Jim Cramer Blog

Just so you know, I just issued an alert. ... You should buy it here," he said of the cosponsors of Vytorin, which made headlines today after the Food and Drug Administration said it would issue early communication on the drug. He's reminded of Bausch and Lomb, Bristol-Myers Squibb (BMY) and other pharmaceutical companies that experienced exaggerated stock-price dives on bad news. Those situations, Cramer said, represented buying opportunities.
"The headline risk in drugs is also far worse," Cramer said. "This is what happens with drug stocks. Everyone panics at the same time. They get knocked all the way down."
"This is just unbelievable to me," Cramer added, saying that to cut shares of Schering-Plough so much, investors would have to believe the FDA was going to pull Vytorin.
Cramer continued, "I would buy Merck too. ... This is a classic headline overreaction."
Cramer concluded by saying he prefers Thornburg Mortgage (TMA) and Toll Brothers (TOL) to Fannie Mae (FNM) and Freddie Mac (FRE). "I just think that they're not investible. ... I didn't like them ... yesterday."
Published By TheStreet.com

Labels: BMY, FNM, FRE, Jim Cramer, Stop Trading, TMA, TOL

The Dow closed down 211 points and the Nasdaq finishing down 34. The S&P 500 has now given up all of its gains on the year. Najarian continues to like the four horseman names like Apple (AAPL), Google (GOOG) and Research In Motion (RIMM) which showed strength on Wednesday. Adami recommended getting long General Motors (GM) right here with a specific stop price in mind. Finerman found it strange that Fannie Mae (FNM) went up Wednesday. Crude oil came close to $100 on Wednesday, but fell just short and finished the day at $97.19. Gartman feels the stock market is behaving horribly and he is short names like Harley-Davidson (HOG), Tiffany (TIF) and Coach (COH) and long Microsoft (MSFT)and Apple (AAPL). Gartman's favorite position right now is short Cummins (CMI).
CNBC Pharmaceuticals Reporter Mike Huckman joined the show to discuss his take on big pharma stocks. Huckman explained that Pfizer (PFE) is having issues with safety concerns on a stop smoking drug, falling Lipitor sales and generic competition. Huckman also mentioned that Merck (MRK), Eli Lilly (LLY) and Bristol Myers (BMY) were all down on Wednesday. Finerman likes Johnson & Johnson (JNJ).
Investors tend to sell their biggest losers towards the end of the year to reduce the tax hit they take from their winners. Some of the names at 52-week lows are Citigroup (C), Pfizer (PFE), Merck (MRK), J.C. Penny (JCP), Capital One Financial (COF), Advanced Micro Devices (AMD) and AIG (AIG).
Word on the Street
Macke recommended buying The Gap (GPS) on dips. Finerman likes Limited (LTD) on valuation. Adami suggested buying Citi Trends (CTRN) ahead of earnings for Monday. Najarian likes Target (TGT) for its valuation in retail.
Deere & Company (DE) traded up 5% after profits rose 52%.
Najarian suggests looking at Agco (AG)
Najarian noted strong call options trading activity on Tibco Software (TIBX).
Pops & Drops
Pops - Google (GOOG) traded up 2%
U.S. Steel (X) traded up 5% also bucking the down trend in the market.
Drops - Tesoro (TSO) fell 3%
American International Group (AIG) fell 6%.
Circuit City (CC) fell 6% after a JPMorgan analyst downgraded the stock.
Jamba Juice (JMBA) plunged 30%
Final Trade
Macke says don't buy stocks if you don't have to and Adami and Finerman just gave thanks in the holiday spirit.
Najarian likes Apple (AAPL) and he thinks the stock will explode into January.

Labels: AAPL, BMY, CMI, CNBC, CNBC's Fast Money, COF, COH, Fast Money Recap, FNM, GM, GOOG, HOG, LLY, LTD, MRK, MSFT, pfe, RIMM, TGT, TIF

Intel (INTC) reported strong quarterly earnings and traded up after hours on the robust numbers. Macke likes Intel's margins and revenue estimate bump, and Adami suggests buying Intel above $27 with a stop at $26.50. Their CFO, Andy Bryant, joined the show to discuss their numbers. Bryant says the company saw the highest quarter-to-quarter revenue growth in 10 years. Adami favors Dell (DELL) off this worldwide demand. Macke suggests getting into Microsoft (MSFT). Najarian thinks the trade off of Intel is Apple (AAPL). Yahoo (YHOO) also traded higher after hours. Adami says IBM (IBM) fell short a bit on gross margins and hardware revenue in other tech earnings.
Word on the Street
Tuesday the Dow dropped 71 points and oil hit another high above $88 a barrel on geopolitical concerns that Turkey might attack Iraq. The crew offered up their trades based on these events. In the health care sector, Bristol-Myers (BMY) received Food and Drug Administration approval for breast cancer treatment Ixempra. Najarian likes Bristol. Adami likes Pfizer (PFE) into earnings. Finerman bought some Biogen Idec (BIIB). Johnson & Johnson (JNJ) reported a drop in profits off of poor heart stent sales. In regards to oil Adami likes Apache (APA) and he believes it'll go to $105. Adami doesn't think the $80-to-$90 move in oil is a good thing for the overall stock market. Finerman still likes ConocoPhillips (COP) for a play on rising oil prices.
Banking: Najarian noticed some unusual options activity in some regional banks on Tuesday. He saw heavy trading in PNC Bank (PNC) options.
CSX Corp (CSX) reported strong third-quarter earnings after the bell. Macke says the railroad stocks have pulled back and could offer a decent entry here. Adami believes CSX is a buy. Finerman has been looking at FreightCar America (RAIL).
AT&T (T) has hired Goldman Sachs to look into buying EchoStar (DISH).
Ericsson (ERIC) crashed 24% after issuing an earnings warning.
Dennis Gartman, author of The Gartman Letter, joined the show to discuss his take on crude oil. He doesn't believe we will get $100 oil, but if it does move that high it won't last long. He would play natural gas with United States Natural Gas Fund (UNG), San Juan Basin Royalty Trust (SJT) and Pengrowth Energy Trust (PGH).
eBay (EBAY) is set to report earnings on Wednesday after the bell.
Kraft (KFT): Wall Street whale and activist shareholder Nelson Peltz could be ready to make some noise at Kraft.
Pops & Drops
Pops: Supervalu (SVU) traded up 6% on a strong profits report.
Bear Stearns (BSC) traded up 2% after a Chinese investment firm expressed interest in acquiring a stake in the brokerage.
Marriott (MAR) traded up 4% on rumors of a takeover.
E.W. Scripps (SSP) traded up 9% after the company announced plans to split into two companies. Macke advises selling the pop.
Saks (SKS) traded up 5% on takeover speculation. Finerman isn't buying the rumors.
Robbins & Myers (RBN) exploded up 18% on strong fourth-quarter profits. Finerman believes this is a great earnings story.
Drops: Amylin (AMLN) fell 5% after the FDA said diabetes drug Byetta might cause pancreatitis. Najarian says this is negative news.
Domino's Pizza (DPZ) crashed 14% after taking a hit on profits from the rising costs of cheese and declining customer visits. Macke advises getting long beer stocks shorting pizza stocks.
Final Trade
Macke recommends Microsoft.
Adami suggests buying Intel.
Finerman favors Kraft.
Najarian says the options activity in EchoStar has him bullish on the satellite firm.

