Category: Articles

UPGRADES
Wyeth (WYE)- Leerink Swann Mkt Perform » Outperform
Worthington (WOR)- Longbow Neutral » Buy
Weingarten Realty (WRI)- Stifel Nicolaus Hold » Buy
Ramco-Gershenson (RPT)- Stifel Nicolaus Hold » Buy
Pennsylvania R.E.I.T. (PEI)- Stifel Nicolaus Hold » Buy
National Retail Properties (NNN)- Stifel Nicolaus Hold » Buy
Capital Lease Funding (LSE)- Stifel Nicolaus Hold » Buy
Kite Realty (KRG)- Stifel Nicolaus Hold » Buy
Glimcher Realty (GRT)- Stifel Nicolaus Hold » Buy
Cedar Shopping Centers (CDR)- Stifel Nicolaus Hold » Buy
CBL & Assoc (CBL)- Stifel Nicolaus Hold » Buy
Xyratex (XRTX)- BMO Capital Markets Market Perform » Outperform
Ormat Tech (ORA)- UBS Neutral » Buy
Elizabeth Arden (RDEN)- Oppenheimer Perform » Outperform
Double Hull Tankers (DHT)- JP Morgan Underweight » Neutral
CME Group (CME)- Citigroup Hold » Buy
Hovnanian Entrpr (HOV)- UBS Sell » Neutral

DOWNGRADES
VeraSun Energy (VSE)- Soleil Hold » Sell
Semtech (SMTC)- Canaccord Adams Buy » Hold
Toreador Royalty (TRGL)- Jefferies & Co Hold » Underperform
Strayer Education (STRA)- Stifel Nicolaus Buy » Hold
Adobe Systems (ADBE)- Kaufman Bros Buy » Hold
America Movil SA (AMX)- Pali Research Neutral » Sell
Columbia Banc (CBBO)- FTN Midwest Neutral » Sell
Calgon Carbon (CCC)- Morgan Joseph Hold » Sell
ACADIA Pharmaceuticals (ACAD)- Jefferies & Co Buy » Hold
ACADIA Pharmaceuticals (ACAD)- Banc of America Sec Buy » Sell
Cinemark (CNK)- Morgan Stanley Overweight » Equal-Weight
Tempur-Pedic (TPX)- Oppenheimer Outperform » Perform
W-H Energy Svcs (WHQ)- Deutsche Securities Buy » Hold
Knightsbridge Tankers Ltd (VLCCF)- JP Morgan Neutral » Underweight
Citrix Systems (CTXS)- Friedman Billings Outperform » Mkt Perform
ACADIA Pharmaceuticals (ACAD)- Friedman Billings Outperform » Mkt Perform

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UPGRADES
Wyeth (WYE)- Leerink Swann Mkt Perform » Outperform
Worthington (WOR)- Longbow Neutral » Buy
Weingarten Realty (WRI)- Stifel Nicolaus Hold » Buy
Ramco-Gershenson (RPT)- Stifel Nicolaus Hold » Buy
Pennsylvania R.E.I.T. (PEI)- Stifel Nicolaus Hold » Buy
National Retail Properties (NNN)- Stifel Nicolaus Hold » Buy
Capital Lease Funding (LSE)- Stifel Nicolaus Hold » Buy
Kite Realty (KRG)- Stifel Nicolaus Hold » Buy
Glimcher Realty (GRT)- Stifel Nicolaus Hold » Buy
Cedar Shopping Centers (CDR)- Stifel Nicolaus Hold » Buy
CBL & Assoc (CBL)- Stifel Nicolaus Hold » Buy
Xyratex (XRTX)- BMO Capital Markets Market Perform » Outperform
Ormat Tech (ORA)- UBS Neutral » Buy
Elizabeth Arden (RDEN)- Oppenheimer Perform » Outperform
Double Hull Tankers (DHT)- JP Morgan Underweight » Neutral
CME Group (CME)- Citigroup Hold » Buy
Hovnanian Entrpr (HOV)- UBS Sell » Neutral

