Trading for the Masses

We had our long trades fill on the reversals of the HMO names today, UNH, CVH, and HUM. Paid nice dividends waiting for a nice long reversal squeeze setup!! Axl Rose trade.

Some nice trades off the HMO bottoms today, otherwise take it easy today!!

Enjoy the musical interlude wishing all day I could clear my head with thoughts of you.

Well I had a good one today I was bidding 1315.5 all nite and am, and we ticked down to 1315.75 and that took us off up to 1334.25. That is trading, Pick your spots sometimes you win sometimes you don’t, we then took out new highs and have since sold off, but are hanging around the top. I would love to sell near 1340 today on the short side as too much too fast at that level, but I am not eager to do much until then or buy down to 1310 now . . We are trading 1330 which demands sitting on hands for this traders as we float in no man’s land.

So the Fed is done with Stage 1 of the next bailout with more rate cuts coming next Tuesday so the bent should be to the upside until the Fed is once again done cutting 25 or 50 more basis points. Let’s see same old story, lower rates didn’t work last time, so let’s cut them again and see if they will work this time . . .Anyhoo, market consolidation day probably on tap after 60 pts out of the SP yesterday so kick back see what they do. Bid down to 1311 today and look for next closing level over 1340 to assure 1370. Baby steps, lookikng for low 1400’s to start shorting in size again . . .

8:53 FRE Freddie Mac CEO says worst US housing market in about 100 years - CNBC

08:52 MR Mindray Medical: Datascope acquisition a long-term strategic positive - Brean Murray (27.37 )

Brean Murray says they believe the acquisition of Datascope’s patient-monitoring business is a long-term positive strategic move for MR. Upon the closing of the transaction, MR will gain an experienced direct sales team with 80+ sales reps in the U.S. and Europe and a much larger customer base. Once fully integrated, the transaction should provide significant cross-selling opportunities for other MR products and generate meaningful cost synergies along the way. While we expect MR’s rev growth to decelerate to ~30%+ over the next couple of years due to the addition of slow-growing Datascope business, they believe the co can maintain solid 40%+ net income growth through 2010.
08:51 STP Suntech Power: Trading around 12x 2009E EPS, STP shares offer 50%+ upside vs. the market in 12 months - Cowen (30.24 ) -Update-

Cowen notes that trading around 12x their 2009E EPS, they believe STP shares offer 50%+ upside vs. the market in 12 months. They think investors may be puzzled by the timing of the convert offering, given market conditions and the low share price. However, they say this is driven by the lead time to add polysilicon capacity, and it should give STP access to l-t, low-cost supply. While the deal is slightly dilutive this year, it could be offset by higher rev in 2009. And, details of poly supply deals should provide triggers for the shares. If STP can obtain material for another 150MW in 2009, they estimate incremental revenue of about $475 mln would more than offset the increase in shares and $15 mln interest expense.
08:51 ENDP Endo Pharm names David Holveck President and CEO (24.32 )

Co announces that David Holveck has been named President, Chief Executive Officer and a Director of the company, effective April 1, 2008. Mr. Holveck was most recently President of Johnson & Johnson Development and Vice President, Corporate Development of Johnson & Johnson (JNJ).
08:50 WB Wachovia: Stifel lowering EPS ests (29.78 )

Stifel is lowering their 2008 and 2009 EPS ests for WB to $2.60 and $3.85 from $3.55 and $4.05, respectively. The primary drivers of their downward revisions include further loan loss reserve builds and write-downs of ABS/CDOs, RMBS, CMBS and leveraged finance exposures. Firm says the earnings growth in 2009 and 2010 could significantly accelerate with the elimination of valuation write-downs and the lack of loan loss reserve building measures, assuming the current environment improves by then.
08:49 PHG Royal Philips Electronics may sell $1.1 billion of shares in LG Display - Bloomberg.com (39.83 )

Bloomberg.com reports the co plans to raise as much as $1.1 billion by selling part of its stake in LPL, according to documents e-mailed to investors. Philips is offering 23 million shares, equivalent to a 6.4% stake, at 42,750 won ($44) to 44,250 won each, the sale documents showed. The offer is a discount of as much as 8.1% to the unit’s closing price of 46,500 won in Seoul today. Gerard Kleisterlee, Philips’s chief executive officer, needs funds for takeovers in the lighting, medical and appliances businesses. The co, which is exiting the semiconductor and display operations, sold a 13% stake in LG Display in October, cutting its shareholding to 19.9%.
08:49 WRAPX Pre-market Summary

Following yesterday’s massive Fed-induced rally, futures indicate a modestly lower open for the mkt on a very slow news morning. Futures had been showing modest gains earlier, but have trended into negative territory over the last two hours. A similar pattern evolved overnight in Asia as those mkts opened sharply higher, but eased lower from those levels with mainland China’s Shanghai Composite closing 2.3% lower on monetary tightening concerns. Looking ahead, municipal bonds will take center stage today with the House Financial Services Committee holding a hearing on the insurers and credit raters in regards to those bonds. Dow futures are currently -20; Nasdaq futures are currently -3.8; S&P futures are currently -2.7. For technical levels of interest, click here… Following yesterday’s large declines, the Bond mkt is seeing a rebound rally in early trade. The 10-yr is currently +06/32 to 3.568%… In Commodities, the Dept. of Energy will release its weekly inventory stats at 10:30ET, where crude is expected to show a build of 1.675 mln barrels, distillate is expected to show a draw of 2 mln and gasoline is expected to show a build of 100K. Ahead of the data, Apr crude oil is trading off 11 cents to $108.64… In Europe, mkts rallied by mid-morning as a rise in bank shares gained momentum. FTSE is currently +1.4%; DAX is currently +1.1%; CAC is currently +1.6%. In Asia, most mkts rallied after the U.S. Federal Reserve said it will pour as much as $200 bln into the financial system to revive lending among banks. Nikkei closed +1.6%; Hang Seng closed +1.9%; Shanghai Composite closed -2.3%… Notable pre-market Calls include Upgrades: NOK at Oppenheimer, TMA at Bear Stearns; Downgrades: ALK, AMR, CAL, DAL, LCC, NWA and UAUA at JP Morgan, BYD and PNK at Morgan Joseph, CS and UBS at Keefe Bruyette, LOW at Morgan Keegan… On the Earnings calendar, 19 cos are confirmed to report today after the close, though none are expected to be market-moving releases… On the Economic calendar, the monthly Treasury Budget for Feb (consensus -$170.0 bln; prior -$120.0 bln) is due out at 14:00ET.
08:49 Spot coal easing, valuation stretched heading into Q1 earnings - Citi

Citigroup sees thermal Coal as vulnerable to supply, but continued scarcity in Met. After peaking in late-Feb, prices have given back roughly $8/ton, and they expect further winnowing through the March-May “Shoulder” season as stockpiles build. Firm believes that volumes sold at peak prices were minimal, and that miners will have difficulty broadly enforcing $80-90/ton. Finally, firm believes that Coal equities seem fully valued at 8-18x EV/EBITDA and 19-40x P/E on 2008, and they remain cautious on key Coal names heading into a tough Q1 earnings cycle.
08:47 JCG J. Crew success continues, albeit at a moderate pace - Stifel (42.60 ) -Update-

Stifel says despite the challenging environment, JCG prevailed with a combination of compelling merchandise and solid retail execution. The incremental gains in gross margin despite an inventory buildup at the start of the quarter was impressive as the merchandise proved attractive and sold well at regular price in 4Q. A comp store sales gain of 4% was sufficient to lever fixed costs contributing to the 90 bps saving in SG&A. With a clean inventory, well converted to appealing seasonal merchandise, firm’s outlook for the spring season is favorable, despite these uncertain economic times. They believe that mgmt can continue to grow EPS approx 20% in 2008.
08:46 CRWN Crown Media reports Q4 EPS of ($0.37) vs ($0.27) single estimate; reports revs up 19% yr/yr to $69.6 mln vs $70.1 mln single estimate (5.02 )

08:44 WIRES On The Wires

SPX (SPW) CEO reaffirmed the co’s “strong commitment” to continued growth and expansion in South Africa, highlighting the meaningful role SPX expects to play in helping meet the country’s growing energy infrastructure needs… Airspan Networks (AIRN) announces that Tricom, one of the Dominican Republic’s carriers, has awarded AIRN an expansion contract to continue to supply its WiMAX solutions in the licensed 3.5 GHz frequency band.
08:43 VOD Vodafone: Court delays India Vodafone hearing - FT (31.56 )

FT reports a landmark court challenge by Vodafone against Indian tax authorities, which want it to pay an estimated $2bn in taxes on its acquisition of Hutchison Essar, has been adjourned for three months. The Bombay High Court delayed the hearing until June 23. The court said it wanted to allow time for changes to tax laws to come into force. The changes were introduced in the last budget and will come into force in the next few months.
08:41 TWTI Third Wave upgraded to Overweight from Equal Weight at First Analysis ( 7.10 ) -Update-

08:41 Kaufman notes Fed injects liquidity; thinks the Fed will continue to lower short-term Fed Funds rates

Kaufman says yesterday the Federal Reserve would inject $200 bln into the capital markets by lending primary dealers funds in Treasury securities. Firm says although is unknown how this plan will affect the longer term, they think the Fed will continue to lower short-term Fed Funds rates, with a likely 50-basis-point cut at its March 18 meeting. They think the disappointment has been that previous short-term rate reductions have not been able to help open market interest rates come down and stay down as credit fears rekindled this week, prompting a backing up of these rates. The danger, of course, is that the markets respond only temporarily.
08:39 DIVX DivX downgraded to Market Perform at Barrington (10.19 )

Barrington downgrades DIVX to Market Perform from Outperform following earnings. The firm says the near-term dilution from MainConcept before the acquisition turns accretive later in the year, plus the added costs and expenses that will result in an EPS decline in 2008 versus the prior expected increase suggest their Outperform rating is no longer appropriate.
08:38 WGL WGL Holdings announces five-year financial objectives; targets 6%-8% average annual operating earnings growth (32.20 )

Co announces its plans to achieve the following 5-yr financial objectives for the co’s fiscal years 2008 through 2012: 1. Generate average annual operating earnings growth of 6% to 8%; 2. Maintain a strong balance sheet and credit ratings for all stakeholders; and 3. Deliver sustainable dividend growth of 3% to 4% per year.
08:37 WIRES On The Wires

CIT Group (CIT) announces that CIT Aerospace, a unit of CIT, has signed contracts with Airbus for 20 new aircraft (fifteen A320 family aircraft and five A330) worth approx $1.9 bln at list prices… Jamba (JMBA) announces that it has launched its new breakfast menu in all stores nationwide… Lucas Energy (LEI) announces that the G.G. Griffin No. 5 well commenced production on Feb 11, 2008 as a result of rework activities… Digital Angel (DIGA) announced it has entered into a non-exclusive distribution agreement with The Jockey Club, the official breed registry for North American Thoroughbred horses. The new agreement allows Thoroughbred breeders, owners, managers and agents the ability to obtain Destron Fearing LifeChip radio-frequency identification microchips from The Jockey Club for use in Thoroughbred horses.
08:36 Citigroup discusses sell-off in managed care stocks and potential M&A; believes AET is well positioned to acquire WLP, HNT or CVH

