SITE NEWS

Ice Man Kudos - Oscar Carboni Coming Aboard:

Hi Gentlemen,
You did a nice job of bringing Oscar on board.
ICS now has its own "gathering of eagles", and u can make money listening to Ice Man and Dollar Man and reviewing the contributing heavy hitters, ... all in one online stop !
AWESOME!!!
Regards,
JS

   Dow Stock News

PFE - added to the Conviction Buy List at Goldman Sachs

Reuters writes that Microsoft (MSFT) took a position in social network Facebook.

PG Procter & Gamble Wachovia Initiated at Outperform
WMT Wal-Mart Rochdale Securities Downgraded from Buy to Hold $55 to $46

   Ice Man Stocks

Regular Trades the Ice Man may consider:

PCCC - 14
QLGC - 15B = 16.65 Gap
SWK - 58.90
ATI - 98.80
HNZ - 46.70

Depressed stocks the Ice Man may buy:

RVBD - 28.30 Gap
SYNA - 45.90 Gap
FFIV - 33.05 Gap
AKAM - 28
ANAD - 13.20 Gap
ONNN - 11.60 Gap
SMDI - 14.25 Gap

Dollar Man Ideas:

FLML -10
FIRE - 9.85
GTEC - 0.35, 0.395 Break Out
TRGL - 9.70

Depressed Dollar:

TNRO
KONG - 5 Gap

   Media Commentators

Cramer's Comments:

Bullish: KO, MO, CELG, IMA, CME, ISRG, GOOG, HAIN

Zack´s:

Positive: BRP, TNE, SNDK

   Ice Cold Commentators

Break Man Video Summary:

Break out buy (or short sell) watch list for short term gains October 25 includes:  ASCA, MXWL, FLML, IPG, ITWO, Q, LOGI, EXPE.

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:

As the futures suggested Tuesday evening, the market gapped down at the open Wednesday due to the poor earnings reports from several technology firms.  During the opening 30 minutes, the market attempted to shrug off the news and looked to be settling down.  Then, at 10:00 the National Association of Realtors reported slightly worse than expected sales of existing homes for September (declined 8% to an 8 year low).  In addition, Turkey was reported to have attacked Kurdish rebels near the Iraq-Turkish border around 10:30.  Seemingly on cue, crude spiked higher and the market went into a freefall.  Within an hour the SPX was retesting Monday´s lows at the 1490 level.  A rally followed to about 1:00, when another selling wave hit pushing the SPX down again near the 1490 area by 2:00.  At this time, there were rumors flying that the Fed was considering making a preemptive cut in the discount rate.  Whatever the reason, the market held this key support area and proceeded to rally into the close.  At the close the SPX/DOW were off 0.10% while the NDX/Nasdaq gave back 0.80%.  Simply put, it was quite a recovery for the market and in particular the cyclical stocks.

Tuesday night, I stated that we should closely monitor the 60 minute charts throughout the trading day to see if the anticipated selling would create some positive divergence on the hourly charts.  Folks, that´s exactly what happened during Wednesday´s session.  Forget about rumors, the primary reason the market recovered Wednesday was that support held and the positive divergence kicked into gear.  We can never assume this in advance, but when divergence is that clear, the odds favor some type of resolution to the upside.

With that said, the market is far from smooth sailing at this point.  By itself, today´s strong reversal DOES NOT mean that an ultimate bottom was put in place.  Investors need to see positive divergences play out on the daily charts and not just the hourly charts.  Sure, the 60 minute charts provide solid information for the near term, but the daily charts are much more indicative of the intermediate term.  The indexes do not display positive divergences on their daily charts so everyone needs to be cognizant of that fact.  This is still a fragile market that needs to be played day by day and very likely traded quickly.  In light of the negative response to many stocks whose firms have reported earnings, one should be even more diligent on what to trade – especially with the degree of complacency in the market.  Please be aware of which company´s are set to report earnings so you are not caught with an unpleasant surprise.  In addition, be aware of what sectors are showing relative strength so that you increase your odds for success.

