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Leucadia (LUK) Ups Jefferies (JEF) Stake

Leucadia (LUK) is buying more share in global investment bank Jefferies Group (JEF). Between 5/1 and 5/5 in three transactions, Leucadia added an additional 2,153,092 shares at between $19.58 & $19.99 a share

They now own 42,352,196 shares or 31.9% of the outstanding total.

Jefferies Group, Inc
., along with its subsidiaries, operates as a full-service global investment bank and institutional securities firm serving companies and their investors. The Company offers these companies capital markets, merger and acquisition (M&A), restructuring and other financial advisory services. Jefferies Group, Inc. provides investors with fundamental research and trade execution in equity, equity-linked, high yield and investment-grade, fixed-income securities, as well as commodities and derivatives. Jefferies Group, Inc. also provides asset management services and products to institutions and other investors. The Company operates in two business segments: Capital Markets and Asset Management. The Capital Markets segment includes Jefferies Group, Inc.’s securities trading and investment banking activities. The Asset Management segment primarily includes operating activities related to the Company’s asset management businesses

Disclosure (“none” means no position):None

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Tuesday’s Upgrades and Downgrades


Upgrades
Apple (AAPL)- AmTech Research Neutral » Buy
South Fincl Group (TSFG)- Fox Pitt In Line » Outperform
First Ind. Rlty (FR)- BMO Capital Markets Market Perform » Outperform
Intermec (IN)- Stanford Research Sell » Hold
Superior Essex (SPSX)- Morgan Joseph Hold » Buy
MedAssets (MDAS)- William Blair Mkt Perform » Outperform
New York & Co (NWY)- Brean Murray Hold » Buy
UST Inc (UST)- Deutsche Securities Hold » Buy
NN Inc (NNBR)- KeyBanc Capital Mkts Hold » Buy
Diebold (DBD)- KeyBanc Capital Mkts Hold » Buy
W-H Energy Svcs (WHQ)- Deutsche Securities Hold » Buy
Comerica (CMA)- Deutsche Securities Hold » Buy
CACI Intl (CAI)- Jefferies & Co Hold » Buy
EV3 (EVVV)- Friedman Billings Mkt Perform » Outperform
Commercial Vehicle Group (CVGI)- JP Morgan Neutral » Overweight
Brasil Telecom Part (BRP)- Deutsche Securities Hold » Buy

Downgrades
CyberSource (CYBS)- Wedbush Morgan Strong Buy » Buy
Torchmark Corp (TMK)- Fox Pitt Outperform » In Line
Stoneridge (SRI)- KeyBanc Capital Mkts Buy » Hold
PharmaNet Devlpmt (PDGI)- Jesup & Lamont Neutral » Sell
Kintera (KNTA)- Roth Capital Buy » Hold
Yahoo! (YHOO)- Citigroup Buy » Sell
PeopleSupport (PSPT)- JMP Securities Mkt Outperform » Mkt Perform
DCT Industrial Trust (DCT)- Wachovia Outperform » Mkt Perform
ArthroCare (ARTC)- Susquehanna Financial Neutral » Negative
Getty Images (GYI)- William Blair Outperform » Mkt Perform
American Capital (ACAS)- UBS Neutral » Sell
Mack-Cali Realty (CLI)- UBS Neutral » Sell
Countrywide (CFC)- Friedman Billings Mkt Perform » Underperform
Onebeacon Insurance (OB)- Keefe Bruyette Outperform » Mkt Perform
Mid-America Aptmt (MAA)- Keefe Bruyette Outperform » Mkt Perform

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Tuesday's Upgrades and Downgrades


