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Contributors: Douglas McIntyre Jon C. Ogg

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Thursday, July 20, 2006

Pre-Market Notes (July 20, 2006)

S&P Fair Value +$4.21

(AAPL) Apple rose 8% after beating earnings, even on soft revenue and guidance because it was better than what was priced in and the shipments were better than estimates.
(ASPV) Aspreva noted that its Lupus treatment was approved in Malaysia.
(AVCI) Avici trading up 45% after posting significantly higher revenues and positive earnings.
(BCR) CRBard $0.85 EPS vs $0.81e.
(BKD) Brookdale 19+M share secondary priced at $39.50, versus $39.80 close; size was increased.
(CBST) Cubist -$0.04 EPS vs -$0.04e,but that was before -$0.05 stock option expenses.
(CRGN) Curagen said partner Bayer licensed a compound, but it will only receive funds if it goes to commercialization per its prior agreement.
(CTXS) Citrix $0.33/R$275 vs $0.33/$266M(e).
(DJ) Dow Jones $0.39 EPS vs $0.35e.
(DOX) Amdocs $0.49 EPS vs $0.46e.
(EFII) Electronic for Imaging $0.28 EPS vs $0.30e.
(ET) E*Trade $0.36 EPS vs $0.35e.
(F) Ford -$0.03 EPS vs $0.12e, has some charges.
(FHN) First Horizon $0.82 EPS vs $0.81e.
(GNTX) Gentex $0.19 EPS vs $0.17e.
(HON) Honeywell $0.63 EPS vs $0.61e.
(IBM) IBM cut to neutral at Goldman Sachs.
(INTC) Intel $0.15 EPS vs $0.13+e; but shares fell 1.5% after lowering Q3 revenues by $500M and lowering its marin targets for the year.
(ITW) Illinois Toolworks $0.81 EPS vs $0.79e.
(KMP) Kinder Morgan Partners $0.50 EPS vs $0.57e, unsure if comparable.
(KNOT) The Knot filed to sell 7.9M shares, some from company some from holders.
(KNX) Knight Transportation $0.21 EPS vs $0.21e.
(JNPR) Juniper delayed its earnings and filings as part of its stock option review, will offset negativity with a $1 Billion share buyback plan.
(LHO) LaSalle Hotel $0.94 EPS vs $0.96e; slightly lowered 2006 guidance.
(LOGI) Logitech $0.16 EPS vs $0.13e; stock up 10%.
(LRCX) Lam Research $0.84 EPS vs $0.84e; R$525.6M vs $508M(e).
(LRW) Labor Ready $0.35 EPS vs $0.34e.
(LSTR) Landstar $0.50 EPS vs $0.47e.
(MOGN) MGI Pharma down 25% after posting losses.
(MOT) Motorola rose 8% after $0.34 EPS vs $0.31e, but shipmenst and revenues were well above estimates.
(NDAQ) NASDAQ $0.13 EPS vs $0.09e.
(NVLS) Novellus $0.42 EPS vs $0.39e; had already raised guidance.
(OPWV) Openwave fell another 12% after lowering guidance again and postponing its analyst meeting to November.
(PFE) Pfizer $0.50 EPS vs $0.48e.
(PLCM) Polycom $0.24/R$165M vs $0.24/$163M(e).
(POOL) SCP Pool $1.12 EPS vs $1.11e.
(RSAS) RSA Security $0.14 EPS as expected; remember stock is in merger with EMC.
(RX) IMS Health $0.34 EPS vs $0.34e.
(SIRI) Sirius down on UBS downgrade to Neutral.
(SLM) SLM $0.70 EPS vs $0.70e.
(SPWR) $0.11 EPS vs $0.06e.
(STLD) Steel Dynamics $1.78 EPS vs $1.55e.
(TZOO) Travelzoo $0.23 EPS vs $0.21e.
(WB) Wachovia $1.18 EPS vs $1.15e.
(WERN) Werner $0.35 EPS vs $0.34e.
(WM) Washington Mutual $0.94 EPS vs $0.93e.

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