Friday Morning, July 20th
SITE NEWS
New IceMD Recording:
Don't Forget - Eat Curry;
Dow Stock News
Dow Jones News:
Microsoft’s profit rose 7.3% as software sales to businesses continued to subsidize videogames and other money-losing consumer divisions. - WSJ
Caterpillar Inc.'s (CAT) second-quarter net income fell to $823 million, or $1.24 a share, from $1.05 billion, or $1.52 a share, a year earlier, hurt in part by a decline in demand for on-highway truck engines and weakness in the North American construction markets. A Thomson Financial survey of analysts, on average, predicted earnings of $1.49 a share for the quarter. Analysts' estimates usually exclude items. The Peoria, Ill., maker of heavy equipment and machinery said sales rose 7.1% to $11.36 billion from $10.6 billion. The company backed its earnings outlook for the 2007 year of $5.30 to $5.80 a share, and raised its estimate of revenue to $44 billion from its previous estimate of $42 billion to $44 billion. Wall Street is looking for earnings of $5.59 a share for the year. - MarketWatch
Reuters writes that GM (GM) closed the gap between itself and Toyota (TM) for total unit sales in Q2.
HON - price target raised at Jefferies to $72
HON Honeywell UBS Price Target Raised Neutral $58 to $62
MSFT Microsoft UBS Price Target Raised Buy $35 to $37 back to top
Ice Man Stocks
For a printable version of the Ice Man's picks, <print.shtml>click here.
Breakouts the Ice Man may consider trading:
SNDA - 33.65
PNR - 39.50
Regular Trades the Ice Man may consider:
CYMI - 42.15
MEDX - 14.90
AMSG - 25
LUFK - 68.10 = 73.25 G
RSYS - 13.05
HNSN - 20.50
RACK - 12.80
INSP - 24
MNT - 42.10
WAG - 45.50
PCTI - 8.90
PKTR - 8.55
Depressed stocks the Ice Man may buy:
BAX - 53.90 / 54
JNPR
GOOG - 493
NVEC - 31.50
Dollar Man Ideas:
CNTF - 5.60
EXK - 5.50
Media Commentators
Cramer's Comments:
Bullish: BF, NCX, UNP, CSX
Ice Cold Commentators
Break Man Video Summary:
Break out buy watch list for short term gains July 20 includes: GRP, DVN, AMSG, TCHC, PRXI, VYGO, CYCL, SGMS, NG.
Several candidates for break out or pullback plays for at least short term gains by buying the break out on good volume and selling at least some on the first day. http://stocktiger.com
News and Events Digest
Breaking News
Google’s earnings fell short of expectations, despite rising 28% to $925.1 million, as staff expenses eroded profit. Shares slid 8% after hours. - WSJ
A major new source of domestic natural-gas supplies off the coast of Louisiana is expected to launch production, putting more downward pressure on already sliding prices. - WSJ
Monogram Biosciences Inc. (MGRM) said that the Committee for Medicinal Products for Human Use of the European Medicines Agency issued a positive opinion recommending marketing authorization of collaborator Pfizer Inc.'s (PFE) investigational HIV medication Celsentri (maraviroc). A final decision from the European Commission, which has the authority to approve medications for the European Union, is expected within months. If approved, Celsentri would be the first member of a new class of oral HIV medicines in more than a decade, the firm said. - MarketWatch
Schlumberger (SLB), the world's largest oil service company, said Friday its second-quarter profit rose 47%, topping Wall Street expectations, as high energy prices drove demand for its products, especially in international markets. - CNBC
First Solar (FSLR) on Friday filed to raise about $1 billion in a stock offering, which comes after its initial public offerings topped the list of gainers in the past 12 months. The company plans to offer 9.65 million shares in the stock offering. The stock closed at $109.92 a share on Thursday. - MarketWatch
MMI Investments LP has repeated its request for Brinks Co. to consider a tax-free split-up of its home security and armored transportation units, according to a regulatory filing Thursday with the Securities and Exchange Commission.
MMI first recommended a spin-off of one of the company's two businesses in April. In its letter to the board on Wednesday, MMI estimated the value of a split-up to be worth more than $79 per share at a conservative estimate. - AP
Citi ( C) said that net income rose 18% to $6.23 billion or $1.24 a share, from $5.27 billion or $1.05 a share. Revenue rose 20% to $26.63 billion, from $22.18 billion. - MarketWatch
U.S. Energy Systems Inc. (USEY) said Friday it hired Jefferies & Company Inc. (JEF) its previously announced search for an independent third party financial advisor to assist it in its evaluation of its existing financing as well as other strategic alternatives available to the company. - MarketWatch
Media Summary:
According to Reuters, Bernanke believes that subprime losses could hit $100 billion.
