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Lead Paint Defendants Attack RI Abatement Plan

Filed from Jane Genova. Through their attorneys, the three defendants in the Rhode Island Lead Paint Trial II – Sherwin-Williams (SHW), Millennium Holdings and NL Industries (NL) – filed a motion today in RI Superior Court.

The motion seeks to strike the plaintiff’s proposed lead-abatement plan [that is, the state Attorney General’s plan] in its entirety. Alternatively, defendants move the court to strike each part of the Attorney General’s plan that

*Constitutes improper equitable relief
*Exceeds the court’s jurisdiction and authority
*Affects the rights of persons not a party to this proceeding
*Is constitutionally improper
*And, is unsupported by the prior record in this proceedings.

This particular motion is separate from the defendants’ response to that abatement plan which is due December 15, 2007.

Specifically, here are more details on the defendants’ claim that the abatement plan is on its face defective for five basic reasons:

It seeks money damages that cannot be awarded in equity. The court is constitutionally precluded from awarding money damages, a form of relief exclusively reserved for the jury. Moreover, the plan confirms that an adequate remedy at law exists for the Attorney General through RI’s ability to bring future claims for money damages and because the relief sought is or was compensable in charges. As a matter of law, no remedy can now include the payment of money or the creation of a fund.

It is premised on abatement of individual properties. No remedy can include the inspection or abatement of individual properties because those properties were not part of the trial and verdict, and property owners were neither given notice nor permitted to participate in the proceedings. Ordering abatement of individual properties would exceed the court’s jurisdiction and authority, would be improper in a parens patriae action, and would violate property owners’ constitutional rights.

It includes a request for prospective injunctive relief to prevent future harm, but the RI AG filed to prove his right to such equitable relief. The jury never decided, as it was constitutionally required to do, the predicate facts for mandatory injunctive relief by clear and convincing evidence. Not did the RI AG prove under the proper standard of proof that any harm from properly maintained lead paint is practically certain to occur in the future. Therefore, there is no basis on which the court can enter a mandatory injunction.

It improperly seeks relief for properties and environmental conditions that were never part of the trial or verdict, ranging from playgrounds to public buildings. Similarly, no relief can include the abatement of intact, well-maintained lead paint because the AG conceded (and the legislature declared) that such paint does not present an immediate hazard.

It purports to supplant existing statutory and regulatory requirements for addressing lead-based paint hazards. This court cannot properly enter an order that conflicts with or is inconsistent with the General Assembly’s enactments. Any permissible remedy may only fill a gap in those requirements beyond that which can be achieved through compliance with, and enforcement of, existing laws and regulations.
You can receive a complimentary copy of this 38-page motion by contacting Mgenova981@aol.com.

More commentary an be found here.

The long and short of it is Lynch can file his motions that make a nice neat little press release and play well in the local papers while the defendants will eventually win with a little called the law.

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Wednesday’s Upgrades and Downgrades


UPGRADES
Citigroup C Punk, Ziegel & Co Mkt Perform » Buy
Semtech SMTC Caris & Company Below Average » Average
Affiliated Computer ACS Stifel Nicolaus Hold » Buy
American Science & Engineering ASEI Jefferies & Co Hold » Buy
Techtarget TTGT Oppenheimer Neutral » Buy
Cavium Networks CAVM Lehman Brothers Equal-weight » Overweight
BP BP Bear Stearns Peer Perform » Outperform
BB&T Corp BBT Punk, Ziegel & Co Mkt Perform » Buy
PNC Bank PNC Punk, Ziegel & Co Mkt Perform » Buy
Regions Fincl RF Punk, Ziegel & Co Mkt Perform » Buy
Washington Mutual WM Punk, Ziegel & Co Sell » Mkt Perform
KeyCorp KEY Punk, Ziegel & Co Sell » Mkt Perform
Marathon Oil MRO Bear Stearns Underperform » Peer Perform
Chevron CVX Bear Stearns Peer Perform » Outperform
AXA AXA Credit Suisse Neutral » Outperform
Emageon EMAG Friedman Billings Mkt Perform » Outperform

