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Articles

Friday's Upgrades and Downgrades

Post author By ToddSullivan
Post date June 6, 2008

Upgrades
Phoenix Tech (PTEC)- Dougherty & Company Neutral » Buy
Cache (CACH)- Roth Capital Hold » Buy
TCF Financial (TCB)- Stifel Nicolaus Hold » Buy
CVB Financial (CVBF)- Credit Suisse Neutral » Outperform
Zoran (ZRAN)- Lazard Capital Hold » Buy
Vertex Pharm (VRTX)- Cowen & Co Neutral » Outperform
First Cash (FCFS)- Roth Capital Hold » Buy
Cogent Communications (CCOI)- RBC Capital Mkts Sector Perform » Outperform
Trex (TWP)- Sun Trust Rbsn Humphrey Neutral » Buy
Hot Topic (HOTT)- Friedman Billings Mkt Perform » Outperform
Royal Bank of Scotland (RBS)- Citigroup Hold » Buy
Northwest Airlines (NWA)- Lehman Brothers Equal-Weight » Overweight
UAL Corp. (UAUA)- Lehman Brothers Equal-Weight » Overweight
UAL Corp. (UAUA)- Soleil Sell » Hold
Cortex Pharm (COR)- Rodman & Renshaw Mkt Underperform » Mkt Perform

Downgrades
Integral Systems (ISYS)- Feltl & Co. Buy » Hold
Carpenter Tech (CRS)- JP Morgan Overweight » Neutral
Indevus Pharm (IDEV)- Ladenburg Thalmann Buy » Neutral
F5 Networks (FFIV)- Kaufman Bros Buy » Hold
Adobe Systems (ADBE)- Cowen & Co Outperform » Neutral
Regeneron Pharms (REGN)- Credit Suisse Outperform » Neutral
RSC Holdings (RRR)- UBS Buy » Neutral
United Rentals (URI)- UBS Buy » Neutral
H&E Equipment Srvs (HEES)- UBS Buy » Neutral
Hercules (HPC)- Jefferies & Co Buy » Hold
VeriSign (VRSN)- JP Morgan Overweight » Neutral
Haynes Intl (HAYN)- JP Morgan Overweight » Neutral
Allegheny Tech (ATI)- JP Morgan Overweight » Neutral
American Wdmrk (AMWD)- Robert W. Baird Outperform » Neutral
Parker-Hannifin (PH)- UBS Neutral » Sell
Caterpillar (CAT)- UBS Neutral » Sell
Kennametal (KMT)- UBS Neutral » Sell
PACCAR (PCAR)- UBS Neutral » Sell
Motorola (MOT)- Oppenheimer Perform » Underperform
Navistar (NAVZ)- UBS Buy » Neutral

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Articles

"Fast Money" for Friday

Post author By ToddSullivan
Post date June 5, 2008

FRIDAY’S PICKS
Jeff Macke is bullish on Microsoft (MSFT) $28.30

Guy Adami recommends getting long Intel (INTC) $23.87 after Nat Semi revenues topped expectations.

Pete Najarian likes Excel Maritime (EXM) $52.77 on increasing shipping rates.

Karen Finerman thinks J. Crew (JCG) $36.89 is a buy.

THURSDAY’S RESULTS
Jeff Macke recommends getting long Disney (DIS) $34.35 CLOSE $34.49 GAIN

Guy Adami suggests Starwood (HOT) $47.85 CLOSE $49.05

Karen Finerman and Pete Najarian both think Microsoft (MSFT) $27.54 is a buy CLOSE $28.30 GAIN

2008 Records:
Brian Schaeffer= 0-1
Carter Worth= 1-1
Jon Najarian= 4-3
Jeff Macke= 44-36-1
Tim Seymore= 17-14
Guy Adami= 48-36
Pete Najarian= 43-38
Karen Finerman= 42-32-1
Joe Terrenova= 1-3

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

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Articles

NEWS: Interview With Dow Chemical’s (DOW) Andrew Liveris

Post author By ToddSullivan
Post date June 5, 2008

I just finished a 35 minute interview with Andrew Liveris, CEO of Dow Chemical. It covered US Energy Policy, oil, gas, Dow’s JV strategy, mergers, “the cash”, Dow Ag and other topics. Mr. Liveris was nothing but frank and honest as to his opinions and his outlook for the company. It was great….

