Trading for the Masses

Buy The Dip, and Sell the Rip!!

19:08 WRAPX After Hours Summary: NSM +9.4% on earnings/guidance; MRVL –5.6% on earnings/guidance; FRZ -23.3% (Federal officials executed a search warrant at the co’s office)

Companies moving in after hours trading in reaction to earnings: Trading Up: MVIS +14.7%; SMTX +14.2%; NSM +9.4%; OPTM +6.7%; ZQK +5.4%; SWHC +5.1%; COO +4.8%; VVUS +3.4%; DEPO +2.3%; PEGA +1.6%; DSTI +1.6%; IVC +1.3%… Trading Down: PSPT -20.1%; CPRT -13.7%; BLG -8.0%; CASY -7.7%; BOOM -7.6%; ANGO -6.3%; MRVL -5.6%; STAA -5.6%; WPTE -3.9%… Companies moving in after hours trading in reaction to news: Trading Up: VMED +6.4% (appointed Neil Berkett as CEO; announces the upcoming resignation of CFO); CMZ +6.0% (successfully completed the first horizontal well in southern Alberta); PWER +4.3% (extends $50 mln loan agreement for 2 yrs); ARRY +3.0% (Director bought 30K shares at $6.37 on 3/5); VVTV +2.4% (Director bought 30K shares at $6.37 on 3/5); ALB +2.2% (to raise prices of ETHACURE curatives); NFLX +2.2 (announces authorization of new $150 mln stock buyback); SURW +1.3% (Dan Bessey appointed Vice President, CFO)… Trading Down: FRZ -23.3% (Federal officials executed a search warrant at the co’s office); NG -8.8% (plans C$130 mln share offering); KNL -1.8% (announces 10b5-1 Plan; Banc of America Securities will have the authority to repurchase up to an aggregate of ~$10 bln worth of the cos stock).
19:01 MESA Mesa Air reports February traffic; load factor of 71.3% (2.57 -0.07)

Co reported its preliminary traffic figures for February 2008. Year-over-year available seat miles decreased 8.10% in February 2008 to 627,829 compared to 683,145 in February 2007. Revenue passenger miles decreased 11.61% from 506,752 in 2007 to 447,931 in 2008. Passenger enplanements decreased 12.81% from 1,199,184 in February 2007 to 1,045,519 in February 2008. Year-over-year load factor for the month of February was 71.35% in 2008 compared to 74.18% in 2007.
18:47 CME CME Group: Statement to clarify erroneous Crain’s Chicago Business article (505.46 -11.84)

In an article today, it was reported that CME Group Executive Chairman Terry Duffy and Vice Chairman Charlie Carey rejected a settlement offer from the CBOE. This is untrue. As this is a class action lawsuit, only the class and the lawyers representing the class are able to accept or reject any potential settlement offers. CME Group remains committed to its efforts to preserve the rights of CBOT members to become or remain exercise members of the CBOE pursuant to the exercise right and to share equally in any CBOE demutualization. The dispute between the class of CBOT members and CBOE is over the 1972 charter and subsequent agreements that gave CBOT members the right to trade and maintain an equity stake in the CBOE.
18:35 PSYS Psychiatric Solutions CEO bought 30K shares at $31.07-31.18 on 3/6 (31.10 +0.42)
18:23 CMZ Compton Petroleum announces first basal quartz horizontal ‘a success’ (11.90 -0.02)

Co has successfully completed the first horizontal well in southern Alberta targeting the Hooker Basal Quartz formation utilizing multi-stage fracturing technology. The well at 9-17-17-29W4 was drilled with a 700 metre horizontal leg and is currently flow testing at six mmcf/d. It is scheduled to be tied-in within two weeks. In the Niton area of central Alberta, we are continuing to pursue the Rock Creek formation utilizing horizontal drilling combined with multi-stage fracturing. We have drilled a total of five horizontal natural gas wells in township 53, range 15 W5 and are now drilling to the south west in township 52, ranges 16 and 17 W5 where Compton controls a total of 14 sections of land with an average 85% working interest and is the operator.
18:11 FRZ Reddy Ice: Federal officials executed a search warrant at the co’s office (23.11 -0.54)

Co announced that federal officials executed a search warrant at the co’s corporate office in Dallas on March 5, 2008. The co is cooperating with the authorities.
18:11 ANGO AngioDynamics guides Q3 and Q4 revs below consensus (15.98 -0.02)

Co guides Q3 revs to $40.7 mln vs $43.54 mln First Call consensus;Q4 revs $45-47 mln vs $49.86 mln First Call consensus. Full fiscal year sales are expected to be in the range of $165 mln to $167 mln (vs $172.45 mln First Call consensus), as compared to the previously stated range of $170 mln to $175 mln.
18:07 ANGO sees Q4 revs $45-47 mln vs $49.86 mln First Call consensus
18:06 ANGO guides Q3 revs to $40.7 mln vs $43.54 mln First Call consensus
18:02 FRNT Frontier Airlines reports preliminary traffic for February 2008; mainline load factor of 77.8% (2.74 -0.06)

Mainline revenue passenger miles increased 18.1% to 744,762,000 for Feb. 2008 from the same period last year. Mainline available seat miles increased 7.5% to 957,989,000 for Feb. 2008 from the same period last year. This resulted in a mainline load factor for Feb. 2008 of 77.8%, an increase of 7.0 points from Feb. 2007, when the airline reported a mainline load factor of 70.8%. The airline carried 760,816 mainline passengers during Feb. 2008, a 12.1% increase from Feb. 2007.
18:00 MRVL Marvell Earnings Call Summary (11.52 -0.23)

On call co guides Q1 revs of $775-785 mln vs $763.92 mln First Call consensus. Co guides non-GAAP gross margins in a range of 48.7% to 49.3% (vs 48.7% First Call consensus). Co anticipates non-GAAP operating expenses in the range of $290-295 mln… Co prefaces guidance ‘as result of a bottom up analysis of market demands and actual sales trends in conjunction with ongoing dialog with our customers about their expectations. This is balanced against the awareness of the current uncertain economic back drop especially within the United States and how this might unexpectedly influence our customer’s demand patterns within short periods of time’… Co says demand on gained console and certain consumer wireless customers was worse than anticipated, viewed the down tick in demand as temporary… Co says it should recognizing revenue from 3 G base bands in the 2nd half of the year…. Co says the hard disc drive market continues to be strong based on what we see as share shifts going on in the end market. On pricing environment, the co says it’s very good; no ASP pressure at this time. The co sees drives segment growing the fastest followed by Ethernet… Co says at this point it does not expect the wireless business to be better than break even on the operating line… Co says at some point in the near future, or maybe in the next year or two the GPS functionality will be needed in a lot of cell phone applications, but at the same time they also realize that all these things are subject to the cost.
17:34 OSK Oshkosh Truck received a contract modification from the U.S. Army to the current family of heavy tactical vehicles contract (38.67 -0.20)

Co received a contract modification from the U.S. Army to the current family of heavy tactical vehicles (FHTV) contract, ordering the manufacture of 1,084 heavy expanded mobility tactical trucks (HEMTT) in the A4 configuration. This contract modification raises the total of OSK HEMTT A4s currently under contract to 1,745, for a total contract modification of more than $321 mln. The OSK HEMTT A4 production will begin in July 2008.
17:29 VVTV ShopNBC Board authorizes $10 mln for stock repurchase (4.57 -0.40)

ShopNBC announced its Board of Directors has authorized $10 mln in additional funds for use in the Company’s stock repurchase program. ShopNBC is owned and operated by ValueVision Media (VVTV).
17:22 VTR Ventas will replace Thornburg Mortgage in the S&P U.S. REIT Composite (40.50 -1.25)

Co will replace Thornburg Mortgage (TMA) in the S&P U.S. REIT Composite after the close of trading on Monday, March 10, 2008. Thornburg Mortgage is a mortgage REIT, whereas only equity-oriented REITs are currently eligible for addition to the index.
17:18 NSM National Semi: Conference Call Summary (16.34 -0.51) -Update-

During the conference call, NSM says handset revs were weaker than they expected in the quarter, as some larger OEM’s slowed their spending. However, the handset segment picked up towards the end of the quarter, and bookings returned to more reasonable levels. With gross margins remaining above 64%, NSM says its G/M trough may well be above 60%. In the quarter, NSM benefitted from favorable product mix and ASP improvement. ASP’s were up about 5% sequentially, as NSM says they are building more value in analog products. For Q4, the company forecasts gross margins in the “high 63% level to low 64% level”. NSM states that its goal is to focus on products that carry higher ASP’s, and says in this environment, the story doesn’t revolve as much around gaining market share. Heading into Q4, the company says total bookings should be higher in the quarter, net turns should be higher, and the amount of pushouts should be lower. NSM saw a larger amount of push-outs in Q3 than they expected, and ended the quarter with lower backlog than they had in the previous quarter. In terms of inventory, company says distributor levels are very low. The company also states that it has $480 mln left in its share buyback authorization.
17:12 MRVL guides on call Q1 revs of $775-785 mln vs $763.92 mln First Call consensus
17:09 ALB Albemarle to raise prices of ETHACURE curatives (36.54 -0.7

Co will raise the prices of its ETHACURE 100 and 100 LC curatives by 5% worldwide, effective April 1, 2008, or as contracts allow.
17:06 ARRY Array Biopharma Director bought 30K shares at $6.37 on 3/5 (5.89 -0.37)
17:05 MKTIN Market Internals -Update-

The Dow was down 1.8% at 12040, the Nasdaq was down 2.3% at 2221, and the S&P was down 2.2% to close at 1304. Leading sectors included: Special Consumer Services +3.4%, Hypercenters and Supercenters +0.37%, Diversified Metals and Mining +0.13%, Construction and Engineering +0.09%, Airport Services n/a%. Lagging sectors included: Thrifts and Mortgages -7.9%, Homebuilding -6.6%, Department Stores -6.4%, IT Consulting and Services -5.7%, Human Resources and Employment Services -5.6%. Today’s movement came from higher than avg volume on the NYSE and lower than avg for the Nasdaq (NYSE 1616, vs. 1608 avg, Nasdaq 2256, vs. 2314 avg), with decliners outpacing advancers (NYSE advance/decline 390/2966, Nasdaq 584/2366) with new lows outpacing new highs (NYSE new high/new low 36/306, Nasdaq 41/337).
17:05 GCO Genesco: Pennant Capital Management discloses 8.8% stake in 13D filing (21.36 -1.27)
17:01 XXIA Ixia apoints Atul Bhatnagar as CEO and President (7.25 -0.16)

The co announces Atul Bhatnagar has been promoted to CEO and president of the co. Mr. Bhatnagar will occupy the new post immediately, succeeding Errol Ginsberg who will continue to serve as chairman of the board and assume a new role at the company as chief innovation officer. Mr. Ginsberg will lead the newly formed Ixia Labs, which will be responsible for advanced engineering to help drive organic growth in new product areas. Mr. Bhatnagar was named president and COO of the co in Sept 2007.
17:00 CPRT Copart misses by $0.05, misses on revs (39.43 -2.40)

Reports Q2 (Jan) earnings of $0.35 per share, $0.05 worse than the First Call consensus of $0.40; revenues rose 34.6% year/year to $173.5 mln vs the $179.3 mln consensus. CPRT entered into an unsecured credit agreement with Bank of America, N.A. providing for a $200 mln revolving credit facility. (Note stock is trading down over 2 points in after hours, now at $37.00)
16:59 MRVL Marvell Earnings Call Update (11.52 -0.23)

In prepared remarks, the co says they “believe they can grow on a top line basis in the range of high teens to low 20s. On a year-on-year percentage basis, we should be able to hit the high end of this range. While in periods of economic uncertainty, with less than ideal product cycle traction, we may trend to the lower end of this range. It would characterize the current period somewhere in the middle of the range. We acknowledge the economic back drop is uncertain especially in the United States, but we believe we have positive product cycle traction across a variety of end markets, which we believe should help to mitigate, to a certain degree some of the current economic uncertainty. Our concert view of the medium term horizon is generally positive regardless of the economic back drop… As the units cross over from desktop accelerates, inherent differentiation of our products becomes clear to customers. This could potentially have long-lasting positive impact on the growth of our storage revenues… we see moderate industry-wide growth rates in the range of 10% year-on-year. We believe the sales of our products can grow at least at the upper end of our previously noted growth range.”
16:57 CPRT entered into an unsecured credit agreement with Bank of America, N.A. providing for a $200 mln revolving credit facility
16:56 CPRT prelim $0.35 vs $0.40 First Call consensus; revs $173.5 mln vs $179.33 mln First Call consensus
16:54 BSET Bassett Furniture reports board reviewing investment portfolio (10.60 -0.21) -Update-