DOWNGRADES
Genlyte GLYT BB&T Capital Mkts Buy » Hold
Axcan Pharma AXCA BMO Capital Markets Market Perform » Underperform
Advanced Micro AMD AmTech Research Buy » Neutral
First American FAF Keefe Bruyette Outperform » Mkt Perform
Arbitron ARB Bear Stearns Outperform » Peer Perform
Equity Res EQR UBS Neutral » Sell
BRE Properties BRE UBS Neutral » Sell
AvalonBay AVB UBS Buy » Neutral
NovaGold Resources NG Bear Stearns Outperform » Peer Perform

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"Fast Money" for Wednesday


Wednesday’s Picks

No “First Trade” Picks

Tuesday’s Results
Jeff Macke is buying S&P 500 Index “Spiders” (SPY) with a tight stop. If the S&P drops 1% to 1395 — sell. Open $140.95 Close $142.57 GAIN

Guy Adami preferred JetBlue (JBLU). Open $6.78 Close $6.77 LOSS

Karen Finerman recommended shorting Big Lots (BIG).Open $20.32 Close $19.82 LOSS

Pete Najarian said Arch Coal (ACI) is a buy. Open $36.18 Close $36.86 GAIN

Records: Since 6/21/2007

Guy Adami= 46-41 = 52%
John Najarian= 13-4 = 76%
Jeff Macke= 54-35 = 60%
Pete Najarian= 36-36 = 50%
Tim Seymore= 5-5 = 50%
Karen Finerman= 29-22 = 57%
Stacey Briere-Gilbert= 3-0 = 100
Ned Riley= 1-0 = 100%
Carter Worth= 0-1 = 0%

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Tuesday’s 52 Week Low’s


ZLC Zale Corporation 18.47
WOLF Great Wolf Resorts Inc 10.49
TWC Time Warner Cable Inc 23.74
TWB Tween Brands Inc 24.61
TSH Teche Holding Company 38.20
TSC Stephan Company , The 3.25
TRY Triarc Companies, Inc … 8.09
S Sprint Nextel Corporation 14.40
NBR Nabors Industries Ltd 26.32
NBBC Newbridge Bancorp 10.20
MXWL Maxwell Technologies Inc 8.10
LZB La-Z-Boy Incorporated 6.02
LYV Live Nation Inc 13.14
HD Home Depot, Inc 26.97
COO The Cooper Companies, Inc 41.39
COBR Cobra Electronics Cor … 5.15
COA Coachmen Industries, Inc 5.32
ADY American Dairy Inc 14.97
ACC American Campus Cmnty … 24.06
ACAT Arctic Cat Inc 11.17

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Restoration Answers Sears Holdings

Restoration Hardware (RSTO) answered Sears Holdings (SHLD) today only a day after Sears reminded it who was “it largest shareholder”.

The release below:

PRNewswire-FirstCall/ — “In response to media and other inquiries concerning the Schedule 13D amendment filed by Sears Holdings Corporation on Monday, November 26, 2007, the Independent Committee of Restoration Hardware’s Board of Directors stated if Sears will agree to execute the customary confidentiality and standstill agreement on substantially the same terms that other parties have signed, it would be pleased to provide Sears with the confidential information it requested.

“While Sears has announced its willingness to sign a confidentiality agreement, there is no agreement on terms and, to date, instead of agreeing to the standstill agreement to which other interested parties have agreed, Sears has proposed to reserve the right to launch a tender offer outside the process,” the Independent Committee said in a statement today.

The Committee stated that it is encouraged by Sears’ current proposal at $6.75 per share based upon publicly available information, which is a vast improvement over its prior proposal at $4.00 per share. At the same time, the Committee stated that it believes that stockholder value will be maximized if Sears participates inside the process with other interested parties.

“Sears is an American icon,” said Ray Hemmig, Chairman of the Independent Committee. “We are flattered that it is interested in learning more about our company. We welcome its participation in the process along with the other interested parties. However, the Committee is firmly committed to a fair process that will yield the best results for all stockholders and believes that process is best served through all parties agreeing to the proposed standstill terms without preferential treatment of one party over another.”

