengthened capital position, diversified sources of income, and overall attractive valuation that SLM provides.
07:45 AZN AstraZeneca says no patent deal talks, expects to prevail - Reuters (38.39 )

Reuters reports the co is convinced it can prevail in U.S. patent disputes over its two biggest drugs, Nexium and Seroquel, and has had no discussions about settling the cases, its chief executive said. David Brennan said the co’s victories in past patent cases showed it had a deep understanding of the legal process and this added to its confidence. “We haven’t discussed anything around settlement,” he told reporters during a visit to Germany. “Our position has been we have strong intellectual property and we intend to defend it and stand behind it. Obviously, we have options available to us. We always explore options that are available but it’s clear to us that we have an intellectual property argument to make and we are making it.”
07:44 GG Goldcorp: Hearing initiated wth a Neutral at tier 1 firm (35.63 )

07:44 MS Morgan Stanley: Details of Oppenheimer downgrade of MS & estimate cuts on brokers (42.71 )

As mentioned at 6:34, Oppenheimer downgraded MS to Perform from Outperform with an implied price tgt of $47, due to a limited upside given their lowered estimates and target multiple. The firm cut their 1Q08 estimates on Morgan Stanley and the other brokers to reflect a sudden and material decline in levered loan valuations. Specifically, the firm cut their broker estimates by 40% on average as they estimate that the banks and brokers under their coverage have a combined carrying value of levered loan commitments of close to $200 bln, and that such will lead to $10-14 bln of negative corresponding marks or write-downs to the banks and brokers under their coverage. The note mentions BSC, GS, LEH, MER, MS, C, JPM, BAC, UBS, WB.
07:44 DAL Delta Air Lines CEO waives merger compensation - WSJ (17.53 )

WSJ reports the co’s CEO Richard Anderson told the airline’s board that he will waive mlns of dollars in compensation to which he would be entitled in the event of a merger. The move is the latest signal of the seriousness of the airline’s effort to find a merger partner, most likely NWA or UAUA. According to people familiar with the discussions, Mr. Anderson last week apprised directors of progress in discussions with Northwest and laid out what the combined airline might look like.
07:43 ACGY Acergy awarded $195 mln contract award in Canada (17.98 ) -Update-

Co announces the award of a $195 mln E.P.I.C. contract from EnCana for offshore installation SURF work on the Deep Panuke field located offshore Halifax, Nova Scotia, Canada.
07:42 XOM Exxon Mobil: Venezuela halts oil supplies to Exxon Mobil - Reuters (84.38 )

Reuters reports Venezuelan President Hugo Chavez stopped oil exports to the co on Tuesday, escalating a multibillion-dollar fight with the U.S. company two days after threatening to cut off all supplies to America. The anti-U.S. president’s retaliation for Exxon’s legal offensive, which froze $12 bln in Venezuelan assets, pushed oil prices higher in late trading. State oil co PDVSA said it broke off commercial ties and halted the supply of crude and petroleum products to America’s largest company in a fight over Exxon’s demand for compensation after Chavez seized a crude project last year. “Faced with the legal-economic harassment started by Exxon Mobil against PDVSA and as an act of reciprocity, PDVSA has decided to suspend commercial relations,” the Venezuelan company said in a statement.
07:42 EGP EastGroup downgraded to Neutral from Outperform at Baird (43.09 )

07:41 SRP Sierra Pacific downgraded to Market Perform from Outperform at Wachovia (14.57 )

07:40 ACGY Acergy announces $150 mln deepwater contract award in Australia (17.98 ) -Update-

07:39 WIRES On The Wires

Anika Therapeutics (ANIK) announces that it has launched ORTHOVISC mini in the European Union. ORTHOVISC mini is a smaller dosage indication of ORTHOVISC, which has been marketed in Europe since 1996 and is used mainly for treatment of osteoarthritis of the knee… Introgen Therapeutics (INGN) and Moffitt Cancer Center today announce that a randomized, controlled study of INGN 225, Introgen’s immunotherapy product has been initiated in patients with metastatic small-cell lung cancer. Introgen and Moffitt previously announce that the National Institutes of Health National Cancer Institute awarded a grant of approximately $1.3 mln to fund the trial based upon the promising results of previous clinical studies in small-cell lung cancer patients.
07:39 BCSI Blue Coat initiated with a Buy at Brean Murray tgt $32 (26.81 )

Brean Murray initiates BCSI with a Buy and a $32 tgt saying they see a significant degree of operating leverage in the model as recent investments in sales and distribution bear fruit– validating an improving competitive position. The firm also says despite macro-economic uncertainty increasing the risk enterprise customers could slow capital spending in the first half of CY08, they believe consensus revenue growth assumptions of +25% for F2009 are achievable.
07:38 Obama notches 3 more victories; McCain wins GOP primaries - WSJ

WSJ reports Barack Obama notched three more big victories over Hillary Clinton in Democratic presidential-nominating contests in the nation’s capital and next-door Virginia and Maryland. John McCain won the Republican primaries, but many conservatives continued to protest the party’s presumptive nominee by voting for his remaining rival, Mike Huckabee. Mr. Obama, the Illinois senator, had been expected to win the Democrats’ “Potomac primaries.” But he triumphed by landslide margins, just as he had in five contests over the weekend. Sen. Obama likewise is favored in February’s final two Democratic votes, in Wisconsin and Hawaii next week. His continued momentum, as Sen. Clinton is distracted by a staff shake-up and lagging fund raising, has some Democrats questioning her campaign’s long-run viability… In the Republican primaries, Arizona’s longtime Sen. McCain defeated Mr. Huckabee, the former Arkansas governor and Southern Baptist minister. In Virginia and the District of Columbia, that gave him all 76 convention delegates up for grabs in those winner-take-all contests; in Maryland, most of the 34 delegates are allocated to the winners of each congressional district. Still, the closeness of the outcome in Virginia was a worrisome sign for the party’s November prospects.
07:38 MTG MGIC Investment reports Q4 (Dec) loss of $1.47 bln, misses on revs