Upgrades
Apple (AAPL)- AmTech Research Neutral » Buy
South Fincl Group (TSFG)- Fox Pitt In Line » Outperform
First Ind. Rlty (FR)- BMO Capital Markets Market Perform » Outperform
Intermec (IN)- Stanford Research Sell » Hold
Superior Essex (SPSX)- Morgan Joseph Hold » Buy
MedAssets (MDAS)- William Blair Mkt Perform » Outperform
New York & Co (NWY)- Brean Murray Hold » Buy
UST Inc (UST)- Deutsche Securities Hold » Buy
NN Inc (NNBR)- KeyBanc Capital Mkts Hold » Buy
Diebold (DBD)- KeyBanc Capital Mkts Hold » Buy
W-H Energy Svcs (WHQ)- Deutsche Securities Hold » Buy
Comerica (CMA)- Deutsche Securities Hold » Buy
CACI Intl (CAI)- Jefferies & Co Hold » Buy
EV3 (EVVV)- Friedman Billings Mkt Perform » Outperform
Commercial Vehicle Group (CVGI)- JP Morgan Neutral » Overweight
Brasil Telecom Part (BRP)- Deutsche Securities Hold » Buy

Downgrades
CyberSource (CYBS)- Wedbush Morgan Strong Buy » Buy
Torchmark Corp (TMK)- Fox Pitt Outperform » In Line
Stoneridge (SRI)- KeyBanc Capital Mkts Buy » Hold
PharmaNet Devlpmt (PDGI)- Jesup & Lamont Neutral » Sell
Kintera (KNTA)- Roth Capital Buy » Hold
Yahoo! (YHOO)- Citigroup Buy » Sell
PeopleSupport (PSPT)- JMP Securities Mkt Outperform » Mkt Perform
DCT Industrial Trust (DCT)- Wachovia Outperform » Mkt Perform
ArthroCare (ARTC)- Susquehanna Financial Neutral » Negative
Getty Images (GYI)- William Blair Outperform » Mkt Perform
American Capital (ACAS)- UBS Neutral » Sell
Mack-Cali Realty (CLI)- UBS Neutral » Sell
Countrywide (CFC)- Friedman Billings Mkt Perform » Underperform
Onebeacon Insurance (OB)- Keefe Bruyette Outperform » Mkt Perform
Mid-America Aptmt (MAA)- Keefe Bruyette Outperform » Mkt Perform

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"Fast Money" for Tuesday


Tuesday’s Picks
Jeff Macke likes Hasbro (HAS) $35.66

Guy Adami prefers Anheuser-Busch Companies (BUD) $51.41

Karen Finerman prefers ValueClick (VCLK) $20.

Pete Najarian thinks AT&T (T) $39.85 is a buy.

Monday’s Results
Jeff Macke likes Microsoft (MSFT) $29.24 Close $29.08 LOSS

Guy Adami prefers UPS (UPS) $73.28 Close $72.74 LOSS

Karen Finerman suggests Philip Morris International (PM) $51.02 Close $50.81 LOSS

Tim Seymour thinks Unibanco (UBB) $155.66 is a buy. Close $152.74 LOSS

2008 Records:
Brian Schaeffer= 0-1
Carter Worth= 1-1
Jon Najarian= 4-3
Jeff Macke= 33-27-1
Tim Seymore= 16-13
Guy Adami= 34-30
Pete Najarian= 34-27
Karen Finerman= 27-29-1
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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More Evidence High Gas Prices May Help Harley Davidson

In early March I posed the question “is $3.25 gas helping Harley Davidson?” Now that the price is up to $3.50 and higher in most areas, there is more evidence unfolding that it may be true..

In the first post it was an Illinois dealership reporting increases in sales and now we have both a California dealership and a Florida insurance agency that insurs motorcycles in 21 states reporting the same thing.

The fact that the reports are coming in from both the sellers of the bikes and insurers in such regionally diverse areas has to assure investors that this is not a specific trend to a specific dealership or area but more of a widespread one.

Some of the comments I got after the first post were of the “a Harley gets the same mileage as my Prism” well, ring hollow. The simple reason is that I do not know too many drivers of Prisms, Escorts or other gas saver vehicles that own and drive a Harley. I do know plenty of F150, Suburban and Silverado drivers who do. In that case, you are doubling or even tripling your gas mileage and savings by making the switch.