Co announces that it has engaged investment bank Stephens Inc. to assist its board of directors in continuing to explore avenues to unlock value in its portfolio of non-operating assets that it believes is not currently fully recognized in its stock price. “Bassett’s board and management are very focused on shareholder value and have been considering for some time ways to unlock value that we believe is not fully reflected in our stock price… We are hopeful that we will be able to take some actions to address short-term concerns expressed by certain shareholders, while retaining the strong balance sheet that we believe we need to fulfill our long-term business strategies and growth plans.”
16:51 BSET Bassett Furniture hires Stephens Inc. to mull options - DJ (10.60 -0.21)
16:49 VMED Virgin Media announces the upcoming resignation of its Chief Financial Officer, Jacques Kerrest, and executive search for a permanent CFO is underway (14.40 -0.74) -Update-
16:48 PEGA Pegasystems reports Q4 EPS of $0.04 vs $0.09 yr ago; revs rise 30% to $46.8 mln (9.15 -0.47)

Co says, “We currently expect revenue in 2008 to surpass $200 mln. However, given the instability of the current economic environment, revenue could vary by +/- 10% from our $200 mln revenue guidance. We are forecasting net income in 2008 to be ~$9-12 mln, and cash flow from operations to be over $25 mln.”
16:48 NSM National Semi: On the conference call, company forecasts Q4 gross margins to “high 63% level to low 64 level” (16.34 -0.51) -Update-
16:47 VRNM Verenium Director bought 256.6K shares at $2.87-3.00 on 3/4 (3.02 +0.02)
16:46 LEH Lehman Brothers agrees to buy Robeco’s US muni bond business - DJ (46.03 -2.03) -Update-
16:42 WLP WellPoint’s Empire Blue Cross Blue Shield statement in response to New York Attorney General’s recent subpoenas (69.19 -2.25)

WLP’s Empire Blue Cross Blue Shield has been fully cooperating with the attorney general’s office. Co says italso surprised that the Attorney General filed subpoenas because it have been diligent in efforts to determine whether the information provided by Ingenix was accurate, and were prepared to share data with the Attorney General’s office in accordance with previously agreed to timeframes.
16:41 BLG Building Materials resumes trading (4.62 -0.40) -Update-

Stock is trading at $4.25.
16:41 NTG NATCO awarded contracts to provide technology and equipment for Motiva Port Arthur refinery expansion project (46.47 -0.71)

The co announces that it has been awarded contracts to provide equipment and technology for the Motiva Port Arthur Refinery Expansion Project in Port Arthur, Texas. One award to NATCO features the Dual Polarity advanced crude desalting technology. NATCO will design four large vessels that will process 325,000 barrels per day crude charge in two process trains. This represents the largest refinery crude unit desalter project for NATCO in a U.S. refinery, and clearly marks the company’s entrance into the U.S. downstream market.
16:38 IMMC Immunicon: Discloses that CFO James Murphy has resigned (13.16 -0.80)
16:38 KNL Knoll announces 10b5-1 Plan; Banc of America Securities will have the authority to repurchase up to an aggregate of ~$10 bln worth of the cos stock (13.16 -0.80)

Co announces that it adopted a written trading plan under Rule 10b5-1 to facilitate purchases during the months of March and April 2008 under its expanded repurchase program announced in February 2008. Under the Company 10b5-1 Plan, Banc of America Securities (BAC) will have the authority to repurchase up to an aggregate of ~$10.0 million worth of KNL common stock on behalf of the co during the period.
16:38 LCRD LaserCard receives $3 mln purchase order for U.S. Permanent Resident Cards (9.14 -0.21)

Co announces receipt of a $3 mln purchase order for the supply of optical memory cards to the U.S. Department of Homeland Security’s U.S. Permanent Resident Card (”Green Card”) program. The contract calls for deliveries beginning in 3/08 and continuing through LaserCard’s fiscal 09 Q1 ending in June.
16:35 NG NovaGold Resources plans C$130 mln shr offering - DJ (10.92 -0.35)
16:35 WYE Wyeth confirms the co will appeal Arkansas hormone therapy trial verdicts (41.55 -0.9

Co confirmed that it will appeal the verdicts in the case of Donna Scroggin v. Wyeth, in the U.S. District Court, Eastern District of Arkansas, beginning with post-trial motions.
16:33 ZQK Quiksilver misses by $0.02, beats on revs (8.06 -0.93)

Reports Q1 (Jan) loss of $0.12 per share, $0.02 worse than the First Call consensus of ($0.10); revenues rose 14.5% year/year to $605.3 mln vs the $560.9 mln consensus. “Although we are not satisfied with our financial results in general, we are pleased that our core apparel and footwear operations enabled us to partially offset the more difficult than expected results from our wintersports equipment business. As we go forward, we are energized to regain focus on our core opportunities. We are executing a variety of strategies to improve our gross margin, reduce our expense levels and generate cash flow to repay our indebtedness. We are resolved to continue to pursue strategic transactions to reduce or eliminate our exposure to our wintersports equipment business.”
16:32 CNL CLECO Corp subsidiary issues $180 million of securitized bonds (22.10 -0.50)
16:32 SMTX SMTC Corp reports Q4 EPS of $0.07 vs $0.08 single analyst est; revs declined 12% YoY to $66.8 mln vs $72.30 mln single analyst est (1.83 +0.03)
16:32 BBD Banco Brad buys local brokerage Agora for BRL830 mln - DJ (30.82 -1.92)
16:30 ZQK prelim ($0.12) vs ($0.10) First Call consensus; revs $605 mln vs $560.92 mln First Call consensus
16:30 BKR Michael Baker awarded contract for Vrooman Road Bridge replacement project of ~$2.7 mln (27.25 -1.45)
16:30 NFLX Netflix announces authorization of new $150 mln stock buyback (30.62 -1.4
16:30 Equity markets suffer sharp losses, S&P 500 sets new 52Wk closing low

The major stock averages experienced sharp declines a day before the Feb. Employment Report as negative housing and financial data spooked investors and traders. All of the indices made new intraday lows for the month except for the Nasdaq 100 (NDX) while all of the averages set new 52Wk closing lows except for the Dow Industrials complex (INDU). The S&P 500 breached a key technical level @ 1310.00 giving a negative signal, triggering additional late-day selling.The heavy selling pressure came on the heels of poor housing data as Jan. Pending Home Sales were unchanged from the Dec level. which signaled no near-term rebound in the housing market. Financial news also contributed to the bearish sentiment as an early morning report said Carlyle Capital, an affiliate of Carlyle Group, had not been able to meet some margin calls and had received a notice of default. C.C.C., which invests in fixed-income securities, said it had received margin calls totaling more than $37 mln from seven financing parties on Wednesday, and was unable to meet the calls for four of the parties. Also, speculation that UBS had sold a huge portfolio of risky mortgages at a deep discount and planned to announce another massive writedown in Q1 added to the bearish sentiment in the financial space. Unofficially, the INDU ended @ 12040.40 -214.60 or -1.75%, SPX @ 1304.35 -29.35 or -2.20%, COMPQ @ 2220.50 -52.30 -2.3%, NDX @ 1712.50 -41.05 or -2.35%, and RUT @ 662.80 -20.95 or -3.05%. The only sector showing strength today was Commodities (GSS +1.0%, DBC +0.75%, USO +0.70%). The leading sector weakness was noticeable in Homebuilders (XHB -6.2%), select Retailers (XRT -5.35%), Real Estate (IYR -4.6%), Broker/Dealers (IAI -4.05%), Regional Banks (RKH -3.85%), Clean Energy shares (PBW -3.855), and Financials (IYG -3.7%, IYF -3.55%, XLF -3.45%).
16:28 MRVL Marvell beats by $0.09, beats on revs (11.52 -0.23)

Reports Q4 (Jan) earnings of $0.20 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.11; revenues rose 11.5% year/year to $845 mln vs the $782.7 mln consensus. Co has reached a tentative settlement with the plaintiffs in the previously disclosed federal derivative lawsuits related to stock option practices. “The better than anticipated sales trends during the fourth fiscal quarter was due to strong demand for our system-on-a-chip products for the storage market, better than expected demand for our enterprise-class communication products and better than seasonal demand for our cellular products. The results demonstrate successful investment in a broad range of technologies and our ability to integrate these technologies into superior products across many markets.”
16:26 SURW SureWest Comm names Scott Sommers Senior Vice President, Finance and Corporate Development and Dan Bessey appointed Vice President, CFO (12.51 -0.50)

The co announces the appointment of Scott Sommers to the newly created position of senior vice president, finance and corporate development, effective March 18, 2008. In this role, Mr. Sommers will be responsible for working with the senior management team in setting the co’s strategic direction and identifying growth opportunities. He will retain his responsibilities for the treasury function. SureWest also announced today the appointment of Dan Bessey as vice president, chief financial officer, effective March 18, 2008. Mr. Bessey succeeds Philip Grybas, who has resigned to pursue other interests. To ensure a smooth transition, Mr. Grybas has agreed to remain with the Company through the end of March.
16:24 BLG Building Materials misses by $0.75, beats on revs (4.62 -0.40)

Reports Q4 (Dec) loss of $0.97 per share, $0.75 worse than the First Call consensus of ($0.22); revenues fell 29.8% year/year to $419 mln vs the $406.9 mln consensus. Co said the “Homebuilding market conditions significantly deteriorated during the fourth quarter and continued to impact our operating results. New home construction slowed dramatically on a national basis as the macroeconomic environment remained challenging with elevated inventory levels of unsold homes, low buyer demand, and the continued mortgage crisis. Despite these difficult market conditions, the distribution side of our business continued to gain market share, thereby partially offsetting the overall decline of our business. Entering 2008, homebuilding industry forecasts remain weak. Our focus will remain on managing costs, generating cash, strengthening the balance sheet and structuring for profitability.” (stock is halted)
16:24 MRVL prelim $0.20 vs $0.11 First Call consensus; revs $845 mln vs $782.65 mln First Call consensus
16:20 COO Cooper Cos reports EPS in-line, revs in-line; guides FY08 EPS below consensus, revs above consensus (33.76 +0.03)

Reports Q1 (Jan) earnings of $0.45 per share, excluding non-recurring items, in-line with the First Call consensus of $0.45; revenues rose 11.7% year/year to $245 mln vs the $245.9 mln consensus. Co issues mixed guidance for FY08, sees EPS of $2.10-2.35, previous $2.00-2.30 vs. $2.36 consensus; sees FY08 revs of 1.06-1.1 bln vs. $1.05 bln consensus.
16:18 INXI INX Inc. beats by $0.01, misses on revs; guides Q1 revs in-line (7.55 +0.01)

Reports Q4 (Dec) earnings of $0.14 per share, $0.01 better than the First Call consensus of $0.13; revenues rose 23.6% year/year to $56.6 mln vs the $59 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $55-60 mln vs. $57.97 mln consensus.
16:18 MWY Midway Games misses by $0.11, misses on revs; guides Q1 EPS below consensus, revs below consensus (1.77 -0.1

Reports Q4 (Dec) loss of $0.33 per share, $0.11 worse than the First Call consensus of ($0.22); revenues fell 19.9% year/year to $77.6 mln vs the $80.1 mln consensus. Co issues downside guidance for Q1, sees EPS of $-0.22 vs. ($0.17) consensus; sees Q1 revs of $28 vs. $30.23 mln consensus. ‘EPS guidance includes $0.01 of stock option expense and deferred income tax expense related to goodwill, and $0.08 of convertible debt non-cash interest expense.’
16:17 LXRX Lexicon Pharma reports Q4 (Dec) results, beats on revs (1.65 -0.05)

Reports Q4 (Dec) loss of $0.09 per share, includes $4.3 mln benefit attributable to the loss from non-controlling interest in Symphony Icon, may not be comparable to the First Call consensus of ($0.12); revenues fell 14.3% year/year to $13.8 mln vs the $10 mln consensus.
16:16 VMED Virgin Media discloses in 8-k that it appointed Neil Berkett as CEO (14.40 -0.74)
16:16 CSV Carriage Services reports Q4 results; issues FY08 guidance (7.62 )

Co reports Q4 EPS of $0.10 vs $0.10 single analyst est; revs $43.2 mln vs $43.20 mln single analyst est. CSV sees FY08 $0.48-0.52 vs $0.49 single analyst est; sees revs $178-184 mln vs $180.55 mln single analyst est.
16:16 BOOM Dynamic Materials misses by $0.01, beats on revs; guides FY08 revs in-line (53.68 +0.0

Reports Q4 (Dec) earnings of $0.56 per share, $0.01 worse than the First Call consensus of $0.57; revenues rose 54.6% year/year to $55.2 mln vs the $48.1 mln consensus. Co issues in-line guidance for FY08, 2007, which will include incremental revenue contributions from the DYNAenergetics acquisition, sees FY08 revs growth of ~60%, which equates to ~$264.3 mln vs. $263.09 mln consensus.
16:15 ISTA ISTA Pharm misses by $0.04, beats on revs; guides FY08 revs in-line (3.94 +0.00)

Reports Q4 (Dec) loss of $0.30 per share, $0.04 worse than the First Call consensus of ($0.26); revenues rose 56.1% year/year to $19.2 mln vs the $17.9 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $75-82 mln vs. $78.03 mln consensus.
16:15 PSPT PeopleSupport reports Q4 (Dec) results, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY08 EPS below consensus, revs below consensus (11.40 -0.06)

