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Wednesday, July 12, 2006

Pre-Market Notes (July 12, 2006)

S&P Fair Value -$1.38.

(AIR) AAR Corp $0.31 EPS vs $0.30e.
(AKSY) Aksys received NASDAQ delisting notice and received pact termination from Delphi pact.
(AMSC) American Superconductor gets $1+ million contract from Dept.of Defense.
(APL) Atlas Pipeline Partners filed to sell 2.1M shares.
(AWH) Allied World Assurance priced its 8.8M share IPO at $34.00.
(BC) Brunswick slightly lowered guidance.
(BRLC) Brillian raised revenue projections and announced pact with ABC Sports.
(BVX) Bovie Medical announced the filing for FDA 510(k) for its new GI device.
(CAH) Cardinal Health announced a $395M share buyback from a holder, so not on open market.
(CEPH) Cephalon said late Tuesday that its cancer drug would be potentially be better than street expectations.
(COCO) Corinthian Colleges is reviewing its stock option grants back to 1999.
(CPB) Campbell Soup sells its U.K. soup and sauces unit to Premier Foods in the UK for $845M.
(CPKI) California Pizza Kitchen said Q2 s-s-s were up 4.8% to $136.2M revenues and sees $0.29-0.30 EPS vs $0.29e.
(CRIS) Curis is halting its Basal Cell Carcinoma Phase I Trial, but says other pact with Genetech is not affected.
(CTB) Cooper Tire booted out of S&P 500.
(DNA) Genentech $0.56 EPS vs $0.47e; revenues $2.2 billion vs $2.12 billion est; stock down 3.6% pre-market.
(EVOL) Evoloving Systems gets reseller pact in Europe.
(GCI) Gannett $1.31 EPS vs $1.30e.
(HAL) Halliburton's KBR unit m,ay have lost an Army contract exclusivity on multi-billion dollars for troop support according to the Washington Post.
(HITK) Hi-Tech Pharmacal $0.15 EPS vs $0.11+e; stock up 2%.
(HRAY) Hurray! announced pact with MTV's unit in China.
(INFY) Infosys $0.63 EPS vs $0.55e; stock up 7% pre-market.
(LGF) Lions Gate acquired Debmar-Mercury to expand into television.
(MNST) Monster said it may need to restate earnings due to stock options granting practices in past.
(MSFT) Microsoft was fined $357M over antitrust issues in the European Union.
(MTB) M&T Bank $1.87 EPS vs $1.81e.
(PCZ) Petro-Canada increased its bid from Canada Southern Petroleum Ltd.
(RATE) Bankrate's suit by a former advertiser comes to trial this Fall according to WSJ.
(RI) Ruby Tuesday $0.53 EPS vs $0.51e.
(SCUR) Secure Computing lowered guidance.
(SCMR) Sycamore has a lawsuit that discloses how employees used tricks to backdate options according to the WSJ.
(SRDX) SurModics signed a new hydrophilic coating for J&J's Cypher stent.
(STZ) Constellation issued $0.42-0.44 EPS guidance vs $0.44e based on integration of Vincor.
(TUTS) Tut Systems lowered guidance.
(YCC) Yankee Candle lowered guidance.
(WIN) Winstream, TBA formed as the wireline communications group of GD & VCG will replace CTB next Monday in the S&P 500 index.

Analyst Calls:
AAPL positive at Citigroup.
AHL started as Neutral at CSFB.
CACS started as Buy at ThinkEquity.
CP started as Hold at AGEdwards.
DELL targets lowered at UBS.
DNA cut to Hold at Deutsche Bank; cut to Neutral at Prudential; reitr Outperform at CIBC; reitr Buy at Jefferies.
EYE started as Overweight at Prudential.
FII raised to Outperform at KBW.
GOOG maintained Outperform at RBC.
HET reitr Overweight at MSDW.
HRS started as Overweight at JPMorgan.
INFY reitr Buy at UBS.
MA started as Hold at Deutsche Bank.
MHP started as Buy at AGEdwards.
MTSN raised to Hold at Citigroup.
NCC cut to Underperform at FBR.
NHY raised to Buy at UBS.
NURO reitr Buy at Jefferies.
NVDA started as Hold at Citigroup.
PFG cut to Reduce at UBS.
RGC raised to Peer Perform at Bear Stearns.
ROC raised to Buy at Deutsche Bank.
SCUR cut to Underperform at Jefferies; cut to Neutral at Oppenheimer.
SNDK reitr Outperform at Thomas Weisel.
SOHU raised to Outperform at CIBC.
TJX raised to Overweight at Lehman.
USU started as Outperform at FBR.
WDR raised to Outperform at KBW.
WWY cut to Neutral at CSFB.

Miscellaneous:
Israel stocks are down 5% as violence and military strikes have escaltaed and Israeli troops have struck Southern Lebanon after a group of Israeli soldiers were attacked and one was kidnapped.
10:30 AM EST Weekly Oil Inventories.

Earnings:
Chaparral Steel-CHAP
Ferro-FOE
Flowserve-FLS
Gannett-GCI
Genzyme-GENZ
Hi-Tech Pharmacal-HITK
Sealy-ZZ
Tekelec-TKLC
Wolverine World Wide-WWW
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