Trading for the Masses

This market was harsh this am to the bulls then got harsh this pm to bears. All in all a nice whipsaw day. NO new lows or highs came today, a wide ranging inside day. So not much has changed, you need 1340 for 1370 and you need 1370 for 1400. Baby steps for the bulls. Bears need us under 1255 or we are remaining in the range also. Nothing to see here. If you don’t watch the market it will just look like a nice up day, but the reality it was harshly down, then snapped back up.

You continue to have to wear both bear and bull heads multiple times during the same day. It is a traders market no doubt, but the flow is chopppppppy. It ain’t easy out here as we have another FED meeting next Tuesday, CPI tomorrow and holiday week coming next week for all Christians. Its a full plate. I keep playing small and it isn’t easy regardless.

This market continues to slip slowly to new lows every day unless we get another 200 billion from Uncle Ben and the fraudsters at the FED. Sell up to the pivot of 1309. Now 1286 and new lows slowly being taken out. Sell all rallies up to 1309. Back to that game. Tough to buy until that level is taken back.

So we had a nice $200 billion short squeeze that seems to be over again and stagflationary concerns continue as gold hits 1k and oil trading over 110 solidly for nearly 12 hours. The party seems to be over even for those most blinded by the kool aid. Its 3 am in the nite and things are getting heavy man. Europe/Asia smacked down, our futures opening very week. The Fed can’t stop the market from where its going. Up or down its in the market.

08:25 TMR prelim $0.02 vs $0.03 First Call consensus; revs $37.37 mln vs $38.46 mln First Call consensus

08:24 BONDX In Flight… 10-yr +17/32 yielding 3.397%

The market is on another tear higher with news of Carlyle Capital’s impending implosion helping fuel the engines. The dollar’s destruction, equity melts, and the expected poor data due are likely propelling prices with an extra shot of nitro. While margins calls at funds invested anywhere near mortgage-backed securities is nothing new, the news that such high profile vehicles still can’t find capital is unsettling to markets that are likely expecting much more especially in the wake of drastic coordinated global efforts to stem the credit crunch. The 2-10-yr yield spread steepened to 190.8. Bond prices in the EuroZone and Japan were bid on risk aversion and the dollar’s latest leg lower. Treasuries get a run of data early on with retail sales the headliner. Expectations are pretty darn low so anything inline might dent prices. Jobless claims are expected to be high. Equities are going to tumble out the door but trade will need to see fresh trend lows over there to help bonds meaningfully. Treasury sells $10 of 10-yr notes which may drag prices. Otherwise trade will be scanning for more headlines on fund mash ups and looking ahead to tomorrow’s CPI. The dollar was creamed overnight with the yen making its move below 100 briefly while the euro broke above 1.5600. Spot gold is scraping the 1000 mark at 995.14 (+12.21) while crude oil is up at 110.37 (+0.45). The calendar has retail sales, import/export prices, business inventories & initial jobless claims (8:30). The euro is at 1.5563 and the yen is at 100.4200. For more click here.
08:21 Friedman Billings says MRAP winds down as JLTV ramps up

Friedman Billings says as early as today, but certainly in the next week, firm expects the Department of Defense to award a contract for about 2,500 MRAP vehicles. Firm expects BAE to garner the largest share of the upcoming MRAP contract, with International Military and Government receiving the second largest share by a decent margin. Force Protection (FRPT) will likely receive the smallest share, a portion comparable to the last order. An industry breakdown along the lines of the last award seems to be the consensus (IMG 48%, BAE 40.6%, FRPT 11.5%). As such, they expect that a deviation from the breakdown in the Dec 18, 2007, award will have a corresponding positive impact on cos gaining an unexpected increase in their respective share.
08:20 CHU China Unicom soars 7.4% in China on telecom restructure speculation - Pacific Epoch (22.75 )

Pacific Epoch reports Shanghai shares of the co soared 7.4% on Thursday after mkt speculation related to the anticipated telecom restructure, reports Windin. Lehman Brothers estimates China Unicom will make RMB40 billion selling its CDMA network to China Telecom (CHA) and will spend RMB96 billion for stake in China Netcom (CN), according to the report.
08:18 FCX Freeport-McMoRan added to Citi Top Picks Live list, tgt upped to $125 (101.88 ) -Update-

Citigroup adds FCX to the Citi Top Picks Live list and raises their tgt to $125 from $107. The firm continues to see compelling value in FCX due to its Chinacentric product mix, sector-leading margins, low multiples at 4x 2008 EV/EBITDA, rich 9 — 10% FCF yield, cash distributions, and M&A potential.
08:18 LGCY Legacy Reserves: Better results; additional distribution growth ahead - FBR (19.65 ) -Update-

Friedman Billings says LGCY reported better-than-expected production and lower-than-expected unit costs. They believe that distribution will grow more than 7% in 2008. LGCY remains one of firm’s favored long-term upstream MLPs based on its 1) quality assets, 2) no GP IDRs, 3) conservative payout ratio, and 4) strong mgmt ownership. Firm believes that the spreads on upstream MLPs vs. midstream overly discount the risks involved in the upstream MLP space while ignoring the higher accretion potential. Firm would continue to add to the upstream MLPs, given the attractive yields, which are backed by good coverage ratios and supported by hard asset cash flows.
08:15 AEO American Eagle: Friedman Billings believes business slowdown may extend beyond Q1; lowers EPS ests and tgt to $18 (17.94 )

Friedman Billings continue to recommend that investors remain uninvolved in shares of AEO. Despite the fact that the teen consumer appears to be maintaining healthy spending patterns, they continue to note decelerating comps, continued softness in the women’s business, and improving competition from other teen retailers, all leading toward weakening margin trends in FY08. Firm believes there is not a quick fix for some of the traffic and merchandise trends they are seeing. Firm has lowered their full-year outlook for 1Q08 EPS of $0.25, FY08 EPS est from $1.80 to $1.71. Firm cuts their tgt from $19 to $18.
08:12 CGS CEC Resources Ltd. reports Q4 EPS of $0.14 vs $0.12 in yr ago period; reports revs up 46% yr/yr to $9.3 mln (5.05 )

08:12 ECONX Reminder: Retail Sales, Initial Claims, and Export and Import Prices due out in about 18 min at 8:30ET

08:11 GE General Electric may buy $10 billion of Japan property as crunch spurs sales - Bloomberg.com (33.96 )

Bloomberg.com reports the co’s property arm may buy as much as $10 bln of Japanese real estate this year, expecting tighter credit and rising borrowing costs will prompt local trusts to sell assets and drive down prices. GE Real Estate, which had 700 bln yen ($7 billion) of assets in Japan at the start of this year, plans to buy at least $5 bln of property and real estate asset mgmt cos, said Tomoyuki Yoshida, head of Japan operations for the unit of GE. “The market is very favorable to GE,” Yoshida said in an interview in Tokyo yesterday. “Small- to medium-sized fund managers have a huge issue about getting financed. They have to dispose of a lot of properties.”
08:11 GLP Global Partners reports Q4 EPS of $0.83, ex-items, vs $0.89 consensus; reports revs up 101% yr/yr to $2.2 bln vs $1.41 bln single estimate (26.33 )

“Unfavorable forward pricing in the bulk refined petroleum products supply market has led to higher supply costs. Volume is being significantly affected by warmer temperatures year-to-date compared with the first quarter of 2007 and the normal average. Volume also is being affected by higher heating oil and residual fuel prices. This higher price environment is prompting meaningful energy conservation and reducing the number of fixed-price sales. The price differential between oil and natural gas is encouraging conversion to natural gas. We expect that these factors will have a significant negative impact on our results of operation in the first quarter of 2008 compared with the same period of 2007.”
08:11 GME Gamestop: Lazard expects in-line Q4; checks suggest solid start to Q1 (46.25 )

Lazard expects GME to report Q4 results in-line with the Feb preannouncement and firm’s rev and EPS ests of $2.82 bln and $1.12, respectively. Firm believes that a slowdown in comp store sales growth continues to weigh on the shares, but reflects the cyclical nature of the video game industry. As the video game market continues to benefit from a cyclical upswing in sales, they believe GME is in a favorable position to weather the economic downturn, and the co’s used business should appeal to value conscious consumers.
08:10 WIRES On The Wires

Science Applications International (SAI) announces it has been awarded a prime contract by the Environmental Protection Agency. The value of the 7 yr contract is more than $139 mln if all options are exercised… Vertex Pharmaceuticals (VRTX) and Tibotec announce that patient screening has begun in the ADVANCE study… General Moly (GMO) announces that it, through its 80% owned subsidiary Eureka Moly, has placed orders for two 44 cubic-yard P&H 2800XPC Shovels from P&H Mining Equipment. An initial deposit payment of $2 mln has been made and the total cost of the shovels remains in line with the co’s Bankable Feasibility Study… SuccessFactors (SFSF) reaffirms its commitment to vigorously prosecute the lawsuit filed against Softscape. Sworn testimony from the general counsel of Softscape confirms that the presentation anonymously sent to many of SuccessFactors’ customers and prospects was authored by Softscape… Yucheng Technologies (YTEC) announces that it has signed a partnership agreement with China Financial Certification Authority, to jointly launch an e-banking Application Service Provider platform to serve city commercial banks and city/rural credit unions in China… Alphatec Holdings (ATEC) announces that the its wholly owned subsidiary, Alphatec Spine, and Stout Medical Group entered into a license agreement that provides Alphatec Spine with a worldwide license to develop and commercialize Stout’s expandable interbody/vertebral body replacement technology.
08:09 NOK Nokia court papers claim $1 billion Qualcomm payments - Reuters.com (32.10 )

Reuters.com reports the co has paid QCOM around $1 bln over 15 years for full access to the chip maker’s early mobile technology patents, the world’s top handset maker said in court documents. Nokia said in a public version of a court filing in Delaware that the patents are now paid up and royalty-free, according to the terms of 1992 and 2001 agreements with Qualcomm.
08:09 OTD O2Diesel enters into a licensing agreement with KL Process Design Group to develop cellulosic ethanol production in Europe and other markets (0.23 )