Reports Q4 (Dec) earnings of $0.81 per share, may not be comparable to the First Call consensus of $0.29; revenues rose 15.5% year/year to $35.8 mln vs the $36.4 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.11-0.12 vs. $0.17 consensus; sees Q1 revs of $35-36 mln vs. $40.86 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.47-0.58 vs. $0.75 consensus; sees FY08 revs of $162-170 mln vs. $184.44 mln consensus.
16:15 IVC Invacare sees 2008 adjusted EPS of $1.35-1.50 vs. $1.44 consensus (24.45 -0.69) -Update-
16:15 DEPO DepoMed beats single analyst estimate by $0.11, reports revs increased 5.2% from a year ago (3.42 +0.23)

Reports Q4 (Dec) earnings of $0.51 per share, $0.11 better than the First Call single estimate of $0.40; revenues were $5.3 mln vs. $5.04 mln YoY. Received approx $30 mln from King Pharmaceuticals (KG) in connection with termination of GLUMETZA promotion arrangement.
16:13 MVIS Microvision reports Q4 EPS of ($0.11) vs ($0.11) First Call consensus; revs rose 61% YoY to $2.98 mln vs $2.86 mln First Call consensus (2.18 -0.23)
16:13 PSPT PeopleSupport: CEO announces Board of Director’s approval for $25 mln stock repurchase (11.4 -0.06)
16:13 OPTM Optium beats by $0.01, beats on revs; guides Q3 revs in-line (6.80 -0.20)

Reports Q2 (Jan) earnings of $0.07 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.06; revenues rose 18.2% year/year to $40.3 mln vs the $38.8 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $42-44 mln vs. $41.89 mln consensus.
16:12 RAE RAE Systems reports Q4 (Dec) results, misses on revs (2.31 +0.10)

Reports Q4 (Dec) loss of $0.13 per share, may not be comparable to the sinlge analyst est of $0.03; revenues rose 31.6% year/year to $27.5 mln vs the $29.1 mln sinlge analyst est.
16:11 CNK Cinemark reports Q4 (Dec) results, revs in-line (14.04 -0.0

Reports Q4 (Dec) loss of $0.50 per share, includes charges, may not be comparable to the First Call consensus of $0.05; revenues rose 0.4% year/year to $393.2 mln vs the $394.7 mln consensus.
16:11 PWER Power-One extends $50 million loan agreement for two years to a maturity date of April 30, 2010 (2.50 -0.1
16:11 DSTI DayStar Technologies signs letter of intent with Juwi Solar; intends to secure 25% of DayStar Module Production through 2011 (3.20 -0.19) -Update-

The co announces announced it has signed a letter of intent with juwi solar GmbH. The LOI identifies juwi solar GmbH as a sales partner for DayStar in commercializing its CIGS glass modules. Juwi will work closely with DayStar in the early stages of production to test and evaluate modules in field installations and assist with third party qualifications required for financing large utility power plants. The LOI will conclude when the two companies enter into a definitive sales agreement that would commit juwi to procure up to 25% of DayStar’s production through 2011.
16:11 VVUS Vivus misses by $0.03, beats on revs (5.80 -0.32)

Reports Q4 (Dec) earnings of $0.17 per share, $0.03 worse than the First Call consensus of $0.20; revenues rose 259.0% year/year to $29.8 mln vs the $25.4 mln consensus.
16:11 PSPT sees Q1 $0.11-0.12 vs $0.17 First Call consensus; sees revs $35-36 mln vs $40.86 mln First Call consensus
16:10 PSPT sees FY08 $0.47-0.58 vs $0.75 First Call consensus; sees revs $162-170 mln vs $184.44 mln First Call consensus
16:10 STAA STAAR Surgical misses by $0.05, misses on revs (2.12 -0.1

Reports Q4 (Dec) loss of $0.15 per share, $0.05 worse than the two analyst est of ($0.10); revenues rose 2.8% year/year to $15.9 mln vs the $16.2 mln two analyst est.
16:10 PSPT prelim $0.81, incl gain, may not be comparable to vs $0.29 First Call consensus; revs $35.8 mln vs $36.42 mln First Call consensus
16:09 SWHC Smith & Wesson beats by $0.02, beats on revs (4.28 -0.51)

Reports Q3 (Jan) loss of $0.04 per share, $0.02 better than the First Call consensus of ($0.06); revenues rose 22.9% year/year to $66.1 mln vs the $55 mln consensus. Co also says “As we have reported over the past several months, our consumer channel has been impacted by a combination of factors… While this quarter was certainly challenging, and while we still see pockets of inventory across our handgun and long gun channels that have yet to clear, we believe we are now beginning to see positive signs that our industry is improving….In October, distributors began to minimize purchases in order to reduce inventories, while we launched a number of consumer promotions to help stimulate consumer demand and pull our products through the distribution channel. Those programs, combined with an extended factory shutdown, showed positive impact on our inventories. Our inventory levels, which increased in November, began to decrease in both December and January and continued to decrease as we entered the fourth fiscal quarter. As inventories in the channel began to move down, we saw additional encouraging signs. Order activity at our seasonal buying group events in early calendar 2008, and order backlog levels for January and February, indicate that buying patterns continue to gradually improve and that our promotional programs continue to have positive impact.
16:09 PRTS sees Q1 revs $38-40 mln vs $48.70 mln First Call consensus
16:09 WIND Wind River reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY09 EPS below consensus, revs in-line (6.92 -0.11)

Reports Q4 (Jan) earnings of $0.09 per share, excluding non-recurring items, in-line with the First Call consensus of $0.09; revenues rose 10.8% year/year to $84.3 mln vs the $85.1 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.01-0.02, excluding non-recurring items, vs. $0.09 consensus; sees Q1 revs of $80-81 mln vs. $85.43 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.43-0.46, excluding non-recurring items, vs. $0.47 consensus; sees FY09 revs of $365-375 mln vs. $370.35 mln consensus.
16:09 WPTE WPT Enterprises beats by $0.06, beats on revs (1.70 -0.07)

Reports Q4 (Dec) loss of $0.09 per share, $0.06 better than the First Call consensus of ($0.15); revenues fell 13.6% year/year to $5.1 mln vs the $4.4 mln consensus. For Q1 co sees revs of $4.5-5 mln.
16:08 PRTS prelim ($0.18), inc. litigation costs, may not be comparable, vs $0.02 First Call consensus; revs $37.3 mln vs $40.57 mln First Call consensus
16:08 CSV Carriage Services confirms EPS of $0.10; reports revs of $41.5 mln vs $43.2 mln single estimate (7.58 -0.10)

Co sees Y08 EPS of $0.48-0.52 vs $0.49 single estimate; sees revs of $178-184 mln vs $180.6 mln single estimate
16:08 NSM National Semi reports Q3 (Feb) results, revs in-line; guides Q4 revs below consensus (16.34 -0.51)

Reports Q3 (Feb) earnings of $0.28 per share, includes items, may not be comparable to the First Call consensus of $0.24; revenues rose 5.2% year/year but fell 9.1% sequentially to $453.4 mln vs the $457.4 mln consensus. Co issues downside guidance for Q4 (May), sees Q4 revs of $440-460 mln vs. $470.3 mln consensus. Co says its business was impacted by lower-than-expected shipments into the wireless handset and personal mobile device markets. However, margins held up well.
16:08 DSTI DayStar Technologies reports FY07 EPS of ($2.09) vs ($0.8 two-analyst est; co reports no revs (3.20 -0.19)
16:07 RAE prelim ($0.13), includes charge, may not be comparable vs $0.03 First Call consensus; revs $27.5 mln vs $29.08 mln First Call consensus
16:06 BOOM prelim $0.56 vs $0.57 First Call consensus; revs $55.2 mln vs $48.05 mln First Call consensus
16:06 MWY sees Q1 ($0.22) vs ($0.17) First Call consensus; sees revs ~$28 mln vs $30.23 mln First Call consensus
16:05 SWHC prelim ($0.04) vs ($0.06) First Call consensus; revs $66.1 mln vs $55.02 mln First Call consensus
16:05 CASY Casey’s General misses by $0.02, reports revs in-line (24.93 -1.07)

Reports Q3 (Jan) earnings of $0.26 per share, $0.02 worse than the First Call consensus of $0.28; revenues rose 25.5% year/year to $1.15 bln vs the $1.16 bln consensus.
16:05 IVC Invacare names new CFO Robert Gudbranson (24.45 -0.69)

The co announces it has appointed Robert Gudbranson to the position of senior vice president and chief financial officer, effective April 1, 2008. Most recently, Gudbranson served as vice president of strategic planning and acquisitions for Lincoln Electric Holdings.
16:05 MWY prelim ($0.33) vs ($0.22) First Call consensus; revs $77.6 mln vs $80.08 mln First Call consensus
16:04 BLG Building Materials trading halted - news pending (4.68 -0.34)
16:04 WPTE prelim ($0.09) vs ($0.15) First Call consensus; revs $5.1 mln vs $4.35 mln First Call consensus
16:04 INXI sees Q1 revs $55-60 mln vs $57.97 mln First Call consensus
16:04 OPTM sees Q3 revs $42-44 mln vs $41.89 mln First Call consensus
16:04 MWY Midway Games announces new credit facility (1.78 -0.17)

Co announces that it has terminated its existing $30 million secured credit facility with Wells Fargo Foothill, and simultaneously entered into a new credit facility of $90 million with National Amusements. Co intends to use the proceeds of the credit facility for working capital, capital expenditures and other general corporate needs.
16:03 BONDX 10-yr +17/32 yielding 3.602%

Trade spent the session working around the highs, with the short end leading the way and the curve steepening hard. The day kicked off with some safe-haven buying, got an assist from data, then more safe-haven buying. Slumping stocks were just gravy and the talk of bailouts, in light of yesterday’s Ambac business lost a lot of luster. The day ahead will be all about the payrolls number (while hourly earnings will get the once over), with expectations pretty low, the danger for bonds will be an in line report. The market has seen a jump in volatility expectations (via the VIX) to near the highest levels since late Jan (remember how fun that was). The curve headed well steeper to send the 2-10-yr yield spread out at 207.6 The buck can’t buy a friend as it continues to get sold against the euro and yen and pretty much everything. Spot gold keeps shaving gains at 976.40 (-13.40) while crude oil settled at a record 105.47 (+0.91). Payrolls rules tomorrow with a bunch of Fed speak via France overnight and Mishkin (8:30), Kohn (10) and Hoenig (14:15). The euro is at 1.5373 and the yen is at 102.6900. For more click here.
16:03 CNK prelim ($0.50) may not be comparable to $0.05 First Call consensus; revs $393.2 mln vs $394.70 mln First Call consensus
16:03 INXI prelim $0.14 vs $0.13 First Call consensus; revs $56.6 mln vs $58.97 mln First Call consensus
16:03 NSM sees Q4 revs $440-460 mln vs $470.3 mln First Call consensus
16:03 OPTM prelim $0.07 vs $0.06 First Call consensus; revs $40.3 mln vs $38.79 mln First Call consensus

That’s another hole in the mortgage market, no one wants to hold the bag for the Fed. Hmmm. Now what. What does it mean? That’s got to hurt, We may be getting close . . . To the big Flush!! Industrial size.

C Citigroup to reduce residential mortgage assets in its U.S. mortgage biz by approx $45 bln over the next 12 months (21.14 -1.01) -Update-

Co announces it intends to reduce residential mortgage assets in its U.S. mortgage business by approx $45 bln over the next 12 months, a 20% decrease from Dec 2007 levels, and will cut the amount of new loans to be held in portfolio by more than 50% in the next year. In addition, the co will integrate middle office and support areas to serve both first and second mortgage operations, organize sales channels around customer segments, and strengthen ties with Citi Markets & Banking, which will be the primary provider of capital markets services to its U.S. mortgage business going forward. The co expects these changes to reduce expenses by approx $200 mln on a run rate basis within 12 months. In January, the co announced the creation of an end-to-end U.S. residential mortgage business that includes origination, servicing and capital markets securitization execution headed by Bill Beckmann. As part of that change, the co will consolidate operations, policies and procedures in its U.S. mortgage business to achieve greater operational efficiency, appropriate alignment of incentives and ensure in-depth, timely understanding of mortgage exposure. In addition, co will integrate all residential mortgage operations under the CitiMortgage name, including CitiMortgage, Citi Home Equity and Citi Residential Lending.

This market continues to stuck in a range but we shall see where it all breaks. Will it be up or down, this chart shows you the key levels, but I still can’t make the call until the range is busted. We are sitting on the days lows but, again, these aren’t new market lows so not much changing as we sit and trade small and patiently until this drivel changes.

