Daily Archives: June 21, 2007

IS GE REALLY Paying Paris Hilton $1 Million??? (GE, NWS, PLA)

Today was a bit of an oddball day in true media.  It was all over the media after the New York Post, a News Corp. (NWS-NYSE) company, reported that General Electric (GE-NYSE) was going to pay Paris Hilton an unbelievable hefty sum of $1 Million to conduct her first post-jail interview on NBC’s Today Show.  This is almost laughable, except it shows what media is morphing into. 

The saddest part of this isn’t just that the demand is there for the show and not even about that sum of money.  The real sad part is that it will probably be the most watched television event since the OJ verdict.  It doesn’t sound like the journalist world is too impressed for obvious ‘journalistic’ reasons.  In fact, CNBC’s Larry Kudlow was even making fun or disgust over it AND HE WORKS FOR GENERAL ELECTRIC.

Upon going to the MSNBC website under a "Paris" search it looks like they are also reporting that Hugh Heffner has offered for her to pose in Playboy (PLA-NYSE).  It’s obvious that the version of "news" is out the window.  Television ratings must be sinking even lower than has been said before. 

These are all public companies, using shareholder money.  Right?  Everyone knows the money growns on trees right now in a world awash in liquidity, but it wasn’t known there was money oozing out of the jail cells.

Oh well, I guess it’s time to go look at the real news at The Onion.

Jon C. Ogg
June 21, 2007

Posted on: June 21, 2007 – 7:18 pm in Media, Old Media, Rumors, , ,

NYSE Short Interest, June 2007

The NYSE released short interest in stocks traded on the exchange. The figures are as of June 15 and are compared to the comparable numbers at of May 15.

Largest Shares Short By Company

Company                      Shares Short

Ford (F)                         213.1 million

Motorola (MOT)              139.3 million

TimeW  (TWX)                 79.3 million

Qwest (Q)                       78.9 million

AMD  (AMD)                   73.8 million

CVS  (CVS)                    66.7 million

GE  (GE)                        59.9 million

GM  (GM)                       57.6 million

Pfizer (PFE)                   54.5 million

Natl Semi  (NSM)            52.9 million

Wells Fargo (WFC)         51.8 million

SpintNextel (S)               51.0 million

Tenet Health (THC)          51.0 million

Disney (DIS)                   50.7 million

                  

Largest Increases In Short Position

Company                      Increase

National Semi (NSM)     42.1 million up

IBM (IBM)                     32.0 million

Wells Farge (WFC)       16.9 million

Micron  (MU)                 13.9 million

Motorola (MOT)             13.6 million

Largest Decreases

Company                      Decrease In Shares Short

Valero  (VLO)                Down 17 million

Solectron  (SLR)            Down 16.3 million

CVS                             Down 14.2 million

Xcel  (XEL)                    Down 9.9 million

Schlumberger  (SLB)      Down 9.1 million

Coca-Cola (KO)             Down 7.6 million

Time Warner (TWX)       Down 7.4 million

Data from WSJ and NYSE

Douglas A. McIntyre

Posted on: June 21, 2007 – 7:13 pm in Uncategorized, , , , , , , , , , , , , , , , , , , ,

Cramer Reviews 10 More Warren Buffett Stock Picks

Stock Tickers: BRK/A, UNP, USB, MTB, ASD, NSC, WLP, UNH, IR, HRB

On CNBC’s Mad Money tonight, Jim Cramer reviewed stock picks from Warren Buffett’s Berkshire Hathaway (BRK/A) to what is good in there and what isn’t.  He already gave 10 other picks earlier, and here is his second list of reviews for Buffet’s picks:

Union Pacific (UNP)…Cramer loves it, even after the run he thinks the rail company can make you money.

US Bancorp (USB)….Cramer thinks it’s a serious buy for the high-yield and the balance sheet.

M&T Bank (MTB)….Cramer likes financials, but he doesn’t like this one because of the subprime contagion when you can buy a better bank now.