Reports Q4 (Dec) loss of $18.77 per share, may not be comparable to the First Call consensus of ($6.77); revenues rose 8.7% year/year to $399.1 mln vs the $416.1 mln consensus. Included in the quarterly results is the establishment of a pre-tax premium deficiency reserve of approximately $1.2 billion relating to Wall Street bulk transactions. The premium deficiency reserve reflects the present value of expected future losses and expenses that exceeded the present value of the expected future premium and already established loss reserves for these bulk transactions. Also included in the quarterly results is an after-tax charge of $33 million related to equity losses incurred by C-BASS in the fourth quarter that reduced the carrying value of the $50 million note from C-BASS to zero. New insurance written in the fourth quarter was $24.0 billion, compared to $15.5 billion in the fourth quarter of 2006.
07:37 HL Hecla Mining upgraded to Outperform from Market Perform at BMO Capital (9.63 )

07:37 MTG announces it has retained an advisor to assist it in exploring alternatives for increasing its capital

07:36 RMIX U.S. Concrete downgraded to Hold from Buy at BB&T (4.28 )

07:36 MAS Masco downgraded to Market Perform from Outperform at Wachovia (19.37 )

07:35 MTG prelim revs $399.1 mln vs $416.12 mln First Call consensus

07:35 DEI Douglas Emmett upgraded to Buy from Neutral at Merrill (21.63 )

07:35 DF Dean Foods misses by $0.03, beats on revs; guides Q1 EPS below consensus; issues FY08 EPS guidance (26.93 )

Reports Q4 (Dec) earnings of $0.27 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of $0.30; revenues rose 24.6% year/year to $3.23 bln vs the $3.08 bln consensus. Co issues downside guidance for Q1, sees EPS of $0.15-0.20 vs. $0.25 consensus. Co issues guidance for FY08, sees EPS of at least $1.20 vs. $1.44 consensus.
07:35 ORLY O’Reilly Auto downgraded to Market Perform from Outperform at BMO Capital (29.51 )

07:34 ROCK Gibraltar Industries downgraded to Market Perform from Outperform at Wachovia (11.66 )

07:33 PPHM Peregrine Pharma: Building Momentum in its Clinical Development - Rodman & Renshaw (0.62 )

Rodman & Renshaw says two weeks after receiving regulatory approval from the Republic of Georgia, Peregrine Pharmaceuticals reported this morning at the tenth annual BioCEO & Investor Conference in New York City that the first patient was dosed in the Phase II Bavituximab-Docitaxel combination trial in patients with advanced breast cancer. The aim of this multicenter, two-stage trial is to evaluate the overall response rate in an initial cohort of 15 patients to the treatment regimen, and if necessary in another 31 patients. Besides safety and efficacy, the trial will measure time to tumor progression, duration of response, and overall patient survival parameters. We remind investors that PPHM is conducting another Phase II Bavituximab and Carboplatin/Paclitaxel combination trial to treat similar patients in India as well. In firm’s opinion, continued progress in clinical trial activities indicates incremental positive momentum for the PPHM shares.
07:33 NXTM Nxstage Medical downgraded to Neutral from Buy at Piper Jaffray (8.49 )

07:33 XNN Xenonics reports Q1 earnings (1.82 )

XNN reports Q1 EPS of $0.01 vs $0.01 single analyst est; revs $3.56 mln vs $3.40 mln single analyst est. “We are pleased with our first quarter performance, which was driven primarily by shipments of our NightHunter devices to a variety of customers in the defense industry.”
07:33 TASR TASER announces 3 more product liability lawsuit dismissals (11.53 )

Co announces the dismissal with prejudice of the wrongful death product liability lawsuits filed against TASER International in the following cases: Fernandez v. TASER International, et al. filed in the United States District Court for the Northern District of California; LeBlanc v. TASER International, filed in the United States District Court for the Central District of California; and Moreno v. TASER International, filed in the Superior Court of the State of California, Los Angeles County, Central District.
07:33 COF Capital One: Credit realities limit upside - FBR (47.45 )

Friedman Billings reiterates their Market Perform rating on COF as they expect investor concerns regarding credit to be mitigated by a strong balance sheet and ample liquidity, but leaving no catalysts for positive movement in stock price. Before the open on Feb 12, COF reported managed data that demonstrated worse-than-expected credit performance in auto and GFS and inline credit performance in credit cards.
07:33 AXS AXIS Capital upgraded to Outperform from Market Perofmr at Wachovia (37.64 )

07:32 AWRE Aware: Strong in Biometrics and test products offsets DSL licensing shortfall - Merriman (4.03 )

Merriman says that while AWRE’s 4Q07 results were again impacted by the slower than expect rollout of VDSL2 networks, the co’s biometrics and test and diagnostics businesses continued to carry the day with strong growth and gross margins. However, they view the continued demand for AWRE’s DSL test products, both hardware and software, as a positive leading indicator as carriers upgrade copper infrastructure in preparation for more aggressive IPTV deployments in response to increasing competition from FTTx and cable operators.
07:32 CEPH Cephalon: After solid 4Q07, focus shifts to upcoming Fentora advisory committee panel meeting - Merriman (58.47 )

Merriman notes CEPH reported reported 4Q07 rev and pro-forma EPS of $450 mln and $0.83, compared to their ests of $451.8 mln and $0.83 and Street consensus ests of $437.6 mln and $0.77, respectively. On Jan 25, CEPH announced that the FDA had accepted the co’s supplemental New Drug Application for Fentora in the mgmt of breakthrough pain in opioidtolerant patients with chronic pain. However, the FDA also notified CEPH that Fentora’s sNDA will be discussed at a May 6, 2008 advisory committee panel meeting. Although Fentora is effective in treating breakthrough pain in a variety of indications, the advisory committee panel will likely address lingering questions about how to monitor and regulate the broader distribution of Fentora — and any related safety concerns. Unfortunately, this introduces additional risk related to Fentora’s pending approval in late 2008.
07:32 ARIA Ariad Pharm announces that it has promoted Richard Pascoe to the new position of chief operating officer (3.36 )

07:31 RICK Rick’s Cabaret: Merriman increasing ests with guidance to $2.00+ in FY09 EPS (26.03 )

Merriman believes RICK’s is in the enviable position of representing just about the only exit strategy for the 3,800 strip clubs in the United States. They expect mgmt to take advantage of its access to capital to fuel the expansion of its three distinct strip club brands to take additional share within the industry. Firm believes investors will soon begin to embrace the co’s leverage-able operating model and give it a valuation multiple more in-line with expected growth rates. Firm is increasing their FY08 and FY09 rev ests to $57.5 mln and $79 mln from $56.2 mln and $77.8 mln, with their EPS ests increasing to $1.19 and $1.74 from $1.06 and $1.66, respectively.
07:31 RDC Rowan Cos initiated with an Add at Calyon- tgt $42 (35.97 )

