Adobe Systems Inc. (NASDAQ: ADBE) Cut to Neutral at Piper Jaffray.
Advanced Micro Devices Inc. (NYSE: AMD) Reiterated Hold at Argus.
Coach Inc. (NYSE: COH) Maintained Buy with $65 target at BofA/ML.
Elan Corp. plc (NYSE: ELN) Started as Buy at Jefferies.
Kohl’s Corp. (NYSE: KSS) Raised to Buy at Stifel Nicolaus.
McDonald’s Corp (NYSE: MCD) Reiterated Outperform with $87 target at Credit Suisse.
Norfolk Southern Corporation (NYSE: NSC) Cut to Neutral at UBS.
OmniVision Technologies Inc. (NASDAQ: OVTI) Raised to Outperform and listed as Bull of the Day at Zacks.
Petroleo Brasileiro (NYSE: PBR), or Petrobras, Reiterated Buy with $55 target at BofA/ML.
RadioShack Corp. (NYSE: RSH) Raised to Neutral at Wedbush.
RigNet, Inc. (NASDAQ: RNET) Started as Buy at Deutsche Bank.
Southwest Airlines Co. (NYSE: LUV) Reiterated Buy and $18 target at Argus.
World Wrestling Entertainment Inc. (NYSE: WWE) Cut to Neutral at Wedbush.
Xilinx Inc. (NASDAQ: XLNX) Raised to Buy at Auriga.

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JON C. OGG

We have given a breakdown of what has come about on each and what to expect during the week ahead  if applicable.  You will notice that we did not include any earnings previews this week.  This is the crest of earnings season and we gave a full earnings preview on about 25 major companies reporting this coming week, 11 of which are DJIA components.  We have a separate issue on The Top 5 Analyst Calls of the Week that we released independently over the weekend as well.  There was also enough in research calls specific to biotech and drug companies that we released a Top BioHealth Research Calls of the Week.

Berkshire Hathaway Inc. (NYSE: BRK-B) (NYSE: BRK-A) was given the “Mr. Moneybags” cover article in Barron’s over the weekend.  The report calls that the billions and billions in new cash coming in from debt repayments and the huge increase in cash flow from operations could lead to a dividend in the next 12 to 18 months if Buffett doesn’t find another elephant of a deal.

Clinical Data Inc. (NASDAQ: CLDA) is back on the radar after the FDA approved its antidepressant drug Viibyrd.  Analysts already see potential peak sales above $2 billion as this antidepressant is believed to not interfere with sexual desire as much as in some rival drugs.  Shares closed at $15.03 on Friday and rose almost 15% to $17.24 in the Friday after-hours session.  The 52-week trading range is $10.87 to $22.39 and the consensus price target is already $29.67 per Thomson Reuters data.

Google Inc. (NASDAQ: GOOG) closed down on Friday after having been up originally after huge blowout earnings.  The ongoing problem is that of the lack of adult supervision.  Some say that making Larry Page CEO is good and that it is time, but with close to a $200 billion market cap there were at least some concerns that Google needs more.  If Apple is a model based upon the Steve Jobs news, something hard to exactly compare on a Apples-to-Googles basis, then the same 6.2% drop from after the news would come to another slide of close to 2% on a static basis.

McMahon & Co. has announced that it is cutting 10% of its staff,which should result in annual cost savings of approximately $8million.  In exchange for that, the company will take a one-time chargeof $3 million.  WWE also noted that the company has completed anevaluation of its operating and capital expenditures and has identified"additional efficiencies."  In short, more cost cuts are on the way.The company’s ultimate goal is to trim $20 million from its expensestructure in 2009.

WWE is not the only sports and entertainment fallout here in theeconomy.  We have seen and heard of cost cuts in many professionalsporting teams and even in some of the leagues.  In December, the Arena Football League decided to cancel its 2009season.

The next time you go to a game or event and notice how there are manyvacant seats, it might be the recession’s impact rather than thequality of your team or venue.

Does WWE get to fully expense all those chairs and other bits of equipment they break, or do those get amortized?  Maybe it shouldn’t blow up any more cars or other expensive props as part of the cost cutting ahead.

Jon C. Ogg
January 9, 2009

Linda McMahon noted that the company has not over-penetrated markets as not all events are sold out, and also noted the media properties it has.  She also noted that Pay-per-view was a growth mechanism.  As far as dividend are concerned, Cramer noted the high yield and increased dividends.  The common holders get a $0.36 dividend quarterly, while the McMahon family dividend stayed at $0.24.

We looked, and that yield is 8%.  In fact, its at the top of the 52-week trading range of $13.35 to $18.60.  Shares closed up almost 4% today at $18.16, and shares were at $18.50 on last look in after-hours trading.

Jon C. Ogg
March 11, 2008