24/7 Wall St. » BID

What ‘The Scream’ Record Sale Means For Art & Collectibles (BID, AMZN, EBAY)

Administrator — Thu, 03 May 2012 15:06:14 +0000

Sotheby’s (NYSE: BID) is almost magically trading lower this morning on a sell-the-news reaction after the auction house (and oldest listed company on the NYSE) posted a record auction price of $119.9 million for Edvard Munch’s ‘The Scream.’ What is interesting is that there had not exactly been a huge clamoring of investors ahead of what was supposed to be a record-breaking event.

Original estimates in the media were put at roughly $80 million for the last of four versions of ‘The Scream’ that was still in private hands. This auction fetched almost 50% higher than the expectation, although there was speculation that the $80 million price was an understatement.

In recent weeks we had noticed that Sotheby’s stock price had recovered from $36.50 to above $39.00 but that is still shy of the $40+ high in March and still well under the 52-week high of $48.90. The luxury art market does have price-sensitivity when it comes to the economy and sellers and buyers were reluctant to trade at the end of 2011 when it looked as though Europe might take the global growth story away from the U.S. economy. That makes it interesting that Sotheby’s is down 2.6% at $38.08 on a day where the market is down only about 0.2%.

The business of ultra high-end collectibles and art is a tricky one and it is a business which many outfits want a piece of. We have noted earlier this year how the baseball collectible world had two of the famous T206 Honus Wagner tobacco card for sale and how the 100-year old card is now worth millions of dollars in the higher grades. Another sale has recently taken place with a reported sale of more than $1 million.

eBay Inc. (NASDAQ: EBAY) sells art, baseball cards, and other high-end items. It has had large sales before, but generally the ultra-high priced items are reserved for specialty auction houses or consignment houses. Amazon.com, Inc. (NASDAQ: AMZN) even has collectors envy because it recently launched a store site for selling sports collectibles. Again, neither is ever likely to become the venue for the highest priced collectibles but it is obvious that both have noticed the importance of these markets.

This is the world of extreme alternative investing. The price of participating has just gone up.

Sotheby’s is hard to invest in for any one event and for any single quarter. The take here is that if a record has been set at a premium of 50% higher than the estimate of two months ago, this may drive other art collectors to consider releasing some of their prized collection pieces if they think the premium is this high. That is going to be good for Sotheby’s if that turns out to be the case.

JON C. OGG

Filed under: Accounting, Activist Investor, Compensation, Economy, Editor's Picks, Entertainment, Insider Activity, International Markets, Internet, Luxury, Media, Mergers and Buy Outs, Personal Finance, Private Equity, Product Review, Retail Tagged: AMZN, BID, EBAY

Extreme Alternative Investing: Edvard Munch’s The Scream, at $80 Million or So (BID)

Administrator — Wed, 25 Apr 2012 11:45:45 +0000

If something can rise in value, investors and speculators may be involved. The world of art is one of the true alternative investing venues as investors often compete head-to-head with museums, foundations, wealthy collectors and museums seeking the next great one-of-a-kind masterpiece. The art world has a true gem coming up for auction in the coming days. Sotheby’s (NYSE: BID) is auctioning off Edvard Munch’s The Scream and it may end up being one of the highest-priced paintings ever auctioned.

Munch’s masterpiece will lead Sotheby’s Impressionist & Modern Art Evening Sale on May 2 and estimates are very high. Some put it as high as $80 million, but there is a chance that it could fetch even more if the bidding interest escalates. This world-famous masterpiece is from 1895 and it is rather easily one of the most recognizable paintings in the world of art.

The Scream is a pastel on board painting measuring 32 inches by 23.25 inches and it is the only one of four versions that is still in private hands. Will that remain true after this Sotheby’s auction? Munch’s masterpiece is being sold by Norwegian businessman Petter Olsen, and Olsen’s father was said to be a friend, neighbor and patron of Edvard Munch.

If you do not have access to $80 million or more, don’t sweat it. There are other “more affordable” Edvard Munch paintings coming up for auction as well in the same Sotheby’s auction. Munch’s Summer Night is up for bid and Sotheby’s has an estimated range of $2,500,000 to $3,500,000 for this piece. A darker piece called Night in Saint-Cloud has an estimated range of $1.5 million to $2 million. Lastly, Munch’s Woman Looking in the Mirror is also up for bidding and Sotheby’s has project $5 million to $7 million as its range.

