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Reports Q4 (Dec) earnings of $1.05 per share, in-line with the First Call consensus of $1.05; revenues rose 27.9% year/year to $2.66 bln vs the $2.68 bln consensus. “Each of our three segments reported higher 2007 sales compared to the prior year, and we enter 2008 with a very healthy backlog of equipment and technology to deliver to our customers. I am very proud of all the contributions made by our employees in helping us deliver quality equipment and services. We look forward to continuing to help our customers retool the world’s rig fleet after years of underinvestment.”
08:13 AIRV Airvana earnings correction (5.28 )

Reports Q4 EPS of $1.46, $0.07 worse than $1.53 First Call consensus; revs of $145.6 mln vs $143.00 mln First Call consensus. Co guides Q1 revs of $7-8 mln vs $1.64 mln First Call consensus. (Briefing.com note: 7:11 comment has been removed)
08:13 PXD Pioneer Natural beats by $0.23, beats on revs (41.51 )

Reports Q4 (Dec) earnings of $0.99 per share, excluding non-recurring items, $0.23 better than the First Call consensus of $0.76; revenues rose 46.4% year/year to $530.9 mln vs the $503.2 mln consensus.
08:12 NMRX Numerex: 4Q07 expected to be one of most profitable in co’s history – Merriman (8.01 )

Merriman says given the co’s marginal profitability during the past three quarters, they believe that 4Q07 results and subsequent FY08 rev guidance will provide the investment community with some comfort that achieving their FY08 adjusted EPS and EBITDA ests of $0.39 and $13 mln respectively are achievable. If met, firm’s 4Q07 ests of $21.3 mln in $0.08 on adjusted EPS will be one of the most profitable quarters in the co’s history with results expected to be driven by robust ActiveKEY deployments, Orbit One and the continuing transition to digital in the security vertical. Given firm’s comfort with their ests, they would be buying the stock prior to its earnings release, which they are expect to occur during the last week of February.
08:11 WIRES On The Wires

Applied Biosystems (ABI) announces an expansion of its line of labeling chemistry reagents used for proteomics research in academic and biopharmaceutical laboratories… Comtech Telecommunications (CMTL) announces that its subsidiary Comtech Systems, has received a $1.8 mln contract to upgrade a digital over-the-horizon microwave communications system for use by a major international oil company… Steiner Leisure (STNR) announces that it has entered into an agreement with NCL America which provides for the continuation of Steiner’s massage, hairdressing, beauty and fitness service… Senesco Technologies (SNT) announces the results of preclinical animal studies focused on multiple myeloma. The goal of these studies, which utilized two different dosing regimens, was to further test the ability of Senesco’s Factor 5A technology to induce apoptosis in tumors. One of the dosing regimens showed evidence of significant tumor regression relative to the untreated control mice, while the other showed a diminished rate of tumor growth along with some regression… Syniverse Technologies (SVR) announces it has signed contracts to protect more than 65 operators around the globe, including 25 in Europe, against the growing risk of roaming fraud… Axcelis Technologies (ACLS) announces that it has received an order from a new customer for its single wafer Optima HD high dose implanter.
08:11 RBC Regal-Beloit reports EPS in-line, beats on revs; guides Q1 EPS in-line (36.97 )

Reports Q4 (Dec) earnings of $0.71 per share, in-line with the First Call consensus of $0.71; revenues rose 29.5% year/year to $474.7 mln vs the $461.2 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.92-$1.00 vs. $0.94 consensus. The gross profit margin for the fourth quarter of 2007 was 22.2%, which was 210 basis points below the gross profit margin in the fourth quarter of 2006 due primarily to the gross margin impact of the acquired businesses and the impact of cost inflation.
08:11 RTIX Regeneration Tech misses by $0.02, beats on revs (8.68 )

Reports Q4 (Dec) net of breakeven, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.02; revenues rose 33.5% year/year to $25.5 mln vs the $24.4 mln consensus. RTIX believes the favorable trends seen over the past several quarters by its direct distribution effort in the sports medicine segment will continue throughout 2008. The company’s growth in tissue recoveries, demand for implants launched in 2007 and anticipated new implant offerings in 2008, such as fresh osteochondral grafts for knee injuries and additional new soft tissue offerings, will continue to drive significant growth in this area.
08:11 RL Polo Ralph Lauren reports Q3 (Dec) results, beats on revs; raises Y08 guidance, guides FY09 EPS below consensus (57.46 )

Reports Q3 (Dec) earnings of $1.08 per share, includes dilutive impact from recent acquisitions, non-cash amortization, and a lower effective tax rate, may not be comparable to the First Call consensus of $0.77; revenues rose 11.0% year/year to $1.27 bln vs the $1.19 bln consensus. Co raises guidance for FY08, sees EPS of lower end of $3.64-3.74, compared to previous guidance of $3.50-3.60, vs $3.47 consensus; co sees revs to increase by a low double digit percentage. Co issues downside guidance for FY09, sees EPS of $3.95-4.05 vs. $4.31 consensus; co sees revs to increase by a low-to-mid single digit percentage.
08:10 Senate Democrats to push expanded stimulus plan – NY Times

NY Times reports the majority leader, Senator Harry Reid of Nevada, said Tuesday that Democrats were prepared to force a showdown with Republicans over a $204 bln economic stimulus package and would not bow to pressure to simply make modest changes to a less expensive plan that was approved by the House last week. “We should go for the whole package,” Mr. Reid said at a news conference. He waved off assertions by some Republicans that he was bluffing. “Wait until we have this vote, and they’ll find out,” he said. “I am not much of a bluffer.” Mr. Reid is hoping to strong-arm the Republicans into adopting the larger package favored by most Democrats and some moderate Republicans, or to compel them to vote against important provisions. That could prove politically costly in the fall elections. Mr. Reid’s plan is to deny Republicans a chance to vote on a package including some, but not all, of what the Democrats are trying to add to the plan that passed the House in January.
08:09 DFZ R.G. Barry reports Q2 EPS of $0.38; revs fell 2.2% YoY to $38.6 mln (7.05 )

Co reports Q3 EPS of $0.38; revs fell 2.2% YoY to $38.6 mln. Despite the weak holiday performance reported by some of its retailer customers, it experienced improved retail sell-through rates during the 2007 holiday season and it expects revenue and earnings for the 2008 fiscal year to fall within its previously issued guidance. Company said that its projected increase in net sales for the full fiscal year is expected to be in the lower end of its previously issued 4-to-8 percent range; and that the anticipated increase in income from continuing operations, before taxes and excluding the fiscal 2007 gain of $878,000 on the sale of land, is expected to be in the upper end of its previously issued 6-to-10 percent range. The Company also reiterated that its operating results for the periods met its expectations and reflected a planned shift in its historic patterns of revenue and earnings performance from the first half to the second half of this fiscal year. The shift is principally related to the Company becoming the sole supplier of replenishment slippers for its largest mass-market customer.
08:07 THQI THQ Inc tgt cut to $31 at Lazard; product momentum should improve (19.50 )

Lazard states that THQI is nearing the close of a difficult year of market share loss with several product disappointments; however, they continue to believe the co is positioned for improving product momentum in F2009 with a stronger release lineup of potential hit licensed titles and a more disciplined strategy for product evaluation and development of wholly-owned IP. Firm cuts their tgt to $31 from $35.
08:07 RL sees FY09 $3.95-4.05 vs $4.31 First Call consensus

08:06 RL sees FY08 lower end of range of $3.64-3.74 vs $3.47 First Call consensus

08:06 AHG prelim $0.52 ex items vs $0.49 First Call consensus; revs $452.70 mln vs $432.15 mln First Call consensus

08:06 JDSU JDS Uniphase upgraded to Outperform from Market Perform at BMO Capital (10.16 ) -Update-

08:06 RL prelim $1.08 may not compare to $0.77 First Call consensus; revs $1.27 bln vs $1.19 bln First Call consensus

08:05 BSX Boston Scientific upgraded to Buy from Hold at Stanford (12.77 ) -Update-

08:05 EQIX Equinix acquires Virtu in the Netherlands; Transaction is not expected to negatively impact EQIX’s previously announced 2008 rev/EBITDA guidance (72.10 )

The co announces that it has expanded the company’s global data center operations with the acquisition of Virtu Secure Webservices, a provider of network-neutral data center services in the Netherlands. Equinix intends to invest a total of $48 mln for the acquisition of Virtu, the anticipated capital expenditures associated with the build-out of the Amsterdam site and the assumption of debt. This transaction is not expected to negatively impact Equinix’s previously announced 2008 revenue and EBITDA guidance.
08:05 AMX America Movil SA: Q4 review – Paili Capital (57.50 ) -Update-

Pali Capital notes AMX reported Q4 results which were largely in line with firm’s ests. Net subscriber additions of 10.0 mln were slightly below their est because of an increase in churn in Mexico to 3.6%. Mexico reported ARPU and revenue that met their est as increased usage offset declines in pricing. Mexican EBITDA beat their est on margins. The co might be reducing pricing in Mexico to appeal to anti-trust regulators that are examining its monopoly status. However, wireless rates are still high and could fall further which could also drive lower gross margins and higher capital spending from the increased usage.
08:04 CAKE Cheesecake Factory downgraded to Neutral from Buy at FTN Midwest (20.87 ) -Update-

08:04 RAIL Freightcar America reports EPS in-line, misses on revs (38.38 )

Reports Q4 (Dec) earnings of $0.58 per share, excluding non-recurring items, in-line with the First Call consensus of $0.58; revenues fell 64.9% year/year to $137.1 mln vs the $147 mln consensus. Co says the North American railcar market has contracted, but long-term fundamentals remain strong.
08:04 ADVS Advent Software upgraded to Buy from Hold at Deutsche Bank (45.02 )

08:03 RBC sees Q1 $0.92-1.00 vs $0.94 First Call consensus

08:03 RBC prelim $0.71 vs $0.71 First Call consensus; revs $474.7 mln vs $461.24 mln First Call consensus

08:02 LII sees FY08 $2.85-3.00 vs $2.95 First Call consensus; sees revs up 2-5%, or roughly $3.82-3.94 bln vs $3.82 bln First Call consensus

08:02 PXD Pioneer Natural replaces 357% of 2007 production for $15.40 per barrel oil equivalent (41.51 )

Co announces that as of Dec 31, 2007, its total proved oil and gas reserves were 964 mln barrels oil equivalent. During 2007, the co increased proved reserves by 148 MMBOE, replacing 357% of production at an average finding and development cost of $15.40 per barrel oil equivalent. The reserve additions were primarily attributable to successful drilling in PXD’s core onshore areas (Spraberry, Raton, Edwards Trend and Tunisia) and recent acquisitions in the Spraberry, Raton and Barnett Shale fields. Drillbit finding and development cost was $17.85 per BOE.
08:02 RTIX prelim $0.00 vs $0.02 First Call consensus; revs $25.5 mln vs $24.36 mln First Call consensus

08:02 ORCT Orckit Comms’s Corrigent signs a long term agreement with Media Broadcast GmbH for Deutsche Telekom’s customer in Germany (8.00 )

Co announces that its CM-100 and CM-4000 product lines were selected by Media Broadcast as a main network infrastructure building block for network solutions deployed by Deutsche Telekom’s (DT) wholesale business unit, and leased to a cable operator in Germany. Deployments in Lower Saxony and Bavaria begin this year, and rollout in further regions for the leading cable operator are expected to span over the next years as part of a 15-year agreement. First shipments of the CM-100 have commenced.
08:02 TMTA Transmeta confirms first LongRun2 licensee has achieved volume production (13.93 )

Co confirms that its first licensee began its production ramp of the first commercial product licensed to use TMTA’s LongRun2 technologies and has achieved volume production levels. As a result, TMTA expects to recognize approx $215K in royalty revenue in 1Q08 for products using TMTA’s LongRun2 technologies that were sold by its licensee during 4Q07.
08:02 JDSU JDS Uniphase: Color on quarter (10.16 )

Deutsche remain buyers of JDSU as shares are likely to continue to trade up on the co’s improving profitability prospects. The co’s ailing optical business has grown for two consecutive quarters and more importantly exhibited material operating profitability for the first time in several years. Firm continues to believe that JDSU represents one of the few liquid ways to be exposed to overall improving optical industry trends, as well as, FTTx trends… Roth says considering most peers have reported disappointing results and/or guidance, firm was amazed with JDSU’s F2Q results and F3Q guidance. Firm has raised their ests and price target to $18 from $17.30. The co executed to perfection in F2Q. It remains to be seen how calendar 2008 will unfold for JDSU, given mounting evidence of the economy slowdown.
08:02 PXD prelim $0.77, ex items vs $0.76 First Call consensus; Oil & Gas revs $508.57 mln vs $503.20 mln First Call consensus

08:01 TISI Team upgraded to Buy from Hold at BB&T (29.24 )

08:01 SON sees FY08 $2.44-2.47 vs $2.45 First Call consensus

08:01 RAIL prelim $0.58 vs $0.58 First Call consensus; revs $137.1 mln vs $147.00 mln First Call consensus

08:01 CSC Computer Sciences wins $70 million contract to provide IT infrastructure support (44.63 )

08:01 BE BearingPoint guides FY07 revs in-line; sees FY08 net revs to flat or slight increase (2.45 )

Co issues in-line revenue guidance for FY07, sees revs of $3.45-$3.47 bln vs consensus of $3.47 bln. Co expects net loss in the range of $345-$375 mln, and bookings of $2.87 bln. For FY08, co sees net revenue to remain flat or slightly increasing. Co expects net income to range from a loss of $70 mln to gain of $1 mln.
08:01 LII prelim $0.55 vs $0.52 First Call consensus; revs $887 mln vs $903.40 mln First Call consensus

08:01 SON sees Q1 $0.50-0.53 vs $0.60 First Call consensus

08:01 YHOO Yahoo! downgraded to Market Perform from Outperform at BMO Capital (28.38 ) -Update-

08:00 SON prelim $0.62 vs $0.54 First Call consensus; revs $1.06 bln vs $1.06 bln First Call consensus

08:00 PRICE Filings, Offerings, Pricings and IPOs

Filings: RadiSys (RSYS) files for a $50 mln convertible notes offering… Orsus Xelent Technologies (ORS) files for up to an $18.4 mln common stock secondary offering… Acorda Therapeutics (ACOR) files for a 2.75 mln share common stock secondary offering; 2.667 mln are being offered by the co and 83k shares are being offered by selling shareholders.
08:00 NOV prelim $1.05 vs $1.05 First Call consensus; revs $2.66 bln vs $2.68 bln First Call consensus

08:00 S&P futures vs fair value: +11.6. Nasdaq futures vs fair value: +13.3.

Stock futures suggest a modest rebound following yesterday’s steep decline when the S&P 500 had its worst day since February 2007. Dow component Walt Disney (DIS) is providing support after the company topped its profit expectations. Time Warner (TWX) met its earnings expectations.
07:58 TIN Temple-Inland beats by $0.09, misses on revs (18.90 )

Reports Q4 (Dec) earnings of $0.23 per share, $0.09 better than the First Call consensus of $0.14; revenues fell 6.4% year/year to $937 mln vs the $988.6 mln consensus.
07:57 TIN prelim $0.23, ex items vs $0.14 First Call consensus; revs $937.0 mln vs $988.58 mln First Call consensus

07:57 BE sees FY08 net revenue flat or slightly increasing

07:56 BE guides FY07 revs in-line

07:56 GM and Ford downgrade details

As mentioned at 6:35 Bear Stearns downgrades F to Peer Perform from Outperform and GM to Underperform from Peer Perform saying the group’s rallied 12% (vs. the S&P up 1%) since the Detroit Auto Show. However, the facts are changing at an accelerating rate. The firm says their downgrades reflect renewed concerns that both the propensity and ability of the automotive consumer to purchase vehicles is deteriorating at an accelerating rate. Firm says in the case of GM, they expect heightened incentives and continued market share losses for the foreseeable future into a fading product cadence and a declining ’08 market. In the case of F, the trajectory of the turnaround is encouraging, and they like the fact that 26% of Ford’s volumes renew by year-end. However, 3Q is the likely inflection point; they simply believe it prudent to keep some power dry until the macro horizon clears.
07:53 LGND Ligand Pharma: Susquehanna notes AMGN’s Nplate and Wyeth-partnered Viviant head to panel; minimal impact near term (4.19 )

07:51 CAKE Cheesecake Factory: Color on quarter (20.87 )

Friedman Billings reiterates their Market Perform and $18 tgt following CAKE’s 4Q07 results. 4Q07 EPS of $0.22 was below consensus of $0.26, mostly due to deleveraging from weaker- than-expected same-store sales, but also from higher G&A and preopening costs. Notably, the co considerably slowed 2008 new unit growth (from 11% to 5%), which firm views positively and is the appropriate step in this environment. Firm ests this lower unit growth will provide $80-$90 mln more in free cash flow and over the longer term, improve sustainability and ROIIC trends… Robert Baird notes Q4 EPS of $0.04 was below consensus on weak comps and related margin compression; implied 2008 EPS guidance reduced to $1.11-1.16 (consensus $1.29), which seems appropriate in view of tough macro backdrop; lowering ests; encouraged by plan to slow near-term development to emphasize improving ROIC and returning cash to shareholders. Firm is encouraged by revised 2008 guidance, which seems appropriately conservative in view of macroeconomic headwinds. They see potential for industry traffic to become less negative as 2008 progresses, with better trends (vs. weak Q1 levels) possibly supported by less year-over-year drag from gasoline prices and the positive impact of economic stimulus.
07:51 TWX Time Warner considers spinoffs – Washingtonpost.com (15.40 ) -Update-

Washingtonpost.com reports TWX’s new chief executive, Jeffrey Bewkes, is preparing to use his first address to investors today to outline plans for shaking up the world’s largest media company, starting with an attempt to sell or spin off Time Warner Cable to help reverse the corporation’s skidding stock price. Bewkes also is likely to signal plans to break up AOL in the coming year, as TWX holds on to AOL’s growing online advertising properties and sells its struggling Internet service provider business, according to a source close to the company who spoke on the condition of anonymity because Bewkes’s speech has not been made public. A spinoff would liquidate TWX’s remaining interest and create a company worth as much as $34 bln, analysts estimate. Time Warner is currently worth about $56 bln. Potentially complicating an AOL breakup is Microsoft’s (MSFT) proposed $44.6 bln takeover of Yahoo (YHOO), announced Friday, that would create an online advertising behemoth that, though still smaller than Google (GOOG), would dwarf AOL. If TWX were to sell off its non-entertainment properties, such as Time Warner Cable, and concentrate on creating content, Wall Street estimates that its stock would trade closer in value to Viacom’s (VIA), which closed yesterday at $38.29 a share. Cable industry executives suggest that TWX is more likely to spin off its interest in Time Warner Cable than it would be to sell the majority stake to another firm. With 15 mln subscribers, Time Warner trails only Comcast (CMCSA), which has 24 mln, nearly 30% of all U.S. cable subscribers.
07:51 RVBD Riverbed Technology target cut to $18 at Jefferies (22.14 )

Jefferies notes RVBD reported solid Q4 results last night with revenues and pro forma EPS above consensus estimates, but Q1 and full year 2008 EPS guidance was disappointing. As a result, the firm is cutting their tgt to $18 from $36. The firm notes competition from cos with more integrated offerings should intensify and they believe RVBD could remain challenged to generate operating leverage.
07:50 LFUS Littelfuse beats by $0.02, beats on revs; guides Q1 EPS below consensus, guides revs; guides FY08 EPS in-line, guides revs (29.38 )

