Finisar Corporation (NASDAQ: FNSR) is down nearly 18% premarket to $14.60, relative to a 52-week range of $11.98-$46.09. The company issued dissapointing Q1 results.

MediaMind Technologies, Inc. (NASDAQ: MDMD) is up 37.5% before market open on heavy volume to $21.94, relative to a 52-week range of $10.22-$17.88. DG (NASDAQ: DGIT) has agreed to acquire the company for $22 per share.

Melco Crown Entertainment Ltd. (NASDAQ: MPEL) is up 4.5% premarket, close to the top of a 52-week range of $3.56-$12.06.

ASML Holding N.V. (NASDAQ: ASML) is trading lower by almost 3% at $24.70 for its ADRs after overseas markets are weak.

Brocade Communications Systems, Inc. (NASDAQ: BRCD) is trading up less than 1% at just over $5.00 on some 50,000 shares as investors are hoping that this is the next buyout target after 3PAR.

DG FastChannel, Inc. (NASDAQ: DGIT) is getting a bit of a bounce after yesterday’s major sell-off in the stock.  Shares are up over 2% at $$15.44 on over 30,000 shares.

Energy Conversion Devices, Inc. (NASDAQ: ENER) is trading up 3% at $4.10 on fairly thin volume after its earnings beat expectations.

L-1 Identity Solutions Inc. (NYSE: ID) is trading down 3.4% at $8.72 on about 16,000 shares after the company announced an amended credit pact that sets the terms IF a buyout comes (it has itself up for sale).

Monsanto Co. (NYSE: MON) is trading down by 1.5% or so around $55.00 on 16,000 shares after it narrowed its earnings guidance.

Origin Agritech Limited (NASDAQ: SEED) is down over 8% at $7.40, although trading volume is thin.  Earnings were mixed because it beat earnings expectations but the guidance ahead looks soft.

Saks Incorporated (NYSE: SKS) is soaring on word that private equity firms are interested in paying up to $1.7 billion to acquire the luxury retail department store.  Shares are up over 26% at $8.36 on over 500,000 shares.

TASER International, Inc. (NASDAQ: TASR) is very thin trading volume so this may be different later in the morning.  Shares  traded up over 7% at $3.92 on news that it won a judgment and final injunction in its patent infringement against Stinger Systems.

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JON C. OGG

Abercrombie & Fitch (NYSE: ANF) Raised to Outperform at BMO Capital.
DG FastChannel, Inc. (NASDAQ: DGIT) Maintained Outperform but target cut to $41 at Oppenheimer.
Gap Inc. (NYSE: GPS) Raised to Outperform at Wells Fargo.
Green Plains Renewable Energy (NASDAQ: GPRE) Cut to Neutral at Piper Jaffray.
Kayne Anderson MLP Investment Co. (NYSE: KYN) Raised to Buy at Wunderlich.
Rackspace Hosting, Inc. (NYSE: RAX) Cut to Hold at Benchmark.
Rio Tinto plc (NYSE: RTP) Raised to Buy at BofA/Merrill Lynch.

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JON C. OGG

Ceragon Networks Ltd. (NASDAQ: CRNT) is trading higher after receiving orders for mobile backhaul equipment from one of India’s “leading operators.”  Shares are trading up 6.7% at $8.30 on about 20,000 shares versus a 52-week range of $6.85 to $13.29.

Cogent Inc. (NASDAQ: COGT) is up 21.7% at $10.85 after 3M announced it was acquiring the fingerprint identification system provider at %10.50 per share.  Cogent has has unanimously recommended that the shareholders of Cogent Systems accept the offer, and there is a premium to the deal now here as in others because of a hope that other buyers will emerge.

DG FastChannel, Inc. (NASDAQ: DGIT) tried to fend off a warnings for Q3 and for 2010 by announcing a $30 million share buyback plan.  That did not work as the stock is down 17.7% at $20.20 versus a 52-week range of $16.39 to $44.19.

Genzyme Corporation (NASDAQ: GENZ) is trading higher after it rejected the $69.00 offer from Sanofi Aventis.  Investors are hoping for a bidding war as shares are up around $70.50 on more than 1 million shares.

Hewlett-Packard Company (NYSE: HPQ) is trading higher after announcing an additional share buyback plan of up to $10 billion.  Some will be accelerated: “we expect to repurchase at least $3 billion worth of our shares in our fiscal fourth quarter at current price levels.”  Shares are now up 2.8% at $39.06 on over 500,000 shares.

QLogic Corp. (NASDAQ: QLGC) announced board approval of a stock buyback of up to $200 million additional in stock versus a $1.6 billion market cap.  Shares are up about 1% at $14.96 versus a 52-week range of $14.30 to $22.40.

SunPower Corporation (NASDAQ: SPWRA) is trading higher after a rally last week on fresh headlines that its solar technology was selected for multiple U.S. federal government facilities.  Shares were up more earlier, but on last look the stock was up 2% at $11.45 on 12,000 shares.

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JON C. OGG

• Actuant (ATU) $0.52 EPS vs $0.48 estimate.
• ADC Telecom (ADCT) traded down 4% after-hours. It filed a $400 million convertible note offering, and Cramer said it was a safe stock to play for Verizon and AT&T network build-outs.
• Chemtura (CEM) said it will review Strategic Alternatives, including a possible sale of the company.
• China Sunergy (CSUN) named Kenneth Luk as its Chief Financial Officer.
• DG FastChannel (DGIT) shares are up 5% after it raised its 2007 and 2008 guidance.
• E*Trade (ETFC) rose almost 4% in conjunction with
• Fifth Third (FITB) warned of more credit losses but increased its dividend.
• Force Protection (FRPT) traded down over 20% again after lower portion of Mine Resistant Ambush Protected vehicles for U.S. Marines.
• General Mills (GIS) $1.14 EPS vs $1.13 estimates.
• Google (GOOG) said its application to bid for spectrum was accepted by the FCC.
• Hovnanian (HOV) losses reached $7.42 on lower sales and added charges and write-downs.
• Joy Global (JOYG) $0.80 EPS vs $0.75 estimates.
• Lundin Mining (LMC) stock indicated up almost 2% after it said it will repurchase up to 19.6 million shares of common stock.
• Morgan Stanley (MS) posted -$3.61 net but had $5.7 Billion in mortgage write-downs totaling roughly $9 Billion in charges now; it is also in pact with China Investment for $5 billion investment.
• Nike (NKE) reports earnings after the close today.
• Oracle (ORCL) posts earnings after the close today.
• Palm (PALM) lost 9% after wider losses than expected and even lower guidance ahead.
• Philips (PHG) plans a $7.2 Billion share buyback.
• Sprint (S) named Hesse from Embarq as its new CEO.
• TD Ameritrade (AMTD) rose 4% after it raised guidance.
• Viacom (VIA) in long-term digital content and advertising pact with Microsoft.

Jon C. Ogg
December 19, 2007