Sotheby’s held an auction in November 2011 where Edvard Munch’s painting called Morning on the Promenade des Anglais was auctioned off. That particular painting had an estimate of $2 million to $3 million, but it sold at a reported $1,986,500 in that auction. Perhaps the weakness in the global markets and the fears of Europe and the fears of a double-dip recession got in the way at the time.

In March of this year there was a knock-off auction in London of The Scream, if you consider an original Andy Warhol painting as not being original. That painting was projected to sell for 200,000 to 300,000 British Pounds and it fetched a premium of 313,250 British Pounds.

Stay tuned!

JON C. OGG

Filed under: Activist Investor, Compensation, Entertainment, Luxury, Personal Finance, Private Equity Tagged: BID

24/7 Wall St. Closing Bell (FSLR, MA, WAG, WEN, SD, DVR, EIX, NKTR, SSW, BID, DRC, JRCC, KR, MSO, ARCT, PEGA, CVO, TUDO, FFN)

Paul Ausick — Thu, 01 Mar 2012 21:08:23 +0000

The three major US equities indexes opened higher this morning after another (small) drop in new unemployment benefits claims and a good, but smaller-than-expected, rise in personal income and spending data (our coverage here). Lower-than-expected ISM manufacturing data was countered by generally good reports from retailers on February same-store sales (our coverage here). By mid-afternoon, the DJIA turned south and has given back more than 50 points though the average still remains in positive territory for the day. Crude oil is up sharply today, with WTI crude closing up 1.7% at $108.84/barrel and Brent crude up more than 4% at $127.70/barrel. Gold settled up 0.6% at $1,722.20/ounce.

The unofficial closing bells put the DJIA up more than 28 points to 12,980.30 (0.22%), the NASDAQ rose more than 22 points (0.74%) to 2,988.97, and the S&P 500 rose 0.62% or more than 8 points to 1,374.09.

There were several analyst upgrades and downgrades today, including First Solar Inc. (NASDAQ: FSLR) maintained ‘buy’ but target price lowered to $50 at Argus (more coverage here); Mastercard Inc. (NYSE: MA) started as ‘neutral’ at UBS; Walgreen Co. (NYSE: WAG) cut to ‘underperform’ at BofA/ML; Wendy’s Co. (NYSE: WEN) cut to ‘neutral’ at Janney; and SandRidge Energy Inc. (NYSE: SD) cut to ‘sell’ at Canaccord Genuity.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Cal Dive International Inc. (NYSE: DVR) is up 8.8% at $3.16; Edison International (NYSE: EIX) is up 1.9% at $42.65 after posting a new 52-week high of $44.40 earlier today; Nektar Therapeutics (NASDAQ: NKTR) is up 2.4% at $7.35; Seaspan Corp. (NYSE: SSW) is up 6.1% at $18.32; Sotheby’s (NYSE: BID) is down -10.2% at $35.32 (more coverage here); Dresser Rand Group Inc. (NYSE: DRC) is down -1.2% at $51.91; James River Coal Co. (NASDAQ: JRCC) is up 10.7% at $6.34; Kroger Co. (NYSE: KR) is up 2.2% at $24.32; and Martha Stewart Living Omnimedia Inc. (NYSE: MSO) is down -3.2% at $4.36.

Other standouts from today include the following stocks:

American Realty Trust Inc. (NASDAQ: ARCT) is up more than 73% at $10.40. The commercial real estate company came public this morning at $6/share, along with a tender auction to purchase up to $220 million worth of shares at a price not higher than $11/share and not less than $10.50/share.

Pegasystems Inc. (NASDAQ: PEGA) is up nearly 34% at $37.50. The business software maker beat earnings estimates last night.

Cenveo Inc. (NYSE: CVO) is up nearly 26% at $4.91. The printing company reported better-than-expected earnings last night, and has kicked off a tender offer to redeem about $460 million in debt.

Tudou Holdings Inc. (NASDAQ: TUDO) is down nearly -17% at $13.30. The Chinese online video company reported better-than-expected revenues last night, but soaring costs led to a net loss.

FriendFinder Networks Inc. (NASDAQ: FFN) is down nearly -14% at $1.76. The adult social networking company’s credit rating was cut this morning by S&P.