Labels: AAPL, ATT. T, BIIB, BMY, CNBC, COP, DELL, ERIC, Fast Money, Fast Money Recap, IBM, INTC, MSFT, pfe, RAIL, YHOO

ImClone Systems Inc. and Bristol-Myers Squibb Co. claimed Tuesday that the drug Erbitux improved the survival rate of patients with the most common type of lung cancer in a late-stage study. ImClone shares jumped 18 percent.
The drug, already approved to treat colon cancer and head and neck cancer, was given to patients with advanced, non-small cell lung cancer in combination with chemotherapy treatment. The study compared the combination to chemotherapy alone.
ImClone officials could not be reached for comment on the results. It is unclear whether the study data has been fully reviewed by the company or an independent monitor.

Labels: BMY, Bristol-Meyers Squibb, IMCL, Imclone Systems Inc.

The Dow, Nasdaq, and S&P 500 all closed up on the day after an up and down day of trading. The U.S. Department of Commerce reported new housing starts and building permits this morning, with results in line with expectations. Construction of new homes and apartments was down -2.1% for the month of May. Single-family home construction dropped -3.4%, while construction of apartments rose 3.1%. Broken down by region, the South and West saw drops of -1.6% and -19.7%, respectively, while the Northeast and Midwest saw increases of about 15% each. Oil closed up again, remaining above $69.00 for the second-straight day as the Nigerian labor union rejected a government plan to avert a strike.
Yahoo (Nasdaq: YHOO) announced the resignation of Terry Semel as CEO last night after the bell. Semel had been criticized at length for his inability to raise the stock's value as well as his high ($71 million) annual salary. Yahoo co-founder Jerry Yang will take over as chief executive. BullMarket.com subscribers can read a detailed report on Yahoo in today's issue.
Home Depot (NYSE: HD) will sell its supply division to three private equity firms for approximately $10 billion after the unit was put up for auction. The winning bid by Bain Capital; Carlyle Group; and Clayton, Dubilier & Rice topped those offered by other private equity firms including Thomas H. Lee Partners. The sale price is lower than what analysts had expected, and the discount is attributed to the depressed housing market. "Home Depot may be taking a bit of a price concession," Keith Davis, an analyst from Farr Miller Washington, said. "They are kind of selling at a bad time. They believe that shareholders would rather see them get it done."
Expedia (Nasdaq: EXPE) announced that it will initiate a massive tender offer to repurchase approximately 42% of its outstanding shares for between $27.50 and $30.00. The stock rose 14.3%. Bristol-Myers Squibb (NYSE: BMY) was another winner, rising 4.2%, after a U.S. district judge blocked a generic version of blood thinner Plavix from the U.S. market until 2011.
Electronics retailer Best Buy (NYSE: BBY) announced disappointing first-quarter earnings today. Lower margins in products such as gaming systems and notebook computers resulted in an -18% drop in net income to $192 million, or 39 cents per share. Revenues rose 14% to $7.85 billion, with same-store sales growth of 3.4%. The company revised its guidance for the fiscal year, lowering earnings estimates from April's $3.10-$3.25 a share to $2.95-$3.15 a share. The stock fell -5.9%.
By the BullMarket.com Staff

Labels: BBY, BMY, EXPE, HD, YHOO

Here are 7 stocks for traders for Wednesday from TradingMarkets.com:
Accenture (NYSE:ACN - News) beat earnings late Tuesday with $0.47 EPS over an expected $0.42 EPS. ACN's PowerRating is 6.
Arrow International (NasdaqGS:ARRO - News) missed earnings Tuesday afternoon; analysts were looking for $0.36 EPS, but the company announced $0.32 EPS. ARRO's PowerRating is 6.
It was reported that Sanofi-Aventis (NYSE:SNY - News) could be eying a partnership with Bristol-Meyers Squibb (NYSE:BMY - News). SNY's PowerRating is 4, and BMY's PowerRating is 5.
Paychex (NasdaqGS:PAYX - News), Resources Connect (NasdaqGS:RECN - News) and Sonic (NasdaqGS:SONC - News) all report on Wednesday after the market closes, so watch for heightened price action and volume ahead of the bell. PAYX's PowerRating is 6, RECN's PowerRating is 4 and SONC's PowerRating is 4.
PowerRatings are courtesy of PowerRatings.net