Reports Q4 (Dec) earnings of $0.38 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.36; revenues rose 5.6% year/year to $134.9 mln vs the $133.2 mln consensus. Co issues guidance for Q1, sees EPS of $0.32-0.37 vs. $0.40 consensus; sees Q1 revs up 2-5% yr/yr, which equates to approx $134-138 mln vs. $138.70 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.80-1.90 vs. $1.87 consensus; sees FY08 revs up 5-7% yr/yr which equates to approx $562.9-573.7 mln vs. $574.51 mln consensus.
07:47 FORM FormFactor: From growth to value in 60 seconds – Citigroup (23.19 ) -Update-

Citigroup says they suggested a month ago this wasn’t going to be pretty for FORM and cut #s, but this was an unmitigated disaster and worse than they ever could have imagined. In checks around the industry post-call, in the past few weeks DRAM makers are in all-out desperation to save $ and, in some cases, are just not testing any more. While pricing is also a factor here, MJC has been the only game in town at the high-end for full wafer contact and thus, FORM has been forced to concede pricing at the low-end – however, they think it’s now regaining quals at high-end for Harmony DRAM. While difficult to defend the stock on near-term fundys, firm believes design activity at DRAM makers has accelerated in recent wks and – if it holds – adds a much stronger fundamental case for FORM as it would drive big upside to CQ2:08 revs.
07:47 DIS Walt Disney target raised to $38 at Oppenheimer (30.07 )

Oppenheimer notes after the close, DIS reported significantly better than expected results and confirmed that Theme Park bookings remain modestly ahead through F4Q. Moreover, Parks should grow “nicely” in F2Q, aided by the Easter shift, while Scatter pricing remains up double-digits over the Upfront. As a result, the firm is raising their tgt to $38 from $36, suggesting 23% upside.
07:47 Spectrum Auction: Now comes the action-packed bonus round – NY Times

NY Times reports bidding slowed in the govet’s auction of wireless spectrum Tuesday. By the fifth bidding round of the day, there were only 87 new bids, adding $6 mln to the total. The total bid now totals $18.9 bln, up from $18.8 bln yesterday. The calm was in contrast to the auction Monday when a second bidder emerged for the C block, the block of licenses that would allow nationwide wireless service. No new bids in the C block were placed Tuesday. The FCC moved to push the auction forward and possibly speed up bidding. It announced that as of Wednesday morning, the auction would enter what it calls Phase 2. That means that in order to stay active in the auction, cos will need to be more active in their bidding.
07:46 LFUS sees FY08 $1.80-1.90 vs $1.87 First Call consensus; sees revs $562.9-573.7 mln vs $574.51 mln First Call consensus

07:45 LFUS sees Q1 $0.32-0.37 vs $0.40 First Call consensus; sees revs $134-138 mln vs $138.70 mln First Call consensus

07:45 LFUS prelim $0.36 vs $0.36 First Call consensus; revs $134.9 mln vs $133.19 mln First Call consensus

07:43 AMX America Movil SA: Traffic following into strong Q4 results – Citigroup (57.50 )

Citigroup states AMX’s growth story continues with a very sharp rise in mobile usage and record net additions across the board in 4Q. AMX beat consensus in revs (+1.6%) and net profit (+9.3%) but came below on EBITDA (-2.2%), as subs were at the high end of estimates. Maintain Buy as this growth and income story is intact and supported on the downside with solid financials and strong FCF generation.
07:42 RIO Comp Vale Do Rio: Xstrata shares climb on persistent Vale bid talk – Reuters (29.69 )

Reuters reports shares in Xstrata climbed as much as 3.2%, as traders cited persistent market talk of a bid from Brazilian mining giant Vale. One trader said there was talk of a bid of 4,500 pence per share.
07:41 Recovery for SIVs unlikely given Basel II rules-panel – Reuters

Reuters reports the troubled mkt for so-called structured investment vehicles is effectively dead and likely to stay that way given new international rules for matching banks’ reserves to their risks, panelists at a bond industry conference said on Tuesday. The new Basel II intl accord, to be applied to U.S. banks with total assets of $250 bln or more, is likely to make investing through off-balance sheet SIVs less attractive for banks, which are the main sponsors of such vehicles, speakers at the American Securitization Forum conference in Las Vegas said.
07:40 BSY British Sky Brdcst adds 167,000 2Q new subs, rev +11% to 2.5 bln pounds – DJ (79.78 )

DJ reports the co posted a 9% drop in second quarter net new pay television customers and a half-year loss of GBP 112 mln, as it invested in new broadband customers. While new customer additions came in at the lower end of analyst expectations, the co grew its broadband customers by 28% to 1.2 mln during the quarter. Revenue for the six months ending Dec. 31. increased 11% to GBP 2.47 bln from GBP 2.2 bln. Average revenue per user, or ARPU, also increased to GBP 421 per customer. As expected, operating profit fell 25% to GBP 295 mln from GBP 395 mln, an improvement on the GBP 287 mln expected by analysts, with investment in broadband and pay-TV expansion eating into profitability. However gross margins improved by two percentage points to 65%. BSkyB said it anticipates operating profit for the full year would be in line with its expectations.
07:40 Friedman Billings states higher credit costs will trump NIM expansion

Friedman Billings continues to have a negative view of bank and thrift stock prospects given their analysis indicating that the projected increase in credit costs will more than offset NIM improvement. Firm’s analysis indicates FY08 bank earnings will decline approx 30% from FY07. In 2009, firm has little confidence about credit costs, but their best est is for a return to positive earnings growth, albeit at levels still below those of 2005-2006. Compounding the lack of reserves is a 17-year low NIM, which leaves banks with little power to earn through higher credit costs. Therefore, while share prices may react positively to announcements of coordinated fiscal and monetary stimulus in the short term, reflecting the belief that banks will be able to earn through higher credit costs, firm believes investors will be disappointed as only time will allow for the banks to work through lending excesses. Specifically, firm would continue to sell WM, IMB, FHN, NCC, SOV, and WFC due to their high levels of residential mortgage exposure.
07:40 Friedman Billings says signs point to growing price pressure; focus on names with strong cost leverage

Friedman Billings says the wave of uncertainity that has greeted the new year has been particularly challenging for many communications infrastructure stocks, which in some cases have seen prices cut 50% or more since last summer’s highs. While they remain optimistic regarding certain technology deployments, including HD video by direct broadcast satellite operators, cable’s rollout of DOCSIS 3.0 for higher-speed data services, and telco TV infrastructure spending, firm has become more cautious about pricing across the board. Firm believes this will have a meaningful impact in areas including high-speed data, set-top boxes, video switching equipment, non-HD video encoding, and processing platforms, etc.
07:39 FRX Forest Labs: Positive phase III results for Namenda once-daily – Lazard (41.28 )

Lazard notes FRX announced positive preliminary phase III data of its once-daily formation of Namenda for the treatment of moderate-to-severe Alzheimer’s disease. The 24-week study indicated that patients treated with the once-a day formulation showed statistically significant higher cognitive abilities, as measure by the SIB, and clinical global status, as measured by the CIBIC-Plus compared to patients treated with placebo at week 24. The once-daily Namenda was well tolerated. Firm believes there is room for stock appreciation this year, driven in large part by increased visibility on the pipeline and, ultimately, the performance of Bystolic. Late-stage data and/or FDA action expected on five new assets in 2008.
07:39 TTG Tutogen Medical reports Q1 EPS of $0.02, ex-items, vs $0.03 consensus; co reports revs up 30% yr/yr to $15.0 mln vs $14.9 mln consensus (10.50 )

07:39 IACI InterActive misses by $0.09, beats on revs (24.55 )

Reports Q4 (Dec) earnings of $0.46 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of $0.55; revenues rose 8.1% year/year to $1.86 bln vs the $1.83 bln consensus.
07:38 SVNT Savient Pharma: Puricase data continues to impress; pre-BLA meeting set – Lazard (20.33 )

Lazard reported SVNT released additional positive secondary clinical endpoints for Puricase data from the two replicate Phase III studies, GOUT I and GOUT II. Both the Q2 and Q4 regimens achieved statistical significance vs. placebo for prespecified evaluations of the reduction in the number of tender and swollen joints, improvement in Patient Reported Outcomes and clinician’s global assessment. Improvement in these endpoints further validates the meaningful clinical benefit of Puricase in this treatment-refractory population. SUA nonresponders demonstrated improvement as well. Firm wouldn’t underestimate the material efficacy of Puricase, both relative to SUA control and meaningful clinical benefit.
07:38 RVBD Riverbed Technology: Q4 rev above expectations; EPS guidance disappointing – Robert Baird (22.14 )

Robert Baird states that RVBD rev and gross margin outperformed, but opex growth limited EPS upside. 2008 EPS guidance was slightly below consensus, and margin expansion appears more back-end loaded. Rev outlook remains robust, and stock could perform well in the long term if margin targets are achieved; however, firm remains on the sidelines as lack of near-term EPS leverage likely holds the stock back.
07:37 OVEN TurboChef: Business momentum strong despite SBUX announcement – Merriman (10.12 )

Merriman is reiterating their Buy rating on OVEN despite SBUX’s news last week. Firm believes OVEN’s commercial business momentum remains strong. While new large chain customers should remain exciting events, firm believes 2008 represents a breakout year for small to mid-tier chain store opportunities, driven by heightened brand awareness (from Dunkin Donuts, Starbucks and Subway) as well as potential from its new Sara Lee (SLE) partnership. While SBUX takes some upside out of 2008, they believe TurboChef remains positioned to beat current commercial rev guidance. Firm’s 2008 rev est is reduced to $151.5 mln from $158.7 mln with their EPS est to $0.37 from $0.50.
07:37 PMI PMI Group estimates and tgt cut at Citigroup (9.51 )

Citigroup says although PMI has not provided financial guidance for 2007, they believe that given the current credit environment, US M.I. credit related losses should be up by more than 2X (to $788 mln vs $348 mln in 3Q07), reflecting higher paid losses ($188 mln) and reserve adds ($600 mln). Firm remains cautious on the stock, cuts their 2007-2009 ests and lowers their tgt to $11 from $17.
07:37 RTP Rio Tinto: Shining Prospect to monitor further BHP, Rio developments – DJ (421.50 ) -Update-

DJ reports Shining Prospect said that it, together with Chinalco (ACH) and Alcoa (AA) plans to closely monitor further BHP, Rio Tinto (RTP) bid developments, in particular any response from the board of Rio Tinto.
07:37 OSCI Oscient Pharma misses by $0.31, reports revs in-line; guides FY08 revs below consensus (1.19 )

Reports Q4 (Dec) loss of $1.08 per share, $0.31 worse than the two analyst est of ($0.77); revenues rose 38.6% year/year to $25.3 mln vs the $25.1 mln two analyst est. Co issues downside guidance for FY08, sees FY08 revs of $96-$103 mln vs. $109.31 mln consensus.
07:36 CINF Cincinnati Fincl beats by $0.33, reports revs in-line (37.78 )

Reports Q4 (Dec) earnings of $1.07 per share, excluding non-recurring items, $0.33 better than the First Call consensus of $0.74; revenues fell 0.9% year/year to $983 mln vs the $986.9 mln consensus. Co sees Y08 net written premiums lower due to competitive pricing, with upward pressure on the combined ratio. Co sees slower growth in investment income as financial sector holdings evaluate dividend levels.
07:36 RTEC Rudolph Tech: 4Q07 earnings preview – Broadpoint Capital (10.13 )

Broadpoint Capital notes that RTEC will report 4Q07 results on Thursday, Feb 7. Firm expects 4Q07 results to be at the high end of rev guidance. For the fourth quarter the co guided for revs to be flat to up 10% ($31.5-$34.5 mln) sequentially with EPS between $0.02 and $0.06. Firm is modeling 4Q revs of $34 mln (the consensus is $33.7 mln), as orders in back-end inspection tools should show signs of improvement over the prior quarter. Firm expects gross margins of 50%, with EPS of $0.04 (the consensus is $0.04).
07:36 NPO Enpro Industries says will fully evaluate the alternatives outlined by Steel Partners in its Jan letter, and co will provide an update to the mkt at the appropriate time (30.70 )

Co announces it received a letter from Steel Partners outlining several alternatives which Steel believed would improve the value of EnPro’s shares. The letter also referenced a verbal inquiry made by Steel in June 2007 about a possible sale of the company to Steel. When the board met on July 17, 2007, to discuss the inquiry, the price of the shares was trading in a range between $44 and $46 a share. At the meeting, the board unanimously determined that the time was not right for the sale of the company. The determination was made based on the board’s opinion that the company could obtain greater long-term value by continuing to execute its strategic plan for growth through selected acquisitions and investment in the company’s operations. The board and its financial advisors will fully evaluate the alternatives outlined by Steel Partners in its January letter, and the company will provide an update to the market at the appropriate time.
07:35 RTP Rio Tinto to “carefully consider” BHP’s offer terms – DJ (421.50 )

DJ reports the co said it would “carefully consider” the terms of BHP’s $173.6 bln takeover bid, and asked shareholders not to take any action.
07:35 SLE Sara Lee beats by $0.01, beats on revs; guides FY08 EPS below consensus, revs above consensus (13.97 )

Reports Q2 (Dec) earnings of $0.25 per share, $0.01 better than the First Call consensus of $0.24; revenues rose 9.7% year/year to $3.49 bln vs the $3.43 bln consensus. Co issues mixed guidance for FY08, sees core EPS of $0.82-0.88, excluding non-recurring items, vs. $0.96 consensus; sees FY08 revs of $13.4 bln vs. $13.22 bln consensus.
07:35 MFLX Multi-Fineline: Color on quarter (13.23 )

Robert Baird notes MFLX reported rev and EPS above expectations due to stronger than anticiapted program ramps at AAPL and manufacturing yield improvements. Firm maintains their Neutral rating due to weakening handset market and expectation that yield improvements will decrease causing margins to move toward the co’s forecasted range… Thomas Weisel says MFLX handily beat their rev and EPS ests (and its own vague guidance) for the second straight quarter, seeing a huge sequential jump in gross margin on mix, yield improvements and fixed cost leverage. On the top line, firm was pleased to see AAPL officially become a 10% customer, joining Sony-Ericsson and Motorola (with RIM falling just below the threshold), but note that the co has no wins with any other major handset OEMs; given that they believe share is all-but-tapped-out at both Sony and RIM and MOT continues to struggle, they could see top line growth moderate heading in the back half of FY08.
07:34 IACI prelim $0.46, ex items, vs $0.55 First Call consensus; revs $1.86 bln vs $1.83 bln First Call consensus

07:34 RATE Bankrate: Color on quarter (53.68 )

Merriman says there are many moving pieces at RATE – the co missed 4Q07 results due to weak Graphical advertising spend traffic in Dec, yet growth accelerated in Jan, with rev trending up nearly 70% Y/Y. Still, it appears that advertising budgets are fickle and traffic patterns are tough to predict, and while recent acquisitions diversify rev streams, firm believes they also complicate modeling and add integration risk. Firm raises their ests, but at 14.5x EV/EBITDA (2008), they see an equal amount of upside and downside to the stock, and would look for a more attractive entry point… Citigroup says a strong January is a positive and RATE is demonstrating opex discipline, BUT 1) 9% Y/Y Q4 page view growth is troubling; 2) Two new acquisitions makes four total in the past two months – combine these with a major Website overhaul and there is increased execution risk; 3) RATE briefly cut hyperlink fees at the end of January – mgmt’s explanation that this was meant to ensure supply for the explosion in traffic seems plausible, but a price wall after many price increases can’t be ruled out… Jefferies says that while a strong January signals improving conditions from the weak December, the new RATE model should show lower margin characteristics that’ll put a cap on multiple expansions.
07:34 SBGI Sinclair Broadcast reports Q4 (Dec) results, beats on revs (8.84 )

Reports Q4 (Dec) earnings of $0.13 per share, may include gains, charges, may not be comparable to the First Call consensus of $0.23; revenues rose 1.3% year/year to $198.1 mln vs the $190.2 mln consensus.
07:32 SBGI prelim $0.13 may not compare $0.23 First Call consensus; revs $198.1 mln vs $190.17 mln First Call consensus

07:32 FTE France Telecom says 2007 profit jumps 52% on strong mobile phone business – AP (33.40 )

AP reports the co said 2007 net profit rose 52% thanks to improving margins and lower taxes and financial charges, as its mobile phone businesses fueled revenue growth. Net profit increased to euro 6.3 bln ($9.25 bln) from euro 4.14 bln a year earlier, above an average forecast of euro 5.53 bln from eight analysts. The 2006 figure was dented by a euro 2.8 bln goodwill write-down, but the rise in profit was attributed also to lower taxes and financial charges and improving margins. France Telecom confirmed its guidance for 2008 and said it would pay a dividend of euro 1.30 ($1.91) per share for 2007, subject to approval at its annual shareholders meeting.
07:32 SLE sees FY08 core EPS $0.82-0.88 vs $0.96 First Call consensus; sees revs $13.4 bln vs $13.22 bln First Call consensus

07:32 EXPE Expedia upgraded to Outperform from Neutral at Credit Suisse (22.15 ) -Update-

07:31 FCFC FirstCity Financial increases its stock repurchase plan by 500K shares (8.54 )

07:31 PEX Apex Bioventures and Dynogen Pharmaceuticals announce definitive merger agreement (7.27 )

PEX expertise, and Dynogen Pharmaceuticals, a privately owned clinical stage biopharmaceutical company focused on gastrointestinal and genitourinary disorders, announce the signing of a definitive merger agreement. Under the terms of the agreement, Dynogen will become a public company through a merger with a subsidiary of Apex Bioventures. It is anticipated that the shares of the company will continue to be traded on the American Stock Exchange upon completion of the merger. As part of the agreement, Dynogen shareholders will initially receive approximately $98 mln in Apex Bioventures stock.
07:31 SLE prelim $0.25 vs $0.24 First Call consensus; revs $3.49 bln vs $3.43 bln First Call consensus

07:30 EPIQ EPIQ Systems initiated with a Market Perform at Wachovia (13.74 )

07:30 CINF prelim $1.07 vs $0.74 First Call consensus; revs $983 mln vs $986.87 mln First Call consensus

07:30 EXPE Expedia downgraded to Underweight from Equal Weight at Morgan Stanley (22.15 )

07:29 DB Deutsche Bank AG may miss target after dodging subprime – Bloomberg.com (107.83 )

Bloomberg.com reports DB may fall short its profit goal for 2008 even after sidestepping the worst of the U.S. subprime mortgage crash. JPMorgan analyst says “their profit guidance is unrealistic. Deutsche Bank has done very well at managing risk in this environment, but they have the wrong business mix on a long-term basis.” While early bets against U.S. subprime mortgages helped Deutsche Bank avoid the record losses reported by UBS, Citigroup (C) and Merrill Lynch (MER), the ensuing slowdown in debt markets threatens to stifle growth. Deutsche Bank gets about half its profit from fixed-income, including asset-backed and other structured securities.
07:29 CACH Cache beats by $0.01;reports Jan same store sales above consensus; guides Q1 EPS in-line, revs in-line; (11.29 )

Reports Q4 (Dec) earnings of $0.32 per share, $0.01 better than the First Call consensus of $0.31; revenues fell 8.2% year/year to $78.5 mln vs the $79.8 mln consensus. Cache reports Jan same store sales +7.0% vs +1.3% Briefing.com consensus. Co issues in-line guidance for Q1, sees EPS of $0.03-0.04 vs. $0.03 consensus; sees Q1 revs of $65-66 mln vs. $66.59 mln consensus.
07:29 BSX Boston Scientific: Upgrade details (12.77 )

As mentioned at 7:13, Citigroup upgraded BSX to Hold from Sell and raised their tgt to $14 from $13 based on what they believe is the first set of realistic guidance offered in some time yesterday. With several divestitures and sharp cuts in R&D and SG&A, it’s becoming clear that management is very focused on rightsizing the co. The firm notes greater confidence further deleveraging after navigating recent liquidity issues will likely lead to accelerating cash EPS growth over the next few years.
07:27 GHDX Genomic Health upgraded to Buy at Cantor Fitzgerald (19.86 )