08:08 SURW SureWest Comm reports Q4 (Dec) results, beats on revs (12.60 )

Reports Q4 (Dec) loss of $0.05 per share, may not be comparable to the First Call consensus of $0.04; revenues rose 0.7% year/year to $51.8 mln vs the $51 mln consensus.
08:07 ENG ENGlobal reports Y07 EPS of $0.45, includes charges, may not compare to $0.52 consensus; reports revs up 20% yr/yr to $363 mln vs $349.5 mln single estimate (9.44 )

08:07 JNY Jones Apparel: Lehman cutting EPS estimates (13.33 )

Lehman says given the continued weakness in the department store channel during Feb as well as an easier comparison against an acceleration in markdown activity in 2Q07 that continued throughout 2007, they are adjusting their quarterly 2008 EPS ests. Firm is decreasing their 1Q08 and 2Q08 EPS ests to $0.30 and $0.16 from $0.49 and $0.18, respectively. The first quarter of 2007 included earnings from the moderate sportswear business of $0.03. Firm increases their 3Q08 and 4Q08 EPS ests to $0.62 and $0.28 from $0.58 and $0.11, respectively. The heavy markdowns and deterioration in the retail business during 2007 accelerated in 2Q07 and continued throughout the end of the year.
08:07 AMGN Amgen to discuss benefits and risks of ESA treatment for cancer patients with anemia due to chemotherapy at FDA ODAC meeting (44.99 ) -Update-

Co issues press release announcing it will present the benefits and risks of Erythropoiesis-stimulating Agents in cancer patients with anemia due to concomitantly administered chemotherapy at a meeting with the FDA Oncologic Drugs Advisory Committee.
08:06 CY Cypress Semi: Solid trends to date - Lehman (20.34 )

Lehman says following recent checks for CY, they believe PSoC & Memory leader CY has seen solid trends to date in 1Q08, at least in-line with cautious guide. In general, they believe comm continues to perform as expected (flattish) with consumer and PC more subdued. By segment, firm believes computing and consumer may remain seasonally subdued in March, and with 1x impact from disti transition to sell thru from sell in, however solid PSoC customer traction continues.
08:05 Lehman making final adjustments to earnings ests for BSC, GS, and MS ahead of 1Q08 EPS results

Lehman is making final adjustments to their earnings ests for BSC, GS, and MS ahead of their 1Q08 EPS announcements next week. While firm is not making changes to their “core” rev ests, firm is remarking their ests for asset writedowns, structured debt gains, and investment losses. For BSC firm is maintaining their 1Q08 EPS est of $0.90 (vs. $0.90 consensus). For GS they are lowering their 1Q08 EPS est from $2.10 to $1.95 (vs. $2.60 consensus). For MS they are lowering their 1Q08 EPS est from $0.97 to $0.93 (vs. $1.04 consensus).
08:05 HDIX Home Diagnostics beats by $0.04, beats on revs; guides FY08 EPS below consensus, revs below consensus (6.75 )

Reports Q4 (Dec) earnings of $0.11 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.07; revenues rose 3.3% year/year to $27.8 mln vs the $27.3 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.50-0.52, includes marketing expense, vs. $0.63 consensus; sees FY08 revs of $123-126 mln vs. $127.05 mln consensus.
08:05 AKNS Akeena Solar misses by $0.07, beats on revs; guides Q1 revs above consensus; guides FY08 revs above consensus (6.71 )

Reports Q4 (Dec) loss of $0.18 per share, $0.07 worse than the First Call consensus of ($0.11); revenues rose 129.9% year/year to $10.3 mln vs the $9.6 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $12.0 mln vs. $10.95 mln consensus. Co issues upside guidance for FY08, sees FY08 revs up 100% or ~$64.2 mln vs. $63.68 mln consensus.
08:04 Bill to propose expanded U.S. backing of home loans - NY Times

NY Times reports an influential congressman is expected to offer a plan on Thursday that would provide federal backing to hundreds of thousands of home loans. The proposal would significantly expand an effort already under way to refinance onerous subprime mortgages with loans that are guaranteed by the Federal Housing Administration. The plan by the congressman, Barney Frank, chairman of the House Financial Services Committee, would be more aggressive in addressing delinquent loans. Like other proposals floated by banks and regulators, Mr. Frank’s plan would have mortgage companies write down the value of loans to their current market price before they are refinanced and given F.H.A. backing. Participation would be voluntary, however. Mr. Frank, Democrat of Massachusetts, offered a general outline of his plan at the American Bankers Association on Wednesday in Washington. He is expected to file the legislation on Thursday.
08:04 NAHC National Atlantic Holdings to merge with Palisades Safety and Insurance Assoc.; each common share converted into $6.25 (5.46 )

Co announces that it has entered into a definitive merger agreement to be acquired by a subsidiary of Palisades Safety and Insurance Association, a New Jersey licensed insurance exchange. Under the terms of the agreement, each outstanding share of common stock of National Atlantic will be canceled and converted into the right to receive $6.25 in cash per share.
08:03 CFC Countrywide reports February 2008 operational results (4.75 )

Co releases operational data for the month ended February 29, 2008. A summary of the co’s key operating statistics is included: avg daily mortgage loan application activity for February 2008 was $1.9 bln, vs $2.6 bln for January 2008. The mortgage loan pipeline was $48 bln at February 29, 2008 vs $51 bln at January 31, 2008. Mortgage loan fundings for the month of February 2008 were $26 bln, up 17% from January 2008. The mortgage loan servicing portfolio was $1.48 trln at February 29, 2008, up $1.6 bln from January 31, 2008 and $149 bln from February 28, 2007. Banking Operations’ assets were $112 bln at February 29, 2008, which compares to $111 bln at January 31, 2008 and $84 bln at February 28, 2007. Banking Operations’ deposits totaled $64 bln at February 29, 2008 vs total deposits of $60 bln at January 31, 2008 and $55 bln at February 28, 2007. Securities trading volume in the Capital Markets segment was $315 bln for February 2008 vs $336 bln for January 2008 and $289 bln for February 2007. Net earned premiums from the Insurance segment were $162 mln in February 2008 vs $163 mln for January 2008 and $111 mln for February 2007.
08:03 TWX Time Warner announces that AOL to acquire global social media network Bebo for $850 mln in cash (14.33 )

08:03 TICC Technology Investmt Cap misses by $0.02 (9.40 )

Reports Q4 (Dec) earnings of $0.32 per share, $0.02 worse than the First Call consensus of $0.34.
08:03 CHUX O’Charley’s announces agreement with Crescendo Partners; appoints 3 Crescendo nominees to board, expands board to 11 directors (11.28 )

Co announces that it had entered into an agreement with Crescendo Partners, a holder of ~12% of the co’s common shares. Crescendo Partners had announced in December 2007 that it intended to nominate a slate of four directors to the co’s nine-member Board at the Company’s 2008 annual meeting. Pursuant to the agreement, O’Charley’s has expanded its Board to 11 Directors and appointed to the Board Messrs.
08:02 TICC prelim $0.32 vs $0.34 First Call consensus

08:02 CFSG China Fire & Sec Grp: Accelerating backlog and sharply reduced price offer attractive defensive play - Brean Murray (5.96 )

Brean Murray says now that the dust has appeared to settle on the allegations that caused a sharp price pullback two days ago, firm believes investors eventually will refocus on CFSG robust fundamentals. Firm’s recent checks suggest CFSG has recently won an accelerating number of contracts, while its pipeline and backlog are also accelerating. Therefore, they anticipate the co will handily beat its 2008 outlook. Firm believes the co’s robust fundamentals, heavily discounted price, and recently announced $10 mln buyback plan combine to offer an attractive defensive play with considerable appreciation headroom.
08:02 AKNS sees Q1 revs $12.0 mln vs $10.95 mln First Call consensus

08:02 AKNS sees FY08 revs up 100% or roughly $64.2 mln vs $63.68 mln First Call consensus

08:01 FSS Federal Signal signs agreement with Ramius; nominates Martin to the board (12.39 )

Co announces that it has signed an agreement with R.C.G. Starboard Advisors, funds managed by it and certain of its affiliates including Ramius. Under the terms of the agreement, the company has agreed to immediately appoint Dennis Martin to its board, and to nominate Martin for election for a 3-year term at its 2008 Annual Meeting, currently scheduled for April 22, 2008. Ramius will also have the right to recommend for appointment one additional board member for a one-year term after the date of the company’s annual meeting. As a result of these changes, FSS’s board will be expanded to 10 members.
08:01 BJRI BJ Restaurants initiated with a Hold at Stifel (13.44 )

Stifel initiates BJRI with a Hold saying they believe 20% earnings growth longer term is achievable, though not in 2008. As BJ’s undertakes rapid expansion across the United States, the firm believes the co is well positioned to deliver 20% EPS growth on an annual basis. However, for fiscal 2008, the firm are projecting only about 11% EPS growth to $0.54 based on severe food commodity cost inflation combined with higher labor and occupancy costs and decreasing traffic trends.
08:01 AKNS prelim ($0.1 vs ($0.11) First Call consensus; revs $10.3 mln vs $9.58 mln First Call consensus

08:01 HDIX sees FY08 $0.50-0.52 vs $0.63 First Call consensus; sees revs $123-126 mln vs $127.05 mln First Call consensus

08:00 CMTL Comtech Telecom receives $1.3 million in satellite communications equipment orders for GSM backhaul network in Africa (41.55 )

08:00 HDIX prelim $0.11 vs $0.07 First Call consensus; revs $27.8 mln vs $27.34 mln First Call consensus

08:00 STP Suntech Power: Nitol Solar and Suntech announce strategic investment (32.67 )

STP and Nitol Solar, an independent polysilicon producer, announces that they have signed an agreement under which STP will acquire newly issued ordinary shares comprising a minority interest in Nitol Solar for a total consideration of up to $100 mln, subject to the satisfaction of certain conditions. STP entered into a multi-year first phase supply agreement with Nitol Solar in August 2007 for the supply of committed monthly volumes of polysilicon to STP from 2009 to 2015.
08:00 PNRA Panera Bread initiated with a Buy at Stifel- tgt $43 (37.73 )

Stifel initiates PNRA with a Buy and a $43 tgt saying they are firm believers in the long-term merits of this dominant cafe bakery concept. Management’s commitment to quality and brand building are stronger than ever, and the firm says the co should continue to help it attract consumers across a varied spectrum including those that are health conscious, time constrained, and value driven.
08:00 S&P futures vs fair value: -17.3. Nasdaq futures vs fair value: -24.5.