Labels: ACN, ARRO, BMY, Hot Stocks, PAYX, RECN, SNY, SONC

For the second day in a row, stocks hovered close to unchanged without any major catalysts emerging to inspire buyers or sellers. All three major indexes managed to close in positive territory bolstered by better-than-expected housing data as well as reports of potential M&A activity in the auto sector.
The National Association of Realtors announced that existing home sales jumped by the biggest amount in almost three years, jumping 3.9% in February to an annual rate of 6.69 million. Analysts had expected a drop in existing home sales. At the same time, however, the median home price dropped year over year for the seventh month in a row and the inventory of unsold homes rose. Earlier this week, the Fed noted that there is an ongoing "adjustment" occurring in the housing market.
In corporate news, DaimlerChrysler (NYSE: DCX - News) spiked 6% higher amid growing speculation that the company will sell off its Chrysler arm. Larger private equity firms like Cerberus Capital Management and Blackstone Group have reportedly been in contact with Chrysler management regarding a deal. The news contributed to a 6% gain in shares of fellow beleaguered automaker General Motors (NYSE: GM - News), which also announced grants of performance-based restricted stock units to executives.
In other M&A news, office-supply firm Avery Dennison (NYSE: AVY - News) announced that it will buy Paxar (NYSE: PXR - News), a maker of clothing labels and tags, for more than $1.3 billion. The offer of $30.50 per share represents a 27% premium based on Paxar's closing price on Thursday. Staffing services firm Kronos (Nasdaq: KRON - News) spiked 14% after announcing that it will be acquired by private equity firm Hellman and Friedman for around $1.8 billion.
Footwear and athletic apparel giant Nike (NYSE: NKE - News) reported earnings after the bell yesterday. The company handily beat FQ3 EPS estimates and posted sales just above the consensus. However, the company indicated that gross margins may come under pressure in the current quarter. The stock opened lower but managed to recoup most of those losses during the day. Smaller rival Under Armour (NYSE: UA - News) was up 2% on the day helped by positive comments from Jim Cramer.
Both Amgen (Nasdaq: AMGN - News) and Genentech (NYSE: DNA - News) dropped lower today. Amgen was hit after halting a study for colorectal cancer drug Vectibix. ImClone Systems (Nasdaq: IMCL - News), which co-markets competing drug Erbitux with Bristol-Myers Squibb (NYSE: BMY - News), spiked 14% on the news. Genentech dropped after announcing that its Q1 sales will be flat sequentially.

Labels: AMGN, AVY, BMY, DCX, DNA, GM, IMCL, KRON, NKE, PXR, UA

Bullish calls:
Saks (NYSE: SKS - News): 'The company is en fuego. This is one of my favorite situations ... SKS is going up - I think - 4 or 5 more points.'Sprint Nextel (NYSE: S - News): 'I was impressed about that last quarter. I had been very negative about S ... They blew away the numbers. I think S is now a buy, buy, buy, particularly under $20. That stock can go much higher.'Transocean (NYSE: RIG - News): 'Take a look at the rates that RIG is now getting.'Halliburton (NYSE: HAL - News): 'HAL is on the move. I have said this is going to be one of my best stocks of 2007, and I am reiterating a triple buy. Buy, buy, buy!'Logitech International (NasdaqGS: LOGI): ' I'm actually surprised this stock isn't doing better. They make the fabulous peripherals we all use. They make great mice. They did miss the quarter. I think the stock is a buy. I'm not backing away from LOGI.'Dean Foods (NYSE: DF - News): 'That company is all about returning money to shareholders. That special dividend plan is brilliant. I really want to plug these guys.'Genzyme (NasdaqGS: GENZ): 'I think you've got to buy this company. I think that people are very worried about congressional action against biotech. That's not going to happen. GENZ's good.'Gilead (NasdaqGS: GILD): 'GILD's good.'Celgene (NasdaqGS: CELG): 'CELG's good. 'Walter Industries (NYSE: WLT - News): It shouldn't have been hammered. All aboard! ... There's a lot of value there, if they choose to bring it out.'Baxter International (NYSE: BAX - News): 'BAX is the one that is operating on every single cylinder. I applaud BAX for what it's done. That stock has been at or near the 52-week high list for about a half a dozen years. BAX's a winner!'Bard (NYSE: BCR - News)MasterCard (NYSE: MA - News): ' This is an 'among the rubble' stock that came down during the selloff that I want to tell you right now... you need to buy more MA! I would pull the trigger multiple times. That's how much I like MA here. All aboard!'Emerson Electric (NYSE: EMR - News): 'Right here, it's got a 2.5% yield. It's one of the best-run manufacturers in the country ... It's growing at almost 12%. It sells at 16x earnings.'Parker Hannifin (NYSE: PH - News)Illinois Tool Works (NYSE: ITW - News)Vail Resorts (NYSE: MTN - News): 'I'll tell you, it's had a big run ... You know what, that's a good stock. On a pullback, I would have to pull the trigger. Buy, buy, buy!'Regal Entertainment (NYSE: RGC - News): 'You want to be there! These companies - these cinema companies are good - it's got a nice dividend. I think that this group was bad before. They've fixed their balance sheets. You should pull the trigger. I would own RGC.'Ceradyne (NasdaqGS: CRDN): 'To tell you the truth, I'd rather be in CRDN.'Union Pacific (NYSE: UNP - News): 'Oh man, that stock is rocking ... I say it goes to $120.'Goldman Sachs (NYSE: GS - News)
Bearish calls:
Global Industries (NasdaqGS: GLBL): ' I would swap out of GLBL and go into GSF, RIG or HAL.'RF Micro Devices (NasdaqGS: RFMD): 'Yeah, this is one of those little stocks that has had a nice move ... I think that you are too late, but these always come back again. I would sell, sell, sell, and when it comes in, back to $6 - buy, buy, buy!'Acorda Therapeutics (NasdaqGM: ACOR): 'I've got to tell you, this is a very speculative stock. I'm reluctant to recommend it, with a lot of the great biotech stocks trading down so badly ... Don't buy, don't buy.'Research In Motion (NasdaqGS: RIMM): 'I was not happy with Jim Balsillie [ co-CEO] with the options stuff... I expected more of Jim than that. He's one of my favorite executives. I do think that RIMM is good place to be ... Don't buy, don't buy. It's just too, too hard.'ExpressJet (NYSE: XJT - News): ' Look, XJT is frankly a don't buy. I don't want to go there. Don't buy, don't buy.'Bristol-Myers (NYSE: BMY - News): ' Sunshine, I've got to tell you something... I think that BMY is just okay right here. Don't buy, don't buy. It's had a very big move. I liked it much lower ... Sell, sell, sell!'Pioneer Drilling (AMEX: PDC - News): 'You cannot go with this land drilling! ... Sell, sell, sell, sell, sell, sell. It won't work!'Take-Two Interactive (NasdaqGS: TTWO): 'I have been mad at myself. Yesterday, I looked at Steve Cohen's position in DE Shaw, and said to myself, 'These guys are going to replace management at TTWO. Maybe that's a reason to buy it.' That was a mistake. When I look at the core business, I don't know if there's anything there. I think I was too aggressive with TTWO ... I think Steve Cohen is a terrific guy. I totally respect his work. I think he might be wrong about TTWO.'Jefferies (NYSE: JEF - News): 'No, no. Missed the quarter. Missed the quarter.'Force Protection (NasdaqCM: FRPT) 'To tell you the truth, I'd rather be in CRDN.'
Published By SeekingAlpha

