Monday Morning, December 3rd

   SITE NEWS

100th IceMD Recording:

The ‘Brakes´ in The Adolescent Brain;

   Dow Stock News

The Wall Street Journal writes that JP Morgan (JPM) will put $200 million into entertainment ventures in the hopes of a strong return.

The Wall Street Journal writes that the Citadel deal to buy E*Trade's bank may set a value on mortgage-related securities which could effect write-offs by Citi (C) and other financial companies.

INTC INTC Intel Nollenberger Capital Coverage Dropped Buy $31

   Ice Man Stocks

For a printable version of the Ice Man's picks, click here.

Breakouts the Ice Man may consider trading:

CCI - 42

Regular Trades the Ice Man may consider:

ARP - 16
EWBC - 27.50

Depressed stocks the Ice Man may buy:

CRDN - 45.60 Gap
NEM - 48.60 Gap

Dollar Man Ideas:

PRS - 6.50
LLNW - 8.10
DEEP - 6.35

   Media Commentators

Cramer's Comments:

Bullish: WB, BAC, C, CFC-Preferred Shares, NLY, TC, THC, MASI, BRCD

Zacks:

Positive: GM, XOM, BUD

   Ice Cold Commentators

Break Man Video Summary:

Break out buy (or short sell) watch list for short term gains December 3 includes: PSMT, HELE, VIV, HLS, RICK, SWIM, NUS, UMPQ, AUY, ACV, CMC, PCBC.

Several candidates for break out or short sell  plays for at least short term gains by buying the break out (or selling the break down) on good volume and closing at least some on the  first day.

Swing Man Market Recap:

After a correction low on Monday in which the SPX reached 1406, and a retest on Tuesday back down to 1407, the market soared Wednesday following comments by members of the Federal Reserve.  By Friday, the SPX came within a point of our initial target of 1490 before profit takers appeared with the SPX closing the week at 1481.  The market, anticipating further rate cuts and capital infusions into the major banks, had a strong week.  On the week, the SPX/DOW gained 2.9% while the NDX/NAZ added 2.75%.  Short term momentum reached overbought levels at Friday´s highs and is now heading lower.  The economic numbers for the week came in about as expected:  the housing sector continues to weaken, the economy is projected to soften, inflation is mostly contained, and consumer confidence is waning.  When combined, they certainly argue for continued rate cuts by the FED.  On Friday, it was reported that the Abu Dhabi sovereign fund (which recently acquired a 5% stake in Citigroup), was approached by six major banks, and evidently they are in talks with two of them.

Last weekend, we pointed out that some of our indicators were beginning to reach levels associated with some sort of bottom.  We also stated that you closely monitor 1405-1430 SPX and 12,700-800 DOW since they represented critical short term support levels.  Finally, we indicated that many of the major indexes were forming bullish falling wedge patterns which were evident on their 60 minute charts.  Based upon the above factors, we suggested that the market was likely to rally last week and this certainly came to fruition with the major indices gaining 2-3% during the week.  Throughout the week, we targeted the SPX 1490 and Nasdaq 2700 as likely points where these indices would encounter strong resistance.  On Friday morning, these indexes came within a few points of our targeted levels before reversing lower as market participants elected to take profits.  We would not be surprised to see some additional selling unfold early next week.  The character and extent of the next pullback will help to determine if this is a sustainable rally, and the potential for a new uptrend in underway.  At this stage it´s too early to call for such an uptrend in the market, so we´ll be watching the nature of this pullback closely.  The potential exists for the SPX and Nasdaq to pullback some more early next week and form the right shoulder of an inverse head and shoulder pattern with the neckline being near 1490 on the SPX and around 2700 on the Nasdaq.

In summary, the market held where it needed to last week and subsequently rallied strongly out of our highlighted patterns.  While it´s still too early to call for a year end rally, last week´s action significantly increases the chances of such an occurrence.  For now, we need to examine the nature of this anticipated pullback and be prepared to act accordingly.  Remember to keep a close eye on the XLF (financial sector) shown below since it´s been leading the market of late.

Good Trading.