Cantor Fitzgerald upgrades GHDX to Buy from Hold and raise their tgt to $34 from $27, following a net loss that was less than the firm expected and based on revised sales projections to 2010, including the possible launch of a new diagnostic test for early-stage colon cancer in ’09 or ’10.
07:27 CACH sees Q1 $0.03-0.04 vs $0.03 First Call consensus; sees revs $65-66 mln vs $66.59 mln First Call consensus

07:26 CACH prelim $0.32 vs $0.31 First Call consensus; revs $78.50 mln vs $79.81 mln First Call consensus

07:25 RSYS RadiSys downgraded to Hold at Cantor Fitzgerald (12.86 )

Cantor downgrades RSYS to Hold from Buy and lowers their tgt to $12 from $16, following Q407 revenue and EPS that exceeded consensus expectations and worse-than-expected Q108 financial guidance.
07:24 FORM FormFactor downgraded to Neutral from Buy at Piper Jaffray (23.19 )

07:23 DRE Duke Realty: Upgrade details (23.03 )

As mentioned at 6:35 BofA upgrades DRE to Neutral from Sell with a $24 tgt as a 44% pullback since 05/07 has priced in the downside risk of slowing core/earnings growth and more accurately reflects fair value. The firm says at 10.9x ’08E AFFO, the stock trades at a 17% discount to its industrial peers and in line with its trough multiple. Further, the stock offers investors an 8.3% dividend yield secured by the co’s underlying cash flows, excluding merchant building gains, and 90% projected AFFO payout for ‘08.
07:22 LKQX LKQ Corp profiled in New America section of IBD (19.60 )

IBD reports insurance cos pay about 80% of collision repair costs, and repair bills — rising at about 6% a year — are a growing concern. For cars older than two years, they urge repair shops to use recycled or generic parts rather than new parts from original equipment makers, known as OEMs. Recycled parts can be 25% to 50% cheaper than OEM parts, while an aftermarket part can cost 15% to 30% less. “The whole industry has been driven by a secular change conducted by the insurance companies trying to save money,” said Scot Ciccarelli, an analyst at RBC Capital Markets. LKQX works with just about all the major insurance cos, which fund most of the repairs. But repair shops are the ones that actually buy its products… The barriers to entry for new (salvage) competitors are virtually insurmountable,” said William Armstrong, an analyst at C.L. King. “You cannot get zoning or environmental permits for a new salvage yard anywhere in this country. They’re noisy. They’re ugly. All kinds of fluids and stuff spill out of these vehicles. No town wants them, even if you could find the land.” OEM suppliers still command the lion’s share of the replacement parts mkt, with about a 70% share. Most of the OEM parts go for crashed cars under two years old. But they’re also used as a last resort in older cars when cheaper parts are not available. “(LKQX) has the biggest market share in the (non-OEM parts) business, but it’s still less than 10% of the overall salvage business,” said Armstrong, the C.L. King analyst. But mkt share for OEM parts has been declining for several years, while alternative parts have been gaining share. LKQX’s organic growth (which excludes new business from acquisitions) is growing at more than twice the 6% industry rate. Analysts expect 2007 earnings to rise 25%, to 50 cents a share, they estimate that 2008 earnings will rise 30%. They expect 31% profit growth in 2009.
07:22 LKQ LKQ Corp profiled in New America section of IBD (19.60 )

IBD reports insurance cos pay about 80% of collision repair costs, and repair bills — rising at about 6% a year — are a growing concern. For cars older than two years, they urge repair shops to use recycled or generic parts rather than new parts from original equipment makers, known as OEMs. Recycled parts can be 25% to 50% cheaper than OEM parts, while an aftermarket part can cost 15% to 30% less. “The whole industry has been driven by a secular change conducted by the insurance companies trying to save money,” said Scot Ciccarelli, an analyst at RBC Capital Markets. LKQ works with just about all the major insurance cos, which fund most of the repairs. But repair shops are the ones that actually buy its products… The barriers to entry for new (salvage) competitors are virtually insurmountable,” said William Armstrong, an analyst at C.L. King. “You cannot get zoning or environmental permits for a new salvage yard anywhere in this country. They’re noisy. They’re ugly. All kinds of fluids and stuff spill out of these vehicles. No town wants them, even if you could find the land.” OEM suppliers still command the lion’s share of the replacement parts mkt, with about a 70% share. Most of the OEM parts go for crashed cars under two years old. But they’re also used as a last resort in older cars when cheaper parts are not available. “(LKQ) has the biggest market share in the (non-OEM parts) business, but it’s still less than 10% of the overall salvage business,” said Armstrong, the C.L. King analyst. But mkt share for OEM parts has been declining for several years, while alternative parts have been gaining share. LKQ’s organic growth (which excludes new business from acquisitions) is growing at more than twice the 6% industry rate. Analysts expect 2007 earnings to rise 25%, to 50 cents a share, they estimate that 2008 earnings will rise 30%. They expect 31% profit growth in 2009.
07:22 LKQ LKQ Corp profiled in New America section of IBD (19.60 )

IBD reports insurance cos pay about 80% of collision repair costs, and repair bills — rising at about 6% a year — are a growing concern. For cars older than two years, they urge repair shops to use recycled or generic parts rather than new parts from original equipment makers, known as OEMs. Recycled parts can be 25% to 50% cheaper than OEM parts, while an aftermarket part can cost 15% to 30% less. “The whole industry has been driven by a secular change conducted by the insurance companies trying to save money,” said Scot Ciccarelli, an analyst at RBC Capital Markets. LKQ works with just about all the major insurance cos, which fund most of the repairs. But repair shops are the ones that actually buy its products… The barriers to entry for new (salvage) competitors are virtually insurmountable,” said William Armstrong, an analyst at C.L. King. “You cannot get zoning or environmental permits for a new salvage yard anywhere in this country. They’re noisy. They’re ugly. All kinds of fluids and stuff spill out of these vehicles. No town wants them, even if you could find the land.” OEM suppliers still command the lion’s share of the replacement parts mkt, with about a 70% share. Most of the OEM parts go for crashed cars under two years old. But they’re also used as a last resort in older cars when cheaper parts are not available. “(LKQ) has the biggest market share in the (non-OEM parts) business, but it’s still less than 10% of the overall salvage business,” said Armstrong, the C.L. King analyst. But mkt share for OEM parts has been declining for several years, while alternative parts have been gaining share. LKQ’s organic growth (which excludes new business from acquisitions) is growing at more than twice the 6% industry rate. Analysts expect 2007 earnings to rise 25%, to 50 cents a share, they estimate that 2008 earnings will rise 30%. They expect 31% profit growth in 2009.
07:20 BIIB Biogen Idec beats by $0.09, beats on revs; reaffirms FY08 EPS guidance (60.52 )

Reports Q4 (Dec) earnings of $0.89 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.80; revenues rose 26.1% year/year to $893 mln vs the $836.2 mln consensus. Co reaffirms guidance for FY08, sees EPS of $3.20-3.35, excluding non-recurring items, vs. $3.30 consensus; co sees revs up 15-20% yr/yr.
07:18 HAR Harman downgraded to Neutral from Outperform at Credit Suisse (45.73 )

07:17 PHRM Pharmion: SAC Capital amends 13D; believes their merger consideration with CELG should be increased (68.25 )

In a 13D/A filing out earlier this morning, SAC states “On February 5, 2008, SAC Capital Advisors sent a letter to the Issuer stating its position regarding the Issuer’s proposed merger with Celgene Corporation (CELG). SAC Capital Advisors noted that while it saw the merits of a potential merger with Celgene, it believes that the proposed merger consideration should be increased if shareholders are not given the opportunity to assess competitive data from the Phase III Dacogen EORTC study, or else the vote should be delayed to give shareholders that opportunity.” SAC disclosed an 8.3% stake.
07:16 BIIB sees FY08 $3.20-3.35 vs $3.30 First Call consensus

07:16 McCain scores in Northeast, California – WSJ

WSJ reports Sen. John McCain won the biggest prizes Super Tuesday had to offer and moved closer to claiming his party’s nomination. While former Arkansas Gov. Mike Huckabee had a surprisingly good night with wins across his native South, it became less likely that anyone will be able to halt Mr. McCain’s growing momentum. Mr. McCain affirmed his front-runner status as the night’s big winner with a hard-fought win in California, the biggest state on Tuesday’s roster, and winner-take-all victories in Missouri, New York, New Jersey, Connecticut, and his home state of Arizona. A man whose campaign was left for dead last summer is now reaching to claim the Republican nomination for president. Mr. McCain won 468 delegates to 158 for Mr. Romney, the former governor of Massachusetts, and 132 for Mr. Huckabee, the former Arkansas governor, according to incomplete results tallied by the Associated Press. A total of 1,023 delegates were at stake in 21 states in the most jam-packed primary in American history. Overall, the Associated Press count had Mr. McCain leading the GOP race with 570 delegates to 251 for Mr. Romney and 175 for Mr. Huckabee.
07:15 BIIB prelim $0.89 vs $0.80 First Call consensus; revs $893 mln vs $836.15 mln First Call consensus

07:13 CALLS Early Research Calls III

Upgrades: Citigroup upgrades Boston Scientific (BSX 12.77) to Hold from Sell… Credit Suisse upgrades Expedia (EXPE 22.15) to Outperform from Neutral with a $35 tgt based on positioning to exploit global e-travel and media opportunities, strong free cash flow and lower expectations/modest valuation on cyclical concerns despite resiliency and counter-cyclical dynamics as offsets… RBC upgrades Perot Systems (PER 13.89) to Sector perform from Underperform… Merrill upgrades Liberty Property Trust (LRY 31.08) to Buy from Neutral. Downgrades: RBC downgrades Quest Software (QSFT 14.89) to Sector Perform from Outperform. Miscellaneous: Jefferies initiates Lamar Advertising (LAMR 42.81) with a Buy and sets a $51 tgt, as they believe shares are oversold and expect their analog billboard business will struggle with macro headwinds in ’08, but believe digital can drive revenue growth within the difficult ad climate… Lehman initiates United Rentals (URI 18.26) with an Equal Weight… William Blair initiates Multi Color (LABL 19.93) with a Market Perform… William Blair initiates Urban Outfitters (URBN 26.67) with an Outperform.
07:13 Clinton wins California, New York – WSJ

WSJ reports Sen. Hillary Clinton picked up Super Tuesday’s biggest trophy, claiming California, but Sen. Barack Obama notched a series of wins in coast-to-coast contests that showed Democrats remain divided over whom to nominate for president. Rules governing allocation of delegates were certain to keep the race going. Mrs. Clinton’s victories may have halted the momentum that Mr. Obama had been building in recent days, when polling showed him catching up with Mrs. Clinton both nationally and in key states. Mr. Obama showed strength across multiple regions. Powered by the black vote, he won in the Deep South states of Georgia and Alabama. He took East Coast victories in Connecticut and Delaware. And he won further west with Minnesota, Idaho, Kansas, Colorado, North Dakota and Alaska, states holding caucuses where his strong organization helped deliver victory. He also notched a win in his home state of Illinois and won a hard-fought contest in neighboring Missouri. Mrs. Clinton answered with wins in the largest states: California, as well as her home state of New York, New Jersey and Massachusetts, in addition to Arizona, Oklahoma, Tennessee and her one-time home of Arkansas. Her win in Massachusetts, a state where she long led but where Mr. Obama was hoping for an upset, was particularly notable. A cadre of the state’s leaders, led by Democratic icon Sen. Edward Kennedy, had endorsed Mr. Obama in the days before the Super Tuesday showdown. Her win there was a sign of resilience for the woman who once held a huge lead in national and most state polls.
07:07 WXS Wright Express reports EPS in-line, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY08 EPS in-line, revs above consensus (29.67 )

Reports Q4 (Dec) earnings of $0.49 per share, excluding non-recurring items, in-line with the First Call consensus of $0.49; revenues rose 28.1% year/year to $90.7 mln vs the $84.2 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.42-0.45, excluding non-recurring items, vs. $0.47 consensus; sees Q1 revs of $87-92 mln vs. $87.96 mln consensus. Co issues mixed guidance for FY08, sees EPS of $2.11-2.21, excluding non-recurring items, vs. $2.20 consensus; sees FY08 revs of $383-393 mln vs. $370.00 mln consensus.
07:07 CNU Continucare Corporation reports Q2 EPS of $0.04 vs $0.02 single estimate; revs +11% yr/yr to $61.5 mln vs $61.80 mln single estimate (2.48 )

Continucare also announced that its Board of Directors had approved a 3.0 million share increase to its previously announced stock repurchase program.
07:07 AIRV sees Q1 revs of $7-8 mln vs $1.64 mln First Call consensus

07:06 WXS sees FY08 $2.11-2.21 vs $2.20 First Call consensus; sees revs $383-393 mln vs $370.00 mln First Call consensus

07:06 ITT ITT Industries reports EPS in-line, beats on revs; reaffirms FY08 EPS guidance (58.00 )

Reports Q4 (Dec) earnings of $0.94 per share, excluding non-recurring items, in-line with the First Call consensus of $0.94; revenues rose 23.3% year/year to $2.53 bln vs the $2.3 bln consensus. Co reaffirms guidance for FY08, sees EPS of $3.80-3.95 vs. $4.00 consensus; sees FY08 revs of $11.1-11.3 vs. $9.99 bln consensus.
07:05 AIRV prelim ($1.53) vs $1.53 First Call consensus; revs $145.6 mln vs $143.00 mln First Call consensus

07:05 WXS sees Q1 $0.42-0.45 vs $0.47 First Call consensus; sees revs $87-92 mln vs $87.96 mln First Call consensus

07:05 WXS prelim $0.49 vs $0.49 First Call consensus; revs $90.7 mln vs $84.20 mln First Call consensus

07:04 NUS Nu Skin reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs in-line; reaffirms FY08 EPS guidance, revs guidance (17.05 )

Reports Q4 (Dec) earnings of $0.26 per share, excluding non-recurring items, in-line with the First Call consensus of $0.26; revenues rose 100.5% year/year to $306.1 mln vs the $298.9 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.23-0.25 vs. $0.24 consensus; sees Q1 revs of $281-286 mln vs. $282.70 mln consensus. Co reaffirms guidance for FY08, sees EPS of $1.15-1.22 vs. $1.19 consensus; sees FY08 revs of $1.18-1.20 bln vs. $1.2 bln consensus.
07:04 SLH Solera reports Q2 results above consensus; raises FY08 rev guidance (24.12 )

Co reports Q2 EPS of $0.29 vs $0.24 First Call consensus; revs rose 14% YoY to $132.1 mln vs $125.39 mln First Call consensus. SLH raises FY08 rev guidance to $515-520 mln vs $510.41 mln First Call consensus.
07:04 KIM Kimco Realty misses by $0.01, reports revs in-line; guides FY08 FFO in-line (35.26 )

Reports Q4 (Dec) funds from operations of $0.53 per share, $0.01 worse than the First Call consensus of $0.54; revenues rose 15.4% year/year to $179.7 mln vs the $181.2 mln consensus. Co issues in-line guidance for FY08, sees FFO of $2.70-2.78 vs. $2.75 consensus.
07:04 WXS Wright Express to acquire certain assets of Pacific Pride Services for approximately $32 mln; expected to be accretive on a non-GAAP basis in 2008 (29.67 )

Co announces that it has entered into a definitive asset purchase agreement to acquire certain assets of privately held Pacific Pride Services, Inc. for approximately $32 million in cash, financed through the Company’s existing credit facility. Pacific Pride generates approx 80% of its revenue from transaction fees. Revenues for 2007 were approx $7 mln. WXS expects the acquisition to be accretive to non-GAAP earnings in the first 12 months of combined operations and to have no impact on the company’s margins. The deal is expected to be accretive on a non-GAAP basis in 2008.
07:03 ATMI ATMI beats by $0.05, beats on revs; guides FY08 EPS below consensus, revs in-line (25.87 )

Reports Q4 (Dec) earnings of $0.40 per share, $0.05 better than the First Call consensus of $0.35; revenues rose 16.6% year/year to $98.4 mln vs the $94.5 mln consensus. Co issues mixed guidance for FY08, sees EPS of $1.32-1.48 vs. $1.49 consensus; sees FY08 revs of $400-420 mln vs. $409.31 mln consensus.
07:03 MGAM Multimedia Games beats by $0.03, reports revs in-line (7.12 )

Reports Q1 (Dec) earnings of $0.01 per share, $0.03 better than the First Call consensus of ($0.02); revenues rose 3.8% year/year to $30.2 mln vs the $30.1 mln consensus.
07:03 NICE Nice Systems announces that it has received a 7-digit order from a major European national rail infrastructure operator (30.38 )

Co announces that is has received a 7-digit order for its digital video surveillance solution from a major European national rail infrastructure operator. The NICE solution will expand the existing implementation of NICE Inform, multi-media command and control solution. The NiceVision video security solution will be deployed in seven rail stations as part of a national overhaul of the security and surveillance infrastructure.
07:02 NUS sees FY08 $1.15-1.22 vs $1.19 First Call consensus; sees revs $1.18-1.20 bln vs $1.20 bln First Call consensus

07:02 NUS sees Q1 $0.23-0.25 vs $0.24 First Call consensus; sees revs $281-286 mln vs $282.70 mln First Call consensus

07:02 LOCM Local.com says reached record traffic of 11.6 mln monthly unique visitors in January (3.64 )

Co announces it reached record traffic of 11.6 mln monthly unique visitors in January on http://www.local.com, and a record 3.8 mln monthly unique visitors on Local.com’s associated LocalConnect search network.
07:02 NUS prelim $0.26 vs $0.26 First Call consensus; revs $306.1 mln vs $298.86 mln First Call consensus

07:02 KIM sees FY08 funds from operations of $2.70-2.78 vs $2.75 First Call consensus

07:01 KIM prelim funds from operations of $0.53 vs $0.54 First Call consensus; revs $179.72 mln vs $181.19 mln First Call consensus

07:01 ITT sees FY08 $3.80-3.95 vs $4.00 First Call consensus; sees revs $11.1-11.3 bln vs $9.99 bln First Call consensus

07:00 LB LaBarge lands $9.2 mln in contracts from Raytheon Missile Systems for Tactical Tomahawk program (13.27 )

Co announces it has been awarded $9.2 million in contracts from Raytheon (RTN) Missile Systems to continue to provide cables and electronic assemblies for the Tactical Tomahawk cruise missile. The co anticipates follow-on orders. Production on the contracts began in January 2008 and is expected to continue for about a year.
07:00 ITT prelim $0.94 vs $0.94 First Call consensus; revs $2.53 bln vs $2.30 bln First Call consensus

07:00 MGAM prelim $0.01 vs ($0.02) First Call consensus; revs $30.2 mln vs $30.09 mln First Call consensus

07:00 ECONX MBA Mortgage Applications 3.0% vs 7.5% prior

06:59 NJR NJ Resources beats by $0.28, beats on revs; guides FY08 EPS above consensus (47.26 )

Reports Q1 (Dec) earnings of $1.31 per share, excluding non-recurring items, $0.28 better than the First Call consensus of $1.03; revenues rose 10.0% year/year to $811.1 mln vs the $773.6 mln consensus. Co issues upside guidance for FY08, sees EPS of $3.25-3.35 vs. $3.22 consensus, prior guidance $3.20-3.50.
06:59 ATMI sees FY08 $1.32-1.48 vs $1.49 First Call consensus; sees revs $400-420 mln vs $409.31 mln First Call consensus

06:59 ATMI prelim $0.40 vs $0.35 First Call consensus; revs $98.4 mln vs $94.50 mln First Call consensus