Stay tuned for Friday. Chicago Fed president Charles Evans and St. Louis Fed president James Bullard are giving speeches. There are no other events of note scheduled for tomorrow.

Paul Ausick

Filed under: 24/7 Wall St. Wire Tagged: ARCT, BID, CVO, DRC, DVR, EIX, FFN, FSLR, JRCC, KR, MA, MSO, NKTR, PEGA, SD, SSW, TUDO, WAG, WEN

Potential Upside for Specialty Retailers (SPLS, OMX, BKS, BID, PETM)

Paul Ausick — Mon, 05 Dec 2011 12:30:52 +0000

With the focus on holiday shopping, now is a good time to have a look at potential upside gains in specialty retail stocks. We’ve looked at five stocks that we’ve been watching in the sector, and some of the news is good and some is not. The stocks we’ve included are Staples Inc. (NASDAQ: SPLS), Office Max Inc. (NYSE: OMX), Barnes & Noble Inc. (NYSE: BKS), Sotheby’s (NYSE: BID), and PetsMart Inc. (NASDAQ: PETM).

Over the past four weeks, both Staples and Office Max have seen their target prices drop. At Staples, the median target price fell from $19.00 to $18.00. The share price today is $14.40, indicating a potential upside of 25%. At Office Max, the median price target fell from $7.50 to $6.75, indicating a potential upside of 42.1%. At its current earnings multiple of about 8, Office Max could be a contender, but the company is closing stores and only expects revenue to be flat with last fiscal year. The company’s price/book ratio is also a very low 0.62, but again, that could be deceptive.

Staples’ median target price has fallen further below its 52-week high in the past month and its price/book ratio is pretty high at 1.40. The company reported weak sales and earnings, and like all the office supply stores, traffic is down. The trend is particularly bad in Europe. Staples may hit its revenue and profit targets for the quarter and the year, but that’s only because the estimates have come down.

Barnes & Noble missed revenue and profit estimates yesterday, but the stock continues to rise because sales of the company’s Nook e-readers and tablets have risen sharply (85%, to $200 million) and investors believe the trade-off for book sales is a positive sign. B&N’s median target price rose from $15.50 to $20.00 over the past four weeks, and at today’s price of $16.15, the potential upside is 23.8%. Nook sales account for just over 10% of the company’s total revenue, so unless sales continue to climb at last quarter’s rate, B&N’s chances of fulfilling its promise are pretty slim. The company’s forward P/E is 37.42 and the price/book ratio is 1.09, which could lead one to believe that the stock may be approaching an overbought status. The company’s share price has risen by about 25% in the past 12 months.

Sotheby’s median price target fell from $51.00 to $45.00, and at a current price of $32.14, the stock’s potential upside is 40%. That figure would be cause for more joy if Sotheby’s share price hadn’t fallen by -7% in the past month and if the target price were still about the 52-week high. Sotheby’s forward P/E is 10.79, but its price/book ratio is 2.47. For the fiscal year ending this month, Sotheby’s EPS estimate has fallen by -$0.23 in the past 90 days. This does not look like a company about to bust its target price.

PetsMart has a median target price of $53.50, a rise of $3.50 over the past four weeks. At today’s share price of $48.95, the potential upside for the stock is 9.3%. The company beat third-quarter earnings and revenue expectations and boosted its fourth-quarter EPS estimate to $0.85-$0.89. Shares put up a new 52-week high of $49.03 today. The company’s forward P/E is 16.36, and its price/book ratio is a fairly high 4.66. But sales and profits have been growing, and the stock price is up about 25% this year.

Share price gains have fallen about equally on B&N and PetsMart in the past year. The other stocks we’ve looked at have lost between -25% and -75%, with Office Max the biggest loser. B&N also boasts a 5.7% dividend yield, compared with just 1.2% for PetsMart.

PetsMart’s 9.3% potential upside is within reach as long as the store sticks to its business, while B&N’s potential gain of nearly 24% depends on selling boatloads of its Nook devices, which is possible and perhaps even likely. But as that happens B&N cannibalizes its old business and that may be hard to make up quickly.