If you haven’t seen the new George Carlin special on HBO, I highly recommend it, the guy is 70 and still one of the best standup artists of our time. His title It’s Bad for ya .. . applies to many pieces of our markets today. Until this stuff is allowed to go down with a wimper this will continue to be painful for market participants. The intervention team of the FED continues to allow the natural processes of capitalism to do their work. I read today in WSJ that indeed FNM and FRE will be in essence bailing out more homedebtors in California’s 14 wealthiest counties . . On the flip side, TMA gets blown out of the water by a margin call by JPM. It’s flat out Bad for ya . . . out there. Be careful and enjoy some Carlin

We have a bomb go off at a military recruiting center in Times Square early this am and of course the Mortgage behometh continues to go lower as TMA can’t meet a margin call this am from JPM to the tune of 28 million. Futures traded off 22 pts already from the highs bouncing of S1 here@ 1323 already 1329 here on the open. I would be a seller right now up to 35 on the spoos with small 5 pt noose. Bidding on the open down to 1311, there’s your gameplan.

8:52 ANH and MFA downgrade details

As mentioned at 7:57 Keefe Bruyette downgraded ANH and MFA to Market Perform from Outperofrm and also removes Capstead (CMO) and Annaly (NLY) from their Best Ideas list saying on the lower book value estimates based on the widening in agency spreads and lower leverage. The firm believes the companies will carry more excess capital to cope with potential uncertainties in the repo market. The firm believes that all four companies should be able to generate strong growth in earnings and dividends in 2008.
08:52 Video Games: Game quality still matters - Cowen

Cowen says an update to their analysis of Metacritic ratings and game sales reaffirms firm’s belief that video game quality is among the most important drivers of individual video game title sales performance. Firm believes quality is a key factor in driving an individual title’s sales success to the ‘AAA’-hit level. Firm reiterates their Outperform on THQI.
08:50 PPCO Penwest Pharma announces an 8.14 mln unit (each unit consisting of 1 share of stock and 1 warrant to purchase 1/2 share of stock) offering for a for a purchase price of $3.0825 per unit (3.03 )

08:50 THRX Theravance: FDA accepts THRX’s response as complete (12.36 )

Cowen says the FDA accepted THRX’s response to the approvable letter for its antibiotic telavancin in complicated skin infections, which THRX submitted on Jan 21. However, a key near-term overhang for THRX remains the ongoing FDA investigation into telavancin data integrity, and while the FDA assigned a PDUFA date of July 21, this timeline is at risk due to FDA clinical site investigation and third party manufacturing facility inspection.
08:47 PDLI PDL BioPharma: Reports 4Q07 results; no sale of company - Needham (10.70 )

Needham says yesterday PDLI announced its earnings for 4Q07 and reviewed its outlook for 2008. After a strategic review, the option of selling the co will no longer be pursued. Major restructuring is expected, which includes planned downsizing from 880 to 300 employees. At least $500 mln of proceeds from recent product divestures will be returned to shareholders. PDLI is continuing to evaluate alternatives of monetizing its royalty stream.
08:46 ORBT Orbit Int’l reports Q4 EPS of $0.21 vs $0.12 in yr ago period; reports revs up 18% yr/yr to $7.2 mln with no estimates (8.50 )

Co sees Y08 EPS of $0.65-0.72, with revs of $34.4-34.8 mln.
08:45 SCANX Gapping up

In reaction to strong earnings/guidance/same store sales: UFPT +19.7%, SMSI +18.4%, CHIP +17.5%, DXPE +9.9%, FLOW +8.8%, BBI +8.6%, MATK +7.5%, SNUS +7.5%, OWW +7.4%, CMTL +6.8%, SONS +6.2%, URBN +6.0%, LVB +5.7%, ACUR +5.4%, SMRT +5.0%, PSUN +4.9%, HRB +4.4%, FINL +4.1%, HRS +4.1%, CTR +3.9%, TIVO +3.8%, AUO +2.6%, rad +2.5%, MELI +2.5%, SHMR +2.5%, JWN +2.2%, ADCT +1.8%, PLCE +1.7%, ROST +1.6%, WMT +1.3%, ANIK +1.3%… Select gold and mining stocks showing strength, despite lower spot prices, with reports that South Africa will raise mines’ power supply to 95%: GFI + 3.0% , HMY + 3.0% , BHP + 2.4% , RTP + 1.8% , LMC + 1.7% , GOLD + 1.2%… Other news: EXAS +65.1% (says updated screening guidelines of the American Cancer Society include new DNA technology for detecting colorectal cancer), OPTM +43.1% (still checking), EPCT +20.7% (earns milestone payment due to progress in Phase II trial for Azixa in melanoma metastases), TSRA +11.8% (addresses “mischaracterizations of patent validity and legal process”; Cowen makes positive comments), THRX +11.1% (FDA accepts for review THRX’s complete response to approvable letter for Telavancin for the treatment of complicated skin and skin structure infections), PBT +4.6% (Cramer makes positive comments on MadMoney), RHD +4.1% (modestly rebounding after making new 52 week low yesterday), SHPGY +1.6% (still checking), INAP +1.5% (SoftLayer signs 5-year $40 mln contract with Internap to expand on-demand hosting platform across the United States), BHI +1.3% (discloses it starts a $500 mln commercial paper program), MOT +1.1% (Carl Icahn discloses increased stake of 6.3%, up from 5.0% prior stake), TASR +1.1% (receives two law enforcement orders; Suffolk County Police Dept and North Dakota Highway Patrol purchase TASER devices )… Analyst upgrades: MDR +3.8% (upgraded to Buy at Citigroup), ORCL +2.2% (upgraded to Buy at Merrill), FLR +1.9% (upgraded to Buy at Citigroup), DISH +1.3% (upgraded to Neutral at Credit Suisse), ENDP +1.0% (upgraded to Buy at Roth Capital).
08:45 ACF AmeriCredit downgraded to Neutral at Suntrust (13.82 )

Suntrust downgrades ACF to Neutral from Buy given ACF’s strong relative performance (up 34% off its lows following disappointing 2Q08 EPS results) coupled with the continued challenging funding and credit environment.
08:45 JAKK JAKKS Pacific: Needham believes resolution of dispute with THQI over WWE joint venture profits could be imminent, follwong ruling of California Court (27.58 )

Needham says the California Court of Appeals on Monday essentially ruled that both JAKK and THQI must proceed with the arbitration process to determine how its profits from the WWE Joint Venture are to be split. While firm believes there is a substantial risk that an arbitrator’s resolution could be adverse for JAKK, they believe the economic impact is limited, and that the stock could actually rally on the decision since it would clear up some of the WWE-related uncertainty surrounding JAKK shares.
08:44 SMSI Smith Micro Software upgraded to Outperform from Market Perform at Northland Securities- tgt raised to $11 from $9, following earnings (5.11 ) -Update-

08:42 ECONX Initial Claims Follow Up

New claims for the week ended March 1 fell to 351,000 from 375,000 the prior week. The four-week moving average dipped to 359,500 from 361,000. This is yet another economic release that falls into the “bad, but not recession bad” category. Claims have risen slightly over the past few months, but are only a bit above the levels of December, and have not spiked to any degree such as typically occurs prior to a recession. This chart reflects the spike that occurred in the 2001 recession. The Challenger, Gray & Christmas layoff announcements as reported yesterday show a similar trend. Layoff announcements have risen a bit over the past few months, but not anywhere near levels of previous recessions. This reflects a poor labor market, but not the retraction in payrolls that occurs during recessions. The dip in claims won’t change overall economic expectations, and the data are well past the period for which the February employment report was compiled. It therefore won’t alter current expectations of about a 25,000 increase in February nonfarm payrolls to be reported tomorrow morning.
08:40 HRB H & R Block reaffirms FY08 EPS of $1.30-1.45 - Reuters (17.24 ) -Update-

($1.29 consensus)
08:39 IMO Imperial Oil: Judge sends Imperial’s Kearl project back for review - Globe and Mail (58.06 )

Globe and Mail reports a Federal Court decision Wednesday has sent the co’s $7 bln Kearl oil sands project in northern Alberta back to a review panel over greenhouse gas concerns. The ruling will force harmful emissions to be much more carefully considered in future assessments, said a lawyer who argued the case. “This is something which will clearly apply to every single oil sands project that comes before environmental assessment of any kind,” said Sean Nixon of Ecojustice. The Kearl project, expected to produce up to 300,000 barrels of synthetic crude oil a day, would eventually strip-mine about 200 square kilometres of boreal forest and wetlands north of Fort McMurray.
08:37 TSRA Tessera Tech: Cowen believes market discounting unlikely scenario where not only TSRA patents are ultimately overturned but that existing licensees breach contracts (13.82 ) -Update-

Cowen says given the preliminary nature of the ongoing patent review process, they’ve been shocked by brutal negative reaction in TSRA’s stock price in reaction to the recent ITC decision to stay TSRA’s infringement case against a slew of “wireless defendants”. Judging from the reaction in the stock, firm believes the market is now discounting a very, very, very, very unlikely scenario where not only TSRA patents are ultimately overturned but that existing licensees (both DRAM and Wireless) breach contracts and for some reason push back and decide not to pay TSRA. Firm does not believe there is any basis for this. Licensees are quite knowledgeable on patent issues and surely know that they’re not even close to any patents being overturned.
08:37 BRLI Bio-Reference Labs beats by $0.02, beats on revs (25.67 )

Reports Q4 (Jan) earnings of $0.17 per share, excluding $0.01 in an expense for an acquisition the co elected not to complete late in the calendar year due to the target co’s inadequate performance, $0.02 better than the First Call consensus of $0.15; revenues rose 24.6% year/year to $66.9 mln vs the $63.7 mln consensus.
08:36 DUCK Duckwall-ALCO Stores reports Feb same store sales -7.1% (14.64 )

08:36 WIRES On The Wires

Arabian American Development (ARSD) announces that the permit from the Texas Commission on Environmental Quality for its South Hampton Resources facilities expansion to double C5 & C6 capacity has been approved… The Shaw Group (SGR) announces that its Environmental & Infrastructure Group has been awarded a 4PAE08 Worldwide Planning Program and Design contract for architectural and engineering services by the U.S. Air Force Center for Engineering and the Environment. Shaw is one of multiple contractors awarded a 5-yr, indefinite delivery/indefinite quantity 4PAE08 contract… PharmAthene (PIP) announces that it has completed the initial pharmacokinetic testing of Protexia… Accuray (ARAY) announces results of an independent survey, which concluded that the CyberKnife Robotic Radiosurgery System is the only extracranial radiosurgery technology in widespread, routine clinical use… Millipore (MIL) announces an agreement with Solabia S.A.S. to distribute animal-free hydrolysates to its biopharmaceutical customers.
08:35 CMN Cantel Medical misses by $0.02, misses on revs (10.15 )

Reports Q2 (Jan) earnings of $0.13 per share, $0.02 worse than the First Call consensus of $0.15; revenues rose 18.0% year/year to $60.9 mln vs the $62.4 mln consensus.
08:35 CALC California Coastal Commu. reports Q4 EPS of $0.18 vs $0.14 single estimate; reports revs up 5% yr/yr to $25.4 mln vs $25.4 mln single estimate (5.10 )

08:33 UN Unilever NV begins search for successor to CEO - Times of London (31.25 )

Times of London reports that Unilever has begun the process of recruiting a replacement for CEO, Patrick Cescau. A source close to the matter said: “It’s the start of a long, long process.” Cescau became CEO in 05. UN has a long history of recruiting and promoting from within. However, sources said that it was likely the co would look to hire a replacement for Mr Cescau from outside the co.
08:32 BRLI prelim $0.17 vs $0.15 First Call consensus; revs $66.9 mln vs $63.74 mln First Call consensus

08:32 ROST Ross Stores reports Feb comps of +4% vs. +0.9% Briefing.com Consensus (29.01 )

Sales increased 12% to $444 million for the four weeks ended March 1, 2008, up from $395 million for the four weeks ended March 3, 2007.
08:31 S&P futures vs fair value: -11.6. Nasdaq futures vs fair value: -6.0.