Citigroup discusses the recent sell-off in managed care stocks, noting AET stands out for reiterating its guidance, and has a chance to win investor confidence at its annual investor day on Friday. They think AET is also well positioned to acquire: 1) WLP (may lose Blue brand but can free up excess capital req’d by blues); 2) HNT (TRICARE free at this price); or 3) CVH (would combine two top management teams). The firm thinks high synergy potential can be achieved by consolidating this highly fragmented industry.
08:34 NVT Navteq: EU to deepen antitrust probe into Nokia-Navteq deal, sources say - DJ (73.19 )

(NOK)
08:33 NKE Nike: Citigroup believes NKE’s recent pull back creates a buying opportunity; reiterate Buy rating ahead of the co’s Q3 earnings (57.92 )

Citigroup thinks NKE’s recent pull back creates a buying opportunity for the stock and they reiterate their Buy rating ahead of the co’s Q3 earnings results on 3/19 as they see this as the next positive catalyst for NKE shares. Firm says NKE is their best idea in the apparel and footwear space and their Top Large-Cap Pick for 2008. Nike’s stock will likely trade on mgmt’s announcement of “futures.” Firm believes new products should drive futures. NKE continues to take U.S. market share and lead the top seller list in athletic footwear retail.
08:33 PPCO Penwest Pharma reports Q4 EPS of ($0.40) vs ($0.46) consensus; reports revs up 18% yr/yr to $0.87 mln vs $0.84 mln consensus (2.80 )

08:33 BWTR Basin Water names Scott Katzmann as Chairman of the Board of Directors effective March 6, 2008 (8.28 )

08:32 BONDX Perking Up… 10-yr +12/32 yielding 3.547%

The market is getting a good boost at the open but given yesterday’s excessive sell-off an early bid today is not unexpected. Not much has changed since the Fed announced its latest liquidity initiative and the euphoria carried over somewhat to the global stage dragging on treasuries overnight. Expectations for an aggressive rate cut next week have backed off a bit, which may take a bite out of the pop in equities providing a near-term catalyst for bonds to rally in an otherwise event-free day. The 2-10-yr yield spread continues to unwind steepeners at 186.0 with the short end bearing the brunt of the correction on diminished risk aversion and Fed action. Bond prices in the EuroZone are perking up but were initially hit by hotter inflation data from France and better industrial production across the region. In Japan, bonds were hit with equities better. Treasuries have a nearly empty calendar to weigh on activity today but that hasn’t stopped the market from bouncing around the last 2 sessions. With Fed announcements, Spitzer’s fall from grace, ratings agencies and fund failures all making juicy headlines, the newswires are providing some grist to chew on. A reality check in equities could get things going too. Otherwise trade will look to lick its wounds from yesterday and reclaim as much ground as possible but with data due tomorrow and Fri not too much is expected. The buck has fallen back after the post-Fed liquidity move, while talk of lightend dollar holding also weighs. Improved data out of the EuroZone and lessened rate cut expectations in the region boosted the euro back to 1.5476 just off the 1.5495 highs. The yen is heading back toward the 102.00 handle, as growth showed improvement in the last quarter. Gold is pulling better as the buck loses more ground with spot now 976.17 (+2.87) while crude is holding a touch lower into inventories, but remains near record levels at 108.63 (-0.12). Data due offers just the treasury budget late (14) with the Fed keeping tight lipped ahead of the FOMC. The euro is at 1.5469 and the yen is at 102.4400. For more click here.
08:32 OXPS OptionsXpress reports key monthly performance metrics for February 2008 (21.67 )

Co reports key monthly performance metrics for February. Highlights for the month included: Daily average revenue trades of 34,500, 3% higher than February 2007, 16% lower than January 2008; Net new customer accounts of 4,600; Ending customer accounts of 271,900, 24% higher than February 2007, 2% higher than January 2008; Ending client assets of $5.5 billion, 11% higher than February 2007, 1% higher than January 2008; and Ending margin balances of $205 million, 57% higher than February 2007 and 4% lower than January 2008.
08:32 TIVO TiVo to provide YouTube videos directly to the television (8.27 )

Co announced an agreement with YouTube that will offer access to YouTube videos directly from the TV via a TiVo DVR. The service will be available later this year to broadband-connected subscribers with TiVo Series3 DVRs, including the new TiVo HD. Upon launch of the TiVo-YouTube service, TiVo users will be able to search, browse and watch these videos directly on their television sets through their broadband connected TiVo DVRs.
08:32 XNPT Xenoport announces ‘positive’ results of a phase 1 clinical trial of XP21279 (39.13 )

Co announces ‘positive’ results from a Phase 1 clinical trial of XP21279. The trial compared the pharmacokinetic profile of L-Dopa produced by a single oral dose of a prototype, sustained-release tablet of XP21279 to that of a near-equivalent single dose of oral L-Dopa. The trial demonstrated that XP21279 produced a more sustained exposure of L-Dopa compared to oral L-Dopa dosed in the same healthy subjects. XP21279 was well-tolerated in this first trial in humans.
08:32 EMS Emergency Medical Services” Contract with Molina Healthcare further leverages Access2Care platform - Jefferies (23.91 )

Jefferies says despite the recent pullback in EMS’ stock, the underlying fundamentals in the co’s ambulance and ER staffing segments remain strong. New contract wins coupled with emerging hospital-based service opportunities should position EMS for robust LT growth. Jefferies notes that yesterday, EMS announced: 1) the completion of its acquisition with River Medical, and 2) the signing of a five-year agreement with Molina Healthcare to provide non-emergency transportation management services in the state of Michigan.
08:31 ADES ADA-ES reports Q4 EPS of $0.00 vs $0.02 consensus; reports revs up 18% yr/yr to $4.8 mln vs $6.1 mln consensus (9.04 )

08:31 AAPL Apple says more than 100,000 iPhone developers have downloaded the beta iPhone SDK in the first four days since its launch (127.35 ) -Update-

Co announces that more than 100,000 iPhone developers have downloaded the beta iPhone Software Development Kit in the first four days since its launch on March 6. The iPhone Software Development Kit provides developers with the same rich set of Application Programming Interfaces and tools that Apple uses to create its native applications for iPhone and iPod touch.
08:31 MFLX Multi-Fineline names new Chief Executive Officer with former CEO continuing to serve as Chairman of the Board of Directors (22.33 )

Co announces that it has named Reza Meshgin as its new CEO. Phil Harding has served as the company’s CEO since 1988 and will continue to serve as the chairman of MFLX’s board of directors, a position that he has held since Dec 2003.
08:30 SPIR Spire receives order for second turnkey solar manufacturing line to Spain’s Fluitecnik (13.61 )

Co announces it has received a contract from the solar division of Spanish renewable energy company Fluitecnik to provide a photovoltaic module assembly line for that company’s operations in Portugal. Co will provide Fluitecnik with a semi-automated crystalline module manufacturing line capable of producing up to 20 megawatts of solar modules per year for sale into the European solar marketplace.
08:29 S&P futures vs fair value: +0.9. Nasdaq futures vs fair value: +2.0.

Futures are off their best levels as they point to a muted start to the trading day. A disappointing outlook from WellPoint (WLP) prompted the managed healthcare group to drop 17% on Tuesday. The group is set for another decline today, this time because Humana (HUM) cut its full year 2008 to $4.00 to $4.25 per share, from $5.35 to $5.55 per share. Meanwhile, european markets are trading higher. The FTSE is up 1.7% and the CAC 40 is up 1.6%.
08:27 BGP Borders Group is sharply increasing the number of titles it displays with the covers face-out - WSJ (8.42 )

WSJ reports the co is sharply increasing the number of titles it displays on shelves with the covers face-out. Because that takes up more room than the traditional spine-out style, the new approach will require a typical Borders superstore to shrink its number of titles by 5% to 10%. That makes the strategy a big gamble for Borders. Reducing inventory goes against the grain of booksellers’ efforts over the past 25 years or so. Chains like Borders and Barnes & Noble, became household names with superstores that stocked as many as 150,000 titles or more. The rise of AMZN, which offers a vast selection online, made it even more important for stores to offer deep inventories… With the book mkt facing unmitigated gloom, Borders has little choice but to experiment. Competition from the Internet, videogames and other electronic devices has flattened growth in book sales in recent years.
08:26 CFSG China Fire & Sec Grp announces a $10 mln share buyback (5.45 )

08:23 Latest trouble spot for banks: souring home-equity loans - WSJ

WSJ reports here comes another headache for banks suffering from the mortgage downturn: Losses on home-equity loans are soaring, even at some lenders that avoided big blunders on subprime loans… falling home values are leaving banks with little or nothing to collect on many home-equity loans in case of default. Some stretched borrowers are keeping up with their mortgage and credit cards — but not their home-equity loan. The problems are already causing trouble for JPM and WFC, and are expected to hit other large banks when first-quarter earnings results are released next month. The pain is likely to deepen through the rest of 2008, sapping capital levels and resulting in tighter lending standards as banks try to reduce their risk… Projected losses from home-equity loans aren’t anywhere close in size to the carnage caused by the declining value of mortgage-related securities. But the cascading delinquencies and charge-offs represent one more piece of the U.S. banking industry that is in big trouble after years of bumper-crop profits. Now, the steep decline in housing prices and weak economy are turning the home-equity business upside down. About 4.65% of fixed-rate home-equity loans were delinquent in the fourth quarter of 2007, up from 3.11% a year earlier, according to Equifax and Moody’s Economy.com… Other types of consumer loans also are souring, including credit cards and auto loans. But delinquent home-equity loans are rising faster… (Stocks mentioned: NCC, STI, WM, BAC and C)
08:22 SCANX Gapping up

In reaction to strong earnings/guidance: HDL +26.1%, QTWW +17.5%, TLCV +15.3%, MBLX +11.7%, JASO +9.4%, JCG +5.6% (also upgraded to outperform at Raymond James), AEO +4.1%, DXCM +3.7%, TTWO +2.6%, CAT +2.3%, EXLS +1.9%, STLD +1.6%… Select European financial names showing strength: UBS +3.6%, ING +3.3%, BCS +3.3%, CS +3.3%, DB +1.0%… Select solar names showing strength following JASO earnings: SOLF +2.1%, ESLR +1.8%, STP +1.7% (prices $500 mln convertible senior notes), SPWR +1.6%, AKNS +1.2%, CSIQ +1.1%… Other news: TWTI +40.8% (confirms HPV clinical trial achieves primary clinical endpoints), CRXX +20.9% (says drug candidate CRx-191 demonstrates ‘positive’ phase 2 results in psoriasis), DNDN +11.4% (FDA agrees to amend Special Protocol Assessment for Phase 3 IMPACT Study of PROVENGE), SIMO +7.9% (announces $40 mln stock repurchase program), FLDR +6.5% (announces a supply agreement with Lowe’s), TASR +2.8% (announces United States Air Force Security Forces to deploy TASER X26 devices), CAM +2.7% (announces $650 mln contract for subsea equipment offshore West Africa), BHP +2.3%, RTP +2.2%, WWE +1.0% (Cramer makes positive comments on MadMoney)… Analyst upgrades: TMA +31.4% (upgraded to Peer Perform at Bear Sterns), DMND +4.1% (upgraded to Buy from Neutral at Piper Jaffray), ABH +2.3% (upgraded to Mkt Perform at BMO), DVA +1.3% (upgraded to Outperform at Piper Jaffray), NTY +1.2% (upgraded to Outperform at RBC), SSRX +1.1% (initiated with a Buy at Brean Murray).
08:21 IMAX Imax: FY08 starts the path towards a projected 150% EBITDA increase in the next 3-4 years - Merriman (6.69 )