Looking at the bigger picture, many of the indexes (DOW, SPX, RUT, MID, and WLSH) successfully tested their respective 50 day moving averages. This was an extremely important development since a breach of those levels today could have materialized into panic selling.  The positive divergence that formed in the hourly charts suggested they would likely hold, but that does not mean they won´t be broken in the days ahead.  Initial tests tend to result in bounces while several subsequent tests greatly increase the likelihood of failure.  Another thing to be aware of is that fewer stocks are now supporting the market.  This is exemplified in the point and figure charts which indicate supply is taking control over demand.  What that means is that recently more stocks have given point and figure sell signals.  This fact along with certain influential sectors (semiconductors and financials) acting poorly are reasons to remain cautious.  Keep your exposure to a minimum and take profits relentlessly in this type of market.  Remember cash is a position and with this type of volatility (whipsaws) it provides for a safe haven.  Let´s see what tomorrow brings.

Good Trading.

China ETF UltraShort - FXP:

ProShares is introducing an ultrashort FTSE China EFT in November. Ticker(FXP). Also ultrashort emerging markets, Japan, and EAFE. So,now you can short China by going long! You never know.....

   CNBC Fast Money Review

1. BACK FROM THE DEPTHS...S&P 500

The headline: The S&P 500 Finishes 3 Points Lower After Falling As Much As 2%; Dow Closes Little Changed After Being Down Nearly 200 Points.

Finerman says speculation the Federal Reserve would take action fueled the comeback.

Najarian adds that he loves volatility because it brings opportunities to buy stocks he likes on a dip.

2. TECH WRECK

The headline: NASDAQ Finishes Down 1% After Earlier Plunging As Much As 2.8%.

Dylan Ratigan asks why tech products, which usually contain micro chips are doing so well, when the chip makers are languishing.

Najarian explains there´s too much competition in the chip space and he wouldn´t buy the current dip. On the gadget side, Pete feels the only worthwhile names are RIMM, NOK and AAPL.

Macke adds that there´s also margin compression semi-conductors as one company tries to undercut the next.

3. MERRILL LYNCH

The headline: MER Reports Worst Loss In Its History On $8.4B In Write-Downs.

Adami explains Merrill's $2.24B loss is six times worse than the bank estimated earlier this month. He wonders if Merrill has a handle on its own subprime exposure.

Macke agrees. He says avoid the financials.

Najarian adds options traders are paying a premium for the November 33 straddle in the XLF. He explains traders are betting on a big move in either direction.

Adami likes RJF as a trade.

4. BANK OF AMERICA

Dylan Ratigan reveals in late breaking news that BAC is poised to launch a major shakeup of its investment bank, according to the Wall Street Journal. This includes layoffs and the forced ouster of the head of its Global Corporate and Investment Banking unit, according to people familiar with the plan.

Finerman isn´t surprised by the news. She thinks CEO Ken Lewis gave plenty of signals that a shake-up was coming.

Adami can´t recommend buying any stock in the financial space right now, although he recommends keeping an eye on this one.

5. BUY AMERICAN

The White House economic team says record U.S. exports are keeping our economy strong. What's the trade as the globe buys American?

Earlier on CNBC Commerce Secretary Carlos Gutierrez said, “40% of U.S. growth came from exports in the second quarter. 40% of our GDP growth. Exports are… becoming a major contributor to our economy. That says a lot about American workers and businesses. We've got to keep that going and keep on opening markets and keep on believing in the power of free trade.’

Dylan Ratigan asks the panel, “Will global growth stave off a recession domestically over the next 6 to 9 month?’

Macke thinks it will and he´s bullish on the global story. He recommends YUM and YHOO as two international plays.

Karen Finerman recommends buying FLS as her global growth play because 52% of their revenue comes from outside the US and she feels Flowserve services industries that are growing rapidly.

Guy Adami thinks BA is a buy on global growth because so many carriers buy planes from the aerospace giant.

6. POPS AND DROPS

GENZ popped 3%: Najarian likes their news.

CME popped 2%: Finerman sees a lot of strength across the board.

CVC dropped 3%: Finerman wouldn´t touch this stock.

T dropped 1%: Macke recommends buying dips in this stock.

BRCM dropped 17%: Adami speculates that the weakness could be a buying opportunity.

CAKE dropped 3%: Macke says casual dining is a problem.

7. YOUR FIRST MOVE FOR THURSDAY

Macke still likes YHOO.

Adami recommends MSFT as a play on PC demand.

Finerman prefers MO.

Najarian says MTW is a buy for global growth.