Futures show a muted response to initial jobless claims data. Initial jobless claims for the week ended March 1 totaled 351,000. The consensus forecast called for 360,000 additions. Total initial jobless claims fell from the prior week’s revised 375,000 claims. The prior week’s claims were, however, increased from an initial reading of 373,000 claims. Separately, Target (TGT) reported same-store sales increased 0.5% in February, which is better than the Briefing.com estimate of a 0.3% decline.
08:31 AVNR Avanir Pharmaceuticals licenses anthrax monoclonal antibody program to Emergent BioSolutions (1.24 +0.04)

The co announces it has executed a definitive agreement to sell its portfolio of human monoclonal anthrax antibodies to Emergent BioSolutions (EBS). As part of the transaction, Emergent acquired AVANIR’s lead candidate (AVP-21D9) along with several additional anthrax antibodies. In addition, Emergent also received a limited exclusive license to use AVANIR’s proprietary Xenerex Technology platform to develop future human monoclonal antibodies targeted against Bacillus anthracis. Under terms of the definitive agreement, AVANIR has the potential to receive up to $1.75 mln in upfront and milestone payments, as well as royalties on annual net sales if the product is commercialized.
08:31 CMN prelim $0.13 vs $0.15 First Call consensus; revs $60.9 mln vs $62.37 mln First Call consensus

08:31 JCP JC Penney reports Feb comparable store sales -6.7% vs -2.3% Briefing.com consensus (48.11 )

08:31 RAD Rite Aid reports Feb comparable sales of +2.2% vs +2.4% Briefing.com consensus (2.83 )

08:30 JWN Nordstrom reports Feb same store sales of -5.8% vs -3.7% Briefing.com consensus (37.34 )

08:30 KSS Kohl’s reports Feb same store sales -3.8% vs -4.3% Briefing.com consensus (44.68 )

08:30 ECONX Initial Claims 351K vs 360K consensus, prior revised to 375K from 373K

08:29 BONDX Twisting Higher… 10-yr +09/32 yielding 3.636%

The market is modestly bid as the credit crunch continues to make itself known around the globe. UBS announced more writedowns, Thornburg Mortgage defaulted on some agreements and short-term money market rates perking back up. All of which are contributing to a good dose of risk aversion sending global bond prices higher. The 2-10-yr yield spread is on a tear steeper at 209 on a blend of safe-haven short end buying outstripping that on the long stuff which drags on inflation concerns. Bond prices in the EuroZone were bid with help from speculation that today’s ECB’s Trichet will sound some growth alarms when he talks to the press shortly. In Japan, bond prices found a bid despite better equities as policy sentiment looks for a BOJ rate cut to support growth. Treasuries have middling data to play along with some Fed speak. Trade looks to be caught up in spread action mostly on Fed rate cuts, risk aversion and inflation all playing right into the hands of those riding the steepening bend. The buck is weak as the euro drives steadily higher with the ECB non-move and the yen’s strengthening on unwinds. Gold has given up some of its luster with spot now 983.84 (-5.96) while crude continues to hit records now 104.89 (+0.37) on the dollar’s drop. Data has initial jobless claims (8:30) and pending home sales (10). Fed-speak kicks it up again with Cleveland’s Pianalto late (19), while Boston’s Rosengren hits ( as does NY’s Geithner late (13). The euro is at 1.5309 and the yen is at 103.3800. For more click here.
08:29 CSIQ Canadian Solar upgraded to Strong Buy at Broadpoint- tgt $29 (22.22 )

Broadpoint upgrades CSIQ to Strong Buy from Neutral with a $29 tgt following earnings. The firm raises their 2008 margin and EPS estimates. and sees $100-$140 mln potential revenue upside from UMG-based module sales. They say improved operational metrics giving confidence in 2008 guidance.
08:29 SMSI Smith Micro SoftwareL Morgan Joseph bumps ests up follwoing in-line 4Q07 results; compelling outlook and valuation (5.11 ) -Update-

Morgan Joseph notes that last night SMSI reported 4Q07 sales of $20 mln and $0.22 non-GAAP EPS in line with their $19.5 mln and $0.20 ess adjusted Feb 24. Firm’s changes were based on information disclosed during a presentation made at a recent investor conf. While sales were up 16% Y-Y to $20mln, they fell 2% Q-Q primarily because of the revised music software model at Verizon, a 56% customer in 4Q07. Mitigating the almost 50% sequential decline in Multimedia, were continued strong growth in Consumer, driven by VMWare’s Fusion, and Connectivity, driven by 3G data card subscriptions.
08:28 Cross Research initiates select enterprise software names

Cross Research initiates select enterprise software names. The firm initiates Ariba (ARBA), AspenTech (AZPN.PK), JDA Software (JDAS), Lawson Software (LWSN), McAfee (MFE) Symantec (SYMC) and Wind River (WIND) with Buys and initiates Microsoft (MSFT) and SAP (SAP) with Holds.
08:26 Equity futures take another leg lower to fresh pre-mkt lows; Dow futures now -86 pts, S&P futures -12, Nas futures -11

08:26 UFPT UFP Technologies, Inc. reports Q3 EPS of $0.30 vs $0.15 in yr ago period; reports revs up 9.1% yr/yr to $25.5 mln vs $23.2 mln single estimate (6.08 )

08:25 TGT Target reports Feb same store sales +0.5% vs -0.3% Briefing.com consensus (52.80 )

08:25 CSX CSX control fight sparks alarms - FT (49.49 )

FT reports lawmakers in Washington yesterday expressed deep reservations about attempts by The Children’s Investment Fund, the London-based hedge fund, to increase control of US rail operator CSX, suggesting the move would threaten public safety and put US infrastructure in the hands of foreigners. At the center of legislators’ criticism against TCI, aired at a hearing on the issue before the House transportation committee, were claims that the firm’s “aggressive” investment tactics would lead to a decline in capital investment at CSX. The decision by some lawmakers to step into the fray bodes well for CSX, which could benefit from a general suspicion about hedge funds in some quarters in Washington and resistance against non-US ownership of infrastructure.
08:24 EXAS EXACT Sciences says updated screening guidelines of the American Cancer Society include new DNA technology for detecting colorectal cancer (2.09 )

Co announces that the co’s non-invasive, stool-based DNA technology is included in the updated guidelines for colorectal cancer screening released by the American Cancer Society’s. The guidelines were developed by the ACS in collaboration with the U.S. Multi-Society Task Force on Colorectal Cancer and the American College of Radiology.
08:24 MRVL Marvell: Expects in-line quarter with limited catalysts - Kaufman (11.75 )

Kaufman says MRVL plans to report fiscal 4Q08 results today after the close. Demand from MRVL’s storage end-market (approx 40%-45% of revs) remains mixed with P.C. softness offsetting stable hard drive order patterns and inventory levels. However, firm believes demand in enterprise/PC networking (approx 20% revs) also remains muted reflecting broader economic weakness, limiting significant upside in the quarter. On the whole, firm expects in-line MRVL revs of $780 mln for fiscal 4Q08, representing a decline of 3.8% Q/Q. They expect EPS to be burdened with higher operating expense, and drive results more in line with consensus $0.11 expectations this quarter. Firm cuts tgt to $13 from $16.
08:23 ABX Barrick Gold CEO on CNBC says he believes there is a lot of room to go in the gold price, says fundamentals are in place for a sustained rally in the gold price; investor demand is driving the price of gold right now (52.81 )

08:23 OWW Orbitz reports EPS in-line, misses on revs (6.61 )

Reports Q4 (Dec) earnings of $0.12 per share, in-line with the First Call consensus of $0.12; revenues rose 10.1% year/year to $197 mln vs the $201.2 mln consensus.
08:22 LINC Lincoln Educational Services beats by $0.03, reports revs in-line; guides FY08 (12.27 )

Reports Q4 (Dec) earnings of $0.37 per share, $0.03 better than the First Call consensus of $0.34; revenues rose 8.1% year/year to $90.3 mln vs the $90.4 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $81.5-82.5 mln vs. $82.35 mln consensus. Co issues guidance for FY08, sees EPS of $0.62-0.66 vs. $0.68 consensus; sees FY08 revs of $355-365 mln vs. $354.93 mln consensus.
08:22 PSS Collective Brands: Brean Murray previews Q4; lowering ests; rising cost pressures could hamper FY08 margins - Brean Murray (15.88 )

Brean Murray says PSS will report 4Q07 results on Tuesday, March 11, after the market closes. Firm is lowering their 4Q07 pro forma EPS est $0.05 to ($0.33) and their FY08 est to $1.45 from $1.77. Firm’s checks indicate that price-sensitive shoppers are now buying footwear from Payless stores with reduced regularity. In addition, their sources indicate that the co’s product prices could rise fairly significantly in 2008, due partly to increasing labor rates in China. Firm says in a challenging macro environment (which appears to be hurting the co’s core, less affluent shoppers), they believe that that it will be difficult for Payless to maintain product margins without sacrificing comp sales growth.
08:21 ENDP Endo Pharm upgraded to Buy at Roth Capital- tgt $34 (26.29 )

Roth Capital upgrades ENDP to Buy from Hold and raises their tgt to $34 from $31 noting ENDP recently in-licensed Voltaren gel from Novartis. They believe that this “surprise” acquisition may signal a change in trajectory for ENDP’s stock price, which has been plagued recently by generic risk, management turnover, and pipeline setbacks. They view this product as having a strong potential for surprising on the upside, and soon.
08:21 SNS Steak n Shake: Sardar Biglari, CEO of Western Sizzlin (WEST), issues letter to shareholders of The Steak n Shake (8.44 )

Sardar Biglari, Chairman and CEO of Western Sizzlin (WEST) and The Lion Fund, issued the following letter today to the shareholders of SNS. He comments, “Steak n Shake’s proxy contest is about board leadership: Phil Cooley and I are seeking to replace Alan Gilman and James Williamson… The board was disingenuous to you when in its Feb 27 letter it insisted that [Gilman and Williamson] have made substantial contributions to the company and shareholder value for many years. The reality is that shareholder value has been destroyed during the last decade…The purpose of this proxy battle is not just to win two board seats. Rather, the proxy contest is dedicated to a change in board leadership and therefore in the future direction of the company so that shareholders, of whom we are numbered, finally begin to earn a satisfactory return on their investment…We purposely identified Gilman and Williamson as the directors who must be removed because if we are going to guide Steak n Shake in a new, more productive direction, we must change the board leadership. We ourselves must assume the leading positions on the board…”
08:21 SNDK SanDisk: TSM to make chips for SanDisk using 80-nanometer tech, according to report - DJ (22.42 )

DJ reports TSM will make three-dimensional one-time programmable NAND chips for the co using 80-nanometer technology, the Commercial Times reported, citing unnamed SanDisk co officials. The two cos will also jointly develop next-generation 45-nanometer chip manufacturing technology, the Chinese-language newspaper cited unnamed SanDisk officials as saying.
08:19 BHP BHP Billiton clears regulatory hurdle for $2 bln Worsley expansion - DJ (74.30 )

DJ reports the co has received final regulatory approvals for a $2.03 bln expansion of its Worsley aluminum refinery in southwest Australia, which could see it boost production by one million tons a year by the end of 2010. The Melbourne-based miner was given Western Australian state government approval to boost production at Worsley to 4.7 mln metric tons a year, up from a previous approval to go to 4.4 mln tons, a spokesman for the state’s Environmental Protection Authority said Thursday. BHP board approval of the expansion, which has been delayed as costs soared, is now needed for the project to go ahead.
08:18 Iraq in talks with American and European companies to develop 5 new oil fields - NY Times

NY Times reports the Iraqi govt is negotiating with American and European oil companies to manage the development of five new fields in northern and southern Iraq, an Oil Ministry official said. Iraq hopes to reach agreements that will help it reach its goal of increasing crude oil production — now 2.3 mln barrels a day — by 500,000 barrels a day, said Asim Jihad, a spokesman for the Oil Ministry.
08:18 GM General Motors will assist Delphi exit plan with financing - WSJ (22.97 )

WSJ reports that GM will temporarily forgo a roughly $2 billion payment from Delphi Corp., at a time when the Detroit auto maker is undertaking an expensive overhaul. GM had expected to be paid at least $2.25 bln in cash from the $6.1 bln in financing its former parts unit needs to exit Chapter 11. But Delphi has struggled to line up creditors due to the tightening in debt markets. To reduce the amount of cash Delphi needs to raise, GM has agreed to take $2 bln from Delphi in the form of a note that can be paid back over time, Delphi said in a statement. GM has also agreed to finance all or part of an $825 mln second-term loan included in the $6.1 bln package, Delphi said. The plan requires court approval. Under the new agreement, Delphi’s exit package will consist of as much as $2.85 bln from GM. In addition, Delphi expects to include a $1.6 billion asset-backed revolving-credit facility and a first-lien term loan of at least $1.7 bln.
08:18 TRMP Trump Entertainment: Brean Murray cuts 2008 ests; says outlook improving (3.44 )

Brean Murray says although 4Q07 comparisons were disappointing, a low hold percentage, the launch of the retail component of its customer reward program and an increase in gaming revenue during Feb provides them with more confidence that Trump Entertainment Resorts’ results will improve and that its strategy is working. Firm is reducing their 2008 EPS est $0.16 to ($0.85) while their EBITDA est declines $17 mln to $175 mln, reflecting more modest revenue and margin expectations, especially in 4Q08.
08:16 ECONX Reminder: Initial Claims due out in about 14 min at 8:30ET

08:15 WIRES On The Wires

Burger King (BKC) announces that it has awarded development rights in Curacao to the franchisee group JDA Foods B.V… The Boeing Company (BA) has completed 50% of the design releases for the new 747-8 Freighter… Spansion (SPSN) announces that it has reached a level of more than 25,000 wafer-starts per quarter at its Spansion 1 facility in Japan… Manhattan Pharmaceuticals (MHA) announces that it has concluded successful pre-IND meetings with the FDA and may file IND applications for both Altoderm and Altolyn… 8×8 (EGHT) announces that it has been granted U.S. Patent No. 7,339,604 entitled “Videoconferencing Arrangement Having Multi-Purpose Digital Still Camera.” The patent issued from the U.S. Patent and Trademark Office on March 4, 2008.
08:15 TJX TJX Cos reports Feb same store sales +3% vs +3.2% Briefing.com consensus (33.06 )