On November 8, 2007, Restoration Hardware announced a merger agreement with Catterton Partners. In that announcement, the Company said that under the terms of the agreement, the Independent Committee of the Company’s Board of Directors, consistent with its fiduciary duties, would be soliciting competing proposals from third parties during a 35 day period ending December 13, 2007. On November 19, 2007, Sears filed a Schedule 13D with the SEC indicating that it had accumulated shares equaling just under a 14% ownership position in the Company.”

The whole release is a bit self-serving at best. Why? The other “bidders” in this situation is management itself! What unfair advantage could Sears possibly get over the people currently running the company? Answer? None. Restoration is trying to save face.

Restoration got bitch slapped by Lampert & Co. the other day when they reminded them that as the “largest shareholder” they actually owned more of the company than the current bidders and the Board or Directors themselves and that as such, deserved consideration in the process in getting the information they wanted. It is no coincidence that this information was forthcoming immediately.

There is nothing to stop Lampert from acquiring more shares on the open market during this process, he just cannot launch an official tender offer for shares. Semantics.

Where do we go from here? Lampert gets what he wants (information) and either two things happen. He ends up buying the company OR management raises it offer above that of what Sears would be willing to pay and Lampert cashes out at a profit. Either way Sears shareholders win.

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Tuesday’s Links

Sears, CDO’s, USG, Capitalism

– Like I was saying, this is true.

– They are all over the news. Now you can find out what they are.

– If you want to play a housing rebound, forget the homebuilders, go with this company.

– Here is a great piece on Capitalism

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Sears Holdings Ups Ante for Restoration

The key paragraph here in the letter filed today from Sears Holdings (SHLD) is the last one where it calls out management and the board of Restoration (RSTO) and states that “as your largest stockholder, we are concerned by certain aspects of the management and director-led buyout.”

Dear Mr. Hemmig:

We are disappointed that our numerous requests to receive confidential information have not yet been granted by the Special Committee of the Board of Directors (the “Special Committee”) of Restoration Hardware, Inc. (the “Company”). As you know, we have sought such information to enable us to determine whether to submit a binding proposal to acquire the Company on terms superior to the insider buyout contemplated by the Agreement and Plan of Merger (the “Current Merger Agreement”), dated as of November 8, 2007, among the Company, Home Holdings, LLC, and Home Merger Sub, Inc.

As you know we have been discussing the terms of a confidentiality agreement with you and your advisors and in this regard you have asked us to provide you with a proposal to acquire the Company. While we do not understand your requirement that we submit such a proposal prior to providing us with due diligence information during the “go shop” period, we are prepared to inform you that, based on the public information currently available to us, we would be prepared to enter into an agreement to offer your stockholders $6.75 per share in cash via tender offer. We would contemplate entering into a merger agreement on terms substantially similar to the Current Merger Agreement, modified as necessary to accommodate the tender offer structure and with a lower, more reasonable break-up fee than contained in the Current Merger Agreement.

We believe that this proposal, if agreed, would provide a compelling opportunity for your stockholders to realize significant value for their shares in an all cash transaction. The structure of our proposal would enable all of your stockholders to realize value for their shares sooner with less execution and other risk than the transaction contemplated by the Current Merger Agreement. Accordingly, we believe that the Special Committee should as soon as practicable designate Sears Holdings Corporation and its subsidiaries as “Excluded Parties,” as defined in the Current Merger Agreement and should exempt the transactions contemplated by our proposal, including the tender offer, from Section 203 of the Delaware General Corporation Law.

As noted above, our proposal is based solely on publicly available information (including the projections contained in your August 30 press release but not including the results of your most recent quarter, which we expect to be announced shortly), and would require access to the due diligence information we have been seeking. To that end, we again request that you allow us to enter into a confidentiality agreement with the Company on terms permissible under the Current Merger Agreement. Moreover, as you have requested we would be willing to agree to a customary “standstill” provision in such confidentiality agreement, subject to the exception we have discussed with you and your advisors which would enable us to commence a tender offer for all of the shares of the Company only at a price greater than that offered pursuant to the Current Merger Agreement.

