Thursday Morning, June 21st
Dow Stock News
:
PFE - It was a significant setback, and came on the heels of another announcement by the New York-based drug maker yesterday that it would halt some studies of a cancer drug in late-stage development. The FDA had been expected to approve the HIV drug, called maraviroc, this week, after a panel of reviewers endorsed it in April. Instead, the FDA issued a so-called approvable letter, which means that the agency believes a product is worthy of approval, but usually needs additional information. - WSJ
According to Reuters, Home Depot (HD) weighed a cut in its credit rating against its decision to buy-back $22.5 billion in shares.
HD - Home Depot Piper Jaffray Downgraded from Outperform to Market Perform;
Reuters writes that Yahoo! (YHOO) acquired sports site Rivals.com.
The Wall Street Journal reports that Boeing (BA) and AIrbus are locked in a fight for the Air Force's $40 billion tanker purchase.
The WSJ also reports that AT&T (T) will hire 2,000 temporary employees for the launch of the iPhone.
The WSJ reports that Altria (MO) is developing lower risk cigarettes.
JPM - JP Morgan Chase Keefe Bruyette Upgraded from Mkt Perform to Outperform
Breakouts the Ice Man may consider trading:
KB - 98
Trades the Ice Man may consider:
ALU - 14.10
DAL - 19.80
CREE - 26.40
TWX - 22
Depressed stocks the Ice Man may buy:
BW - 36 - 38
RVBD - 41.15
MIR - 40.70
RBN - 43
CCJ - 52.15
UBB - 109.40
Dollar Man Ideas:
URME - 4.35
EMKR - 5.15
WGAT - 0.61
CNTF - 6.05
LMRA - 4.90
TMM - 3.55
NICH - 4.20
ATSI - 2.05
Cramer's Comments:
Bullish: VGR, BAM, DYN;
Break Man Video Summary:
Break out buy watch list for short term gains June 21 includes: ABP, SBH, UVE, RVSN, TWX, TSN, WIRE, SPW.
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
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CNBC Fast Money Review:
1. Word on the Street
Hedge Fund Blow-Up?
Adami: Short term worry in markets, but long term no.
Najarian: Bit of panic in market, major problems could be ahead.
Bolling: Too much worry in market. Amaranth was much worse.
Has Murdoch's Luck Turned?
Najarian: Deal could get done with DJ board taking over negotiations.
Bolling: Bancroft family could fight.
Macke: DJ board doesn't have enough votes to get deal done.
Trade Update: Morgan's Monster Earnings
Najarian: Sell MS after earnings.
Adami: Buy MS on dips.
A Top For Oil?
Bolling: There is a build up in oil, but refineries not at capacity. Sees higher gas prices, buy on dip.
Najarian: Traders buying & selling airlines as surrogate for oil.
Trade Update: Far From Grand
Najarian: Kerkorian looking for other companies in gambling space like BYD.
Bolling: Own all Las Vegas properties.
Trade Update: Better Times For USEC
Bolling: USU only enricher of uranium in US. Buy USU.
LA-Z Sales
Macke: LZB is a fine long term investment. Buy on dip. But worried about consumer.
2. The Top 3
Sorry, No TV's Sold Here
Macke: No money in TVs for retailers. Make money in software and services.
Buy GME as next year story. Stay long DIS. Buy BBY, will make money in 4th quarter. Stay away from CC.
Water This Trade - Watch It Grow
Bolling: Ag Play B-Team are SYT, CF, TTC, GIS. Space is ripping.
Farmers making more money from corn because of ethanol demand.
Farmers spending more money on fertilizer, seed, tractors.
Najarian: Likes MOS.
Pete Najarian's Favorite Summer Stocks
Najarian: Likes DECK, have the best operating margins in industry. Also likes ZQK, HMC, STZ.
Macke: Prefers CROX over DECK.
3. Summer Stocks
Columbia Sportswear
Bolling: Likes COLM, good chart.
Adami: Likes COLM story.