“Our consolidated comparable store sales increase of 3% in February was in line with our expectations, despite unfavorable weather patterns in parts of the U.S. We continue to deliver great values for our customers in a challenging retail environment. We have strong liquidity in our inventories, putting us in an excellent position to capitalize on marketplace opportunities. Our stores look extremely fresh as we begin the spring selling season.”
08:15 Rosengren says pool of refinanceable subprime mortgages shrinking

08:15 TJX TJX Cos reports Feb comparable sales of +3.0% vs +3.2% Briefing.com consensus (33.06 )

08:14 Rosengren does not address economic outlook in speech on financial turmoil

08:14 WINS S M & A Corp downgraded to Hold at Roth Capital- tgt $6 (6.13 )

Roth Capital downgrades WINS to Hold from Buy and cuts their tgt to $6 from $8.50 following earnings. The firm says while they continue to view WINS as an attractive leader in its niche consulting market, they are moving to the sidelines as a new management team works to improve profitability by 2H08.The firm expects the stock to trade down over the next several quarters.
08:14 Boston Fed’s Rosengren says credit problems leaking over to “main street”

08:14 CWTR Coldwater Creek downgraded to Hold at Roth Capital - tgt cut to $5 (5.04 )

Roth Capital downgrades CWTR to Hold from Buy and cut their tgt to $5 from $5.74 following earnings. The firm says they continue to believe in the viability of the Coldwater brand and hence its longer-term growth opportunities and believe the company has taken many appropriate actions to improve its business; however, on a near-term basis, they believe the company still faces major headwinds from external, i.e. the general macroeconomic environment and from internal, ongoing merchandise issues.
08:13 MODG Modigene initiated with a Buy at Roth Capital - tgt $2.50 (1.15 )

Roth Capital initiates MODG with a Buy and a $2.50 tgt saying Modigene is poised to file an IND for a long acting form of human growth hormone by the end of 2008, and follow up with a second IND filing soon after. The firm says the MODG story is admittedly early stage and risky. They believe, however, that the greatest rewards are available for those willing to speculate early on this platform technology.
08:13 ESS Essex Property initiated with a Hold at Stifel (107.34 )

Stifel initiates ESS with a Hold saying they believe that Essex is one of the best managed apartment REITs with a portfolio of desirable West Coast markets. However, the share price is up over 23.6% over the past six weeks as compared to the RMZ index which is up 9.8% over that time. They believe that the slowing economy, dismal capital markets and sloppy housing market will continue to put pressure on REIT shares throughout this year. The firm notes the co recently repurchased approximately $45.8 mln of shares at $99.40, which they believe is a good entry point. Firm would look to buy shares on weakness below $100, all else being equal.
08:13 CRED Credo Petroleum reports Q1 EPS of $0.19 vs $0.15 a year ago; revs rose 13% YoY to $4.57 mln (10.93 )

Co annouces Q1 EPS of $0.19 vs $0.15 a year ago; revs rose 13% YoY to $4.57 mln. Oil production set a new record, growing 31% during the first quarter, on the heels of 25% growth last year. First quarter 2008 oil production was 15,700 barrels compared to 11,900 barrels last year. Natural gas production fell 26% to 392 MMcf compared to last year’s record of 528 MMcf. Total production, denominated in equivalent natural gas units, fell to 486 MMcfe compared to a record 599 MMcfe last year. Natural gas accounted for 81% of the company’s first quarter 2008 production.
08:12 SOHU Sohu.com initiated with a Buy at Sterne Agee- tgt $60 (45.10 )

Sterne Agee initiates SOHU with a Buy and a $60 tgt saying they believe that media buying is shifting from product-focus to branding due to the Olympics and deregulation of key industries. This trend favors major portals such as Sohu since the company has large traffic of desirable demographic.
08:12 ISLE Isle of Capri: Susquehanna says operating results not great, but longer term plan in place (8.45 ) -Update-

08:10 NAVZ Navistar announces 2006 financial results (58.25 )

Co announces that in another step toward becoming a current filer with the SEC, NAVZ reported its financial results for 2006. “We are confident that we will be current in our annual financial statement filings by mid-year.” The company reported net sales and revenue of $14.2 bln in 2006 - up from $12.1 bln in 2005.
08:10 CSGS CSG Systems upgraded to Market Perform from Underperform at BMO Capital (10.81 )

08:10 UNT Unit Corp tgt raised to $66 at Calyon (56.25 )

Calyon raises their tgt on UNT to $66 from $60 as they that the N. American land drilling market is beginning to stabilize and they expect recovery to begin by the end of 2008.
08:09 BBI Blockbuster beats by $0.08, beats on revs (3.04 )

Reports Q4 (Dec) earnings of $0.26 per share, $0.08 better than the First Call consensus of $0.18; revenues rose 4.0% year/year to $1.57 bln vs the $1.44 bln consensus. Worldwide same-store and by-mail revenues increased 7.4% from the same period last year. Gross profit for the fourth quarter of 2007 increased $16.4 million, primarily driven by the increase in total revenues discussed above. Gross margin for the fourth quarter of 2007 totaled 50.9%. 2008 Outlook- “As a result of the positive impact of the initiatives we have put in place, coupled with our cost containment actions, for the full-year we expect to generate meaningful cash flow and deliver adjusted EBITDA in the range of $290 - $310 million, which corresponds to GAAP financial measures of operating income in the range of $113-$133 million and net income in the range of $5 - $25 million. Additionally, our capital expenditures in 2008 will total approximately $130 million.” Restatement Comment- The Company will restate, in its Form 10-K for the fiscal year ended January 6, 2008, its previously reported consolidated financial statements for each of the fiscal years ended December 31, 2006 and 2005 and its condensed consolidated financial information for each of the interim periods of fiscal years 2007 and 2006 to correct identified errors. The Company is not withdrawing reliance on its financial statements for the fiscal years ended December 31, 2006 and 2005, or for any of the interim periods of fiscal years 2007 and 2006, because the Company has determined that these financial statements can still be relied upon.
08:09 TTM Tata Motors seeks $3bln in loans for takeover - FT (17.28 )

FT reports that Tata seeks loans of about $3bln to fund its planned purchase of Ford Motor’s (F) Jaguar and Land Rover. The carmaker has assigned Citigroup (C) and JPMorgan (JPM), its financial advisers on the acquisition, to arrange the financing with a range of other international and domestic banks taking part in the talks. The loan, which is expected to be mostly short-term bridge financing, is bigger than the anticipated purchase price of the deal, estimated at about $2bln. A person familiar with the deal said part of the loan could be used for working capital for Tata Motors, “but the jury is out” on the details. Co’s efforts to begin raising financing for the deal comes amid expectations that the transaction will be closed in the coming weeks once negotiators work through agreements covering engine supply, intellectual property and Jaguar and Land Rover’s pension funds.
08:09 NBR Nabors Ind tgt increased to $37 at Calyon (31.75 )

Calyon raises their tgt on NBR to $37 from $33 as they believe that NBR’s earnings are expected to reach a bottom in 2Q08 and earnings growth is expected to resume thereafter. Firm believes that the Street will assign a higher valuation to the stock as it starts discounting the growth for 2009. They maintain their ADD rating on the shares.
08:08 MCHX Marchex downgraded to Hold from Buy at Stanford Group (9.51 )

08:08 China’s Zhou says strong currency may not be best way to fight inflation - WSJ

WSJ reports China’s central bank governor said a stronger currency isn’t the best or only way to fight inflation, in statements that appear to counter widespread market expectations that the yuan’s gains will accelerate as the nation’s prices rise at their fastest pace in a decade. “Faster currency appreciation helps to rein in inflation, but not a lot,” Zhou Xiaochuan, governor of the People’s Bank of China, told reporters. “To curb inflation, we will rely more on domestic policies. … There is no need to use exchange-rate reforms as a way to fight inflation.”
08:08 RMTI Rockwell Medical Tech. reports Q4 EPS of ($0.09) vs ($0.10) in yr ago period; reports revs up 29.5% yr/yr to $11.95 mln (6.25 )

08:07 FFIV F5 Networks ests cut at Oppenheimer following mgmt meetings (20.80 ) -Update-

Oppenheimer says they came away from meetings with FFIV mgmt somewhat more cautious on the near term core Layer 4-7 sales outlook, although sales productivity improvements, strength in services and Acopia could somewhat offset. The firm believes the weak spending environment could slow the contribution these products can have to growth. Firm cuts their estimates (mainly 2H08/09) and lowers their tgt to $30 from $35.
08:07 OTIV On Track Innovations reports Q4 GAAP EPS of ($0.47) not comparable to ($0.13) consensus, revs decreased 1% YoY to $13 mln vs $13.14 mln two analyst est (3.00 )

08:07 TUC Mac-Gray Corp reports Q4 EPS of $0.07 vs $0.03 in 4Q06; revs rose 8% YoY to $78.7 mln - no ests (11.29 )

“Looking ahead, we are encouraged about our prospects, despite the ongoing turbulence within the housing sector of the economy. The underlying foundation for our business remains stable as the multi-housing sector of the housing market continues to outsource the management of laundry facilities. In addition, as we proved in 2007, our national strategy and 43-state footprint provide us with a natural hedge against slowdowns in any particular geographic markets. We will continue to execute our formula for growth in our laundry facilities management business by continuing to pursue organic growth through vend price increases, conversion to card-operated equipment and new contract wins. Our commitment to technology and our environmentally conscious product offerings remain substantial competitive differentiators for us in the marketplace.”
08:05 MASI Masimo says new clinical studies presented at the 14th World Congress of Anesthesiology demonstrate its advancements in patient care (32.55 )

Co announces that multiple clinical studies “demonstrating the accuracy and clinical effectiveness” of the Masimo Rainbow SET platform were highlighted earlier this week to over 8,000 anesthesiologists at the 14th World Congress of Anesthesiology.
08:05 ARO Aeropostale reports Feb comparable sales of +7.0% vs +4.8% Briefing.com consensus (28.08 )

08:05 RICK Rick’s Cabaret: Purchase of executive club in Dallas should be incremental to both guidance and ests - Merriman (24.92 )

Merriman says RICK announced that it has signed a definitive agreement to purchase The Executive Club in Dallas for a total purchase price of $9.5 mln (including $3.8 mln for the club itself and $5.7 mln for the real estate). At 18,000 square feet, this gentlemen’s club would be tied for the fifth largest club operated by RICK (out of the 16 clubs to be operated by the company following this acquisition). Even though mgmt did not disclose any operating metrics associated with this club, based on the statement that the purchase price was within 3-5x EBITDA and comparing the purchase price to past acquisitions, they est this club generates annual revenues of $3.0-3.5 mln and EBITDA of $0.8-1.3 mln. Based on those assumptions, they est this club has the potential to generate $0.05-0.10 in EPS annually.
08:04 C Citigroup made no approach for capital, Dubai says - Reuters.com (22.15 )

Reuters.com reports the co has not made any approach to Dubai International Capital seeking funds, the investment agency owned by the ruler of the Gulf Arab emirate said in a statement. It also said it had never expressed an opinion on the investment merits or financial condition of Citigroup. “We have not been privy to any non-public information about the company, neither has Citi approached Dubai International Capital for a capital raise,” DIC said.
08:04 GRB Gerber Scientific beats by $0.01, reports revs in-line (7.84 )

Reports Q3 (Jan) earnings of $0.13 per share, $0.01 better than the First Call consensus of $0.12; revenues rose 10.9% year/year to $152 mln vs the $151.7 mln consensus.
08:03 BBI Blockbuster announces restatment; says financial statements can still be relied upon

The Company will restate, in its Form 10-K for the fiscal year ended January 6, 2008, its previously reported consolidated financial statements for each of the fiscal years ended December 31, 2006 and 2005 and its condensed consolidated financial information for each of the interim periods of fiscal years 2007 and 2006 to correct identified errors. The Company is not withdrawing reliance on its financial statements for the fiscal years ended December 31, 2006 and 2005, or for any of the interim periods of fiscal years 2007 and 2006, because the Company has determined that these financial statements can still be relied upon.
08:03 MER Merrill Lynch amended the terms of its Exchange Liquid Yield Option Notes due 2032 (49.31 )

Co announced that it has amended the terms of its Exchange Liquid Yield Option Notes due 2032 (Zero Coupon–Floating Rate–Senior–CUSIP No. 590188 W4 6) (the “LYONs”) to increase the conversion rate from 14.0915 to 16.5000, to add September 13, 2010 and March 13, 2014 as dates in addition to the existing dates on which holders may require Merrill Lynch to repurchase all or a portion of their LYONs and has extended adjustments for cash and other distributions to March 13, 2014. Merrill Lynch has also amended the terms of the LYONs to provide that Merrill Lynch may redeem these securities, in whole or in part, beginning on March 13, 2014 and to extend change of control protection until March 13, 2014.
08:02 MKTX Marketaxess announces total monthly trading volume for February 2008 of $21.4 bln (9.57 ) -Update-