We believe that providing us with information and the opportunity to offer all stockholders more consideration than they would receive pursuant to the Current Merger Agreement would be in their best interest. As your largest stockholder, we would similarly encourage you to provide this “superior tender offer” exception to other persons, if any, who might also be interested in receiving confidential information in order to submit a superior proposal, whether as part of a “process” or otherwise.

Additionally, as your largest stockholder, we are concerned by certain aspects of the management and director-led buyout. We note in this regard that you entered into a confidentiality agreement with the private equity leader of the insider group on July 20, 2007 and apparently have been focused exclusively on the insider deal since that time rather than exploring our known interest (first expressed to you in June of this year and repeatedly reiterated). Notwithstanding our known interest, you did not provide us with either guidance or information which could potentially have enabled us to submit a superior proposal to the insider deal in advance of its execution. Our concerns have been increased by the delays we’ve encountered during the “go shop” period which have served to further exacerbate the procedural, contractual advantages (including break-up fees, match rights, and new change of control benefits) and informational superiority which the insider group enjoys.

We hope that you will recognize the benefits of a transaction along the lines that we have proposed and quickly grant us access to the information we have requested as we believe that this would be in the best interests of the Company, its stockholders, customers and employees. We stand ready and willing to complete this transaction quickly, and look forward to doing so.
Sincerely,

/s/ William C. Crowley

Now, it should also be noted that Sears upped its offer from $4 an share to $6.75 a share. Sears, being the largest shareholder (double that of the next largest shareholder) here does have management in a precarious situation. I would bet Lampert has been buying more shares recently (or soon will be) and will up his ownership percentage. At that point, what management wants to do could become essentially irrelevant

One has to think management is stonewalling Sears in order to keep their jobs since they are the one trying to buy the company currently. If Lampert gets control of more shares, it will become a moot point. Currently share trade about 25 cents over Lampert’s offer price indicating folks feel Lampert will eventually pay more. That being said, Lampert could double his ownership to 27.4% for about $1.5 million more than he would pay if the offer price was accepted. It would be a rather cheap premium to pay to all but assure a deal.

Also, the letter twice refers to Sears as “your largest stockholder”. It is a veiled way of saying “hey, we own more of this sucker than you do, want to get ugly?
Go ahead.”

Now, Restoration management has done the right thing in waiting this out until now to get a higher price. However, there now comes a point where they will be viewed as obstructing the process rather than getting the best deal. This is especially apparent since the are the other bidder for the company and their offer is now inferior to the one Sears has made. Sears, being the “largest stockholder” does have the the upper hand should things get contentious.

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Circuit City: Please Come Back!!

Circuit City (CC) has now regressed into the guy in high school that dumps his girlfriend only to beg her to come back after he realizes what a huge mistake he made.

Circuit City Spokesman Bill Cimino said last week that Circuit City invited former U.S. workers to apply for jobs, a practice he said was not uncommon in retail, given the typically high turnover. It should be noted here that many of these folks are that same ones that in March, Circuit City let go. More than 3,000 workers were fired and replaced them with lower-paid staff. Cimino added that Circuit City would likely invite more ex-staffers to return next year.

“In a lot of cases, we’ve completely changed how our stores operate; the roles of our associates within the stores,” Cimino told Reuters. “We’ve got a better career path now for associates.” By career path do you mean you will not fired them unexpectedly?

Now, what does Circuit City really hope to accomplish? The good one they let go because the were “too expensive” will already have jobs and those who are still unemployed 6 months after they were let go, do they really want them back? The timing of this is terrible too. They now have themselves competing with the holiday hiring spree that happens every years in retailing.

This is just another in a long line of management failures that has shares snuggled comfortably at 4 year lows. There has been a lot of talk in the blogsphere about shares being a bargain and by most mathematical metrics, they are. Big problem though. In order for those metrics to translate into a retail turnaround and thus have shareholders reap the benefits of that value, management needs to do its job.