Calyon initiates RDC with an Add and a $42 tgt saying RDC concentrates on the lucrative high specification jackup segment and provides unparalleled service to its quality-oriented clients through its state-of- the-art rigs.
07:31 DNA Genentech: Color on AVADO trial (69.92 )

Friedman Billings states that last night, DNA commented on the Phase III AVADO trial testing Avastin in first-line metastatic breast cancer. Patients treated with Avastin (the full dose and the half dose) showed a statistically-significant increase in progression”free survival relative to those treated with Taxotere alone. There are two issues here: 1) will the new data - which is PFS and not overall survival ” be sufficient for approval (and, if so, by what date), and 2) was the half dose as good as the full dose (as was the case AVAIL)? Full PFS results by dose will presumably have to wait until ASCO. Regarding Avastin approval in breast, they bet the FDA will wait to see the overall survival data from AVADO and RIBBON. If these show a survival benefit “which they would give 50:50 odds ” the FDA may approve Avastin in breast (probably ‘09 at the earliest). Firm is maintaining their Market Perform rating and $67 tgt… Robert Baird is incrementally positive on DNA after the news that AVADO met its primary endpoint of improved progression-free survival. While it is unclear whether this makes for a timely Feb 23 Avastin sBLA approval, they believe that the odds of an earlier approval than what they currently model (2H09) are better.
07:31 DF sees Q1 $0.15-0.20 vs $0.25 First Call consensus

07:31 ISPH Inspire Pharm initiates second phase 3 cystic fibrosis trial (3.97 )

Co announces the initiation of TIGER-2, its second pivotal Phase 3 clinical trial with denufosol tetrasodium inhalation solution for the treatment of cystic fibrosis. TIGER-1, Inspire’s first Phase 3 study with denufosol for cystic fibrosis, completed enrollment in October 2007 and the co expects to report top-line efficacy results for this initial trial mid-2008.
07:30 DF prelim $0.27 vs $0.30 First Call consensus; revs $3.23 bln vs $3.08 bln First Call consensus

07:30 PROS ProCentury profiled in New America section of IBD (16.28 )

IBD reports the co was building a software platform that would help vendors choose the most profitable prices to offer their customers. Pros also has branched out into other industries: manufacturing, distribution and assorted services such as car rentals… “There’s no doubt in my mind that price optimization is here to stay,” said Pacific Crest analyst Nabil Elshashai, using the term of art for Pros’ service. “If it has not yet hit the mainstream, it’s getting very close.” PROS targets large, global cos, partly because they have so many transactions going on, and partly because of the $1.8 mln cost of a new Pros system. The Pros Suite involves many moving parts. Pricing analytics study a large database of market research, inventory levels, geography, adverse trends and so on. The customer can process this either by setting general rules that will generate prices automatically or by using the Deal Manager to price a specific transaction. This complex system requires upgrades and maintenance fees, which provide about 20% of Pros’ revenue. The co’s CEO Albert Winemiller boasts of the co’s 96% maintenance renewal rate, as well as the fact that a third of licensing revenue comes from add-ons for existing customers. This helps keep a steady stream of money coming in, say analysts. But its big-ticket customer base makes results lumpy. “There is no question that Pros sells large deals for which it is very difficult to predict the closing date,” Needham analysts said in a Dec. 17 initiation report. “(W)e strongly suggest that investors who want to play the quarter-to-quarter guessing game not buy PRO.” Winemiller downplays the cyclical turns. He says the overall business is new and still ramping up, with room to grow even if its customers are getting a bit creaky. The value proposition is also compelling for a struggling company, he adds.
07:30 CP Canadian Pacific and Consolidated Fastfrate sign 10-year $500 mln milestone agreement (69.67 )

Canadian Pacific (CP) and Consolidated Fastfrate announce a new $500 mln agreement that extends their existing contract for an additional 10 years.
07:25 ABD ACCO Brands reports Q4 EPS of $0.66 vs $0.55 First Call consensus; revs $533.4 mln vs $521.00 mln First Call consensus (13.67 )

07:21 AMAT Applied Materials: Color on quarter (18.07 -0.36)

Broadpoint Capital says AMAT reported Pro forma EPS of $0.23,above firm’s and consensus ests of $0.20. Firm says bookings of $2.5 bln increased 13% sequentially vs. the co’s original guidance of down 5%-10%, however, this growth is not too surprising, given the co’s recent analyst day commentary on the strength in display and solar booking activity. Silicon system orders however declined 20% sequentially and 39% Y/Y.Despite overall order strength in the Jan quarter, the outlook for AMAT’s core silicon systems business remains weak in the near term and we have concerns regarding the sustainability of strength in the company’s display business in 2H:08… Friedman Billings says AMAT’s Jan-Q report exceeded their expectations,which,combined with strong guidance, should help lift the consensus ests, reflecting AMAT’s strategy of diversifying rev streams beyond the traditional semis. What is particularly important to note from the Jan-Q report is that AMAT has finally begun to recognize (thin film) solar orders in the backlog, a strong catalyst to help offset the weak silicon biz. Although there remains volatility in solar-related bookings (due to the exact timing of thin film orders), they believe the fact that AMAT has begun to recognize such bookings should be enough to bring back confidence in its ability to succeed in the diversification endeavor, and thus justify multiple expansion. Firm increases their FY08 rev/pro forma/GAAP EPS from $8.599 bln/$1.05/$0.94 to $8.657 bln/$1.10/$0.95, and introducing their FY09 ests of $10.701 bln/$1.48/$1.37. The bears are expected to focus on the weak silicon biz, as well as rev mix, adversely impacting the overall margin profile in the Apr-Q… ThinkEquity says that while they expect solar to remain under 15% of AMAT’s revs for the next few years, recognition from previous contracts should provide a fillip for the next few quarters while the co waits for foundries to recover. Firm expects FQ2 orders of $2.5bln +/- $100 mln in April-08, above the previous estimate of $2.3B +/- $100M. Upside stems from an accelerated recognition of solar contracts as orders and positive lumpiness in flat panels. They expect FQ3 (Jul) to be flat with FQ2 (below their previous ests of $2.6 bln in July) due to negative lumpiness in flat panels… Lehman maintains view that sentiment has gotten ahead of itself for solar biz and remain concerned about negative impact of LCD/solar margins on earnings power (which was evident in earnings guide). To this end, they still model below cons CY08 EPS ests. This said, view downside as ltd to $16-17 level, suggesting shares likely rangebound for forseeable future.
07:19 MICC Millicom reports Q4 (Dec) results, beats on revs (104.95 )

