Arch Coal Inc. (NYSE: ACI) Cut to Hold at Argus.
Banco Santander (NYSE: STD) Raised to Hold at Societe Generale.
Bank of America Corporation (NYSE: BAC) Cut to Neutral at Citigroup.
Bed Bath & Beyond (NASDAQ: BBBY) Cut to Neutral at Citigroup.
Biogen Idec Inc. (NASDAQ: BIIB) Reiterated Buy but raised target to $140 at Argus; Started as Market Perform at Wells Fargo.
BioMarin Pharmaceutical Inc. (NASDAQ: BRMN) Cut to Underperform as Bear of the Day at Zacks. Campbell Soup Co. (NYSE: CPB) Started as Underweight at Morgan Stanley.
CBOE Holdings, Inc. (NASDAQ: CBOE) Cut to Neutral at Credit Suisse.
El Paso Corporation (NYSE: EP) Started as Hold at Deutsche Bank.
Gap Inc. (NYSE: GPS) Raised to Buy at Citigroup.
Gardner Denver, Inc. (NYSE: GDI) named as Value Stock of the Day at Zacks.
General Mills (NYSE: GIS) Started as Overweight at Morgan Stanley.
H.J. Heinz Company (NYSE: HNZ) Started as Underweight at Morgan Stanley.
Kinder Morgan, Inc. (NYSE: KMI) Raised to Buy at Deutsche Bank.
Kinder Morgan Energy Partners, L.P. (NYSE: KMP) Raised to Buy at Deutsche Bank.
Kraft Foods Inc. (NYSE: KFT) Started as Overweight at Morgan Stanley.
Netflix, Inc. (NASDAQ: NFLX) Reiterated Outperform and raised target to $140 at Credit Suisse.
ProAssurance Corporation (NYSE: PRA) Raised to Outperform as Bull of the Day at Zacks.
Sprint Nextel Corporation (NYSE: S) Reiterated Hold but widened out loss estimates by Argus.

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Amazon.com, Inc. (NASDAQ: AMZN) Reiterated Outperform and raised target to $220 at Oppenheimer; Reiterated Buy with $198 target at BofA/ML; Maintained Buy with $220 target at Canaccord Genuity.
American Capital, Ltd. (NASDAQ: ACAS) Raised to Outperform at Wells Fargo.
Apollo Investment Corporation (NASDAQ: AINV) Cut to Market Perform at Wells Fargo.
Arch Coal Inc. (NYSE: ACI) Cut to Sell at S&P Equity Research (late-Tuesday call).
BioMarin Pharmaceutical (NASDAQ: BMRN) Cut to Neutral as Bear of the Day at Zacks.
Capital One Financial Corp. (NYSE: COF) Maintained Buy but raised target to $65 at BofA/ML.
Cisco Systems, Inc. (NASDAQ: CSCO) Maintained Neutral but cut target to $22 at BofA/ML.
Emerson Electric Co. (NYSE: EMR) Raised to Outperform at Oppenheimer.
First Solar, Inc. (NASDAQ: FSLR) Raised to Buy at Kaufman Bros.
IAC/InterActiveCorp. (NASDAQ: IACI) Raised to Buy at Citigroup; Raised target to $39 at BofA/ML.
International Business Machines Corp. (NYSE: IBM) Reiterated Buy and Raised target to $190 at Argus.
Joy Global, Inc. (NASDAQ: JOYG) Maintained Outperform as Bull of the Day at Zacks.
Lexmark International Inc. (NYSE: LXK) Cut to Hold at Citigroup.
Panera Bread Company (NASDAQ: PNRA) Maintained Neutral but raised target to $135 at BofA/ML
Stillwater Mining Company (NYSE: SWC) Reiterated Outperform and $28 target at Credit Suisse.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM) Raised to Conviction Buy List at Goldman Sachs.
Wynn Resorts Ltd. (NASDAQ: WYNN) Maintained Buy at Zacks.

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JON C. OGG

A-Power Energy Generation Systems (NASDAQ: APWR) Cut to Perform at Oppenheimer.
Athenahealth, Inc. (NASDAQ: ATHN) Cut to Market Perform at FBR.
Banco Santander, S.A. (NYSE: STD) Cut to Hold at RBS.
Blackrock Inc. (NYSE: BLK) Started as Outperform at Wells Fargo.
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) Cut to Neutral at UBS.
Bucyrus International (NASDAQ: BUCY) Cut To Neutral From Buy By Goldman Sachs
Fairchild Semiconductor International Inc. (NYSE: FCS) Started as Overweight at JPMorgan.
Leap Wireless International (NASDAQ: LEAP) Cut to Underweight at Piper Jaffray
Legg Mason, Inc. (NYSE: LM) Started as Market Perform at Wells Fargo.
Motorola Inc. (NYSE: MOT) Cut to Reduce at Nomura.
NetLogic Microsystems Inc. (NASDAQ: NETL) Started as Buy at Gleacher.
Research In Motion Ltd. (NASDAQ: RIMM) Started as Neutral at Nomura.
Southwest Gas Corporation (NYSE: SWX) Cut to Hold at Argus.
Stabucks Corporation (NASDAQ: SBUX) Maintained Neutral but raised target to $35 at BofA/ML.
Suntech Power Holdings Co., Ltd. (NYSE: STP) Raised to Buy at Auriga.
Trina Solar Ltd. (NYSE: TSL) Cut to Sell at Axiom.