Labels: BAX, BCR, BMY, DF, EMR, GENZ, GILD, GS, HAL, JEF, Lightning Round, LOGI, MA, Mad Money, PDC, RGC, RIG, SKS, UNP, WLT

Heinz (NYSE: HNZ - News), Procter & Gamble (NYSE: PG - News), Bristol Myers (NYSE: BMY - News), Clorox (NYSE: CLX - News), Colgate (NYSE: CL - News)
Cramer says that defensive stocks like HNZ, PG, BMY, CLX, and CL "make sense here" because you can be "short-term bearish within a long-term bullish environment." When Gregg Greenberg commented on risks of the yen carry trade, Cramer responded the yen carry trade has been going on for ages, there are times when it uwinds; "This is all business as usual within the context that it's very easy to scare people," Cramer said. "This is noise." He went on to say he can't find anything positive about tech, and noted commodities and gold are going down. Cramer predicts a disaster and a crisis before the Fed cut, and investing in soft goods and diversifiying are the only ways to weather the storm; "Nothing else is going to work."

Labels: BMY, CL, CLX, HNZ, Jim Cramer, PG, Wall Street Confidential

The stock market traded cautiously today, ultimately declining on a lack of economic news and few high-profile merger announcements or other news to encourage buying. Quite the opposite occurred, with two potential deals collapsing over the weekend. Investors were also wary ahead of Congressional testimony from Federal Reserve Chairman Ben Bernanke on Wednesday, at which time he'll discuss the state of the economy. Oil prices retreated sharply, closing under $58 a barrel, while the 10-year Treasury note also fell, with the yield rising two basis points to 4.80%.
The most prominent deal to collapse was the second failed attempt by the NASDAQ Stock Market (Nasdaq: NDAQ - News) to acquire the London Stock Exchange. The LSE's shareholders overwhelmingly rejected NASDAQ's $5.3 billion merger offer on Saturday, agreeing with management that the offer undervalued the European exchange. NASDAQ's shares declined -6% in today's trading. Also falling apart were merger talks between French-based pharmaceutical Sanofi-Aventis (NYSE: SNY - News) and Bristol Myers-Squibb (NYSE: BMY - News), according to published reports in London over the weekend. That news sent the former slightly higher but the latter down -3%. Elsewhere, Canada-based aluminum producer Novelis (NYSE: NVL - News) added 13% after it agreed to be acquired by Indian metals producer Hindalco Industries for $3.6 billion. Four Seasons Hotels (NYSE: FS - News) slid -3% on news it would go private in a management-led buyout.
In business news, biotech Onyx Pharmaceuticals (Nasdaq: ONXX - News) skyrocketed after it reported a successful trial that extends the uses of its principal product. The California company's market value nearly doubled, gaining 97%, after it announced that its cancer treatment Nexavar "significantly" improved the survival rates of patients with advanced liver cancer. The Phase III trial was stopped early so that all patients in the trial could have access to the drug. Nexavar, jointly marketed with Bayer (NYSE: BAY - News), is presently only approved for the treatment of kidney cancer. Analysts speculated that Bayer might move to acquire Onyx based on the trial results.
Partly rebounding from recent selling was Apple (Nasdaq: AAPL - News). The stock's 2% climb today was fueled in part by an upgrade by Citigroup, which raised its rating on Apple to "buy" from "hold." Citigroup cited the expectation for significant new product releases from Apple as the basis for its recommendation. Citigroup's change is in contrast to that of Goldman Sachs, which removed Apple from its "Americas Conviction Buy List" last Thursday due to "negative speculation" in advance of Apple's launch of the iPhone.
Elsewhere, new Home Depot (NYSE: HD - News) CEO Frank Blake reversed a key strategic direction pursued by the company's former boss Robert Nardelli. The home repair retailer said it would examine strategic alternatives for its wholesale supply business. Under Nardelli, Home Depot expanded into the lower-margin wholesale business as part of a diversification plan. Large shareholders had long criticized the move as a distraction from Home Depot's core retail business. The stock finished up 1%.
By the BullMarket.com Staff