06:56 MPG Maguire Properties reports Q4 funds from operations of $0.16, ex items vs $0.26 First Call consensus; revs $155.43 mln vs $144.74 mln First Call consensus (26.00 )

06:55 CALLS Early Research Calls II -Update-

Upgrades: Morgan Stanley upgrades Iron Mountain (IRM 34.54) to Overweight from Underweight… Merrill upgrades Empresa Ncnl Elec (EOC 33.82) to Buy from Neutral… ThinkEquity upgrades SumTotal Systems (SUMT 4.75) to Buy from Accumulate… Morgan Stanley upgrades Aecom (ACM 24.57) to Overweight from Equal Weight… Citigroup upgrades Teekay (TK 44.35) to Hold from Sell… Morgan Stanley upgrades URS Corp (URS 43.61) to Overweight from Equal Weight. Downgrades: Broadpoint downgrades FormFactor (FORM 23.19) to Neutral frm Buy following earnings. The firm says their market share premise behind their prior Buy rating on FORM is no longer valid. They expected the co to at least maintain its position in DRAM while taking share in the NAND Flash advanced probe card market in 2008. However, the co’s failure to ramp volume production of its new Harmony probe card family has resulted in missed opportunities in both market segments… Citigroup downgrades Regions Financial (RF 24.24) to Sell from Hold… Morgan Stanley downgrades Priceline.com (PCLN 98.27) to Equal Weight from Overweight… Wachovia downgrades Allis-Chalmers Energy (ALY 10.68) to Market Perform from Outperform… Morgan Stanley downgrades Orbitz Worldwide (OWW 6.43) to Equal Weight from Overweight… Morgan Stanley downgrades Corporate Executive (EXBD 55.09) to Underweight from Equal Weight… Morgan Stanley downgrades Advisory Board (ABCO 61.16) to Underweight from Equal Weight.
06:54 POWL Powell Inds reports Q1 EPS of $0.32 vs $0.19 First Call consensus; revs $147.1 mln vs $142.00 mln single estimate (37.08 )

06:52 DVN Devon Energy beats by $0.29, beats on revs (84.57 )

Reports Q4 (Dec) earnings of $2.20 per share, excluding non-recurring items, $0.29 better than the First Call consensus of $1.91; revenues rose 32.2% year/year to $3.2 bln vs the $2.96 bln consensus.
06:45 PTEN Patterson-UTI says for the month of Jan 2008, it had an average of 244 drilling rigs operating, including 229 rigs in the U.S. and 15 rigs in Canada (20.81 )

06:40 S&P futures vs fair value: +12.9. Nasdaq futures vs fair value: +12.0.
06:39 European Markets

FTSE…5870.20…+2.20…+0.0%. DAX…6795.06…+29.81…+0.4%.
06:39 Asian Markets

Nikkei…13099.24…-646.26…-4.7%. Hang Seng…23469.46…-1339.24…-5.4%.
06:38 PDX Pediatrix Medical reports EPS in-line, beats on revs; guides Q1 EPS below consensus; guides Q2 (Jun) EPS below consensus; guides FY08 EPS in-line (67.11 )

Reports Q4 (Dec) earnings of $0.80 per share, excluding reduction in income tax provision and discontinued operations, in-line with the First Call consensus of $0.80; revenues rose 20.4% year/year to $250.4 mln vs the $240.4 mln consensus. Co issues downside guidance for Q1, sees EPS of 0.67-0.69 vs. $0.70 consensus. Co issues downside guidance for Q2 (Jun), sees EPS of 0.85-0.87 vs. $0.89 consensus. Co issues in-line guidance for FY08, sees EPS of 3.35-3.45 vs. $3.42 consensus. Pediatrix’s 2008 guidance assumes the co will achieve same-unit patient volume growth of 3 to 5%, plus same-unit reimbursement growth of 2 to 4% that includes increased reimbursement from the Texas Medicaid program. In addition, Pediatrix expects to invest $70 to $75 mln of capital in base-business acquisitions during 2008.
06:36 MKTX Marketaxess announces total monthly trading volume for January 2008 of $24.0 bln (9.01 ) -Update-

Co announces total monthly trading volume for January 2008 of $24.0 bln, consisting of $15.3 bln in U.S. high- grade volume, $3.2 bln in European high-grade volume, and $5.4 bln in other volume.
06:36 WMG Warner Music Group misses by $0.09, beats on revs (8.74 )

Reports Q1 (Dec) earnings of $0.01 per share, excluding $0.12 charge, $0.09 worse than the First Call consensus of $0.10; revenues rose 6.6% year/year to $989 mln vs the $948.9 mln consensus.
06:35 CALLS Early Research Calls I

Upgrades: Jefferies upgrades Thornburg Mortgage (TMA 11.91) to Buy from Hold and raises their tgt to $14 from $10, following Q407 GAAP EPS that exceeded firm and consensus estimates and believe shares are at an inflection point, characterized by accelerated earnings and dividend growth… BofA upgrades Duke Realty (DRE 23.03) to Neutral from Sell… UBS upgrades Crown Castle Int’l (CCI 35.11) to Buy from Neutral… UBS upgrades American Tower (AMT 36.95) to Buy from Neutral… Lehman upgrades Estee Lauder (EL 43.19) to Equal-weight from Underweight. Downgrades: BofA downgrades National Financial Partners (NFP 37.07) to Neutral from Buy… Lehman downgrades Clorox (CLX 59.43) to Underweight from Equal-weight… Citigroup downgrades Regions Financial (RF 24.24) to Sell from Hold… Bear Stearns downgrades Ford (F 6.43) to Peer Perform from Outperform… Bear Stearns downgrades General Motors (GM 26.47) to Underperform from Peer Perform… Merrill Lynch downgrades National Financial Partners (NFP 37.07) to Neutral from Buy. Miscellaneous: Boenning & Scattergood resumes Citizens Republic Bancorp (CRBC 13.48) with a Market Perform, as they believe the consensus EPS estimate for ’08 is aggressive and think that the chance for a reduction to it, as well as the dividend, will outweigh any near term positive catalysts for the co… Merriman initiates Synthesis Energy Systems (SYMX 10.99) with a Buy, as they believe the co is well-positioned as it begins to leverage its exclusive global license for U-GAS technology and commences the deployment of its coal-to-methanol production facilities in China and note they are making significant progress in establishing additional relationships to address other regions as well
06:35 NSR Neustar beats by $0.03, reports revs in-line; guides Q1 revs below consensus; guides FY08 revs below consensus (28.77 )

Reports Q4 (Dec) earnings of $0.37 per share, $0.03 better than the First Call consensus of $0.34; revenues rose 31.8% year/year to $121.3 mln vs the $121.1 mln consensus. Co issues downside guidance for Q1, sees Q1 revs to exceed $112 mln vs. $122.47 mln consensus. Co issues downside guidance for FY08, sees FY08 revs to exceed $515 mln vs. $523.07 mln consensus.
06:33 MKTX Marketaxess reports EPS in-line, beats on revs (9.01 )

Reports Q4 (Dec) earnings of $0.06 per share, in-line with the First Call consensus of $0.06; revenues rose 1.4% year/year to $22.4 mln vs the $21.5 mln consensus.
06:33 PDX sees FY08 $3.35-3.45 vs $3.42 First Call consensus

06:33 PDX sees Q1 $0.67-0.69 vs $0.70 First Call consensus

06:32 MMS MAXIMUS reports EPS in-line, beats on revs; reaffirms FY08 EPS guidance, revs guidance (35.92 )

Reports Q1 (Dec) earnings of $0.51 per share, in-line with the First Call consensus of $0.51; revenues rose 25.4% year/year to $202 mln vs the $190.4 mln consensus. Co reaffirms guidance for FY08, sees EPS of $2.60-2.85 vs. $2.73 consensus; sees FY08 revs of $850-880 mln vs. $858.98 mln consensus.
06:31 PDX prelim $0.82 ex gain vs $0.80 First Call consensus; revs $250.4 mln vs $240.43 mln First Call consensus

06:26 TWC Time Warner Cable beats by $0.03, reports revs in-line; guides FY08 EPS below consensus, revs above consensus (24.40 )

Reports Q4 (Dec) earnings of $0.33 per share, $0.03 better than the First Call consensus of $0.30; revenues rose 12.0% year/year to $4.09 bln vs the $4.12 bln consensus. At December 31, 2007, customer relationships totaled 14.6 million, with net additions of 68,000 during the full year 2007. During the fourth quarter of 2007, customer relationships decreased a net 4,000. Revenue Generating Units. At the end of 2007, total revenue generating units (“RGUs”) reached 32.1 million. During the fourth quarter of 2007, RGU net additions totaled 591,000. Co issues mixed guidance for FY08, sees EPS of $1.25-1.30 vs. $1.36 consensus; sees FY08 rev growth of 9% which equates to roughly $17.39 bln vs. $17.35 bln consensus.
06:25 Banks lead European stocks lower

European shares traded lower early on Wednesday, tracking falls in the United States and Asia on growing recession fears, and hit by losses in BHP Billiton and banks. At 0958 GMT, the FTSEurofirst 300 index of top European shares was down 0.5% at 1,307.93 points, led lower by banks. The index slipped 3.1% on Tuesday after shockingly poor U.S. services data. Across Europe, Britain’s FTSE 100 fell 0.6%, Germany’s DAX slipped 0.4% and France’s CAC lost 0.5%. (Reuters)
06:25 Asian stocks sink after Dow’s plunge; Sensex ends down 524pts

Asian markets plunged Wednesday after a steep drop on Wall Street overnight fanned investors’ fears the U.S. economy was sliding into a recession that would sap demand for Asian exports. In Hong Kong, the benchmark Hang Seng index plunged 1,339.24 points, or 5.4%, to close the half-day session at 23,469.46. Japan’s Nikkei 225 index tumbled 4.7% to 13,099.24. Markets in China, South Korea and Taiwan were closed Wednesday through Friday for the Lunar New Year holidays… The Sensex opened with a huge negative gap of 416 points at 18,247 on weak global cues, and plunged to a low of 17,936 – down 727 points from the previous close – in morning deals. The index recovered soon, but moved in a range of 18,000-18,200 for most part of the trading session. The Sensex finally ended with a loss of 524 points (2.8%) at 18,139. The NSE Nifty was down 161 points (2.9%) at 5,323. (Thomson, Business Standard)
06:14 WIRES On The Wires -Update-

Swift Energy (SFY) announces that its FY07 reserves total a record 150.1 MMboe, an increase of 10% over year-end 2006 levels; total production increased to 12.0 MMboe, a 3% increase over ’06 levels… Neurogen (NRGN) announces that it has reduced its workforce by approx 70 employees, as part of a restructuring to focus resources on its advancing clinical assets… Range Resources (RRC) announces that a $1.065 bln capital budget has been set for 2008, an 18% increase over 2007 expenditures.
06:11 YGE Yingli Green Energy signs sales contract with Recurrent Energy (21.90 )

Co announces that it has signed a new sales contract with Recurrent Energy, a solar services provider specializing in the development and operation of large rooftop real estate solutions. Under the terms of the contract, Recurrent Energy will purchase a minimum quantity of PV modules from Yingli Green Energy in each of the second, third and fourth quarters of 2008 with an option to purchase additional PV modules during these periods.
06:09 TEL Tyco Electronics beats by $0.06, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY08 EPS in-line (32.61 )

Reports Q1 (Dec) earnings of $0.63 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.57; revenues rose 18.8% year/year to $3.67 bln vs the $3.57 bln consensus. Co issues guidance for Q2, sees EPS of $0.60-0.62 vs. $0.60 consensus; sees Q2 rev growth of 10-12% or roughly $3.63-3.70 vs. $3.6 bln consensus. Co issues in-line guidance for FY08, sees EPS of $2.45-2.55 vs. $2.45 consensus, prior guidance $2.40-2.50
06:09 ACOR Acorda Therapeutics announces a 2.66 mln share common stock offering; in addition to the shares offered by the co, 83k shares will be offered by selling shareholders (26.33 )

06:07 TMO Thermo Fisher beats by $0.07, beats on revs; guides FY08 EPS above consensus, revs above consensus (50.24 )

Reports Q4 (Dec) earnings of $0.76 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.69; revenues rose 57.1% year/year to $2.62 bln vs the $2.51 bln consensus. Co issues upside guidance for FY08, sees EPS of $3.05-3.15, excluding non-recurring items, vs. $3.04 consensus; sees FY08 revs of $10.5-10.6 bln vs. $10.34 bln consensus.
06:06 MNC Monaco Coach beats by $0.07, reports revs in-line (9.26 )

Reports Q4 (Dec) earnings of $0.09 per share, $0.07 better than the First Call consensus of $0.02; revenues fell 2.4% year/year to $292.1 mln vs the $293.2 mln consensus. Co said, “We are still comfortable that if the RV market is flat in 2008, which would likely require a rebound in consumer confidence, we would be able to achieve previously stated guidance. The soft retail environment that we are seeing so far in the first quarter could lead to a declining overall market. However, given our internal improvements and anticipated gains in market share, we believe the Company’s results would be similar to 2007 if RV markets were down approximately 10%. We are committed to implementing additional cost saving initiatives and modifying production run rates in 2008, as we have done over the past 18 months.”
06:05 LNT Alliant Energy beats by $0.11 (37.15 )

Reports Q4 (Dec) earnings of $0.70 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.59; revenues rose 3.8% year/year to $873.6 mln vs the $886 mln consensus.
06:03 CI CIGNA reports EPS in-line, revs in-line; guides FY08 EPS below consensus (47.81 )

Reports Q4 (Dec) earnings of $0.98 per share, excluding non-recurring items, in-line with the First Call consensus of $0.98; revenues rose 5.9% year/year to $4.46 bln vs the $4.44 bln consensus. Co issues downside guidance for FY08, sees EPS of $4.05-4.25, excluding non-recurring items, vs. $4.27 consensus.
06:03 TWX Time Warner reports EPS in-line, revs in-line; guides FY08 EPS in-line (15.40 )

Reports Q4 (Dec) earnings of $0.29 per share, excluding non-recurring items, in-line with the First Call consensus of $0.29; revenues rose 2.4% year/year to $12.64 bln vs the $12.65 bln consensus. Time Warner announced that it expects its 2008 full-year growth rate in Adjusted Operating Income before Depreciation and Amortization to be in the range of 7% to 9%, off a base of $12.9 billion in 2007. In addition, the Company anticipates that its 2008 full-year Free Cash Flow will be at or above $3.6 billion. Co issues in-line EPS guidance for FY08, sees EPS of $1.07-1.11 vs. $1.11 consensus.
05:58 PTNR Partner Communications reports Q407 reults; announces share repurchase program (21.32 )

Reports Q4 (Dec) net income of NIS 302 mln vs Q406 net income of NIS 163.0 mln (no First Call estimates available). Revenues increased 12.6% year/year to NIS 1.63 bln (no First Call estimates available). Board approves a share repurchase program throughout 2008, in an amount of up to NIS 600 mln.
05:43 Bubble trouble: Are treasurys overbid? – Boston Globe

The Boston Globe reports investors’ demand for safe assets over the past six months may have created a bubble in the Treasury market — and some onlookers expect to hear a bursting sound any minute now. There are mixed views about whether the recent buying spree in the Treasury market has driven prices up to unjustified bubble levels. The rally, which has also sent bond yields plunging to multiyear lows, was fed first by fallout from the subprime mortgage crisis and then by growing worries about a recession. “I’m one who believes there is a bubble. Everyone has been focused on Treasurys because they are afraid of the alternatives,” said Michael Metz, chief investment officer at Oppenheimer & Co. “It has nothing to do with the value of Treasurys, which are overvalued. The stampede has been because of fear.” Metz believes the bubble is likely to give way to selling soon, particularly for the longer-term 10-year note and the 30-year bond. In Metz’ view, foreign demand for long-term Treasurys already is waning, as overseas investors back away from dollar-denominated assets and opt for instruments in the higher-yielding euro, British pound and Swiss franc. He expects that trend to accelerate, driving long-term rates well above their current levels.
05:40 LEN Lennar’s $800 mln tax refund – WSJ (19.10 )

The Wall Street Journal reports a land deal completed by Lennar (LEN) and Morgan Stanley (MS) has resulted in a tax refund of $800 mln, according to LEN’s annual results filed in late January. As an added bonus, because of the way Lennar and Morgan Stanley structured their partnership, Lennar still effectively owns 20% of the land, according to the co. It also has a 50% voting interest in the partnership, meaning it will have a say in how the land is developed. That means Lennar gets the tax loss, but still holds an interest in the land on its books. “That’s the holy grail,” said Robert Willens, president of tax and accounting advisory firm Robert Willens LLC. “The accounting is saying that they’re not really selling it, whereas the taxes are more formal in the way they look at it.” Now, those benefits could prove a boon to other hard-hit home builders if the Senate has its way with the economic-stimulus package moving through Congress. In its version of the legislation, which the chamber is due to vote on in coming days, companies would be allowed to apply losses against taxes paid in the previous five years, as opposed to the current two-year period. That would allow home builders to offload land for a loss and then apply to the IRSfor refunds based on what they paid in taxes possibly going as far back as 2002, or in some cases 2001. The longer look-back period could take some pressure off the builders and housing markets. “It gives them more time,” says Ivy Zelman, chief executive of Zelman & Associates, a housing-research firm. “They could possibly be more patient and sell less land at today’s fire-sale prices.”
05:34 GOOG Google aims to crack China with music push – WSJ (506.80 )

The Wall Street Journal reports Google (GOOG) is in the the late planning stages of a joint venture with a Chinese online music co that would permit it to provide free — licensed — music downloads in China. The service, which is likely to offer access to tunes from three global music companies as well as dozens of smaller players, could start in the next several weeks barring any last-minute disturbances. The music pact marks a turning point in Google’s battle with Baidu (BIDU) to gain dominance in an Internet market that is soon expected to surpass the U.S. this year in number of users. Google declined to comment on the China music plan.
05:30 YHOO Yahoo studies alternatives to Microsoft – WSJ (28.98 )

The Wall Street Journal reports Yahoo (YHOO) is holding out hope that there are ways it can thwart Microsoft’s (MSFT) unsolicited $44.6 bln takeover offer, including the emergence of a rival bidder or a business tie-up with Google (GOOG) that might allow it to remain independent, people familiar with the matter say. No serious alternative bids have emerged, and antitrust experts say Google’s latitude to do even a business deal with Yahoo is minimal because of likely regulatory concerns. At Microsoft, optimism is growing that the $31-a-share offer for Yahoo that it made public Friday will go through in the absence of rival bids, people familiar with the matter say. There is no timetable for Yahoo to respond to Microsoft’s offer, such people say. Spokesmen for Microsoft and Google declined to comment. Yahoo’s board, in the context of alternatives to Microsoft’s offer, has discussed in broad terms the possibility of outsourcing its search-related advertising to Google, one person familiar with the matter says. Yahoo could immediately boost its revenue through such an agreement because Google generates significantly more revenue for each search query. Citigroup Global Markets analysts have estimated Yahoo could increase its cash flow by more than 25% annually if it made such a deal. Yahoo views such a Google pact as a likely key to any successful effort to avoid the Microsoft offer, people familiar with the matter say. It could come in conjunction with a rival bid or as part of a Yahoo maneuver to remain on its own. Yahoo had recently been in negotiations to outsource its search advertising in Europe to Google, people familiar with the matter say.
05:22 Early Newspaper Headlines: YHOO/MSFT – GOOG/BIDU – LEN

WSJ: Yahoo (YHOO) studies alternatives to Microsoft (MSFT)… Google (GOOG/BIDU) aims to crack China with music push… Lennar’s (LEN) $800 mln tax refund. Boston Globe: Bubble trouble: Are treasurys overbid?
05:09 TOL Toll Brothers reports preliminary Q108 totals for home building revenues, backlog and contracts (21.87 )

