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Contributors: Douglas McIntyre Jon C. Ogg

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Tuesday, July 11, 2006

Pre-Market Notes (Tuesday, July 11, 2006)

S&P Fair Value -$1.16.

(AA) Alcoa $0.90 EPS vs $0.86e.
(ALA) Alcatel said its results were mostly in-line with expectations subsequent to Lucent's warning.
(APOL) Apollo Group delayed its quarterly filing because of a stock options probe; stock down 2% pre-market.
(ASN) Archstone Smith announced intent to sell $500M in convertible notes.
(AVR) Aventine Renewable registered to sell 21.1M shares of common stock for share holders.
(BEN) Franklin announcved 10M share buyback plan.
(BKD) Brookdale reported higher revenues, but announced a secondary of 17.2M shares under pert of its filing to raise capital last month.
(COSI) Cosi said it will post a gain rather than a a slight loss to breakeven estimates; Q2 revenues were $32.4M vs $35+M estimate; thinly covered.
(EGLS) Electroglas -$0.09 EPS vs -$0.15e.
(FAL) Falconbridge shares up4.1% on higher Xstrata bid.
(GSK) Glaxosmithkline gets FDA approval for Avandamet for use as initial treatment of type 2 diabetes along with diet and exercise.
(IVAC) Intevac now sees revenues above plan on orders.
(LPL) LG Philips reported slightly wider losses, although this had been somewhat telegraphed by the company last week.
(LR) Lafarge saids federal agents searched their offices in western NY state on June 28.
(LU) Lucent issued an earnings warning; sees $$0.02 EPS vs $0.04e; raised at Citigroup on valuation,but lowered at RBC.
(MIR) Mirant is launching a dutch share tender of 43M shares for a total of up to $1.25 Billion; it will also sell or spin-off its operations in Philippines and in the Caribbean.
(MOSY) Monolithic lowered revenue guidance.
(MSFT) Microsoft's Bill Gates said there is an 80% chance that Windows Vista will be ready in January 2007.
(PBG) Pepsi Bottling $0.61 EPS vs $0.59e.
(PEIX) Pacific Ethanol registered 8.25M shares for selling stockholders.
(PRGS) Progress delayed its quarterly report due to an options probe.
(QLTY) Quality Distribution has filed to sell 16+M shares of common stock, with only 6M from the company itself.
(SMOD) Smart Modular lowered guidance.
(SVVS) Savvis was selected as subcontractor to Raytheon.
(TLB) Talbots up 0.8% on guidance and J.Jill merger update.
(VOXX) Audiovox $0.08 EPS vs $0.11e.
(VPRT) Vistaprint CFO is resigning.
(WBSN) Websense sees $0.24-0.25 EPS vs $0.24e and Revenue over $44M vs $44.2M(e); stock down almost 4% pre-market.
(WSM) William Sonoma announced its CEO Mueller is retiring, effective July 14; company slightly raised guidance.
(ZIXI) ZIX Corp sees revenues $4.0-4.2M vs $4.15M estimate.

ANALYST CALLS:
AAPL started as Strong Buy at JMP Securities.
AIV & AVB raised to Buy at Deutsche Bank.
AMR cut to Neutral at Merrill Lynch.
AMTD raised to Buy at B of A.
ANFraised to Outperform at RBC.
BRE raised to Buy at Deutsche Bank.
CAL cut to Neutral at Merrill Lynch.
CPS cut to Mkt Perform at JMP Securities.
CPT raised to Buy at Deutsche Bank.
CTXS started as Neutral at Goldman Sachs.
DNA reitr Buy at Jefferies.
FLWS raised to Neutral at Goldman Sachs.
GENZ reitr Buy at Jefferies.
GOOG reitr Outperform at Thomas Weisel.
HCA raised to Buy at Oppenheimer.
HES cut to Underweight at Lehman.
ISLE reitr Buy at Jefferies.
KSS started as Overweight at Prudential.
LCC cut to Neutral at Merrill Lynch.
LIZ cut to Underweight at Prudential.
LTD started as Outperform at RBC.
LWSN started as Hold at Deutsche Bank.
MMM tgt cut to $82 at Citigroup.
MUR cut to Equal Weight at Lehman.
NAPS started as Mkt Perform at JMP Securities.
NDAQ started as Outperform at Piper Jaffray.
NYX started as Underperform at Piper Jaffray.
ORCL started as Hold at Deutsche Bank.
OSI raised to Hold at Jefferies.
PBR raised to Equal Weight at Lehman.
RNWK started as Underperform at JMP Securities.
SBUX started as Hold at Deutsche Bank.
SNDK reitr Buy at UBS.
STP started as Peer Perform at Thomas Weisel.
SUNW raised to Mkt Perform at Sanford Bernstein.
VOD cut to Neutral at UBS.
VRSN reitr Overweight at MSDW.
ZQK raised estimates at Thomas Weisel.
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