Current indications suggest a significantly lower start for the stock market. Credit concerns are weighing on the market as a Carlyle Group fund admitted it is close to collapse, according to MarketWatch.com. This is also putting some pressure on the dollar, as the yen fell below the 100 mark for the first time since 1995. Meanwhile, crude is trading above $110 per barrel. Traders await the weekly initial jobless claims and February retail sales economic reports that are set for release at 8:30 ET.
08:00 ACAS American Capital: Wachovia says concerns with the future credit performance of the co’s portfolio (35.16 )

Wachovia says ACAS reported Q4 NOI of $0.90 per share which was well above their est of $0.82. Higher net rev ($0.05) and lower operating expenses ($0.03) contributed to the better results. Firm says that while there are a number of clear positives to the ACAS story, they continue to have some concerns with the future credit performance of the co’s portfolio. In ACAS’ particular case, they are somewhat concerned about the number of new investments acquired during a period of loose lending standards and elevated transaction multiples. Specifically, ACAS generated over $9 bln of gross originations from Q1′06 to Q2′07 which can arguably be categorized as the peak of the private equity boom.
07:57 NYX NYSE Euronext-Amex bid too low - NY Post (60.22 )

NY Post reports a large and deep-pocketed seat owner on the American Stock Exchange is set to go public with his battle to derail the $260 mln takeover of the beleaguered downtown institution by the rival New York Stock Exchange, The Post has learned. Hedge fund manager Ralph DellaCamera, Jr. sent a letter yesterday to Amex members that he plans to make public today asking for them to vote against what he calls a “low ball” offer from the Big Board, sources familiar with the matter said. DellaCamera believes the NYSE bid is too low because it does not take into account the Amex’s 20%t stake in the Options Clearing Corp., a non-profit co that clears and settles nearly all options trades in the US.
07:57 SIGM Sigma Designs: Color on quarter (25.26 )

ThinkEquity says SIGM reported Q4 in-line, but guided for a 2008 that will be back-end loaded because MOT ordered too many set-tops for AT&T in recent months. This should correct itself in about a quarter, and the year’s $300-350 mln guidance was in-line with firm’s previous $329 mln est. Firm has made insignificant changes to their full-year ests, resulting in a mostly unchanged valuation. U.S.-centric political risk aside-which is significant, given the risk for higher taxes, more regulation, inflation, assault on free-trade principles, “soaking” the rich, an anti-business climate, etc. Firm believes SIGM will prove to be one of their very best investment ideas for the next 12 months… Robert Baird says that April quarter should see negative sequential rev comps caused by an inventory correction at MOT combined with likely share loss in Blu-ray this 2H should continue to weigh on shares in the near term. Firm remains on the sidelines until they see more visibility into a return of IPTV orders, mix of the business going forward, and the competitive landscape in 2H08. Firm believes that ASP erosion could be steeper than in IPTV, which could result in mix continuing to have a slight impact on gross margin. Firm anticipates market share erosion In Blu-ray in 2H08 from BRCM… Deutsche says MOT as a customer to SIGM is in the process of burning down its STB inventory and is expected to drop from currently 30% of sales to roughly 10% for the April quarter. Firm continues to believe in SIGM’s leadership position in the IPTV and Blu-ray DVD player markets and even with their new cut numbers, the stock appears appealing. Firm cuts their tgt to $43 from $75.
07:56 SCRX Sciele Pharma acquires Twinject epinephrine auto-injector from Verus Pharmaceuticals; increasing its revenue and earnings guidance for 2008 (18.01 )

Co announces that it has acquired from Verus Pharmaceuticals, the Twinject epinephrine auto-injector for the treatment of severe allergic reactions and anaphylaxis. Under the agreement, Sciele acquired Twinject and certain other related Verus products under development for $29 mln. As a result of this acquisition and the previously announced agreement with sanofi-aventis to market Allegra ODT, Sciele is increasing its revenue and earnings guidance for 2008. Revenues are now expected to increase between $7-$15 mln to $447 -470 mln (not comparable to consensus of $442.1 mln), and EPS is expected to increase between $0.02-$0.04 to $1.99-$2.11 (not comparable to consensus of $1.99).
07:55 AKNS Akeena Solar signs manufacturing partnership with Kyocera (6.71 )

Co and Kyocera Solar have announced a strategic partnership to manufacture Andalay solar panels. Under the agreement Kyocera will manufacture Andalay solar panels utilizing Kyocera’s high efficiency solar cells and will deliver 1.6 MW of panels to Akeena during 2008. Kyocera has also been named Akeena’s preferred supplier for its commercial business.
07:52 SCANX Early pre-market gappers

Gapping up: WX +19.0%, EFUT +17.2%, FMT +7.9%, GSIC +6.9%, FRE +6.4%, TBSI +5.2%, AIRM +4.8%, OME +3.6%, GEOY +2.7%, TTWO +2.4%, BMTI +2.2%, UNH +1.9%, TGT +1.8%, EXM +1.8%, NMX +1.7%, EGLE +1.3%, BVF +1.1%… Gapping down: ATAR -34.0%, SUF -26.8%, VM -19.0%, SIGM -14.4%, MW -9.0%, NGAS -8.6%, JAS -4.8%, BSC -4.5%, PTR -4.4%, BIDU -2.9%, CFC -2.1%, DCGN -2.1%, BG -2.1%, MER -1.9%, C -1.8%, ING -1.7%, UBS -1.7%, GS -1.2%.
07:50 NOVN Noven Pharma downgraded to Sell from Hold at Soleil (11.78 )

07:50 Municipalities get relief on auction-rate debt - WSJ

WSJ reports the SEC said local govts can buy their own debt at auction without being suspected of manipulating the mkt. The guidance, expected to be released this week, comes in response to calls from municipalities, Congress, and Wall Street to provide relief to the auction-rate market, which has been under strain in recent weeks. Erik Sirri, director of the SEC’s division of trading and markets, said at a congressional hearing yesterday that the agency’s staff was developing guidance to “clarify that, with appropriate disclosures,” issuers could buy their own debt without triggering market-manipulation concerns. Transparency would be a key component of the guidance, Mr. Sirri said. To bid in an auction, an issuer would have to disclose “certain facts related to price and quantity.” He said the SEC guidance wouldn’t overrule contracts that prohibit the issuers from buying debt. “This is great,” said Anne Phillips Ogilby, a partner with law firm Ropes & Gray, who wrote a letter to the SEC on behalf of 14 hospitals in Massachusetts and California seeking relief… Allowing the issuers to bid “will at least stop the hemorrhaging at these double-digit inflation rates. It is a very important step forward,” she said.
07:49 UNS Unisource Energy upgraded to Buy from Hold at Soleil- based on valuation (21.66 )

07:49 EFJI EFJ reports Q4 (Dec) results, beats on revs (1.22 )

Reports Q4 (Dec) loss of $1.45 per share, includes multiple charges, doesn’t comapare to the First Call consensus of ($0.20); revenues rose 3.3% year/year to $24.7 mln vs the $23.8 mln consensus.
07:47 EFJI prelim ($1.45), includes charges, doesn’t compare to the vs ($0.20) First Call consensus; revs $24.7 mln vs $23.75 mln First Call consensus

07:43 CRN Cornell Corr reports Q4 EPS of $0.37 vs $0.31 consensus; reports revs of $92.1 mln vs $91.8 mln two analyst estimate (16.15 )

Co sees Q1 EPS of $0.27-0.31 vs $0.25 consensus; co sees Y08 EPS of $1.21-1.27 vs $1.27 consensus.
07:39 AFFY Affymax reports Q4 EPS of ($0.92) vs ($1.05) consensus; reports revs up 126% yr/yr to $16.8 mln vs $15.0 mln consensus (15.40 )

07:39 Credit squeeze hits three more hedge funds - FT

FT reports another three big hedge funds have been forced to close down or to suspend investor withdrawals as the credit squeeze persists. Drake Mgmt, a $12 bln New York manager, wrote to investors in its three hedge funds on Wednesday offering them the choice of winding up the funds after about half asked for their money back. Global Opportunities Capital, a $870 mln Amsterdam hedge fund, said it would block withdrawals until the end of the year to prevent firesales of shares in small Benelux and German companies. It also emerged that Blue River Asset Management, a Colorado-based hedge fund manager specializing in municipal bonds, was to shut its main fund after nearly 80% losses, even after raising $110 mln for a fresh fund. The scale of the problems at the three funds was not the same, with Blue River, the most highly leveraged, worst affected.
07:38 YHOO Yahoo! is likely to report ‘mediocre’ quarter, still expect MIcrosoft to buy Yahoo says Bernstein- Bloomberg (28.45 )

(MSFT)
07:38 MEA Metalico reports Q4 EPS of $0.11 vs $0.12 two analyst estimate; reports revs up 138% yr/yr to $113.7 mln vs $92.7 mln two analyst estimate (11.20 )

07:37 BNT Bentley Pharm reports Q4 (Dec) results, beats on revs (12.90 -0.27)

Reports Q4 (Dec) earnings of $0.01 per share, may not be comparable to the First Call consensus of $0.01; revenues rose 28.4% year/year to $34.8 mln vs the $30.9 mln consensus. “The Company noted that the fourth quarter of 2006 included an income tax benefit of $2.7 million, or $0.12 per diluted share, resulting from a litigation settlement recorded in the third quarter of 2006. Fluctuations in foreign currency provided a benefit of $0.4 million, or $0.02 per diluted share in the fourth quarter 2007. We expect that commercializing these products along with omeprazole in our new European markets will grow our generics revenues outside of Spain by approximately 25% in 2008.”
07:37 LGND Ligand Pharma: FDA Panel backs Nplate; bar lowered for GSK-partneres Promacta - Susquehanna (3.83 ) -Update-

