We have compiled news summaries, added in color, and shown the price moves as needed.  When the DJIA is up 300 points, you have to ask yourself how bad the reactions here would have been if the market was down on the day.  These are today’s pigs in the beauty pageant.

The biggest and worst offender is McDermott International, Inc (NYSE: MDR). Shares are down 31% at $10.09 on the day on exponential trading volume after the company lowered guidance and gave an outlook to 2012.  The engineering and construction company sees only $0.03 to $0.05 EPS rather than $0.29 EPS. Ouch!  The only good news is the quote “it should be made clear that this quarter’s expected results are not indicative of our outlook for the future.”

Some company called Orrstown Financial Services Inc. (NASDAQ: ORRF) is the next to worst performer and Orrstown is full of a bunch of ‘Orffing Orrfers’ today as a result. The company runs Orrstown Bank, with 21 banking offices and 2 remote service facilities located in Cumberland, Franklin and Perry Counties, Pennsylvania and Washington County, Maryland.  This is after earnings and no dividend. Shares are down 31% at $9.10 and the new 52-week range is $8.80 to $29.50.

TriQuint Semiconductor, Inc. (NASDAQ: TQNT) is supposed to be a winner from the iPhone 4S, isn’t it?  This chip-maker is getting battered and bruised after beating earnings expectation but giving a weak forecast.  This one is down almost 27% at $5.25 and the 52-week range is $4.66 to $15.20.

Hanger Orthopedic Group, Inc. (NYSE: HGR) is taking it in the chin after earnings last night.  The orthotic and prosthetic patient care center operator is down 19.6% at $17.01 and the 52-week range is $16.33 to $28.47.

AXT Inc. (NASDAQ: AXTI) is often overlooked in the field of compound and single element semiconductor substrates for use in wireless communications, lighting display applications, and fiber optic systems.  Short sellers are not overlooking it.  The company’s earnings report from last night has shares down 22.2% at $4.60 and the new 52-week range is $4.31 to $12.23.

Avon Products, Inc. (NYSE: AVP) is still in need of a new Chief Executive Avon Lady. The company posted a 1% drop in earnings but disclosed an SEC probe.  Volume is already approaching 300% above normal and the stock’s drop is down over 18% at $18.79.  The 52-week range has not yet been breached but is $18.17 to $34.87.

NII Holdings Inc. (NASDAQ: NIHD) is the Nextel of Latin America, and this morning it is being called “Nextel Pinche” by its shareholders after what appears to be an awful earnings report with a net loss.  Shares are down a whopping 16.4% at $25.48 and the new 52-week trading range is $25.03 to $46.32. 

Berry Petroleum Company (NYSE: BRY) looked like good earnings on the surface with at $134 million, or $2.42 EPS.  Those earnings were boosted by a non-cash “gain on hedges and a non-cash loss on extinguishment of debt” that boosted the report by $90 million or by $1.63 EPS.  Shares are down 13.7% at $37.25 and the 52-week range is $30.59 to $61.17.

JON C. OGG

• Other secondaries filed this week

Berry Petroleum Co. (NYSE: BRY) is selling some 7 million common shares in an offering expected to price today.  The deal is being brought by Credit Suisse and J.P. Morgan and would be close to $200 million based on current prices.  That compares to a market cap of $1.3 billion and funds are being used for an acquisition.

Broadwind Energy Inc. (NASDAQ: BWEN) is first and foremost NOT an oil and gas company.  It manufactures and sells high precision gears for wind turbines and for other sectors, but we hope one day that alternative energy companies and their suppliers are thought of as energy companies.  The company has been in the process of selling 15 million shares of common stock in an offering through Macquarie and J.P. Morgan.  That would be close to $100 million in proceeds today, versus an implied market cap of $633 million.

Kayne Anderson MLP Investment Company (NYSE: KYN) is technically not an oil company, but it is a closed-end fund that invests at least 85% of its total assets in energy-related master limited partnerships and their affiliates.  It sold 5.5 million shares at $23.61 per share.  This raised approximately $124 million to be used to make additional portfolio investments.  The sale came through UBS Securities, Merrill Lynch, Citi, and Morgan Stanley as joint book-running managers.  This one is even down 6% today on the event.

MarkWest Energy Partners LP (NYSE: MWE) has filed with the SEC its automatic shelf registration for units to sell Common Units (LP interests) and debt securities.  As with many automatic shelf registration statements, no financial terms nor underwriters were named. Its market cap is $1.9 billion.