American Standard (ASD)….Cramer likes it because the break-up could yield $15 upside.

Norfolk Southern (NSC)….Cramer likes this rail pick too, although probably as third of the rail stocks.

Wellpoint (WLP)…Cramer thinks it is the best healthcare  cost containment in the sector and he likes it.

UnitedHealth (UNH)….Cramer owns it and thinks it WAS a best of breed and now the cheapest in the group.

Ingersoll-Rand (IR)….Cramer said its buyback was great and it’s the best of its kind.

H&R Block (HRB)….Cramer said it deserves to go lower and he doesn’t know what Buffett was thinking because of the problems inside it.

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 5:35 pm in Buffett, Cramer, , , , , , , , , ,

Cramer Reviews 10 Warren Buffett Stock Picks

Stock Tickers: BRK/A, BNI, KO, PG, WMT, USG, AXP, WFC, MCO, JNJ, COP

On tonight’s MAD MONEY on CNBC, Jim Cramer reviewed another Warren Buffett strategy by reviewing holdings to see if they are worth piggy-backing on.  Here is a brief summery of Cramer’s opinion on Warren Buffett’s current holdings in Berkshire Hathaway (BRK/A):

Burlington Northern SantaFe (BNI)….Cramer says he’s dead on with this and it’s a good pick; Buffett holds more than 10% now.

Coca-Cola (KO)….Cramer said he’s had it for a long-time and Cramer thinks the new transformational CEO is a winner.

Procter & Gamble (PG)…. Cramer doesn’t care for it now.  He used to like it a lot, but Cramer said he’s switched his stance and now favors Colgate-Polmolive (CL) as of now.

Wal-Mart (WMT)….Cramer now likes it after a long time of hating it, particularly now that they finally decided to get ’shareholder friendly.’

USG (USG)….Cramer thinks the company is too leveraged to housing to like it right now, so why bother going through the pain when you can buy this for less money down the road.  In Cramer’s 6 to 18 month time frame he is only favorable toward this if it falls to under $46.00.

American Express (AXP)….Cramer thinks it is cheaper than MasterCard (MA) and has better management, and he thinks it’s a buy.

Wells Fargo (WFC)…Cramer has nothing but respect for Wells Fargo, and he’d back it.

Moody’s (MCO)….Cramer said Buffett is right on this one because of the duopoly in the bond ratings game, and he thinks analysts are too bearish.

Johnson & Johnson (JNJ)….Cramer said he doesn’t get it on J&J because they have patents expiring coming off every year in drugs and that was the growth engine rather than traditional goods.

ConocoPhillips (COP)….Cramer thinks is a triple buy, and oil is too good to pass up.

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 5:17 pm in Buffett, Cramer, , , , , , , , , , ,

Blackstone Group IPO…Prices After All (BX)

After all the hemming and hawing, and all the publicity and tabloid-esque coverage of the deal…..It’s finally happened.  The Blackstone Group, L.P. sent out a news bulletin after today’s close with the details of its PRICED Initial Public Offering.  It has priced 133,333,334 million units at a price of $31.00 per unit.  The units will begin trading Friday, June 22, 2007 under the ticker "BX" on the NYSE.

The global coordinators are Morgan Stanley and Citigroup.  The joint book running managers are listed as Merrill Lynch, Credit Suisse, Lehman Brothers, and Deutsche Bank.

Assuming that the last straw  today where Representative Henry Waxman’s letter sent to the SEC to ask for a delay in the IPO doesn’t matter, then we’ll see this begin trading tomorrow.

There were multiple reports that KKR had also hired two investment banks to pursue a similar IPO filing.  The demand for Blackstone was easily there and many reports had the deal being more than seven-times oversubscribed.  It looks like Schwarzman’s tabloid-esque coverage of late, the private equity going public gossip, the negative press, and even the political wranglings invloved didn’t kill the deal.

We’ll say with finality that "It’s a done deal" once we see the trades begin Friday.  Until then, stay tuned.