Reuters reports that Google's (GOOG) net fell short of estimates.
The Wall Street Journal writes that banks raising $40 billion in buy-out debt for Chrysler and Alliance Boot has having to improve terms.
The Wall Street Journal wirtes that AMD's (AMD) revenue rose in the most currently reported quarter.
The Wall Street Journal reports that a shareholder suit alleges that Monsters (MNST) founder was involved in back-dating options.
The Wall Street Journal also reports that Verizon Wireless has licensed Broadcom's (BRCM) patents as a way around import prohibitions involving Qualcomm (QCOM) chips which violate its rivals patents.
The Wall Street Journal reports that heart procedures using stents have dropped sharply since January.
The New York Times writes that earnings fell at McClatchy (MNI) and Dow Jones (DJ).
FT reports that Viacom's (VIA) controlling shareholder Sumner Redstone is pushing his daughter out as heir apparent.
Barron's reports that Hearst has sold more shares in Local.com (LOCM).
IPO Central:
American Superconductor Corp. (AMSC), which makes motors and wires used in power lines, said Friday its offering of 4.7 million shares priced at $21.25 per share. - AP
New Filings:
Virgin Mobile USA filed with the Securities and Exchange Commission on Friday for a $506 million initial public offering. It previously was planning a $100 million IPO. It plans to list on the New York Stock Exchange under the symbol VM. Sprint Nextel and Virgin Group will hold two other classes of common stock. As of March 31, it served approximately 4.88 million customers. It lost $36.7 million on revenue of $1.1 billion in 2006. Lehman Brothers, Merrill Lynch, Bear Stearns will be joint book-running managers and Raymond James and Thomas Weisel Partners will be co-managers. - MarketWatch
Quest Energy Partners LP, a unit of Quest Resource Corp. (QRCP), on Friday filed to raise up to $211 million in an initial public offering with underwriters A.G. Edwards, Wachovia Securities and RBC Capital Markets. The energy partnership plans to trade on the Nasdaq under the symbol QELP. The company plans to pay holders of its common units distributions of available cash of 38.75 cents per unit for each quarter, or $1.55 per unit annually, before it pays distributions to holders of its subordinated units. Its operations are currently focused on the development of coal bed methane in a 15-county region in southeastern Kansas and northeastern Oklahoma, referred to in this prospectus as the "Cherokee Basin." - MarketWatch
IPOs on schedule for this week yet to come out:
Airvana (AIRV). The company provides network infrastructure products to provide mobile broadband services. The company is selling 8.3M shares at the initial range between $8-$10. The company announced Revenues for the last 12 months of $170M and Net Income of $74M. The Lead Manager is Morgan Stanley and Lehman is Co. Manager. Airvana (AIRV) is headquartered in Chelmsford, MA and their website is www.airvana.com.
hhgregg (HGG). The company sells video products and home appliances via 79 retail stores under the hhgree and Fine Lines names in 8 states. The company is selling 9.4M shares at the initial range between $15-$17. The company announced Revenues for the last 12 months of $1,059M and Net Income of $21M. The Lead Managers are Credit Suisse and Lehman Brothers. hhgregg (HGG) is headquartered in Indianapolis, IN and their website is www.hhgregg.com.
ImaRx Therapeutics (IMRX). The company is developing novel therapies for vascular disorders associated with blood clots. The company is selling 3M shares at the initial range between $6.50-$7.50. The company announced Revenues for the last 12 months of $2M and Net Income of $0M. The Lead Manager is Credit Suisse and I-Bankers Securities are Co- Manager. ImaRx Therapeutics (IMRX) is headquartered in Tucson, AZ and their website is www.imarx.com.
Orbitz Worldwide (OWW). The company is an online travel marketplace providing reservations on airlines, hotels, rental cars and vacation packages. The company is selling 34M shares at the initial range between $16-$18. The company announced Revenues for the last 12 months of $782M and Net Income of $(-18)M. The Lead Managers are Morgan Stanley, Goldman Sachs, and Lehman Brothers. Orbitz Worldwide (OWW) is headquartered in Chicago, IL and their website is www.orbitz.com.
IPOs on Schedule for week of July 23rd:
BladeLogic (BLOG). The company Provides data center automation software. The company is selling 5M shares at the initial range between $12-$14. The company announced Revenues for the last 12 months of $37M and Net Income of $(-1)M. The Lead Managers are Morgan Stanley and Merrill Lynch. BladeLogic (BLOG) is headquartered in Lexington, MA and their website is www.bladelogic.com.