   CNBC Fast Money Review

1. BEST WEEK SINCE MARCH

The headline: Bernanke Says What Traders Wanted To Hear…Rebound Gains Momentum.

This week's rebound trims the worst month in years as the US stock market enjoyed it´s best 4 days since 2003, explains Dylan Ratigan. The catalyst is likely Fed Chairman Bernanke who signaled a new willingness to cut rates again in a speech Thursday night.

2. SHOT IN THE A.R.M

The headline: Homebuilders Soar Friday On Rate Cut Hopes, Plan To Free Rates On Adjustable Mortgages.

Karen Finerman says I think this will be a short-lived rally, and stay away from the homebuilders with balance sheet problems.
Tim Seymour added BZH could be facing an SEC investigation. Watch out. Also, he thinks 2008 will be the trough in the mortgage woes, so the worst could be yet to come.

3. BELEAGUERED BANKS BOUNCE

The headline: Bank Stocks, Weighed Down By Mortgage Woes, Roar Back On Capital Injections.

Dylan Ratigan says C received a $7.5 billion infusion of capital from Abu Dhabi while ETFC accepted a $2.55B cash injection from Citadel, run by Wall Street whale, Ken Griffin's Citadel says Dylan Ratigan.
Karen Finerman recommends playing it, by going long GS and shorting LEH.

4. TRADING IN THE RAW

Why did shares of X, DD, and MON break out this week when the dollar stabilized and turned higher?

Tim Seymour explains steel prices in the US are at a 9-month high and inventories are at 9 year low, and American steel exports are still cheap around the world.
On a related note, Seymour expects BHP and RTP will likely merge.
Guy Adami recommends buying US Steel and believes the stock could go to $115.

5. SHANGHAI SURPRISE

After China´s stock market posted its steepest monthly loss (18%) in 12 years, what´s the next way to play this volatile market?
Here´s how Tim Seymour, aka The Ambassador, recommends playing this emerging market.
Although China´s growth story is real, some pundits are saying the market has gotten ahead of itself. So the next trend might be consolidation, otherwise known as good old mergers and acquisitions.
Why? Because the run-up gives Chinese companies a valuable currency in which to buy-out competitors; their own high-flying stock.

And as these firms gobble each other up, you've got two ways to trade it:

One is to spot the takeover targets. Look for tiny players in an industry dominated by one massive firm. PTR, for instance, appears to have a stranglehold over the oil space - so find the small fry that could be PetroChina's next meal.

But if that seems too risky, take the other side and bet on the big boys. Industry titans like CHL and ACH stand to get larger and stronger. As they devour the competition –it could makes them a good long-term trade.
Despite the recent decline, Seymour thinks China is a great long-term trade, overall. In this space, he likes CHL, best.

Pete Najarian and Guy Adami agree, whole-heartedly.

6. BACK FROM BLACK FRIDAY

The headline: Retailers Shake Off Black Friday Blues To Post Healthy Gains For The Week.

Karen Finerman explains a record “Cyber Monday’ with sales of $733 million brightened the Holiday retail outlook. AMZN jumped 10% this week, while WMT and TGT added 5%.
I think it´s safe to own the retailers who have good businesses such as PLCE and WMT, she adds.

7. CRUDE CRUMBLES BELOW $90

The headline: Oil Slides 2.5% To $88.71, Lowest Since October 24.

Guy Adami says I still think crude has room down to the mid-80´s. The play might be to buy a refiner and I think TSO current move down was “way over done’. TSO with a 49-handle is a buy.
Pete Najarian adds Bank of America upgraded two other refiners, VLO as well as WNR.

8. POPS AND DROPS FOR THE WEEK

AAPL popped 6%: Najarian thinks investors can still get in.
BA popped 3%: Adami says 90 is likely the floor.
AIG popped 9%: Finerman is skeptical
MER popped 5%: Najarian says Financials, are back for now
NVDA popped 4%: Adami thinks NVDA could be a takeover target.
BIG dropped 11%: Finerman wasn´t surprised.