As soon as I have it transcribed, I will begin to post it.

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

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Tags dow

Articles

NEWS: Interview With Dow Chemical's (DOW) Andrew Liveris

Post author By ToddSullivan
Post date June 5, 2008

I just finished a 35 minute interview with Andrew Liveris, CEO of Dow Chemical. It covered US Energy Policy, oil, gas, Dow’s JV strategy, mergers, “the cash”, Dow Ag and other topics. Mr. Liveris was nothing but frank and honest as to his opinions and his outlook for the company. It was great….

As soon as I have it transcribed, I will begin to post it.

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

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Articles

Whitney Tilson Talks About Shorts

Post author By ToddSullivan
Post date June 5, 2008
2 Comments on Whitney Tilson Talks About Shorts

Tilson talks about Ambac (ABK), MBIA (MBI), Lehman (LEH), Citigroup (C), Washington Mutual (WM) and Wachovia (WB). He always makes great points. Is it just me or do the short sellers like Ackman, Tilson and Einhorn (when they are short) make the best points?

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

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Tags ackman, einhorn

Articles

Will Lehman Answer Einhorn Now?

Post author By ToddSullivan
Post date June 5, 2008
1 Comment on Will Lehman Answer Einhorn Now?

Despite attacks by the NY Times, Einhorn keeps raising issues that, until Lehman (LEH) can answer honestly, will continue to crush the stock.

Like I said yesterday, Einhorn is raising very specific issues. There have not been specific answers from anyone. Here is what Einhorn has ACTUALLY said regarding Lehman. Read the entire piece because what has been printed and said about it is well, less that accurate

Disclosure (“none” means no position):None

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Tags einhorn

Articles

Rebate Shoppers Flock to Wal-Mart (WMT)

Post author By ToddSullivan
Post date June 5, 2008

One has to wonder what execs at Target (TGT) were thinking when they did noting to try to draw those with rebate checks to their stores like Wal-Mart (WMT) did.

As far back as January Wal-Mart began courting shoppers who were receiving rebate checks from the US government. In the middle of April I pondered why the “deafening silence” from the likes of Target and JC Penny (JCP) in regards to the payments.

All this against the background of questionable customer service tactics at the chain.

Well, the first monthly results since the stimulus checks began being mailed are in and Wal-Mart is the clear winner.

Wal-Mart said Thursday total U.S. same-store sales during the four-week period ending May 30 rose 4.4 percent due to strong sales of grocery, health and wellness and entertainment products. Excluding fuel sales, same-store sales for the month rose 3.9 percent. Analysts polled by Thomson Financial, on average, forecast a 1.6 percent increase in same-store sales.

Same-store sales increased 4 percent in its Wal-Mart Stores segment, while same-store sales at Sam’s Club stores increased 6.5 percent during the month.

Meanwhile Target said Thursday that its May sales at stores open at least one year fell 0.7%. Analysts, on average, had expected same-store sales to fall 0.2%. For June, the compnay sees same-store sales in a range of down 2% to flat. In the year-ago period, same-store sales rose 3.5%.

Wal-Mart see sales for same period up 2% to 4%.

It will not be very long before tough questions are asked at Target as to their decision to essentially ignore the coming rebate while Wal-Mart aggressively pursued the funds.

At least they should be……

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

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Articles

The Browser to Use

Post author By ToddSullivan
Post date June 5, 2008

For those having problems with Internet Explorer, I fully concur with Mr. Mossberg on Firefox’s latest offering

Read it here

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Articles

Hovnanian Reports

Post author By ToddSullivan
Post date June 5, 2008

Hovnanian’s (HOV) CEO speaks.

Blah, blah, blah a loss. We all expected that. The key here is what he is seeing out there now. Not necessarily improvement, but stabilization. At this point, that would be fantastic news for the industry. Buyers have been sitting waiting for what they feel is the bottom, when the presume it to be here, they will act, fast.

This backs yesterday’s post on the subject.