Co reports Q108 totals for home building revenues, contracts and backlog for the period ended January 31, 2008. These results are preliminary and unaudited. TOL will announce final results when it releases Q108 results on February 27, 2008. For Q108, home building revenues of approx $842.7 mln declined 22% compared to Q107 results. Backlog of approx $2.40 bln declined 42% compared to Q107. Gross signed contracts for Q108 of approx $573.2 mln and 904 homes declined 46% and 38%, respectively, vs Q107 totals of $1.07 bln and 1,463 homes. In Q108, TOL had 257 cancellations totaling approx $198.0 mln, compared to 436 cancellations totaling $318.9 mln in Q107, and 417 cancellations totaling $328.5 mln in Q407. Q108 net (after cancellations) signed contracts totaled 647 homes, or approx $375.3 mln, a decline of 37% in units and 50% in dollars, compared to Q107 results of 1,027 net signed contracts, or $748.7 mln.
04:49 WIRES On The Wires

AXA announces (AXA) it has entered into an agreement to acquire OYAK’s 50% share in AXA OYAK Holding A.S., a co established by AXA and OYAK in 1999. Under the terms of the agreement, AXA will pay a purchase price of $525 mln in cash for OYAK’s 50% share in AXA OYAK.
03:55 TSEM Tower Semiconductor reports Q407 results (1.12 )

Reports Q4 (Dec) GAAP earnings of ($0.20) per share, $0.05 better than the First Call consensus of a loss of $0.25; revenues rose 11% year/year to $61.6 mln vs the $62.2 mln consensus.
03:11 ALO Alpharma announces the sale of its Active Pharmaceutical Ingredients business to 3i for $395 mln in cash (22.80 )

Co announces that it has entered into a definitive agreement to sell its Active Pharmaceutical Ingredients business to certain investment funds managed by 3i, a private equity and venture capital co, for $395 mln in cash.
02:16 ALVR Alvarion beats by $0.01, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY08 revs in-line (9.00 )

Reports Q4 (Dec) earnings of $0.05 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.04; revenues rose 32.0% year/year to $66.3 mln vs the $63.1 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.00-0.03 vs. $0.04 consensus; sees Q1 revs of $63-67 mln vs. $65.00 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $275-300 mln vs. $291.26 mln consensus.
00:55 MVSN Macrovision mentioned positively in Weekday Trader – Barron’s Online (16.48 )

Barron’s Online reports Macrovision’s (MVSN) acquisition of Gemstar-TV Guide Int’l (GMST) is better financially than some suspect. And it may yet help Macrovision become an important player in the coming age of digital downloads and Internet streaming video. “The combined business will become one of the largest technology intellectual property plays in the public markets,” wrote Jefferies & Co. analyst Ross MacMillan in a recent note. Because of that, the stock deserves to trade higher than the 5.7x multiple of 2009’s projected Ebitda that it carries today, argues MacMillan. Instead of just providing security code behind the scenes, Macrovision would use Gemstar’s software as the on-screen menu by which home viewers can select all manner of downloadable content, including movies and music. As Macrovision CFO James Budge argues, the combined co’s software brings more of the technology that a consumer-electronics device maker would want to obtain from one single vendor. “We’ve already identified noncore areas of the combined business that could be sold, and we intend to pursue those initiatives as soon as possible,” assuming the deal is approved by shareholders, Budge tells Barron’s Online. And by focusing on the more lucrative software-licensing parts of both companies, the combined entity could have Ebitda earnings of between 50% and 60% in a couple of years’ time – far better than margins of 30% or so for Macrovision today. At the very least, “After all the divestiture, we expect an operating profit margin north of 40% in 2009,” says Budge.
00:54 ‘Mad Money’ Recap: Lightning Round – TheStreet.com

Cramer was bullish on Lockheed Martin (LMT). Bearish on eBay (EBAY), American Capital Strategies (ACAS), E*Trade Financial (ETFC), Google (GOOG) and Dollar Tree Stores (DLTR).
00:53 Cramer’s ‘Mad Money’ Recap – TheStreet.com

On Tuesday’s edition, Jim recommends Companhia Vale do Rio Doce (RIO) and reasons global demand for iron and nickel is on the rise. CVRD expects iron prices to increase 62% in ’08 and investors should ignore fears of a global recession because these fears have been discounted into shares, in his view.
00:50 KFRC Kforce reports EPS in-line, beats on revs; guides FY08 EPS in-line, FY08 revenue higher and approves authorization to repurchase up to $50 mln in stock (8.75 )

Reports Q4 (Dec) earnings of $0.25, excluding equity-based compensation, in-line with the First Call consensus of $0.25; revenues rose 8.0% year/yar to $262.62 mln vs the $260.40 mln consensus. Co issues in-line guidance for FY08 EPS, sees $0.18-0.21 vs $0.21 consensus; issues upside guidance for FY08 revenue, sees $266-272 mln vs $260.46 mln consensus. Board announces share buyback of up to $50 mln.
00:34 FRNT Frontier Airlines reports preliminary traffic for Jan. 2008 (3.18 )

Co announces preliminary traffic results for January 2008. RPM increased 18.3% to 753,652,000 for January 2008 from the same period last year. Available seat miles increased 6.4% to 1,039,601,000 for January 2008 from the same period last year. This resulted in a load factor for January 2008 of 72.5%, an increase of 7.3 points from January 2007, when the airline reported a load factor of 65.2%.
00:32 LLNW Limelight Networks announces rulings on pretrial motions (6.52 )

Co announces that the U.S. District Court for the District of MA provided notice of certain rulings in the Akamai Technologies (AKAM) et al. v. Limelight Networks litigation matter. The Court conducted a pretrial conference and ruled on certain pending pretrial motions. Among its rulings, the Court granted Limelight’s motion for summary judgment of noninfringement of U.S. Patent No. 6,553,413, thus removing that patent from the upcoming trial in this matter. The Court ruled on certain other matters, including: that certain fact issues precluded granting Limelight’s motion regarding the remaining patent in the case, U.S. Patent No. 6,108,703; denying Akamai’s motion on certain equitable defenses; and granting Akamai’s summary judgment motion on Limelight’s patent misuse defense. Akamai also stated that it was no longer alleging willful infringement by Limelight and would not allege, as part of its infringement case, that Limelight had copied any of the allegedly patented features.
00:30 CRFT Craftmade Int’l announces retirement of Chief Executive Officer James R. Ridings, effective June 30, 2008 (8.01 )

00:29 DISK BTP terminates merger agreement with Image Entertainment (1.55 )

BTP Acquisition LLC notifes co that BTP had exercised its right to terminate the Amended and Restated Agreement and Plan of Merger dated June 27, 2008 between Image and BTP, as the February 5, 2008 deadline to consummate the merger has expired.
00:27 XRAY Dentsply reports EPS in-line, beats on revs; guides FY08 EPS in-line (40.01 )

Reports Q4 (Dec) earnings of $0.44 per share, excluding non-recurring items, in-line with the First Call consensus of $0.44; revenues rose 14.9% year/year to $541.5 mln vs the $523.1 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.83-1.88 vs. $1.87 consensus.

After Hours

Posted: February 5, 2008 in Charts, Forex, Futures, Stocks, Technical Analysis, Trading

7:48 OTTR sees FY08 $1.85-2.10 vs $1.94 First Call consensus

17:48 EQR prelim funds from operations of $0.67 vs $0.60 First Call consensus; revs $528.1 mln vs $530.59 mln First Call consensus

17:48 OTTR prelim $0.46 vs $0.42 First Call consensus; revs $329.7 mln vs $313.24 mln First Call consensus

17:46 RATE Bankrate: Conf Call Summary (53.60 -3.25) -Update-

On conf call, RATE says saw about $2 mln in ad cancels in last two weeks of qtr (which was reason for the miss); was able to replace about $0.5 mln of it. Notes that this is exactly the type of volatility that leads co not to issue quarterly guidance b/c results don’t fit into nice 90-day, quarterly chunks. Notes that saw this type of blip before, and biz came roaring back. Says Jan of 2008 has gotten off to fast start — best in co’s history; Jan traffic was more than 50% above best month co has ever had… Notwithstanding the economy, says has never been more bullish about its biz going into the year… Notes has had a small group in Beijing building out Bankrate in China; indicates license to operate was granted just a few days ago on Feb 1; expects site to be live and launched by March 1. Will be awhile before generates significant revs, but notes costs for operation already factored into guidance for 2008… Co feels very confident that it continues to have pricing power, as there is a thirst for the type of traffic and leads that co generates. Notes raised prices 20% in Jan to Deposit advertisers & has seen no decline in interest. Co indicates that Jan was by far most profitable month its ever had; indicates that in first 5 days of Feb have seen continuation of extremely strong traffic.. stock trading at $49.00 in after hours
17:43 BLC Belo: The new Belo stub will replace Belo Corp. in the S&P MidCap 400 (16.73 -0.01)

The new Belo Corp. stub (BLCwi) will replace Belo (BLC) in the S&P MidCap 400, and A.H. Belo Corp (AHCwi) will replace Napster (NAPS) in the S&P SmallCap 600 after the close of trading on Friday, February 8. Belo Corp. is spinning off A.H. Belo into a separate publicly-traded co in a transaction expected to be completed on or about that date. At today’s close of trading, Napster had a market value of ~$84 mln, whereas the minimum market cap a company must maintain to be eligible for admission to the S&P SmallCap 600 is currently $300 mln.
17:43 THQI THQ Inc: Earnings Call Summary (19.50 -0.11)

On call the co outlines future releases, says “Frontline: Fuel of War”, their next new internally developed title is scheduled for launch on February 25th. In fiscal 2009 they plan to release squeals to two of their most successful owned franchises; both games are in development: “Saint’s Row 2” and “Red Faction 3”. They are also excited about the prospects for the first games based on the Ultimate Fighting Championship, which they plan to unveil on Memorial Day weekend in conjunction with a live UFC event. In FY09 they plan to launch “Company of Heroes” online with SHANDA for the Chinese market. At the end of June they plan to launch games based on “wally” the next Disney Pixar film which we believe is a terrific form for gaming given its characters and theme and as a result we expect it to outperform “Ratatouille”… Co notes half of W.W.E sales are international… Co has around 1700 people in product development today, and that number will continue to grow as they add head count both in our existing studios… On discontinuing “Stuntman”, they say that product didn’t translate well into next generation… On “The Blob”, they note it’s delayed because they are taking more time to polish that game so when they bring it out they think they will have a very high quality game targeted very much at the casual game consumer.
17:39 PHM Pulte Homes discloses amendment to its asset-backed commercial paper program (14.75 -0.49)

From 8-K released after the close today: “On February 1, 2008, Pulte Mortgage entered into an Eighth Omnibus Amendment to its asset-backed commercial paper program. The Amendment was entered into by and among the Company, the lenders, administrative agent, and others listed therein, with Calyon New York Branch serving as Administrative Agent. The Amendment provides the participating banks with an optional maturity date acceleration if any of Moody’s Investors Service, Standard and Poor’s Corporation, or Fitch Ratings rate any of the Company’s senior unsecured debt at or below Ba2, BB, or BB, respectively. Total capacity has also been decreased to $150 million from $300 million.”
17:39 NUCO NuCo2 reports Q2 (Dec) results, revs in-line (28.15 -0.01)

Reports Q2 (Dec) earnings of $0.14 per share, includes loss of asset disposal, may not be comparable to the First Call consensus of $0.17; revenues rose 6.6% year/year to $34.1 mln vs the $34.2 mln consensus.
17:37 NUCO prelim $0.14 vs $0.17 First Call consensus; revs $34.1 mln vs $34.16 mln First Call consensus

17:37 FORM FormFactor: Conference Call Summary (23.19 -3.04) -Update-

On the call, the company guides Q1 loss of $0.09-$0.19, excluding restructuring costs, vs consensus of $0.35, and sees Q1 revs of $70-80 mln vs consensus of $124.49 mln. The company says DRAM markets have deteriorated substantially, with weakness broadbased, and the price for product is hovering around cash cost. FORM says they are staring the year with lowest beginning level of backlog since 4Q05. When the demand for DRAM was there in Q4, the company couldn’t compete because of production issues with Harmony. The company will try to regain the customers who couldn’t wait for the Harmony products. FORM says 2001 is the only time in the company’s history when the environment was this poor. Due to this outlook, the company has implemented a cost reduction plan, and will be cutting workforce. FORM is expecting $4 mln in cost expense reduction staring in Q2. FORM is also revising its expansion plans in Singapore, saying production ramp will be delayed by 6 months. In NAND, the company says they are just beginning to penetrate this market, and believes 2008 will be a transition year. The company sees logic as its fastest growing product, and expects logic to outgrow all other segments. FORM is expecting a much stronger 2H08, and is considering stock repurchase plans.
17:35 NLC Nalco reports Q4 (20.25 -1.21)

Reports Q4 (Oct) earnings of $0.22 per share, includes charges, may not be comparable to the First Call consensus of $0.31; revenues rose 11.9% year/year to $1.03 bln vs the $1.02 bln consensus. Co gives outlook: Cost savings of at least $75 mln and better leverage on selling and service expenses. Co says, “Although some of the world’s economies face weakening trends, we provide critical water treatment offerings that are needed almost independent of the business cycle.”
17:32 TZOO Travelzoo Conf Call Summary (15.85 ) -Update-

Acquired over 600,000 new subscribers to their newsletter. Plan to expand their shows and events section in 2008. Saying that it is too early to see a trend in subscriber acquisition costs (it climbed from Q3 to Q4). Noting that though they had a larger loss in Europe, it was due to their expansion in France and Germany and they are pleased with their progress. Last Trade at $13.30… call ended
17:29 DIS Walt Disney: Conf call summary (30.07 -0.83) -Update-

Co says the Writers Guild strike did not have a significant impact on Q1 and says they are hopeful an agreement will be reached soon and the writers will return to work. Co says in 2010 Toy Story 3 will arrive on the big screen. For the qtr, attendance at the co’s combined domestic parks was 3% above the prior year with Walt Disney World up 4%, driven by increased visitors by both the domestic and international guest significant segments. Room reservations on the books are modestly ahead of where they were at this time last yr. Co says that at this point the trends don’t tell the co enough to predict precisely how the remainder of the year will unfold. Says pleased with the current pace of business at their parks. “Pleased’ to see the strong results in video games. Expect further share repurchases going forward. Call enters into Q&A… Co says Vacation Club business has turned out to be ‘very resistant’ to downturns. Cruise business is significantly stronger right now than it was this time last year and has shown itself to be very resilient through any economic condition. Says right now they’re feeling pretty optimistic about where he things go from here. Q2 bookings are up nicely over the prior year but they think some of that is caused by the timing of Easter. Looking at total rooms on the books, Q2 through 4, they’re up modestly versus the prior year. Co says they could expand margins with greater success with company produced and owned series and which gives them more leverage-ability on a global basis. They believe they have margin expansion in their parks and resorts in general. Think they’ve got considerable margin expansion potential across a wide range of Consumer Products businesses, notably video games. Co says they do have more inventory of affordable rooms. They have introduced this really value based pricing (ex: a family of four has the ability to be at the park for ~$1,600 for a week with hotel and meal plan, et cetera). Co has had a really good response to that. Call has ended.
17:28 RTP Rio Tinto PLC: Follow up on raised offer from BHP (421.50 -10.66) -Update-

Bloomberg.com reports that BHP Billiton (BHP) the world’s biggest mining company, made a sweetened $147.4 bln takeover bid for RTP after its London-based competitor refused to enter merger negotiations. BHP offered 3.4 shares for each share of RTP, the Melbourne- based company said today in a statement to the Australian Stock Exchange. BHP’s three-for-one all-stock proposal made on Nov. 8 was rejected by Rio as undervaluing its mines and growth prospects. Chief Executive Officer Marius Kloppers has pledged to generate $3.7 billion in cost savings and revenue gains by buying the world’s third-largest mining company. “The synergy from the cost and revenue side would be enormous,” said Simon Bonouvrie at Platypus Asset Management, which manages A$1.4 bln ($1.2 biln) including both stocks, in Sydney… RTP is trading at 445.70 in after hours. (Briefing.com note: There have been numerous headlines crossing the wires over the past 25 minutes)
17:28 RAH Ralcorp Holdings beats by $0.03, beats on revs (52.80 -0.44)

Reports Q1 (Dec) earnings of $0.68 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.65; revenues rose 24.5% year/year to $650.7 mln vs the $609.7 mln consensus.
17:26 Justice Dept. seeks major shakeup of futures exchange rules – DJ

DJ reports the U.S. Department of Justice called for a radical shakeup to the structure of financial futures exchanges, saying current regulatory policies may “have inhibited” competition. In an apparent turnaround from its position last year when it approved without any conditions a merger between the two large Chicago futures exchanges, the head of the DOJ’s antitrust division recommended significant reform of the regulatory structure of the mkt. The DOJ called for an end to futures exchanges being permitted to own or control clearing functions, saying this has served as an impediment to new entrants to mkts. The call came in a submission to a Treasury Department review of the policies governing the regulatory structure of the financial markets. It was written by Thomas Barnett, assistant attorney general in charge of the DOJ’s antitrust division. “The department believes that the control exercised by futures exchanges over clearing services…has made it difficult for exchanges to enter and compete in the trading of financial futures contracts,” said Barnett. (CME, NYX, NMX, ICE, NDAQ)
17:24 RVBD Riverbed Technology on Conference Call -Update-

Even in a tougher spending environment, a recent survey of CIOs found that wham acceleration technology is one of the networking technologies they intend to invest in most heavily in 2008… expect gross margins to be 74-76% going forward… will continue to expand sales force… expects to have some volatility in tax rates in 2008… long term target for DSO is 50-60 days; they had 59 DSOs in Q4… Co sees Y08 EPS in the range of $0.70-0.75, First Call consensus is $0.75 and revs between $370-380 mln, First Call consensus is $350 mln; improvement in margins will be back end loaded… Co sees Q1 EPS in the range of $0.11-0.12, consensus is $0.15 and revs between $79-82 mln, consensus is $76.37 mln… expect L-T op margins to be in the high 20s… expect Q2 and Q4 to be strongest quarters.
17:23 MWA Mueller Water miosses by $0.02 (7.97 -0.74)

Reports Q1 (Dec) earnings of $0.07 per share, excluding charges, $0.02 worse than the First Call consensus of $0.09; revenues rose 0% year/year to $412.3 mln vs the $396.5 mln consensus.
17:20 BHP BHP Limited says it will now seek regulatory clearances – DJ (69.48 -3.00) -Update-

(RTP)
17:16 BHP BHP Limited has means in place to complete offer; May dispose of assets, if required – DJ (69.48 -3.00) -Update-

(RTP)
17:16 BHP BHP Limited reports the six months ended Dec 31; reports EPS of $0.29 vs $0.20 yr ago; revs rise 15.5% to $25.5 mln (69.48 -3.00) -Update-

Co also reported that their interim divided is up 45% to $0.29 per share. Co gives outlook saying, “We have lowered our expectations for US growth in FY2008 as consumption is expected to weaken and business investment is likely to fall. In Western Europe the slowdown in activity is expected to continue as monetary conditions in the region tighten, manufacturing growth decelerates alongside reduced exports and housing market activity slows. As a result of the slowdown in developed economies, we expect some flow-on effects to emerging market economies’ export growth yet their overall economic growth should remain solid. Since much of the future incremental demand for commodities will come from China and India, a slowdown in the US is likely to have less impact on commodity prices than in the past.”
17:15 QD QuadraMed increases development capacity expanding resources for product growth (2.01 -0.02)

