Author: ToddSullivan

Upgrades
PFF Bancorp (PFB)- B. Riley & Co Sell » Neutral
Western Refining (WNR)- Caris & Company Below Average » Average
Allion Healthcare (ALLI)- Broadpoint Capital Neutral » Buy
A.O. Smith (AOS)- Robert W. Baird Underperform » Neutral
Applied Industrial (AIT)- Morgan Keegan Mkt Perform » Outperform
Commvault Systems (CVLT)- Morgan Keegan Mkt Perform » Outperform
Longtop Financial (LFT)- Kaufman Bros Sell » Hold
Cubic (CUB)- Needham Hold » Buy
Network Equip (NWK)- Brean Murray Hold » Buy
3D Systems (TDSC)- Piper Jaffray Sell » Neutral
Beacon Roofing Supply (BECN)- Morgan Keegan Mkt Perform » Outperform
Zoran (ZRAN)- Piper Jaffray Neutral » Buy
LM Ericsson (ERIC)- RBC Capital Mkts Sector Perform » Outperform
Dollar Tree (DLTR)- JP Morgan Underweight » Neutral
Cellcom Israel (CEL)- Lehman Brothers Underweight » Equal-Weight
Tal International (TAL)- Robert W. Baird Neutral » Outperform
FBL Financial (FFG)- Keefe Bruyette Mkt Perform » Outperform
Telecom Italia (TI)- Deutsche Securities Hold » Buy
El Paso (EP)- JP Morgan Neutral » Overweight

Downgrades
W&T Offshore (WTI)- CapitalOne southcoast Add » Neutral
Clear Channel Outdoor (CCO)- Stanford Research Buy » Hold
U-Store-It (YSI)- Stifel Nicolaus Buy » Hold
Move (MOVE)- Needham Buy » Hold
Perdigao S.A. (PDA)- UBS Buy » Neutral
FedEx (FDX)- Morgan Keegan Outperform » Mkt Perform
Edenor (EDN)- JP Morgan Overweight » Neutral
Navios Maritime (NM)- Oppenheimer Outperform » Perform
Cogent Communications (CCOI)- Cowen & Co Outperform » Neutral
Build-A-Bear Workshop (BBW)- Credit Suisse Outperform » Neutral
Vital Signs (VITL)- Piper Jaffray Buy » Neutral
Cheniere Energy (LNG)- RBC Capital Mkts Outperform » Underperform
Cogent Communications (CCOI)- RBC Capital Mkts Outperform » Sector Perform
Sadia S.A. (SDA)- UBS Neutral » Sell
DRS Tech (DRS)- Credit Suisse Outperform » Neutral
Public Storage (PSA)- Deutsche Securities Buy » Hold
Pacific Sunwear (PSUN)- Citigroup Buy » Sell
Cheniere Energy (LNG)- Citigroup Buy » Hold

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Tuesday’s Picks
Jeff Macke likes Wal-Mart (WMT) $58.02

Guy Adami prefers Cisco (CSCO) $25.84

Tim Seymour recommends Turkcell (TKC) $17.99

Pete Najarian thinks Applied Material (AMAT) $19.87 is a buy

Monday’s Results
Jeff Macke says if Fedex drags down UPS (UPS) $70.29 then UPS is a buy on the dip. Close $70.42 GAIN

Guy Adami likes Tesoro (TSO) $21.96 in anticipation of a relief rally.Close $24.15 GAIN

Along those same lines, Karen Finerman suggests the Valero (VLO) June 45 calls. Close $47.03 GAIN

Pete Najarian thinks Hewlett-Packard (HPQ) $49.13 is a buy ahead of earnings.Close $46.64 LOSS

2008 Records:
Brian Schaeffer= 0-1
Carter Worth= 1-1
Jon Najarian= 4-3
Jeff Macke= 37-28-1
Tim Seymore= 16-13
Guy Adami= 37-32
Pete Najarian= 35-31
Karen Finerman= 32-29-1
Joe Terrenova= 1-1

2007 Results (Since 6/21):
Guy Adami= 58-46 = 56%
Jeff Macke= 60-40 = 60%
Pete Najarian= 49-41 = 54%

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The following video does make a great point..