07:37 TOPS Top Ships reports Q4 EPS of ($0.51), ex items vs ($0.53) First Call consensus; revs $51.78 mln vs $51.55 mln First Call consensus (2.54 )

07:36 VM Virgin Mobile USA: Q4 report offers no visibility - Pali Research (4.20 )

Pali Research is maintaining their Neutral rating on VM after weak Q4 results and even worse guidance because there is no liquidity risk and the enterprise value per subscriber has reached the costs to acquire a new customer. Firm now expects the subscriber base to decline by 300,000 subscribers (6%) in 2008 so that value per subscriber rises in 2008. Firm believes there is very little if any visibility in the co’s EBITDA which is highly sensitive to slight changes in the key metrics of ARPU and CPGA, which both appear to be headed in the wrong direction. Firm reduces their 2008 EBITDA est to $87 mln from $140 mln. This compares to guidance of $105 mln - $130 mln. Firm does not expect EBITDA growth in 2009.
07:36 WIRES On The Wires

ION Geophysical (IO) provides an update on its activities in India, including the role its IndiaSPAN seismic data library is playing in reshaping how oil & gas companies assess the exploration potential of the country…. EMCOR Group (EME) announces that its Viox Services subsidiary has been awarded a contract to continue providing integrated facilities management services to Fifth Third Bancorp for its 1,232 full-service banking centers across the country.
07:36 AMGN Amgen: Wins game one in a double header - Rodman & Renshaw (44.99 ) -Update-

Rodman & Renshaw says the Oncologic Drugs Advisory Committee Panel voted unanimously in favor of the approval of Nplate. Firm says the outcome is in-line with their thinking going into the panel. While the FDA does not have to follow the panel’s recommendation, it is hard to imagine a scenario in which the agency does not approve Nplate for the proposed indication given the one-sided 10-0 vote. Firm believes that the ODAC members, including Dr. Richard Pazdur, clearly believe that Nplate has a favorable benefit to risk profile for the treatment of chronic immune (idiopathic) thrombocytopenic purpura (ITP). As a reminder, the PDUFA date for Nplate’s approval in the U.S. is in May 2008. Firm assumes the drug will launch in 3Q08 and generate sales of $35 mln in 2008 and $117 mln in 2009.
07:36 GOOG Google to unveil a new ad service for web publishers - WSJ (440.18 ) -Update-

WSJ reports the co plans to announce a new service that Web publishers can use to manage their online ad sales and serve up ads each time a consumer pulls up a Web page. The offering is an early sign of Google’s plans to broaden its ad offerings following the completion of its $3.1 bln DoubleClick acquisition this week. The new Ad Manager service, which a limited number of Web sites are testing, will provide the ad serving free, where companies such as DoubleClick have traditionally charged Web publishers to serve up their ads. Even when they sell their own ads, publishers usually rely on such ad-serving companies to actually insert the ads in a Web page when a consumer pulls it up.
07:35 MSCC Microsemi: March quarter tracking; peeling the onion on charges and inventory - FBR (21.18 )

Friedman Billings says recent channel checks on MSCC suggest that near-term business trends are tracking to the firm’s March guidance, which calls for revs to grow 2%-4% QoQ. With product shortages continuing in its defense and aerospace markets, it seems like June quarter rev will again grow about 2%-4% QoQ. Gross margins are likely to increase by 20 bps to 40 bps per quarter, but not more. In this piece, firm peels the onion on a few critical investor issues, including: 1) transitional idle capacity charges, 2) other pro forma charges, and 3) historical inventory trends. Longer term, they believe MSCC’s business model is attractive and defensive.
07:35 BVF Biovail beats by $0.06, beats on revs; announces plans to terminate BVF-146 (13.26 )

Reports Q4 (Dec) earnings of $0.45 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.39; revenues fell 33.7% year/year to $203.9 mln vs the $197.4 mln consensus. Co announces to terminate BVF-146, a once-daily combination product consisting of tramadol and a non-steroidal anti-inflammatory drug, following a reassessment of the commercial opportunity for this product.
07:34 TM Toyota Motor expects steady North America demand - Reuters.com (105.02 )

Reuters.com reports the head of the co said he expected steady demand in North America this year despite a slowing economy, and said the automaker may need to take steps to counter a surging yen. “I believe U.S. economic fundamentals are strong,” Katsuaki Watanabe, president of the maker of the Camry sedan and high-end Lexus cars, told reporters. “I think we can secure the same level of demand in America as last year.”
07:34 GCO Genesco beats by $0.36, misses on revs; guides FY09 EPS, revs in-line (19.79 )

Reports Q4 (Jan) earnings of $1.37 per share, excluding non-recurring items, $0.36 better than the First Call consensus of $1.01; revenues fell 2.1% year/year to $467 mln vs the $485.8 mln consensus. GCO announces board of directors has authorized a repurchase up to $100 mln of common stock. Co issues guidance for FY09, sees EPS of $1.83-1.91 vs. $1.93 consensus; sees FY09 revs of approx $1.6 bln vs. $1.61 bln consensus. The co also announces the board of directors has authorized a repurchase up to $100 mln of common stock.
07:33 VOCS Vocus: Tracking as planned - Broadpoint Capital (24.40 )

Broadpoint Capital says VOCS has exceeded guidance each quarter since going public in late CY05 and firm believes VOCS is on track to extend this streak in 1Q08. Despite an uncertain economy, we do not believe Vocus is experiencing fundamental changes in the business for three primary reasons: 1) Relatively Low ASPs. 2) Fast ROI. 3) Plenty of Greenfield. Firm also believes there are plenty of Greenfield opportunities in the U.S and abroad, as more than half of the prospects do not have software applications specifically designed to address public relations in the digital age.
07:33 LGND Ligand Pharma: NPlate Advisory Panel outcome looks good for Promacta - Broadpoint Capital (3.83 )

Broadpoint Capital maintains their Buy rating on LGND on the outcome of the FDA’s Oncologic Drugs Advisory Committee’s review of NPlate for ITP yesterday, which they believe bodes well for approval of Promacta and could possibly lead to competitive advantages.
07:33 SVNT Savient Pharma: Puricase on track for BLA filing; report 4Q07 results - Ferris Baker Watts (18.97 )

Ferris Baker Watts says SVNT reported 4Q07 GAAP/adjusted net loss of $16.6 mln/$9.5 mln vs. their forecast for a loss of $11.0 mln/$9.3 mln. Adjusted figures exclude non-cash stock option expenses. Operating expenses were higher than expected due to the co’s ongoing efforts to develop Puricase. Mgmt expects to hire and integrate 60 sales reps by August 2008 in preparation for product launch. As previously announced, mgmt is scheduled to have a pre-BLA meeting with the FDA on April 17 and hopes to submit an application for marketing approval by the end of June. Firm expects Puricase to receive priority review and ultimately marketing approval, which would place a product launch by 1Q09. The open-label study continues with over 80% of patients who have completed phase 3 testing still taking Puricase. Immunology data is still not available; however this is expected to be completed in the May-June timeframe and will be included in the BLA.
07:32 GCO sees FY09 $1.83-1.91 vs $1.93 First Call consensus; sees revs $1.6 bln vs $1.61 bln First Call consensus

07:32 HOTT Hot Topic: Reports 4Q07 in-line; co making changes but still a work in progress - FBR (4.31 )

Friedman Billings says HOTT reported 4Q7 results in-line with their previous guidance. Initial reaction to the guidance in the aftermarket was muted; however, the stock has traded down over 25% in the last 30 days, and they believe expectations for the co were low. Despite the changes in the business mgmt is making, firm does not yet believe that the co’s fortunes are improving. Co appears to be making progress with its music business, and Torrid appears to be somewhat of a bright spot. However, the accessory category continues to struggle. While they applaud mgmt for its determination in correcting problems with the business, they think it may take some time to effect the changes necessary to get the co back on track. Firm is also concerned that mgmt’s decision to remain less promotional may continue to hurt traffic and comp; however, this is positive for margins.
07:32 GCO announces board of directors has authorized a repurchase up to $100 mln of common stock

07:32 UPL Ultra Petroleum initiated with a Market Weight at Thomas Weisel- tgt $89 (76.91 )

Thomas Weisel initiates UPL with a Market Weight and sets an $89 tgt, based on valuation and note well performance, fairway expansion, non-sand pay pilot tests and a deep well at Pinedale Field, along with new drilling in the Marcellus Shale in Pennsylvania, are potential catalyts that could cause them to raise estimates and reveiw their rating, all else being equal.
07:32 AMGN Amgen: Friedman Billings believes upside to AMGN is relatively small (44.99 )

Friedman Billings notes yesterday the FDA advisory committee recommended Nplate for approval in the treatment of second-line immune thrombocytopenic purpura, a blood disorder resulting in low platelet count. AMGN now expects approval of the drug in 2Q08. This is in line with their expectation. Firm currently models Nplate as a $500 mln seller for AMGN by 2012, based on sales in the ITP indication. This is only about 3% of firm’s estimated 2012 product sales for AMGN. The impact of this incremental positive is far outweighed by the recommendations of the Aranesp ODAC coming later today.
07:32 WM Washington Mutual stakeholder wants piece of any capital move - WSJ (11.64 ) -Update-