9. YOUR FIRST MOVE FOR MONDAY

Tim Seymour recommends selling ITU.
Guy Adami says short the Dow with DOG.
Karen Finerman prefers LTD.
Pete Najarian doesn´t have a stock pick.

   News and Events Digest

Breaking News

Chávez conceded that Venezuelan voters narrowly defeated constitutional reforms he sought to expand his executive powers and allow him to stand for election as president indefinitely. - WSJ

Putin's party won a landslide victory in parliamentary elections. The victory could allow Putin to extend political influence beyond the end of his presidential term next spring. - WSJ

World-wide chip sales rose 5% in October from a year earlier as strong growth in the Asian-Pacific region helped outweigh industrywide price cutting. - WSJ

MetLife Inc., the New York insurer, estimated on Monday that operating earnings would rise 2.9% to 6.6% in the fourth quarter and 16% to 17% for the year. In 2008, the company's "businesses are poised to expand upon their strong performance" of 2007, C. Robert Henrikson, chairman, president and chief executive officer, said in a statement. The insurer sees fourth-quarter profit from operations of $1.40 to $1.45 a share, compared with $1.36 in the year-earlier period. For the year, the numbers should come in at $6.04 to $6.09 a share, against $5.21 in 2006. A survey of analysts by Thomson Financial produced consensus estimates of $1.43 for the quarter and $6.08 for 2007. MetLife also said it would buy back $2.2 billion of its common stock in 2008. - MarketWatch

Goodrich Petroleum Corp. (GDP) on Monday launched a public offering for 5.2 million shares. The company added it will enter a capped call option transaction that will allow it to potentially recoup a portion of the shares over an average two-year period. Executives and board members at the company intend to purchase at least 260,000 shares. Bear Stearns and J.P. Morgan will purchase 1.43 million shares to facilitate hedging connected to the call option. - MarketWatch

Health insurer UnitedHealth Group (UNH) on Monday said it plans to back its previous forecast for 2007 earnings of $3.49 to $3.50 a share, up 18% from the $2.97 a share earned in 2006. Including charges, the company expects to earn $3.41 to $3.42 a share. In a presentation to analysts and investors on Tuesday, management will also discuss its 2008 financial outlook, which includes revenue of about $83 billion and earnings of $3.95 to $4.00 a share, assuming the closing of the pending acquisition of Sierra Health Services prior to the end of 2007, the company said. Analysts, on average, expect it to earn $3.50 a share for 2007 and $3.96 a share on revenue of $7.98 billion in 2008, according to Thomson Financial. - MarketWatch

Shares of Amgen (AMGN) dropped over 4% to $52.88 in Frankfurt trading after the drugmaker said after Friday's close that an interim Phase III study of Aranesp concluded there was so significant difference in breast-cancer tumor response to chemotherapy between patients taking Aranesp and those who did not. The company said no definitive conclusions should be drawn until the final study report is completed. - MarketWatch

One of AMR Corp.'s biggest investors, the Icelandic investment company FL Group, said Friday it has cut its stake in the American Airlines' parent to 1.1 percent from 9.1 percent. - AP

Warren Buffett's Berkshire Hathaway is paying $2.1 billion to buy TXU junk bonds from Goldman Sachs, CNBC reported on Monday.
Buffett told CNBC that the bonds are the only junk bonds he is interested in at the moment, adding that some recent issues give new meaning to the word "junk." - Reuters

Western Union (WU) mentioned positively in Barrons stating the stock could rise as much as 20%.

NVDA was mentioned as a takeover candidate in Barrons.
 
Don Hays turns bullish in Barrons.
 
PRKR mentioned negatively in Barrons.

Home builder Lennar Corp. and Morgan Stanley Real Estate formed a land investment venture to acquire, develop, manage and sell residential real estate, with Lennar selling properties valued at $1.3 billion to the venture for $525 million. - AP

Media Summary

According to Reuters, a study by America's Research Group says most shoppers will wait to buy until late in the month, looking for sales.

Reutes writes that Nasdaq (NDAQ) has opened its office in China, looking for listings there.