Merriman says given that FY07 was a transition year for IMAX, including an intentional slowdown in installations ahead of the digital theater launch (which should also continue during 1H08), accelerated R&D spending on the digital theater system, and incremental G&A spending on the financial restatements and legal issues, they believe investors are going to look past the past and instead focus on mgmt’s updated outlook towards the back-half of FY08 — specifically honing in on: 1) the digital theater launch timing (expected at the end of June), 2) the number of AMC joint-venture theaters in 2H08 (expected to be 26 theaters), and 3) the potential for reaching profitability (firm is projecting that to occur in 3Q08).
08:21 VIP Vimpel Comms misses by $0.03, reports revs in-line (34.72 )

Reports Q4 (Dec) earnings of $0.36 per share, $0.03 worse than the First Call consensus of $0.39; revenues rose 38.5% year/year to $2.01 bln vs the $2.01 bln consensus. Co reports active subscriber base up 13.6% yr/yr to 51.7 mln customers, with fixed line subscribers up 3.4% yr/yr to 629k.
08:19 ABX Barrick Gold delays mine work as tax dispute continues - WSJ (50.45 )

WSJ reports the co’s plans to start construction of the $2.4 billion Pascua-Lama gold-mine project remain on hold as Argentine and Chilean tax authorities failed again Friday to reach an agreement regarding tax sharing for cross-border mine projects. The two countries have met numerous times but have been unable to determine how taxes generated by the mine will be divided by the two countries. Most of the resources lie on the Chilean side, but the bulk of the processing will be done on the Argentine side. The countries are at an impasse over a question pending since 2004: “whether Argentina will confirm that export taxes will not be applied to minerals extracted from Chilean territory, but processed and exported from Argentina,” Chile’s internal revenue service said in a news release. Meanwhile, there is growing frustration at Barrick, as the delay adds to the cost of the project.
08:17 VIP prelim $0.36 vs $0.39 First Call consensus; revs $2.01 bln vs $2.01 bln First Call consensus

08:17 SKP SCPIE Holdings letter “clarifies misleading statements”; says to vote for $28/share transaction with The Doctors Company (27.27 )

Co releases an open letter to its stockholders in which it clarifies many statements made by Joe Stilwell, an ex-director of the company, in recent letters to SCPIE stockholders. The letter states, “Despite our repeated attempts to clarify the statements made by a significantly conflicted ex-director, the misleading rhetoric continues…Don’t allow his self-serving antics to cloud the real issue–there is one and only one offer on the table. Vote for the $28 all cash per-share transaction with The Doctors Company…Not only does your Board recommend it, but Glass Lewis reinforced our conclusion that the transaction is in the best interest of our shareholders…the truth is that ACAP never made an acceptable offer for SKP. Filled with all of its conditions and walk-away rights, ACAP’s ‘offer’ was illusory…”
08:16 TMA Thornburg Mortg: Upgrade details (1.56 )

As mentioned at 6:50 Bear Stearns upgraded TMA to Peer Perform from Underperform as a result of what appears to be a significant improvement in mortgage market liquidity. The firm says the Federal Reserve’s Term Securities Lending Facility should provide a significant benefit to Thornburg as liquidity is restored to the non-Agency mortgage market. High quality non-Agency mortgage securities appear to have benefited even more from the Fed’s actions than other types of assets because liquidity had been so restricted despite a lack of concern about credit.
08:16 LACO Lakes Entertainment: Poor 4Q results, liquidity concerns drive shares lower creating an opportunity; cuts tgt to $8 - Roth (4.10 )

Roth says LACO reported 4Q07 results yesterday missing both their rev and EPS ests on lighter than expected Four Winds mgmt fees and increased taxes. Firm is taking their PT to $8.00 from $13.25. Firm lowers their CY08 rev est from $55.7 mln to $45.6 mln and their CY09 est from $83.4 mln to $76.4 mln to reflect a more conservative ramp in casino mgmt fees at Four Winds and Foothill Oaks. In addition, they are now modeling in taxes which takes their CY08 EPS est from $0.21 to ($0.46) and their CY09 est from $0.76 to $0.50. They believe the sell-off in shares yesterday is overdone and that fundamentals continue to improve, albeit at a slower pace than we previously expected.
08:16 Diesel demand remains strong - WSJ

WSJ reports diesel has followed the petroleum surge, ending yesterday at $3.82 a gallon, based on govt data. Much as gasoline has pressured consumers, diesel is pressuring businesses that depend on the fuel. But some in the refining industry see an opportunity. Their bet: Diesel is poised to take off. While skyrocketing prices have weakened demand for gasoline in recent months, global diesel demand has been growing. Some analysts expect continued strong diesel-demand growth. In Europe, diesel will continue gaining mkt share at the expense of gasoline as consumers switch to diesel-powered cars. Developing countries such as China and India are consuming more energy. Those countries often prefer diesel over gasoline because of its flexibility: the fuel can be used to power industrial plants as well as transportation. In the U.S., demand is expected to grow as car manufacturers introduce more diesel-powered cars. If U.S. consumers take to diesel, that would put them in line with drivers in place like Europe. As the current price dynamic for diesel and gasoline shows, that can be a mixed blessing. Because many refineries outside the U.S. are set up to produce more diesel, increasing U.S. reliance on that fuel means the U.S. would have more sources. But those refineries are also feeding demand at home. As demand for diesel grows elsewhere in the world, consumers could increasingly find themselves in a tug of war over supplies — a dynamic that is contributing to higher diesel prices today…
08:14 FSIN Fushi Intl reports Q4 (Dec) results, beats on revs; guides FY08 EPS in-line (14.88 )

Reports Q4 (Dec) earnings of $0.23 per share, and excluding Fayetteville, co reports EPS of $0.27, may not be comparable to the First Call consensus of $0.24; revenues rose 123.5% year/year to $48.5 mln vs the $46.3 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.50-1.60 vs. $1.55 consensus.
08:13 JCG J. Crew upgraded Outperform from Market Perform at Raymond James (42.60 )

08:12 FSIN sees FY08 $1.50-1.60 vs $1.55 First Call consensus

08:12 FSIN prelim $0.23 vs $0.24 First Call consensus; revs $48.5 mln vs $46.32 mln First Call consensus

08:12 IFLG InfoLogix reports Q4 EPS of ($0.05) vs $0.02 in yr ago period; reports revs up 39.5% yr/yr to $23.3 mln vs $23.6 mln single estimate (1.90 )

Co expects to generate a profit in Y08; co sees Y08 revs of $100 mln vs $93.8 mln single estimate.
08:12 GSIC GSI Commerce: Recent sell-off represents buying opportunity despite slower e-commerce growth - Lazard (10.54 )

Lazard says despite the recent significant sell-off in the shares, we remain upbeat on GSI’s scalable business model and leading e-commerce platform, which we believe are benefiting from favorable multi-channel retail trends. Moreover, given a combination of healthy top-line growth, expanding profit margins, a diverse partner base, and solid business pipeline, we believe long-term investors will be significantly rewarded at these price levels. Firm believes the primary reasons for weakness in shares include 1) the uncertain consumer environment and rotation out of Internet stocks; 2) initial guidance below consensus expectations; 3) questions over the strategic rationale and financial leverage from the e-Dialog acquisition; and 4) 4Q seasonality.
08:10 WIRES On The Wires

Riverbed Technology (RVBD) announces the launch of the industry’s most comprehensive acceleration solutions to the Mexican market… Phoenix Motorcars is working closely with its battery supplier Altairnano (ALTI) to rectify warranty claims for configuration issues related solely to the Generation 1 battery model… Oculus Innovative Sciences (OCLS) announces that three abstracts, which relate to the safety and efficacy of Microcyn Technology in the treatment of diabetic foot ulcers, have been peer reviewed and accepted by the faculty of DFCon 08… Amgen (AMGN) will discuss the proposed Biologic License Application for romiplostim, an investigational thrombopoietin mimetic peptibody, for the treatment of thrombocytopenia in adult patients with chronic immune thrombocytopenic purpura today at the Oncologic Drugs Advisory Committee.
08:08 PNK Pinnacle coverage transfered with a Hold at Morgan Joseph (13.72 )

Morgan Joseph transfers coverage of PNK with a Hold from a Buy saying Pinnacle’s current operations, recent project openings, and development pipeline should generate consistent EBITDA growth over the next three to five years. That said, the next two quarters may prove challenging, reflecting a focus on revenues rather than profitability at the recently opened Lumiere Place in Downtown St. Louis. Also, the firm believes increased marketing in the Baton Rouge market will likely keep a lid on margin expansion in Lake Charles in 1Q08.
08:07 VOL Volt Information Sciences misses by $0.01, beats on revs (14.65 )

Reports Q1 (Jan) loss of $0.04 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of ($0.03); revenues rose 7.6% year/year to $590.5 mln vs the $550.7 mln consensus.
08:06 SBSA Spanish Brdcsting reports Q4 (Dec) results, revs in-line (1.75 )

Reports Q4 (Dec) loss of $0.10 per share, includes charges, may not be comparable to the First Call consensus of ($0.00); revenues rose 4.1% year/year to $46.2 mln vs the $45.9 mln consensus. Co sees Q1 revs to decrease in the mid single digit range yr/yr.
08:06 Syms’ shares are still in winter clearance mode - NY Post

NY Post reports spring officially begins soon, but shares of SYMS are still in winter clearance mode. The co’s stock has taken a beating during the past few months, as a controversial plan by management to delist the co’s shares from the NYSE made investors skittish. The retailer has since backtracked, relisting its shares on the Nasdaq and saying it will continue to make regular public filings that it had complained were a waste of time and money. But its shares still haven’t recovered, and some observers are citing the diminished trust between mgmt and shareholders… “Syms shareholders may have lost trust in the company due to the decision to go dark,” shareholder watchdog RiskMetrics Group concluded in a recent report. Syms had previously cited the costs of complying with Sarbanes-Oxley accounting rules. But that may have served as “a very convenient excuse” for a co that was looking to take itself private on the cheap, said Steven M. Davidoff, a law professor at Wayne State University. The retailer’s nationwide chain of more than 30 locations is thought to contain valuable real estate holdings, including its Trinity Place store in Manhattan’s financial district. In spring 2006, the company announced a tender offer at $18 a share to be taken private, which found few takers. Accordingly, not all investors are convinced that the recent controversy is a long-term problem for the shares. Thomas Graham Kahn, president of Kahn Brothers, says his money-management firm has a position in Syms because “the real value is in the real estate.”
08:05 JMP JMP Group beats by $0.01, beats on revs (5.97 )

Reports Q4 (Dec) earnings of $0.16 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.15; revenues rose 37.7% year/year to $31.8 mln vs the $29 mln consensus. Earlier this week, co’s board of directors authorized the repurchase of 2 mln shares.
08:05 BYD Boyd Gaming coverage transfered with a Hold at Morgan Joseph (19.18 )