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JON C. OGG

Included today is the news, the related share move, performance and valuation data, and added in additional market color where applicable.

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) is now up even more because of a Mike Huckman tout on CNBC.  The gain is due to the board member resignation of Joseph Klein III, a member of the board since June 2005, with disagreements over matters such as a poison pill and other issues.  This has some thinking of a takeover.  Shares were up 5% before the tout, but shares are now up 7.5% at $24.73 on 2.4 million shares.  Average volume is 1.34 million shares and the new 52-week high was hit today of $24.99.

CombinatoRx, Incorporated (NASDAQ: CRXX) is up today after it managed to turn in a profit of $25.2 million during the Q4-2009 period and after it is focusing its R&D efforts.  Shares are up just over 10% at $1.39 on 6.9 million shares.  We saw a high of $1.53 today and the 52-week range is $0.49 to $2.60.  Average volume is only 2.2 million shares.

Electro-Optical Sciences, Inc. (NASDAQ: MELA) is not a biotech but may play a key role in melanoma down the road.  It is down after the company has received additional questions from the FDA over the pre-market approval application of the MelaFind device for early melanoma detection.  The long and short is that the FDA said that its application is not currently approvable and the FDA has now extended the review by up to 180 days. Shares are down 22% at $7.07, but we had seen a low of $6.43 earlier this morning.  There have now been more than 3 million shares traded and average volume is only about 260,000 shares.

Genzyme Corporation (NASDAQ: GENZ) is feeling the wrath of the markets again after yesterday’s FDA action on the Allston plant.  This morning, its shares were Downgraded to Underweight at JPMorgan.  The beatings will continue until morale improves! Shares are down 7.4% at $51.21 and we have seen 9.9 million shares trade hands versus an average of 2.8 million shares.

Salix Pharmaceuticals Ltd. (NASDAQ: SLXP) was awarded FDA approval for Xifaxan 550mg tablets for the risk reduction of overt hepatic encephalopathy recurrence in patients aged 18 and higher.  This is expected to add to sales of the drug.  Shares are off highs of $38.00 earlier with a gain of 8.85% at $36.49 on 4.55 million shares in late morning.  Average volume is about 1.4 million, but this marks a new 52-week high with anything above $34.38.

SciClone Pharmaceuticals, Inc. (NASDAQ: SCLN) is up after last night’s announcement that ondansetron RapidFilm(TM) received approval in 16 European countries.  This is a serotonin 5-HT3 receptor antagonist commonly used to treat and prevent nausea and vomiting caused by chemotherapy, radiotherapy, and surgery.  The company expects these EU approvals to support efforts to gain regulatory approval in China, Vietnam, Hong Kong, and Macau.  Shares are up 11.4% at $4.11 on 1.6 million shares.  Average volume is only 450,000 shares and the 52-week trading range is $1.21 to $5.33; its market cap is only $194 million and the company is now profitable.

Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) is up again on no news, but this is ahead of its planned 4 million share secondary offering which should price today after the close.  Our bet is that the 4 million shares is more like 4.5 million or maybe even 5 million shares.  This is rare to hear, but this is actually a good version of dilution as it adds much-needed growth capital.  Shares are up 6.4% at $9.83 on 8 million shares.

Warner Chilcott plc (NASDAQ: WCRX) may be on its way for a dividend payment and may still be on the way to becoming the next great emerging drug company.  But its news from yesterday about it closing the former P&G office in Ohio as part of the 2009 acquisition has at least some of the bulls questioning its growth.  This will send 163 American workers to the weekly jobless claims line.  The Irish pharma stock is down 4.4% at $25.54 on over 2 million shares.  Average volume is 1.4 million shares and the 52-week trading range is $9.64 to $29.24.

The new short interest data for short sellers is out showing the March 15 settlement date versus the February 26 date.  Dendreon Corp. (NASDAQ: DNDN) was the largest outright change and Cell Therapeutics, Inc. (NASDAQ: CTIC) shows part of what caused the recovery… short covering.  The full short interest data is here from BioHealthInvestor.com.