Reuters reports that OPEC is unlikely to change crude oil output when its ministers meet in the United Arab Emirates this week, Qatar's Oil Minister Abdullah al-Attiyah

According to The Wall Street Journal, a number of subprime loans went to people with good credit, which may change bank and government views of the problem.

The Wall Street Journal reports that Lennar (LEN) has sold 11,000 home sites to Morgan Stanley (MS) ins a sign big investors are looking for borrowers.

The New York TImes says that NBC has started buying programming from outside producers in blocks, a new move in the industry.

According to the FT, Merrill's (MER) new chief is eyeing a major overhaul of the company.

The FT writes that the head of Fedex (FDX) sees the economy moving into recession which may spread across the global economy.

The FT writes that Dell (DELL) has signed a $4.5 billion three year deal with WPP to handle its advertising

CNN Money writes that Warren Buffett bought $2 billion in TXU (TXU) bonds.

Bloomberg writes that Moody's is ready to cut ratings on $105 billion worth of SIVs.

M&A Activity:

French entertainment and telecommunications group Vivendi SA plans to acquire a controlling stake in U.S. videogame maker Activision Inc. (ATVI), a move that could transform the competitive landscape in the fast-growing gaming industry by joining the companies behind console hit Guitar Hero and online phenomenon World of Warcraft.
Vivendi will merge its own gaming division into Activision and contribute cash to form a new company: Activision Blizzard. In a complex transaction, which values all of Activision at $8 billion, Vivendi will pay $27.50 per share and end up with up to 68% ownership of the new company. - WSJ

IPO Central:

IPOs on schedule for the week of 12/03/07:

BGMedicine (BGMD). The company is a life sciences company focused on the development and commercialization of molecular diagnostics based on biomarkers. The company is selling 4.5M shares at the initial range between $14-$16. The company announced Revenues for the last 12 months of $9M and Net Income of $(-6)M. The Lead Manager is Cowen and Leerink is Co. Manager. BGMedicine (BGMD) is headquartered in Waltham, MA and the company website is www.bg-medicine.com.

Cardtronics (CATM). The company owns and operates 12,000 automated teller machines (ATMs) throughout the United States. The company is selling 16.7M shares at the initial range between $14-$16. The company announced Revenues for the last 12 months of $546M and Net Income of $3M. The Lead Managers are Deutsche Bank, William Blair, and Bank of America. Cardtronics (CATM) is headquartered in Houston, TX and the company website is www.cardtronics.com.

Entropic Communications (ENTR). The company is a fabless designer of chips enabling connected home entertainment. The company is selling 10M shares at the initial range between $9-$11. The company announced Revenues for the last 12 months of $54M and Net Income of $(-7)M. The Lead Managers are Credit Suisse and Lehman Brothers. Entropic Communications (ENTR) is headquartered in San Diego, CA and the company website is www.entropic.com.

Iggys House (IGGY). The company is an Online real estate company that offers innovative services to home buyers and sellers. The company is selling 1.4M shares at the initial range between $6-$6. The company announced Revenues for the last 12 months of $1M and Net Income of $(-6)M. The Lead Manager is Northland Securities and Bathgate Capital Partners is Co. Manager. Iggys House (IGGY) is headquartered in Chicago, IL and the company website is www.iggyshouse.com.

Liberty Acquisition Holdings (LIA). The company is a newly formed blank check company. The company is selling 75M shares at the initial range between $10-$10. The company announced Revenues for the last 12 months of $0M and Net Income of $0M. The Lead Manager is Citi and Lehman is Co. Manager. Liberty Acquisition Holdings (LIA) is headquartered in New York, NY.