Harley Davidson (HOG) recently lowered full year guidance to a level that, as gas prices continue their climb. I think are going to prove way to conservative as the year unfolds.

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

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Monday’s Links

Gas, Utah, Wii, Herb

– A little reality check on gas

– Beware of stuff like this

– Isn’t this like getting her a new vacuum?

See ya

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Monday's Links

Gas, Utah, Wii, Herb

– A little reality check on gas

– Beware of stuff like this

– Isn’t this like getting her a new vacuum?

See ya

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Monday's Upgrades and Downgrades

Upgrades
CIGNA (CI)- FTN Midwest Neutral » Buy
Town Sports Intl (CLUB )- William Blair Mkt Perform » Outperform
MedAssets (MDAS)- Piper Jaffray Neutral » Buy
CBL & Assoc (CBL)- Deutsche Securities Hold » Buy
Patterson-UTI (PTEN)- Credit Suisse Underperform » Neutral
Nordstrom (JWN)- Credit Suisse Neutral » Outperform
Helmerich & Payne (HP)- CapitalOne southcoast Neutral » Add
Duke Realty (DRE)- Wachovia Mkt Perform » Outperform
Duke Realty (DRE)- Deutsche Securities Hold » Buy
Valassis (VCI)- Deutsche Securities Hold » Buy
PGT Inc. (PGTI)- Deutsche Securities Hold » Buy
Pioneer Natural (PXD)- Deutsche Securities Hold » Buy
Embarq (EQ)- Deutsche Securities Hold » Buy
Morningstar (MORN)- Keefe Bruyette Mkt Perform » Outperform
RadioShack (RSH)- Banc of America Sec Neutral » Buy
Affiliated Computer (ACS)- Jefferies & Co Hold » Buy
Apria Healthcare (AHG)- Jefferies & Co Underperform » Hold
ComScore (SCOR)- Oppenheimer Perform » Outperform
Sun Healthcare (SUNH)- Friedman Billings Mkt Perform » Outperform

Downgrades
Investools (SWIM)- Kaufman Bros Buy » Hold
Palomar Medical (PMTI)- Lazard Capital Buy » Hold
Magma Design (LAVA)- Needham Buy » Hold
Bankrate (RATE)- Needham Buy » Hold
Millipore (MIL)- Leerink Swann Outperform » Mkt Perform
Investools (SWIM)- BMO Capital Markets Outperform » Market Perform
Silver State Bancorp (SSBX)- Sandler O’Neill Hold » Sell
St. Jude Medical (STJ)- Wachovia Outperform » Mkt Perform
ManTech (MANT)- Cowen & Co Outperform » Neutral
Equity Res (EQR)- Deutsche Securities Buy » Hold
Churchill Downs (CHDN)- Brean Murray Buy » Hold
Murphy Oil (MUR)- Bernstein Outperform » Mkt Perform
Cerus (CERS)- JMP Securities Mkt Outperform » Mkt Perform
Gap Inc (GPS)- Banc of America Sec Buy » Neutral
Monogram Biosciences (MGRM)- Piper Jaffray Buy »
Bankrate (RATE)- Roth Capital Buy » Hold
Endo Pharm (ENDP)- Roth Capital Buy » Hold
Essex Property (ESS)- Keefe Bruyette Outperform » Mkt Perform
Investment Tech (ITG)- Keefe Bruyette Outperform » Mkt Perform
Jones Soda (JSDA)- Piper Jaffray Neutral » Sell
Chunghwa Telecom (CHT)- Lehman Brothers Overweight » Equal-Weight
Idera Pharma (IDRA)- Susquehanna Financial Neutral » Negative $
Sun Microsystems (JAVA)- Bear Stearns Outperform » Peer Perform
Sepracor (SEPR)- Friedman Billings Mkt Perform » Underperform
Smith & Nephew (SNN)- Lehman Brothers Overweight » Equal-Weight
Dynamic Materials (BOOM)- JP Morgan Overweight » Neutral
Sunstone Hotel (SHO)- Bear Stearns Outperform » Peer Perform
priceline.com (PCLN)- Citigroup Buy » Hold