4. President Bloomberg?
Adami: If Bloomberg gets into race means more ad dollars. CMLS will benefit most.
Najarian: Likes VCLK. Internet would play into Bloomberg's campaign strategy.
Macke: Radio companies would benefit also.
Bolling: CEO president would be great for the market.
5. Final Trade
Macke: COLM is a buy.
Najarian: TRA is a buy.
Adami: DOG is a buy.
Bolling: NMX is a buy.
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Breaking
News
:
Chinese telecommunications equipment vendor Huawei Technologies Co. said Thursday it received a US$700 million contract to provide base stations to China Mobile Ltd. (CHL). -MarketWatch
U.S. electronics retailer Best Buy Co. (BBY) said Thursday it plans to accelerate its China expansion by opening eight to 10 stores in the country in the next 18 months. - MarketWatch
BHP Billion’s (BHP) Chief Legal Counsel John Fast has raised doubts over the future of uranium mining in Australia, according to an interview in Thursday's Financial Times. - MarketWatch
IDM Pharma, Inc. (IDMI) today announced that it has obtained definitive agreements from investors to purchase approximately 7.1 million shares of its common stock. Under the terms of the offering, IDM will also issue five-year warrants to purchase an aggregate of approximately 2.4 million additional shares of IDM's common stock at an exercise price of $4.06 per share. The shares of common stock and warrants will be purchased at the negotiated price of $3.50 per unit. The closing of the transaction is expected to take place on or about June 25, 2007, subject to the satisfaction of customary closing conditions.
Shire (SHPGY) said the Food and Drug Administration sent it an approvable letter on its Intuniv extended-release tables for attention-deficit/hyperactivity disorder in children. The drug was previously called SPD503. Shire said the information requested by the FDA was not unexpected, and Shire is working with the FDA to provide a full and timely response to the agency's request. - MarketWatch
Media Summary:
The New York Times writes that Bear Stearns (BSC) has been able to hold off lenders who want to close two of its hedge funds.
FT reports that some lenders have sold sub-prime loans to get part of their money back from Bear Stearns hedge funds.
Barron's reports that IAC/Interactive (IACI) may sell its HSN division.
Reuters reports that Luxottica, which owns RayBan sunglasses, will buy Oakley (OO) for $2.1 billion.
Reuters also writes that Sony (SNE) says that 380 new pieces of PS3 will come to market in the current year and should boost demand for the game platform.
M&A Activity:
Luxottica Group (LUX) the world's biggest eyewear maker, said on Wednesday it would buy U.S. sunglasses maker Oakley Inc. (OO) in an all-cash deal worth about $2.1 billion. - Reuters
McMoRan Exploration Co. (MMR) today announced it has agreed to purchase the Gulf of Mexico shelf oil and gas properties of Newfield Exploration Company (NFX) along with exploration rights for cash consideration of $1.1 billion.