Co announces a strategic initiative to increase overall product development capacity and to further accelerate delivery of its “Care-based Revenue Cycle” product strategy to the healthcare market. Related to this capacity expansion and resource re-allocation initiative, co has eliminated sixty eight positions in various technical, administrative and other non-technical areas. The co expects to report a one time severance cost in Q1 2008 of ~$0.9 mln.
17:09 PZZI Pizza Inn reports Q2 EPS of $0.09 vs $0.02 yr ago; revs rise 9.9% to $12.7 mln (2.46 +0.01)

17:08 CBG CB Richard Ellis reports Q4 EPS of $0.63 vs $0.71 First Call consensus; revs rose 30% YoY to $1.84 bln vs $1.63 bln First Call consensus (17.75 -1.35)

17:08 RNR RenaissanceRe beats by $0.73 (58.15 )

Reports Q4 (Dec) operating earnings of $2.64 per share, $0.73 better than the First Call consensus of $1.91.
17:07 BHP BHP Billiton says bid values Rio Tinto at $173.6 bln – DJ (69.48 -3.00) -Update-

(RTP)
17:07 RNR prelim $2.64 vs $1.91 First Call consensus

17:06 BHP BHP Billiton says Rio Tinto has refused to enter discussions – DJ (69.48 -3.00) -Update-

(RTP)
17:05 BHP BHP Limited proposes $30 bln share buyback – DJ (69.48 -3.00) -Update-

17:04 KFRC kforce.com misses by $0.01, reports revs in-line; guides Q1 EPS above consensus, revs above consensus (8.75 -0.26)

Reports Q4 (Dec) earnings of $0.24 per share, $0.01 worse than the First Call consensus of $0.25; revenues rose 8.0% year/year to $262.6 mln vs the $260.4 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.22-0.26, excluding non-recurring items, vs. $0.21 consensus; sees Q1 revs of $266-272 mln vs. $260.46 mln consensus.
17:03 DISK Image Entertainment terminates merger sgreement with BTP Acquisition Company and demands prompt payment of $4.2 mln business interruption fee (1.55 -0.13)

Co announced that it has delivered a notice of termination of its June 27, 2007 amended and restated merger agreement to BTP Acquisition Company, LLC, an affiliate of David Bergstein, and demanded the prompt payment of the $4.2 mln business interruption fee required by the merger agreement. In addition, the parties have terminated the discussions that commenced on February 1, 2008. In delivering the notice, Image Entertainment has requested that R2D2, LLC and its wholly owned subsidiary CT1 Holdings, LLC promptly pay Image Entertainment the $4.2 mln business interruption fee pursuant to R2D2’s and CT1 Holdings’ guarantee of the $4.2 mln fee. DISK has instructed that the $3.0 mln currently deposited in trust be released to DISK and that BTP provide the remaining $1.2 mln in cash. In its filings with the Securities & Exchange Commission, BTP identified R2D2 as its sole owner and David Bergstein and Ron Tutor as the sole owners of R2D2.
17:03 RTP Rio Tinto: BHP offers 3.4 shares for each RTP share – DJ (421.50 -10.66) -Update-

(BHP)
17:03 GTY Getty Realty misses by $0.04 (26.66 -0.42)

Reports Q4 (Oct) adjusted funds from operations of $0.47 per share, $0.04 worse than the First Call single-analyst estof $0.51; revenues rose 11.8% year/year to $20.1 (No revs consensus).
17:03 KFRC sees Q1 $0.22-0.26 vs $0.21 First Call consensus; sees revs $266.272 mln vs $260.46 mln First Call consensus

17:03 ATO Atmos Energy reports Q4 EPS of $0.82 vs $0.84 First Call consensus; reaffirms FY08 EPS guidance for $1.95-2.05 vs $2.00 First Call consensus (28.33 -0.58) -Update-

17:02 KFRC prelim $0.24 vs $0.25 First Call consensus; revs $262.6 mln vs $260.40 mln First Call consensus

17:02 HAR Harman reaffirms FY08 EPS guidance of $3.00-3.10 vs $3.02 consensus (45.73 -1.86) -Update-

17:01 BRS Bristow Group beats by $0.11, beats on revs (50.11 -1.41)

Reports Q3 (Dec) earnings of $0.92 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.81; revenues rose 23.9% year/year to $261.5 mln vs the $245.8 mln consensus.
17:01 MAG MagneTek acquires the assets and business of Enrange (3.55 -0.18)

17:00 BRS prelim $0.92, ex-items, vs $0.81 First Call consensus; revs $261.50 mln vs $245.80 mln First Call consensus

17:00 FORM FormFactor: On Q4 call, co sees Q1 loss of $0.09-$0.19, excluding restructing costs, vs consensus of $0.35 (23.19 -3.04) -Update-

17:00 BRS prelim $0.86 vs $0.81 First Call consensus; revs $261.5 mln vs $245.80 mln First Call consensus

17:00 RTP Rio Tinto PLC: BHP new bid follow-up (432.00 -10.66) -Update-

As mentioned at 16:41, London Times reports BHP was putting finishing touches last night on revised bid for RTP in an effort to clinch a deal and fend off rival chinese suitors. In deciding to launch a hostile bid, co risks starting a battle with Chinalco (ACH). Although Chinalco has not made its intentions clear, co has said it reserves the right to bid if BHP raises its offer. BHP could launch its existing bid which offers RTP investors 3 shares for every 1 of its own. Sources say that the most likely option is that BHP will raise its bid possibly adding more shares and cash component so that it matches the price that China paid for its shares.
16:59 FORM FormFactor: On call, company sees Q1 revs of $70-80 mln vs consensus of $124.49 mln (23.19 -3.04) -Update-

16:59 GTIV Gentiva Health Svcs agrees to acquire Home Health Care Affilicates for $55 million in cash (18.97 +0.32)

16:58 RMBS Rambus: Oppenheimer Funds discloses 5.84% stake in SC 13G (18.18 -1.95)

16:58 THQI THQ Inc reports in-line with recent guidance; reaffirms (19.16 -0.11)

Reports Q3 (Dec) earnings of $0.24 per share in-line with prior company guidance of $0.23 (First Call consensus of $0.33 doesn’t compare to results as the consensus contains estimates that have not been adjusted to reflect recent company guidance); revs rose 7.1% yr/yr to $509.6 mln in-line with company guidance. Co reaffirms FY08 EPS guidance originally issued on 1/23/08 of $0.05, ex items on revs of $1.04 bln.
16:58 IIG Imergent follow-up with Q2 earnings results, including guidance; co raises FY08 revs guidance above consensus (9.95 -0.62) -Update-

Earlier we had reported IIG’s earnings following their 10-Q release. Co released a seperate earnings press release, which included guidance. Reports Q2 (Dec) earnings of $0.14 per share, may not be comparable to the single estimate ($0.14); total revenues rose 9.1% year/year to $38.9 mln, may not compare to the $27.2 mln single estimate. Co raises FY08 revs guidance to $132-140 mln vs $126.7 mln single-analyst est, up from prior $121-129 mln. Expectations for net dollar volume of contracts written remains the same, ranging between $132-140 mln.
16:57 CNET CNET beats by $0.03, beats on revs; guides Q1 EPS below consensus, revs below consensus; guides FY08 EPS below consensus, revs in-line (8.29 -0.02)

Reports Q4 (Dec) earnings of $1.32 per share, includes $184.2 mln income tax benefit related to the release of a portion of the co’s deferred tax valuation allowance during the qtr, $0.03 better than the First Call consensus of $1.29; revenues rose 11.0% year/year to $125.5 mln vs the $122.6 mln consensus. Co issues downside guidance for Q1, sees EPS of ($0.04)-($0.05) vs. ($0.01) consensus; sees Q1 revs of $91-95 mln vs. $98.71 mln consensus. Co issues mixed guidance for FY08, sees EPS of $0.06-0.08 vs. $0.13 consensus; sees FY08 revs of $440-460 mln vs. $446.98 mln consensus.
16:57 AMX America Movil SA reports Q4 results above consensus (57.50 -3.32)

Bloomberger reports AMX had Q4 of $0.84 per A.D.R. vs. $0.74 First Call consensus; revs convert to ~$7.89 bln vs. $7.69 bln First Call consensus. AMX added 10 mln net subscribers in Q4.
16:56 FORM FormFactor: On call, company says they have lowest level of beginning backlog since 4Q05 (23.19 -3.04) -Update-

16:55 SYNP sees GAAP FY08 EPS of $0.13-0.19, may not be comparable to $0.26 consensus; sees revs $80.0-83.0 mln vs $81.86 mln First Call consensus

16:54 SYNP sees Q1 GAAP EPS of $0.00-0.02, may not be comparable $0.02 First Call consensus; sees revs $17.5-18.5 mln vs $18.72 mln First Call consensus

16:53 BRE BRE Properties reports EPS in-line, beats on revs; reaffirms FY08 FFO guidance (42.11 -1.84)

Reports Q4 (Dec) funds from operations of $0.69 per share, in-line with the First Call consensus of $0.69; revenues rose 8.8% year/year to $88.9 mln vs the $86.8 mln consensus. Co reaffirms guidance for FY08, sees FFO of $2.70-2.85 vs. $2.77 consensus.
16:53 SYNP prelim $0.04 vs $0.05 First Call consensus; revs $20.1 mln vs $19.72 mln First Call consensus

16:52 INSP InfoSpace reports Q4 (Dec) results, beats on revs; guides Q1 EPS below consensus, revs in-line (9.78 -0.49)

Reports Q4 (Dec) loss of $2.21 per share, including restructuring charge, not comparable to the First Call consensus of ($0.29); revenues rose 14.7% year/year to $39.1 mln vs the $34.4 mln consensus. Co issues guidance for Q1, sees GAAP EPS of 0.00-0.04, may not be comparable to ($0.25) consensus; sees Q1 revs of $35-37 mln vs. $34.56 mln consensus.
16:51 ABCO Advisory Board: Correction – Beats Q4 EPS by $0.01, beats on revs; guides FY08 EPS above consensus, revs above consensus (61.16 -2.44)

Reports Q3 (Dec) earnings of $0.55 per share, $0.01 better than the First Call consensus of $0.54; revenues rose 15.0% year/year to $55.9 mln vs the $55.8 mln consensus. Co issues upside guidance for FY08, sees EPS of $2.35-2.38 vs. $2.19 consensus; sees FY08 revs of $243 mln vs. $218.69 mln consensus. Included in the calendar year 2008 income from operations and earnings per diluted share estimates is approximately $0.49 to $0.52 of share-based compensation and related expense. (Briefing.com note: We have moved original story)
16:51 CNET CNET announces appointment of Zander Lurie as CFO (8.29 -0.02) -Update-

16:51 MPWR Monolithic Power beats by $0.03, reports revs in-line; guides Q1 revs in-line (15.50 +0.02)

Reports Q4 (Dec) earnings of $0.26 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.23; revenues rose 45.8% year/year to $38.5 mln vs the $38.4 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $33-35 mln vs. $34.03 mln consensus.
16:49 SGIC Silicon Gaming reports Q2 (18.93 -1.79)

Reports Q2 (Dec) earnings of ($3.78) per share, may not be comparable to the First Call single-analyst est of ($0.16); revenues rose 11.9% year/year to $109.1 mln vs the $132.2 mln single-analyst est. Co says, “On January 29, SGI received a ruling from the Internal Revenue Service indicating that its $1.2 bln of pre-reorganization net operating losses may be used without the limitation imposed under our tax laws. The removal of this restriction is expected to drive a positive cash impact to SGI in future years… On February 4, SGIC entered into an amendment to obtain an additional $42.5 mln as an extension to its existing credit facility. “Particularly in light of today’s difficult financial markets, we’re very pleased with this show of confidence from our existing lenders to help fund SGI’s growth strategy.”
16:49 CNET prelim $1.33, may not compare to the $1.29 First Call consensus; revs $125.5 mln vs $122.55 mln First Call consensus

16:48 INSP sees Q1 revs $35-37 mln vs $34.56 mln First Call consensus

16:48 INSP prelim ($2.21), including restructuring charge, not comparable to ($0.29) First Call consensus; revs $39.1 mln vs $34.40 mln First Call consensus

16:47 BRE sees FY08 funds from operations of $2.70-2.85 vs $2.77 First Call consensus

16:47 BRE prelim funds from operations of $0.69 vs $0.69 First Call consensus; revs $88.9 mln vs $86.76 mln First Call consensus

16:45 XL XL Capital misses by $1.10, misses on revs (44.00 -1.05)

Reports Q4 (Dec) earnings of $0.66 per share, excluding net realized gains and losses, $1.10 worse than the First Call consensus of $1.76; revenues fell 23.8% year/year to $1.9 bln vs the $2.04 bln consensus.
16:43 FORM FormFactor: On Q1 call, company says DRAM markets have deteriorated substantially, company will implement cost reduction program (23.19 -3.04) -Update-

16:43 IOM Iomega: Earnings color (2.72 +0.01) -Update-

As mentioned at 16:22, IOM reported Q4 EPS of of $0.09 per share, excluding non-recurring items. This appears to be comparable to the Reuters estimate of $0.075. The $0.09 excludes a net benefit, and does not appear to be comparable to The First Call estimate of $0.10, which appears to include a GAAP estimate. The co’s FY08 EPS guidance of $0.20 appears comparable to the $0.17 Reuters consensus; with FY08 rev guidance of $400 mln vs. $379.23 mln consensus.
16:42 XL prelim $0.66 excluding items may not be comparable to vs $1.76 First Call consensus; revs $1.9 bln vs $2.04 bln First Call consensus

16:41 RTP Rio Tinto PLC: BHP drafting new bid for Rio Tinto – Bloomberg (432.00 -10.66) -Update-

(BHP)
16:40 AMX prelim $0.84 vs $0.74 First Call consensus

16:39 IPCC Infinity Prpty & Casualty increases dividend 22% (39.09 -1.53)

16:39 NFP National Financial Partners guides for Q4 and announces buyback (37.07 -0.94)

Net income per diluted share for Q4 is expected to be $0.46-0.47, compared to $0.44 per diluted share 4Q06; Cash earnings per diluted share for Q4 is expected to be $0.82-$0.83, compared to $0.79 prior year… For the year, net income per diluted share is expected to be $1.34 to $1.35, compared to $1.43 per diluted share in 2006. Excluding the cost of a management agreement buyout in the second quarter, 2007 cash earnings per diluted share is expected to be $2.85 to $2.86, compared to $2.61 per diluted share in 2006. In Q4 total revs is expected to increase ~15.0%. Revenue growth during the quarter is expected to be impacted by “same store” revenue growth of ~7.6% and a strong contribution by new firms. For 2007, total revenue is expected to increase ~10.9% and “same store” revenue growth is anticipated to be flat. Gross margin is expected to improve slightly to approximately 19.1% in Q4, compared to 18.9% in prior year. Had these items remained consistent from the end of the third quarter through the fourth quarter of 2007, expected cash earnings per share would have been ~$0.89 to $0.90. Jessica Bibliowicz, Chairman and Chief Executive Officer, said, “Excluding the management agreement buyout, we anticipate full year cash EPS growth of approximately 10%, below our 15% to 20% cash EPS growth target. The shortfall is expected to be largely the result of lower than anticipated revenue during the fourth quarter at some large retail life firms. Looking forward to 2008 and beyond, we continue to see strong growth in the markets we serve and are targeting high single digit ‘same store’ revenue growth.” “Over the long-term, we believe our cash EPS growth will be in the double digits, which is management’s goal and how we measure our own success. However, we believe that it is not practical to provide quarterly or annual guidance given the interim volatility and unpredictability of short-term earnings, particularly in our life insurance businesses. NFP’s Board of Directors has authorized the repurchase of up to $45 million of the Company’s common stock Based on our current outlook, the acquisition pipeline remains healthy and our acquisition strategy has not changed. We will, however, utilize the capital resources currently available to repurchase shares if and when we deem it appropriate.”
16:38 THQI sees Q4 ($0.06) vs $0.01 First Call consensus; sees revs $200 mln vs $211.39 mln First Call consensus

16:38 ACE ACE Limited beats by $0.15 (58.30 -1.28)

Reports Q4 (Dec) earnings of $2.05 per share, excluding non-recurring items, $0.15 better than the First Call consensus of $1.90.
16:38 THQI prelim $0.24, inline with recent guidance; revs $509.6 mln vs $503.28 mln First Call consensus

16:37 DRRX Durect beats by Q4 EPS by $0.01; reports in-line revs (5.15 -0.35)

Reports Q4 EPS of ($0.10) vs ($0.11) First Call consensus; revs of $6.6 mln vs $6.61 mln First Call consensus. “While we anticipate entering into new collaborations in 2008 and beyond, assuming no new collaborations, no milestone payments and aggressive funding of our R&D programs, many of which are in clinical development, we anticipate our net cash consumption in 2008 will be approximately $32-36 mln.”
16:37 QI Qimonda announces proposed convertible bonds offering (6.88 -0.57) -Update-

Co announces its intention to offer, subject to market conditions and other factors, Senior Unsecured Convertible Bonds due 2013 convertible into up to 25 mln American Depositary Shares. Qimonda intends to use the proceeds of the convertible bond issuance for general corporate purposes.
16:37 ACE prelim $1.92, ex-items, vs $1.90 First Call consensus

16:37 MFLX Multi-Fineline beats by $0.40, beats on revs (13.23 -0.26)

Reports Q1 (Dec) earnings of $0.54 per share, $0.40 better than the First Call consensus of $0.14; revenues rose 48.7% year/year to $184.2 mln vs the $175.3 mln consensus. MFLX management expects its Q2 sequential net sales to decline by a greater percentage than the co has experienced between Q1 and in recent year. MFLX remains optimistic about its business, although for Q2 of FY08, management expects its sequential net sales to decline by a greater percentage than the co has experienced between the first and second fiscal quarters in recent years, although sales are still expected to be significantly above Q2 of FY07. Earnings are expected to remain strong, with gross margin expected to be near the upper end of the co’s 10-15 percent range, primarily due to product mix.
16:36 TZOO Travelzoo reports Q4 (Dec) results, misses on revs (15.85 -0.78)

Reports Q4 (Dec) net of breakeven, may not be comparable to the First Call consensus of $0.14; revenues rose 8.2% year/year to $19.1 mln vs the $20.2 mln consensus. Europe business segment revenue grew 52% year-over-year to $1.5 mln. Europe reported an operating loss of $1.9 million, compared to an operating loss of $356,000 in the prior-year period. The increase in operating loss was primarily attributable to increased spending on subscriber acquisition and increased salary expense and office expense associated with the start up of operations in Germany and France. Travelzoo began operations in the U.K. in May 2005, in Germany in September 2006, and in France in March 2007.
16:34 BLG Building Materials obtains waiver from lenders (6.55 -0.43)

Co announces that it has obtained a temporary waiver of certain conditions to borrowing under its credit facility. The waiver allows the company to borrow up to $75 mln, through February 29th, while it works to finalize a permanent amendment to the credit facility. Co expects that it will reach agreement with its lenders on the amendment in a timely manner and that its business operations will not be affected.
16:33 MFLX management expects its Q2 sequential net sales to decline by a greater percentage than the co has experienced between Q1 and in recent year

16:33 LOOP Loopnet beats by $0.02, issues mixed guidance for Q1, issues downside guidance for FY08 (14.22 -1.01) -Update-

Reports Q4 (Dec) earnings of $0.14 per share, $0.02 better than the First Call consensus of $0.12. Co issues mixed guidance for Q1, sees EPS of $0.11-0.12 vs. $0.14 consensus; sees Q1 revs of $20.1-20.3 mln vs. $20.17 mln consensus. Co issues downside guidance for FY08, sees EPS of $0.45-0.48 vs. $0.62 consensus; sees FY08 revs of $84-86 mln vs. $90.21 mln consensus.
16:32 MPWR sees Q1 revs $33-35 mln vs $34.03 mln First Call consensus