DOWNGRADES
VeraSun Energy (VSE)- Soleil Hold » Sell
Semtech (SMTC)- Canaccord Adams Buy » Hold
Toreador Royalty (TRGL)- Jefferies & Co Hold » Underperform
Strayer Education (STRA)- Stifel Nicolaus Buy » Hold
Adobe Systems (ADBE)- Kaufman Bros Buy » Hold
America Movil SA (AMX)- Pali Research Neutral » Sell
Columbia Banc (CBBO)- FTN Midwest Neutral » Sell
Calgon Carbon (CCC)- Morgan Joseph Hold » Sell
ACADIA Pharmaceuticals (ACAD)- Jefferies & Co Buy » Hold
ACADIA Pharmaceuticals (ACAD)- Banc of America Sec Buy » Sell
Cinemark (CNK)- Morgan Stanley Overweight » Equal-Weight
Tempur-Pedic (TPX)- Oppenheimer Outperform » Perform
W-H Energy Svcs (WHQ)- Deutsche Securities Buy » Hold
Knightsbridge Tankers Ltd (VLCCF)- JP Morgan Neutral » Underweight
Citrix Systems (CTXS)- Friedman Billings Outperform » Mkt Perform
ACADIA Pharmaceuticals (ACAD)- Friedman Billings Outperform » Mkt Perform

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I have been using the beta version for a while now. If you like Internet Explorer, this will blow it away…

Go here to downloads the browser

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Back from vacation…..

– Ought to be back to full posting tomorrow

– “Anon” comments. Please take three seconds and get an ID. It is way too time consuming to try to track a conversation of 40 comments when several are “anon”. Half the time people do not know who they are talking to or asking the same question ten times. If you want to be replied to, please get an ID. You may still comment as “anon” if you want but do not expect me (or others) to take the time to reply to you unless you get an ID. It really isn’t too much to ask…

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It seems negative stories about Target (TGT) are getting more pervasive…

“I just figured I’d pass along my Target experience from this weekend. I have been looking for a flat panel TV for quite some time now and noticed a price on target.com for a tv which was buy instore only. I called the store down the jersey shore, my location at the time, to ensure availability and indeed it was. The following day, I went to the Target to purchase the TV however it was $160 more than the target.com price, as I was told the ads run Saturday thru Sunday and the sale had expired. I just got off the phone with the Target Customer Service rep who could do nothing for me even though I had the screen print shot of the sale price w/ no dates posted for expiration of the sale. I felt this went along the same line with your blog post related to their ridiculous return policy. Because of this, I went from buying myself a TV at Target, and possibly my father a father’s day TV gift (both $830 each + accessories), to buying nothing. So much for retailers wanting our money!”

Disclosure (“none” means no position):None

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Adam’s Options, Russert, Russert, Russert

– I do not pretend to know even a fraction of what Adam knows about options but find myself reading him everyday……..his stuff is very “visual“

– This is a tragedy

– The takeaway? He cannot be replaced….The MSM has deteriorated so much

– True……….

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Adam’s Options, Russert, Russert, Russert

– I do not pretend to know even a fraction of what Adam knows about options but find myself reading him everyday……..his stuff is very “visual“

– This is a tragedy

– The takeaway? He cannot be replaced….The MSM has deteriorated so much

– True……….

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Here is a nice back and forth between two bloggers I like to read. P

They cover Sears (SHLD), American Home Mortgage (AHM), Primus (PRS) and others

Read it Here:

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If you say something is or is not going to happen, you’d better be right…

AIG’s (AIG) Martin Sullivan became the latest “we will not need to raise more capital” casualty tonight being replaced by former Citigroup banker Robert Willumstad, who was already AIG chairman, effective immediately..

Sullivan joins Merrill Lynch’s (MER) Stanley O’Neal, Citigroup’s (C) Charles Prince, Bear Stearns’ (BSC) James Cayne, Ambac’s (ABK) Robert Genader, MBIA’s (MBI) Gary Dunton, Wachovia’s (WB) Ken Thompson and Lehman’s (LEH) Erin Callan.

We’ve been having this discussion here for pretty regularly since April and for some reason, the assurances are still being made. Up until just days before she was demoted, Lehman’s Callan was still out making assurances about the company I really think only she believed.

We aren’t talking about missing EPS targets by by a few percentages, we are talking about saying your capital position is sufficient and then going out and needing to raise the equivalent of 30% of your market cap only weeks later, in the case of Lehman. It just cannot happen.

Why are the shorts winning? Because the actions of the above crew give the inclination that even they do not know how bad the situation of their company is. If those people with the most intimate knowledge cannot get a handle on it, then the people telling us it is really bad must be right. Management keeps telling us things are under control when it clearly isn’t. That doubt and the fear it causes on the part of investors will inevitably lead to an negative overreaction in their outlook.