WSJ reports one of the United Kingdom’s largest hedge funds has approached the co and offered to participate in any consortium looking to recapitalize the mortgage lender, a person familiar with the matter said. This week, London-based Toscafund Asset Mgmt approached the board of Washington Mutual to offer to invest its own money and help any consortium to recapitalize the lender, this person said. Tosca, which has about $8 bln under mgmt and is part of Old Oak Holdings, a group with $12 bln under management, already controls a sizable share of the U.S. co… Under pressure from regulators worried about the adequacy of WaMu’s capital levels, the co recently has reached out to investors in the U.S. and overseas about getting an infusion of capital, according to people familiar with the matter. The discussions have been progressing this week and an announcement of an infusion could come as early as next week, one person said. Tosca is concerned that another approach to recapitalize WaMu is imminent and may lead to the dilution of its stake, according to the person familiar with the matter.
07:31 RMX Ready Mix reports Q4 EPS of ($0.05) vs $0.16 in yr ago period; revs -18.3% to $15.4 mln (5.70 )

07:31 FONR Fonar: Studies using UPRIGHT multi-position MRI published in The Journal of Neurology as beneficial in evaluating the dynamic aspects of chiari malformation (2.68 )

Co announces that the value of the FONAR UPRIGHT Multi-Position MRI in the diagnosis and evaluation of Chiari malformation patients has just been published by The Chiari Institute, North Shore-Long Island Jewish Health Systems, in the Journal of Neurosurgery: Spine, December 2007.
07:31 BNT prelim $0.01, includes gains, vs $0.01 First Call consensus; revs $34.8 mln vs $30.85 mln First Call consensus

07:31 GCO prelim $1.37 vs $1.01 First Call consensus; revs $467 mln vs $485.82 mln First Call consensus

07:30 BVF prelim $0.45 vs $0.39 First Call consensus; revs $203.9 mln vs $197.43 mln First Call consensus

07:29 PPDI PPD Inc.: Hearing downgraded to Neutral from Buy at tier 1 firm (43.96 )

07:29 CRL Charles River: Hearing upgraded to Buy from Neutral at tier 1 firm ( 53.95 )

07:28 LEAP Leap Wireless upgraded to Market Perform from Underperform at Wachovia (43.85 )

07:27 VQ Venoco initiated with an Overweight at Thomas Weisel- tgt $20 (12.09 )

Thomas Weisel initiates VQ with an Overweight and sets a $20 tgt, as they believe the stock appears oversold in light of the co’s historical growth (i.e., proven reserves and production up 45% and 30% over the past two years, respectively) and highly visible catalysts while extensional drilling at Platform Holly and West Montalvo Field, along with increased density drilling in the Sacramento Basin, could cause them to raise their NAV estimate of $33/share.
07:24 TEC Teton Energy initiated with an Overweight at Thomas Weisel- tgt $7.70 (4.97 ) -Update-

Thomas Weisel initiates TEC with an Overweight and sets a $7.70 tgt, based on a recent acquisition in Kansas City that doubled Teton’s proved reserves and production and more importantly, could open the door to an emerging oil play in the Central Kansas Uplift with significant running room.
07:24 PDXC Pet DRx coverage initiated at Roth Capital (3.80 )

Roth Capital initiates coverage of PDXC without a rating saying they believe industry fundamentals support consolidation and that significant economies of scale stand to be gained from capital investments in hospitals in order to offer a broader range of specialized services. The firm notes the co has successfully completed 26 acquisitions since commencing operations in 2004. Returns during the last 12 months have been hampered by merger-related headwinds which also forced the company to curtail new acquisitions in early 2007 in order to focus on the merger. The firm says with the transaction now behind it, Pet DRx can return to its growth strategy and apply its resources to creating the economies of scale that are inherent in its “hub and spoke” model
07:23 PRICE Filings, Offerings, Pricings and IPOs

Filings: BioDelivery Services (BDSI) files an S-3 relating to a 1 mln share common stock offering by selling shareholder C.D.C IV… Energy West (EWST) files for a 2.25 mln share common stock secondary offering… Offerings: The Providence Service (PRSC) announces it intends to file a shelf registration statement for shares of its common stock for aggregate proceeds of up to $175 mln…
07:22 US to revamp credit rules, drawling from crisis lessons - WSJ

WSJ reports the nation’s top economic policy makers plan to release today their broadest blueprint yet for avoiding a recurrence of the credit crunch now threatening the economy. Their recommendations extend to nearly every niche in the credit markets — from mortgage brokers to the Wall Street cos that package home loans into securities, to the credit-rating firms that assess the risk of those securities, to the regulators who police the system. “Regulation needs to catch up with innovation and help restore investor confidence,” Mr. Paulson is planning to say today in a speech at the National Press Club, “but not go so far as to create new problems, make our markets less efficient or cut off credit to those who need it.” Mr. Paulson told the WSJ that the recommendations of the President’s Working Group on Financial Markets, which he leads, include strengthening state and federal oversight of mortgage lenders and brokers. The group will also recommend implementing what he termed “strong nationwide licensing standards” for mortgage brokers, a move that will probably require legislation.
07:21 PTEC Phoenix Tech initiated with a Hold at Roth Capital- tgt $17 (15.99 )

Roth Capital initiates PTEC with a Hold and a $17 tgt saying the co can achieve its stated financial target of $200 mln of annual revenue and a 15% GAAP net margin in fiscal 2011, driven by $100 mln of core system software revenue and $100 mln of new-product revenue. They estimate that Phoenix could meet its new-product-revenue target even with attach rates well less than 5%; any real success with its new products could drive revenue far in excess of target levels. Despite the many positives, the firm has some salient concerns; the new-product initiatives are unproven and have yet to generate revenue, leading to considerable risks.
07:20 ACTI ActivIdentity discloses in 8-k that it was informed of Mark Lustig’s intention to resign as Chief Financial Officer (2.77 )

From 8-k, “On March 10, 2008, ActivIdentity was informed of Mark Lustig’s intention to resign as Chief Financial Officer of the Company, effective May 9, 2008. Mr. Lustig will continue to serve as an at-will employee of the co until that time. The financial and other terms of Mr. Lustig’s separation with the co will be disclosed at a later time when they have been mutually agreed upon.”
07:20 SWN SW Energy initiated with an Overweight at Thomas Weisel- tgt $85 (64.44 )

Thomas Weisel initiates SWN with an Overweight and sets an $85 tgt, based on improved productivity in Fayetteville Shale wells that suggests that the pay will generate strong returns in addition to impressive growth
07:18 CBST Cubist Pharma sees no sign of abbreviated new drug application filing for daptomycin (18.99 +0.13)

Co announces that it believes that no generic manufacturer acted last September to secure a potential “first to file” advantage, by filing an abbreviated new drug application for daptomycin. If such a filing had occurred, the generic company would have had to notify Cubist within 20 days of acceptance of the abbreviated new drug application by the FDA. It is now a full six months since the first opportunity for a generic company to file an abbreviated new drug application and the only date on which a generic company could be assured of securing the “first to file” advantages available under the Hatch-Waxman legislation, and Cubist has received no notification.
07:16 KOG Kodiak Oil & Gas initiated with a Market Weight at Thomas Weisel- tgt $2.60 (2.20 )

Thomas Weisel initiates KOG with a Market Weight and sets a $2.60 tgt, based on their unproven resource potential in the Baxter and Bakken shale plays that could be worth two to three times their NAV estimate if successful.
07:16 US Treasury’s Kimmitt: US growth to return to trend in course of year - DJ

Also says the US econ to improve in 2H and risks to US econ are on the downside.
07:15 GKSR G&K Svcs discloses in 8-k that the SEC is conducting an informal investigation of G&K Services (36.69 )

From 8-k, “On March 5, 2008, we were advised by the United States Securities and Exchange Commission that it is conducting an informal investigation of G&K Services. We believe this matter stems from a dispute with a former location general manager primarily related to our internal budgeting and incentive compensation program. The dispute with this former employee was previously resolved to the parties’ satisfaction. The correspondence received from the SEC states that it has not concluded that anyone has broken the law and that the investigation does not mean the SEC has a negative opinion of any person, entity or security. We intend to cooperate fully with the SEC in working through this matter. At this point, we cannot predict the length, scope or results of this investigation, nor its impact, if any.”
07:15 ITRI Itron profiled in New America section of IBD (94.84 )

IBD reports the co is a one-stop shop metering co that will benefit from increasing demand for digital meters, which are viewed as eco-friendly. Homes are responsible for emitting 13% of carbon dioxide emissions, which totaled more than 26 bln metric tons in 2004, according to the International Energy Agency… In December, Itron was awarded a contract by Southern California Edison for their SmartConnect program, which includes the deployment of more than 5 mln new AMI meters. With that win, there could be $900 mln of potential smart meter business in 2008, says John Quealy, an analyst with Canaccord Adams. Itron is a finalist for contracts from other utilities, including Detroit Edison, Michigan’s largest utility that serves roughly 2.2 mln customers, and San Diego Gas & Electric, which has more than 3 mln users. Quealy expects a massive rollout of smart meters next year. That should bode well for Itron, which he anticipates will win other major AMI project contracts this spring… The slow adoption rate of AMR technology means a large amount of potential business lies within reach for Itron, which should produce an extraordinary 2009 and beyond, says CEO LeRoy Nosbaum… Itron will focus on Europe, thanks to an acquisition last year that significantly expanded its global footprint as well as its product portfolio. “Strategic acquisitions are part of Itron’s DNA,” said Steve Sanders, an analyst with the financial services co Stephens. “It’s a lumpy business and Itron has defended itself well with acquisitions.”
07:13 MLNM Millennium Pharm upgraded to Buy from Neutral at Piper Jaffray (12.95 ) -Update-

07:13 KWK Quicksilver Resrcs initiated with an Overweight at Thomas Weisel- tgt $45 (35.75 )

Thomas Weisel initiates KWK with an Overweight and sets a $45 tgt, based on an improved balance sheet and deep low-risk Barnett Shale drilling inventory that position the co to grow production at what they estimate to be an annual rate of more than 30% over the next four years from a play that could become self-funding within 18 months.
07:12 ITI Iteris Holdings initiated with an Outperform at Rodman and Renshaw- tgt $4 (2.35 )