Circuit City could carve itself out a niche among the monsters out there like Best Buy (BBY) and Wal-Mart (WMT) much like Julian Day at RadioShack (RSH) has done. It would need to be done on service and a more professional shopping experience. Getting rid of the best folks you have to do that based on their pay scale was just inexplicably short-sighted.

If current management has shown anything, they are just not up to the job and until new management is there, Circuit City will continue to be a value-trap for investors that if it is not bought out soon (next 8 months), will most likely be driven into bankruptcy a sentiment I first expressed in June.

On a side note, why haven’t any of these electronics retailers with “help desks” inside like City’s “Firedog” or Best Buy’s “Geek Squad” jumped at the chance to associate somehow with the hit show “Chuck”? It is a natural association.

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Tuesday’s Upgrades and Downgrades

UPGRADES
Five Star Quality Care FVE Davenport Neutral » Buy
SI International SINT BB&T Capital Mkts Hold » Buy
Forest Labs FRX AmTech Research Neutral » Buy
Vaxgen VXGN Punk, Ziegel & Co Mkt Perform » Accumulate
ITT Industries ITT Credit Suisse Neutral » Outperform
Teradyne TER HSBC Securities Neutral » Overweight
Boeing BA Wachovia Mkt Perform » Outperform
Laboratory Corp LH Wachovia Mkt Perform » Outperform
Virgin Mobile USA VM Soleil Sell » Hold
Bankrate RATE Bear Stearns Peer Perform » Outperform
Celgene CELG Banc of America Sec Neutral » Buy
FEMSA FMX JP Morgan Neutral » Overweight
National Grid NGG Lehman Brothers Equal-weight » Overweight
Kimberly-Clark KMB Lehman Brothers Underweight » Equal-weight
Deere DE Banc of America Sec Neutral » Buy
Aetna AET JP Morgan Neutral » Overweight
DIRECTV DTV Bernstein Underperform » Mkt Perform
Grant Prideco GRP UBS Neutral » Buy
Air France KLM AKH Citigroup Hold » Buy
Royal Philips Electronics PHG Deutsche Securities Hold » Buy
Tidewater TDW Jefferies & Co Hold » Buy
OmniVision OVTI Robert W. Baird Underperform » Neutral

DOWNGRADES
Buckeye Partners BPL SMH Capital Buy » Sell
Sasol SSL Bear Stearns Outperform » Peer Perform
Public Storage PSA Wachovia Outperform » Mkt Perform
Amer. 1st Tax Exempt Inv. ATAXZ RBC Capital Mkts Outperform » Sector Perform
Intersil ISIL Jefferies & Co Buy » Hold
Casey’s General CASY Friedman Billings Outperform » Mkt Perform
Freddie Mac FRE UBS Buy » Neutral
Fannie Mae FNM UBS Buy » Neutral
Sierra Pacific SRP Deutsche Securities Buy » Hold
First Marblehead FMD Friedman Billings Mkt Perform » Underperform

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"Fast Money" for Tuesday

Tuesday’s Picks
Jeff Macke is buying S&P 500 Index “Spiders” (SPY) with a tight stop. If the S&P drops 1% to 1395 — sell. Open $140.95

Guy Adami preferred JetBlue (JBLU). Open $6.78

Karen Finerman recommended shorting Big Lots (BIG).Open $20.32

Pete Najarian said Arch Coal (ACI) is a buy. Open $36.18

Records: Since 6/21/2007

Guy Adami= 46-40 = 60%
John Najarian= 13-4 = 76%
Jeff Macke= 53-35 = 62%
Pete Najarian= 35-36 = 48%
Tim Seymore= 5-5 = 50%
Karen Finerman= 29-21 = 59%
Stacey Briere-Gilbert= 3-0 = 100
Ned Riley= 1-0 = 100%
Carter Worth= 0-1 = 0%

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Wachovia Insiders Can’t Stop Buying

Wachovia (WB) insiders are buying shares in their bank by the truck load.

After chronicling the latest purchases on November 20th, Wachovia director John Baker decided to part with $558,000 of his own cash to buy more shares.

This latest activity brings the total purchases from insiders since the “banking crisis” began to near $7 million. It also happens to be the most shares bought by insiders at a financial institution during that time frame.