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JON C. OGG

Aetna Inc. (NYSE: AET) Cut to Sell at Collins Stewart.
Alcoa, Inc. (NYSE: AA) Cut to Hold at Citigroup.
Allied Irish Banks (NYSE: AIB) Raised to Market Perform at KBW.
Bed Bath & Beyond (NYSE: BBBY) Raised to Neutral at Piper Jaffray.
Bank of America Corp. (NYSE: BAC) Raised to Outperform at Credit Suisse.
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) Started as Overweight at JPMorgan.
Humana Inc. (NYSE: HUM) Raised to Equal-Weight at Barclays.
Microsoft Corp. (NASDAQ: MSFT) Reiterated Buy at Auriga.
3M Co. (NYSE: MMM) Cut to Neutral at JPMorgan.
Verizon Communications (NYSE: VZ) Reiterated Hold but cut estimates at Auriga.
Wendy’s/Arby’s (NYSE: WEN) Cut to Neutral at SunTrust Robinson Humphrey.

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JON C. OGG

ArcelorMittal (NYSE: MT) Raised to Buy at Societe Generale.
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) Raised to Outperform at Credit Suisse.
Elan Corp. plc (NYSE: ELN) Cut to Neutral at UBS.
Fifth Third Bancorp Raised To Outperform From Neutral By Baird
First Solar Inc. (NASDAQ: FSLR) Cut to Neutral at BofA/Merrill.
Gannett Co. (NYSE: GCI) Cut to Underperform at Wells Fargo.
Goodyear Tire (NYSE: GT) Cut to Underperform at BofA/Merrill.
Halliburton Co. (NYSE: HAL) Started as Outperform at Wells Fargo.
PrivateBancorp Inc. (NASDAQ: PVTB) Cut to Neutral at JPMorgan.
Urban Outfitters (NASDAQ: URBN) Raised to Overweight at Thomas Weisel.

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JON C. OGG

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) is seeing exponential trading volume in stock and options after a 10% rise today.

Dynavax Technologies Corporation (NASDAQ: DVAX) is up over 50%after the FDA removed a clinical hold on its hepatitis treatment.

The fight over the Sepracor, Inc. (NASDAQ: SEPR) acquisition has now gone to the level of a class action status.  We noted the very low P/E and multiple valuations yesterday on this one.

StemCells, Inc. (NASDAQ: STEM) traded slightly higher on word that it will soon begin a study with the University of California, San Francisco Children’s Hospital using purified human neural stem cells as a possible treatment for Pelizaeus-Merzbacher Disease.

Pharmacyclics Inc. (NASDAQ: PCYC) was trading up on news that its right offering is oversubscribed.

Oculus Innovative Sciences, Inc. (NASDAQ: OCLS) is trading higher on report that it has been assigned a Medicare HCPCS code for its recently introduced Microcyn Skin & Wound HydroGel.

JON C. OGG
SEPTEMBER 10, 2009

• Altera (ALTR) and Xilinx (XLNX) Raised to Overweight at Global Crown.
• Biomarin Pharma    (BMRN) Raised to Buy at Citigroup.
• Foster Wheeler (FWLT) Raised to Buy at Jefferies.
• Palm (PALM) Raised to Buy at Piper Jaffray.
• Vertex Pharm (VRTX) Raised to Accumulate at ThinkEquity.
• Edison (EIX) Cut to Market Perform at Wachovia.
• MGM Mirage (MGM) Cut to Hold at KeyBanc.
• Pepco Holdings (POM) was downgraded at both Barclays and at Wachovia.
• Tiffany (TIF) target cut by over 60% to $21.00 at HSBC.

JON C. OGG
March 4, 2009

• Acergy (ACGY) Cut to Sell at Citigroup.
• BioMarin Pharmaceutical (BMRN) downgraded at Citigroup, Collins Stewart, and Wachovia.
• CTC Media (CTCM) Cut To Market Weight from Overweight at Thomas Weisel.
• Denny’s (DENN) Cut to Neutral at Merriman Curhan Ford.
• Exxon Mobil (XOM) Cut to Market Perform at Bernstein; Cut to Equal Weight at Barclays.
• LeapFrog (LF) Cut to Neutral at Piper Jaffray.
• Occidental Petroleum (OXY) Cut to Underperform at Bernstein.

Jon C. Ogg
February 19, 2009

It has signed a development and commercialization pact with BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) for its Riquent®.  This is La Jolla’s investigational drug for lupus nephritis, a candidate being evaluated in a Phase 3 clinical study for orphan disease Lupus Nephritis.  Under the terms of the agreement, BioMarin will receive a co-exclusive license to develop and commercialize Riquent.  La Jolla could receive up to $289 million in cash if everything materializes properly.

Full details of the pact are available at BioHealthInvestor.com.

Jon C. Ogg
January 6, 2009