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 4:59 pm in IPOs, Mergers and Buy Outs, Private Equity,

Starbucks (SBUX) Leads The 52-Week Low Club

Starbucks (SBUX) Management says reaching higher expectations for quarter looks bad. Drops to $26.10 from $40.01. Would you like a latte with your stock certificate?

Esco Technologies (ESE) Big client Pacific Gas & Electric is looking at other metering technology. Drops to $35 from $58.42.

Hovnanian Enterprises (HOV) Another casualty of home sales fall-off. Drops to $18.51 from $38.66.

HRPT Properties Trust (HRP) sells $250 million in senior notes. Investors revolt. Down to $10.38 from 52-week high of $13.67.

Pulte Homes (PHM) Another home builder. Trades at $23.92 down from 52-week high of $35.56.

Zila  (ZILA) Cancer screening company has rough quarter. Falls to $1.07 from 52-week high of $3.38.

Heelys (HLYS) Shoes with rollers in them. Safety concerns. Nuf said. Down to $26.70 from 52-week high of $40.09.

Melco Pbl (MPEL) Casino company shares weak on concerns about restricted traffic to it Macau property. Raises $2.75 billion. Watch out for the communists. Down to $11.40 from 52-week high of $23.55.

Posted on: June 21, 2007 – 3:10 pm in Uncategorized, , , , , , , ,

Kraft (KFT): Never Give A Sucker An Even Break

"Never give a sucker an even break and never wise up a chump" — P.T. Barnum

Krafts’s (KFT) shares are up 7% on a rumor that Nelso Peltz has bought 3% of the company and wants to have talks about focusing on the firm’s more profitable products. A couple of months ago, the stock got boiling on a rumor that Warren Buffett liked the company.

Kraft is not in a great set of businesses. In the last quarter, revenue rose about 5% to $8.6 billion. Earnings dropped 30%. The company’s costs for the commodities it buys to make its products are rising. Increasing prices to consumers is tough. Companies like ConAgra (CAG), General Mills (GIS),  and Kellogg (K) want those customers, too.

Altria (MO), Kraft’s former parent, tried to get the company to perform better for years. They found out that selling cigarettes beats peddling food hands down.

Maybe Peltz will buy a piece of the company. But, he may face the same resistance that Carl Icahn faced at Motorola (MOT). Kraft’s fairly new CEO, Irene Rosenfeld, thinks she knows what she is doing. Her board is likely to give her some time.

But food is not a great business, no matter who wants to own the company.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.

Posted on: June 21, 2007 – 2:13 pm in Uncategorized, , , , ,

Cramer Calls “Tech As the Trade” (LVLT, CIEN, INTC, NVDA, SNDK, EMC)

Stock Tickers: LVLT, CIEN, INTC, NVDA, SNDK, EMC

Jim Cramer came out on STOP TRADING on CNBC and noted the "Tech is roaring" trend.  He said this is where the money is going today, and that is where the trade is.  He did note these are all trades, not long-term plays yet.  But, somuch for "tech is dead until August" as he was maintaining before. 

Level 3 Communications (LVLT) is the trade for the growth of YouTube 70% growth each week (that was one of his top picks for the year).  He thinks Intel (INTC) can go to to $27.00; NVIDIA (NVDA) can go $7 higher; SanDisk (SNDK) can go to $50; EMC (EMC) is obviously headed to $20.00; Ciena (CIEN) looks good. 

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 1:54 pm in Cramer, Technology Companies, , , , , ,

SIRIUS & XM Sending More Support Letters to FCC (XMSR, SIRI)

As we have noted several times, SIRIUS Satellite Radio (SIRI-NASDAQ) and XM Satellite Radio (XMSR-NASDAQ) are trying to crank up their voice of support at the same time that that National Association of Broadcasters is trying to get more and more support for getting the merger blocked.