Co announces total monthly trading volume for February 2008 of $21.4 bln, consisting of $13.3 bln in U.S. high- grade volume, $2.8 bln in European high-grade volume, and $5.3 bln in other volume.
08:02 SYS SYS Technologies announces award of $29.7 mln prime contract (1.90 )

The co announces that they have been awarded a five-year (one base year, four option years) prime contract valued at approximately $29.7 million if all options are exercised to provide technical support services for Space and Naval Warfare Systems Center Charleston (SSC Charleston). This award was received concurrent with an initial $522,000 task order under this new vehicle.
08:02 LINC sees Q1 revs $81.5-82.5 mln vs $82.35 mln First Call consensus

08:02 OWW prelim $0.12 vs $0.12 First Call consensus; revs $197 mln vs $201.19 mln First Call consensus

08:02 MKTX Marketaxess announces monthly volume statistics for February 2008 of $21.4 bln (9.57 ) -Update-

Co announces total monthly trading volume for February 2008 of $21.4 bln, consisting of $13.3 billion in U.S. high-grade volume, $2.8 billion in European high-grade volume, and $5.3 billion in other volume.
08:02 LINC sees FY08 $0.62-0.66 vs $0.68 First Call consensus; sees revs $355-365 mln vs $354.93 mln First Call consensus

08:02 AEO American Eagle sees Q4 EPS of $0.66; sees Q1 EPS of $0.25-0.27; reports Feb comps of -4% vs. -2.5% Briefing.com Consensus (21.28 )

(consensus for Q4 is $0.65 and Q1 is $0.35)
08:01 DDS Dillard’s reports Feb same store sales -2% vs -3.8% Briefing.com consensus (16.21 )

08:01 LINC prelim $0.37 vs $0.34 First Call consensus; revs $90.3 mln vs $90.37 mln First Call consensus

08:01 BBI prelim $0.26 vs $0.18 First Call consensus; revs $1.57 bln vs $1.44 bln First Call consensus

08:01 FDO Family Dollar reports Feb comparable sales of +1.3% vs +0.0% Briefing.com consensus (20.08 )

Co states, for the March sales period ending April 5, 2008, the company expects that comparable store sales will decrease 2% to 4% from the similar period in the prior fiscal year.
08:01 FRP Fairport Comms extends CEO’s employment for an additional year (9.66 )

08:01 ANF Abercrombie reports Feb comparable store sales -2% vs -0.3% Briefing.com consensus (79.04 )

08:00 GMST Gemstar-TV Guide: Mitsubishi Electric extends license to incorporate Gemstar-TV Guide’s Digital G-GUIDE IPG technology into its digital televisions and digital video recorders (4.79 )

08:00 S&P futures vs fair value: -6.3. Nasdaq futures vs fair value: -1.0.

Futures indicate a down open. Several retailers are posting upbeat same-store sales results for February. Swiss banking giant UBS has reportedly sold a portfolio of Alt.-A holdings at distressed prices, which may lead to future write-downs, according to The Wall Street Journal. Additionally, the Bank of England and European Central Bank left benchmark interest rates unchanged.
08:00 GPS Gap Inc reports Feb same store sales -6% vs -3.0% Briefing.com consensus (20.52 )

“While overall results were mixed across our brands, total company merchandise margins were above last year. We will continue to manage inventory tightly as we bring summer product into our stores.”
08:00 FMCN Focus Media initiated with a Buy at Sterne Agee- tgt $75 (46.00 )

Sterne Agee initiates FMCN with a Buy and a $75 tgt saying they believe Focus Media’s business model is straightforward, but delivers powerful results. The firm believes the co is a play in the up-and-coming secondary cities in China, potentially driving up revenue growth and market expansion with a highly leveraged business model.
07:59 Asian carmakers hit snags in US - FT

FT reports Asian carmakers are discovering a downside to their rapid expansion in North America. As consumer demand weakens and competition intensifies, TM is considering production cuts at its North American assembly plants. The three biggest Japanese carmakers — Toyota, HM and NSANY — have all sharply lifted discounts and other incentives to attract buyers. More Toyota, Nissan, Hyundai and Kia rental cars and taxis are on the roads now than a few years ago, but profit margins on these vehicles are lower than on retail sales. In the past, vehicles assembled in Japan or South Korea could be diverted to more buoyant markets. But a growing number of models — such as Toyota’s Tundra pick-up and Honda’s smaller Ridgeline — are built in North America for the domestic mkt. The Asians — like their Detroit rivals — now have little choice but to either cut production or lift incentives when demand softens.
07:59 SMSI Smith Micro Software: Update on quarterly results - Merriman (5.11 )

Merriman is reiterating their Neutral rating on SMSI shares after the co reported in-line 4Q07 results and guided to FY08 rev of 95- $105 mln, the midpoint of which was below firm’s est. In addition, the co expects operating margins to decline during 1H08 (17- 20% range) due to increased acquisition integration and development costs which has caused them to lower their FY08 rev and operating margin ests. Given mgmt’s new effective tax rate outlook (20% vs. 30% previously), firm has increased their adjusted FY08 EPS est, which they would have lowered excluding the tax adjustment.
07:57 SCANX Early pre-market gappers

Gapping up: SMSI +24.3%, CHIP +17.5%, EPCT +13.9%, THRX +11.1%, DXPE +10.3%, TSRA +8.5%, MATK +7.5%, CMTL +6.8%, ACUR +5.7%, MELI +4.4%, HRS +4.1%, PBT +3.9%, TIVO +3.8%, ASIA +3.4%, GFI +3.0%, HMY +3.0%, SHPGY +2.4%, BHP +2.4%, ORCL +2.2%, ADCT +1.8%, RTP +1.8%, WMT +1.6%, INAP +1.5%, GOLD +1.2%, BHI +1.1%… Gapping down: TMA -60.9%, ABK -26.0%, UDRL -19.0%, CWTR -17.7%, MR -10.1%, ANH -9.6%, CMO -9.2%, MFA -7.9%, USMO -7.2%, ZUMZ -6.9%, NLY -6.6%, PETM -6.4%, FCEL -4.0%, STEC -4.0%, WM -2.3%, EXC -1.8%, LCAPA -1.8%, TMS -1.4%, TOT -1.1%, RWT -1.0%.
07:57 ISLE Isle of Capri: Appointment of Jim Perry completes transition of senior mgmt; current conditions to prevent ISLE from generating a profit for at least the next few quarters - KeyBanc (8.45 )

KeyBanc says more important than another disappointing quarter was the appointment of Jim Perry as the new CEO of ISLE. His addition completes the transition of senior mgmt and gives ISLE a healthy dose of fresh thinking and past success in the industry. Perry and the “Argosy / Trump” team will attempt to turn around the ISLE portfolio of properties with productive marketing and promotions, cost controls and hopefully a cooperating economy by this time next year. A softening economic environment, competition and high fixed costs will most likely prevent ISLE from generating a profit for at least the next few quarters. Furthermore, even a return to profitability in FY09 is now suspect, as firm believes that the same factors will plague the co into the next fiscal year.
07:56 BONT Bon-Ton Stores reports Feb same store sales of -7.2% vs -6.5% two analyst est (6.10 )

07:55 NY Post discusses Rep. Frank’s mortgage relief bill

NY Post reports House Financial Services Committee Chairman Barney Frank (D-Mass.) said he will introduce foreclosure-prevention legislation as early as next week as part of a broader push to address the growing subprime crisis. The bill would direct a federal agency - such as the FHA - to buy refinanced mortgages in cases where lenders reduce values to help borrowers repay, Frank said yesterday at a news conference in Washington. Under the plan, the agency would insure purchased loans against default. “There is an emerging consensus that we are not going to be able to deal with this economic slowdown, we’re not going to be able to keep it from getting longer and deeper, if we don’t deal with the bad mortgages,” Frank told reporters after a meeting with House Speaker Nancy Pelosi (D-Calif.), economists and former bank regulators.
07:53 KFY Korn/Ferry beats by $0.01, beats on revs; guides Q4 EPS in-line (17.07 )

Reports Q3 (Jan) earnings of $0.37 per share, $0.01 better than the First Call consensus of $0.36; revenues rose 22.2% year/year to $212.1 mln vs the $205.3 mln consensus. Co issues guidance for Q4, sees EPS of $0.34-0.38 vs. $0.35 consensus; sees Q4 fee revs of $195-210 mln, may not be comparable to $203.78 mln consensus.
07:52 INTC Intel: Caris sees INTC as a core holding, but don’t add to positions yet (20.19 )

Caris says their long-term view of INTC as a core holding for patient investors is unchanged following a relatively uneventful analyst day. That said, it’s difficult for them to recommend that new money jump in here as PC growth slows — they don’t think they’ve seen the last round of consensus ests cuts. Firm would wait for the stock to approach $17 and/or CY08 consensus to approach their $1.20, vs. Street at $1.35 before adding to positions.
07:51 KFY sees Q4 $0.34-0.38 vs $0.35 First Call consensus; sees fee revs $195-210 mln may not compare to $203.78 mln First Call consensus

07:51 KFY prelim $0.37 vs $0.36 First Call consensus; revs $212.1 mln vs $205.25 mln First Call consensus

07:50 TMA Thornburg Mortg’s circumstance is now likely very dire; expect little to no value to remain for shareholders - RBC (3.40 ) -Update-

RBC notes, in a form 8K released last night, TMA disclosed that one of its repo lenders was exercising its right to seize assets pledged against repo borrowings. This is a decidedly negative turn of events, as it means TMA will have little ability to sell assets to meet margin demands by other repo lenders, who in-turn will likely follow suit by seizing pledged assets as well. The ensuing downward-spiral of default and asset seizure has not historically ended well for others, so Thornburg’s circumstance is now likely very dire. Now that one lender has declared default, other lending agreements are automatically in default as well. While TMA’s equity investments in its CMOs could have value, firm is concerned that the co may have already pledged these assets as collateral to satisfy margin calls on MBS. Since lenders would then have the rights to these assets, firm would expect little to no value to remain for shareholders.
07:50 ANN AnnTaylor reports Feb same store sales -1.7% vs -3.3% Briefing.com consensus (24.52 )

“As we expected, our results in the month of February reflected continued soft traffic trends in our business, albeit improved versus last month. At Ann Taylor, we were highly promotional during the month to keep our inventory turning and to move through the less-compelling January and February store sets. At LOFT, well-received product assortments and very strong in-store metrics more than offset the impact of the weak traffic environment. Importantly, we ended the month with inventories at both divisions in good shape.”
07:48 ACH Alum. Corp China upgraded to Neutral from Underperform at Credit Suisse (47.15 )

07:47 ALOG Analogic beats by $0.01, beats on revs (58.52 )

Reports Q2 (Jan) earnings of $0.54 per share, $0.01 better than the First Call consensus of $0.53; revenues rose 12.4% year/year to $99.4 mln vs the $95.9 mln consensus.
07:47 BAX Baxter: Drug tied to China had contaminant, FDA says - NY Times (58.12 )

NY Times reports federal drug regulators said that a critical blood thinner that had been linked to at least 19 deaths and whose raw components were produced in China contained a possibly counterfeit ingredient that mimicked the real drug. Routine tests failed to distinguish the contaminant from the drug, heparin. Only sophisticated magnetic resonance imaging tests uncovered that as much as 20% of the product’s active ingredient was a heparin mimic blended in with the real thing. Federal officials said they did not know what the contaminant was. “At this point, we do not know whether the introduction was accidental or whether it was deliberate,” said the FDA’s deputy commissioner, Dr. Janet Woodcock.
07:47 ALOG prelim $0.54 vs $0.53 First Call consensus; revs $99.4 mln vs $95.87 mln First Call consensus

07:46 ORCL Oracle: Hearing reinstated with a Buy at tier 1 firm (18.79 ) -Update-

07:45 FRED Fred’s reports Feb same store sales 1.1% vs -1.2% Briefing.com consensus (9.23 )

“In February we enjoyed the positive effects of our recently announced short-term initiatives to improve in-stock positions on most popular items and enhance operational execution at our best performing stores and pharmacies. Largely as a result of these efforts, traffic increased 1% for the month despite the fact that sales slowed significantly in the last week of February. This slowdown demonstrated the economic challenges our customers are facing as well as the leap year effect, which moved two ad days into March. We expect the traffic momentum from our programs to extend through March as we continue the implementation of our strategic plan.”
07:45 GNVC Genvec announces grant, valued at $600K, for HSV-2 vaccine program (1.14 )

Co announces it has received a Phase I Small Business Innovation and Research grant from the National Institute of Allergy and Infectious Diseases, of the National Institutes of Health, to support the company’s efforts to develop novel adenovector-based vaccines for HSV-2, the virus responsible for most cases of genital herpes. The SBIR grant, valued at $600K over 2 years, will support work being conducted at GenVec, the Vaccine and Infectious Disease Institute at Fred Hutchinson Cancer Research Center and the University of Washington.
07:45 FLE Fleetwood reports Q3 (Jan) results, revs in-line (4.77 )