Disclosure (“none” means no position):None

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Articles

Borders (BGP) To Sell Australian Unit for $110 Million

Post author By ToddSullivan
Post date June 5, 2008
2 Comments on Borders (BGP) To Sell Australian Unit for $110 Million

This is the first in either preparing for a sale by improving equity and debt levels OR, continuing the turnaround by improving liquidity.

From the press release:
Borders Group, Inc. (NYSE: BGP) today announced that it will sell 100 percent of its Australia/New Zealand/Singapore businesses — which includes 30 Borders superstores — to A&R Whitcoulls (ARW), the leading Australasian retailer of books and related products owned by private equity firm Pacific Equity Partners (PEP). The total transaction is valued at up to $110 million and is expected to close next week.

Upon closing of the transaction, Borders Group will receive proceeds of approximately $95 million (AUD) or approximately $90 million (USD based on current exchange rates). Additional deferred payments of up to $15 million (AUD) or approximately $14 million (USD based on current exchange rates) will be paid to Borders Group on or about March 31, 2009 if certain performance targets are achieved.

As part of the agreement, ARW, which owns and operates over 260 stores including Australia’s oldest bookstore chain, Angus & Robertson, as well as popular New Zealand book, magazine and DVD retailer Whitcoulls, among other holdings, will have the right to use the Borders brand throughout Australia/New Zealand/Singapore consistent with a brand licensing pact that is part of the agreement.

“These businesses have performed well led by a talented management team who has consistently delivered strong execution in Borders superstores in Australia, New Zealand and Singapore,” said Borders Group Chief Executive Officer George Jones. “This transaction represents an attractive valuation, permits us to forgo further investment in these businesses, and provides our company with a significant cash infusion to further reduce debt, which is one of our key financial initiatives. ARW is a well respected and highly successful retail company with outstanding leadership that will be strengthened with the addition of the local Borders executive team and our stores. We trust A&R Whitcoulls to successfully manage the Borders brand.”

A&R Whitcoulls Group Managing Director, Ian Draper, said that the Borders assets are complementary to his company’s existing holdings, offering a different yet enhanced shopping experience to Angus & Robertson in Australia and Whitcoulls in New Zealand. “Borders will bring a new dimension to our retail offerings,” he said. “The customer-experience based model invites shoppers to browse with a vast range of books, music, movies and cafes in Borders stores. This model has proven popular in the local market and will complement our existing presence by targeting a different demographic through the premium format and vast selection of products.”

Managing Director of Borders Asia Pacific, John Campradt, will continue to serve in his current role managing the Borders business. “Building the Borders brand throughout Australia, New Zealand and Singapore has been fulfilling,” he said. “Now, we enter an exciting new chapter as part of ARW, which has welcomed our management team, our stores, and our people, and will provide the support we need to drive profitable growth.”

In March the negotiations were put on hold while Borders looked at “other options”, primarily a financing agreement with Pershing and Bill Ackman.

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

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Tags ackman, bgp

Articles

Thursday's Links

Post author By ToddSullivan
Post date June 5, 2008

Radioshack, Congress, Secrets, Gumshoe

– Always blaming someone

– Do not even buy a stock based on a mailing before you check here….ever

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Articles

Thursday’s Links

Post author By ToddSullivan
Post date June 5, 2008

Radioshack, Congress, Secrets, Gumshoe

– Always blaming someone

– Do not even buy a stock based on a mailing before you check here….ever

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Articles

Thursday’s Upgrades and Downgrades

Post author By ToddSullivan
Post date June 5, 2008

Upgrades
US Airways (LCC)- Credit Suisse Underperform » Neutral
UAL Corp. (UAUA)- Credit Suisse Neutral » Outperform
Whole Foods (WFMI)- FTN Midwest Neutral » Buy
Eli Lilly (LLY)- Cowen & Co Neutral » Outperform
Amdocs (DOX)- Kaufman Bros Hold » Buy
Novartis AG (NVS)- Cowen & Co Neutral » Outperform
Novatel Wireless (NVTL)- Morgan Joseph Hold » Buy
SAIC (SAI)- Jesup & Lamont Neutral » Buy
Prestige Brands (PBH)- Oppenheimer Underperform » Perform
Morgan Stanley (MS)- Wachovia Mkt Perform » Outperform
Tyson Foods (TSN)- Wachovia Mkt Perform » Outperform
Koppers Holdings (KOP)- UBS Neutral » Buy

