Apollo Group Inc. (NASDAQ: APOL) Reiterated Buy and raised price target to $63 from $55 at Argus.
ASML Holding N.V. (NASDAQ: ASML) Raised target at Credit Suisse.
AutoNation Inc. (NYSE: AN) Started as Neutral at Stern Agee.
Bank of America Corporation (NYSE: BAC) Cut to Underperform from Neutral at Zacks (late Monday call).
Choice Hotels (NYSE: CHH) Cut to Underperform from Neutral at Credit Suisse.
Gulfmark Offshore, Inc. (NYSE: GLF) Started as Outperform at Credit Suisse.
HSN, Inc. (NASDAQ: HSNI) Started as Buy at Stifel Nicolaus.
ICICI Bank Ltd. (NYSE: IBN) Cut to Underperform as Bear of the Day at Zacks.
Intel Corporation (NASDAQ: INTC) maintained as the top tech/semi pick for 2012 from Credit Suisse.
Macy’s Inc. (NYSE: M) Reiterated Outperform and raised target to $36 from $32 at Credit Suisse.
Motorola Mobility Holdings Inc. (NYSE: MMI) Maintained Sell at Argus.
Netflix, Inc. (NASDAQ: NFLX) Cut to Underperform from Neutral at BofA/ML.
Overseas Shipholding Group Inc. (NYSE: OSG) Cut to Market Perform at Wells Fargo.
Republic Services, Inc. (NYSE: RSG) Cut to Neutral at JPMorgan.
Ryder System, Inc. (NYSE: R) named as value stock of the day at Zacks.
SM Energy Co. (NYSE: SM) Maintained Outperform as Bull of the Day at Zacks.
Starbucks Corporation (NASDAQ: SBUX) Reiterated Buy and raised estimates at Argus.
Tidewater Inc. (NYSE: TDW) Started as Neutral at Credit Suisse.
The Walt Disney Co. (NYSE: DIS) Cut to Equal-weight at Barclays.
Xerox Corporation (NYSE: XRX) Cut to Equal-weight at Barclays.

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JON C. OGG

Annaly Capital Management, Inc. (NYSE: NLY) Raised to Outperform at Wells Fargo.
Boston Scientific Corp. (NYSE: BSX) Started as Outperform at Credit Suisse.
Career Education Corp. (NASDAQ: CECO) Cut to Underperform at BofA/ML.
Clorox Corp. (NYSE: CLX) Cut to Underperform at BofA/ML.
CNH Global N.V. (NYSE: CNH) named as Value stock of the day at Zacks.
Dendreon Corporation (NASDAQ: DNDN) Cut to Neutral at Goldman Sachs.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) Started as Overweight at Barclays.
Hexcel Corporation (NYSE: HXL) Cut to Neutral at BofA/ML.
Hospira Inc. (NYSE: HSP) cut to Underperform ar Bear of the Day at Zacks.
Medtronic Inc. (NYSE: MDT) Started as Outperform at Credit Suisse.
Rockwell Collins Inc. (NYSE: COL) Cut to Underperform at BofA/ML.
Sierra Wireless Inc. (NASDAQ: SWIR) downgraded at Raymond James and Morgan Keegan.
St. Jude Medical (NYSE: STJ) Started as Neutral at Credit Suisse.
Sun Life Financial Inc. (NYSE: SLF) Cut to Underperform at Credit Suisse.
Teva Pharmaceutical Industries Limited (NASDAQ: TEVA) Raised to Overweight at Morgan Stanley.
Tidewater Inc. (NYSE: TDW) Cut to Hold at Argus.
Wyndam Worldwide (NYSE: WYN) named Bull of the Day at Zacks.