Good news? Sure. Does it mean the stock is destined to turn around and begin an ascent tomorrow? No. It does mean that those folks with intimate knowledge of the firm operations are in a hurry to get shares faster than their employee stock plans will provide them. That is very good.

If you are a long term holder getting in bed with insiders buying shares is rarely a bad idea, especially when the buying is this heavy.

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Monday’s 52 Week Low’s

LZB La-Z-Boy Incorporated 6.28
LSTR Landstar System Inc 37.41
LRY Liberty Property Trust 30.64
LPX Louisiana Pac Corp 14.01
LOW Lowe’s Companies, Inc 22.05
TRY Triarc Companies, Inc … 8.60
TPGI Thomas Pptys Group Inc 10.29
TOH Hicks Acquisition Co … 8.96
MNRO Monro Muffler Brake Inc 20.29
CAR Avis Budget Group 14.21
CAC Camden Natl Corp 30.90
BXXX Brooke Corp 7.65
BBIB Blockbuster Inc 3.22
BBBY Bed Bath & Beyond Inc 29.65

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Monday’s Links

Texting, Old Barrista?, Sue RI, Bill Miller

– You can now legally “text” in sick?

– Go away lady, just because you did not get the job, it does not mean you are discriminated against.

Yes, Yes, Yes!!!!!!!!!

– How can you not listen to this guy?

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Another Bad Analyst Call: Starbucks

Odlum Brown analyst Felix Narhi had an interesting call on Starbucks (SBUX)last week.

Recently Starbucks’ projected earnings per share growth of 17% to 21%, while previous guidance was 20% to 22% for FY 2008. Narhi said of this “While this performance and outlook would have been stellar for most companies, apparently some Starbucks investors were expecting even more, nevertheless, this reduction in earnings guidance is hardly a disaster, in our view.”

“Starbucks shares are cheap”, said Mr. Narhi, and they are trading at their lowest level since going pubic in 1992 (26.6 times trailing 12 months as of Friday). He rates Starbucks a “buy” with a $35 price target, down $1 from his previous forecast and he recommends aggressive buying in the low $20-range.

Here is the problem and it is a question of looking at price and implying value from it.

EPS Growth for Starbucks.
2004- 41%
2005- 29%
2006- 20%
2007- 19%
2008- 17%-21% (company provided)

So, we have 4 consecutive years of EPS decline. The last time that happened? Uh, never?!? Investors think there may be a fifth and that is a VERY good chance. That is the reason they are fleeing the stock. It is not due to a “temporary” disruption.

In those previous years Starbucks faced competition on a national scale from, um, nobody. Now they have the juggernaut that is McDonald’s (MCD) gunning from them and regional goliath Dunkin’ Donuts taking direct aim at Starbucks’ business. When one look at the results from those operations, the only deduction that can be made is that it is working. As McDonalds introduces espresso drink nationwide in 2008, that competition will only get more intense, putting more pressure on Starbucks earnings growth.

Mr. Narhi mentions the stock being at its lowest levels since 1992, well in 1992 the company was growing EPS at over 50% a year and there was almost 100 million LESS shares outstanding. Comparing the pure dollar value of a stock is just meaningless unless other factors are also considered.

I have said it here countless times and it has yet not to be true. As earnings growth slows, the premium investors will pay for a stock also decreases. That is simply what is happening with Starbucks. At 26 times trailing EPS, shares are by no means a bargain or an “aggressive buy”. A low share price does not automatically equate to value. Investors are not sure where the bottom is because they cannot get a handle on how much slower things will get. This is in part because of the fierce competition that the company has now it did not have even two years ago AND the lack of honesty or disclosure from management. Donald and Schultz seem to be in denial about their business and with the rest of us seeing it, we doubt everything coming out of Seattle HQ.

The fact they did not address milk costs until almost 2 months after I did ought to make current or potential investors very nervous. It is like they are closing their eyes hoping it will just go away and be ok.

In August management addressed the store traffic issue and said “we expect it to be short term issue”. Now we find out it will take until halfway through 2008 at best to get that straightened out. A “short term” year?