   News and Events Digest

Breaking News

Bank of America is forcing out the top executive at its investment-banking unit and plans to cut about 3,000 jobs as part of a review of the operation. - WSJ

Motorola´s net income plunged 94% amid continued weakness at its cellphone business. Ericsson reported an expected sharp decline in net profit and said it has appointed a new CFO. - WSJ

EMC Corp.'s (EMC) third-quarter net income rose 74% to $492.9 million, or 23 cents a share, from $283.7 million, or 13 cents, a year earlier, on "solid" global strategy execution. Earnings include net gains of $115.2 million from the sale of 6 million shares of EMC's interest in VMware Inc. (VMW) to Cisco Systems Inc. (CSCO). Excluding items, earnings were 17 cents a share. The Hopkinton, Mass., data systems company said revenue for the period grew 17% to $3.3 billion, from $2.82 billion a year ago. On average, analysts polled by Thomson Financial expected earnings of 17 cents a share on revenue of $3.2 billion. - MarketWatch

Agriculture and fertilizer company Bunge Ltd. (BG) said Thursday that its third-quarter net profit more than doubled to $351 million, or $2.70 a share, from $169 million, or $1.40 a share, a year earlier. Net sales rose 82% to $12.68 billion. Analysts had forecast earnings of $1.77 a share on revenue of $9.47 billion. Bunge said its agriculture business improved across the board and its fertilizer unit continued to perform strongly. The company said it expects good market fundamentals to continue into 2008 and raised its profit guidance for 2007 by $60 million to a range of $690 million to $710 million. - MarketWatch

Mcmoran Exploration Co. (MMR) has commenced public offerings of about 11 million common stock shares and 1.5 million mandatory convertible preferred stock shares. The mandatory convertible preferred stock has an offering price of $100 a share and will be convertible into shares of Mcmoran common stock in three years. The New Orleans oil and natural gas exploration company will use the net proceeds to repay a portion of its debt under a bridge facility related to the acquisition of the Gulf of Mexico shelf oil and gas properties of Newfield Exploration Co. (NFX). - MarketWatch

BT, one of the world's leading providers of communication solutions and services to large organizations, and Golden Telecom (GLDN), a leading provider of integrated telecommunications and Internet services in Russia and the Commonwealth of Independent States ("CIS"), signed a partnership agreement under which BT will have access to Golden Telecom's backbone network. This arrangement will enable BT to significantly extend the scope and reach of its advanced communications services in Russia and worldwide. Accordingly, Golden Telecom's customers will obtain access to global BT's 21 Century Network, one of the most extensive and resilient IP networks in the world, thus getting access to global Information and Communications Technologies (ICT) services.

China reported lower GDP growth of 11.5% from 11.9%. There are fears that rates may need to rise.
JP Morgan stated an interest to purchase share in a Chinese Brokerage group.

Media Summary:

According to Reuters, profits rose at Sony (SNE) driven by camera sales.

Reuters writes that Google (GOOG) held a day with analysts and the press to show off its new technology and plans.

Reuters writes that Honda (HMC) profits rose on sales of its small vehicles.

The Wall Street Journal writes that Bank of America (BAC) will fire 3,000 people due to problems in its investmetnt bank.

The Wall Street Journal writes that profits at Shell moved up on rising oil prices.

The Wall Street Journal reports that profits at Nintendo soared on strong sales of its Wii videogame player.

The New York Times writes that economists say mortgage market troubles could, all told, cost financial firms and investors up to $400 billion.

The New York Times writes that the Chinese economy rose 11.5% in the last quarter.

The FT writes that Buffett called for caution on Chinese stocks.

Barron's writes that Goldman has cut its rating on Corning (GLW).

Bloomberg writes that Sony (SNE) missed analyst forecasts on losses in its Playstation unit.

Economic Data:

8:30 Durable Orders
8:30 Initial Claims
10:00 New Homes Sales

   Upgrades and Downgrades by Sector:

Aerospace
 AXYS Axsys Technologies Stifel Nicolaus Price Target Raised Buy $32 to $40
 GD General Dynamics CIBC Wrld Mkts Price Target Raised Sector Outperform $90 to $98

Airlines - Passenger
 UAUA UAL Corp. JP Morgan Downgraded from Overweight to Neutral

Audio-Video Equipmnt
 HAR Harman Banc of America Sec Downgraded from Buy to Neutral $115 to $88

Beverages
 CCE Coca-Cola Ent HSBC Securities Price Target Raised Overweight $27 to $28
 PAS PepsiAmericas HSBC Securities Price Target Raised Underweight $28 to $30

Biotech
 GENZ Genzyme Fortis Bank Price Target Raised Buy $79 to $83

Broadcasting
 CVC Cablevision Kaufman Bros Downgraded from Hold to Sell $36 to $30