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Monday’s Upgrades and Downgrades

Upgrades
CIGNA (CI)- FTN Midwest Neutral » Buy
Town Sports Intl (CLUB )- William Blair Mkt Perform » Outperform
MedAssets (MDAS)- Piper Jaffray Neutral » Buy
CBL & Assoc (CBL)- Deutsche Securities Hold » Buy
Patterson-UTI (PTEN)- Credit Suisse Underperform » Neutral
Nordstrom (JWN)- Credit Suisse Neutral » Outperform
Helmerich & Payne (HP)- CapitalOne southcoast Neutral » Add
Duke Realty (DRE)- Wachovia Mkt Perform » Outperform
Duke Realty (DRE)- Deutsche Securities Hold » Buy
Valassis (VCI)- Deutsche Securities Hold » Buy
PGT Inc. (PGTI)- Deutsche Securities Hold » Buy
Pioneer Natural (PXD)- Deutsche Securities Hold » Buy
Embarq (EQ)- Deutsche Securities Hold » Buy
Morningstar (MORN)- Keefe Bruyette Mkt Perform » Outperform
RadioShack (RSH)- Banc of America Sec Neutral » Buy
Affiliated Computer (ACS)- Jefferies & Co Hold » Buy
Apria Healthcare (AHG)- Jefferies & Co Underperform » Hold
ComScore (SCOR)- Oppenheimer Perform » Outperform
Sun Healthcare (SUNH)- Friedman Billings Mkt Perform » Outperform

Downgrades
Investools (SWIM)- Kaufman Bros Buy » Hold
Palomar Medical (PMTI)- Lazard Capital Buy » Hold
Magma Design (LAVA)- Needham Buy » Hold
Bankrate (RATE)- Needham Buy » Hold
Millipore (MIL)- Leerink Swann Outperform » Mkt Perform
Investools (SWIM)- BMO Capital Markets Outperform » Market Perform
Silver State Bancorp (SSBX)- Sandler O’Neill Hold » Sell
St. Jude Medical (STJ)- Wachovia Outperform » Mkt Perform
ManTech (MANT)- Cowen & Co Outperform » Neutral
Equity Res (EQR)- Deutsche Securities Buy » Hold
Churchill Downs (CHDN)- Brean Murray Buy » Hold
Murphy Oil (MUR)- Bernstein Outperform » Mkt Perform
Cerus (CERS)- JMP Securities Mkt Outperform » Mkt Perform
Gap Inc (GPS)- Banc of America Sec Buy » Neutral
Monogram Biosciences (MGRM)- Piper Jaffray Buy »
Bankrate (RATE)- Roth Capital Buy » Hold
Endo Pharm (ENDP)- Roth Capital Buy » Hold
Essex Property (ESS)- Keefe Bruyette Outperform » Mkt Perform
Investment Tech (ITG)- Keefe Bruyette Outperform » Mkt Perform
Jones Soda (JSDA)- Piper Jaffray Neutral » Sell
Chunghwa Telecom (CHT)- Lehman Brothers Overweight » Equal-Weight
Idera Pharma (IDRA)- Susquehanna Financial Neutral » Negative $
Sun Microsystems (JAVA)- Bear Stearns Outperform » Peer Perform
Sepracor (SEPR)- Friedman Billings Mkt Perform » Underperform
Smith & Nephew (SNN)- Lehman Brothers Overweight » Equal-Weight
Dynamic Materials (BOOM)- JP Morgan Overweight » Neutral
Sunstone Hotel (SHO)- Bear Stearns Outperform » Peer Perform
priceline.com (PCLN)- Citigroup Buy » Hold

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"Fast Money" for Monday


Monday’s Picks
Jeff Macke likes Microsoft (MSFT) $29.24

Guy Adami prefers UPS (UPS) $73.28

Karen Finerman suggests Philip Morris International (PM) $51.02

Tim Seymour thinks Unibanco (UBB) $155.66 is a buy.