Labels: AAPL, BAY, BMY, FS, HD, NDAQ, NVL, ONXX, SNY

Administaff (NYSE:ASF - News) said its fourth-quarter net income increased 22% to $13.4 million, or 47 cents a share, from $10.9 million, or 39 cents a share, a year earlier. The provider of human resources services said Monday revenue rose 15% to $352.6 million from $305.6 million. The company's average number of worksite employees paid per month advanced 11% and revenue per worksite employee per month rose 4.1%. Analysts surveyed by Thomson Financial, on average, expected the Houston company to earn 44 cents a share on revenue of $357.6 million for the final quarter of 2006. Administaff's board authorized the repurchase of up to 1 million more shares, bringing the total authorization to 9.5 million shares.
Arch Chemicals (NYSE:ARJ - News) reported a fourth-quarter loss of $28.3 million, or $1.18 per share, up from a year-ago profit of $3.6 million, or 15 cents a share. The latest results include a number of items, most notably an impairment charge of $23.5 million related to the write-down of goodwill associated with the company's industrial coatings business. Sales rose in the latest three months to $315.9 million from $278.3 million in the same period a year earlier. The average estimate of analysts polled by Thomson Financial was for loss of 9 cents a share in the December period. Looking ahead, the Norwalk, Conn.-based Arch said it expects earnings from continuing operations of $1.90 to $2 per share for fiscal 2007 with sales growth of 3% to 5%. For the first quarter, the company anticipates earnings from continuing operations of 10 to 15 cents a share. Wall Street's current consensus estimates are for earnings of $1.95 a share for 2007 and 30 cents a share for the March period.
Boston Scientific (NYSE:BSX - News) was downgraded by Bear Stearns to peer perform from outperform, as uncertainties about the drug-eluting stents market and competitive headwinds make sales growth and cost reductions difficult. Analyst Rick Wise said the fundamentals for the company's peers look better, and therefore he upgraded St. Jude Medical to outperform from peer perform, citing the company's strong product pipeline, its recent sales force investment and cost reduction opportunities.
Boyd Gaming Corp. (NYSE:BYD - News) was downgraded to market perform from outperform at Wachovia Securities.
Bristol-Myers Squibb (NYSE:BMY - News) and Sanofi-Aventis (NYSE:SNY - News) have reportedly scuttled merger talks, according to U.K. newspaper The Times (of London).
Calamos Asset Management Inc. (NasdaqGS:CLMS - News) said total assets under management as of Jan. 31 fell to $44.5 billion from $44.7 billion the previous month. The company said its mutual-fund assets fell to $33.1 billion from $33.3 billion, while separate-accounts held steady at $11.4 billion.
China BAK Battery Inc. (NasdaqGM:CBAK - News) reported fiscal first-quarter net earnings of $3.58 million, or 7 cents a share, up from $3.19 million, or 7 cents a share, in the year-ago period. Revenue in the three months ended Dec. 31 rose to $43.1 million from $26.1 million.
Chindex International (NasdaqCM:CHDX - News) shares fell after the provider of healthcare products and medical services in China reported a fiscal third-quarter net profit of $679,000, or 9 cents a share. In the same quarter last year, the company posted a net loss of $463,000, or 7 cents a share. Revenue rose to $30.3 million from $22.6 million.
Forward Air Corp. (NasdaqGS:FWRD - News) was downgraded to hold from buy at A.G. Edwards.
Eddie Bauer Holdings Inc. (NasdaqGM:EBHI - News) said its President and Chief Executive Fabian Mansson has resigned. The apparel retailer said Howard Gross, a member of the board, has been named interim CEO.
Embarq (NYSE:EQ - News) was downgraded to sell from neutral at Goldman Sachs.
Holly Corp. (NYSE:HOC - News) said fourth-quarter earnings rose to $47.7 million, or 84 cents a share, from $39.9 million, or 65 cents a share, a year earlier. Excluding discontinued operations, earnings would have increased to 86 cents a share from 63 cents a share. Analysts surveyed by Thomson Financial had been expecting earnings of 83 cents a share, on average. Revenue grew 15% to $938.1 million from last year's $812.4 million, with refined product volumes increasing 10%.
MedCath Corp. (NasdaqGM:MDTH - News) was downgraded to market perform from outperform at Wachovia Securities. "While we expect MedCath to grow faster than the rest of the hospital industry, we believe the market is already discounting that superior growth," Analyst William Bonello said in a research note. "Also, the threat of Medicare cuts to hospitals could keep a lid on multiples as the year progresses."
Micrus Endovascular (NasdaqGM:MEND - News) shares dropped after the San Jose, Calif.-based medical device maker reported a fiscal third-quarter net loss of $1 million, or 7 cents a share, compared with a net loss of $1.65 million, or 12 cents a share, in the year-ago period. Revenue rose to $15.5 million from $8.09 million.
Mercury General (NYSE:MCY - News) said fourth-quarter earnings rose 8.5% to $50.1 million, or 91 cents a share, from $46.2 million, or 84 cents, a year earlier. Analysts polled by Thomson Financial expected, on average, fourth-quarter earnings of $1.17 a share. The Los Angeles-based life insurance company said net realized investment gains increased to $1.34 million, or 2 cents a share, from $457,000, or a cent a share, in the year-ago period. Net premiums written rose to $740.7 million from $728 million, while net premiums earned rose to $753.9 million from $732.9 million.
Nam Tai Electronics Inc. (NYSE:NTE - News) posted a fourth-quarter loss of $2.3 million, or 5 cents a share, down from a year-ago profit of $12.7 million, or 29 cents a share. On a non-GAAP (generally accepted accounting principles) basis, excluding items, the company earned $12.3 million, or 28 cents a share, in the latest quarter. Sales fell 7.1% in the latest three months to $229.6 million from $247.2 million in the same period a year earlier. The average estimate of analysts polled by Thomson Financial was for a profit of 28 cents a share in the December period. The stock closed Friday at $14.26, down 14 cents.
The Nasdaq Stock Market (NasdaqGS:NDAQ - News) said it failed to secure sufficient support for its planned takeover of the London Stock Exchange.
Nuance Communications (NasdaqGS:NUAN - News) was downgraded to hold from buy at Needham & Co., which cited valuation concerns.
Rainmaker Systems (NasdaqGM:RMKR - News) said it plans to release its fourth-quarter results after the closing bell.
Shares of Sonic Automotive (NYSE:SAH - News) slumped after Bear Stearns downgraded the automotive retailer to peer perform from outperform, due primarily to valuation. Analyst Michael Geoghegan said that with the stock price closing in on his $33 price target, and with the valuation discount relative to its peers narrowing, he urged investors to "take profits."
Published By Michael Baron of MarketWatch