Reports Q4 (Dec) earnings of $1.11 per share, may include gains, charges, may not be comparable to the First Call consensus of $1.23; revenues rose 41.2% year/year to $768 mln vs the $755.7 mln consensus. Board of Directors is recommending a special dividend of $2.40 to be paid following ratification at the Annual General Meeting in May 2008.
07:17 MICC prelim $1.11 vs $1.23 First Call consensus; revs $768 mln vs $755.68 mln First Call consensus

07:17 KO Coca-Cola beats by $0.03, beats on revs (59.92 )

Reports Q4 (Dec) earnings of $0.58 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.55; revenues rose 23.6% year/year to $7.33 bln vs the $7.01 bln consensus.
07:16 Bank of England indicates scope for rate cuts limited - Bloomberg.com

Bloomberg.com reports that the Bank of England raised its inflation forecast and signaled policy makers may need to keep interest rates higher than markets currently predict. Inflation will overshoot its 2% goal in two yrs and risks breaching the government’s upper 3% limit before then, the central bank said in London today. The bank based its forecasts on market expectations for the benchmark interest rate to fall to 4.5% by the end of the year. The pound rose after King’s comments, which came as the Bank of England weighs the need for a third interest-rate cut from the current 5.25% to cushion the economy from a slowdown. While the U.S. Federal Reserve lowered its benchmark at the fastest pace since 1990 last month, U.K. policy makers have been more cautious as they seek to control inflation, which reached a seven-month high in January. Assuming rates stay unchanged “inflation is more likely to be below the 2% target than above,” said Bank of England Governor Mervyn King at a press conference in London today. King said it’s “odds on” inflation will exceed 3% and he’ll have to write a letter of explanation to Chancellor of the Exchequer Alistair Darling for only the second time since the bank won rate-setting independence in 1997.
07:14 ACGY Acergy reports Q4 (Nov) results, misses on revs (17.98 )

Reports Q4 (Nov) loss of $0.11 per share, includes charges, gains, may not be comparable to the First Call consensus of $0.35; revenues rose 23.1% year/year to $754.3 mln vs the $770.7 mln consensus.
07:13 RADA RADA Electronic Industries receives a $2.7 mln production order from a strategic customer for the production of digital video recorders, cameras and debriefing stations (2.08 )

07:12 WMI Waste Mgt beats by $0.03, beats on revs; guides FY08 EPS in-line (33.13 )

Reports Q4 (Dec) earnings of $0.54 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.51; revenues rose 2.4% year/year to $3.36 bln vs the $3.31 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.19-2.23 vs. $2.21 consensus; co sees internal rev growth on base business from yield of 2.5-3.0%; sees internal rev growth from volume down 2.5-3.0%.
07:11 DKS Dick’s Sporting Goods downgraded to Neutral from Positive at Susquehanna (32.40 )

07:11 DE Deere beats by $0.05, beats on revs (86.48 )

Reports Q1 (Jan) earnings of $0.83 per share, $0.05 better than the First Call consensus of $0.78; revenues rose 17.5% year/year to $5.2 bln vs the $5.07 bln consensus. Company equipment sales are projected to increase by about 17 percent for full-year 2008 and to be up approximately 23 percent for the second quarter. Currency accounts for approximately 3 percent of the sales increase for both periods. Deere’s net income is forecast to be about $2.2 billion for the year and in a range of $700 million to $725 million for the second quarter.
07:10 CALLS Early Research Calls III

Upgrades: Credit Suisse upgrades Ensco (ESV 53.63) to Neutral from Underperform. Downgrades: Credit Suisse downgrades T Row Price (TROW 50.14) to Neutral from Outperform. Miscellaneous: J.P Morgan initiates Capella Education (CPLA 61.0 with a Neutral… Credit Suisse initiates VisionChina (VISN 7.60) with an Outperform.
07:10 WSTM Workstream announces merger with Empagio; Empagio will own 75% of combined entity (0.94 )

Co announces the signing of a definitive agreement in which Workstream will merge with the operating holding company of Empagio. Pursuant to the merger agreement, Empagio will own 75% and WSTM will own 25% of the combined entity on a fully diluted basis. The agreement contains a holdback provision that will require Empagio to maintain cash flow targets for the one-year period following the closing or Empagio’s equity holders will return up to 20% of the shares issued. Seth Bernstein, Chief Executive Officer of Empagio, will become a 60% majority shareholder of the company and will be subject to a lock-up agreement for a period of 18 months following the closing.
07:09 FSLR First Solar beats by $0.24, beats on revs (175.56 )

Reports Q4 (Dec) earnings of $0.77 per share, $0.24 better than the First Call consensus of $0.53; revenues rose 26.3% year/year to $200.8 mln vs the $179.6 mln consensus. “During the fourth quarter of 2007 we benefited from the full capacity and economies of scale of our Frankfurt/Oder plant. This combined with continued throughput and conversion efficiency gains afforded us strong operating leverage and decreased our manufacturing cost per watt by 12% year over year to $1.12 per watt in the fourth quarter of 2007, further solidifying our cost leadership position in the industry.”
07:09 NOVA Novamed misses by $0.05, reports revs in-line (3.86 )

Reports Q4 (Dec) earnings of $0.03 per share, $0.05 worse than the First Call consensus of $0.08.
07:08 TRX Tronox reports Q4 (Dec) results, beats on revs (7.55 )

Reports Q4 (Dec) loss of $1.39 per share, includes tax expense of $0.87 which includes a valuation allowance of $29.5 mln, may not be comparable to the First Call consensus of ($0.05); revenues rose 8.9% year/year to $357.6 mln vs the $346.5 mln consensus.
07:06 JNY Jones Apparel beats by $0.02, misses on revs; guides FY08 EPS below consensus (15.45 )

Reports Q4 (Dec) earnings of $0.09 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.07; revenues fell 16.7% year/year to $838.5 mln vs the $874.8 mln consensus. Co issues downside guidance for FY08, sees EPS of $1.25-1.50, excluding non-recurring items, vs. $1.54 consensus.
07:04 MXGL Max Capital Group announces increase in share repurchase plan up to $100 mln (28.50 )