Back in May I said “With all the uncertainty surrounding the company at this point, I could not even begin to consider shares at any price other than the lowest end of the range, $22 or another 21% lower than current prices as I expect EPS growth to slow more.”

That price point now looks too optimistic, high teens are the range now. Those who blindly follow Mr. Narhi’s advice will be disappointed to say the least.

Think it is just Mr. Narhi? Check out the other analyst calls that would have had you throwing you money away in 2007 alone.

20-Nov-07 Friedman Billings Upgraded Mkt Perform to Outperform
16-Nov-07 McAdams,Wright,Ragen Reiterated Buy
16-Nov-07 UBS Reiterated Buy
16-Nov-07 RBC Capital Mkts Reiterated Outperform
16-Nov-07 Friedman Billings Reiterated Mkt Perform
16-Nov-07 CIBC Wrld Mkts Reiterated Sector Outperform
16-Nov-07 Robert W. Baird Downgraded Outperform to Neutral
12-Nov-07 UBS Reiterated Buy
08-Oct-07 Lehman Brothers Reiterated Overweight
27-Sep-07 Banc of America Sec Downgraded Neutral to Sell
02-Aug-07 JMP Securities Reiterated Mkt Outperform
02-Aug-07 McAdams,Wright,Ragen Reiterated Buy
02-Aug-07 RBC Capital Mkts Reiterated Outperform
02-Aug-07 CIBC Wrld Mkts Reiterated Sector Outperform
19-Jul-07 CIBC Wrld Mkts Reiterated Sector Outperform
18-Jul-07 Lehman Brothers Reiterated Overweight
02-Jul-07 Bear Stearns Reiterated Outperform
22-Jun-07 Friedman Billings Downgraded Outperform to Mkt Perform
15-Jun-07 Lehman Brothers Reiterated Overweight
08-Jun-07 Deutsche Securities Reiterated Hold
21-May-07 CIBC Wrld Mkts Reiterated Sector Outperform
02-May-07 CIBC Wrld Mkts Reiterated Sector Outperform
18-Apr-07 Lehman Brothers Reiterated Overweight
01-Mar-07 Prudential Reiterated Neutral
30-Jan-07 JP Morgan Upgraded Neutral to Overweight

Only 1 sell in the whole bunch….. sad

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RIMM’s iBerry?

I was thinking about getting a new blackberry from Research in Motion (RIMM) for my birthday next year and just in time, a neat little device is being planned.

From Unstrung:
The 9000-series is described by Carmi Levy, an analyst at AR Communications Inc. , as “the future of the BlackBerry franchise,” a complete breakaway from the device’s business roots. Instead, the new series targets the consumer space served by the Pearl and Curve models.

“The 9000 is supposed to be a touch-screen device, very similar in form factor to the iPhone,” Levy says. “Which means that it is not an enterprise-friendly device.”

The 9000 series will break from the traditional half-screen, half-keyboard look of the BlackBerry. The handsets will also incorporate an upgraded multimedia system, along with the standard push email capabilities. Better MP3 and video capabilities are crucial if RIM is to take on Apple, Google, and others.

Levy speculates that RIM will introduce the 9000-series in the first quarter of next year. “They were originally shooting for the second half of 2007,” he notes.

The touch-screen devices, however, won’t mean the end of the line for the 8000 series, because businesses will still need devices with proper QWERTY keyboards. “There will be incremental updates. They won’t disappear,” Levy says.

Among the updates will be “a Curve with WiFi,” according to Levy. These devices may have other updates like GPS location tracking and higher resolution onboard cameras as well

I have toyed with folk’s iPhone from Apple (APPL) but just disdain At&T (T) slightly more than my carrier Sprint(S) so that rules out Mr. Jobs’ (had he not tried to screw every penny out of the device he would have sold millions more of them). Since I am pretty sure the price of my leaving them would be a child, I am going to stay with Sprint for now. That and their network is leap and bounds better than the “T’s” is.

I am very intrigued by this phone and cannot wait to see and try it. A new phone is in the cards for the bday and this just might fit the bill.

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