Today was an interesting ride in the 52-week low club after we have seen very volatile markets. While oil fell $1.00 and while the S&P, NASDAQ, and DJIA were up most of the day, there were plenty of stocks gracing the 52-week lows:
AMTD raised to Buy at UBS.
ANN raised to Hold at Citigroup.
AUTH started as Overweight at Lehman; started as Outperform at Bear Stearns.
CVH raised to Neutral at B of A.
CFR raised to Outperform at RBC.
CKFR cut to Neutral at JPMorgan.
CSE cut to Outperform at JMP.
DFC cut to Mkt Perform at JMP.
ERTS raised to Outperform at Bear Stearns.
IMH cut to Hold at Deutsche Bank.
LUM cut to Underweight at JPMorgan.
MER raised to Buy at UBS.
MMR raised to Overweight at JPMorgan.
O raised to Outperform at Credit Suisse.
PRSP raised to Outperform at RBC.
PVG cut to Sector Perform at RBC.
SCOR started as Outperform at Credit Suisse; started as Hold at Jefferies; started as Mkt Perform at FBR; started as Buy at Deutsche Bank.
SEP started as Overweight at Lehman; started as Buy at Citigroup.; started as Outperform at Wachovia.
SPG raised to Outperform at Credit Suisse.
SPRD started as Overweight at Lehman; started as Outperform at Piper Jaffray.
TTWO raised to Peer Perform at Bear Stearns.
VOD raised to Buy at Citigroup.
Jon C. Ogg
August 6, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
Blackstone (BX) Investors still worry about slowing private equity and tax issues. Shares fall to $28.75 from post-IPO high of $38.
American Home Mtg (AHM) Forecasts second quarter loss on delinquent mortagages. Also downgrade by Friedman Billings Ramsey. Drops to $17.40 from 52-week high of $36.40.
Beazer Homes (BZH) More fall-out in home building markets. Drops to $24.02 from 52-week high of $48.50.
Lennar (LEN) Another home builder. Down to $36.37 from 52-week high of $56.54.
Office Depot (ODP) Projects Q2 earnings decline and falling same-store sales. Drops to $30.10 from 52-week high of $44.69.
Circuit City Stores (CC) Continuing concerns about slow sales at electronics firm. Down to $15.04 from 52-week high of $29.31.
Wachovia (WB) One of nation’s largest banks, research firm Punk, Ziegel & Co says that "The poor performance is not due to poor performance by the company. It is due to the poor positioning of the stock by management." Interesting theory. Shares down to $50.84 from 52-week high of $58.80.
Peregrine Pharmaceuticals (PPHM) Company to sell $22.5 million worth of shares. Drops to $.72 from 52-week high of $1.49.
Spreadtrum Communications (SPRD) Chinese designer and marketer of semiconductor for mobile phones just had IPO. Down to $14 from $17.
Panacos Pharmaceuticals (PANC) HIV drug research firms raises $20 million in debt. Shares down to $3.11 from 52-week high of $7.23.
The Finish Line (FINL) Athletic shoe retailer says same-store sales look bad. Drops to $8.98 from 52-week high of $14.97.
Douglas A. McIntyre
Spreadtrum Communications (SPRD-NASDAQ), priced its 8.9 million share IPO of ADR’s at $14.00. This was above the range of $11.00 to $13.00 and above the original 8.8 million shares expected. Morgan Stanley, Lehman Brothers, Needham & Co. and Piper Jaffray & Co. are underwriting the offering.
Spreadtrum is a Shanghai-based R&D chip company that makes wireless baseband processors for the wireless communications market. In 2006, Spreadtrum reported earnings of $14.4 million on sales of $107.1 million.
Jon C. Ogg
June 26, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
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