Today’s press from SIRIUS and XM today notes that The National Council of Women’s Organizations (NCWO), a coalition of over 200 women’s organizations and representing over 11 million diverse and talented American women, today called on the Federal Communications Commission (FCC) to approve the proposed merger of XM Radio and Sirius.  interestingly enough this notes that only 3.4% of the overall radio market belongs to satellite.

Here is the female angle: Satellite radio is home to a number of influential women. From Judith Warner to Candace Bushnell to broadcasting legends Barbara Walters and Oprah Winfrey, satellite radio offers women a unique perspective absent on everyday commercial radio and previously only accessible on television. With expanded choices and lower prices, satellite radio will develop into an even more attractive option for women nationwide.  The NCWO joins several prominent and diverse national organizations such as the National Black Chamber of Commerce, Hispanic Federation, Latino Coalition, the League of Rural Voters, Women Impacting Public Policy, League of United Latin American Citizens (LULAC) and Women Involved in Farm Economics, among others in supporting the efforts of satellite radio to bring greater competition, lower prices and diverse programming to American consumers.

This fight is intensifying, and on both sides.  It is far from over and there will be some short-term fluctuations between the expectations and odds of a success.  We expect many more such press releases in the coming days and weeks during the initial review period.

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 1:40 pm in Regulation, Satellite, ,

New 52-Week High: Semiconductor HOLDRs (SMH, INTC, AMD, TXN, AMAT)

Stock Tickers: SMH, INTC, AMD, TXN, AMAT

Investors are probably thinking about the old "Sell in May and Go Away" mantra, particularly in tech stocks, with a different mindset than in other years.  Amazingly enough, the Semiconductor HOLDRs (SMH) are actually on a new 52-week high.  The truth is that an Intel (INTC) upgrade last week probably brought on more attention making Intel the top performing DJIA component last week.  This week’s report out of DRAMeXchange showed that anti-smuggling efforts out of China were leading to more spot-market buying of DRAm chips.

The Semiconductor HOLDRs top 3 holdings are Intel (INTC), Texas Instruments (TXN), and Applied Materials (AMAT) and they make up more than 50% of the weighting out of the ETF’s 20-ish positions.

The prior high for the last year was $38.56, and shares are up 2.4% at $38.70 today. Not all chip stocks are on highs new highs:
Intel (INTC) $24.17, (+$0.23); previous year high $24.45.
AMD (AMD) $14.39 (+$0.75); previous high, so high holders don’t want to know.
Applied Materials (AMAT) $20.21 (+$0.58); previous year high $20.78.
Texas Instruments (TXN) $37.43 (+$0.68); previous year high $38.41.

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 12:28 pm in ETF, HI/LOW, Semiconductor, , , , ,

Is GM (GM) Outpacing The Car Industry

GM (GM) management said that industry-wide US sales of cars and light trucks would be about 16.7 million units, down from forecasts of 17 million.

But, GM added, almost as an afterthought, that it was making its own forecasts, an indication that it may be picking up market share in its home market. Based on figures for the first five months of the year, that share is more likely to be coming from Ford (F) than from Toyota (TM).

The statement also offers some hope that the financial performance of GM’s North American unit may be better than anticipated. The company has already taken $9 billion per annum out of its expenses, so any steadying of market share would give the lower cost base the chance to generate an operating profit.

GM is up 35% over the last twelve months. A little light at the end of the tunnel might extend those gains.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.

Posted on: June 21, 2007 – 12:14 pm in Uncategorized,

Four More PowerShares ETF’s Set For Launch (PEF, PJO, PAF, PXF)

Stock Tickers: PEF, PJO, PAF, PXF

INVESCO’s PowerShares are launching four new ETF’s on June 25, 2007.  These are geared toward US investors to increase more easily targeted investing in overseas markets without having to leave the U.S.

(PEF) PowerShares FTSE RAFI Europe Portfolio: The PowerShares FTSE RAFI Europe Portfolio (PEF) is based on the FTSE RAFI Europe Index(TM). The index is designed to track the performance of the largest European equities.