Morgan Joseph transfers coverage of BYD with a Hold from a Buy saying Boyd faces strong headwinds in the Las Vegas locals (weak housing market, competition), Atlantic City (PA slots), and northern Indiana markets (new competition), which account for roughly 72% of their FY08 EBITDA estimate. The firm believes the co is well positioned for the long term; however, the current market climate combined with a lack of significant near-term catalysts leaves them on the sidelines.
08:04 CODI Compass Group reports Q4 EPS of ($0.11) vs ($0.85) in yr ago period; reports revs up 68% yr/yr to $288.1 mln vs $267.2 mln two analyst estimate (12.11 )

08:03 ACN Accenture and Universal Music Group sign long-term digital supply chain contract (34.07 )

Co announces it has been selected to provide the next-generation digital supply chain for the international division of Universal Music Group.
08:02 DRH Diamondrock Hospitality initiated with a Hold at Stifel (12.56 )

Stifel initiates DRH with a Hold saying despite all the positives, they are reluctant to recommend at the present time primarily due to the economic uncertainty, moderating fundamentals in the lodging industry, and a complete debt market dislocation.
08:02 TASR TASER announces United States Air Force Security Forces to deploy TASER X26 devices (11.41 )

Co announces the receipt of a purchase order for the United States military for 229 TASER(r) X26 Electronic Control Devices and related accessories for the U.S. Air Force. These orders were received and are expected to ship in Q1 of 2008.
08:02 SIRT Sirtris Pharma sublicenses portion of Lifespan technology in plants to Bayer CropScience (10.15 )

Co announces a license agreement with Bayer CropScience AG, headquartered in Germany that grants exclusive, worldwide rights in the field of plants to a certain Sirtris technology that contributes to cellular life span extension and stress resistance. In return, Sirtris will receive an initial up-front and future success bound milestone payments. Further financial terms were not disclosed.
08:02 JMP prelim $0.16 vs $0.15 First Call consensus; revs $31.8 mln vs $29.00 mln First Call consensus

08:01 BXXX Brooke announces the appointment of Leland Orr as President and CEO (3.21 )

Co announces the appointment of Leland Orr as President and CEO of Brooke Corporation as of March 11, 2008 to replace Keith Bouchey, who will resign as President and CEO of Brooke Corporation to pursue opportunities in the community banking market. Leland Orr has been a director, CFO, Treasurer and Assistant Secretary of Brooke Corporation and has been a director and officer of the company since its inception in 1986. He will resign his positions as CFO, Treasurer and Assistant Secretary of the company to assume the role of President and CEO and will remain a director of the company. Leland Orr will continue to serve as CFO of Brooke Capital Corporation.
08:01 STP Suntech Power prices $500 mln convertible senior notes (30.24 )

Co announces the pricing of US$500 million of 3.00% Convertible Senior Notes due 2013 in a private offering to qualified institutional buyers. The notes will pay cash interest semiannually at a rate of 3% per annum and in certain circumstances, will be convertible into cash, American depositary shares. The initial conversion rate, subject to adjustment, is 24.3153 ADSs per US$1,000 principal amount of notes (which represents an initial conversion price of approximately US$41.13 per ADS).
08:01 J.P Morgan lowers their ests and ratings on U.S Airlines

J.P Morgan lowers their ests and ratings on U.S Airlines saying the high-risk uncertainty surrounding 2009 deal closure can’t offset the near-term risk of 2008 losses measured well into the billions. The firm downgrades Northwest Airlines (NWA), UAL Corp (UAUA), US Airways (LCC), Alaska Air (ALK), and AMR Corp (AMR) to Underweight from Overweight. The firm also downgrades Continental Air (CAL), and Delta Air Lines (DAL) to Neutral from Overweight. The firm removes CAL from their Focus List.
08:01 S&P futures vs fair value: +2.9. Nasdaq futures vs fair value: +6.0.

Stock Futures suggest a modestly higher start following yesterday’s Fed induced rally that saw the biggest one day percent gain since 2003. Caterpillar (CAT) is set to move higher after reaffirming its 2008 outlook. Caterpillar also stated it expects sales and revenue to approach $60 billion by 2010, which tops the consensus estimate of $56 billion.
08:01 VOL prelim ($0.04) vs ($0.03) First Call consensus; revs $590.5 mln vs $550.69 mln First Call consensus

08:01 RCNI RCN: A model of consistency - Morgan Joseph (11.16 )

Morgan Joseph says as evidenced by the strong 4Q07 results and better-than-expected 2008 guidance, firm remains confident that RCNI represents a compelling and undervalued cable play. At 5.6x firm’s new, upwardly revised 2008 EBITDA expectations, they would be buyers at these levels given the co’s consistent operational execution, prudent long-term growth initiatives, and strong competitive positioning.
08:00 SBSA prelim ($0.10) may not compare $0.00 First Call consensus; revs $46.2 mln vs $45.85 mln First Call consensus

08:00 BBND Bigband Networks names Maurice Castonguay as CFO and senior vice president (5.98 )

07:59 GWW WW Grainger says daily sales for Feb 2008 grew 7% versus Feb 2007 including a 1 percentage point benefit from foreign currency (73.35 )

Co announces that daily sales grew 7 percent versus February 2007 including a 1 percentage point benefit from foreign currency. Sales were negatively affected by approximately 2 percentage points due to a decline in the sales of seasonal products.
07:58 TWTI Third Wave tgt raised to $12 at Robert Baird (7.10 )

Robert Baird raises their tgt $12 from $11 after TWTI announced its HPV clinical trial achieved its primary clinical endpoints. Firm views this news as positive for TWTI, and they believe the data paves the way for an April FDA submission, which is in line with firm’s expectations. Additionally, firm views the publication of the clinical trial data post-submission as another catalyst for the stock.
07:56 SLM SLM Corp: Jon Najarian on CNBC highlights recent “huge call buying” in SLM (19.71 )

07:54 NY Insurance Regulator Dinallo considering whether muni bond, structured finance insurance businesses must be split - Reuters

Strengthening bond insurers not likely to stabilize auction rate bonds market.
07:50 Agricultural equipment sales remain strong in February - Robert Baird

Robert Baird says N. American agricultural equipment retail sales comparisons strengthened in Feb, a seasonally weak month for equipment sales. Row crop and 4WD tractor sales increased 67% and 53% year/year, respectively, in Feb and were well above Jan and L3M growth rates; 4WD tractor sales increased 12% year/year. Dealer inventory levels continue to decline on a days’ sales basis and remain below historical levels, supporting a favorable 2008 production outlook. (ASTE, CAT, MTW)
07:48 AMCN Airmedia upgraded to Positive from Neutral at Susquehanna (17.50 )

07:45 TTWO Take-Two: Lehman provides update on Q1 results (24.65 )

Lehman says TTWO reported Q1 results ahead of their expectations and consensus, while providing upwards revisions to guidance based on better-than-expected pre-orders and reception for GTA IV on April 29. Mgmt made no incremental comments regarding ERTS`s offer on the conf call, though reiterated the current offer undervalues TTWO`s potential based on its competitive upcoming release slate of internal IP and recent operational improvements. Key upcoming releases include Grand Theft Auto IV, Civilization: Revolution, Midnight Club: L.A.
07:44 BIP Brookfield Infrastructure initiated with a Market Perform at Wachovia (17.53 )

07:43 SCANX Early pre-market gappers

Gapping up: TMA +41.7%, TWTI +40.7%, DNDN +19.7%, QTWW +17.5%, JASO +16.6%, MBLX +11.7%, ING +3.9%, JCG +3.6%, UBS +3.6%, CS +3.4%, CAM +2.7%, BHP +2.5%, BCS +2.4%, CAT +2.3%, WWE +2.2%, AEO +2.0%, RTP +2.0%, STP +1.7%, STLD +1.6%, SOLF +1.5%, TTWO +1.4%, DB +1.4%, SPWR +1.3%, AKNS +1.2%, C +1.0%… Gapping down: PGNX -42.1%, DIVX -24.4%, BLUD -17.2%, HUM -15.6%, CPHD -11.8%, AMIE -10.5%, PSS -6.3%, AET -6.2%, UNH -5.6%, ICFI -5.3%, XOMA -3.9%, DPM -3.9%, KLAC -3.6%, WM -3.2%, AKRX -2.3%, GLBC -2.0%, CDNS -1.3%
07:43 MIC MacQuarie Infrastructure initiated with a Market Perform at Wachovia (30.92 )

07:42 ATAI ATA Inc initiated with a Buy at Piper Jaffray (12.80 )

07:41 TRK Speedway Motorsp reports Q4 (Dec) results, misses on revs; guides FY08 EPS below consensus, revs above consensus (28.71 )

Reports Q4 (Dec) loss of $0.46 per share, includes charges, may not be comparable to the First Call consensus of $0.61; revenues fell 4.8% year/year to $141.1 mln vs the $147.3 mln consensus. Co issues mixed guidance for FY08, sees EPS of $2.40-2.50 vs. $2.55 consensus; sees FY08 revs of $620-640 mln vs. $615.29 mln consensus.
07:39 LOW Lowe’s downgraded to Underperform at Morgan Keegan (22.21 )

07:39 LL Lumber Liquidators beats by $0.02, beats on revs; guides FY08 EPS in-line, revs in-line (7.60 -0.16)

Reports Q4 (Dec) earnings of $0.12 per share, $0.02 better than the First Call consensus of $0.10; revenues rose 24.4% year/year to $105.5 mln vs the $102.2 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.70-0.78 vs. $0.73 consensus; sees FY08 revs of $475-490 mln vs. $483.27 mln consensus. Co sees Y08 comparable store sales to increase in the mid-single digits.
07:38 CPHD Cepheid: Color on MRSA test (23.80 ) -Update-

Thomas Weisel says the Journal of the American Medical Association has concluded that MRSA screening did not reduce nosocomial MRSA infection rates in a surgical department. This contrarian paper clearly counters the substantial body of evidence that highlights the importance of MRSA screening. Firm expects to see the potential flaws in the study highlighted by the healthcare community over the coming weeks. The key areas of criticism are: 1) the study did not use a Cepheid or Becton Dickinson assay, instead using a “home brew” assay, which precludes comparisons; 2) the hospital where the study took place already had an exceptionally low MRSA infection rate- 0.36 cases/10,000 patient days, vs. rates of at least 4x that in other hospitals; 3) diagnostic results were delivered too slowly; 4) The study does not look at the impact of screening patient admissions to the general part of the hospital, focusing only on the surgical ward… Robert Baird is maintaining an Outperform rating and $34 tgt. Yesterday, JAMA published an article that called into question the benefits of universal MRSA screening. While firm acknowledges the large study size, firm notes that the study conducted from 2004-2006 used older NAT technology with an average 22.5-hour turnaround time. The authors also noted that the Swiss study was performed in a surgical department with relatively low MRSA infection rates.
07:37 TLB Talbots reports Q4 (Jan) results, revs in-line (8.04 )

Reports Q4 (Jan) loss of $0.22 per share, excluding non-recurring items, may not be comparable to the First Call consensus of ($0.24); revenues fell 7.9% year/year to $587.4 mln vs the $587 mln consensus. Co issues guidance for FY09, sees EPS of $0.47-0.52, may not be comparable to $0.16 consensus; co sees rev growth of approx 3%. For Y08, co sees a slgihtly negative comp.
07:37 WIRES On The Wires