Brokerage Services
 NDAQ NASDAQ Friedman Billings Price Target Raised Mkt Perform $38 to $41
 MER Merrill Lynch Wachovia Downgraded from Outperform to Mkt Perform
 MER Merrill Lynch UBS Downgraded from Buy to Neutral

Business Services
 BBSI Barrett Business JMP Securities Downgraded from Strong Buy to Mkt Outperform
 MCO Moody's JP Morgan Downgraded from Neutral to Underweight
 MCO Moody's Friedman Billings Cut Price Target Outperform $85 to $75

Chemicals
 NCX NOVA Chemicals RBC Capital Mkts Downgraded from Top Pick to Outperform

Computer Hardware
 AAPL Apple Piper Jaffray Price Target Raised Outperform $222 to $250
 FFIV F5 Networks Robert W. Baird Price Target Raised Neutral $40 to $42
 FFIV F5 Networks Stifel Nicolaus Downgraded from Buy to Hold
 PALM Palm Bear Stearns Downgraded from Peer Perform to Underperform

Computer Services
 RNOW Rightnow Tech Roth Capital Upgraded from Hold to Buy $17 to $20
 AKAM Akamai Tech Friedman Billings Price Target Raised Outperform $64 to $50
 RNOW Rightnow Tech Jefferies & Co Price Target Raised Buy $18 to $23
 AKAM DBAB Cut Price Target $37
 FISV Fiserv Barrington Research Cut Price Target Outperform $66 to $63

Computer Software
 THQI THQ Inc Janco Partners Upgraded from Mkt Perform to Accumulate $32 to $29
 SYMC Smith Barney Sees Decline as Buying Opportunity
 ADVS Advent Software Brean Murray Price Target Raised Buy $50 to $60
 VMW VMware Caris & Company Price Target Raised Buy $125 to $135
 VMW VMware Cross Research Price Target Raised Buy $100 to $125
 BPHX Blue Phoenix RBC Capital Mkts Initiated at Outperform $24
 SYMC Symantec Robert W. Baird Downgraded from Outperform to Neutral $25 to $22

Finance Companies
 EEFT Smith Barney Downgraded to Sell $31
 EEFT Euronet Citigroup Downgraded from Hold to Sell
 ACF AmeriCredit Friedman Billings Cut Price Target Mkt Perform $24 to $14.50

Gaming Operations
 PGIC Progressive Gaming Brean Murray Initiated at Buy $8.50

Health-Beauty Prod
 AVP Avon Products Wachovia Initiated at Outperform

Healthcare
 KNDL Kendle UBS Downgraded from Buy to Neutral

Healthcare Equipment
 VAR Varian Medical CIBC Wrld Mkts Price Target Raised Sector Outperform $51 to $53
 ALGN Jeffries Reiterated at Underperform

Healthcare Services
 CVD Covance Friedman Billings Price Target Raised Mkt Perform $70 to $83
 ESRX Express Scripts Broadpoint Capital Price Target Raised Strong Buy $59 to $63

Hotels and Motels
 HLT Hilton Hotels Stifel Nicolaus Coverage Dropped
 HLT Hilton Hotels Susquehanna Financial Coverage Dropped

Household Goods
 CL Colgate-Palmolive Wachovia Initiated at Outperform
 KMB Kimberly-Clark Wachovia Initiated at Outperform
 SCSS Select Comfort Northland Securities Cut Price Target Outperform $16 to $15

Insurance
 AJG Arthur J. Gallagher Bear Stearns Upgraded from Underperform to Peer Perform
 WSH Willis Group Citigroup Upgraded from Hold to Buy
 ACE ACE Limited Friedman Billings Price Target Raised Outperform $76 to $77
 XL XL Capital Friedman Billings Price Target Raised Outperform $97 to $98
 CINF Cincinnati Fincl KeyBanc Capital Mkts Downgraded from Buy to Hold
 TGIC Triad Guaranty Bear Stearns Downgraded from Peer Perform to Underperform
 ABK AMBAC Fincl Friedman Billings Cut Price Target Outperform $90 to $75
 TGIC Triad Guaranty Friedman Billings Cut Price Target Mkt Perform $23 to $7.50

Major Pharmaceutical
 LLY Eli Lilly Oppenheimer Downgraded from Buy to Neutral

Metals - Mfg
 ZINC Horsehead Holding CIBC Wrld Mkts Initiated at Sector Outperform $30