If you want to decrease the amount of speculation in oil (USO) prices, one way to do it is require those doing it to lay more money down when making the bets. They are not talking about diminishing the ability of those to speculate, but just asking them to actually out down more cash. This is not much different than your broker asking you to put down a larger percentage of cash for your margin account or your bank asking for more of a down payment for your house.

Disclosure (“none” means no position):Long USO

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Less than a week after announcing good news, Sprint (S) reminded investors it is still in trouble now…

Wireless

* First quarter revenues of $8.0 billion declined 9% compared to the year-ago period and declined 6% from the fourth quarter of 2007. The declines are mainly due to lower average service revenue per customer and fewer post-paid subscribers.
* Adjusted Operating Income* was a loss of $253 million compared to profits of $253 million in the first quarter of 2007 and $168 million in the fourth quarter. The decline in Adjusted Operating Income* is due to lower service revenues that were partially offset by reduced operating expenses.
* Adjusted OIBDA* was $1.8 billion in the current period compared to $2.4 billion in the 2007 first quarter and $2.2 billion in the 2007 fourth quarter. Adjusted OIBDA* in the first quarter exceeded capital expenditures for the period by a little more than $900 million

Reported diluted loss per share was 18 cents compared to a 7 cent loss in the year-ago period and a loss of $10.28 per share in the fourth quarter of 2007. The fourth quarter results include a loss of $10.32 per share from a pre-tax non-cash goodwill impairment charge of $29.5 billion.

Oh Yea…
The company lost 1.09 million subscribers to the competition and average revenue per customer dropped to $56 a month. Sprint’s now has 52.8 subscribers falling even further behind #1 AT&T (T) and #2 Verizon (VZ) who are adding customers each quarter..

Do not expect the upcomingSamsung Instinct to do anything to stopped toe exodus. With new offerings from Research in Motion’s (RIMM) Blackberry and Apple’s (AAPL) iPhone (potentially), I just do not see much interest at all in a new Samsung offering.

That being said, CEO Dan Hesse is doing the right things for the future of the company. It is just that with it being in so much trouble, the here and now will be very painful.

Disclosure (“none” means no position):None

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Less than a week after announcing good news, Sprint (S) reminded investors it is still in trouble now…

Wireless

* First quarter revenues of $8.0 billion declined 9% compared to the year-ago period and declined 6% from the fourth quarter of 2007. The declines are mainly due to lower average service revenue per customer and fewer post-paid subscribers.
* Adjusted Operating Income* was a loss of $253 million compared to profits of $253 million in the first quarter of 2007 and $168 million in the fourth quarter. The decline in Adjusted Operating Income* is due to lower service revenues that were partially offset by reduced operating expenses.
* Adjusted OIBDA* was $1.8 billion in the current period compared to $2.4 billion in the 2007 first quarter and $2.2 billion in the 2007 fourth quarter. Adjusted OIBDA* in the first quarter exceeded capital expenditures for the period by a little more than $900 million

Reported diluted loss per share was 18 cents compared to a 7 cent loss in the year-ago period and a loss of $10.28 per share in the fourth quarter of 2007. The fourth quarter results include a loss of $10.32 per share from a pre-tax non-cash goodwill impairment charge of $29.5 billion.

Oh Yea…
The company lost 1.09 million subscribers to the competition and average revenue per customer dropped to $56 a month. Sprint’s now has 52.8 subscribers falling even further behind #1 AT&T (T) and #2 Verizon (VZ) who are adding customers each quarter..

Do not expect the upcomingSamsung Instinct to do anything to stopped toe exodus. With new offerings from Research in Motion’s (RIMM) Blackberry and Apple’s (AAPL) iPhone (potentially), I just do not see much interest at all in a new Samsung offering.

That being said, CEO Dan Hesse is doing the right things for the future of the company. It is just that with it being in so much trouble, the here and now will be very painful.