Economic Data:

10:00 ISM Index
5:00 Auto & Truck Sales

   Upgrades and Downgrades by Sector:

Airlines - Passenger
 UAUA UAUA UAL Corp. Lehman Brothers Downgraded from Overweight to Equal-weight

Apparel
 DLA DLA Delta Apparel Nollenberger Capital Coverage Dropped Buy $17
 TRLG TRLG True Religion Nollenberger Capital Coverage Dropped Neutral
 UA UA Under Armour Nollenberger Capital Coverage Dropped Buy $72
 VFC VFC V.F. Corp Nollenberger Capital Coverage Dropped Buy $102
 ZQK ZQK Quiksilver Nollenberger Capital Coverage Dropped Neutral

Beauty Products
 ULTA Ulta Salon William Blair Initiated at Outperform

Biotech
 KOSN KOSN Kosan Biosciences Needham & Co Resumed Coverage Buy $9
 XNPT XNPT Xenoport Friedman Billings Downgraded from Outperform to Mkt Perform $62
 REGN REGN Regeneron Pharms Caris & Company Upgraded from Average to Above Average $16 to $23
 CEGE CEGE Cell Genesys Cantor Fitzgerald Cut Price Target Buy $12 to $10
 CVTX CVTX CV Therapeutics Cantor Fitzgerald Price Target Raised Buy $36 to $40

Brokerage Services
 ETFC ETFC E*TRADE Banc of America Sec Downgraded from Neutral to Sell

Business Services
 GVHR GVHR Gevity JMP Securities Upgraded from Mkt Perform to Mkt Outperform

Business Svcs-Data
 RVBD RVBD Riverbed Technology Nollenberger Capital Coverage Dropped Buy $55

Computer Hardware
 FFIV FFIV F5 Networks Nollenberger Capital Coverage Dropped Neutral
 PALM PALM Palm Nollenberger Capital Coverage Dropped Neutral
 XXIA XXIA Ixia Nollenberger Capital Coverage Dropped Buy $12

Computer Services
 RATE RATE Bankrate Merriman Curhan Ford Upgraded from Neutral to Buy

Computer Software
 TSYS TSYS TeleComm Sys Nollenberger Capital Coverage Dropped Buy $8
 ATVI ATVI Activision Kaufman Bros Price Target Raised Hold $26 to $27.50
 ATVI ATVI Activision Broadpoint Capital Price Target Raised Buy $26 to $27.50
 ATVI ATVI Activision BMO Capital Markets Upgraded from Market Perform to Outperform

Construction
 LAYN LAYN Layne Christensen Morgan Joseph Price Target Raised Buy $49 to $62

Gaming Operations
 ASCA ASCA Ameristar Casinos Nollenberger Capital Coverage Dropped Neutral
 BYD BYD Boyd Gaming Nollenberger Capital Coverage Dropped Neutral
 CNTY CNTY Century Casinos Nollenberger Capital Coverage Dropped Neutral
 DDE DDE Dover Downs Gaming Nollenberger Capital Coverage Dropped Neutral
 FLL FLL Full House Resorts Nollenberger Capital Coverage Dropped Buy $5
 IGT IGT Intl Game Tech Nollenberger Capital Coverage Dropped Buy $62
 ISLE ISLE Isle of Capri Nollenberger Capital Coverage Dropped Neutral
 LACO LACO Lakes Entertainment Nollenberger Capital Coverage Dropped Buy $13
 MCRI MCRI Monarch Casino & Resort Nollenberger Capital Coverage Dropped Buy $31
 MGM MGM MGM Mirage Nollenberger Capital Coverage Dropped Buy $107
 MNTG MNTG MTR Gaming Nollenberger Capital Coverage Dropped Buy $13
 NYNY NYNY Empire Resorts Nollenberger Capital Coverage Dropped Buy $10
 PENN PENN Penn Natl Gaming Nollenberger Capital Coverage Dropped Buy $67
 PNK PNK Pinnacle Nollenberger Capital Coverage Dropped Buy $37
 SHFL SHFL Shuffle Master Nollenberger Capital Coverage Dropped Buy $23
 STN STN Station Casinos Nollenberger Capital Coverage Dropped Neutral
 TRMP TRMP Trump Entertainment Nollenberger Capital Coverage Dropped Neutral
 WMS WMS WMS Industries Nollenberger Capital Coverage Dropped Buy $40
 PNK PNK Pinnacle Lehman Brothers Downgraded from Overweight to Equal-weight