07:04 WMI sees FY08 $2.19-2.23 vs $2.21 First Call consensus

07:03 WMI prelim $0.54 vs $0.51 First Call consensus; revs $3.36 bln vs $3.31 bln First Call consensus

07:03 KO prelim $0.58 ex items vs $0.55 First Call consensus; revs $7.33 bln vs $7.01 bln First Call consensus

07:03 FSLR prelim $0.68, ex items vs $0.53 First Call consensus; revs $200.8 mln vs $179.56 mln First Call consensus

07:03 LB LaBarge receives $2.2 mln contract from Raytheon for JSOW program (14.36 )

Co announces it has been awarded a $2.2 mln contract from Raytheon Missile Systems to continue to provide complex cable harnesses for the JSOW system.
07:02 TRX prelim ($1.39) may not compare to ($0.05) First Call consensus; revs $357.6 mln vs $346.53 mln First Call consensus

07:02 ACOR Acorda Therapeutics announces pricing of public offering of common stock of 3.3 mln shares at $21.50 (21.54 )

07:01 SWIM Investools announces brokerage and education metrics for january 2008; new accounts opened of 8,050 (12.46 )

Co announces performance metrics for January 2008. “Investools posted significant growth in our brokerage business, demonstrating the confidence that educated investors place in our trading platforms to help them navigate this volatile period in the financial markets. thinkorswim’s 48,500 Retail DARTs represent an all-time record, and our 8,050 new accounts represent a strong start for 2008.” thinkorswim new accounts opened were of 8050, total accounts opened of 132225, 148% higher than January 2007. New funded accounts of 3675, 58% higher than January 2007.
07:01 DE prelim $0.83 vs $0.78 First Call consensus; revs $5.2 bln vs $5.07 bln First Call consensus

07:01 PFCB sees FY08 $1.32-1.38 vs $1.34 First Call consensus; sees revs up 13-14%

07:01 NOVA prelim $0.03 vs $0.08 First Call consensus; revs $33.34 mln vs $33.59 mln First Call consensus

07:01 CUB Cubic Awarded $18.7 mln for virtual small arms training systems for U.S. Army and National Guard (27.73 )

Co announces it has received a $18.7 mln order for Engagement Skills Trainer 2000 small arms training systems and simulated weapons for the U.S. Army and the Army National Guard. EST 2000, validated by the U.S. Army Infantry School, teaches marksmanship skills, squad-level collective defense, and judgmental “shoot-don’t shoot” tactics.
07:01 PFCB prelim $0.28 may not compare to $0.33 First Call consensus; revs $291.9 mln vs $292.26 mln First Call consensus

07:00 DDSS Labopharm’S once-daily Tramadol approved in South Korea and Australia (2.59 )

Co announces that its once-daily tramadol product has received regulatory approval from the Korea Food and Drug Administration, which allows for the marketing and sale of Labopharm’s once-daily tramadol product in South Korea, and from the Australian Department of Health and Aging, which allows for the marketing and sale of Labopharm’s once-daily tramadol product in Australia.
07:00 ECONX MBA Mortgage Applications -2.1% vs 3.0% prior

06:53 NTWK Netsol reports Q2 EPS of $0.07 vs $0.08 single estimate; reports revs up 16% yr/yr to $8.4 mln vs $9.7 mln single estimate (2.28 )

Co reaffirms Y08 guidance, sees EPS of $0.28-0.32 vs $0.32 single estimate; sees revs up 25-30% yr/yr.
06:50 ANSW Answers cancels public offering (4.92 )

Co announces the termination of the proposed public offering of its common stock, due to unfavorable market conditions. The agreement to acquire Lexico will expire on March 1, 2008. Founder and CEO Robert S. Rosenschein explained, “Due to the state of public markets, we were unable to complete our proposed public offering.
06:49 Nikkei ends up 0.4%, Shanghai closes down 2.3%; Sensex ends up 341pts

Japan’s Nikkei closed up 0.4% at 13,068.30, reversing some of its earlier gains on caution ahead of the release of US retail sales data for January later today. The broader Topix was down 0.75 points at 1,285.35. South Korea’s Kospi closed 0.7% down at 1,631.78, reversing a Wall Street-inspired rally earlier in the day, after the country’s central bank governor warned against growing downside risks to economic growth. In China, the Shanghai Composite Index closed down 2.37% at 4,490.72, pulled down by banks and other large-caps… India’s Sensex opened with a positive gap of 209 points at 16,817. More buying in morning deals saw the index rally past the 17,000-mark to a high of 17,141. After dropping to a low of 16,726 in noon deals on profit-taking, the Sensex finally ended with a gain of 341 points at 16,949. The NSE Nifty moved up 91 points to 4,929. (Thomson, Business Standard)
06:49 European stocks pare losses as pharmas, autos gain

European equities pared earlier declines on Wednesday to trade only slightly lower, supported by gains in defensive stocks. By 0950 GMT, the pan-European FTSEurofirst 300 index was down 0.4 percent at 1,329.4 points, having fallen earlier by as much as 1.3 percent. The benchmark has lost about 12% so far this year. At 0954 GMT, the FTSE 100 index was down 0.53% at 5,878.7. Germany’s DAX is off 0.5%, and France’s CAC is lower by 0.5% as well. (Reuters)
06:49 CHH Choice Hotels reports Q4 EPS of $0.44 vs $0.42 consensus; reports revs up 19% yr/yr to $169.0 mln vs $150.4 mln consensus (33.94 )

Co sees Q1 EPS of $0.26 vs $0.28 consnesus; co sees RevPAR up approx 2% and approx 3%.
06:48 CALLS Early Research Calls II

Upgrades: Bear Stearns upgrades Valeant Pharma (VRX 13.25) to Peer Perform from Underperform… UBS upgrades HSBC Holdings (HBC 72.71) to Buy from Neutral… Citigroup upgrades Dynegy (DYN 7.62) to Buy from Hold… J.P Morgan upgrades Diamond Offshore (DO 108.14) to Neutral from Underweight. Downgrades: Citigroup downgrades Blue Nile (NILE 53.85) to Hold from Buy… J.P Morgan downgrades Brown Forman (BF.B 66.2 to Underweight from Neutral… J.P Morgan downgrades Brasil Telecom (BRP 70.62) to Neutral from Overweight… J.P Morgan downgrades American Reprographics (ARP 14.84) to Neutral from Overweight… RBC downgrades Broadwalk Pipeline (BWP 30.16) to Sector Perform from Outperform. Miscellaneous: J.P Morgan initiates Taser (TASR 11.53) with an Overweight… J.P Morgan adds Molson Coors (TAP 49.66) to their Focus List.
06:46 SKT Tanger Factory reports Q4 FFO of $0.70 vs $0.68 consensus; reports revs up 6% yr/yr to $62.0 mln vs $58.2 mln single estimate (37.30 )