Friday’s Results
Guy Adami likes Cisco (CSCO) $26.67 Close $26.75 GAIN

Karen Finerman prefers Comverse Technology (CMVT) $17.56 Close $18.13 GAIN

Pete Najaraian recommends American Express (AXP) 51.33 on a pull back. Close $50.40 LOSS

Jeff Macke suggests shorting the Dow with Short Dow30 ProShares (DOG) $59.82 Close $59.44 LOSS

2008 Records:
Brian Schaeffer= 0-1
Carter Worth= 1-1
Jon Najarian= 4-3
Jeff Macke= 33-26-1
Tim Seymore= 16-12
Guy Adami= 34-29
Pete Najarian= 34-27
Karen Finerman= 27-28-1
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 Week’s Insider Buys

Here are the top insider purchases by dollar amount.

Colonial Bancgroup Inc (CNB)= $8,050,397
Harrington West Financial Group Inc (HWFG)= $2,083,254
Schering Plough Corp (SGP)= $2,008,774
Mercer International Inc Wa (MERC)= $1,810,494
Valence Technology Inc (VLNC)= $1,370,000
Cathay General Bancorp (CATY)= $831,032
AP Pharma Inc (APPA)= $701,300
Northstar Neuroscience Inc (NSTR)= $683,323
National City Corp (NCC)= $619,000
Kimberly Clark Corp (KMB)= $576,745
MBIA Inc (MBI)= $529,933
Zenith National Insurance Corp (ZNT)= $474,524

Disclosure (“none” means no position):

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The Week's Insider Buys

Here are the top insider purchases by dollar amount.

Colonial Bancgroup Inc (CNB)= $8,050,397
Harrington West Financial Group Inc (HWFG)= $2,083,254
Schering Plough Corp (SGP)= $2,008,774
Mercer International Inc Wa (MERC)= $1,810,494
Valence Technology Inc (VLNC)= $1,370,000
Cathay General Bancorp (CATY)= $831,032
AP Pharma Inc (APPA)= $701,300
Northstar Neuroscience Inc (NSTR)= $683,323
National City Corp (NCC)= $619,000
Kimberly Clark Corp (KMB)= $576,745
MBIA Inc (MBI)= $529,933
Zenith National Insurance Corp (ZNT)= $474,524

Disclosure (“none” means no position):

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Lampert Continues Buying AutoNation

Sears Holdings (SHLD) Chairman Edward Lampert continued his buying of AutoNation (AN) shares adding an additional 400,000 shares on 4/30 at prices just under $16

He now controls 67.749 million shares or 37.9% of the total outstanding

Disclosure (“none” means no position):None

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Weekend Reading at VIN

Here are the week’s most popular at Value Investing News

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Proposed Fed Rules for Credit Cards

The Fed proposed rule changes today that would aid consumers with some “iffy” practices by credit card companies.

The Proposals:
* Banks would be prohibited from increasing the rate on a pre-existing credit card balance (except under limited circumstances) and must allow the consumer to pay off that balance over a reasonable period of time.

* Banks would be prohibited from applying payments in excess of the minimum in a manner that maximizes interest charges.

* Banks would be required to give consumers the full benefit of discounted promotional rates on credit cards by applying payments in excess of the minimum to any higher-rate balances first, and by providing a grace period for purchases where the consumer is otherwise eligible.

* Banks would be prohibited from imposing interest charges using the “two-cycle” method, which computes interest on balances on days in billing cycles preceding the most recent billing cycle.

* Banks would be required to provide consumers a reasonable amount of time to make payments.

Here is the whole release:

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