Rodan and Renshaw initiates ITI with an Outperform and a $4 tgt saying ITI provides video detection systems for traffic management, lane departure warning systems for vehicle safety and traffic consulting services. Management is positioning the company to benefit from the move towards advanced traffic infrastructure and demand for vehicle safety solutions. Firm says growth for the co should come from its efforts to speed new product introductions.
07:11 UNH UnitedHealth comments on recent market activity (36.68 )

In a press release out last night, the co says that mgmt is continuing to actively monitor a variety of trends affecting the sector… In addition, based on data from the first two months of 2008, the co’s estimates of medical costs incurred in 2007 appear to have been accurate. Through the first two months of 2008, the commercial medical cost trend has performed consistent with the co’s expectations, with the exception of a higher than expected impact from influenza. The co also noted that the net unrealized capital gain position in its investment portfolio has continued to strengthen in 2008. The co’s Enhanced Medicare Part D program performance is consistent with the co’s plan for the approximately 100,000 participants in these offerings at UnitedHealth Group. As evidenced by recent market commentary, there may be pressure on first quarter and full year 2008 results. However, given that it is still early in the year, mgmt believes it is premature to draw adverse conclusions.
07:10 DNR Denbury Resources initiated with a Market Weight at Thomas Weisel- tgt $35 (32.55 )

Thomas Weisel initiates DNR with a Market Weight and sets a $35 tgt, based on valuation and anticipate the co will continue to generate strong growth and returns via its tertiary oil recovery project, although Q108 production is expected to be flat following weather related and mechanical issues earlier this year.
07:09 DNDN Dendreon reports Q4 EPS of ($0.32) vs ($0.25) consensus; reports revs of $0.28 mln vs $0.12 mln consensus (5.29 )

07:08 NX Quanex initiated with a Hold at BB&T (51.91 )

07:08 EPEX Edge Petroleum misses by $0.08, misses on revs (4.42 )

Reports Q4 (Dec) loss of $0.01 per share, excluding non-recurring items, $0.08 worse than the First Call consensus of $0.07; total revenues rose 44.1% year/year to $35.9 mln vs the $43.6 mln consensus.
07:07 GTN Gray Television reports Q4 EPS of $0.03 vs $0.00 consensus; reports revs of $84.3 mln vs $84.3 mln consensus (4.94 )

07:06 ABT Abbott Labs says that the FDA has approved the FreeStyle Navigator continuous glucose monitoring system (51.34 )

07:06 TRGL Toreador Royalty reports Q4 (Dec) results, misses on revs (7.97 )

Reports Q4 (Dec) loss of $1.03 per share, may not be comparable to the single estimate of ($0.06); revenues rose 58.2% year/year to $12.5 mln vs the $13.2 mln single estimate.
07:05 DCGN deCODE genetics reports Q4 EPS of ($0.53) vs ($0.40) consensus; reports revs up 16% yr/yr to $13.3 mln vs $10.1 mln consensus (1.93 )

07:05 NGPC NGP Capital Resources misses by $0.01, reports revs in-line (17.07 )

Reports Q4 (Dec) earnings of $0.29 per share, $0.01 worse than the First Call consensus of $0.30; net investment income rose 13.8% year/year to $10.2 mln vs the $10.1 mln consensus.
07:04 EPEX prelim ($0.01), ex items vs $0.07 First Call consensus; revs $35.93 mln vs $43.62 mln First Call consensus

07:03 ARD Arena Resources reports Q4 (Dec) results, beats on revs (38.92 )

Reports Q4 (Dec) earnings of $0.26 per share, may not be comparable to the First Call consensus of $0.37; revenues rose 112.7% year/year to $35.1 mln vs the $30.6 mln consensus.
07:02 NGPC prelim $0.29 vs $0.30 First Call consensus; investment income $10.2 mln vs $10.10 mln First Call consensus

07:02 ISIS ISIS Pharm reports Q4 EPS of ($0.0 may not compare to $0.04 consensus; reports revs up 108% yr/yr to $24.7 mln vs $28.2 mln consensus (13.78 )

07:01 MLNM Millennium Pharm: Publication of clinical results underscores VELCADE for injection based therapy as a standard of care in newly diagnosed multiple Myeloma patients (12.95 )

Co announces the publication of updated results of the Phase I/II clinical trial of the combination therapy VELCADE, melphalan and prednisone in newly diagnosed multiple myeloma patients, who were ineligible for stem cell transplantation. Results of this study included one of the highest reported complete remission rates, which is an important indicator for long-term survival, and the highest three- year survival rate reported in the non-transplant setting. These results provided the basis for the Phase III VISTA trial. The company submitted a supplemental New Drug Application to the FDA in Dec 2007 for VELCADE expansion into newly diagnosed multiple myeloma. The FDA decision date for the sNDA is scheduled for June 20, 2008. Results showed an immunofixation-negative C.R. rate of 32% and an overall response rate of 89% with VcMP. VcMP was well tolerated in this elderly patient population (median age of 75) with patients on therapy for more than nine months. The safety profile was predictable and manageable.
07:01 TEL Tyco Electronics Board approves a $500 mln increase in their buy back program to $1.25 bln (32.23 )

07:01 TRGL prelim ($1.03) may not compare to the ($0.06) single estimate; revs $12.50 mln vs $13.19 mln single estimate

07:01 NRMX Neurochem moves eprodisate drug development program forward for Amyloid A amyloidosis (1.43 )

As part of the approval process for the investigational product candidate, both the regulatory agencies in the United States and in the European Union recommended an additional confirmatory efficacy Phase III clinical trial, which will have a target significance level (p-value) of 0.05 rather than the p-value of 0.01, which had been required for an approval based on a single efficacy study.
07:00 MGAM Multimedia Games reports installed base of player terminals and product mix at Feb 29, 2008 (6.35 )

Co announces that as of 2/29/08 it has installed 2,988 Reel Time Bingos, 590 Legacy & Other, 3,578 Total class II & Other, 3,835 Mexico Electronic Bingo units. Co says that total units as of 2/29 were 14,538, which is above the 14,419 reported for 1/31/08.
07:00 CALLS Early Research Calls III

Upgrades: J.P Morgan upgrades Nidec (NJ 16.62) to Overweight from Neutral… Lehman upgrades JA Solar (JASO 14.93) to Overweight from Equal Weight… UBS upgrades Humana (HUM 40.8 to Neutral from Sell. Downgrades: Deutsche Bank downgrades Glu Mobile (GLUU 4.75) to Sell from Hold… Oppenheimer downgrades ORBCOMM (ORBC 5.10) to Perform from Outperform following solid Q4 results but weak 2008 guidance… Thomas Weisel downgrades Virgin Mobile (VM 4.20) to Market Weight from Overweight. Miscellaneous: Citigroup adds Freeport McMoran (FCX 101.8 to their Top Picks live list… Citigroup initiates New York Community Bancorp (NYB 16.24) with a Buy… Citigroup initiates Marshall & Ilsley (MI 23.17) and Synovus Financial (SNV 12.05) with Holds… Jefferies initiates Central European Distribution (CEDC 54.89) with a Buy and a $66 tgt saying as one of the largest alcoholic beverage companies in Eastern Europe, they view CEDC as a pure play on rising disposable incomes, particularly in Poland where it is headquartered. The firm says entry into Russia via pending acquisitions is a catalyst for the next leg of strong growth… Morgan Stanley adds Focus Media (FMCN 45.21) to their Model Portfolio… Morgan Stanley initiates Hologic (HOLX 53.67) with an Overweight… Oppenheimer initiates Gushan Environmental Energy (GU 8.76) with an Outperform and a $14 tgt saying the co benefits from government policies encouraging growth of renewable fuels. Firm says the combination of today’s relatively low biodiesel penetration rate, rapidly growing demand, and planned capacity expansions should provide an outstanding opportunity for significant growth in revenues, cash flow, and earnings.
06:56 Dollar falls to 12-year low of 100 yen on Carlyle Fund failure - Bloomberg.com

Bloomberg.com reports the dollar fell below 100 yen earlier today for the first time since 1995 and to a record low against the euro after a Carlyle Group fund moved closer to collapse, triggering concern of more turmoil in financial markets. The dollar approached parity with the Swiss franc and slumped against the British pound after Carlyle said lenders will take over the assets of its mortgage-bond fund and President George W. Bush acknowledged the U.S. currency’s decline was not “good tidings.” The dollar’s drop may prompt Middle East central banks to reduce dollar holdings. “Sentiment for the dollar continues to deteriorate very, very rapidly and if we’re not careful this will turn into a dollar crash.”
06:53 TEC Teton Energy reports Q4 EPS of $0.76 vs ($0.14) in yr ago period; reports operating revs up 110% yr/yr to $2.7 mln vs $2.2 mln consensus (4.85 )

06:51 EFJI EFJ receives $4 mln order from DoD customer (1.22 )

Co announces that EFJohnson has again been selected by a major systems integrator to provide Project 25 compliant radios. This is a follow-on order for a Department of Defense customer in support of the war on terrorism and is valued at $4.4 mln.
06:40 ERIC LM Ericsson signs major managed services agreement with Saudi Arabian operator Mobily (20.07 )

Co announces it is selected as managed services partner by Mobily, a Saudi Arabian mobile operator, a member of the Etisalat Group. The 3-year multivendor agreement is the largest managed services agreement for Ericsson in the Middle East and one of the largest in the industry in the region.
06:36 SCLN SciClone Pharma reports Q4 EPS of ($0.0 vs ($0.07) single estimate; reports revs up 18% yr/yr to $10.0 mln vs $9.8 mln single estimate (1.95 )

Co sees Y08 EPS of ($0.38)-($0.41) vs ($0.37) single estimate; sees product revs of $42-44 mln may not compare to $42.3 mln single estimate.
06:34 Financials lead European share slide; oil in focus