Reports Q3 (Jan) loss of $0.25 per share, includes charges, gains, may not be comparable to the First Call consensus of ($0.28); revenues fell 19.8% year/year to $355.5 mln vs the $354 mln consensus. “Because short-term economic signs are not positive, we have slowed production and are prepared for a sluggish spring, with fourth quarter revenues again expected to be down significantly from last year. We expect that motor home sales will be especially impacted as dealers match their orders to retail sales and adjust their inventory levels. Given our more streamlined cost structure, however, core operating expenses (before considering any positive impact from ongoing real estate dispositions or prior-year restructuring costs) are expected to be significantly reduced from the prior year and be at similar levels to the third quarter. Overall, results will be heavily influenced by uncertain market conditions and dealer sentiment.”
07:45 ECONX As expected, the ECB leaves rates unchanged at 4.00%

07:45 NCX NOVA Chemicals downgraded to Market Perform from Outperform at BMO Capital (29.01 )

07:44 GSOL Global Sources initiated with a Buy at Sterne Agee- tgt $17 (11.20 )

Sterne Agee initiates GSOL with a Buy and sets a $17 tgt, as they believe GSOL’s new pricing strategy is likely to pay off this year, note they have exapnded their sales force to support this initiative and view this as a major catalyst for the share price.
07:43 IBN ICICI Bank upgraded to Neutral from Underweight at HSBC (47.29 )

07:42 ORCL Oracle upgraded to Buy from Neutral at Merrill (18.79 )

07:41 MDZ MDS Inc misses by $0.02, misses on revs (16.65 )

Reports Q3 (Jan) earnings of $0.05 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.07; revenues rose 22.8% year/year to $296 mln vs the $319.2 mln consensus.
07:41 SINA Sina initiated with a Buy at Sterne Agee- tgt $55 (39.39 )

Sterne Agee initiates SINA with a Buy and a $55 tgt saying based on their recent channel checks, they believe that the trends for online advertising remain very favorable. Firm says they have heard from sources that ad agencies are aggressively hiring people, anticipating increased activities in media planning. In addition, some agencies are creating dedicated digital media departments to meet strong project demand.
07:40 TIVO TiVo: Subscriber growth suffers during uneventful F4Q; EchoStar still an enigma - FBR (8.14 )

Friedman Billings maintains their Underperform rating and $6 tgt on TIVO after the co announced FY 4Q08 results. Most importantly for the stock was the fact that mgmt provided no “new” news regarding the main catalyst for the shares–TiVo’s patent infringement case against DISH. Firm continues to believe that final resolution in this litigation is farther away than most believe, and expect bullish expectations around the case to subside over time. Firm’s Underperform rating thus remains based on what they consider to be overextended hopes for a quick and lucrative resolution for TiVo, and also considering that, in the past, big gains on patent litigation headlines have not been sustained over the near term.
07:40 FHA raises mortgage limits in high-cost California counties - WSJ

WSJ reports the FHA raised the mortgage limits to a maximum of $729,750 for 14 high-cost counties in California, as the govt began providing aid to homeowners required by the recently enacted economic-stimulus package. The upper mortgage limits also will apply to loans purchased or guaranteed by govt-sponsored mortgage companies FNM and FRE, FHA officials said. Details for the rest of the country are due to be announced this week. California counties such as Los Angeles and Orange will be eligible for the maximum limit, which was raised from $362,790. Lower- priced regions, such as Trinity and Lassen counties, will qualify for a loan cap of $271,050, up from $200,160.
07:39 BIDU Baidu.com initiated with a Buy at Sterne Agee- tgt $350 (242.22 )

Sterne Agee initiates BIDU with a Buy and a $350 tgt saying they believe that Baidu is much more than a search engine, as the company is able to offer an integrated and creative package to advertisers with different needs. They also think that a key advantage to Baidu is its flexibility in working with advertisers to create campaigns outside the typical R.O.I scope for paid search (e.g. branding, impression).The firm believes as more brand advertisers increase their spending on paid search, Baidu is in a favorable position to capture both paid search and brand ad spending given its large demographic of young users.
07:37 BWS Brown Shoe: Susquehanna notes BWS reported 4Q07 results; showed strong inventory mgmt; believes business well positioned in a difficult environment (14.88 )

07:36 WIRES On The Wires

NYMEX Holdings (NMX) and LCH.Clearnet announce that they have signed a Heads of Terms to introduce a broad range of global energy products… Global Crossing (GLBC) announces that GoDaddy.com connects its North American facilities through Global Crossing’s Dedicated Internet Access service… EMCOR Group (EME) announces that its Dynalectric Company of Nevada subsidiary has been awarded a contract to provide electrical construction services for a natural gas turbine generator project at the Nevada Power Clark Station in Clark County, Nevada… Entegris (ENTG) announces it signed an agreement to purchase a 14% equity stake of privately held Integrated Materials for $8 mln… Analogic (ALOG) announces that it has entered into an agreement to acquire privately held Copley Controls, a supplier of gradient amplifiers for Magnetic Resonance Imaging, and precision motion control systems. The purchase price is approximately $68.75 mln cash.
07:36 GSK GlaxoSmithKline avoids prosecution on Seroxat clinical trials - WSJ (42.40 )

WSJ reports a British regulatory agency said Thursday it won’t prosecute GlaxoSmithKline for allegedly withholding data on clinical trials of Seroxat, an antidepressant drug sold as Paxil in the U.S. Clinical trials have indicated that people under age 18 who took the medication had an increased risk of suicide. The Medicines and Healthcare Products Regulatory Agency, announcing the conclusion of a four-year review, said Thursday that there was no reasonable prospect of a conviction in the case. “The legislation in force at the time was not sufficiently strong or comprehensive as to require companies to inform the regulator of safety information when the drug was being used for, or tested outside its licensed indications,” the agency said. The drug was only licensed for adults.
07:35 Large Cap Brokers ests cut at Keefe Bruyette

Keefe Bruyette is revising lower again FY1Q08 est. for the big brokers by an average of 37% which now incorporates writedowns on commercial real estate exposure. In addition the firm says, given the continued slide in the markets since Feb. 14th when they first lowered est. they have factored in steeper writedowns on CDOs and leveraged lending. The firm cuts their ests on Bear Stearns (BSC) to $0.64 (consensus is $1.21), Goldman Sachs (GS) to $2.22 (consensus is $2.68), Lehman (LEH) to $0.87 (consensus is $0.93), Merrill (MER) to $0.42 (consensus is $0.75), and Morgan Stanley (MS) to $0.89 (consensus is $1.07).
07:34 RATE Bankrate- Fixed mortgage rates posted a slight decrease; average conforming 30-year fixed mortgage rate now at 6.32%

According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing dipped to 5.79 percent, while the average jumbo 30-year fixed rate held at 7.43 percent. Adjustable mortgage rates were mixed, with the average one-year ARM sliding to 5.47 percent, and the average 5/1 ARM rising to 5.72 percent. Although fixed mortgage rates posted a slight decline week-over-week, it was a real roller coaster ride along the way. The average 30-year fixed rate was 6.41 percent last week, and after falling near 6 percent on Feb. 29, came boomeranging back in the first few days of March. Rates for adjustable mortgages increased, narrowing the gap between fixed and adjustable rates that had expanded the four previous weeks. The volatility in fixed mortgage rates can be pegged to economic uncertainty and worries about the health of bond insurers that guarantee payments to mortgage bond investors. A sharp stock market selloff to close out February helped push mortgage rates lower but that quickly gave way to renewed concerns among mortgage investors about the certainty of their income streams. The resulting higher risk premium has mortgage rates at a spread above risk-free Treasury notes that rivals the largest seen in 2002 and 1998, two periods of notable mortgage market volatility. The mortgage rate winds can change direction quickly. Five weeks ago, the average 30-year fixed mortgage rate was 5.57 percent, meaning that a $200,000 loan would have carried a monthly payment of $1,144.38. Now that the average conforming 30-year fixed rate is 6.32 percent, the same $200,000 loan carries a monthly payment of $1,240.55.
07:33 STKL SunOpta provides update on previously announced internal review related to 2007 earnings results; requires a write-down estimated in $9-$11 mln range (5.54 )

Co provides an update on the status of activities relating to its Jan 24, 2008 press release which provided an overview of expected financial results for 2007, the potential impact on previously issued 2007 quarterly financial statements and actions being taken to address the issues identified. As previously disclosed, as part of the company’s year end close procedures within the SunOpta Fruit Group’s berry operations, mgmt determined that inventories were overstated and thus required a write-down estimated in the range of $9 to $11 mln. Upon becoming aware of this matter, the company identified and voluntarily initiated a wide range of specific actions to understand and address potential root causes and ensure corrective actions are implemented in a timely manner. At this time, the company reported that it is making good progress and is satisfied that the actions undertaken will result in improved processes and address the root causes that led to this write-down. The company further reported that it is progressing with its 2007 year end analysis and related investigative procedures throughout the company’s berry operations. In addition, the company’s Audit Committee has initiated and commenced an investigation into processes within the Company’s berry operations and has retained independent legal counsel and accountants to assist with this matter.
07:33 USPH U.S. Physical Therapy beats by $0.03, beats on revs (13.32 )

Reports Q4 (Dec) earnings of $0.21 per share, $0.03 better than the First Call consensus of $0.18; revenues rose 30.4% year/year to $44.2 mln vs the $42.5 mln consensus.
07:33 GOT Gottschalks reports Feb same store sales -9.5% vs single estimate of -5.0% (2.03 )

Co says February sales reflect persistent weak economic conditions as well as a planned reduction in inventory levels. During the month, GOT focused on clearing through winter merchandise and transitioning into its new spring product assortment.
07:32 USPH prelim $0.21 vs $0.18 First Call consensus; revs $44.2 mln vs $42.45 mln First Call consensus

07:32 FLE prelim ($0.17) ex items, may not be comparable to ($0.2 First Call consensus; revs $355.5 mln vs $354.00 mln First Call consensus

07:31 HVT Haverty Furniture reports Feb comps decreased 0.4%; sales for the month increased to 61.9 mln (up 3% from a year ago) (9.66 )

07:31 CBK Christopher & Banks reports Feb same store sales -5% vs -2.9% Briefing.com consensus (10.57 )

commented, “February results were disappointing as customer traffic continued to be light. Our inventories have been conservatively managed and we believe we are well positioned to begin our new fiscal year. We are pleased to have launched our Christopher & Banks and C.J. Banks e-commerce websites in February and look forward to using this channel to gain incremental sales.”
07:31 CAKE Cheesecake Factory announces $100 mln extension to revolving credit facility to support share repurchases of ~$150-200 mln (20.81 )

07:31 TASR TASER receives two law enforcement orders; Suffolk County Police Dept and North Dakota Highway Patrol purchase TASER devices (11.28 )

Co announces that it received two large orders from law enforcement agencies. The first order was received from the Suffolk County Police Department, in Yaphank, NY, for 225 TASER X26 Electronic Control Devices. The second order was received from the North Dakota Highway Patrol in Bismarck, ND, for 140 TASER X26 ECDs, plus two TASER CAM audio/visual recording systems and related accessories.
07:30 SMRT Stein Mart reports Feb same store sales -10.4% vs -8.0% Briefing.com consensus (4.97 )

07:28 South Africa will raise mines’ power supply to 95% - Bloomberg.com

Bloomberg.com reports South Africa, the world’s biggest platinum producer, plans to increase power to mines, easing a shortage that helped push platinum and gold prices to records. The country’s mines will be allowed 95% of their normal electricity use, up from 90 percent, Mining Minister Buyelwa Sonjica said in an interview with Bloomberg Television. “The situation is now under control, we have stabilized,” the minister said in Washington yesterday. “That will give 5% more to the mining industry.”… Sonjica didn’t say whether the higher power supply would also apply to aluminum and ferrochrome smelters, owned by cos including BHP and Xstrata. BHP, whose three aluminum smelters in South Africa and Mozambique use 2,150 megawatts of power, is South Africa’s biggest power consumer.
07:26 AAPL Apple: MacScoop discusses the March 6 “iPhone software roadmap” special event (124.49 )

Macscoop reports the co plans to start a program allowing developers to distribute their iPhone and iPod touch applications through iTunes and although software will be submitted to the store at no cost, Apple will keep a small perentage of the revenue generated by each sale, sources told MacScoop… Sources confirmed that, though there might be a few limitations for the developers, Apple will not prevent third-party applications from accessing to EDGE and Wifi connectivity… Developers will have to use a Mac with Mac OS X Leopard so as to write applications for Apple’s devices. Apple will not release its development kit on other platforms than the Mac… Apple has apparently been working with a few developers including IBM as well as game developers such as Electronic Arts and Gameloft so as to bring the first third party applications to the platform and some of them might be announced at the occasion. In addition we may expect Apple to announce Microsoft Exchange support on the iPhone as rumoured by several analysts and recently confirmed by our own sources.
07:24 AEG AEGON N.V. reports Q4- Reuters (14.81 )

Co reports Q4 profit of 6