Downgrades
Pentair (PNR)- Janney Mntgmy Scott Buy » Neutral
Western Union (WU)- DA Davidson Buy » Neutral $26
Indevus Pharm (IDEV)- Broadpoint Capital Buy » Neutral
VNUS Medical Tech (VNUS)- Piper Jaffray Buy » Neutral
Omrix Biopharma (OMRI)- UBS Buy » Neutral
Sunesis Pharma (SNSS)- Cantor Fitzgerald Buy » Hold
Bristol-Myers (BMY)- Cowen & Co Outperform » Neutral
Vertex Pharm (VRTX)- JMP Securities Mkt Outperform » Mkt Perform
SBA Comm (SBAC)- RBC Capital Mkts Outperform » Sector Perform
American Tower (AMT)- RBC Capital Mkts Outperform » Sector Perform
Crown Castle (CCI)- RBC Capital Mkts Outperform » Sector Perform
Trimble Navigation (TRMB)- JP Morgan Overweight » Neutral
Choice Hotels (CHH)- Oppenheimer Outperform » Perform
Intercontinental Hotels Group (IHG)- Oppenheimer Outperform » Perform
Marriott (MAR)- Oppenheimer Outperform » Perform

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Articles

Thursday's Upgrades and Downgrades

Post author By ToddSullivan
Post date June 5, 2008

Upgrades
US Airways (LCC)- Credit Suisse Underperform » Neutral
UAL Corp. (UAUA)- Credit Suisse Neutral » Outperform
Whole Foods (WFMI)- FTN Midwest Neutral » Buy
Eli Lilly (LLY)- Cowen & Co Neutral » Outperform
Amdocs (DOX)- Kaufman Bros Hold » Buy
Novartis AG (NVS)- Cowen & Co Neutral » Outperform
Novatel Wireless (NVTL)- Morgan Joseph Hold » Buy
SAIC (SAI)- Jesup & Lamont Neutral » Buy
Prestige Brands (PBH)- Oppenheimer Underperform » Perform
Morgan Stanley (MS)- Wachovia Mkt Perform » Outperform
Tyson Foods (TSN)- Wachovia Mkt Perform » Outperform
Koppers Holdings (KOP)- UBS Neutral » Buy

Downgrades
Pentair (PNR)- Janney Mntgmy Scott Buy » Neutral
Western Union (WU)- DA Davidson Buy » Neutral $26
Indevus Pharm (IDEV)- Broadpoint Capital Buy » Neutral
VNUS Medical Tech (VNUS)- Piper Jaffray Buy » Neutral
Omrix Biopharma (OMRI)- UBS Buy » Neutral
Sunesis Pharma (SNSS)- Cantor Fitzgerald Buy » Hold
Bristol-Myers (BMY)- Cowen & Co Outperform » Neutral
Vertex Pharm (VRTX)- JMP Securities Mkt Outperform » Mkt Perform
SBA Comm (SBAC)- RBC Capital Mkts Outperform » Sector Perform
American Tower (AMT)- RBC Capital Mkts Outperform » Sector Perform
Crown Castle (CCI)- RBC Capital Mkts Outperform » Sector Perform
Trimble Navigation (TRMB)- JP Morgan Overweight » Neutral
Choice Hotels (CHH)- Oppenheimer Outperform » Perform
Intercontinental Hotels Group (IHG)- Oppenheimer Outperform » Perform
Marriott (MAR)- Oppenheimer Outperform » Perform

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Articles

Wilbur Ross Talks About Lehman, Yahoo, Bond Insurers & Commodities

Post author By ToddSullivan
Post date June 4, 2008

Discussed: MBIA (MBI), Ambac (ABK), Lehman (LEH),Yahoo (YHOO), Icahn, Oil (USO)

Best quote: About Yahoo management regarding Icahn, “I think perhaps they should have took him more seriously in the beginning”…Great..

Part 1

Part 2

Part 3

Disclosure (“none” means no position):None

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