Applied Biosystems (ABI) announces a ’significant’ development in the quest to lower the cost of DNA sequencing. The co was able to analyze the human genome sequence for a cost of less than $60,000, which is the commercial price for all required reagents needed to complete the project… SORL Auto Parts (SORL) announces that the FAW Group has renewed contracts with the co.
07:36 AEO American Eagle reports EPS in-line, revs in-line; maintains in-line Q1 EPS guidance (17.25 )

Reports Q4 (Jan) earnings of $0.66 per share, in-line with the First Call consensus of $0.66; revenues rose 2.3% year/year to $995.4 mln vs the $1003.7 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.25-$0.27 vs. $0.26 consensus.Q4 comparable store sales are compared to the 13 week period ended Feb 3, 2007. On this basis, comparable store sales decreased 2%.
07:34 TLB sees FY09 $0.47-0.52 vs $0.16 First Call consensus

07:33 Moody’s and S&P defer cuts on AAA subprime, hiding loss - Bloomberg.com

Bloomberg.com reports even after downgrading almost 10,000 subprime-mortgage bonds, S&P and Moody’s haven’t cut the ones that matter most, AAA securities that are the mainstays of bank and insurance company investments. None of the 80 AAA securities in ABX indexes that track subprime bonds meet the criteria S&P had even before it toughened ratings standards in February. A bond sold by Deutsche Bank in May 2006 is AAA at both companies even though 43% of the underlying mortgages are delinquent. Sticking to the rules would strip at least $120 bln in bonds of their AAA status, extending the pain of a mortgage crisis that’s triggered $188 bln in writedowns for the world’s largest financial firms. AAA debt fell as low as $0.61 on the dollar after record home foreclosures and a decline to AA may push the value of the debt to $0.26. “The fact that they’ve kept those ratings where they are is laughable. Downgrades of AAA and AA bonds are imminent, and they’re going to be significant.”
07:33 AEO sees Q1 $0.25-$0.27 vs $0.26 First Call consensus

07:33 TLB prelim ($0.23) vs ($0.24) First Call consensus; revs $587.4 mln vs $587.00 mln First Call consensus

07:32 HUM Humana lowers Q1, Y08 earnings guidance (47.38 )

Co issues downside guidance for Q1 (Mar), sees EPS of $0.44-0.46 vs. $0.84 First Call consensus. Co issues downside guidance for FY08 (Dec), sees EPS of $4.00-4.25 vs. $5.50 consensus. Co’s revised guidance is the result of updated projections for the co’s Y08 stand-alone PDP financial performance based upon analysis of pharmacy claims through February. The co’s Medicare Advantage, Commercial and Military services businesses are not affected by this revision in earnings guidance.
07:32 AEO prelim $0.66 vs $0.66 First Call consensus; revs $995.4 mln vs $1.00 bln First Call consensus

07:32 ANDE Andersons profiled in New America section of IBD (43.67 )

IBD reports analysts say the diversity of its business helps the co avoid the pitfalls of other ethanol producers. Pure-play producers have gotten killed by rising corn prices, which hit a record $5.615 a bushel at the beginning of March. But Andersons plays it both ways. “Its grain storage business and fertilizer business benefit from higher corn prices,” said analyst Heather Jones of BB&T Capital. “The higher (prices) are, the more likely farmers are to plant acreage.” It also helps that the co has negotiated contracts covering 70% of its ethanol plants’ corn demands for this year, meaning corn is locked in at a lower price… And the co won’t take a position in an ethanol plant unless it also gets a contract to provide related services… Somewhat more interesting to analysts is the Rail Group. Andersons manages and leases a fleet of 21,000 rail cars, which it seriously bulked up with buyouts in 2004 and ‘05. Analysts expect the co to keep adding opportunistically. However, the rail business is also violently cyclical, and lately it has struggled with softening demand… analysts polled by Thomson Financial expect profit to slide 2% to $3.67 a share this year. The main issue is corn acreage. It got about as high as it could get in 2007, and industry observers expect it to head the other way this year. As much as the price of corn has gone up, the price of soybeans has gone up even faster. Since corn and soybeans are grown in the same places, that means the beans will probably displace corn to some degree.
07:31 HUM sees Y08 EPS of $4.00-4.25 compared to previous guidance of $5.35-5.55

07:30 FLIR FLIR Systems announces delivery orders totaling $57.7 mln from the U.S. Army (26.96 )

Co announces that it has been awarded multiple delivery orders totaling $57.7 mln from the U.S. Army Space and Missile Defense Command in Huntsville, Alabama for its Star SAFIRE III stabilized multi sensor systems and THV-3000 Long Range Imager Systems.
07:30 HUM sees Q1 EPS of $0.44-0.46 vs previous guidance of $0.80-0.85

07:30 DNDN Dendreon: FDA agrees to amend DNDN’s SPA for Phase 3 IMPACT Study of Provenge - amended agreement accelerates expected timing of final analysis by one year (4.93 )

Co announced that the FDA has agreed to an amended Special Protocol Assessment for the Phase 3 IMPACT (IMmunotherapy for Prostate AdenoCarcinoma Treatment, also known as D9902B) clinical trial of Provenge (sipuleucel-T), the co’s investigational active cellular immunotherapy for the treatment of advanced prostate cancer. In addition, the FDA has reconfirmed that they would accept a positive interim or final analysis from the IMPACT trial to amend the Biologics License Application for licensure of Provenge. The amended S.P.A. accelerates the expected timing of the final IMPACT results by approximately one year while maintaining comparable powering of the study’s interim and final results. By increasing the number of events and decreasing the alpha (false positive error) spending function for the interim analysis, the co is able to reduce the number of events for the final analysis (from 360 to 304) and still maintain a comparable statistical power for both the interim and final analyses. Interim results are still expected in the second half of 2008; however, final results are now expected in the second half of 2009 rather than 2010. DNDN will host a conference call tomorrow at 8:00 a.m. PT, 11:00 a.m. ET.
07:28 PRICE Filings, Offerings, Pricings and IPOs

Filings: Favrille (FVRL) files for 13 mln share common stock shelf offering. inclusive of securities convertible into or exchangeable for shares of common stock, and/or debt securities and warrants to purchase common stock up to a total dollar amount of $25 mln… Offerings: Raser Technologies (RZ) announces a $75 mln convertible notes private placement offering… DCP Midstream (DPM) announces that it has commenced a 4.25 mln share common units offering…. Coeur d’Alene Mines (CDE) announces a $150 mln convertible notes offering under an effective shelf registration.
07:27 SNTA Synta Pharma initiated with an Outperform at Friedman Billings- tgt $13 (6.90 )

Friedman Billings initiates SNTA with an Outperform and a $13 tgt saying Synta’s key driver is elesclomol, a novel drug in development primarily for metastatic melanoma, as well as other types of cancer; Synta will develop and commercialize the drug with GlaxoSmithKline (GSK). Based on elesclomol’s expected clinical profile and anticipated approval in metastatic melanoma, we believe worldwide sales could reach $560 mln by 2013.
07:25 AAPL Apple: Japan investigating Apple’s iPod - AP (127.35 )

AP reports Japan is investigating a possible defect in the co’s iPod after one of the popular digital music players reportedly shot out sparks while recharging, a govt official said. An official at the trade and economy ministry, which oversees product problems, said a defect is suspected in the lithium-ion battery in the iPod Nano, model number MA099J/A. He spoke on customary condition of anonymity, saying he is reiterating a ministry position. The problem surfaced in January in Kanagawa Prefecture southwest of Tokyo, and Apple reported the problem to the ministry in March. No one was injured, the official said. Apple Japan did not contest the ministry statement but declined further comment. Nano players are sold all over the world, and it was still unclear where else besides Japan the suspected model was sold, said Masayoshi Suzuki, an Apple spokesman in Tokyo. The ministry has instructed Apple Japan to find out the cause of what it is categorizing as a fire and report back to the govt.
07:24 Fed’s TSLF benefits liquidity, but credit and leverage concerns remain - Friedman Billings

Friedman Billings says the Fed’s actions Tuesday do not eliminate the primary challenges facing most cos in firm’s financial coverage universe: deteriorating credit quality, particularly in HELOC, residential mortgage, and construction loans, as well as the need to de-lever balance sheets. Firm believes only stabilization of home prices will solve credit problems, and injection of equity/shrinkage of balance sheets will correct the leverage issue; firm does not believe the Term Securities Lending Facility cures either of those issues. Firm expects the implementation of broader fiscal and monetary policy initiatives, but barring a complete lender bailout, they expect such initiatives to have a marginal impact on the ultimate cost of credit. Firm believes cos with strong credit quality, but exposure to liquidity problems, will benefit most directly.
07:23 WFR MEMC Elec: A balancing act to help solar industry grow while maximizing economic benefits - FBR (76.89 )

Friedman Billings says recent checks suggest weaker-than-expected semi wafer ASPs, but upside to the non-semi business should help offset this. Firm remains comfortable with 1Q08 pro forma ests. Firm encourages investors to remain focused on WFR’s strategy of reaching “a balancing act” between helping customers hit certain margin profiles while not leaving many dollars on the table. Firm believes that WFR actually favors signing long-term solar wafer contracts, even with spot poly prices > $400/kg.
07:22 GME Gamestop: 4Q07 earnings preview - Sterne Agee (46.87 )

Sterne Agee says they would be buyers of GME shares ahead of NPD data to be released this Thursday, March 13 and GME’s 4Q07 earnings report next Tuesday, March 18. Firm expects Feb industry software sales to be up 30% vs. +28% in the year ago period i.e., they believe February results are likely to be better than the street’s +20%-+27% expectations. Furthermore, they believe March is shaping up to be a strong month (potentially +30% y-o-y).
07:22 RIG Transocean: Friedman Billings raising estimates on fleet report (139.63 )

Friedman Billings is raising their ests following RIG’s fleet report. There were several new fixtures that indicate the offshore rig market remains strong and there is fierce competition for capable rigs with near-term availability. Firm raises their ests to $13.75, $16.50, and $18.00, from $13.55, $15.25, and $15.90 for 2008, 2009, and 2010, respectively due to the rate changes and other cost escalation provisions in contracts.
07:21 PKOH Park-Ohio downgraded to Hold at Morgan Joseph (18.77 ) -Update-

Morgan Joseph downgrades PKOH to Hold from Buy following earnings below ests due to a combination of the negative impact from an accounting change as well as rev and margin underperformance. The firm is downgrading because of lowered expectations for certain segments of Park-Ohio’s domestic end markets.
07:21 HWAY Healthways: Broadpoint Capital does not change view following lowered WLP outlook (33.17 )

Broadpoint Capital says HWAY has traded off as much as 8% intra-day on Tuesday, after HMO operator WellPoint (WLP) lowered its enrollment and earnings outlook for 2008. The reduction placed significant pressure on HMO stocks, as well as the stocks of many of their vendors, including PBMs and Disease Management cos. Firm views this reduction as immaterial for HWAY, as its contract with WLP represents a total opportunity today of more than 35 mln people.
07:19 SSRX 3SBIO initiated with a Buy at Brean Murray- tgt $12 (7.49 )

Brean Murray initiates SSRX with a Buy and a $12 tgt saying they believe 3SBio, a prominent Chinese biopharmaceutical company with market leading product franchises, possesses strong fundamentals and will benefit from the rapidly developing Chinese healthcare market. v 3SBio’s two major product franchises, EPIAO and TPIAO, are market leaders in their respective therapeutic areas in China. Aided by a strong R&D pipeline of additional dosages, indications and next-generation products, these franchises are positioned for continued growth.
07:18 Obama wins Mississippi primary - WSJ