Stock Split Announcement:
Textron Inc. (Ticker: TXT) announced that its board of directors approved a 2 for 1 stock split.
Upgrades and Downgrades by Sector:
Upgrades/Downgrades:
Auto Transmissions
AIMC Altra Holdings KeyBanc Capital Mkts / McDonald Initiated at Buy $22
Biotech
GILD Gilead Sciences CIBC Wrld Mkts Price Target Raised Sector Outperform $44.50 to $45
Broadband Svcs
CLWR Clearwire Jefferies & Co Downgraded from Buy to Hold $22 to $34
Brokerage Services
NDAQ NASDAQ Friedman Billings Price Target Raised Outperform $35 to $37
AMTD TD Ameritrade UBS Cut Price Target Neutral $23 to $22
Business Services
KFY Korn/Ferry Matrix Research Upgraded from Buy to Strong Buy
MAN Manpower Banc of America Sec Upgraded from Neutral to Buy
MAN Manpower UBS Price Target Raised Neutral $95 to $100
Computer Hardware
OMCL Omnicell BB&T Capital Mkts Upgraded from Hold to Buy
SNIC Sonic Solutions Kaufman Bros Upgraded from Hold to Buy $15 to $14
STX Seagate Tech WR Hambrecht Upgraded from Hold to Buy $30
STX Seagate Tech Bear Stearns Upgraded from Peer Perform to Outperform
WDC Western Digital WR Hambrecht Upgraded from Hold to Buy $27
AAPL Apple Piper Jaffray Price Target Raised Outperform $160 to $205
AVCT Avocent Kaufman Bros Price Target Raised Buy $32 to $36
SNDK Piper Jaffrey Price Target Raised $71
SNDK SanDisk Needham & Co Price Target Raised Buy $55 to $65
STX Seagate Tech UBS Price Target Raised Neutral $23 to $27
STX Seagate Tech Caris & Company Price Target Raised Above Average $23 to $25
STX Seagate Tech Needham & Co Price Target Raised Buy $25 to $29
LOGI Logitech Intl SA Morgan Keegan Downgraded from Outperform to Mkt Perform
Computer Services
PKTR Jeffries Says Buy after the sell-off
RATE Bankrate Kaufman Bros Price Target Raised Buy $50 to $55
ALVR Alvarion CIBC Wrld Mkts Downgraded from Sector Outperform to Sector Perform
PKTR Packeteer Kaufman Bros Cut Price Target Hold $10 to $7
Computer Software
INFA Informatica UBS Price Target Raised Reduce $11 to $12
INFA Informatica First Albany Price Target Raised Buy $17 to $17.50
SAP SAP AG UBS Price Target Raised Buy $53.50 to $60
SAP SAP AG Friedman Billings Price Target Raised Mkt Perform $47 to $50
ADSK Autodesk Citigroup Downgraded from Buy to Hold
CYBS CyberSource Needham & Co Downgraded from Buy to Hold
CYBS CyberSource JMP Securities Downgraded from Mkt Outperform to Mkt Perform
Conglomerate
TXT Textron UBS Price Target Raised Buy $120 to $133
Construction
RMIX U.S. Concrete Citigroup Downgraded from Buy to Hold
Electronics - TV's
BRLC Syntax-Brillian Cantor Fitzgerald Coverage Dropped
Finance Companies
COF Capital One Calyon Securities Price Target Raised Add $84 to $85
CIT CIT Group Stifel Nicolaus Cut Price Target Buy $70 to $62
Foods
HSY Hershey Foods Bear Stearns Downgraded from Outperform to Peer Perform
PFGC Performance Food BB&T Capital Mkts Downgraded from Buy to Hold
SYY Sysco BB&T Capital Mkts Downgraded from Buy to Hold
Health-Beauty Prod
PYX Playtex Products Oppenheimer Downgraded from Buy to Neutral
Healthcare
MDCO The Medicines Co RBC Capital Mkts Upgraded from Underperform to Sector Perform $21 to $25
PPCO Penwest Pharma RBC Capital Mkts Initiated at Outperform
Healthcare Equipment
ISRG Intuitive Surgical Bear Stearns Upgraded from Peer Perform to Outperform
ISRG Intuitive Surgical HSBC Securities Price Target Raised Overweight $146 to $198
VASC Vascular Solutions RBC Capital Mkts Initiated at Outperform
Healthcare Facilities
RTSX Radiation Therapy Svcs Deutsche Securities Initiated at Buy $35
Household Goods
TPX Tempur-Pedic First Albany Price Target Raised Buy $33 to $36