Labels: ARJ, ASF, BMY, BSX, BYD, CBAK, CHDX, CLMS, EBHI, EQ, FWRD, HOC, MCY, MDTH, MEND, NDAQ, NTE, NUAN, RMKR, SNY

Wall Street extended its losses Monday as investors awaited a stream of key economic data this week and were left disappointed by the collapse of several closely-watched acquisition deals.
The markets, which pulled back last week amid concern about inflation's impact on interest rates, traded cautiously with Federal Reserve Chairman Ben Bernanke set to speak before Congress on Wednesday. Government data due on Friday will shed new light on wholesale inflation and the state of the housing market.
Unlike recent Monday mornings, there was a dearth of acquisition announcements to give the market a lift. Instead, investors had to deal with news that the Nasdaq Stock Market Inc. failed in its bid to buy the London Stock Exchange and that French drugmaker Sanofi-Aventis called off talks for a possible deal with Bristol-Myers Squibb Co.
Onyx Pharmaceuticals Inc. and Bayer AG advanced after the companies released data from a clinical trial that shows an experimental drug is effective in fighting liver cancer. Apple Inc. moved higher after being upgraded in anticipation of big product launches set this year.
Wall Street fell last week on concerns about higher oil prices and the possibility inflation could lead to higher interest rates. With fourth-quarter earnings reports nearly over, investors have traded hesitantly as they wait for some kind of catalyst to give them direction
In midmorning trading, the Dow Jones industrial average fell 13.62, or 0.11 percent, to 12,567.21.
Broader stock indicators declined. The Standard & Poor's 500 index was down 2.93, or 0.20 percent, at 1,435.13 and the Nasdaq composite index retreated 8.62, or 0.35 percent, to 2,451.20.
Bonds edged lower ahead of economic data due out this week, with the yield on the benchmark 10-year Treasury note rising to 4.79 percent from 4.78 percent late Friday. The dollar was mixed against other major currencies, while gold prices dropped.
Oil, which advanced last week as cold weather was seen increasing heating demand, was down on the New York Mercantile Exchange. A barrel of light sweet crude fell $1.21 to $58.68.
Nasdaq, the world's largest electronic equities exchange, edged lower after LSE shareholders did not approve its bid to acquire the British bourse. Shares fell $1.82, or 4.9 percent, to $35.38. Bristol Myers tumbled $1.41, or 4.9 percent, to $27.11 after a report that Sanofi-Aventis called off deal talks amid a disagreement over price.
But aluminum producer Novelis Inc. rose $5.31, or 13.7 percent, to $43.85 after it agreed to be bought by India's Hindalco Industries Ltd.
Apple, which recently unveiled plans to roll out its long-anticipated iPhone, rose $1.06 to $84.33 after it was upgraded by a Citigroup analyst. Meanwhile, good news about a potential treatment for liver cancer sent Bayer up 17 cents to $58 and Onyx up $6.42, or 52.3 percent, to $18.68.
The Russell 2000 index of smaller companies was down 2.06, or 0.26 percent, at 805.05.
Overseas, Japan's markets were closed. In afternoon trading, Britain's FTSE 100 was down 0.31 percent, Germany's DAX index fell 0.54 percent, and France's CAC-40 was fell 0.62 percent.
Published by Joe Bel Bruno, AP Business Writer