WSJ reports Sen. Barack Obama won last night’s Mississippi primary, the last Democratic primary for six weeks before what is expected to be a closely fought race in Pennsylvania April 22. Sen. Obama’s win last night was never really in doubt in a state where African-Americans account for one-third of the voters and about half of the Democratic electorate. The real question was whether the Mississippi win would yield a significant gain in the delegate count. While Sen. Hillary Clinton and her husband made several stops in the state last week, her campaign downplayed the primary in recent days as it focused instead on Pennsylvania.
07:16 TTES T-3 Energy Services beats by $0.01, misses on revs (51.70 )

Reports Q4 (Dec) earnings of $0.67 per share, $0.01 better than the First Call consensus of $0.66; revenues rose 42.5% year/year to $64.4 mln vs the $65.3 mln consensus.
07:16 JASO JA Solar reports EPS in-line, beats on revs; guides FY08 revs above consensus (14.58 )

Reports Q4 (Dec) earnings of $0.09 per share, in-line with the First Call consensus of $0.09; revenues rose 201.0% year/year to $144.2 mln vs the $117.8 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $990 mln-1.10 bln vs. $761.54 mln consensus. Co sees Y08 gross margins above 20%, with production output of 340 MW. Co is raising Y08 annual production capacity to 500MW from 425 MW by the end of Y08.
07:15 VE Veolia Environnement upgraded to buy from neutral at tier 1 firm (73.96 )

07:14 IMS Health reports US prescription sales grew 3.8% in 2007

IMS Health today released its annual U.S. Pharmaceutical Market Performance Review, reporting that overall sales growth in the U.S. prescription market moderated to 3.8% in 2007, compared with growth of more than 8% in 2006. Total U.S. prescription sales reached $286.5 billion, with slower sales growth resulting from loss of exclusivity of branded medicines, fewer new product approvals, the leveling of year-over-year growth from the Medicare Part D program, and the impact of safety issues… In 2008, the expected introduction of new, novel biologics and vaccines, as well as the launch of five to eight new products with potential global blockbuster status, will help offset the impact of lower generics pricing. An additional $13 billion in branded products are likely to be exposed to generics this year. In the U.S., IMS forecasts compound annual pharmaceutical sales growth through 2012 of 3-6%.
07:14 DMND Diamond Foods upgraded to Buy from Neutral at Piper Jaffray (17.00 )

07:11 SEH Spartech downgraded to Equal Weight from Overweight at First Analysis (11.06 )

07:11 WIRES On The Wires

Hyperdynamics (HDY) announces that its domestic subsidiary Trendsetter Production and its partner Rabb Contracting acquired a 264-acre lease in the Big Island Field in Rapides Parish, Louisiana… IBM (IBM) announces it has acquired Encentuate, a privately held company. IBM will integrate Encentuate into IBM Software Group’s Tivoli division. Financial terms were not disclosed.
07:10 GLBC Global Crossing reports Q4 (20.00 )

Co reports Q4 Adjusted Cash EBITDA of $100 mln vs $12 mln in yr ago period; reports revs up 26% yr/yr to $616 mln vs 608.3 mln consensus. Co sees Y08 revs of $2.57-2.675 bln vs $2.52 bln First Call consensus.
07:09 CALLS Early Research Calls IV

Upgrades: Thomas Weisel upgrades VF Corp. (VFC 74.61) to Overweight from Market Weight and raises their tgt to $96 from $94, based on valuation and their highly defensible domestic franchises and strong product cycles in ‘08… RBC upgrades NBTY (NTY 29.05) to Outperform from Sector Perform… J.P Morgan upgrades Cal Dive (DVR 10.17) to Overweight from Neutral… J.P Morgan upgrades Ruddick (RDK 33.86) to Overweight from Neutral. Downgrades: Jefferies downgrades Level 3 Comms (LVLT 2.00) to Hold from Buy and cuts their tgt to $2.00-$2.50 from $4 saying with 08 guidance relying on a big H2:08, they see limited opportunity for near-term share appreciation… J.P Morgan downgrades Kroger (KR 26.00) to Underweight from Neutral… J.P Morgan downgrades Genomic Health (GHDX 18.10) to Neutral from Overweight. Miscellaneous: Piper Jaffray removes China Fire and Security Group (CFSG 5.45) from their Alpha List… Jefferies initiates Chipotle Mexican Grill (CMG 96.3 with a Buy and a $110 tgt saying Chipotle’s best-in-class business model drives its industry-leading unit-level economics, EPS growth, ROIC expansion, SSS, and FCF growth. Firm says the quality gap between CMG and its peers will become more apparent in a weakening consumer environment, and expect the valuation premium for CMG vs. the peer group to grow.. Jefferies initiates BJ Restaurants (BJRI 12.61) with a Buy and a $15 tgt saying they view BJRI as one of the highest- quality unit growth stories in retail, and believe the market is incorrectly discounting potential near-term transitory top- and bottom- line pressures - driven by a softening consumer environment - as co-specific structural pressures.
07:08 CGPI CollaGenex Pharm beats by $0.20, beats on revs (16.47 )

Reports Q4 (Dec) earnings of $0.02 per share, $0.20 better than the First Call consensus of ($0.18); revenues rose 28.8% year/year to $17 mln vs the $15.2 mln consensus.
07:05 CPHD Cepheid comments on study regarding MRSA surveillance; reaffirms 2008 financial guidance for 2008 of revenues of $182-189 mln (23.80 )

“A new study appearing in the Journal of the American Medical Association concluded that a universal, rapid MRSA admission screening strategy in addition to standard infection control measures did not reduce nosocomial infection in a surgical department with endemic MRSA prevalence but with relatively low rates of MRSA infection… Based upon the patient population as described in the article and the fact that the institution had already achieved an infection rate of less than 1%, the conclusions expressed in the article are not surprising. However, applying the same conclusions to environments where the rates of infection may be in excess of 8% or more, as was indicated in a recent article entitled “Hospitalizations and Deaths Caused by Methicillin-Resistant Staphylococcus aureus, United States, 1999-2005″ published in Emerging Infectious Diseases in December 2007, may be problematic. In addition, the method of MRSA detection described in the Geneva study is based on PCR technology that required an average of 22.5 hours to produce results, predating Cepheid’s Xpert MRSA test cleared by the FDA in 2007 that offers a 72-minute turnaround time and enables a specimen collection to result in approximately two hours. This time-to-result is critical for reducing infection rates in hospitals.” The co also reaffirmed 2008 financial guidance for 2008 revs of $182-189 mln (consensus of $187.7 mln).
07:05 GLBC sees FY08 revs $2.570-2.675 bln vs $2.52 bln First Call consensus

07:05 GLBC prelim revs $616 mln vs $608.32 mln First Call consensus

07:05 SWIM Investools announces brokerage and education metrics for Feb; says new accounts opened of 7,600 (10.13 )

Co announces performance metrics for February 2008. New accounts opened of 7,600 and total accounts opened of 139,800, which is 137% higher than Feb 2007. New funded accounts of 3,275 which is 22% higher than Feb 2007. Co states, “The investor education segment produced 70% sequential month growth in graduates. We continue to forecast a record year for graduate acquisition as we introduce new pricing initiatives to drive additional volume.”
07:04 TTES prelim $0.67 vs $0.66 First Call consensus; revs $64.4 mln vs $65.33 mln First Call consensus

07:03 ARWR Arrowhead Research’s Unidym enters into development agreement with Nippon Kayaku to integrate carbon nanotubes into thin film solar cells (2.35 )

ARWR’s Unidym announces that it has entered into a joint development agreement with Nippon Kayaku, to integrate its printable transparent electrodes into Nippon Kayaku’s thin film solar cells.
07:03 AAON AAON Inc reports Q4 EPS of $0.24 vs $0.24 single estimate; reports revs up 14% yr/yr to $62.1 mln vs $61.1 mln single estimate (17.71 )

“While we expect record sales and earnings in the first quarter of 2008, due to uncertain market conditions it is too early to predict outcomes for the balance of this year.”
07:03 RVSN RADVision announces that Eli Doron, President and Chief Strategy Officer, announced his resignation to pursue other opportunities, effective March 31, 2008 (6.80 )

07:02 JASO sees FY08 revs $990-1.10 bln vs $761.54 mln First Call consensus

07:01 COH Coach appoints Jerry Stritzke as an Executive Officer, will succeed Keith Monda, the current President & COO, upon his retirement at the end of this fiscal year - June 28, 2008 (28.32 )

07:01 WM Washington Mutual: Moody’s downgrades WaMu’s covered bonds ratings to Aa1 and review for possible downgrade (11.88 )

Moody’s downgraded the ratings of the covered bonds issued by WM Covered Bond Program to Aa1. The ratings remain on review for possible downgrade. The rating actions followed Moody’s downgrade of the ratings of Washington Mutual and its subsidiaries including its lead thrift and Program Sponsor, Washington Mutual Bank (financial strength rating downgraded to C- from C+, long-term deposit rating to Baa1 from A2, short-term rating to Prime-2 from Prime-1). Moody’s covered bond ratings are primarily driven by expected loss projections, but they can be constrained by concerns over timely payments to covered bond holders. Moody’s took the rating actions after considering relevant features of the transactions, including credit enhancement, swap agreements and uncertainty about how the FDIC would treat the Program if its sponsor entered receivership. The covered bonds remain on review for possible downgrade while Moody’s reviews structural changes that are in the process of being implemented by Washington Mutual Bank.
07:00 ECONX MBA Mortgage Applications -1.9% vs 3.0% prior

07:00 CGPI prelim $0.02 may not compare to ($0.1 First Call consensus; revs $17.0 mln vs $15.22 mln First Call consensus

07:00 CRXX Combinatorx says drug candidate CRx-191 demonstrates ‘positive’ phase 2 results in psoriasis (4.22 )

cO announces top line results of its randomized, blinded, placebo-controlled Phase 2 proof-of-concept clinical trial of CRx-191 in plaque psoriasis. CRx-191 is a topical synergistic combination drug candidate in development for psoriasis and other steroid-responsive dermatoses. The trial evaluated the efficacy, safety and tolerability of two doses of CRx-191 compared to placebo in subjects with psoriasis. In this trial, the high dose of CRx-191 demonstrated an 81% reduction in psoriatic infiltrate from baseline to day 12, compared to 11% for placebo. Similarly, CRx-191 demonstrated a 58% reduction in erythema (redness) from baseline to day 12, as compared to 6% with placebo. In clinical assessments of skin condition, CRx-191 demonstrated clinically significant improvements from baseline to day 12 in 100% of all test fields, as compared to 0% for placebo.
06:59 ATV Acorn Intl reports Q4 diluted income per ADS of $0.02 vs ($0.01) in yr ago period; reports revs up 49.4% yr/yr to $57.6 mln vs $49.1 mln single estimate (7.49 )