06:43 S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +13.5.
06:41 JRN Journal Commun reports EPS in-line, misses on revs (8.25 )

Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, in-line with the First Call consensus of $0.19; revenues fell 15.8% year/year to $147.6 mln vs the $150.7 mln consensus. For the first quarter of 2008, Journal Communications currently anticipates that its publishing revenues will be down compared to the prior year, reflecting continued challenges in classified advertising, partially offset by continued strength in online, commercial printing and commercial distribution. Both radio and television revenues are expected to be down slightly.
06:34 CALLS Early Research Calls I

Upgrades: BofA upgrades Schering-Plough (SGP 21.83) to Buy from Neutral and maintains their $26 tgt, following Q407 EPS and revenue that exceeded consensus estimates and remain optimistic on Schering’s longer-term story and believe current share levels price in significant cuts to its cholesterol franchise from ENHANCE… Broadpoint upgrades Cephalon (CEPH 58.47) to Strong Buy from Buy, based on valuation followng Q407 results that were in line with firm estimates. Downgrades: Oppenheimer downgrades Morgan Stanley (MS 42.71) to Perform from Outperform, due to a limited upside given lowered estimates and target multiple. Miscellaneous: Merriman initiates Glu Mobile (GLUU 5.31) with a Buy, based on their view fo continuing growth in the mobile gaming market, management’s ability to achieve consistent profitability as it unveils its lineup of original and licensed mobile gaming titles and the successful integration of recently announced acquisitions… Merriman initiates USA Technologies (USAT 5.17) with a Buy, based on their successful adoption rate of deploying its wireless cashless vending solution during the next 9-12 months and view its first-mover advantage and extensive patent portfolio as barriers to entry and look for additional rollouts to drive its recurring revenue.
06:28 S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +13.5.
06:28 European Markets

FTSE…5865.50…-44.50…-0.8%. DAX…6935.09…-32.75…-0.5%.
06:28 Asian Markets

Nikkei…13068.30…+46.34…+0.4%. Hang Seng…23169.55…+247.88…+1.1%.
06:22 DIET eDiets.com announces an agreement with GlaxoSmithKline (4.86 )

Co announces an agreement with GlaxoSmithKline (GSK) Consumer Healthcare eDiets to provide customized meal delivery plans specifically designed for use with the market-leading alli product for weight loss.
06:19 JCDA Jacada announces $10 mln share repurchase program (3.48 )

06:15 OPXT Opnext announces expected restatement of financial statements (5.54 )

Co announces that in the course of preparing their financial statements for the quarter ended December 31, 2007, the co has determined that errors occurred in the valuation of inventory consigned to one of its contract manufacturers and that, as a result, inventory and trade payables balances and the reported amounts of cost of goods sold and other income expense, net, were not properly reported for each of the fiscal years ended March 31, 2006 and March 31, 2007, and for the affected quarterly periods in each of those years. OPXT estimates that, as a result of the errors, net income was overstated by approx $1.8 mln for the fiscal year ended March 31, 2007 and its net loss was understated by approx $1.0 mln for the fiscal year ended March 31, 2006. In addition, net income was overstated by approx $0.7 mln for the three-month period ended December 31, 2006 and was understated by approx $0.1 mln for the three-month period ended September 30, 2006, while net loss was understated by approx $0.5 mln for the three-month period ended June 30, 2006. OPXT expects to file an amendment to its 10-K for the fiscal year ended March 31, 2007 to restate the previously issued audited financial statements for the years ended March 31, 2007 and March 31, 2006.
06:10 GWR Genesee & Wyoming beats by $0.06, beats on revs (27.12 )

Reports Q4 (Dec) earnings of $0.40 per share, excluding discontinued operations, $0.06 better than the First Call consensus of $0.34; revenues rose 14.3% year/year to $134.5 mln vs the $125.7 mln consensus.
06:05 GNA Gerdau AmeriSteel beats by $0.04, beats on revs; announces $0.25 special dividend (13.19 )

Reports Q4 (Dec) earnings of $0.37 per share, $0.04 better than the First Call consensus of $0.33; revenues rose 66.9% year/year to $1.73 bln vs the $1.65 bln consensus. On Feb. 12, co’s Board approved a special cash dividend of $0.25 per common share, payable March 13, 2008 to shareholders of record at the close of business on February 28, 2008.
05:52 CADA Cam Commerce Solutions reports Q108 results (40.85 )

Reports Q1 (Dec) earnings of $0.39, $0.01 better than the First Call consensus fo $0.38; revenues rose 37% year/year to $9.85 mln vs the $9.37 mln consensus.
05:47 NICE Nice Systems beats by $0.01, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY08 EPS in-line, revs in-line (31.57 )

Reports Q4 (Dec) earnings of $0.39 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.38; revenues rose 21.1% year/year to $145.8 mln vs the $144.5 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.34-0.37 vs. $0.36 consensus; sees Q1 revs of $142-146 mln vs. $140.30 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.65-1.75 vs. $1.71 consensus; sees FY08 revs of $615-630 mln vs. $619.41 mln consensus. Q407 non-GAAP gross margin was 64.7%, up from 64.3% in Q406.
05:41 Northern Rock bidders told to improve offers: Sources - Reuters

Reuters reports two suitors competing to rescue British bank Northern Rock have been told to improve their offers to beat the alternative of nationalization, sources familiar with the matter said. The Virgin consortium, though, has been picked as a front-runner, ahead of a rival “in-house” proposal led by the mortgage bank’s current management team, the sources said. “Virgin are ahead at the moment but they would need to improve their offer before the government is ready to do a deal,” one source close to the talks said. A spokesman for entrepreneur Richard Branson’s Virgin said the group would continue to talk to the government about its proposal, but declined to comment further.
05:36 AIG Is AIG on slippery slope? - WSJ (46.14 )