(PJO) PowerShares FTSE RAFI Japan Portfolio: The PowerShares FTSE RAFI Japan Portfolio (PJO) is based on the FTSE RAFI Japan Index(TM). The index is designed to track the performance of the largest Japanese equities.

(PAF) PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio: he PowerShares FTSE RAFI Asia Pacific Ex-Japan Portfolio (PAF) is based on the FTSE RAFI Asia Pacific ex-Japan Index(TM). The index is designed to track the performance of the largest equities of companies domiciled in the Asia Pacific region (excluding Japan).

(PXF) PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio: The PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio (PXF) is based on the FTSE RAFI Developed Markets ex-U.S. Index(TM). The index is designed to track the performance of the largest developed market equities (excluding the U.S.).

The only issue with many ETF’s is that, while they are a hot buzzword, the supply of new ETF’s on lesser known index and baskets in the US and outside the US have failed to drastically catch on.  There are some 600 or 700 various exchange traded instruments between ETF’s, ETN’s, closed-end funds, and the like.  There is a huge benefit to these instruments and we applaude them.  We just want to see fewer duplicate ETF’s thatare too closely tied or too overlapped.

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 11:16 am in ETF, , , ,

How Cheesecake Factory Can Fix Its Downgrade Problems (CAKE)

Cheesecake Factory (CAKE-NASDAQ) is trading down more than 7% to $24.80 on almost triple its normal volume after multiple analyst downgrades based upon comments from a growth conference.  Yesterday, at a William Blair Growth Conference, Cheesecake Factory said second-quarter revenue would increase by 14.5% to 15.5%, implying sales of $369.4 million to $372.6 million.  The problem is that analysts’ consensus forecast is $378.9 million, according to First Call.

This morning Bear Stearns downgraded shares from ‘Outperform’ to ‘Peer Perform’ because higher dairy costs won’t be fully offset by higher menu prices.  Raymond James also downgraded shares from a ‘Strong Buy’ to an ‘Outperform’ rating.  CIBC World Markets also cuts its ‘Sector Outperform’ rating to a lower ‘Sector Perform’ rating, and Robert W. Baird maintained a ‘Neutral’ rating but trimmed earnings estimates.  Back on June 8, shares fell after FBR removed the company from its ‘Top Pick list’ of stocks.  On June 1, shares were trading at $28.39.

Part of the problem is that the food chain is not really in the middle of the road dining establishments and it isn’t really considered ultra-fine or upscale dining.  It’s above the Darden (DRI-NYSE) and Brinker (EAT-NYSE) restaurant chains, and below the high-end steakhouses like Ruth’s Chris (RUTH-NASDAQ).  So what can the company do to offset higher dairy costs and higher food costs?  The company operates ‘The Cheesecake Factory’ and ‘Grand Lux Cafe’ restaurants and if you have been to either of these you will know what I mean when I say "Beltbuster servings" and "To-Go Leftovers."  The portions here are gi-normous where most appetizers can be entrees and entrees can be split.  Higher prices were already indicated as an offset to higher dairy prices, but the company can easily cut down the portions by as little as 5%.  Food cost cuts in a restaurant add right to the bottom line if they aren’t noticed, and the company doesn’t even have to announce they are trimming the sizes if it is by this little.  Most consumers will say this is foodie-sacrilege, but at this operator it will never be missed.

As a reminder, this is a stock that Jim Cramer also said in April could be a target of private equity or a management-endorsed buyout.

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 10:03 am in Analyst Calls, Food, , , ,

Ethiopia Sinks Starbucks (SBUX)?

It does not make any sense. Ethiopian official reached an agreement with Starbucks (SBUX) to promote the regions coffee in its stores, and support the country’s brands Sidamo, Harar and Yirgacheffe. But, the deal has no royalties, so it does not cost the coffee chain a dime.