Rex Energy Corp. (NASDAQ: REXX) is selling some 5.5 million shares in a deal expected to price today after the close through KeyBanc Capital Markets and RBC Capital Markets.  Net proceeds of the offering are intended to fund a portion of Rex Energy’s capital expenditure program for 2010 and for other general corporate purposes.  This would be close to $70 million today versus an implied market cap of $472 million.

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JON C. OGG

Berry Petroleum (BRY) Raised to Outperform at Morgan Keegan.
Brocade (BRCD) Raised to Buy at Piper Jaffray.
Goldman Sachs (GS) Started as Buy at Citigroup.
Lululemon Athletica (LULU) Raised to Outperform at William Blair.
Monster Worldwide (MWW) Raised to Outperform at William Blair.
Salesforce.com (CRM) Raised to Buy at UBS.

JON C. OGG

American Greetings (AM) Says it lost money. Drops to $6.20 from 52-week high of $22.17.

McClatchy (MNI) Newspaper shares keep plunging. Someone may know something the general public has missed. Off to $.65 from 52-week high of $13.31.

Berry Petroleum (BRY) No news. Bad oil prices. Sells down to $6.15 from 52-week high of $62.15.

Smurfit-Stone Container (SSCC) Deutsche Bank downgrades shares. Drops to $.23 from 52-week high of $10.90.

Douglas A. McIntyre

Rf Microdevices (RFMD) Cuts guidance sharply. Falls to $.74 from 52-week high of $6.

Berry Petroleum (BRY) Hit by brokerage downgrade. Sells down to $6.50 from 52-week high of $62.15.

Continental Resources (CLR) Crude oil industry supplier in falling market. Dips to $13.01 from 52-week high of $83.81.

AES (AES) Company being accused of fraud. Down to $5.80 from 52-week high of $22.54.

Douglas A. McIntyre

• Berry Petroleum (BRY) Cut to Market Perform at Morgan Keegan.
• Bill Barrett (BBG) Cut to Market Perform at Morgan Keegan.
• Bunge (BG) Cut to Underperform at Merrill Lynch.
• Cubist Pharma (CBST) Cut to Perform at Oppenheimer.
• Gasco Energy (GSX) Cut to Market Perform at Morgan Keegan.
• Knoll (KNL) Cut to Sell at Goldman Sachs.
• MEMC (WFR) Started as Underweight at Morgan Stanley.
• Sirona Dental (SIRO) Cut to Neutral at Baird.
• TXCO Resources (TXCO) Cut to Market Perform at Morgan Keegan.

Jon C. Ogg
December 5, 2008

• Amazon.com (AMZN) Cut to Hold at Citigroup.
• Amdocs (DOX) Cut to Neutral at Baird.
• Berry Petroleum (BRY) Cut to Sell at Goldman Sachs.
• Canadian Natural Resources (CNQ) Cut to Sell at Goldman Sachs.
• CNOOC (CEO) Cut to Neutral at Credit Suisse.
• Colfax (CFX) Cut to Neutral at Baird.
• Devon Energy (DVN) Cut to Market Perform at FBR; Cut to Neutral at Goldman Sachs.
• EOG Resources (EOG) Cut to Neutral at Goldman Sachs.
• General Growth Properties (GGP) Cut to Neutral at UBS.
• McDermott (MDR) Cut to Hold at Jefferies; Cut to Neutral at Credit Suisse.
• News Corp. (NWS) Cut to Neutral at JPMorgan.
• Precision Castparts (PCP) Cut to Neutral at UBS.
• SunPower (SPWRA) Cut to Neutral at Merriman Curhan Ford.
• Syniverse (SVR) Cut to Neutral at Baird.

Jon C. Ogg
November 6, 2008

• Hess (NYSE: HES), Sunoco (NYSE: SUN), and Tesoro (NYSE: TSO) were all started as "HOLD" ratings at Citigroup.
• Marathon Oil (NYSE: MRO) and Valero Energy (NYSE: VLO) were started with "BUY" ratings at Citigroup.
• Berry Petroleum (NYSE: BRY) was started as Outperform at Morgan Keegan.
• SW Energy (NYSE: SWN) was downgraded to Market Perform from Outperform at FBR.

Jon C. Ogg
May 30, 2008