16:32 RSG Republic Services reports Q4 (Dec) results, revs in-line; guides FY08 EPS in-line; announces $250 mln stock repurchase (29.29 -1.08)

Reports Q4 (Dec) earnings of $0.44 per share, includes $0.03 gain related to the sale of the co’s compost, mulch, and soil business in Texas, may not be comparable to the First Call consensus of $0.41; revenues rose 3.9% year/year to $796 mln vs the $793 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.78-1.82 vs. $1.82 consensus. Co announces Board of Directors have approved an additional $250 mln common stock repurchase program.
16:31 DRRX Durect beats by $0.01, reports revs in-line (5.15 -0.35)

Reports Q4 (Dec) loss of $0.10 per share, $0.01 better than the First Call consensus of ($0.11); revenues rose 22.2% year/year to $6.6 mln vs the $6.6 mln consensus. Co sees Y08 net cash consumption of approx $32-36 mln.
16:31 MFLX prelim $0.54 vs $0.14 First Call consensus; revs $184.2 mln vs $175.26 mln First Call consensus

16:31 MPWR prelim $0.26 vs $0.23 First Call consensus; revs $38.5 mln vs $38.44 mln First Call consensus

16:31 TZOO prelim $0.00, may not be comparable to $0.14 First Call consensus; revs $19.1 mln vs $20.20 mln First Call consensus

16:30 DRRX prelim ($0.10) vs ($0.11) First Call consensus; revs $6.6 mln vs $6.61 mln First Call consensus

16:30 K Kellogg reaffirms guidance, updates information regarding hedging (48.15 -0.91)

Co reaffirmed guidance for 2008 full-year earnings to be $2.92 – 2.97 per share vs $2.99 consensus. This estimate includes the impact of significant inflation; as previously disclosed, the co expects incremental commodity, energy, fuel, and benefits inflation in excess of $0.65 per share. For 2008, the co says it has hedged approx 70% of its commodity exposure. “We are confident in our ability to achieve our targets in 2008,… We’re investing in the future while facing continued cost pressure, which is a testament to the strength and resiliency of our business model and operating principles.”
16:30 MPWR Monolithic Power announces $25 million stock repurchase program (15.50 +0.02)

16:29 ZL Zarlink Semi beats by $0.02, reports revs in-line (0.84 +0.08)

Reports Q3 (Dec) loss of $0.07 per share, $0.02 better than the First Call consensus of ($0.09); revenues rose 42.5% year/year to $48.6 mln vs the $48.9 mln consensus.
16:28 SGP Schering-Plough: US prescriptions for Vytorin, Zetia rebounded last week, drug-data vendor says – DJ (20.39 -0.82)

DJ reports U.S. prescriptions for embattled cholesterol drugs Vytorin and Zetia rebounded last week, following two weeks of declines amid questions about their effectiveness, a drug-data vendor said. Total prescriptions for Vytorin, which is marketed by a joint venture of Merck (MRK) and Schering-Plough (SGP), rose about 8% to 343,346 in the week ended Feb. 1, compared with the previous week, according to Verispan. Zetia prescriptions rose about 9% to 250,979 in the week ended Feb. 1, versus the previous week, Verispan said.
16:28 NBR Nabors Ind reports Q4 (Dec) results, beats on revs (27.80 -1.72)

Reports Q4 (Dec) earnings of $0.78 per share, may not be comparable to the First Call consensus of $0.73; revenues rose 0.5% year/year to $1.31 bln vs the $1.24 bln consensus.
16:26 MFLX Multi-Fineline halted ahead of earnings (13.24 -0.26)

16:25 IVGN Invitrogen beats by $0.05, beats on revs (83.43 -1.57)

Reports Q4 (Dec) earnings of $1.05 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $1.00; revenues rose 11.4% year/year to $336 mln vs the $326.4 mln consensus. IVGN says non-GAAP 2008 EPS are expected to grow in the high single to low double digits; Revenues are expected to increase in the mid single digits. The co will provide further detail on its business outlook during the conf call today.
16:25 BBBB Blackboard beats by $0.01, reports revs in-line; issues Q1 & FY08 guidance (30.74 -0.71)

Reports Q4 (Dec) earnings of $0.25 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.24; revenues rose 23.0% year/year to $63.2 mln vs the $62.6 mln consensus. Co issues guidance for Q1, sees non-GASAP EPS of ($0.02)-0.01, vs $0.20 consensus; sees Q1 revs of $64-66 mln vs. $64.61 mln consensus. Co issues guidance for FY08, sees EPS of $0.58-0.68, vs $0.96 consensus; sees FY08 revs of $306-314 mln vs. $281.41 mln consensus… Blackboard’s financial guidance for the first quarter and full year 2008 reflects the inclusion of the N.T.I. Group starting January 31, 2008, the effective date of the acquisition. Blackboard’s 2008 revenue related to N.T.I. deferred revenue will be approximately $12 mln lower than what N.T.I. would have recognized as an independent company. When former N.T.I. clients pay annually on their license agreements, Blackboard will recognize revenue for the fair value of these agreements over the term of the renewal, which is generally one year. Blackboard’s 2008 results will also be negatively impacted by approximately $5 mln in merger and integration related expenses from the N.T.I. acquisition.
16:25 SNCI Sonic Innovations misses by $0.03, reports revs in-line (5.36 -0.50)

Reports Q4 (Dec) net of breakeven, $0.03 worse than the First Call consensus of $0.03; revenues rose 12.5% year/year to $32.3 mln vs the $32.5 mln consensus.
16:25 TECHX Equity markets finish trading with steep losses, worst percentage decline for S&P 500 in 11 months

The major averages experienced steep declines today as trader’s & investors sold stocks following an unexpected contraction in the service industry. This morning’s Jan. ISM Non-Manufacturing Index came in at 41.9, far below analyst’s forecast of 53.0, signaling a slowdown in the U.S economy. It is the first contraction since Mar. ’03 and adds fuel to the fears of a broad recession for the economy as the aforementioned index reflects almost 90% of the economy. Stock indices were punished all session as any intraday recovery attempt was met with strong resistance & a subsequent push to new lows. The S&P 500 ended with it’s worst percentage decline in 11 months & the rest of the averages all settled at or near their sessions worst levels. Unofficially, the INDU finished @ 12265 -370, SPX @ 1336.50 -44, NDX @ 1773.50 -55.3, COMPQ @ 2309.50 -73.30, & RUT @ 701.50 -21.90. Looking at the most actively traded ETF’s, no sector strength was noted today. Today’s sector weakness was seen in Broker/Dealer (IAI -5.9%), Financials (IYG -4.6%, IYF -4.2%, XLF -4.05%), Clean Energy (PBW -4.2%), Energy (XLE -4.1%, OIH -3.9%), & Semiconductors (XSD -3.8%, SMH -3.6%), & Software (SWH -3.8%).
16:23 QSII Quality Systems beats by $0.01, ex-items, beats on revs (30.10 -1.68)

Reports Q3 (Dec) earnings of $0.37 per share, excluding $0.03 non-recurring items, $0.01 better than the First Call consensus of $0.36; revenues rose 24.9% year/year to $48.1 mln vs the $46.8 mln consensus.
16:23 ADVS Advent Software beats by $0.03, beats on revs; guides Q1 revs above consensus; guides FY08 revs above consensus (45.02 -1.90)

Reports Q4 (Dec) earnings of $0.14 per share, $0.03 better than the First Call consensus of $0.11; revenues rose 18.7% year/year to $59.6 mln vs the $58.1 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $59-61 mln vs. $56.03 mln consensus. Co issues upside guidance for FY08, sees FY08 revs of $248-254 vs. $245.09 mln consensus.
16:23 CAKE Cheesecake Factory misses by $0.04, misses on revs; guides FY08 EPS below consensus, revs below consensus (20.87 -0.51)

Reports Q4 (Dec) earnings of $0.22 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.26; revenues rose 12.6% year/year to $406.3 mln vs the $413 mln consensus. Co issues downside guidance for FY08, sees EPS up approx 10-15%, which equates to approx $1.11-1.16 vs. $1.29 consensus; sees FY08 revs up approx 10-12%, which equates to approx $1.662-1.692 bln vs. $1.73 bln consensus. Co reports Q4 restaurant same store sales -0.4% vs +1.0% Briefing.com consensus, reports Q4 Cheesecake Factory same store sales -0.6% vs +0.6% Briefing.com consensus, reports Q4 Grand Lux Cafe same store sales +1.9% vs +4.0% Briefing.com consensus.
16:22 USNA USANA beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY08 EPS below consensus, revs below consensus (45.50 -0.18)

Reports Q4 (Dec) earnings of $0.67 per share, $0.01 better than the First Call consensus of $0.66; revenues rose 10.8% year/year to $108.7 mln vs the $109.4 mln consensus. USNA also reported a 15% net increase in the number of active Associates. Co issues downside guidance for Q1, sees EPS of $0.63-$0.66 vs. $0.72 consensus; sees Q1 revs of $105-$109 mln vs. $113.28 mln consensus. USNA lowers their FY08 net sales and earnings guidance to 7% to 10% growth over FY07, this is down from 10-13% last qtr (this calculates to roughly EPS of $2.85-$2.93 vs. $3.04 consensus; revs roughly calculate to $452.7-$465.4 mln vs. $474.98 mln consensus).
16:22 RENT Rentrak beats by $0.01, reports revs in-line (10.29 -0.19)

Reports Q3 (Dec) earnings of $0.05 per share, $0.01 better than the First Call consensus of $0.04; revenues fell 10.5% year/year to $23.9 mln vs the $24 mln consensus.
16:22 IVAC Intevac beats by $0.13, beats on revs (10.14 -0.03)

Reports Q4 (Dec) loss of $0.16 per share, excluding $0.05 gain, $0.13 better than the First Call consensus of ($0.29); revenues fell 82.5% year/year to $16.8 mln vs the $14.9 mln consensus.
16:22 IOM Iomega reports Q4 results, beats on revs; guides FY08 revs above consensus (2.72 +0.01)

Reports Q4 (Dec) earnings of $0.09 per share, excluding non-recurring items, may not be comparable to the First Call consensus of $0.10; revenues rose 58.3% year/year to $120.6 mln vs the $118.7 mln consensus. Co issues guidance for FY08, sees EPS of $0.20, may not be comparable to the $0.20 consensus; sees FY08 revs of $400 mln vs. $379.23 mln consensus. (Briefing.com note: An Earnings Color comment was been issued following this post to clarify the results — see 16:43 comment)
16:21 QSII Quality Systems beats by $0.01, beats on revs (30.75 -1.68)

Reports Q3 (Dec) earnings of $0.37 per share, excluding $0.03 gain, $0.01 better than the First Call consensus of $0.36; revenues rose 25.0% year/year to $48.1 mln vs the $46.8 mln consensus.
16:21 PLNR Planar Systems misses by $0.03, reports revs in-line; guides Q2 EPS below consensus, revs below consensus (5.83 -0.09)

Reports Q1 (Dec) loss of $0.20 per share, $0.03 worse than the First Call consensus of ($0.17); revenues rose 24.2% year/year to $80.6 mln vs the $80.2 mln consensus. Co issues downside guidance for Q2, sees loss of -$0.24 vs. ($0.15) consensus; sees Q2 revs of $73-77 mln vs. $77.27 mln consensus. The Company continues to believe that the second half of the fiscal year will benefit from continued integration efficiencies as well as various growth initiatives. However, given the potential negative financial impact on the co from the global economic slowdown, the current projected improvement in the second half of the year may not be sufficient to achieve the previous Non-GAAP earnings per share guidance of $0.20 for FY08.
16:21 PEC Pike Electric beats by $0.01, beats on revs; guides FY08 revs below consensus (15.41 -0.67)

Reports Q2 (Dec) earnings of $0.15 per share, $0.01 better than the First Call consensus of $0.14; revenues fell 3.5% year/year to $143.1 mln vs the $138.8 mln consensus. Co issues downside guidance for FY08, sees FY08 revs of $520-530 mln, down from prior guidance of $550-560 mln, vs. $574.38 mln consensus.
16:21 SUMT SumTotal reports in-line Q4 EPS, beats on revs, (4.75 +0.09)

Reports Q4 earnings of $0.05 vs $0.05 First Call consensus; revenues rose 12% year/year to $33.5 mln vs $31.71 mln First Call consensus. The co guides Q1 EPS to $0.07-0.10 vs $0.11 First Call consensus; sees revs of $33.0-35.0 mln vs $34.76 mln First Call consensus.
16:19 PNSN Penson Worldwide beats by $0.04 (9.98 -0.42)

Reports Q4 (Dec) earnings of $0.39 per share, $0.04 better than the First Call consensus of $0.35; revenues rose 43.7% year/year to $75.6 mln vs the $68.3 mln single estimate.
16:19 CVLT Commvault Systems reports EPS in-line, revs in-line; guides FY08 EPS in-line, revs in-line (19.35 +0.20)

Reports Q3 (Dec) earnings of $0.15 per share, excluding non-recurring items, in-line with the First Call consensus of $0.15; revenues rose 31.3% year/year to $50.3 mln vs the $49.8 mln consensus. Co issues in-line guidance for FY08, sees EPS of $0.56-0.58 vs. $0.58 consensus; sees FY08 revs of $195-196 mln vs. $195.76 mln consensus.
16:19 DBTK Double-Take Software beats by $0.12, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY07 EPS above consensus, revs above consensus (15.30 -1.41)

Reports Q4 (Dec) earnings of $0.29 per share, $0.12 better than the First Call consensus of $0.17; revenues rose 23.4% year/year to $23.5 mln vs the $23.6 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.10-0.11 vs. $0.13 consensus; sees Q1 revs of $21.9-22.5 mln vs. $22.21 mln consensus. Co issues upside guidance for FY07, sees EPS of $0.63-0.65 vs. $0.61 consensus; sees FY07 revs of $100.6-103 mln vs. $82.83 mln consensus.
16:19 CAKE sees FY08 EPS $1.11-1.16 vs $1.29 First Call consensus; sees $1.662-1.692 bln vs $1.73 bln First Call consensus

16:17 RSYS RadiSys beats by $0.04, beats on revs; guides Q1 EPS below consensus, revs below consensus (12.86 -0.98)

Reports Q4 (Dec) earnings of $0.17 per share, $0.04 better than the First Call consensus of $0.13; revenues rose 63.4% year/year to $99.2 mln vs the $95.8 mln consensus. Co issues downside guidance for Q1, sees EPS of ($0.04)-($0.02) vs. $0.05 consensus; sees Q1 revs of $75-83 mln vs. $88.42 mln consensus.
16:17 FORM FormFactor reports EPS in-line, misses on revs (23.19 -3.04)

Reports Q4 (Dec) earnings of $0.36 per share, in-line with the First Call consensus of $0.36; revenues fell 3.8% year/year to $120.5 mln vs the $126.1 mln consensus. Market conditions, particularly in DRAM, began to deteriorate in Q4 and that weakness has continued into Q1,” said Igor Khandros, CEO. “In light of this, we are taking actions to restructure the company to better align with the market environment.” market environment.” The company announced a cost reduction plan that will include reducing its global workforce by approx 14%.

16:17 SRX SRA Intl beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line; guides FY08 EPS in-line, revs in-line (27.16 )

Reports Q2 (Dec) earnings of $0.30 per share, $0.01 better than the First Call consensus of $0.29; revenues rose 19.0% year/year to $382 mln vs the $378.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.30-$0.31 mln vs. $0.31 consensus; sees Q3 revs of $380-$395 vs. $391.27 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.22-$1.25 vs. $1.25 consensus; sees FY08 revs of $1511-$1541 vs. $1.54 bln consensus.
16:17 SGMO Sangamo BioSci misses by $0.04, reports revs in-line (11.87 -0.28)

Reports Q4 (Dec) loss of $0.17 per share, $0.04 worse than the First Call consensus of ($0.13); revenues rose 27.3% year/year to $2.8 mln vs the $2.8 mln consensus.
16:17 WIRE Encore Wire misses by $0.22, misses on revs; cites pricing pressure pushing gross margin to lowest levels in history (16.58 -0.57)

Reports Q4 (Dec) loss of $0.05 per share, $0.22 worse than the First Call consensus of $0.17; revenues rose 7.5% year/year to $281.9 mln vs the $288.0 mln consensus. Co says the past five quarters have proved to be very challenging for businesses across the US construction industry, including the building wire industry. This is only the second quarterly loss WIRE has reported since 1995. Despite strong copper prices, margins in the building wire industry continue to be compressed. Competitors are cutting wire prices in an attempt to maintain market shares.
16:17 ADVS sees FY08 revs $248-254 mln vs $245.09 mln First Call consensus

16:16 ADVS sees Q1 revs $59-61 mln vs $56.03 mln First Call consensus

16:16 TMWD Tumbleweed Comms reports EPS in-line, beats on revs; guides Q1 EPS in-line, revs in-line (1.73 +0.06)

Reports Q4 (Dec) loss of $0.04 per share, excluding non-recurring items, in-line with the First Call consensus of ($0.04); revenues fell 14.3% year/year to $14.3 mln vs the $13.8 mln consensus. Co issues in-line guidance for Q1, sees EPS of ($0.01)-($0.03), excluding non-recurring items, vs. ($0.01) consensus; sees Q1 revs of $13-14.5 mln vs. $13.94 mln consensus.
16:16 BOBE Bob Evans reports January, Q3 same store sales (28.17 -0.75)

Co reports January same-store sales at Bob Evans Restaurants +1.2%; co reports Q3 same-store sales of +1.5% vs +1.2% Briefing.com consensus. Co reports January same-store sales at Mimi’s Cafe -2.4%; co reports Q3 same-store sales of -2.0% vs -1.7% Briefing.com consensus.
16:16 ADVS prelim $0.14 vs $0.11 First Call consensus; revs $59.6 mln vs $58.09 mln First Call consensus

16:15 CAKE prelim $0.22 vs $0.26 First Call consensus; revs $406.3 mln vs $412.98 mln First Call consensus

16:15 DAL Delta Air Lines achieves record January load factors (17.03 -0.22)

Co reports record load factors for January. Load factors for international (76.3%), Latin (82.3%), domestic (74.9%) and system (75.4%) were higher than any previous January on record for Delta. System traffic increased 2.5% from January 2007 on flat capacity. International traffic increased 11.1% YoY on an 8.7% increase in capacity. Domestic traffic in January 2008 decreased 1.4% YoY on a capacity decrease of 3.6%. In addition, Delta’s continued international expansion coupled with strong demand for Delta’s international product resulted in a record number of passengers flying internationally on Delta during the month of January. The number of Pacific, Latin (regional affiliates), Atlantic and international passengers increased 38.4%, 31.8%, 11.7% and 5.5%, respectively, versus the same period last year.
16:14 TMRK Terremark Worldwide beats by $0.01, beats on revs; guides Q4 revs in-line; guides FY09 revs in-line (5.52 +0.02)

Reports Q3 (Dec) loss of $0.06 per share, $0.01 better than the First Call consensus of ($0.07); revenues rose 103.3% year/year to $50 mln vs the $49.5 mln consensus. Co issues in-line guidance for Q4, sees Q4 revs of $55.5-58.5 mln vs. $55.64 mln consensus. Co issues in-line guidance for FY09, sees FY09 revs of $250-255 mln vs. $263.02 mln consensus.
16:14 VOCS Vocus beats by $0.01, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY08 EPS in-line, revs above consensus (29.47 -0.31)

Reports Q4 (Dec) earnings of $0.14 per share, $0.01 better than the First Call consensus of $0.13; revenues rose 34.7% year/year to $16.3 mln vs the $15.8 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.13-$0.14 vs. $0.13 consensus; sees Q1 revs of $16.9-$17.1 mln vs. $16.44 mln consensus. Co issues mixed guidance for FY08, sees EPS of $0.63-$0.65 vs. $0.63 consensus; sees FY08 revs of $74-$75 mln vs. $73.12 mln consensus.
16:14 DIS Walt Disney beats by $0.11, beats on revs (30.22 -0.68)

