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Monday, July 10, 2006

Pre-Market Notes (July 10, 2006)

S&P FAIR VALUE -$0.82.

(AAPL) Apple up 0.8% pre-market on research note.
(APC) Anadarko is divesting its Canadian LNG terminal.
(CSH) Cash America raised Q2 EPS guidance.
(CHTT) Chattem $0.57 EPS vs $0.58e.
(CNCT) Connetics lowered guidance; stock down 23% pre-market.
(CVX) Chevron is creating an investment unit to invest in ethanoland biofuels according to NYTimes article.
(DCEL) Dobson Communications added 17,300 subscribers in Q2.
(ELMG) EMS Tech lowered guidance.
(EMC) EMC sais core earnings and revenues were slightly under plan; stock down 3% pre-market.
(GD) General Dynamics noted as good value in Barron's.
(GRMN) Garmin up 2% on added content offerings.
(HANS) Hanson Natural trades ex-split today.
(HELE) Helen of Troy $0.21 EPS vs $0.26e, although revenues $130.4M vs $127M(e).
(HTG) Heritage Property Trust gets $1.83 Billion buyout (at $36.15 per share) from Australian venture.
(KBH) KB Homes said housing market issues could persist into 2007.
(KFT) Kraft will buy more stake in United Biscuits in the UK for $1 Billion.
(LGF) Lions Gate Films positive article in Barron's.
(MEDW) Mediware CFO resigned.
(MIM) MI Development CFO resigned.
(NITE) Knight is acquiring ValuBond, a bond trading platform.
(PGL) Peoples Energy gets $41.39 buyout from WPS as discussed last week.
(RYAAY) Ryanair may face tax and fee investigation in the EU according to overseas reports.
(SCSC) Scansource said June's quarterly revenues were above plan.
(SGR) Shaw Group narrowed losses and is reducing prior earnings quarter by $0.04 EPS due to accounting errors; SGR trading down 9% pre-market as report was under plan.
(SMSC) Standard Micro $0.33 EPS vs $0.25e.
(SPWR) SunPower signed an approximate $250M supply pact over 4 years where it will supply DC Chemical in Korea.
(TOPP) Topps is the target of an activist shareholder according to WSJ.
(TSRA) Tessera is making a $59+M acquisitionof Digital Optics.

ANALYST CALLS:
AAPL reitr Buy at Deutsche Bank.
ADTN cut to peer perform at Thomas Weisel.
AEA cut to Equal Weight at MSDW.
AH raised to Buy at Goldman Sachs.
ALGN cut to Hold at Jefferies.
AMGN maintained buy at Goldman Sachs.
ATHR raised to Strong Buy at First Albany.
BCE cut to Sector Perform at RBC.
BSX reitr Overweight at MSDW.
CAM raised to Overweight at MSDW.
CYCC started as Buy at Needcham.
DIS reitr Buy at Goldman Sachs.
DNA reitr Overweight at Prudential.
DOW cut estimates at B of A.
ELY started as Positive at Susquehanna.
ESIO raised to Neutral at Merrill Lynch.
GBE started as Buy at Deutsche Bank.
GFI cut to Neutral at UBS.
GOOG raised est's and reitr Outperform at Piper Jaffray.
HMY cut to Reduce at UBS.
INFY started as Overweight at Prudential.
IRIX reitr Buy at Jefferies.
NXG cut to Neutral at UBS.
PPC raised to Overweight at JPMorgan.
OKE raised to Buy at Citigroup.
QCOM maintained overweight at Lehman; reitr Outperform at Piper Jaffray.
RFMD tgt cut to $9 at Piper Jaffray.
RIN started as Overweight at JPMorgan.
SAFM cut to Underweight at JPMorgan.
SAY started as NEutral at Prudential.
SEPR lowered estimates at Prudential.
SLB raised tgt to $100 at MSDW.
STM cut to Neutral at UBS.
STN reitr Buy at B of A.
SY raised to Buy at Jefferies.
TSN raised to Overweight at JPMorgan.
TSO cut to Sell at Deutsche Bank.
WCI cut to Underperform at CSFB.
WIT started as Neutral at Prudential.
YHOO raised to Positive at Susquehanna.

Miscellaneous: Alcoa (AA) reports earnings after the close.
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