Healthcare
 THLD THLD Threshold Pharma CIBC Wrld Mkts Coverage Dropped Sector Perform

Heavy Machinery
 AG AG AGCO Corp Stifel Nicolaus Downgraded from Buy to Hold

Industrial Equipment
 RSTI RSTI Rofin-Sinar Technologies Brean Murray Downgraded from Buy to Hold $82

Media Services
 DISCA DISCA Discovery Wachovia Upgraded from Mkt Perform to Outperform

Mfg - Batteries
 CBAK CBAK China BAK Battery Roth Capital Cut Price Target Hold $5 to $4.50

Mfg - Footwear
 CROX CROX Crocs Nollenberger Capital Coverage Dropped Buy $77

Mfg-Fitness Equipmt
 CYBI CYBI Cybex Oppenheimer Upgraded from Neutral to Buy $7

Mfg-Jewelry (China)
  FUQI Fuqi Intl Merriman Curhan Ford Initiated at Buy
  FUQI Fuqi Intl Brean Murray Initiated at Buy $13

Mining Non-Ferr Metal
 PCU PCU Southern Copper HSBC Securities Initiated at Overweight $140
 CRS CRS Carpenter Tech Citigroup Initiated at Buy
 RTI RTI RTI Intl Metals Citigroup Initiated at Buy
 TIE TIE Titanium Metals Citigroup Initiated at Buy

Motor Vehicles
 AXL AXL American Axle Lehman Brothers Downgraded from Overweight to Equal-weight

Oil and Gas
 VNO VNR Vanguard Natural Resources Wachovia Initiated at Outperform
 KBR KBR KBR Inc. UBS Upgraded from Neutral to Buy $45 to $47
 GSF GSF GlobalSantaFe Stifel Nicolaus Coverage Dropped Hold
 RIG RIG Transocean Stifel Nicolaus Price Target Raised Buy $131 to $154
 KWK KWK Quicksilver Resrcs RBC Capital Mkts Price Target Raised Outperform $49 to $56
 NGAS NGAS NGAS Resources RBC Capital Mkts Cut Price Target Outperform $11 to $10
 PXD PXD Pioneer Natural RBC Capital Mkts Initiated at Outperform
 VNO VNR Vanguard Natural Resources Jefferies & Co Initiated at Buy $19
 CVI CVR Energy Citigroup Initiated at Buy $27

Recreational Vehicles
 MNC MNC Monaco Coach RBC Capital Mkts Cut Price Target Underperform $12 to $8
 THO THO Thor Industries RBC Capital Mkts Cut Price Target Sector Perform $50 to $43
 WGO WGO Winnebago Inds RBC Capital Mkts Cut Price Target Outperform $35 to $29

Regional Banks
 SBIB SBIB Sterling Banc Robert W. Baird Downgraded from Outperform to Neutral $13
 VCBI VCBI Virginia Commerce Bancorp Robert W. Baird Downgraded from Outperform to Neutral $20 to $14
 WFC WFC Wells Fargo Friedman Billings Cut Price Target Mkt Perform $36 to $30

REITs
 AMB AMB AMB Property Friedman Billings Cut Price Target Mkt Perform $66 to $63

Restaurants
 CKR CKR CKE Restaurants Nollenberger Capital Coverage Dropped Buy $24
 DAVE DAVE Famous Dave's Nollenberger Capital Coverage Dropped Buy $22
 MRT MRT Mortons Restaurant Group Nollenberger Capital Coverage Dropped Buy $22
 RUBO RUBO Rubio's Nollenberger Capital Coverage Dropped Buy $15