Paul Ausick

Filed under: Analyst Calls, Retail Tagged: BID, BKS, OMX, PETM, SPLS

Expected Gains in Specialty Retail Stocks (ODP, OMX, SPLS, BKS, CSTR, BID, TSCO, TITN, PETM, LUX)

Paul Ausick — Fri, 04 Nov 2011 18:26:34 +0000

The universe of specialty retail stocks is not terribly large, measured either by number of companies or market cap. The entire sector has a market cap of about $310 billion, less than Apple Inc. (NYSE: AAPL) or Exxon Mobil Corp. (NYSE: XOM) alone. The companies represented in this group include pet supply stores, a bookstore chain, a DVD rental chain, office supply stores, a heavy equipment rental chain, an eyewear maker, and an auction house.

The companies we’re looking at include Office Depot, Inc. (NYSE: ODP), Office Max Inc. (NYSE: OMX), Staples, Inc. (NASDAQ: SPLS), Barnes & Noble, Inc. (NYSE: BKS), Coinstar, Inc. (NASDAQ: CSTR), Sotheby’s (NYSE: BID), Tractor Supply Co. (NASDAQ: TSCO), Titan Machinery Inc. (NASDAQ: TITN), PetSmart Inc. (NASDAQ: PETM), and Luxottica Group S.p.A. (NYSE: LUX).

Diversity aside, most of these stocks have very high implied gains, which means either that they are worth a second look or that there is no hope that any will ever hit their targets and that a lower target is soon to come. Which result will occur depends to a large extent on competitors in the same business, the overall economy, and whether consumers regain some of their lost confidence.

All data from Yahoo! Finance, with current prices taken at about noon today.

Office Depot, Inc. (NYSE: ODP) has a median target price of $4.00 from 13 brokers. Shares are trading today at $2.30, for an implied gain of $1.70, or 74%. Office Depot’s forward P/E is 28.5 and the company does not pay a dividend. The stock’s 52-week trading range is $1.75-$6.25, and at today’s price that’s about 31% above its 52-week low, posted earlier this morning, and 63% below the 52-week high.

Analysts didn’t expect much from Office Depot in the third quarter, and the company failed to deliver even that. EPS was break-even compared with an expected EPS of $0.01. Revenue also missed estimates. The implied gain in this stock is purely illusory when you consider its earnings and its immodest forward P/E.

Office Max Inc. (NYSE: OMX) has a median target price of $7.50 from 14 brokers. Shares are trading today at $5.10, for an implied gain of $2.40, or 47%. Office Max’s forward P/E is 7.39 and the company does not pay a dividend. The stock’s 52-week trading range is $3.90-$19.20, and at today’s price that’s about 31% above its 52-week low, posted earlier this morning, and 73% below the 52-week high.

Office Max reported that net income rose last quarter but revenue fell, as a result of cost-cutting measures. The company expects full-year revenue to be flat with last year. The company also plans to continue closing stores. There’s little long-term happiness in store for the company.

Staples, Inc. (NASDAQ: SPLS) has a median target price of $19.00 from 16 brokers. Shares are trading today at $14.69, for an implied gain of $4.31, or 29%. Staples’ forward P/E is 9.58 and the company pays a 2.8% dividend yield. The stock’s 52-week trading range is $11.94-$23.75, and at today’s price that’s about 23% above its 52-week low, posted earlier this morning, and 38% below the 52-week high.

Staples has been rumored as a possible buyer of either Office Depot or Office Max or both. The company’s market cap of $10.5 billion is about 10X the market cap of the other two combined, so such a deal is not out of the question. Staples’ target price is now lower than its 52-week high, a sign that analysts don’t expect a lot of growth. That could either spur the company to go ahead with an acquisition or cause it to sit on its hands.

Barnes & Noble, Inc. (NYSE: BKS) has a median target price of $15.50 from 4 brokers. Shares are trading today at $11.52, for an implied gain of $3.98, or 35%. B&N’s forward P/E is 33.87 and the company pays a huge 8.1% dividend yield. The stock’s 52-week trading range is $10.30-$12.65, and at today’s price that’s about 12% above its 52-week low, posted earlier this morning, and 9% below the 52-week high.

B&N is trying to keep up with Apple Inc. (NASDAQ: AAPL) and Amazon.com (NASDAQ: AMZN) in the e-reader/tablet market. The company is set to announce a new entrant in its Nook device family on Monday. Somehow, taking on the two biggest players in the market with a device that costs more than a comparable device from Amazon and has far less capability than an Apple iPad just doesn’t seem like a long-term winning strategy.