On a less well-covered note, Starbucks management has been speaking at a William Blair investor conference and has indicated that reaching the high end of their guidance will be hard. Not what investors wanted to hear from company trading near its 52-week low.

So, Starbuck’s stock is down to a new low today, at $26.41, off 3.3%.

Maybe it was not the Ethiopians after all.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.

Posted on: June 21, 2007 – 8:53 am in Uncategorized,

A Mistaken Upgrade Of AMD (AMD)

According to AP: Stifel Nicolaus analyst Cody Acree upgraded the stock to a short-term "Buy" from "Neutral," and set a $17 price target on it. The reasons to justify the change of heart are thin. The research firm believes that AMD (AMD) may have gained a percentage point or two in market share from Intel (INTC).

But, at what cost? AMD’s gross margins are already razor thin. As customers weight for the company’s new chips, heavy discounting may have accounted for any improved sales. As ZDNet wrote recently: The company was already in the process of aggressively discounting its processors when it was forced into even steeper discounts when one of its customers, believed to be Dell, left it stranded with a bunch of unsold chips.

And, ongoing rumors that AMD may outsource its manufacturing have Wall St. concerned that the company will lose much of its flexibility in terms of changing over production to popular chips rapidly.

AMD is still in trouble, upgrade or no.

Douglas A. McIntyre

Posted on: June 21, 2007 – 8:32 am in Uncategorized, ,

Google US Search Market Share: 65% or 56%?

Stock Tickers: GOOG, YHOO, TWX, MSFT, IACI

On Tuesday when we noted the HitWise search market share figures, we noted how many search measuring metrics differ from source to source.  Some news out of Nielsen/NetRatings from yesterday shows what a stark difference there can be.  It isn’t that one source is right or wrong per se, but the methodologies and the sampling pool of users are different from source to source. 

Google (GOOG-NASDAQ) search took an estimated 4 Billion searches for 56.3% of the U.S. search market, followed by Yahoo!’s (YHOO-NASDAQ) 1.54 Billion searched 21.5% of the U.S. search market.  Microsoft’s (MSFT-NASDAQ) MSN/Live had 605 million searches for an 8.4% stake, Time Warner’s (TWX-NYSE) AOL had 381.9 million searches for a 5.3% market share, and IAC/Interactive’s (IACI-NASDAQ) Ask.com had 142.4 million searches for a 2% market share.

This particular survey showed Ask.com with the only drop in its market share year over year, but the calculations for the gains elsewhere seems different than before.  You can compare this Nielsen/NetRatings data to that of Hitwise from Tuesday and you’ll see why we warned ahead of time how different search results and metrics are from source to source.

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 7:27 am in Internet, , , , ,

Pre-Market Stock News (June 21, 2007)

(ABT) Abbott Labs said its RealTime Hepatitis B viral load test received CE marketing approval in EU.
(ADLS) Advanced Life Sciences said that cithromyacin achieved primary endpoint in Phase III pneumonia clinical trial.
(AES) AES Corp $0.26 EPS vs $0.30e.
(AM) American Greetings $0.55 EPS vs $0.34e; unsure if comparable.
(BAM) Brookfield Asset Mgmt. was named the next Berkshire Hathaway by Cramer on Mad Money.
(BX) Blackstone Group LP set to price tonite.
(DJ) Dow Jones board takes over negotiation process from Bankroft family; MySpace founder makes $60 rival bid.
(FLIR) Flir Systems awarded $6 million contract for border thermal imaging.
(HRB) H&R Block $1.81 EPS vs $1.88 est.
(MTCT) MTC Tech obtained additional $2.6 million order for soldier system.
(NRMX) Neurochem received third recommendation from EU to continue Phase III Alzheimer’s trial.
(NVS) Novartis wins FDA approvable for combination high blood pressure medication.
(ONXX) Onyx Pharma priced its 6 million share secondary at $28.00 per share; stock closed at $28.31 yesterday and down from $30.00+ last week.
(OO) Oakly being acquired by Luxxotica for $29.30 per share.
(PFE) Pfizer received FDA approvable letter for Maraviroc.
(SHPGY) Shire Pharma received an FDA Approvable for INTUNIV extended release, its non-stimulant for the treatment of ADHD.
(SJM) J.M.Smucker $0.75 EPS vs $0.64e.
(SUPR) Superior Services announced a 1 million share buyback plan.
(VDM) Van der Moolen announced that it has entered into an option agreement with the minority partners of VDM Specialists to acquire the 15.6% minority interest in VDMS.
(VGR) Vector named positively as undervalued and high-yield tobacco stock on Mad Money.
(WFMI) Whole Foods will sell 30 Wild Oats to Smart & Final if the acquisition goes through in attempt to ease regulatory concerns.
(YHOO) Yahoo! announced that it entered into a definitive agreement to acquire Rivals.com, an online destination for college and high school sports and recruiting information.