Mining Non-Ferr Metal
 FCX Freeport-McMoRan Friedman Billings Price Target Raised Mkt Perform $100 to $125
 FCX Freeport-McMoRan HSBC Securities Price Target Raised Underweight $67 to $95

Oil and Gas
 NBR Nabors Ind Calyon Securities Cut Price Target Add $34 to $32
 RES RPC Inc Friedman Billings Cut Price Target Mkt Perform $17 to $12

Paper and Packaging
 KAI Kadant Barrington Research Price Target Raised Outperform $36 to $38

Personal Services
 NTRI Nutrisystem Broadpoint Capital Cut Price Target Buy $50 to $34

Publishing
 MDP Meredith JP Morgan Upgraded from Neutral to Overweight

Real Estate
 CTGX Computer Task Boenning & Scattergood Upgraded from Market Perform to Market Outperform $4 to $6

Recreation
 FO Fortune Brands Barrington Research Cut Price Target Outperform $98 to $95

Recreational Vehicles
 HOG Harley-Davidson Lehman Brothers Upgraded from Underweight to Equal-weight

Regional Banks
 NRIM Northrim Bank Friedman Billings Upgraded from Mkt Perform to Outperform $28
 WSFG WSB Financial DA Davidson Downgraded from Buy to Neutral
 NCC National City Friedman Billings Cut Price Target Mkt Perform $27 to $23

REITs
 TMA Thornburg Mortg UBS Downgraded from Buy to Neutral

Restaurants
 PFCB PF Chang's Piper Jaffray Downgraded from Outperform to Market Perform
 PFCB PF Chang's Friedman Billings Cut Price Target Mkt Perform $31 to $30
 PNRA Panera Bread Friedman Billings Cut Price Target Mkt Perform $48 to $46

Retail Trade
 PSUN Pacific Sunwear Citigroup Upgraded from Hold to Buy
 TLB Talbots Citigroup Upgraded from Sell to Hold
 CACH Cache Roth Capital Price Target Raised Hold $15 to $16
 TLB Talbots Piper Jaffray Downgraded from Outperform to Market Perform
 ORLY O'Reilly Auto Friedman Billings Cut Price Target Outperform $47 to $43
 TLB Talbots Friedman Billings Cut Price Target Underperform $15 to $12
 SKX Skechers USA Brean Murray Upgraded from Hold to Buy $26

Semiconductors
 MTSN Mattson Needham & Co Upgraded from Hold to Buy $14
 GSIG GSI Group Needham & Co Price Target Raised Buy $12 to $14
 LSI LSI Logic Caris & Company Price Target Raised Average $7 to $7.50
 AMAT RBCM Downgraded to Sector Perform
 AMAT Applied Materials RBC Capital Mkts Downgraded from Outperform to Sector Perform
 FORM FormFactor Friedman Billings Downgraded from Mkt Perform to Underperform $45 to $35
 SMDI Sirenza Micro Piper Jaffray Downgraded from Outperform to Market Perform
 SMDI Sirenza Micro Jefferies & Co Downgraded from Buy to Hold $16.64
 TXCC TranSwitch Dawson James Downgraded from Speculative Buy to Buy $2.50 to $1
 CRUS Cirrus Logic Roth Capital Cut Price Target Buy $9.50 to $8
 FORM FormFactor Needham & Co Cut Price Target Buy $52 to $46
 FORM FormFactor CIBC Wrld Mkts Cut Price Target Sector Outperform $50 to $40
 IDTI Integrated Device Caris & Company Cut Price Target Average $16 to $15
 MTSN Mattson Stifel Nicolaus Cut Price Target Buy $15 to $12

Solar Energy
 CSUN Jeffries Initiated at Hold $8.00
 SPWR Sunpower Banc of America Sec Downgraded from Buy to Neutral

Technology
 QTM Quantum DLT Needham & Co Price Target Raised Buy $3.75 to $4.75

Telecommunications
 MOT Motorola Oppenheimer Upgraded from Neutral to Buy $23
 PWAV Powerwave Morgan Joseph Initiated at Buy $8
 ARRS Arris Needham & Co Cut Price Target Buy $20 to $17

Transportation
 CLDN Celadon Group Stifel Nicolaus Downgraded from Buy to Hold
 VTNC Vitran Stifel Nicolaus Downgraded from Buy to Hold

Utilities
 ORA Ormat Tech HSBC Securities Upgraded from Neutral to Overweight