If the bosses tell us it is going to be “x” bad the shorts will have a quick victory but when it turn out to only be “X” bad, that is it, the party for them is over. They will exit the shorts and the longs can start buying in. The longs will not buy in now because they do not believe the bosses and the shorts can keep piling it on.

One final thing. Please stop whining about “short sellers”. It is annoying and useless. How about just getting your act together and get a handle on what is going on around you…… novel idea I know but it would actually work.

Disclosure (“none” means no position):Long C,WB, None

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If you say something is or is not going to happen, you’d better be right…

AIG’s (AIG) Martin Sullivan became the latest “we will not need to raise more capital” casualty tonight being replaced by former Citigroup banker Robert Willumstad, who was already AIG chairman, effective immediately..

Sullivan joins Merrill Lynch’s (MER) Stanley O’Neal, Citigroup’s (C) Charles Prince, Bear Stearns’ (BSC) James Cayne, Ambac’s (ABK) Robert Genader, MBIA’s (MBI) Gary Dunton, Wachovia’s (WB) Ken Thompson and Lehman’s (LEH) Erin Callan.

We’ve been having this discussion here for pretty regularly since April and for some reason, the assurances are still being made. Up until just days before she was demoted, Lehman’s Callan was still out making assurances about the company I really think only she believed.

We aren’t talking about missing EPS targets by by a few percentages, we are talking about saying your capital position is sufficient and then going out and needing to raise the equivalent of 30% of your market cap only weeks later, in the case of Lehman. It just cannot happen.

Why are the shorts winning? Because the actions of the above crew give the inclination that even they do not know how bad the situation of their company is. If those people with the most intimate knowledge cannot get a handle on it, then the people telling us it is really bad must be right. Management keeps telling us things are under control when it clearly isn’t. That doubt and the fear it causes on the part of investors will inevitably lead to an negative overreaction in their outlook.

If the bosses tell us it is going to be “x” bad the shorts will have a quick victory but when it turn out to only be “X” bad, that is it, the party for them is over. They will exit the shorts and the longs can start buying in. The longs will not buy in now because they do not believe the bosses and the shorts can keep piling it on.

One final thing. Please stop whining about “short sellers”. It is annoying and useless. How about just getting your act together and get a handle on what is going on around you…… novel idea I know but it would actually work.

Disclosure (“none” means no position):Long C,WB, None

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UPGRADES
Invitrogen (IVGN)- First Analysis Sec Equal-Weight » Overweight
Hercules Offshore (HERO)- CapitalOne southcoast Neutral » Add
Apollo Group (APOL)- First Analysis Sec Equal-Weight » Overweight
Yahoo! (YHOO)- Stifel Nicolaus Hold » Buy
Continental Air (CAL)- Soleil Hold » Buy
Partner Comms (PTNR)- UBS Neutral » Buy
Yahoo! (YHOO)- Soleil Sell » Hold
Petro-Canada (PCZ)- Banc of America Sec Neutral » Buy
Old Dominion (ODFL)- Robert W. Baird Neutral » Outperform
Con-way (CNW)- Robert W. Baird Neutral » Outperform
Campbell Soup (CPB)- Lehman Brothers Equal-Weight » Overweight
MeadWestvaco (MWV)- Citigroup Hold » Buy

DOWNGRADES
PDL BioPharma (PDLI)- Credit Suisse Outperform » Neutral
McClatchy (MNI)- Wachovia Mkt Perform » Underperform
Jo-Ann Stores (JAS)- Soleil Buy » Hold
Fifth Third (FITB)- BMO Capital Markets Outperform » Market Perform
Yahoo! (YHOO)- Needham Buy » Hold
NASDAQ (NDAQ)- Credit Suisse Outperform » Neutral
Benihana (BNHN)- KeyBanc Capital Mkts Buy » Hold
Finisar (FNSR)- Piper Jaffray Buy » Neutral
Brasil Telecom Part (BRP)- JP Morgan Neutral » Underweight
Anheuser-Busch (BUD)- UBS Buy » Neutral
Brasil Telecom (BTM)- JP Morgan Neutral » Underweight
Accuray (ARAY)- UBS Neutral » Sell
Applied Bio (ABI)- UBS Buy » Neutral
WD-40 Company (WDFC)- JP Morgan Neutral » Underweight
Universal Health (UHS)- Wachovia Outperform » Mkt Perform

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