Labels: AAPL, BAY, BMY, NDAQ, NVL, ONXX, SNY

AdvancersAvanir Pharmaceuticals (NasdaqGM:AVNR - News) received an approvable letter and acceptable labeling from the FDA for a new formulation of its antipsychotic drug FazaClo.
Boeing Co. (NYSE:BA - News) net income more than doubled in the fourth quarter, capping a year in which it set a record for airplane orders and setting the stage for higher growth in 2007, the company said.
Bristol-Myers Squibb (NYSE:BMY - News) shares rose following a report in The Financial Times that the company has hired Lehman Bros., Morgan Stanley and Citigroup to help it field possible takeover bids. Earlier in the week, a report surfaced that the company had drawn acquisition interest from French conglomerate Sanofi-Aventis (NYSE:SNY - News).
Catalyst Pharmaceutical Partners (NasdaqGM:CPRX - News) was initiated with a buy rating at Stifel Nicolaus with a $9 price target.
C.H. Robinson Worldwide Inc. (NasdaqGS:CHRW - News) reported fourth-quarter net income of $71.8 million, or 41 cents a share, up from $58.1 million, or 33 cents, a year ago. Quarterly revenue for the trucking company rose to $1.64 billion from $1.58 billion.
CheckFree Corp. (NasdaqGS:CKFR - News) reported a slight profit gain on advances in its core business. For its fiscal second-quarter, CheckFree said net income rose 4% to $35.3 million or 39 cents a share, compared to $33.8 million or 36 cents a share a year ago.
Corus Group Plc (NYSE:CGA - News) shares leapt after India's Tata Steel won a bidding war to acquire the Anglo-Dutch steelmaker for $12.1 billion.
EchoStar Communications (NasdaqGS:DISH - News) was upgraded to overweight from equal-weight at Morgan Stanley. The firm lifted its price target on the shares to $44 from $40.
Estee Lauder (NYSE:EL - News) shot up after the cosmetics giant said its second-quarter profit more than doubled amid robust sales of major lines coupled with cost cutting and a favorably currency exchange.
Frontier Oil (NYSE:FTO - News) was upgraded to neutral from underperform at Credit Suisse.
Harris Corp. (NYSE:HRS - News) said second-quarter net income rose, as revenue gained, to $94 million, or 67 cents a share, from $30 million, or 22 cents a share, during the same period in the prior year. Before items, quarterly per-share income rose to 68 cents from 52 cents in the prior year.
Harris Stratex Networks (NasdaqGM:HSTX - News) was initiated with a buy rating at Merriman Curhan Ford & Co.
Hologic Inc. (NasdaqGS:HOLX - News) reported fiscal first-quarter earnings of $16.1 million, or 30 cents a share, up from a year-ago profit of $5.7 million, or 12 cents a share. Revenue jumped 86% in the latest three months to $163.2 million from $88 million in the same period a year earlier. The Bedford, Mass.-based company attributed the higher earnings to an increase in product sales of its Selenia full-field digital mammography systems.
Ingersoll-Rand (NYSE:IR - News) fourth-quarter earnings fell 24% as sales of its small earthmover Bobcat vehicle slumped due to weaker demand in the North American market, the company's financial results showed Wednesday.
Jones Lang LaSalle Inc. (NYSE:JLL - News) said fourth-quarter net income rose, as revenue gained, to $80.9 million, or $2.37 a share, from $66.9 million, or $1.99 a share, during the same period in the prior year. Analysts were looking for per-share income of $2.26.
Kinetic Concepts (NYSE:KCI - News) was upgraded to buy from hold at Deutsche Bank.
Levitt Corp. (NYSE:LEV - News) agreed to be acquired by BFC Financial Corp. (NYSEArca:BFF - News) for $286 million in stock. In addition, Levitt said preliminary figures show its home building division generated fourth-quarter revenue of $143.6 million, with 426 homes delivered in the quarter at a margin of 19.6%. Backlog at Dec. 31 was 1,248 units with a sales value of $438.2 million. New home orders totaled 204, but were partly offset by 122 cancellations. The company said it has entered into sales contracts to dispose of certain properties and is expected to realize a pre-tax loss of $9.0 million upon disposition, and will write-off $1.4 million in pre-acquisition costs for properties which will not be acquired.
Lone Star Technologies (NYSE:LSS - News) said its fourth-quarter earnings fell to $18.1 million, or 58 cents a share, from $70.9 million, or $2.28 a share, a year earlier, hurt by an income-tax expense. Analysts surveyed by Thomson Financial expected, on average, quarterly earnings of 58 cents a share, before items. The Dallas oilfield pipe and tubing company's revenue for the quarter decreased to $334.8 million from $337.5 million a year ago. Wall Street expected quarterly revenue of $334 million.
New York Times Co. (NYSE:NYT - News) swung to a fourth-quarter loss after an $814 million charge for write-downs, staff-reduction costs and accelerated depreciation.
Omnicell (NasdaqGM:OMCL - News) shares jumped after the company posted fourth-quarter earnings of $3.8 million, or 13 cents a share, up from a year-ago profit of $2.2 million, or 8 cents a share. Revenue rose 26.4% in the latest three months to $42.3 million. The Mountain View, Calif., provider of patient safety technology products said its product backlog ended the quarter at $114.3 million, up 64.2% from the same period a year ago.
O'Reilly Automotive (NasdaqGS:ORLY - News) was upgraded to outperform from neutral at Credit Suisse. The firm lifted its price target on the stock to $38 from $36.
Quicksilver Resources (NYSE:KWK - News) was upgraded to outperform from neutral at Credit Suisse. The firm also boosted its price target on the stock to $47 from $43.
Panera Bread Co. (NasdaqGS:PNRA - News) said same bakery-cafe sales rose 0.8% in January from the same month a year ago. The St. Louis bakery-cafe chain said company-owned same-store sales rose 0.7% while franchise-operated sales were up 0.9%.
ProQuest (NYSE:PQE - News) said Alan Aldworth is leaving its chairman, president and CEO positions, effective immediately. The company named Richard Surratt president and CEO. Surratt had served as the CFO of the Ann Arbor, Mich., publishing company.
RedEnvelope Inc. (NasdaqGM:REDE - News) said third-quarter net income rose, as revenue gained, to $5.31 million, or 56 cents a share, from $4.1 million, or 43 cents a share, during the same period in the prior year. The branded online retailer said quarterly revenue rose to $57 million from $53 million in the prior year.
Red Robin Gourmet Burgers Inc. (NasdaqGS:RRGB - News) said it has signed a non-binding letter of intent to acquire the assets of 17 its franchised restaurants in California for $47.5 million, minus any assumed debt.
Sierra Health Services Inc. (NYSE:SIE - News) reported fourth-quarter net earnings of $39.3 million, or 65 cents a share, compared with $28.3 million, or 44 cents a share, in the same period last year, boosted by higher medical premiums revenue.
Sirf Technology Holdings Inc. (NasdaqGS:SIRF - News) reported fourth-quarter net earnings of $9.1 million, down from $10.23 million in the same period the prior year, mainly due to higher stock-based compensation and acquisition-related contingent payments.
U.S. Concrete (NasdaqGM:RMIX - News) said it sees fourth-quarter revenue of $211 million, compared with its prior view of $195 million to $205 million. The company cited stronger-than-anticipated sales volumes of ready-mixed concrete, partially attributable to relatively mild winter conditions. Analysts polled by Thomson Financial are looking for quarterly revenue of $204 million. U.S. Concrete said it sees a fourth-quarter net loss of 62 cents to 63 cents per share, a view that includes a 70-cent-per-share after-tax goodwill impairment charge associated with its Michigan assets. Excluding the charge, the company expects income for the fourth quarter of 7 to 8 cents per share, compared with its November outlook of 3 to 7 cents. Analysts are looking for per-share income of 5 cents.
Published by Michael Baron at MarketWatch