Reports Q1 (Dec) earnings of $0.63 per share, excluding non-recurring items, $0.11 better than the First Call consensus of $0.52; revenues rose 9.1% year/year to $10.45 bln vs the $10.04 bln consensus.
16:14 QSFT Quest Software misses by $0.02, beats on revs; guides FY08 revs above consensus (14.89 -0.45)

Reports Q4 (Dec) earnings of $0.26 per share, $0.02 worse than the First Call consensus of $0.28; revenues rose 11.6% year/year to $186.7 mln vs the $178.3 mln consensus. QSFT also sees non-GAAP operating margin is expected to be in the range of 16.5% to 17.5% . Co issues upside guidance for FY08, sees FY08 revs of $705-$720 mln vs. $684.78 mln consensus. Non-GAAP operating margin is expected to be in the range of 16.5% to 17.5%.
16:14 IIG Imergent reports Q2 profit (9.95 -0.62)

Reports Q2 (Dec) earnings of $0.14 per share, may not be comparable to the single estimate ($0.14); total revenues rose 9.1% year/year to $38.9 mln, may not compare to the $27.2 mln single estimate.
16:14 MANH Manhattan Assoc misses by $0.02, misses on revs; guides Q1 EPS in-line; guides FY08 EPS in-line (23.71 -1.38)

Reports Q4 (Dec) earnings of $0.37 per share, $0.02 worse than the First Call consensus of $0.39; revenues rose 12.0% year/year to $85 mln vs the $88.6 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.22-0.28 vs. $0.28 consensus. Co issues in-line guidance for FY08, sees EPS of $1.47-1.53 vs. $1.51 consensus.
16:13 USNA also reported a 15% net increase in the number of active Associates

16:13 EW Edwards Lifesci beats by $0.03, beats on revs; guides Q1 EPS below consensus; guides FY08 EPS in-line, revs in-line (47.00 +0.01)

Reports Q4 (Dec) earnings of $0.56 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.53; revenues rose 10.3% year/year to $293 mln vs the $280.1 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.47-0.51 vs. $0.53 consensus. Co issues in-line guidance for FY08, sees EPS of $2.32-2.40 vs. $2.33 consensus; sees FY08 revs of $1.160-1.210 bln vs. $1.17 bln consensus.
16:13 RATE Bankrate misses by $0.06, misses on revs; guides FY08 revs above consensus (53.68 -3.17)

Reports Q4 (Dec) earnings of $0.33 per share, $0.06 worse than the First Call consensus of $0.39; revenues rose 21.7% year/year to $25.2 mln vs the $26.8 mln consensus. As a result of the acquisitions of InsureMe and Fee Disclosure, along with the strength of the co’s core business, co issues upside guidance for FY08, sees FY08 revs of $167-172 mln vs. $142.75 mln consensus. “It was an unusual quarter in that we had two record months followed by a soft December, when several display advertisers cancelled booked business in that month as a result of anxiety in the mortgage and financial sectors. However, January’s activity generated record traffic and click volume and 2008 is off to a great start.”
16:13 RSYS sees Q1 ($0.04) – $0.02 vs $0.05 First Call consensus; sees revs $75-83 mln vs $88.42 mln First Call consensus

16:13 Warren Buffett says Berkshire Hathaway will not invest in any bond insurers apart from its own according to Fox Business Network – Reuters

Buffett says Berkshire “could have some kind of insurance transaction” with other bond insurers. (ABK, MBI, SCA)
16:13 RVBD Riverbed Technology beats by $0.01, beats on revs (22.11 -1.08)

Reports Q4 (Dec) earnings of $0.20 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.19; revenues rose 125.6% year/year to $76.3 mln vs the $71.1 mln consensus. “GAAP gross margins reached 75% for the first time in the fourth quarter, significantly ahead of plan and reflecting reduced costs and a positive product mix”, First Call expected 72.8%.
16:12 SUMT sees Q1 $0.07-0.10 vs $0.11 First Call consensus; sees revs $33.0-35.0 mln vs $34.76 mln First Call consensus

16:12 JDSU JDS Uniphase beats by $0.10, beats on revs; guides Q3 revs in-line (10.26 -0.21)

Reports Q2 (Dec) earnings of $0.22 per share, $0.10 better than the First Call consensus of $0.12; revenues rose 9.0% year/year to $399.2 mln vs the $386.4 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $380-402 mln vs. $390.18 mln consensus.
16:11 VFC V.F. Corp beats by $0.04, beats on revs (73.75 -2.52)

Reports Q4 (Dec) earnings of $1.46 per share, $0.04 better than the First Call consensus of $1.42; revenues rose 22.3% year/year to $1.96 bln vs the $1.89 bln consensus. Revenues are expected to rise 9%, with organic growth in all our coalitions. Outdoor revenues should grow at a mid-teen percentage rate, with mid single-digit revenue growth in Imagewear and slightly lower growth in both Sportswear and Jeanswear. Continue to be excited about the growth prospects for our Contemporary Brands coalition, where revenues are expected to exceed $415 mln in 2008. EPS from continuing operations should increase 10% in 2008, driven by top line growth and margin expansion, particularly in our Outdoor and Jeanswear coalitions. Sportswear margins are expected to remain relatively stable with 2007 levels, reflecting investments in marketing, eCommerce and retail store expansion. They also are looking forward to ‘record’ performance in the first quarter. They expect an 8-10% increase in both revenues and earnings per share, driven by Outdoor, Imagewear and Contemporary Brands coalitions.
16:11 LDSH Ladish beats by $0.14, beats on revs (35.92 -0.41)

Reports Q4 (Dec) earnings of $0.64 per share, $0.14 better than the First Call consensus of $0.50; revenues rose 15.9% year/year to $108.3 mln vs the $106 mln consensus.”The outlook for 2008 and beyond is optimistic. Contract backlog at December 31, 2007 was a record $611 million in comparison to $500 million at the end of 2006. Progress continues on the new 12,500-ton isothermal press in Wisconsin which we expect to be installed by the end of the second quarter. Our titanium investment casting business will grow in 2008 and into the future with the added capacity of a new furnace and facility expansion in our Albany, Oregon facility along with the start-up of a complementary casting operation in Mexico. The development of an aerospace forging business at ZKM continues as we are also developing value-added machining and inspection capabilities in Poland. The continued strength of aerospace markets worldwide provides the basis for Ladish to drive its improved performance in the future.”
16:11 BCA Corpbanca announces CFO Enrique Perez is resigning (32.25 -2.86)

16:11 USNA 7%-10% growth equates to roughly EPS of $2.85-2.93 vs $3.04 First Call consensus; revs of $452.7-465.4 mln vs $474.98 mln First Call consensus

16:11 SUMT prelim $0.05 vs $0.05 First Call consensus; revs $33.5 mln vs $31.71 mln First Call consensus

16:11 IVAC prelim ($0.16) vs ($0.29) First Call consensus; revs $16.8 mln vs $14.91 mln First Call consensus

16:11 PNSN prelim $0.39 vs $0.35 First Call consensus; revs $75.6 mln vs $68.27 mln First Call consensus

16:10 CVLT sees FY08 $0.56-0.58 vs $0.58 First Call consensus; sees revs $195-196 mln vs $195.76 mln First Call consensus

16:10 LOOP Loopnet announces Thomas Byrne named President and Chief Operating Officer (14.79 -1.01)

16:10 NBIX Neurocrine Biosci reports Q4 (Dec) results, misses on revs (5.17 -0.24)

Reports Q4 (Dec) loss of $3.35 per share, includes non-cash impairment charge of $94.0 mln related to the write-off of the indiplon prepaid royalty, includes $6.9 mln charge related to a severance program, may not be comparable to the First Call consensus of ($0.85); revenues fell 94.4% year/year to $0.5 mln vs the $0.7 mln consensus. Co sees Y08 net loss of approx $75-$80 mln, and the cash burn from ongoing operations of approx $65-70 mln.
16:10 CVLT prelim $0.15 vs $0.15 First Call consensus; revs $50.3 mln vs $49.81 mln First Call consensus

16:10 HAR Harman misses by $0.10, reports revs in-line (45.73 -1.86)

Reports Q2 (Dec) earnings of $0.73 per share, excluding non-recurring items, $0.10 worse than the First Call consensus of $0.83; revenues rose 14.4% year/year to $1.07 bln vs the $1.07 bln consensus. Co says “Although we continue to increase sales across all divisions, our automotive earnings are under pressure due to portable navigation devices, product mix, and higher engineering and material costs during a period of record launch activity.”
16:09 RENT prelim $0.05 vs $0.04 First Call consensus; revs $23.9 mln vs $23.99 mln First Call consensus

16:09 TMRK sees FY09 revs $250-255 mln vs $263.02 mln First Call consensus

16:09 USNA lowers their FY08 net sales and earnings guidance to 7% to 10% growth over FY07, this is down from 10-13% last qtr

16:09 GHDX Genomic Health beats by $0.03, beats on revs; guides FY08 revs in-line

Reports Q4 (Dec) loss of $0.21 per share, $0.03 better than the First Call consensus of ($0.24); revenues rose 124.4% year/year to $19.3 mln vs the $18.1 mln consensus. Co issues in-line guidance for FY08, sees FY08 revs of $100-110 mln vs. $104.57 mln consensus.
16:09 IVGN Invitrogen, Agilent Technologies settle multiple patent litigations (83.43 -1.57)

The cos announce a confidential settlement of multiple patent litigations pending between the two companies. The settlement resolves three patent infringement lawsuits between Invitrogen and Stratagene, Inc. Agilent acquired Stratagene in 2007. (A)
16:08 NBR prelim $0.78, incl charges, may not be comparable to $0.73 First Call consensus; revs $1.31 bln vs $1.24 bln First Call consensus

16:08 TMRK sees Q4 revs $55.5-58.5 mln vs $55.64 mln First Call consensus

16:08 PLNR sees Q2 ($0.24) vs ($0.15) First Call consensus; sees revs $73-77 mln vs $77.27 mln First Call consensus

16:08 ENWV prelim ($0.09) vs ($0.12) First Call consensus; revs $14.4 mln vs $13.8 YoY

16:08 VOCS sees FY08 $0.63-0.65 vs $0.63 First Call consensus; sees revs $74-75 mln vs $73.12 mln First Call consensus

16:08 NBIX sees Y08 net loss of approx $75 to $80 mln

16:07 TMRK prelim ($0.06) vs ($0.07) First Call consensus; revs $50.0 mln vs $49.49 mln First Call consensus

16:07 LOOK Looksmart guides Q4 revs above consensus; sees revs between $15,5-15.8 mln, First Call Consensus is $12.18 mln (3.48 -0.20)

For Q4, co expects to report total revenue of between $15.5 and $15.8 million, which represents a 5%-7% increase y/y. Included in co’s Q4 revenue is ~$0.7 million of revenue derived from certain of co’s consumer assets sold or retired in 2007, compared to $1.3 million of revenue derived from those assets included in co’s 4Q06 revenue. “Our fourth quarter revenue results reflect the inherent value in a focused business model serving the needs of online advertisers and publishers,” said Ted West, President and Chief Executive Officer of LookSmart. “Looking to 2008, we remain excited by our business prospects for both our Advertiser Network and Publisher Solutions businesses.” Gross margin for the fourth quarter of 2007 is expected to be between 40% and 42%, as compared to 42% in the fourth quarter of 2006.
16:07 USNA sees Q1 $0.63-0.66 vs $0.72 First Call consensus; sees revs $105-109 mln vs $113.28 mln First Call consensus

16:07 SGMS Scientific Games signs instant ticket printing contract with the China Sports Lottery (22.05 -0.86)

Co announces that it has signed a contract for the manufacturing of instant tickets with China Sports Lottery Printing. Through one of the co’s joint ventures in China, Scientific Games will establish a state of the art instant ticket manufacturing facility as soon as the press can be manufactured and delivered. This facility will be operated by the joint venture for a 15-year period. Revenues to Scientific Games will be based on a percentage of sales.
16:07 PLNR prelim ($0.20) vs ($0.17) First Call consensus; revs $80.6 mln vs $80.20 mln First Call consensus

16:07 VOCS sees Q1 $0.13-0.14 vs $0.13 First Call consensus; sees revs $16.9-17.1 mln vs $16.44 mln First Call consensus

16:07 NBIX prelim ($3.35) may not compare to ($0.85) First Call consensus; revs $0.5 mln vs $0.71 mln First Call consensus

16:06 USNA prelim $0.67 vs $0.66 First Call consensus; revs $108.7 mln vs $109.37 mln First Call consensus

16:06 IVGN says non-GAAP 2008 EPS are expected to grow in the high single to low double digits

16:06 RATE sees FY08 revs $167-172 mln vs $142.75 mln First Call consensus

16:06 RSYS RadiSys announces proposed $50 million offering of convertible senior notes due 2013 (12.88 -0.98)

16:06 VOCS prelim $0.14 vs $0.13 First Call consensus; revs $16.33 mln vs $15.79 mln First Call consensus

16:06 JDSU sees Q3 revs $380-402 mln vs $390.18 mln First Call consensus

16:06 DIS prelim $0.63 vs $0.52 First Call consensus; revs $10.45 bln vs $10.04 bln First Call consensus

16:06 RSYS prelim $0.17 vs $0.13 First Call consensus; revs $99.2 mln vs $95.78 mln First Call consensus

16:06 FORM prelim $0.36 vs $0.36 First Call consensus; revs $120.5 mln vs $126.05 mln First Call consensus

16:05 JDSU prelim $0.22 vs $0.12 First Call consensus; revs $399.2 mln vs $386.42 mln First Call consensus

16:05 SRX sees FY08 $1.22-1.25 vs $1.25 First Call consensus; sees revs $1.511-1.541 bln vs $1.54 bln First Call consensus

16:05 MANH sees FY08 EPS of $1.47-1.53 vs $1.51 First Call consensus

16:05 IVGN prelim $1.05 vs $1.00 First Call consensus; revs $336 mln vs $326.39 mln First Call consensus

16:05 IOM sees FY08 $0.20 vs $0.20 First Call consensus; sees revs $400 mln vs $379.23 mln First Call consensus

16:04 RATE prelim $0.33 vs $0.39 First Call consensus; revs $25.2 mln vs $26.83 mln First Call consensus

16:04 PEC sees FY08 revs $520-530 mln vs $574.38 mln First Call consensus

16:04 HAR prelim $0.73 vs $0.83 First Call consensus; revs $1.07 bln vs $1.07 bln First Call consensus

16:04 SRX sees Q3 $0.30-0.31 vs $0.31 First Call consensus; sees revs $380-395 mln vs $391.27 mln First Call consensus

16:03 EW sees Q1 $0.47-0.51 vs $0.53 First Call consensus

16:03 SNCI prelim $0.00 vs $0.03 First Call consensus; revs $32.3 mln vs $32.50 mln First Call consensus

16:03 BBBB sees Q1 ($0.02)-0.01, which may not be comparable to the $0.20 First Call consensus; sees revs $64-66 mln vs $64.61 mln First Call consensus

16:03 MANH sees Q1 EPS of $0.22-0.28 vs $0.28 First Call consensus

16:03 IOM prelim $0.12 vs $0.10 First Call consensus; revs $120.6 mln vs $118.74 mln First Call consensus

16:02 QSFT also sees non-GAAP operating margin is expected to be in the range of 16.5% to 17.5%

16:02 QSII prelim $0.40 vs $0.36 First Call consensus; revs $48.1 mln vs $46.83 mln First Call consensus

16:02 SRX prelim $0.30 vs $0.29 First Call consensus; revs $382.02 mln vs $378.34 mln First Call consensus

16:02 LOOP sees Q1 $0.11-0.12 vs $0.14 First Call consensus; sees revs $20.1-20.3 mln vs $20.17 mln First Call consensus

16:02 EW sees FY08 $2.32-2.40 vs $2.33 First Call consensus; sees revs $1.160-1.210 bln vs $1.17 bln First Call consensus

16:02 TGAL Tegal reports Q3 EPS of $0.39 vs ($0.86) yr ago; revs rise 132% to $10.1 mln (3.60 +0.09)

16:02 PEC prelim $0.15 vs $0.14 First Call consensus; revs $431.1 mln vs $138.75 mln First Call consensus

16:02 DBTK prelim $0.29 vs $0.17 First Call consensus; revs $23.5 mln vs $23.59 mln First Call consensus

16:01 QSFT sees FY08 revs $705-720 mln vs $684.78 mln First Call consensus

16:01 BBBB prelim $0.25 vs $0.24 First Call consensus; revs $63.2 mln vs $62.61 mln First Call consensus

16:01 WIRE prelim ($0.05) vs $0.17 First Call consensus; revs $281.9 mln vs $288.02 mln First Call consensus

16:01 LOOP prelim $0.14 vs $0.12 First Call consensus; revs $19.6 mln vs $19.14 mln First Call consensus

16:01 EW prelim $0.56 vs $0.53 First Call consensus; revs $293.0 mln vs $280.12 mln First Call consensus

16:01 MANH prelim $0.37 vs $0.39 First Call consensus; revs $85 mln vs $88.62 mln First Call consensus

16:01 TMWD sees Q1 ($0.01-0.03) vs ($0.01) First Call consensus; sees revs $13-14.5 mln vs $13.94 mln First Call consensus

16:01 QSFT prelim $0.26 vs $0.28 First Call consensus; revs $186.7 mln vs $178.33 mln First Call consensus

16:00 OMC Omnicom: NY Appellate Court dismisses Omnicom derivative lawsuit (45.11 -1.90)

The co announces that the Appellate Division of the New York State Supreme Court, First Judicial Department, issued a decision in In re Omnicom Group Shareholder Derivative Litigation denying plaintiffs’ motion to reargue or appeal the Court’s decision of September 25, 2007, which granted Omnicom’s motion to dismiss a derivative lawsuit brought in June 2002 against current and former members of Omnicom’s board of directors. In its September 2007 opinion, the Court concluded that plaintiffs failed to show that the Seneca transaction, which was the subject of the lawsuit, was not the product of “sound business judgment.”
16:00 LDSH prelim $0.64 vs $0.50 First Call consensus; revs $108.34 mln vs $106.00 mln First Call consensus

16:00 TMWD prelim ($0.04) vs ($0.04) First Call consensus; revs $14.3 mln vs $13.84 mln First Call consensus

16:00 SGMO prelim ($0.17) vs ($0.13) First Call consensus; revs $2.8 mln vs $2.80 mln First Call consensus

16:00 CBZ CBIZ acquires provider of Innkeepers’ insurance (9.23 )

The co announces it has acquired substantially all the assets of NAIS, which provides innkeepers insurance programs marketed through James Wolf Insurance and Old Line Insurance.

Good to Go Pile . . .

Posted: February 5, 2008 in Charts, Forex, Futures, Lifestyle, Music, Psychology, Real Estate, Sports, Stocks, Technical Analysis, Trading

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Posted: February 5, 2008 in Charts, Forex, Futures, Stocks, Technical Analysis, Trading

Fat Tuesday is upon us. Make sure to get your pig on before the Lenten season begins. We will be looking for lower prices as we seem to have a temporary high in the markets. Gold, Oil, Index futures all selling off this am on the leaked ISM numbers as the market gets its drink on today. I had been saying be careful with over zealous buying at this point of the dead cat bounce and sure enough 1400 on the spoos acted as the shield to push the market back downwards. We are now projecting at least a test of 1325-1335 over the next few days/weeks. That would be a %50 move from the recent 145 pt move since the FED. Let’s see what they do, right now, long is wrong.

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