Filed under: Analyst Calls, Retail Tagged: BID, BKS, CSTR, LUX, ODP, OMX, PETM, SPLS, TITN, TSCO

Top Analyst Upgrades & Downgrades (CRL, CSCO, GLW, EXPE, PPDI, RL, PCLN, REGN, RIMM, RPM, BID, TSO, TIVO, URI)

Administrator — Fri, 09 Sep 2011 12:06:01 +0000

These are some of this Friday’s top analyst upgrades, downgrades, and initiations seen having an impact from Wall Street research calls.

Charles River Laboratories International, Inc. (NYSE: CRL) Started as Hold at Citigroup.
Cisco Systems, Inc. (NASDAQ: CSCO) Raised to Sector Perform at RBC.
Corning Inc. (NYSE: GLW) Maintained Buy but cut target to $25 at BofA/ML.
Expedia Inc. (NASDAQ: EXPE) Started as Outperform at Wedbush.
Pharmaceutical Product Development Inc. (NASDAQ: PPDI) Started as Hold at Citigroup.
Polo Ralph Lauren (NYSE: RL) named Bull of the Day at Zacks.
Priceline.com Incorporated (NASDAQ: PCLN) Started as Outperform at Wedbush.
Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) Cut to Underperform at BofA/ML.
Research In Motion Limited (NASDAQ: RIMM) Cut to Underperform at Jefferies.
RPM International (NYSE: RPM) Raised to Neutral at Credit Suisse.
Sotheby’s Inc. (NYSE: BID) called the value stock of the day at Zacks.
Tesoro Corporation (NYSE: TSO) Cut to Sell at Goldman Sachs.
TiVo Inc. (NASDAQ: TIVO) Started as Buy at Brean Murray.
United Rentals, Inc. (NYSE: URI) Started as Outperform at Credit Suisse.

JON C. OGG

Filed under: Analyst Calls Tagged: BID, CRL, CSCO, EXPE, GLW, PCLN, PPDI, REGN, RIMM, RL, RPM, TIVO, TSO, URI

52-Week High Club (COMS, AMD, PLA, BID)

247wallst — Thu, 12 Nov 2009 21:31:19 +0000

3Com Corp (NASDAQ: COMS) rose over 30% to a yearly high of $7.52 after Hewlett-Packard, the PC maker, announced plans to buy 3Com for $2.7 billion.

Advanced Micro Devices Inc. (NYSE: AMD) rose over 20% to a yearly high of $6.73 after the announcement that the company would receive $1.25 billion from Intel Corp. (NASDAQ: INTC) under an agreement that ends a legal dispute between the two companies over patents and antitrust accusations.

Playboy Enterprises Inc. (NYSE: PLA) rose over 60% to a yearly high of $4.75 because the magazine is in talks to sell itself to Iconix Brand Group (NASDAQ: ICON).

Sotheby’s (NYSE: BID) rose as high as 11% to a yearly high of $19.50 after the action house raised $117 million at a sale yesterday.

Garrett W. McIntyre

Posted in Earnings, Law, Mergers and Buy Outs Tagged: AMD, BID, COMS, ICON, INTC, PLA

The 52-Week Low Club (BID)(AVR)(MNKD)(GRMN)(SSCC)

247wallst — Wed, 09 Apr 2008 14:40:23 +0000

Sotheby’s Holdings (BID) Market is turning against companies with rick customers are they become poor. Fallst to $24.37 from 52-week high of $61.40.

Aventine Renewable Energy (AVR) Crop prices go up, ethanol stocks down. Sells off to $4.55 from 52-week high of $20.85.

Mannkind Corp (MNKD) Inhaled insulin products run into FDA approval trouble. Shares drop 60% and hit low of $2.15 from 52-week high of $15.65.

Garmin (GRMN) Still dropping on earnings concerns. Bottoms at $45.38 down from 52-week high of $125.68.

Smurfit-Stone Container (SSCC) Paper companies hit by commodities costs and rising price of oil. Runs down to $6.65 from 52-week high of $14.08.