European shares fell sharply on Thursday as soaring oil prices threatened to bite into company profits, while banks fell as investors returned to earth after a two-day orbit fuelled by central bank liquidity injections. At 0942 GMT the FTSEurofirst 300 index was down 1.8 percent at 1,261.13, having rallied for two days running after a coordinated central bank move on Tuesday to add billions of dollars of liquidity to struggling credit markets. Around Europe, London’s FTSE is down 2.1%, Germany’s DAX is off 2.6% and France’s CAC 40 is currently lower by 2.4%. (Reuters)
06:33 Nikkei hits 2-year closing low on yen’s rise; Sensex down 825pts

Japan’s Nikkei benchmark slid more than 3% to a new 2.5 yr closing low on Thursday as the yen advanced to a 12-yr high against the dollar, dragging down exporters like Honda Motor. Major banks were battered as well, with Mizuho Financial hitting its lowest close in four yrs on growing doubts about the Federal Reserve’s efforts to aid strained credit markets and limit the damage to the U.S. economy. The Nikkei closed down 3.3% at 12,433.44, its lowest since Aug. 31, 2005, after shedding more than 400 points. The broader TOPIX was down 3.1% at 1,215.87, also a 2.5 yr low. Hong Kong stocks fell nearly 5% on Thursday, as weak U.S. and mainland stock markets damped investor confidence, undoing gains from the last session when global equity markets cheered a credit bailout by central banks. The benchmark Hang Seng Index closed near the day’s low, down 4.8%, or 1,121.12 points, in its worst one-day%age loss since Feb 6. The index ended at 22,301.64. The China Enterprises index of H shares , or Hong Kong-listed shares in mainland companies, fell 6.1%, or 783.29 points, to 12,094.06… The Sensex is now down 825 points at 15,303. The NSE Nifty is down 266 points at 4,606. (Reuters, Business Standard)
06:33 CTIC Cell Therapeutics misses by $0.22, misses on revs (0.65 )

Reports Q4 (Dec) loss of $0.74 per share, $0.22 worse than the First Call consensus of ($0.52); revenues rose 235.0% year/year to $0.7 mln vs the $1.8 mln consensus. Co sees Zevalin net sales revenues of $15 million in 2008.
06:32 WIRES On The Wires

Clinical Data (CLDA) announces that it has initiated the second of its two pivotal trials of Vilazodone, the co’s novel drug candidate for the treatment of depression… FreeSeas (FREE) announces that it has agreed to purchase one second-hand drybulk carrier from an unaffiliated third party for approximately US$65.2 mln.
06:31 HRLY Herley Industries reports Q2 (Jan) results, misses on revs (10.88 )

Reports Q2 (Jan) loss of $0.28 per share, may not be comparable to the First Call consensus of $0.15; revenues fell 8.7% year/year to $34.7 mln vs the $43.5 mln consensus.
06:31 GWR Genesee & Wyoming traffic in February 2008 from continuing operations was 61,440 carloads (32.18 )

Co announces its traffic in February 2008 from continuing operations was 61,440 carloads, a decrease of 4,064 carloads, or 6.2%, compared with February 2007. GWI’s traffic in the first quarter of 2008 through February was 125,604 carloads, a decrease of 10,007 carloads, or 7.4%, compared with the first quarter of 2007 through February.
06:30 CALLS Early Research Calls II

Miscellaneous: BMO Capital initiates OSI Pharma (OSIP 35.52) with an Outperform and sets a $55 tgt, as they believe the co’s lead product, Tarceva, approved for the treatment of second- and third-line non-small cell lung cancer and first-line pancreatic cancer, could reach $1.2 bln in sales in ‘08, fuled by growth primarily from international markets and the succes of clinical trials while sales could get a major boost if the results from the Ph. III trial SATURN turns out to be positive, which they think is highly likely… Standpoint Research initiates WESCO Int’l (WCC 35.80) with a Buy and sets a 3-yr tgt of $55-$60, based on management plans to strengthen the relationships with N. America’s largest engineering and procurement contractors and national contractors by providing multiple product lines including electrical, datacom, industrial, materials and product management services, an increase in sales coverage to target high-growth industry verticals such as energy and healthcare, and its low business risk with its diverse customer, industry and regional base, as well as various growth drivers in integrated supply, national accounts and local branch-based operations.
06:29 AFCE AFC Enterprises beats by $0.03, reports revs in-line; guides FY08 EPS below consensus (7.67 )

Reports Q4 (Dec) earnings of $0.14 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.11; revenues fell 2.2% year/year to $39.1 mln vs the $39.3 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.71-0.76, excluding non-recurring items, vs. $0.80 consensus; co sees Y08 same-store sales to be flat to +1.0%. “Today, we are also announcing our decision to commence a process to identify experienced and qualified franchisees to purchase our company-operated restaurants so that we can re-purpose our resources towards the critical initiatives set forth in our new strategic plan. The Company expects proceeds in the range of $38-$42 million which would yield $0.08-$0.14 of diluted earnings per share, if the divestiture is fully implemented.”
06:29 CALLS Early Research Calls I

Upgrades: UBS upgrades AstraZeneca (AZN 38.33) to Neutral from Sell…BofA upgrades Monsanto (MON 106.03) to Buy from Neutral… Credit Suisse upgrades Wimm-Bill-Dann Foods (WBD 101.53) to Outperform from Neutral… Jefferies upgrades GSI Commerce (GSIC 11.37) to Buy from Hold and lowers their tgt to $17 from $18, based on valuation and believe E-commerce market fundamentals remain OK, Ebitda growth should still be 30%+ and market concerns over customer losses/deteriorating economics is overblown. Downgrades: UBS downgrades Federated Investors (FII 40.75) to Neutral from Buy… Merrill Lynch downgrades Anixter (AXE 66.2 to Neutral from Buy… Merrill Lynch downgrades Virgin Mobile (VM 4.20) to Sell from Neutral… Keefe, Bruyette downgrades PNC (PNC 62.41) to Market Perform from Outperform and lowers their tgt to $60 from $65, based on the potential for adverse movements in interest rates and/or economic conditions… Morgan Stanley downgrades AIG (AIG 43.65) to Equal-weight from Overweight and lowers their tgt to $50 from $60. Miscellaneous: BMO Capital initiates Millennium Pharma (MLNM 12.95) with an Outperform and sets an $18 tgt, based on sales of Velcade, approved for refractory and relapsed multiple myeloma, that were strong in the U.S. and ex-U.S. markets in ‘07, new data from several clinical trials, including VISTA, that should help fuel growth, and believe in ‘08 Velcade’s net U.S. sales will top management’s guidance of $320-345 mln.
06:20 S&P futures vs fair value: +16.9. Nasdaq futures vs fair value: +6.0.
06:19 European Markets

FTSE…5658.70…-117.70…-2.0%. DAX…6429.00…-170.37…-2.6%.
06:19 Asian Markets

Nikkei…12433.44…-427.69…-3.3%. Hang Seng…22301.64…-1121.12…-4.8%.
06:12 MEI Methode Electronics beats by $0.04, beats on revs; guides FY08 EPS below consensus, revs above consensus (10.38 )

Reports Q3 (Jan) earnings of $0.26 per share, $0.04 better than the First Call consensus of $0.22; revenues rose 31.4% year/year to $138.5 mln vs the $123.9 mln consensus. Co issues mixed guidance for FY08, sees EPS of $0.93-0.98, excluding non-recurring items, vs. $1.00 consensus; sees FY08 revs of $525-540 mln vs. $519.74 mln consensus.
06:09 WIRES On The Wires -Update-

Halcyon Asset Management LLC together with its affiliates and Alternative Asset Management Acquisition (AMV) announce that Halcyon will access the public equity markets through an acquisition by AAMAC… Shiner International (BEST) announces that they have signed a total of $5.4 mln coated and packaging film supply contracts with various Chinese domestic buyers.
06:06 ERTS Electronic Arts confirms it will commence an all cash tender offer to purchase Take-Two Interactive Software for $26.00/share (47.23 )

Co announces that a wholly owned subsidiary of EA commenced a tender offer for all of the currently outstanding shares of common stock of Take-Two Interactive Software (TTWO) for $26.00 per share in cash. The offer is valued at approx $2 bln.
06:03 COIN Converted Organics announces Q1 stock dividend (10.55 )

Co announces a quarterly common stock dividend of one (1) share of common stock for each twenty (20) shares of common stock outstanding, payable to all holders of record of the common stock on March 31, 2008. No fractional shares will be issued in connection with this stock dividend program. This dividend will be payable on April 14, 2008 to all shareholders of record on March 31, 2008.
05:43 EA’s Take-Two saga turns hostile - WSJ

The Wall Street Journal reports following the rejection of its unsolicited bid to acquire Take-Two (TTWO), EA (ERTS) plans a tender offer to acquire all of Take-Two’s outstanding shares for $26 each, the price it offered the co last month, people familiar with the matter say. The move signals that EA’s attempt to gain control of Take-Two is turning hostile. The EA bid places a value of about $2 bln on Take-Two, which temporarily traded above the $26 a share that EA offered, but later sunk below the offer price. some analysts think that EA will ultimately have to sweeten its offer if it wants to get the deal done in the near term. “What the stock and the market are telling you is every day that goes by makes this deal less likely at $26,” said Evan Wilson, an analyst at Pacific Crest Securities. Some analysts also believe it is possible EA will walk away if Take-Two’s shareholders don’t budge, in hopes of picking up the company later for less.
05:40 BSC In dealing with Bear Stearns, Wall Street plays guardedly - WSJ (61.58 )

The Wall Street Journal reports in a sign of how skittish Wall Street has become in recent months, Bear Stearns (BSC) is facing increasingly tough trading conditions. Traders handling certain long-term transactions, such as credit-default swaps, said they are being extra cautious when Bear is the counterparty. In some cases, traders are seeking higher-ups’ permission before acting. In addition, some clients of rivals like Goldman Sachs (GS), Morgan Stanley (MS), Credit Suisse (CS) and Deutsche Bank (DB) have asked those firms to be counterparties to Bear in completed transactions. Such a move frees clients from exposure in the event a firm can’t cover its obligations on a trade. Some hedge funds that use Bear as a prime broker also have been shifting portions of their business to other firms in recent weeks, according to hedge-fund managers and consultants who help pension funds and wealthy people choose where to place their money. A similar shift occurred last summer, but Bear soon recovered much of the lost business. This week, the cost of a five-year policy to protect against default on $10 mln of Bear’s debt skyrocketed to a record of about $655,000 per year — two or three times as much as for rivals, and up from around $300,000 two weeks ago. That cost declined yesterday to $580,000, according to data from Phoenix Partners Group. For Lehman Brothers (LEH), the same coverage costs $365,000. some of Bear’s counterparties are becoming increasingly cautious. At Deutsche Bank, some traders of credit-default swaps and other derivative securities are charging extra when Bear is the counterparty, according to people familiar with the situation.
05:34 Carlyle Capital nears collapse as accord can’t be reached - WSJ