Disclosure (“none” means no position):None

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The common theme emerging is that theme parks may have a rough go of it this summer. I am not so sure..

Check out this video, the jist is that while Six Flags (SIX), Busch Gardens (BUD) and Cedar Fair (FUN) may suffer, Disney (DIS) ought to sail through unscathed.

Some empirical evidence may just suggest that may not be so true. A recent trip to Dunkin Donuts revealed the Six Flags summer coupons. A promotion of some type between the two companies in the Northeast has been a regular thing for the past few years.

In past years, coupons could be had all spring and even into the summer. Yesterday’s visit revealed only a few left. Of course I had to inquire and was told that they could not keep them in stock. Now, the price of the coupons with the ticket was $29.99 each so this was not a give away type thing and is in the same ballpark as past promotions.

The “coffee jockey” or “barista” (whatever we are supposed to call them) told me people have been coming in and asking for them this year, unlike past years.

It is an odd situation. Higher gas prices may just mean less “long distance”t most folks are not traveling that far for a Six Flags anyway. If their general audience comes in from 200 miles or so, then an additional $1 per gallon in gas for most folks is only another $10 on the travel bill. If you offset that with admission savings, it is a wash.

Do I think Six in a good investment? Not really, they just carry way too much debt and some very smart people are selling. I do think other operator may get knocked down a bit too far and offer a short term opportunity.

Since people seem to be clamoring for the ticket coupons, this may be the way they plan to have fun this summer, rather than a week at the shore.

Disclosure (“none” means no position):None

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Upgrades
California Pizza (CPKI)- Wedbush Morgan Sell » Hold
Carrizo Oil & Gas (CRZO)- CapitalOne southcoast Neutral » Add
True Religion (TRLG)- Wedbush Morgan Hold » Buy
Cablevision (CVC)- Pali Research Sell » Neutral
GSI Technology (GSIT)- Needham Hold » Buy
Activision (ATVI)- Cowen & Co Neutral » Outperform
Activision (ATVI)- Kaufman Bros Hold » Buy
NVIDIA (NVDA)- Stifel Nicolaus Sell » Buy
Ameristar Casinos (ASCA)- Brean Murray Hold » Buy
Freightcar America (RAIL)- Jefferies & Co Hold » Buy
TECO Energy (TE)- Citigroup Hold » Buy
Lincoln Educational Services (LINC)- Lehman Brothers Equal-Weight » Overweight
Hess (HES)- Lehman Brothers Underweight » Equal-Weight
Advanced Energy (AEIS)- JP Morgan Neutral » Overweight
Penson Worldwide (PNSN)- JP Morgan Neutral » Overweight
FormFactor (FORM)- JP Morgan Neutral » Overweight
Imperial Tobacco (ITY)- Credit Suisse Neutral » Outperform
Sonus Networks (SONS)- Merriman Curhan Ford Neutral » Buy
Novartis AG (NVS)- Bernstein Mkt Perform » Outperform
Pinnacle (PNK)- Lehman Brothers Equal-Weight » Overweight
Sovereign Banc (SOV)- Keefe Bruyette Underperform » Mkt Perform

Downgrades
Deltek (PROJ)- William Blair Outperform » Mkt Perform
Northwestern Corp (NWE)- KeyBanc Capital Mkts Buy » Hold
DRS Tech (DRS)- Morgan Joseph Buy » Hold
Celgene (CELG)- Credit Suisse Outperform » Neutral
Deltek (PROJ)- Credit Suisse Outperform » Neutral
Pike Electric (PEC)- Robert W. Baird Outperform » Neutral
Energy Conversion (ENER)- Broadpoint Capital Buy » Neutral
iPass (IPAS)- Morgan Joseph Buy » Hold
DRS Tech (DRS)- Friedman Billings Outperform » Mkt Perform
Am Superconductor (AMSC)- Jefferies & Co Buy » Hold
Superior Well Services (SWSI)- RBC Capital Mkts Outperform » Sector Perform
Pediatrix Medical (PDX)- RBC Capital Mkts Top Pick » Outperform
PowerSecure (POWR)- JMP Securities Mkt Outperform » Mkt Perform
Aware (AWRE)- Merriman Curhan Ford Buy » Neutral
Georgia Gulf (GGC)- UBS Buy » Neutral
DRS Tech (DRS)- UBS Buy » Neutral
Cascade Microtech (CSCD)- JP Morgan Overweight » Neutral
Goodrich Petroleum (GDP)- Sun Trust Rbsn Humphrey Neutral » Reduce