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 7:01 am in Pre-Market Activity

Pre-Market Analyst Calls (June 21, 2007)

AT cut to Equal Weight at Lehman.
AVCT started as Underweight at J.P.Morgan.
BWLD cut to Neutral at Merriman Curhan Ford.
CAKE cut to Peer Perform at Bear Stearns.
CHA cut to Neutral at Credits Suisse.
CHU cut to Neutral at Credits Suisse.
COLY cut to Neutral at Merriman Curhan Ford.
CPWR cut to Neutral at B of A.
CVLT started as Overweight at J.P.Morgan.
DBTK started as Overweight at J.P.Morgan.
DRC cut to Neutral at UBS.
DRE raised to Buy at UBS.
EIX started as Outperform at Wachovia.
ESE cut to Neutral at R.W. Baird.
HD cut to Mkt Perform at Piper Jaffray.
HW cut to Underweight at J.P.Morgan.
ISLN started as Neutral at J.P.Morgan.
MANH raised to Hold at Cantor Fitzgerald.
MWRK started as Buy at First Albany.
OCLS started as Outperform at Rodman & Renshaw.
OPSW started as Neutral at J.P.Morgan.
PARD started as Buy at Oppenheimer.
PRU cut to Hold at Citigroup.
SY raised to Buy at B of A.
SYMC raised to Outperform at R.W.Baird.

Jon C. Ogg
June 21, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: June 21, 2007 – 6:39 am in Analyst Calls

Another Non-Recovery Recovery For Newspapers (NYT)(MNI)

The big wigs of the newspaper industry gathered for their annual meeting and tried to rally the troops with tales of rising internet revenue and increased newsstand prices. It was like the Confederates boasting of their victory after Appomattox.

Janet Robinson, the star-crossed CEO of The New York Times Company (NYT) said that internet revenue was 10% of the company’s total. She was not so forthcoming about the fact that total revenue was falling sharply anyway.

The head of McClatchy (MNI) and he internet chief also bragged about their plans for the web, But, the company’s total advertising dropped over 11% in May. That would include any money the company got off the web.

Newspapers need to stop talking about about how great the internet is and band together to do something about it. If the largest chains combined their online audiences, they would have a reach that would rival Ebay’s (EBAY) or Fox Interactive’s.

That would be something.

Douglas A. McIntyre can be reached at douglasamcintyre@247wallst.com. He does not own securities in companies that he writes about.

Posted on: June 21, 2007 – 5:26 am in Uncategorized, ,

Europe Markets 6/21/2007

Markets in Europe were down at 5.35 AM New York time.

The FTSE fell .6% to 6,612. Barclays (BCS) was off 1.9% to 730.5.

The DAXX fell .9% to 8,019. DaimlerChrysler (DCX) was down 1.4% to 68.2. DeutscheBank (DB) was down 1.8% to 111.78.

The CAC 40 was down .8% to 6,048. AXA (AXA) was down 1.4% to 32.79.

Data from Reuters.

Douglas A. McIntyre

Posted on: June 21, 2007 – 4:38 am in Uncategorized, , , ,