The Wall Street Journal reports Carlyle Capital said late Wednesday it expects its lenders will seize its assets, causing the likely liquidation of the fund, which until recently owned $21.7 billion in mortgage securities. “Although it has been working diligently with its lenders, the Company has not been able to reach a mutually beneficial agreement to stabilize its financing,” the fund said in a statement. Wednesday night, lenders began selling the fund’s assets, which were committed as collateral against huge borrowings. By Monday, dealers had sold $5.7 bln of the fund’s assets. The fund said that through yesterday it had defaulted on approx $16.6 bln of its loans, and expects to default on the rest. Other dealers that sold Carlyle Capital’s collateral included Merrill Lynch (MER) and Bear Stearns (BSC), according to people familiar with the fund.
05:29 Early Newspaper Headlines: Carlyle Capital - BSC - ERTS/TTWO

WSJ: Carlyle Capital nears collapse as accord can’t be reached… In dealing with Bear Stearns (BSC), Wall Street plays guardedly… EA’s Take-Two saga turns hostile (ERTS, TTWO).
04:06 AVII AVI BioPharma announces acquisition of Ercole Biotech (1.39 )

Co and privately held Ercole Biotech announce the execution of a definitive merger agreement pursuant to which AVI will acquire Ercole. Under the terms of the agreement, AVI will issue up to $7.5 mln in AVI common stock valued at $1.3161 per share in exchange for all outstanding shares of Ercole stock not already owned by AVI. In addition, AVI will assume responsibility for up to $1.5 mln in liabilities of Ercole, to be paid by a combination of cash and AVI stock.
03:41 LDK LDK Solar announces near sellout of wafer capacity for 2008 and 2009 (20.43 )

Co announces that based upon its current backlog of contracts, it has almost sold out 100% of its solar wafer capacity for 2008 and has sold more than 90% of its solar wafer capacity for 2009.
03:38 WIRES On The Wires -Update-

GLG Partners (GLG) announcesthat its subsidiary, GLG Partners LP, has signed a memorandum of understanding with Origo Sino-India plc, an investment and strategic consulting co focused on the private equity markets of China and India. Under the MOU, the parties will explore the development of a broader strategic relationship focused on asset management and advisory opportunities in China, India and other emerging markets… Arrowhead Research (ARWR) announces that its majority owned subsidiary, Calando Pharmaceuticals submitted an investigational new drug application to the FDA to initiate a Phase I clinical trial using their anti-cancer compound, CALAA-01.
00:46 PAS PepsiAmericas mentioned positively in Weekday Trader - Barron’s Online (25.35 )

Barron’s Online reports the selloff in PepsiAmericas (PAS) represents an opportunity for investors to buy into the bottler’s dependable U.S. market and its rapidly growing Eastern European business. With the sale of carbonated soft drinks in a gradual decline in the U.S., bottlers are looking abroad for new avenues of growth. PepsiAmericas has staked its claim on Eastern Europe, including Romania, Poland, Ukraine and Czech Republic. Major bottlers can thrive in these countries, Credit Suisse analyst Anthony Bucalo says, thanks to weak local brands. PepsiAmericas and fellow bottlers like Pepsi Bottling Group (PBG), which has a significant presence in Russia, bring better products, execution and advertising, according to Bucalo. “They can just take share from local players forever,” Bucalo adds. “We see a ton of money coming into all those markets,” PepsiAmericas Chairman and Chief Executive Robert Pohlad tells Barron’s Online. And there’s a “great deal of opportunity because of [the] fragmented business that exists.” Deutsche Bank’s Marc Greenberg is bullish on the stock at current levels. “I think at some point perspective is necessary,” he says. “These guys are still going to grow earnings. [And] they’ve got a very attractive European business, which has robust potential.”
00:46 ‘Mad Money’ Recap: Lightning Round cont. - TheStreet.com

Cramer was bearish on Goldman Sachs (GS), Cisco Systems (CSCO), Ciena (CIEN), Allegheny Technologies (ATI), Omniture (OMTR), VMware (VMW), Delta Air Lines (DAL), VeriFone (PAY), Service Corp Int’l (SCI) and Nuance Communications (NUAN).
00:45 ‘Mad Money’ Recap: Lightning Round - TheStreet.com

Cramer was bullish on Berry Petroleum (BRY), Flextronics (FLEX), United States Steel (X), EMC (EMC), Altria (MO) and Cimarex Energy (XEC).
00:44 Cramer’s ‘Mad Money’ Recap - TheStreet.com

On Wednesday’s edition, Jim recommends Hormel (HRL) and Smithfield Food (SFD) based on a bullish view of the pork industry. First, a glut of hogs in the U.S. is making pork products increasingly less expensive. The pork industry is currently experiencing a 5.4% increase in hog production while Canada is importing more hogs and fewer hogs are exported to China. The second reason to love the pork industry is what Cramer calls the “beef trade-down.” With the U.S. economy slowing and the price of beef rising due to increased feed prices, he speculates that consumers will trade in their expensive steaks for less expensive pork products. Of the two pork producers, Cramer crowned Hormel as the top pork play even though he noted 60% of sales come from pork-based products. According to Cramer, Hormel could see $7 a share of upside if the price of pork continues to decline compared to only $3 a share of downside risk should pork prices rise. Next, he suggests Carnival (CCL) for its yield and predicts shares could rise to a 16 multiple and a price of $55. Finally, he calls Darling Int’l (DAR) a buying opportunity on weakness.
00:42 GEOY GeoEye reports Q4 results (33.44 )

Reports Q4 (Dec) revenues increased 6.6% year/year to $45.0 mln vs single-analyst estimate of $39.5 mln. Co isn’t releasing its net earnings and EPS amounts for 2007 at this time because a complete analysis of a tax position has not been completed, particularly with regard to a potential limitation in the utilization of GeoEye’s net operating loss carryforwards due to a possible ownership change.
00:37 CI CIGNA reaffirms earnings guidance for 2008 (39.95 )

Co reaffirms guidance for FY08 (Dec), sees EPS of $4.05-4.25 vs. $4.15 First Call consensus. Additionally, for FY08, CIGNA reaffirmed medical membership growth of 2% to 5% and medical cost trend for the total book of business to be in the range of 6.5% to 7.5%
00:31 LGCY Legacy Reserves LP announces Q4 results (19.66 )

Reports Q4 (Dec) earnings of $0.43 per share, ex-items, $0.02 better than the First Call consensus of $0.41; revenues rose 113% year/year to $44.17 mln vs the $35.03 mln consensus.
00:25 ABK Ambac confirms positive rating agency reactions to its $1.5 bln capital raise (6.86 )

Co announces that Moody’s and S&P have affirmed their triple A ratings on Ambac Assurance Corp and Ambac Assurance UK Ltd and, in concluding their review, have removed these ratings from ‘review for possible downgrade’ and ‘Credit Watch Negative’, respectively. Fitch also concluded that the capital raise is sufficient to result in the removal of ‘Rating Watch Negative’ from the AA rating of Ambac Assurance Corp.
00:23 ATNI Atlantic Tele-Network announces corrections of 2007 results (33.65 )

Co announces certain corrections to its press release issued February 28, 2008 announcing its results for the quarter and year ended December 31, 2007. The corrections consisted of reducing income taxes by $1.8 mln for both the quarter and year ended December 31, 2007, resulting in a $1.8 mln increase in net income for each period. EPS (diluted) increased by $0.11 and $0.12 for the quarter and year ended December 31, 2007, respectively.
00:21 NOVN Noven Pharma to file Form 12b-25, reports preliminary results (11.78 )

Co intends to file a Form 12b-25 with the SEC which will extend the due date for filing Noven’s 2007 Form 10-K to April 1, 2008. Noven also announces that it has postponed its planned press release and conference call related to its financial results for the quarter and year ended December 31, 2007, and provided preliminary unaudited financial information for those periods. Noven is extending the due date for filing its 2007 Form 10-K in order to address an open accounting matter relating to revenue recognition raised in an SEC comment letter. Under the co’s current policy of deferring milestone and similar payments, for the quarter ended Dec31, 2007, Noven would report net revenues of $23.2 mln (consensus is $26.85 mln), equity in earnings of Novogyne Pharmaceuticals (its joint venture with Novartis Pharmaceuticals Corporation) of $10.8 mln, and net income of $1.0 mln, or $0.04 diluted earnings per share (not comparable to $0.14 consensus). Noven’s results for the fourth quarter will include a $3.3 million charge related to employee separation arrangements, as noted below. Also under its current accounting policy, for the year ended December 31, 2007, Noven would report net revenues of $83.2 million, equity in earnings of Novogyne of $35.9 million, and a net loss of $45.4 mln, or $1.84 loss per share. Noven’s results for 2007 will include charges aggregating $106.8 mln. Co says their actual results for 2007 would be materially different than the preliminary unaudited information discussed in this press release if Noven were required to change its revenue recognition accounting policy for upfront milestone payments.
00:19 WIRES On The Wires

Coeur d’Alene Mines (CDE) announces the pricing of its $200 mln in aggregate principal amount of convertible senior unsecured notes due 2028 to be issued under an effective shelf registration statement on file with the SEC… Monarch Casino & Resort (MCRI) announces that its Board has authorized a new stock repurchase plan to repurchase up to 1.0 mln shares of common stock.