The Wall Street Journal reports the scope of the accounting problems at AIG (AIG) appears far narrower than those that swamped the insurer in 2005 and led to the exit of longtime leader Maurice R. “Hank” Greenberg. The current situation could become more painful, especially if AIG has to keep on valuing its exposures in the same way going forward. The change the co announced Monday increased the size of its write-down for a single month, November, by $3.6 bln. For the full Q4, Goldman Sachs analyst Thomas Cholnoky estimated in a research report yesterday that AIG may be forced to write down $10 bln for those exposures. AIG hasn’t announced when it will report quarterly results, but it has until Feb. 29 to file its annual report. “The estimated market values are having a real-world impact in that they reduce reported earnings, they reduce reported shareholders’ equity,” says Bruce Ballantine, an analyst at Moody’s Investors Service. They also could reduce the co’s financial flexibility “to some extent.” The hit to AIG’s credibility was severe not just because of the size of the change in the expected write-down but because analysts and investors found the co’s explanation of what caused the increased loss to be difficult to decipher. At issue for AIG is the valuation of a portfolio of what are essentially insurance contracts that the co sold, known as credit default swaps. The key question now: How to value that portfolio? These kinds of highly specialized instruments aren’t traded even in normal circumstances, making them hard to price. Valuing them becomes more difficult when the market for the securities and assets they’re linked to is in the kind of distressed situation that currently exists.
05:29 Credit woes hit funding for loans to students - WSJ

The Wall Street Journal reports the credit crunch that has so far caused more than $100 bln of losses for big Wall Street investment firms now extends to students in Michigan, and it could soon hit many other borrowers, ranging from California museums to Deerfield Academy prep school in Massachusetts. Yesterday, the Michigan Higher Education Student Loan Authority, a state agency, said on its Web site that “due to the current and unprecedented capital-markets disruption” it will stop making loans under the state’s Michigan Alternative Student Loan, or MI-Loan, program. More than 100 Michigan colleges and universities participate in the program. Many of the more than 100 auctions that failed yesterday were held on behalf of closed-end mutual funds, which use auction-rate securities as a way to borrow to enhance the returns in their funds. Student-loan authorities in places like Mississippi and Montana were also on the list of failures, as were de Young and Carnegie Hall. The Michigan student-loan authority wasn’t on the list of failed auctions. It previously has issued auction-rate bonds, though it isn’t clear whether that market was the cause of its current financial crunch. Spokesmen for the authority weren’t immediately available for comment. In a memo Monday to the authority, Patricia W. Scott, director of Michigan’s student financial services bureau, said, “This is attributable to the capital-markets disruption on our ability to issue new debt,” and added that new lending to students would resume, “when conditions warrant and funds become available.”
05:24 RTP Rio Tinto posts solid results, says BHP must boost offer ‘considerably’ - WSJ (428.18 )

The Wall Street Journal reports Rio Tinto (RTP) Wednesday posted a full-year profit ahead of expectations, which analysts say it will deploy to bolster its argument that a $147.4 bln takeover offer from rival miner BHP Billiton (BHP) undervalues the co. Rio Tinto said its full year net profit fell 2% to $7.31 bln, from $7.44 bln in the previous year. However, underlying earnings rose 1% to $7.44 bln, from $7.34 bln in 2006, ahead of the market consensus for about $7.1 bln. Rio Tinto Chairman Paul Skinner said the outlook for the miner’s products and the global economy remains “very positive,” with fast growth in countries like China and India driving demand as their large populations continue to urbanize. “These long-term trends are driven by domestic developments, and are therefore largely insulated from any potential near-term weakness in Western economies,” Mr. Skinner said in a statement. Higher commodity prices boosted earnings for the year by $1.36 bln and rising output increased earnings by $516 mln, while currency movements carved $403 mln from the result and freight, demurrage and energy costs all rose. Rio Tinto’s iron-ore chief executive, Sam Walsh, said BHP’s offer of 3.4 of its shares for every one Rio Tinto share doesn’t reflect the value of Rio Tinto’s business and needs to rise “considerably” before Rio Tinto will enter talks. “At a point in time, when BHP comes within cooee we will sit down and talk with them,” Mr. Walsh told reporters in Perth. “But they (BHP) are not in the ballpark — they are not in two ballparks from the value at this stage.” Consolidated sales revenue for the year climbed 32% to $29.70 bln from $22.47 bln a year earlier, thanks to higher prices.
05:19 Early Newspaper Headlines

WSJ: Rio Tinto (RTP) posts solid results, says BHP (BHP) must boost offer ‘considerably’… Credit woes hit funding for loans to students… Is AIG (AIG) on slippery rope? Reuters: Northern Rock bidders told to improve offers: Sources.
05:05 WIRES On The Wires -Update-

HP (HPQ) and Unilever (UL) announce an extension of their relationship with the signing of a seven-year outsourcing contract for the management of Unilever’s technology infrastructure in the Americas, Asia, Africa, Turkey and Middle East; contract is valued at $675 mln.
04:29 Embotelladora Andina mentioned positively in Weekday Trader - Barron’s Online

Barron’s Online reports shares of Embotelladora Andina (AKOA 19.11) may be overlooked compared to Coca-Cola Hellenic Bottling (CCH) and Coca-Cola Femsa (KOF). David Riedel, who runs Riedel Research, an independent research firm specializing in emerging markets, thinks the stock has simply been overlooked. Andina currently has a 68% share of that country’s market for soft drinks. But the real growth opportunities for the co are in Brazil, where the co consolidated its ownership of Coke bottlers earlier in this decade, and Argentina. The co’s franchise area in Brazil and Argentina covers 18.1 mln people and 10.3 mln, respectively, compared with 7.2 mln in Chile. Not only are those markets bigger, but since per capita soft-drink consumption is lower, there’s more potential for growth. Brazilians and Argentines drink just 70 liters a year, compared with 114 liters a year in Chile. Riedel expects sales to grow 4% in Chile this year, while Brazil and Argentina should grow 20% and 12%, respectively, as economic growth drives up demand.
04:28 AKO.A Embotelladora Andina mentioned positively in Weekday Trader - Barron’s Online (19.11 )