Industrial Equipment
AME Ametek Friedman Billings Price Target Raised Outperform $44 to $46
ITW Illinois Tool Friedman Billings Price Target Raised Outperform $59 to $66
Internet Services
GOOG Cantor Fitzgerald Reiterated Buy
Manufacturing
DHR Danaher Friedman Billings Price Target Raised Outperform $84 to $86
BMI Badger Meter Robert W. Baird Downgraded from Outperform to Neutral $30 to $35
DHR Danaher Bear Stearns Downgraded from Outperform to Peer Perform
PH Parker-Hannifin KeyBanc Capital Mkts / McDonald Downgraded from Buy to Hold
WCC Wesco UBS Cut Price Target Buy $77 to $75
Mining - Steel & Iron
NUE Nucor Credit Suisse Upgraded from Neutral to Outperform $70
X U.S. Steel Credit Suisse Downgraded from Outperform to Neutral $110
Motor Vehicles
ITT ITT Industries JP Morgan Downgraded from Overweight to Neutral
Oil and Gas
NE Noble Corp Friedman Billings Price Target Raised Outperform $118 to $135
Paper and Packaging
BKI Buckeye Tech UBS Downgraded from Neutral to Reduce
PKG Packaging Corp Deutsche Securities Downgraded from Buy to Hold $28 to $29
Recreation
OO Oakley Brean Murray Price Target Raised Buy $27 to $29.30
Recreational Vehicles
HOG Harley-Davidson BMO Capital Markets Cut Price Target Market Perform $70 to $65
Regional Banks
PFBC Preferred Bank Friedman Billings Upgraded from Mkt Perform to Outperform $41 to $44
EWBC East West Banc Friedman Billings Price Target Raised Mkt Perform $40 to $41
PNC PNC Bank Friedman Billings Cut Price Target Outperform $86 to $84
SOV Sovereign Banc Friedman Billings Cut Price Target Outperform $28 to $26
REITs
SLG SL Green Rlty Wachovia Upgraded from Mkt Perform to Outperform
Rental Services
WLSC Williams Scotsman Jefferies & Co Downgraded from Buy to Hold
WLSC Williams Scotsman Lehman Brothers Downgraded from Overweight to Equal-weight
Retail Trade
ARO Aeropostale Nollenberger Capital Initiated at Buy $49
KR Kroger BB&T Capital Mkts Downgraded from Buy to Hold
SWY Safeway BB&T Capital Mkts Downgraded from Buy to Hold
Savings & Loan
FFCH First Fincl Hldgs Sun Trust Rbsn Humphrey Upgraded from Reduce to Neutral
Semiconductors
ATMI ATMI First Albany Upgraded from Neutral to Buy
AMD Advanced Micro UBS Price Target Raised Neutral $14.05 to $16.50
AMD Advanced Micro Stifel Nicolaus Price Target Raised Buy $17 to $20
BRCM Broadcom UBS Price Target Raised Buy $39 to $41
PMCS PMC-Sierra Stifel Nicolaus Price Target Raised Buy $10 to $11
ACTS Action Semi WR Hambrecht Downgraded from Buy to Hold
PKE Park Electrochem Matrix Research Downgraded from Strong Buy to Buy
ACTS Action Semi Roth Capital Cut Price Target Hold $6.25 to $6
XLNX Xilinx First Albany Cut Price Target Buy $36 to $32
Solar Technology
SPWR Sunpower First Albany Price Target Raised Buy $68 to $77
SPWR Merrill Lynch Downgraded to Neutral
Telecommunications
CRNT Ceragon First Albany Price Target Raised Strong Buy $13 to $16
S Sprint Nextel HSBC Securities Price Target Raised Underweight $18 to $19
Transpo - Tankers
NM Navios Maritime Cantor Fitzgerald Price Target Raised Buy $13 to $17
Transpo-Railroads
UNP Union Pacific Calyon Securities Price Target Raised Neutral $92 to $118
CNI Canadian Natl Rail Matrix Research Downgraded from Buy to Hold
Transportation
EXM Excel Maritime Carriers Cantor Fitzgerald Price Target Raised Hold $25 to $40
TRN Trinity Industries JP Morgan Initiated at Overweight
ALEX Alexander & Baldwin Wachovia Downgraded from Outperform to Mkt Perform
ACLI American Commercial Lines UBS Cut Price Target Neutral $36 to $27
Utilities
EXC Exelon Citigroup Downgraded from Buy to Hold