Retail Trade
 AEO AEO American Eagle Nollenberger Capital Coverage Dropped Buy $36
 ANN ANN AnnTaylor Nollenberger Capital Coverage Dropped Neutral
 ARO ARO Aeropostale Nollenberger Capital Coverage Dropped Buy $29
 BEBE BEBE bebe stores Nollenberger Capital Coverage Dropped Buy $18
 BGFV BGFV Big 5 Sports Nollenberger Capital Coverage Dropped Buy $24
 CACH CACH Cache Nollenberger Capital Coverage Dropped Neutral $15
 CHS CHS Chico's FAS Nollenberger Capital Coverage Dropped Neutral
 CONN CONN Conns Nollenberger Capital Coverage Dropped Buy $31
 CWTR CWTR Coldwater Creek Nollenberger Capital Coverage Dropped Buy $15
 DKS DKS Dick's Sporting Goods Nollenberger Capital Coverage Dropped Buy $36
 FLWS FLWS 1-800-FLOWERS Nollenberger Capital Coverage Dropped Buy $14
 GME GME Gamestop Nollenberger Capital Coverage Dropped Buy $63
 GMTN GMTN Gander Mountain Nollenberger Capital Coverage Dropped Sell $5
 HIBB HIBB Hibbett Sporting Nollenberger Capital Coverage Dropped Buy $27
 JCG JCG J. Crew Nollenberger Capital Coverage Dropped Neutral
 PSUN PSUN Pacific Sunwear Nollenberger Capital Coverage Dropped Neutral $14
 RSTO RSTO Restoration Hrdwr Nollenberger Capital Coverage Dropped Neutral
 SCVL SCVL Shoe Carnival Nollenberger Capital Coverage Dropped Neutral
 TUES TUES Tuesday Morning Nollenberger Capital Coverage Dropped Neutral
 WSM WSM Williams-Sonoma Nollenberger Capital Coverage Dropped Neutral
 DECK DECK Deckers Outdoor Nollenberger Capital Coverage Dropped Buy $147
 KSWS KSWS K-Swiss Nollenberger Capital Coverage Dropped Neutral
 SHOO SHOO Steven Madden Nollenberger Capital Coverage Dropped Buy $26
 WWW WWW Wolverine Nollenberger Capital Coverage Dropped Buy $33

Security Systems
 JCI JCI Johnson Controls Lehman Brothers Downgraded from Overweight to Equal-weight

Semiconductors
 AATI AATI Advanced Analogic Tech Nollenberger Capital Coverage Dropped Neutral $14
 AMD AMD Advanced Micro Nollenberger Capital Coverage Dropped Buy $18
 FCS FCS Fairchild Semi Nollenberger Capital Coverage Dropped Neutral $20
 ISIL ISIL Intersil Nollenberger Capital Coverage Dropped Neutral $35
 MPWR MPWR Monolithic Power Nollenberger Capital Coverage Dropped Buy $26
 MSCC MSCC Microsemi Nollenberger Capital Coverage Dropped Neutral $31
 TUNE TUNE Microtune Nollenberger Capital Coverage Dropped Thematic Opportunity
 TXN TXN Texas Instruments Nollenberger Capital Coverage Dropped Buy $40
 VLTR VLTR Volterra Semi Nollenberger Capital Coverage Dropped Buy $15
 SUPX SUPX Supertex Lazard Capital Initiated at Buy
 AMD AMD Advanced Micro Caris & Company Upgraded from Sell to Below Average $10 to $9

Technology - Gaming
 BYI BYI Bally Technologies Nollenberger Capital Coverage Dropped Buy $43

Telecommunications
 CBEY CBEY Cbeyond Comms Wachovia Upgraded from Mkt Perform to Outperform
 TEF TEG Integrys Energy Robert W. Baird Upgraded from Neutral to Outperform $58
 FDRY FDRY Foundry Ntwks Nollenberger Capital Coverage Dropped Neutral
 IDCC IDCC Interdigital Comm Nollenberger Capital Coverage Dropped Buy $40
 MOT MOT Motorola Nollenberger Capital Coverage Dropped Neutral
 NOK NOK Nokia Nollenberger Capital Coverage Dropped Buy $42
 PWAV PWAV Powerwave Nollenberger Capital Coverage Dropped Buy $8
 RIMM RIMM Research In Motion Nollenberger Capital Coverage Dropped Neutral
 RIMM RIMM Research In Motion Morgan Keegan Downgraded from Outperform to Mkt Perform
 TKG TKG Telkom SA Credit Suisse Upgraded from Neutral to Outperform