06:50 CALLS Early Research Calls III

Upgrades: Piper Jaffray upgrades Davita (DVA 43.70) to Buy from Neutral… Bear Stearns upgrades Thornburg Mortgage (TMA 1.56) to Peer Perform from Underperform. Downgrades: Oppenheimer downgrades KLA Tencor (KLAC 42.31) to Underperform from Perform as checks indicate a downward spiral in its reticle inspection business of ~$100 mln/qtr, or 10%-15% of total revenue. Specifically, the firm says recent checks confirm that INTC has chosen AMAT’s reticle inspection tool for its 32nm design node, and ordered 14 tools in the last few days, sealing major market share loss for KLAC… J.P Morgan downgrades Whitney Holding (WTNY 25.52) to Underweight from Neutral… ThinkEquity downgrades DivX (DIVX 10.19) to Source of Fund from Buy and cuts their tgt to $8 from $22 following earnings. The firm says an apparent lack of transparency on 4Q tax credit issues and forward operating costs related to its MainConcept acquisition (leading to a very large EPS guidance miss) leave them questioning whether DivX management credibility has taken a step backward. Miscellaneous: Broadpoint initiates EnerNOC (ENOC 11.14) with a Neutral, as they estimate positive net income in 2010, due to aggressive expansion plans and expect investors will wait until profitability nears before moving shares higher… RBC initiates Patrot Capital Funding (PCAP 10.99) with a Sector Perofrm… Stanford initiates Mariner Energy (ME 27.50) with a Buy.
06:48 GPOR Gulfport Energy reports Q4 (Dec) results, misses on revs (14.14 )

Reports Q4 (Dec) earnings of $0.21 per share, may not be comparable to the First Call consensus of $0.33; revenues rose 73.3% year/year to $30.5 mln vs the $31.3 mln consensus. Co sees Y08 production guidance of 1.9-2.1 mln BOE. Co sees EBITDA of $110-120 mln.
06:43 Dollar declines on speculation Fed rescue package won’t succeed - Bloomberg.com

Bloomberg.com reports the dollar fell on speculation the Federal Reserve’s plan to provide funds to banks won’t be enough to break the gridlock in money-market lending and stem credit losses. “Read the need for such new measures as being a symptom of what ails the world and not a panacea for its problems.” The U.S. currency also declined as traders wagered the Fed will cut rates by as much as three quarters of a percentage point to prevent a recession, while the European Central Bank keeps borrowing costs unchanged. The yen advanced against the dollar and the euro after Japan’s economy grew faster than forecast in the Q4. The dollar fell to $1.5446 per euro in London, from $1.5338 yesterday, when it declined to $1.5495, the weakest level since the European single currency’s debut in 1999. It slipped to 102.97 per yen from 103.42 yen.
06:41 TLCV TLC Vision misses by $0.07, misses on revs; guides Q1 EPS above consensus, revs in-line (1.44 )

Reports Q4 (Dec) loss of $0.14 per share, excluding non-recurring items, $0.07 worse than the First Call consensus of ($0.07); revenues rose 5.5% year/year to $67 mln vs the $68.7 mln consensus. Co issues guidance for Q1, sees EPS of approx $0.07 vs. $0.05 consensus; sees Q1 revs of approx $89 mln vs. $88.64 mln consensus.
06:38 EROC Eagle Rock Energy Partners, LP reports Q4 results (14.66 )

Reports Q4 (Dec) earnings of $0.22, ex-items, $0.03 better than the First Call consensus of $0.19; revenues rose 176% year/year to $314.4 mln vs the $296.05 mln consensus.
06:37 WIRES On The Wires

NexCen Brands (NEXC) announces it has renewed its licensing agreements with key partners C.R. Gibson and The McCalls Pattern Company. The agreements have been renewed for 3 yrs… Partner Communications (PTNR) announces that on March 5th 2008, following the plaintiffs’ request, a claim that was filed with the Jerusalem District Court in January 2007 against the co, two other cellular operators and two land-line operators, was dismissed with prejudice, and a request for the certification of the claim as a class action was dismissed without prejudice.
06:32 CMRO Comarco announces the appointment of Samuel Inman as Interim President and CEO (4.65 )

Co announces the appointment of Samuel Inman as Interim President and Chief Executive Officer, effective March 10, 2008. He replaces Thomas Franza, who has left the co as well as the Board of Directors and will become a consultant to Comarco.
06:27 CALLS Early Research Calls II

Upgrades: Oppenheimer upgrades Nokia (NOK 32.89) to Outperform from Perform and sets a $40 tgt, based on valuation and checks that indicate demand remains solid with a strong January, in-line February and solid March thus far… Lehman upgrades Pearson (PSO 13.84) to Equal Weight from Underweight… JMP upgrades Cash America (CSH 30.13) to Outperform from Market Perform. Downgrades: Deutsche Bank downgrades Liberty Media Capital (LCAPA 15.79) to Hold from Buy and sets a $15 tgt, as the stock is now trading ex the Liberty Entertainment assets and believes this group of minority stakes, publicly-held stocks/derivatives, exchangeable debt and cash are complicated, difficult to analyze given limited disclosures and interesting to only a limited group of investors… Baird downgrades Network Appliance (NTAP 22.20) to Neutral from Outperform and lowers their tgt to $24 from $30, following FY09 guidance that was below consensus EPS expectations and back-end loaded due primarily to increased OpEx investment… Keefe, Bruyette downgrades UBS (UBS 30.13) to Underperform from Market Perform, as they acknowledge limited visibility on the size of UBS’s write-downs for Q108 and note that if it is more sizeable than forecast, further capital measures are likely… Keefe, Bruyette downgrades Credit Suisse (CS 50.12) to Market Perform from Outperform, as they believe CS is vulnerable to any negative sentiment associated with the U.S. investment banks results… Bear Stearns downgrades Werner Enterprises (WERN 18.70) to Underperform from Peer Perform… Citigroup downgrades Permian Basin Royalty Trust (PBT 22.15) to Hold from Buy and raises their tgt to $20 from $17, based on valuation.
06:24 S&P futures vs fair value: +8.0. Nasdaq futures vs fair value: +13.0.
06:23 Japan banks climb 1.6% higher; Credit bailout lifts HK stocks

Japanese stocks rose 1.6% on Wednesday after the Federal Reserve moved to provide more liquidity to credit markets, but shares fell from early highs on concern the Fed move would not solve all credit woes. Both the benchmark Nikkei and the broader TOPIX jumped more than 3% soon after the open, but the rebound later ran out of steam on resurgent doubts about whether the Fed action would really resolve the credit crisis. The main Japanese benchmarks each gained 1.6%, with the Nikkei rising 202.85 points to 12,861.13 and the TOPIX climbing 19.98 points to 1,255.13. Hong Kong stocks rose for a second straight day on Wednesday as investors cheered moves by global central banks to inject liquidity into credit markets. The benchmark Hang Seng Index closed at 23,422.76, up nearly 2% or 427.41 points. The China Enterprises index of H shares , or Hong Kong-listed shares in mainland companies, gained 2.3%, or 288.61 points, to 12,877.35. (Reuters)
06:23 Financials buoy Europe shares after cenbank action

European shares rose sharply in early trade on Wednesday, led by financials after Tuesday’s joint central bank effort to unfreeze the credit markets helped soothe concern about the outlook for banks’ profitability. By 0843 GMT the FTSEurofirst 300 index of top European shares was up 1.2% at 1,284.62 points. Advancing issues outnumbered decliners by about seven to one. Around Europe, London’s FTSE 100 rose 2%, helped by the heavy-weight oil and mining shares, while Frankfurt’s DAX gained 2% and Paris’ CAC 40 rose 2.2%. (Reuters)
06:23 European Markets

FTSE…5801.40…+111.00…+2%. DAX…6653.69…+129.16…+2.0%.
06:23 Asian Markets

Nikkei…12861.13…+202.85…+1.6%. Hang Seng…23422.76…+427.41…+1.9%.
06:22 FEED AgFeed Industries reports Y07, affirms FY08 guidance (10.42 )

Co reports Y07 EPS of $0.25 vs $0.25 single estimate; reports revs up 321% yr/yr to $36.16 mln vs $36.0 mln single estimate. Co issues in-line guidance for FY08 (Dec), sees EPS of $0.96-1.10 vs. $0.96 First Call single estimate; sees FY08 (Dec) revs of $135.0 mln vs. $134.88 mln single estimate. “AgFeed is now the largest premix animal feed company in China in terms of sales in a highly fragmented industry. We anticipate our feed business will continue to grow at a significant rate in 2008. We also anticipate doubling our independently owned exclusive AgFeed product chain stores to 1,000 stores in 2008.”
06:18 CALLS Early Research Calls I

Miscellaneous: KeyBanc initiates U-Store-It Trust (YSI 10.35) with a Hold, as they believe Q407’s better than expected results provided a positive data point that the new management team is executing a turnaround, yet feel one quarter doesn’t make a trend while positive efforts from management could meet headwinds from slowing economic conditions that could drag on performance… KeyBanc initiates Sovran Self Storage (SSS 39.91) with a Hold based on a conservative balance sheet and well-covered dividend while weak geographic concentration and relatively lower asset quality may impact performance to a greater extent in the event the economy slows and weighs on the consumer… KeyBanc initiates Extra Space Storage (EXR 16.09) with a Hold, based on concerns that stem from the co’s leveraged balance sheet that sees nearly 25% of its debt mature in the next 12-18 months despite a dynamic operating platform with strong joint venture relationships that produce diversified streams of cash flow… KeyBanc initiates Public Storage (PSA 84.94) with an Underweight and sets a $70 tgt, based on valuation, a large size that can make transactions difficult and the European portfolio introduces country risk and other challenges, and concentration in Calif. that creates risk… Barrington Research initiates Micrus Endovascular (MEND 11.42) with an Outperform and sets a $20 tgt, based on a strong product line, improving sales force, leading market share position and their expectation for continued strong transition from clipping to coiling… Deutsche Bank initiates Liberty Media Entertainment (LMDIA 24.42) with a Buy and sets a $29 tgt, based on the value fo LMDIA’s 470 mln DTV shares that are currently worth $22/LMDIA share and with their $34 DTV target would be worth $30/LMDIA share.
06:15 MEMY Memory Pharma to advance development and clinical programs (0.57 )

Co announces that it has realigned its operations, reallocated its resources and extended the preclinical research portion of its PDE10 collaboration with Amgen (AMGN). MEMY will focus its near-term and mid- term efforts on two partnered programs, its nicotinic alpha-7 receptor agonist collaboration with Roche and the PDE10 collaboration with Amgen, and two proprietary programs, its PDE4 inhibitor and 5-HT6 antagonist programs.
06:11 EGY Vaalco Energy’s largest shareholder urges co to pursue strategic alternatives, including sale (4.89 )

Nanes Delorme Partners I LP, with associated entities, announces it has delivered a letter to VAALCO Energy’s Board of Directors in which it expressed its belief that the co is undervalued and believes that the best way to unlock shareholder value would be to immediately evaluate a range of strategic alternatives, including the pursuit of either a sale of the entire co or the divestiture of its West African portfolio. In addition, Nanes Delorme disclosed in a Schedule 13D filed with the SEC that it beneficially owns approx 8% of the common stock of VAALCO, making Nanes Delorme the largest independent shareholder of VAALCO, based on publicly available information.
06:06 WIRES On The Wires -Update-

