Alcatel-Lucent (NYSE: ALU) Maintained Underperform but raised estimates at Credit Suisse.
Barrick Gold Corporation (NYSE: ABX) Reiterated Strong Buy as Value at Zacks.
Boston Scientific Corporation (NYSE: BSX) Cut to Underweight at Barclays.
Citigroup Inc. (NYSE: C) maintained Buy with $53 target but slightly cut estimates at BofA/ML; Reiterated Sell at Argus.
Clorox Corporation (NYSE: CLX) Cut to Perform at Oppenheimer; Raised to Market Perform at Bernstein.
eBay Inc. (NASDAQ: EBAY) Staretd as Buy with $40 target at Argus.
Genworth Financial Inc. (NYSE: GNW) Cut to Underperform as Bear of the Day at Zacks.
Huntington Bancshares Inc. (NASDAQ: HBAN) Raised to Outperform as Bull of the Day at Zacks.
JDS Uniphase Corporation (NASDAQ: JDSU) Maintained Neutral but cut target to $15.50 at Credit Suisse.
LinkedIn Corporation (NYSE: LNKD) Cut to Neutral from Overweight at JPMorgan.
LM Ericsson Telephone Co. (NASDAQ: ERIC) Raised to Outperform at Credit Suisse.
Netflix, Inc. (NASDAQ: NFLX) Cut to Sector Perform at Pacific Crest.
NXP Semiconductors NV (NASDAQ: NXPI) Started as Outperform at Credit Suisse.
Republic Airways Holdings Inc. (NASDAQ: RJET) Cut to Underperform at BofA/ML.
Scripps Networks Interactive (NYSE: SNI) Cut to Equal-Weight at Morgan Stanley.
Signature Bank (NASDAQ: SBNY) Started as Buy with $64 target at BofA/ML.
SkyWest Inc. (NASDAQ: SKYW) Reiterated Underperform and cut target to $10 at BofA/ML.
SunPower Corporation (NASDAQ: SPWRA) Cut to Sell at Collins Stewart; Reiterated Underperform at BofA/ML.
US Airways Group, Inc. (NYSE: LCC) Cut to Neutral at BofA/ML.

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JON C. OGG

The company had originally planned to sell $100 million worth ofstock.  This larger offering was about $136.3 million before sellingfees.  Friedman Billings Ramsey was the lead manager in theunderwriting, and co-managers are Oppenheimer and Sandler O’Neill.With Oppenheimer being the co-manager, maybe the bank will be off ofMeredith Whitney’s hit list of pans for the time being.

Before this offering the market cap was $931 million,accounting for the 4% rise today.  What is more interesting is how the shares rallied into the offering rather thanselling off.  A 4% rise on adiscounted offering where the buyers who subscribed into the secondarycould have short sold while they wait forshares is not the usual path that traders see. 

With all of the saleproceeds going to the bank itself, traders are looking at this as ashoring up of capital and as being a growth engine for expansion in the New Yorkarea in a time when other banks are being lined up in front of thefiring squad.

Its 52-week trading range is $22.31 to $38.20.

Jon C. Ogg
September 9, 2008