Douglas A. McIntyre

52-Week Lows, Massive List (ALU, BGP, CELL, BBW, CVO, DENN, GCI, INFY, INTU, KLAC, NT, NWA, NXTM, PDLI, PFE, Q, SVVS, SNE, BID, TWX)

247wallst — Fri, 14 Mar 2008 15:04:56 +0000

This was a massive list of lows today. Not all closed on lows, but the list was chopped down greatly just to accommodate the size of it. If you look at the list, there are no brokerage firms listed nor anymajor banks. The major banks weren’t hitting the list but mostbrokerage firms were. You can thank a firm called Bare Spurns for that. Here goes the eulogy:

Advance America (NYSE: AEA).. down over 10%, no real news released; financial exposure, although they are probably getting more and more pay day loans now. $6.08 at 3:30, old low $6.08.
Alcatel-Lucent (NYSE: ALU)… down almost 5% at $5.29, although late day got back above that $5.27 year low.
Borders Group (NYSE: BGP)… down another 6% ahead of earnings next week. The people that still buy books may be headed to the used book stores in tough times. Maybe even the library.
Brightpoint (NASDSAQ: CELL)… day in and day out this one has been getting hit.
Build-a-Bear Workshop (NYSE: BBW)… now it can be even more opportunistic after ending strategic review and adding a larger buyback plan.
Cenveo (NYSE: CVO)… down 14% after earnings.
Denny’s (NASDAQ: DENN)… under $3.00 now… stock cheaper than the Grand Slam breakfast? Maybe people can’t afford $3.00 breakfasts.
Gannett Co. Inc. (NYSE: GCI)… after earnings people still wary of newspaper operations.
General Motors (NYSE: GM)… flirting with 5-year lows.
Infosys Tech (NASDAQ: INFY)… This didn’t close under the old $33.80 low of the year, but was there intraday. Maybe outsourcing is peaking.
Intuit (NYSE: INTU)… had no news, that pre-tax season trade getting cheaper and cheaper.
KLA-Tencor (NASDAQ: KLAC) hit hard again after downgrade already shaved off almost 10% earlier in wee. Down 4.4% at $36.40 with 15 minutes to close.
Nortel Networks (NYSE: NT) at $6.34 at 3:45… High is $27.71. What more can you say? It’s always on the list.
Northwest Airlines (NYSE: NWA) down over 3.5% at $9.50 with 15 minutes to close. What ever happened to that merger they were supposed to be in?
Nxstage Medical (NASDAQ: NXTM)… are kidney dialysis treatments economically sensitive?
PDL Biopharma (NASDAQ: PDLI).. so much for that buyout hope, that’s already been called off. Almost under a $1 Billion market cap.
Pfizer (NYSE: PFE)… a true surprise to see this one here again. Will it bust $20? Shares down 3% at $20.55 with 10 minutes to close.
Qwest Communications (NYSE: Q)…. now under $5.00.
Savvis Inc. (NASDAQ: SVVS)… down more than 5% to under the old $15.14 low. Doing IT, bandwidth, storage, network infrastructure, not as great when you have huge exposure to financial institutions.
Sony Corp. (NYSE: SNE)… just when it was getting its act back together… $41.81 right before close; old 52-week low was $42.10.
Sothebys (NYSE: BID)… down more than half from highs. Wall Street’s "Even the rich are bitching!" must apply to high-end auctioneers too.
Time Warner (NYSE: TWX)….. now under $14.00.

Jon C. Ogg
March 14, 2008

Top 10 Pre-Market Analyst Calls (A, BBBY, BBY, DTV, ECL, EP, IBM, NTAP, LRCX, MOT, CRM)

247wallst — Thu, 28 Feb 2008 08:08:14 +0000

These are not all of the calls affecting stocks, but these are the top analyst calls that 247WallSt.com is looking at this Thursday morning:

Blockbuster (NYSE: BBI) raised to Overweight at JPMorgan.
Borg Warner (NYSE: BWA) cut to Neutral at JPMorgan.
Boyd Gaming (NYSE: BYD) cut to Underweight at KeyBanc.
CDC Corp. (NASDAAQ: CHINA) started as Buy at Cantor Fitzgerald.
Chimera (NYSE: CIM) started as Neutral at JPMorgan.
Lear (NYSE: LEA) cut to Neutral at JPMorgan.
RF Micro Devices (NASDAQ: RFMD) downgraded to Hold at Jefferies.
Sotheby’s (NYSE: BID) raised to Outperform at JMP Securities.
Western Digital (NYSE: WDC) and Seagate (NYSE: STX) were both cut to Hold from Buy at Citigroup.
Varian (NASDAQ: VARI) raised to Buy at UBS.

Jon C. Ogg
February 28, 2008