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Advance Auto Parts. Inc. (NYSE: AAP) Raised to Outperform at Credit Suisse.
Archer Daniels Midland (NYSE: ADM) maintained Underperform as Bear of the Day at Zacks.
Capital One Financial Corp. (NYSE: COF) Raised to Outperform at Wells Fargo.
Chevron Corp. (NYSE: CVX) Raised to Outperform at Oppenheimer.
Cisco Systems, Inc. (NASDAQ: CSCO) Raised to Buy at Stifel Nicolaus; Raised to Overweight at Morgan Stanley; Raised to Buy at Gleacher & Co.
Cree Inc. (NASDAQ: CREE) Raised to Overweight at Morgan Stanley.
Integrated Device Technology Inc. (NASDAQ: IDTI) Started as Buy at Wunderlich.
Intuitive Surgical, Inc. (NASDAQ: ISRG) Started as Hold at ThinkEquity.
Kinross Gold Corp. (NYSE: KGC) Cut to Neutral at CRedit Suisse.
National Oilwell Varco, Inc. (NYSE: NOV) Reiterated Buy as Value at Zacks.
NYSE Euronext Inc. (NYSE: NYX) Raised to Buy at Argus.
Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) Reiterated Buy with $58 target at Argus.
Tidewater Inc. (NYSE: TDW) Reiterated Buy with $65 target at Argus.
Wyndham Worldwide (NYSE: WYN) Maintained Outperform as Bull of the Day at Zacks.

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JON C. OGG

• Diamond Offshore (DO) Cut to Hold at Jefferies.
• Ensco (ESV) Cut to Hold at Jefferies.
• HSBC (HBC) Cut to Sell at Goldman Sachs.
• Morningstar (MORN) Cut to Market Perform at KBW.
• Polypore International (PPO) Cut to Hold at BB&T.
• Powerwave (PWAV) Cut to Neutral at Baird.
• Rowan Companies (RDC) Cut to Hold at Jefferies.
• Tidewater (TDW) Cut to Hold at Jefferies.
• T. Rowe Price (TROW) Cut to Market Perform at KBW.

Jon C. Ogg
October 31, 2008

Chevron reported earnings of $6 billion, or EPS of $2.90, for thesecond quarter of 2008, up from $5.4 billion and EPS of$2.52 for thesame period last year. Revenues totaled $83 billion for the quarter.But analysts were expecting revenues of $92.41 billion and EPS of$3.03. It’s the same story as last quarter: production revenues are wayup, following crude oil prices, and refining/marketing revenues are waydown.

Equitable, which focuses mainly on natural gas production, reportedsecond quarter earnings of $55.39 million (EPS of $0.44) on revenues of$215 million. For the same period a year ago, the company had revenuesof $176.29 million, income of $107.34, and EPS of $0.88. Analystsexpected EPS of $0.44 on revenues of $289.71 million. Like Chevron,Equitable fell short on revenues mainly due to production problems andhigher operating costs.

In oilfield services, Tidewater reported earnings of $84.8 million, orEPS of $1.64, on $340.1 million in revenues. For the same period a yearago, the company earned $87.5 million ($1.55 EPS) on $205.5 million inrevenues. The company beat expectations of $1.52 EPS and revenues of$333.24 million. But operating costs are up sharply, and that’sdragging the stock down in early trading.

As for gold, El Dorado reported net income for the second quarterof$25.16 million, or EPS of $0.07, on revenues of $82.53 million. Inthe same period last year, the company posted revenues of $76.66million, net income of $26.73 million, and EPS of $0.08. El Dorado metanalysts EPS estimates. The stock is up about $0.35 in early trading.The big plus in El Dorado’s report is its low cash costs per ounce ofgold produced. Average costs were $229/ounce, and average sales pricewas $904/ounce. In the same period last year, El Dorado’s cash costswere $259/ounce and its sales price was $664/ounce. Production was thedifference. In the second quarter of 2007, the company produced 112,702ounces of gold compared with 88,610 ounces in the 2008 second quarter.

The high cost of fuel helps Chevron and Equitable, but Chevron’sproduction and operating costs rose more than 50% y-o-y. Equitable’sproduction operating expenses in the 2008 second quarter were $50.8million, 35% higher than the same period a year ago. Tidewater’s vesseloperating costs were nearly 28% higher y-o-y. Only El Dorado reducedits production costs.

Historically, gold trades at about 10x the price of oil. Oil is up morethan $4.00 so far today, to more than $128/b. Gold is up about $1.60,to about $924/ounce. If you believe the prior ratios are relevant intoday’s world, this looks like an opportunity.

Paul Ausick
August 1, 2008

Jon C. Ogg
November 26, 2007

Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.