Insightful analysis and commentary for the US and global equity investor
Contributors: Douglas McIntyre Jon C. Ogg

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Wednesday, July 19, 2006

Pre-Market Notes (July 19, 2006)

S&P Fair Value -$1.79.

(AFFX) Affymetrix is cutting prices to increase sales and is targeting 1 million unit sales by 2007.
(ASD) Amer Standard $0.92 EPS vs $0.93e.
(ATVI) Activision shareholder filed lawsuit over stock options granting.
(BAC) Bank of America $1.22 EPS vs $1.11e.
(BGG) Briggs & Straton lowered EPS guidance.
(BK) Bank of NY $0.52 EPS vs $0.55e.
(C) Citigroup gets urged by Saudi Price Alwaleed to use Draconian measures to reel in costs.
(CAKE) Cheesecake Factory reported preliminary revenues slightly higher, but said it is reviewing options granting.
(CBSS) Compass Bancshares $0.88 EPS vs $0.88e.
(CIT) CIT Group $1.16 EPS vs $1.16e.
(CMGI) CMG Info sells its marketing distribution unit to ADP for undisclosed sum.
(COST) Costco announced a $2 Billion share buyback plan.
(CSX) CSX $1.16 EPS vs $1.15e.
(DSPG) DSPGroup $0.34 EPS vs $0.31e.
(DTLK) Datalink $0.18 EPS vs $0.08e, unsure if gain in number.
(ESLR) Evergreen Solar announced $200M supply order.
(ETR) Entergy $1.31 EPS vs $1.31e.
(FAL) Falconbridge gets an increased offer from Xstrata.
(GD) General Dynamics $1.03 EPS vs $1.00e.
(FLIR) Flir $0.28 EPS vs $0.28e, sees 2006 revenues slightly under estimates.
(HST) Host Hotels $0.39 EPS vs $0.38e.
(IBM) IBM rose 2% after meeting revenues and slightly beat earnings; backlog is $109 Billion.
(JAKK) Jakks Pacific lowered guidance.
(JNC) Nuveen $0.56 EPS vs $0.55e.
(JPM) JPMorgan $0.99 EPS vs $0.87e, number looks like it may have some extraordinary items in it; looks like $0.94 was real number according to CFO.
(KEA) Keane $0.15 EPS vs $0.15e.
(LUFK) Lufkin Industries $1.16 EPS vs $1.02e.
(LUV) Southwest Air $0.33 vs $0.263; will exceed its 15% EPS target for 2006.
(MEL) Mellon Bank $0.56 EPS vs $0.52e.
(MYGN) Myriad Genetics shows positive Alzheimers data.
(N) Inco $1.79 EPS vs $1.74e.
(NFLX) Netflix will do advanced screening of DVD's with GE's NBC.
(NITE) Knight Capital $0.29 EPS vs $0.20e; unsure if gain in number.
(NTRS) Northern Trust $0.76 EPS vs $0.77e.
(PJC) Piper Jaffray EPS looked way off, but it isn't comparable because of unit sale.
(PKG) Packaging Corp $0.31 EPS vs $0.24e; raised Q3 guidance.
(PLXT) PLX Tech $0.08 EPS vs $0.075e.
(PNC) PNC Bank $1.28 EPS vs $1.24e.
(PSTA) Monterrey Pasta registered 3.1M shares for holders.
(RLRN) Rennaisance Learning $0.16 EPS vs $0.18e.
(RMBS) Rambus missed its filing date and will restate earnings over stock and compensation related expenses.
(RYL) Ryland $2.03 EPS vs $1.93e.
(SAH) Sonic Automotive lowered guidance.
(SHO) Sunstone filed to sell 4M shares of common stock.
(SOV) Sovereign $0.40 EPS vs $0.39e.
(STI) SunTrust $1.49 EPS vs $1.48e.
(SWFT) Swift Transportation $0.56 EPS vs $0.51e.
(TIVO) Tivo is reportedly trying to expand into China.
(TRMK) Trustmark $0.55 EPS vs $0.50e.
(TSS) Total Systems $0.29 EPS vs $0.27e.
(UIS) Unisys reported wider losses than expected, but had many charges.
(UNH) United Health $0.73 EPS vs $0.68e, but looks like $0.70 EPS after items removed.
(USNA) USANA $0.55 EPS vs $0.52e.
(VFC) VF Corp $0.88 EPS vs $0.86e.
(VMI) Valmont $0.67 EPS vs $0.51e.
(WSPI) Website Pros reaffirmed Q2 revenues.
(YHOO) Yahoo! now down 12% or more after meeting EPS but missing revenues ex-TAC and forecast wasn't ahead either; it is delaying its new search engine.

Analyst Calls:
AAPL reitr Buy at ThinkEquity.
ADTN reitr Buy at Jefferies.
ANSS raised to BUy at Deutsche Bank.
ANH started as Outperform at KBW.
ARTC started as Outperform at Thomas Weisel.
AVP started as Outperform at CSFB.
BBY raised to Overweight at Prudential.
BMRN started as Neutral at Prudential.
BRCM reitr Buy at Deutsche Bank.
CBG started as Outperform at CSFB.
CNX cut to Neutral at RWBaird.
CSCO reitr Buy at Goldman Sachs.
DISH raised to Buy at Citigroup.
DTAS cut to Mkt Perform at Piper Jaffray.
EL started as Neutral at CSFB.
FCX raised to Buy at Prudential.
FORM started as Outperform at Cowen.
INFA started as Overweight at Lehman.
JBHT cut to Neutral at RWBaird, cut to Sell at AGEdwards.
KV/A started as Neutral at JPMorgan.
MFE started as Outperform at Wachovia.
MGM raised to Outperform at CIBC.
NTRI reitr Outperform at Thomas Weisel.
NOK raised to Overweight at Lehman.
NTES cut to Neutral at Susquehanna.
OSUR raised to Hold at Jefferies.
PDX raised to Buy at Jefferies.
SIMO started as Buy at Oppenheimer.
SYMC started as Mkt Perform at Wachovia.
WBD cut to Neutral at UBS.
WBSN started as Mkt Perform at Wachovia.
WPI started as Underweight at JPMorgan.
WYNN cut to Sector Perform at CIBC.
YHOO raised to Buy at Soleil, cut to Hold at Deutsche Bank, cut to Neutral at JPMorgan.

Yesterday congress voted to expand Stem Cell funding and research, but Bush said he'll veto: STEM, GERN, ASTM, VIAC.
8:30 AM EST JUNE CPI.
Bernanke Speaks today at the old "Humphrey Hawkins" testimony, his semi-annual speech on capitol hill.
Today is the hearing for "voting machines" to make sure that the perceived errors are not an ongoing issue.
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