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Upgrades
California Pizza (CPKI)- Wedbush Morgan Sell » Hold
Carrizo Oil & Gas (CRZO)- CapitalOne southcoast Neutral » Add
True Religion (TRLG)- Wedbush Morgan Hold » Buy
Cablevision (CVC)- Pali Research Sell » Neutral
GSI Technology (GSIT)- Needham Hold » Buy
Activision (ATVI)- Cowen & Co Neutral » Outperform
Activision (ATVI)- Kaufman Bros Hold » Buy
NVIDIA (NVDA)- Stifel Nicolaus Sell » Buy
Ameristar Casinos (ASCA)- Brean Murray Hold » Buy
Freightcar America (RAIL)- Jefferies & Co Hold » Buy
TECO Energy (TE)- Citigroup Hold » Buy
Lincoln Educational Services (LINC)- Lehman Brothers Equal-Weight » Overweight
Hess (HES)- Lehman Brothers Underweight » Equal-Weight
Advanced Energy (AEIS)- JP Morgan Neutral » Overweight
Penson Worldwide (PNSN)- JP Morgan Neutral » Overweight
FormFactor (FORM)- JP Morgan Neutral » Overweight
Imperial Tobacco (ITY)- Credit Suisse Neutral » Outperform
Sonus Networks (SONS)- Merriman Curhan Ford Neutral » Buy
Novartis AG (NVS)- Bernstein Mkt Perform » Outperform
Pinnacle (PNK)- Lehman Brothers Equal-Weight » Overweight
Sovereign Banc (SOV)- Keefe Bruyette Underperform » Mkt Perform

Downgrades
Deltek (PROJ)- William Blair Outperform » Mkt Perform
Northwestern Corp (NWE)- KeyBanc Capital Mkts Buy » Hold
DRS Tech (DRS)- Morgan Joseph Buy » Hold
Celgene (CELG)- Credit Suisse Outperform » Neutral
Deltek (PROJ)- Credit Suisse Outperform » Neutral
Pike Electric (PEC)- Robert W. Baird Outperform » Neutral
Energy Conversion (ENER)- Broadpoint Capital Buy » Neutral
iPass (IPAS)- Morgan Joseph Buy » Hold
DRS Tech (DRS)- Friedman Billings Outperform » Mkt Perform
Am Superconductor (AMSC)- Jefferies & Co Buy » Hold
Superior Well Services (SWSI)- RBC Capital Mkts Outperform » Sector Perform
Pediatrix Medical (PDX)- RBC Capital Mkts Top Pick » Outperform
PowerSecure (POWR)- JMP Securities Mkt Outperform » Mkt Perform
Aware (AWRE)- Merriman Curhan Ford Buy » Neutral
Georgia Gulf (GGC)- UBS Buy » Neutral
DRS Tech (DRS)- UBS Buy » Neutral
Cascade Microtech (CSCD)- JP Morgan Overweight » Neutral
Goodrich Petroleum (GDP)- Sun Trust Rbsn Humphrey Neutral » Reduce

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Monday’s Picks
Jeff Macke says if Fedex drags down UPS (UPS) $70.29 then UPS is a buy on the dip.

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Wilbur Ross talk to Bartiromo and Kudlow about what he sees.

First, opportunities internationally

Then, the state of the consumers mentality:

Ross is buying so his opinion, is worth noting. He is not saying we have bottomed but that “asset prices are attractive”. Given his stunning track record, his opinion is well worth noting.

I also like the subtle dig at Soros…

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