Barron’s Online reports shares of Embotelladora Andina (AKOA) may be overlooked compared to Coca-Cola Hellenic Bottling (CCH) and Coca-Cola Femsa (KOF). David Riedel, who runs Riedel Research, an independent research firm specializing in emerging markets, thinks the stock has simply been overlooked. Andina currently has a 68% share of that country’s market for soft drinks. But the real growth opportunities for the co are in Brazil, where the co consolidated its ownership of Coke bottlers earlier in this decade, and Argentina. The co’s franchise area in Brazil and Argentina covers 18.1 mln people and 10.3 mln, respectively, compared with 7.2 mln in Chile. Not only are those markets bigger, but since per capita soft-drink consumption is lower, there’s more potential for growth. Brazilians and Argentines drink just 70 liters a year, compared with 114 liters a year in Chile. Riedel expects sales to grow 4% in Chile this year, while Brazil and Argentina should grow 20% and 12%, respectively, as economic growth drives up demand.
04:28 AKO.A Embotelladora Andina mentioned positively in Weekday Trader - Barron’s Online (19.11 )

Barron’s Online reports shares of Embotelladora Andina (AKOA) may be overlooked compared to Coca-Cola Hellenic Bottling (CCH) and Coca-Cola Femsa (KOF). David Riedel, who runs Riedel Research, an independent research firm specializing in emerging markets, thinks the stock has simply been overlooked. Andina currently has a 68% share of that country’s market for soft drinks. But the real growth opportunities for the co are in Brazil, where the co consolidated its ownership of Coke bottlers earlier in this decade, and Argentina. The co’s franchise area in Brazil and Argentina covers 18.1 mln people and 10.3 mln, respectively, compared with 7.2 mln in Chile. Not only are those markets bigger, but since per capita soft-drink consumption is lower, there’s more potential for growth. Brazilians and Argentines drink just 70 liters a year, compared with 114 liters a year in Chile. Riedel expects sales to grow 4% in Chile this year, while Brazil and Argentina should grow 20% and 12%, respectively, as economic growth drives up demand.
04:28 AKOA Embotelladora Andina mentioned positively in Weekday Trader - Barron’s Online (19.11 )

Barron’s Online reports shares of Embotelladora Andina (AKOA) may be overlooked compared to Coca-Cola Hellenic Bottling (CCH) and Coca-Cola Femsa (KOF). David Riedel, who runs Riedel Research, an independent research firm specializing in emerging markets, thinks the stock has simply been overlooked. Andina currently has a 68% share of that country’s market for soft drinks. But the real growth opportunities for the co are in Brazil, where the co consolidated its ownership of Coke bottlers earlier in this decade, and Argentina. The co’s franchise area in Brazil and Argentina covers 18.1 mln people and 10.3 mln, respectively, compared with 7.2 mln in Chile. Not only are those markets bigger, but since per capita soft-drink consumption is lower, there’s more potential for growth. Brazilians and Argentines drink just 70 liters a year, compared with 114 liters a year in Chile. Riedel expects sales to grow 4% in Chile this year, while Brazil and Argentina should grow 20% and 12%, respectively, as economic growth drives up demand.
04:26 ‘Mad Money’ Recap: Lightning Round cont. - TheStreet.com

Cramer was bullish on Masimo (MASI), People’s Bank (PBCT) and Hudson City Bancorp (HCBK).
04:25 ‘Mad Money’ Recap: Lightning Round - TheStreet.com

Cramer was bearish on Nam Tai Electronics (NTE), RH Donnelley (RHD), Citigroup (C) and Harley Davidson (HOG).
04:24 Cramer’s ‘Mad Money’ Recap - TheStreet.com

On Tuesday’s edition, Jim calls Yum! Brands (YUM) one of the most pro-shareholder, pro-growth companies available and believes the co can turn around sales. He also claims the aerospace/defense, minerals/mining, agriculture, oil/oil services and infrastructure sectors “sprang to life” Tuesday, confirming they are in a bull market mode.
04:02 WIRES On The Wires -Update-

Shire plc (SHPGY) announces that ELAPRASE, a human enzyme replacement therapy for the treatment of Hunter syndrome, has been approved for commercial sale by the Mexican Federal Commission for the Protection against Sanitary Risk.
04:00 ASX Advanced Semiconductor Engineering announces monthly net revenues (4.10 )

Co announces January consolidated net revenues increased 20.3% year/year to NT$ 8,592 mln. Sequential revenues decreased 7.1% year/year.
03:40 DASTY Dassault Systems reports Q407 results (54.68 )

Reports Q4 (Dec) earnings of EUR 0.78, excluding non-recurring items, EUR 0.06 better than the First Call consensus of EUR 0.72; revenues rose 5.1% year/year to EUR 371.1 mln vs the EUR 371.69 consensus. Co expects Q108 revenue of EUR 305-310 mln and EPS of EUR 0.40-0.42; co expects FY08 EPS of EUR 2.17-2.22. Co allocates EUR 35 mln for share buybacks.
03:20 WIRES On The Wires

Omnicom Group (OMC) has acquired a majority interest in Shift, a digital consultancy in New Zealand… Amdocs (DOX) announces that Eagle Mobile, Albania’s third mobile service provider, has selected the Amdocs Compact Convergence suite… NAVTEQ (NVT) announces an agreement with Telefonica for the cooperative innovation of new mobile traffic products for European markets… TeleCommunication Systems (TSYS) announces that Allion, an IT testing organization, will implement the TCS Xypoint Secure User Plane for Location Server to deliver Location-Based Services to Asia-Pacific customers.
03:18 SCMM SCM Microsystems announces expected Q407 results (3.00 )

Co announces expected results for Q407. Revenue is expected above the high end of management’s previous guidance of $7.5 mln to $9.0 mln. Gross margin is expected above management’s previous guidance of 40%. Revenue from continuing operations in Q407 is expected to be between $9.1 mln and $9.8 mln, above previous guidance of $7.5 mln to $9.0 mln. The expected improvement in revenue for Q407 vs previous guidance was due to additional sales of the PC Security products for U.S. government security programs and larger orders of Flash Media Reader products from a major customer. For FY08, co expects revenue growth between 25% and 35% from expected 2007 levels, resulting in total revenue of $37.0-$41.0 mln.
02:29 ELN Elan misses by $0.03, beats on revs (25.14 )

Reports Q4 (Dec) loss of $0.18 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of ($0.15); revenues rose 31.2% year/year to $218.3 mln vs the $202.8

Trading for the Masses

Good to Go Pile . . .

February 13, 2008 · No Comments

Retail Numbers look good

February 13, 2008 · No Comments

Data Feed

February 13, 2008 · No Comments