Labels: AVNR, BA, BMY, CGA, CHRW, CKFR, CPRX, DISH, EL, FTO, HOLX, HRS, HSTX, IR, JLL, KCI, SNY

Avanir Pharmaceuticals (NasdaqGM:AVNR - News) received an approvable letter and acceptable labeling from the FDA for a new formulation of its antipsychotic drug FazaClo.
Boeing Co. (NYSE:BA - News) reported fourth-quarter earnings of $989 million, or $1.29 a share, up from a year-ago profit of $460 million, or 58 cents a share. On a continuing operations basis, the Dow component earned $980 million, or $1.28 a share, in the latest quarter. On an adjusted basis, excluding tax benefits as well as discontinued operations, the Chicago-based aerospace giant earned $1.16 a share, in the latest quarter, compared to 74 cents a share last year. Revenue rose in the three months ended Dec. 31 to $17.54 billion from $13.9 billion in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 98 cents a share in the December period on revenue of $16.48 billion. The company also lifted its outlook for fiscal 2007 to earnings of $4.55 to $4.75 a share. The current average estimate of analysts polled by Thomson Financial is for a profit of $4.75 a share for the year. It forecast earnings of $5.55 to $5.75 a share for fiscal 2008, saying this view reflects expectations for strong revenue growth and expanding margins across all of its businesses.
Bristol-Myers Squibb (NYSE:BMY - News) shares rose following a report in The Financial Times that the company has hired Lehman Bros., Morgan Stanley and Citigroup to help it field possible takeover bids. Earlier in the week, a report surfaced that the company had drawn acquisition interest from French conglomerate Sanofi-Aventis (NYSE:SNY - News).
Catalyst Pharmaceutical Partners (NasdaqGM:CPRX - News) was initiated with a buy rating at Stifel Nicolaus with a $9 price target.
C.H. Robinson Worldwide Inc. (NasdaqGS:CHRW - News) reported fourth-quarter net income of $71.8 million, or 41 cents a share, up from $58.1 million, or 33 cents, a year ago. Quarterly revenue for the trucking company rose to $1.64 billion from $1.58 billion.
CheckFree Corp. (NasdaqGS:CKFR - News) reported a slight profit gain on advances in its core business. For its fiscal second-quarter, CheckFree said net income rose 4% to $35.3 million or 39 cents a share, compared to $33.8 million or 36 cents a share a year ago.
Corus Group Plc (NYSE:CGA - News) shares leapt after India's Tata Steel won a bidding war to acquire the Anglo-Dutch steelmaker for $12.1 billion.
EchoStar Communications (NasdaqGS:DISH - News) was upgraded to overweight from equal-weight at Morgan Stanley. The firm lifted its price target on the shares to $44 from $40.
Estee Lauder (NYSE:EL - News) said its fiscal second-quarter net income more than doubled to $208.4 million, or 99 cents a share, from $81.7 million, or 38 cents a share, a year earlier. The New York cosmetics company said second-quarter income from continuing operations increased 39% to $208.5 million, or 99 cents a share, from $150.4 million, or 70 cents a share, and net sales advanced 12% to $1.99 billion from $1.78 billion. Analysts surveyed by Thomson Financial, on average, had been expecting Estee Lauder to earn 76 cents a share on net sales of $1.91 billion for the second quarter ended Dec. 31. The maker of Aveda and Clinique products expects third-quarter earnings from continuing operations to be about flat from a year earlier as sales rise 4% to 6%.
Frontier Oil (NYSE:FTO - News) was upgraded to neutral from underperform at Credit Suisse.
Harris Corp. (NYSE:HRS - News) said second-quarter net income rose, as revenue gained, to $94 million, or 67 cents a share, from $30 million, or 22 cents a share, during the same period in the prior year. Before items, quarterly per-share income rose to 68 cents from 52 cents in the prior year.
Harris Stratex Networks (NasdaqGM:HSTX - News) was initiated with a buy rating at Merriman Curhan Ford & Co.
Hologic Inc. (NasdaqGS:HOLX - News) reported fiscal first-quarter earnings of $16.1 million, or 30 cents a share, up from a year-ago profit of $5.7 million, or 12 cents a share. Revenue jumped 86% in the latest three months to $163.2 million from $88 million in the same period a year earlier. The Bedford, Mass.-based company attributed the higher earnings to an increase in product sales of its Selenia full-field digital mammography systems.
Ingersoll-Rand (NYSE:IR - News) said fourth-quarter net income for the three months ended Dec. 31 fell to $222 million, or 72 cents a share, from $291.6 million, or 87 cents a share in the year-ago period. Earnings from continuing operations in the latest quarter were 74 cents a share. Revenue increased by 7% to $2.89 billion. Analysts surveyed by Thomson Financial forecast earnings of 73 cents a share, on average. Full-year 2007 earnings from continuing operations are forecasted at $3.61 to $3.71 a share, compared to the Thomson Financial estimate of $3.55 a share.
Jones Lang LaSalle Inc. (NYSE:JLL - News) said fourth-quarter net income rose, as revenue gained, to $80.9 million, or $2.37 a share, from $66.9 million, or $1.99 a share, during the same period in the prior year. Analysts were looking for per-share income of $2.26.
Kinetic Concepts (NYSE:KCI - News) was upgraded to buy from hold at Deutsche Bank.
Levitt Corp. (NYSE:LEV - News) agreed to be acquired by BFC Financial Corp. (NYSEArca:BFF - News) for $286 million in stock. In addition, Levitt said preliminary figures show its home building division generated fourth-quarter revenue of $143.6 million, with 426 homes delivered in the quarter at a margin of 19.6%. Backlog at Dec. 31 was 1,248 units with a sales value of $438.2 million. New home orders totaled 204, but were partly offset by 122 cancellations. The company said it has entered into sales contracts to dispose of certain properties and is expected to realize a pre-tax loss of $9.0 million upon disposition, and will write-off $1.4 million in pre-acquisition costs for properties which will not be acquired.
Lone Star Technologies (NYSE:LSS - News) said its fourth-quarter ea