Office-Shadow announces that SAVVIS (SVVS) has signed a three year agreement with the co… Alvarion (ALVR) announces that Kenya Data Networks Ltd. plans to expand its WiMAX network… Teton Energy (TEC) announces that its subsidiary, Teton DJCO, LLC, has entered into a seismic earning agreement with T. H. McElvain Oil & Gas Ltd Partnership in Yuma County, CO.
05:31 PGNX Progenics and Wyeth provide update on Phase III clinical trial of intravenous methylnaltrexone for postoperative ileus (13.55 )

Wyeth Pharmaceuticals, a division of Wyeth (WYE), and Progenics announce preliminary findings from the first of two phase 3 clinical trials of intravenous methylnaltrexone being evaluated for the management of postoperative ileus in patients recovering from segmental colectomy surgical procedures. Preliminary results from the phase 3 clinical trial conducted by Wyeth showed that treatment did not achieve the primary end point of the study: a reduction in time to recovery of gastrointestinal function as compared to placebo. The study also did not show that secondary measures of surgical recovery, including time to discharge eligibility, were superior to placebo. In this clinical study, methylnaltrexone was administered intravenously in doses of 12 or 24 mg every six hours and was generally well tolerated.
05:29 Japan revises down Q4 economy growth - AP

AP reports Japan lowered its reading for economic growth in the fourth quarter on Wednesday, but the revised 3.5% annual pace was healthier than expected. The revision down from a 3.7% pace was due largely to weaker-than-expected business investment, according to the Cabinet Office. Economists had projected the government would lower the annualized growth rate to 2.3% for the October-December period. Still, analysts worry that a slowdown in the U.S., a vital export market, could drag on Japan’s economy. They warn that private-sector investments, which underpinned a six-year economic expansion in Japan, may dwindle in months ahead. Although the numbers appear positive at first glance, the downward revision was in the private sector, signaling risks ahead, said Yasuo Yamamoto, senior economist for Mizuho Research Institute in Tokyo. Compared to the previous quarter, Japan’s gross domestic product rose 0.9%, unchanged from the preliminary report. Capital spending, which caused the downward revision, accounts for about 15% of GDP. It rose 2.0% on quarter, downgraded from a preliminary 2.9% increase. Consumer spending, which makes up about 55% of GDP, was unchanged from a preliminary 0.2% rise.
05:23 BNP Paribas may set out SocGen terms in May: Report - Reuters

Reuters reports BNP Paribas could set out for any offer for rival Societe Generale in May, La Tribune newspaper reported on Wednesday without saying where it got the information. A BNP Paribas spokesman declined to comment on the report, saying the bank did not comment on rumors. La Tribune newspaper said BNP “could advance its terms” for a bid a few days before SocGen’s annual meeting on May 27. BNP holds its annual meeting on May 21.
05:21 Fannie, Freddie stock issues could either dilute or drown - WSJ

The Wall Street Journal reports Fannie (FNM) and Freddie (FRE) each may have to issue in excess of $10 bln of new stock this year. At Freddie that could feasibly double the amount of common shares outstanding, while it would increase by half the amount of stock outstanding at Fannie. That kind of dilution could lead to further losses for both stocks. To be sure, there are investors who don’t think Fannie and Freddie need to dilute existing holders. Fannie, for example, could raise nearly $7 bln in additional funds without tapping existing or new shareholders for funds, said Caroline Cai, a portfolio manager at Pzena Investment Management LLC, a shareholder in both companies. She said Fannie Mae could do so, if need be, by cutting its dividend, selling off a liquid-investment portfolio and harvesting cash from maturing mortgages. One sure way to calm debtholders would be for Fannie and Freddie to issue a large amount of equity, increasing the size of the capital cushion protecting creditors. That would also cheer government officials who are counting on Fannie and Freddie to create demand for mortgages by guaranteeing and buying large amounts of them.
05:14 Early Newspaper Headlines: FNM/FRE - BNP Paribas/SocGen

WSJ: Fannie, Freddie stock issues could either dilute or drown (FNM,FRE). Reuters: BNP Paribas may set out SocGen terms in May: Report. AP: Japan revises down Q4 economy growth.
03:22 WIRES On The Wires -Update-

Wyeth Pharmaceuticals, a division of Wyeth (WYE), announces that it would need to conduct additional clinical studies to address questions from the Committee for Medicinal Products for Human Use regarding the risk-benefit profile of desvenlafaxine as a treatment for vasomotor symptoms. As a result, Wyeth voluntarily withdrew its application for European Marketing Authorisation for desvenlafaxine for the treatment of vasomotor symptoms (hot flashes) associated with menopause.
03:19 END Endeavour Intl reports Q4 results (1.39 )

Reports Q4 (Dec) loss of $0.09 per share, ex-items, $0.15 worse than the First Call consensus of $0.06; revenues rose 74.2% year/year to $54.48 mln vs the single-analyst estimate of $54.77 mln
03:13 COV Covidien launches public tender offer for outstanding shares of Tissue Science Laboratories plc (41.48 )

Co and Tissue Science Laboratories plc announce that a subsidiary of Covidien Ltd. has launched a public tender offer in the UK for all of Tissue Science Laboratories outstanding shares held by UK residents. Covidien has received irrevocable commitments to accept the offer from Tissue Science Laboratories’ Board of Directors and connected persons, who represent approx 23% of the share capital of Tissue Science. The Boards of Directors of both companies have approved the transaction, which calls for Covidien to pay 103.5 pence (approx $2.10) in cash per Tissue Science Laboratories share for a total of about $80 mln.
01:09 GRMN Garmin mentioned positively in Weekday Trader - Barron’s Online (56.23 )

Barron’s Online reports solid execution by a management that consistently reports better-than-expected earnings, combined with the stock’s dirt-cheap valuation, should help turn shares of Garmin (GRMN) around. “The market is valuing this as a broken company that is going to be unable to make the estimates that are out there,” says Yair Reiner, an analyst at Oppenheimer. Revenues continue to grow at a double-digit rate across its four business segments: automobile, aviation, marine and outdoor/fitness. Garmin is expanding into less-saturated global-positioning-system markets in Europe and Asia. It continues to buy back stock and its shares sport a 1.3% dividend yield. Garmin expects PND sales, which rose 115% last year, to grow 45% in 2008. The other segments are expected to grow 25% to 30%. The profitability for the marine, aviation and outdoor businesses “is much more stable” with less competition and higher barriers of entry (in the aviation market), says Oppenheimer’s Reiner.
01:08 ‘Mad Money’ Recap: Lightning Round cont. - TheStreet.com

Cramer was bearish on Wachovia (WB), LeapFrog (LF), Onyx Pharmaceuticals (ONXX), BB&T Corp (BBT), ingli Green Energy (YGE), AutoNation (AN) and Dana Holding Corp (DAN).
01:07 ‘Mad Money’ Recap: Lightning Round - TheStreet.com

Cramer was bullish on Jakks Pacific (JAKK), Mattel (MAT), Chesapeake Energy (CHK), Westar Energy (WR), Petrobras (PBR), Costco (COST), Oracle (ORCL) and Salesforce.com (CRM).
01:06 Cramer’s ‘Mad Money’ Recap - TheStreet.com

On Tuesday’s edition, Jim suggests World Wrestling Entertainment (WWE) for its expansion into international markets, a multiple of 19x ‘08 estimates and 8% yield. Next, he believes DuPont (DD) could announce positive developments at its investor conference Friday.
00:58 WIRES On The Wires

Charter Communications (CHTR) announces that its subsidiary, Charter Communications Operating, LLC, agreed to issue $520 mln principal amount of 10.875% 2nd lien notes due 2014… Charter Communications (CHTR) announces that its subsidiary, Charter Communications Operating, LLC, has arranged $500 mln principal amount of incremental term loans under the Charter Operating credit facilities, for net proceeds of $471 mln… AirMedia Group (AMCN) and Shanghai Media Group announce that they have established a strategic partnership to provide TV programs to air travelers… Silicon Motion Technology (SIMO) announces $40 mln stock repurchase program.
00:57 VSE VeraSun Energy beats by $0.07, beats on revs (6.68 )

Reports Q4 (Dec) earnings of $0.04 per share, $0.07 better than the First Call consensus of ($0.03); revenues rose 113.2% year/year to $312.4 mln vs the $297.7 mln consensus.
00:53 PKOH Park-Ohio reports Q4 results, misses by $0.08; issues downside FY08 EPS guidance (18.77 )

Reports Q4 (Dec) earnings of $0.57 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.65; revenues fell 8.4% year/year to $247.82 mln vs the $284.6 mln consensus. Co issues downside guidance for FY08, sees EPS of $2.10-2.25 vs $3.00 consensus.
00:43 HXM HOMEX announces $250 mln share repurchase program (56.18 )

Co announces that during its ordinary shareholders meeting held yesterday it has authorized a share repurchase program, authorizing the co to purchase up to $250 mln of common shares.
00:41 BRNC Bronco Drilling reports Q4 results, beats by $0.02 (16.03 )

Reports Q4 (Dec) earnings of $0.28 per share; excluding non-recurring items, $0.02 better than the First Call consensus of $0.26; revenues fell 16.4% year/year to $68.97 mln vs the $68.81 mln consensus.
Tuesday After the Close
19:10 XJT ExpressJet reports February 2008 performance (1.87 -0.01)

Co announced traffic and capacity results for February 2008 for its ExpressJet Airlines subsidiary. The results include statistics for both contract and branded operations. The contract operation consists of flying for Continental Airlines and Delta Air Lines under capacity purchase agreements and XJT’s charter (corporate aviation) service. The branded operation includes flying under the ExpressJet name and pro-rate flying for Delta Air Lines. Contract Flying: During the month, ExpressJet revenue passenger miles (RPM) under contract flying totaled 626 mln, and available seat miles (ASM) flown were 818 mln. XJT’s February load factor was 76.5%. The co flew 56,791 block hours and operated 29,183 departures during the month. Branded Flying: During the month, XJT branded RPMs totaled 152 mln on 261 mln ASMs, resulting in a February load factor of 58.2%. The co flew 15,334 block hours and operated 7,899 departures during the month. The average stage length in the branded operation was 664 miles.
19:07 WRAPX After Hours Summary: CAT (reaffirms 2008 revs growth in-line with consensus, reaffirms 2008 profit per share outlook maintained at up 5-15%); STLD +1.6% (guiding Q1 EPS higher ); TTWO +2.6% on earnings/guidance

Companies moving in after hours trading in reaction to earnings: Trading Up: QTWW +13.8%; MBLX +12.5%; ASHW +5.4%; TTWO +2.6%… Trading Down: DIVX -23.8%; BLUD -19.2%; DECC -11.3%; ICFI -6.2%; XOMA -3.9%; REVU -2.6%; AKRX -2.3%; DMND -0.8%… Companies moving in after hours trading in reaction to news: Trading Up: TWTI +40.6% (confirms HPV clinical trial achieves primary clinical endpoints); FLDR +6.5% (announces a supply agreement with Lowe’s); STLD +1.6% (guiding Q1 EPS higher)… Trading Down: CPHD -10.8% (Study shows MRSA test doesn’t cut hospital infections or costs — CNBC); RZ -4.1% (announces proposed offering of $75 million of convertible notes); ZIGO -3.0% (receives follow-on UniFire-7900 order for back end of line metrology); SIAL -1.7% (Supelco introduces Ascentis Express HILIC high-purity liquid chromatography columns); NCIT -1.4% (agrees to acquire certain assets of MTC Technologies); CDNS -1.2% (acquires Chip Estimate