IPO Central:
Economic Data:
8:30 Initial Claims
10:00 Leading Indicators
12:00 Philadelphia Fed
Upgrades and Downgrades by Sector:
Jefferies likes: GOOG, YHOO, VCLK, JCOM, VPRT, SFLY, RATE, INWK;
Aerospace
ERJ Embraer SA Calyon Securities Price Target Raised Add $52 to $56
UIC United Industrial Kaufman Bros Downgraded from Buy to Hold $61 to $66
Biotech
PANC Panacos Pharma Oppenheimer Initiated at Neutral
Building Materials
OC Owens Corning BB&T Capital Mkts Initiated at Buy $40
Chemicals
ALB Albemarle Matrix Research Upgraded from Buy to Strong Buy
Computer Hardware
AVCT Avocent JP Morgan Initiated at Underweight
OPSW Opsware JP Morgan Initiated at Neutral
Computer Software
MANH Manhattan Assoc Cantor Fitzgerald Upgraded from Sell to Hold $28
SY Sybase Banc of America Sec Upgraded from Neutral to Buy $26 to $30
SYMC Symantec Robert W. Baird Upgraded from Neutral to Outperform $23 to $25
CVLT Commvault Systems JP Morgan Initiated at Overweight
DBTK Double-Take Software JP Morgan Initiated at Overweight
CPWR Compuware Banc of America Sec Downgraded from Buy to Neutral $12
Computer Technology
ISLN Isilon Systems JP Morgan Initiated at Neutral
Finance Companies
PRU Prudential Citigroup Downgraded from Buy to Hold
Health-Beauty Prod
OCLS Oculus Innovative Sciences Rodman & Renshaw Initiated at Mkt Outperform $13
Healthcare
VRX Valeant Pharmaceuticals Friedman Billings Price Target Raised Outperform $26 to $22
AUXL Auxilium Pharma Cowen & Co Initiated at Outperform
Healthcare Equipment
THRM Thermage Needham & Co Upgraded from Hold to Buy $11
TTG Tutogen Medical Roth Capital Upgraded from Hold to Buy $10.50 to $13
MS Morgan Stanley Banc of America Sec Price Target Raised Buy $97 to $105
ESE Esco Tech Robert W. Baird Downgraded from Outperform to Neutral $50 to $40
Healthcare Facilities
THC Tenet Healthcare Stifel Nicolaus Initiated at Sell
Industrial Equipment
LNN Lindsay Manu Boenning & Scattergood Price Target Raised Market Outperform $40 to $45
DRC Dresser-Rand UBS Downgraded from Buy to Neutral $39 to $43
Insurance
MBI MBIA Inc Citigroup Upgraded from Hold to Buy
RNR RenaissanceRe Bernstein Upgraded from Mkt Perform to Outperform $72
Major Pharmaceutical
COLY Coley Pharma Merriman Curhan Ford Downgraded from Buy to Neutral
Mining - Minerals
HW Headwaters JP Morgan Downgraded from Neutral to Underweight
Mining - Steel & Iron
MEA Metalico Morgan Joseph Initiated at Hold
Multi-National Banks
MI Marshall & Ilsley Banc of America Sec Price Target Raised Buy $52 to $53
Oil and Gas
APC Anadarko Petro Calyon Securities Price Target Raised Buy $59 to $64
DO Diamond Offshore Credit Suisse Price Target Raised Outperform $107 to $120
WTI W&T Offshore CapitalOne southcoast Initiated at Buy $35
Pharmaceutical
PARD Poniard Pharma Oppenheimer Initiated at Buy $13
Real Estate
LSE Capital Lease Funding Wachovia Initiated at Mkt Perform
REITs
DRE Duke Realty UBS Upgraded from Neutral to Buy $47 to $43
Restaurants
PNRA Panera Bread Matrix Research Upgraded from Hold to Buy
TXRH Texas Roadhouse Sun Trust Rbsn Humphrey Initiated at Neutral
BWLD Buffalo Wild Wings Merriman Curhan Ford Downgraded from Buy to Neutral
CAKE Cheesecake Factory Bear Stearns Downgraded from Outperform to Peer Perform
Retail Trade
MWRK Mothers Work First Albany Initiated at Buy $41
Semiconductors
AMD Advanced Micro Stifel Nicolaus Upgraded from Hold to Buy $17
NVDA NVIDIA Lehman Brothers Upgraded from Equal-weight to Overweight
PLAB Photronics Matrix Research Downgraded from Hold to Sell
Telecommunications
RCI Rogers Comms CIBC Wrld Mkts Initiated at Sector Outperform
NOK Nokia Goldman Sachs Downgraded to Neutral
AT Alltel Lehman Brothers Downgraded from Overweight to Equal-weight
CHA China Telecom Credit Suisse Downgraded from Outperform to Neutral
CHU China Unicom Credit Suisse Downgraded from Outperform to Neutral
Utilities
XEL Xcel Energy Banc of America Sec Price Target Raised Buy $26 to $25
EIX Edison Wachovia Initiated at Outperform
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