Tuesday Morning, December 11th
SITE NEWS
NNRF, INC. Announces Update of Corporate Activities
MOSCOW, Dec. 10, 2007 (PRIME NEWSWIRE) -- NNRF, Inc. (NNRI) today announced an update of corporate activities. In this press release we clarify previous statements of the Company, update interested parties on the Company's progress certain of its endeavors and discuss some of the new initiatives being undertaken. The company intends to provide further information prior to year end on these and other endeavors which the Company has developed in 2007.
(Read the full story at the bottom of the page).
Dow Stock News
Citigroup (C ) has slashed the size of its off-balance-sheet investment funds by more than $15 billion in two months through side deals with junior investors, the Financial Times reported Tuesday, citing people familiar with the business. The moves by Citi and some European banks of late appear likely to reduce the demand for the so-called "super-SIV", conceived by Citigroup, Bank of America and JPMorgan with the backing of the U.S. Treasury as a buyer of last resort for the industry that would prevent fire sales, the report said. Citi on Monday refused to comment on asset sales by its seven SIVs - all of which have been put on watch for downgrades by the rating agencies - but people familiar with the vehicles say their size has been cut from $83 billion at the end of September to about $66 billion, the report said. - MarketWatch
AXP - removed from Best Idea List at KBWI
DD - CEO says recession not seen as likely - Bloomberg
AT&T Inc. (T) today announced that its board of directors has approved a 12.7 percent increase in the company´s quarterly dividend, the largest annual increase in the company´s history, and a new 400 million share repurchase authorization.
Cramer:
Ice Man Stocks
Breakouts the Ice Man may consider trading:
BG - 125.50
NLY - 18
DECK - 160.50
CRS - 80
MBT - 100
TEF - 103.50
Regular Trades the Ice Man may consider:
RDN - 13.75
ARP - 17.45 = 18.92 Gap
NCTY - 25.85 = 31.65 Gap
CBL - 29.15
SWIR - 17
UTIW - 19
PMI - 17.50
ASTI - 22.10
GVA - 42.10
CBT - 35.65
NTRI - 31.35
Depressed stocks the Ice Man may buy:
OYOG - 82.20 / 79
TELOZ - 17 G
Dollar Man Ideas:
BIOS - 9.82
PRS - 7
SPF - 4.05
TNRO - 5.19 W, 5.38
NFI - 3.63 = 4.59 Gap
SCA - 9
WCI - 5
BQI - 5
FMT - 3
HLYS - 6.75
Media Commentators
Cramer's Comments:
Bullish: GTS, HOLX
Ice Cold Commentators
Break Man Video Summary:
Break out buy (or short sell) watch list for short term gains December 11 includes: OSG, ARTG, IBKR, THI, TQNT, EWQ, RTN, GNA.
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:
The market rallies in front of Tuesday´s FOMC meeting. The market opened flat Monday morning but quickly rallied to SPX 1518 by 11:00. After a small pullback and a retest of the 1518 level around 1:30, the major indexes traded laterally for the rest of the session with the SPX closing at 1516. At the close the SPX/DOW posted gains of 0.75% while the NDX/NAZ added 0.35%. Bonds lost nearly ½ point, Crude was off by 30 cents, and Gold surged $15.00 higher. The market internals continue to improve as some of the leaders are now making new highs again. Tuesday the FED releases its determination at 2:15 so look for volatility to increase around that time. Should the FED elect to cut rates by only ¼ point, I believe the market will NOT react too kindly. Equally if not more important will be what language accompanies the anticipated rate cuts? The market would like to hear that the FED is willing to be more accommodative looking forward.
Let´s not overanalyze things in front of the FED announcement Tuesday. As I stated above, there is no doubt in my mind that this decision will weigh heavily on the market over the near term. However, we cannot lose sight of the fact that the market is currently trending higher. The divergences shown on the daily charts are beginning to improve across the board which helps to support the bullish case. While there is always the possibility that some major event could materialize to disrupt the foundation of this market and negate the technical readings, we have no such evidence at this time and thus we will continue to respect the prevailing trend. With that said, the market has come along way in a short period of time and is overbought going into the announcement. Should the market elect to sell off on the news, we will analyze the nature of the pullback and, if appropriate, use such weakness to accumulate stocks near support.
Good Trading.
CNBC Fast Money Review
1. HAS HOUSING FINALLY BOTTOMED?
The headline: Housing Stocks Surge on Unexpected Gain in October Pending Home Sales
Pete Najarian said there´s some short covering occurring in the housing stocks. He expects some more bottom picking after seeing options activity in some of the homebuilders.
Guy Adami said all the bad news with HD might finally be baked into the stock. With a pristine balance sheet, HD now looks cheap to him.
Karen Finerman, who has been long HD for some time, said LOW is starting to get attractive, too. When Home Depot moves, expect Lowe´s to move in lockstep.
Pete Najarian remains skeptical on the homebuilding retailers. Let these stocks show they can rally before putting too much faith in them, he said.
2. INVESTORS LOVIN´ IT
The headline: MCD Hits All-Time High on Strong November Same-Store Sales
Jeff Macke says McDonald´s is boring, but for all the right reasons. The company beats expectations on a monthly basis, and it´s along-term buy for exactly that reason. When analysts say it has topped – that´s all the more reason to keep buying it.
Guy Adami expects as long as it can hold onto growth in Asia, the Middle East and Africa, MCD to continue to be worth owning.
3. LEHMAN'S TERMS
LEH kicks off Wall Street earnings Thursday and is expected to post a 15% profit drop. But posting any profit is more than a lot of the financials can say for themselves these days. Did Lehman make it out of the woods, or is the next shoe about to drop?
Karen Finerman is skeptical on Lehman going into its earnings. “They have not come clean,’ she said. And if there´s any time to indicate problems, it´s now because the markets appear sympathetic.
Guy Adami echoed Karen´s bearish sentiment on Lehman.
Pete Najarian said the upside is still strong, especially with the market shrugging off bad news lately.
4. AFTER HOURS ACTION: WASHINGTON MUTUAL:
The headline: WM Cuts Dividend to 15 Cents a Share; Raising $2.5 Billion
Guy Adami recommended USB, which is one of the safest financials for its lack of subprime exposure.
5. AFTER HOURS ACTION: TEXAS INSTRUMENTS:
The headline: TXN Soars on Mid-Quarter Update
Pete called the news a “great opportunity to sell’ TXN. It´s an undiversified chip company facing too much competition, he said. The real indicator is PC sales – that´s what drives the complex higher and he thinks the best way to play that is with INTC.
Guy Adami would also buy Intel above $26 as the strongest of the semi names.
Jeff Macke said buy TXN as a trade, but definitely not for an investment. “When the semiconductor industry gets a cold, TXN gets the bubonic plague.’
6. AMERICA ON SALE
The trade as foreign firms rush to snap up American companies. Who will be targeted next by foreign buyers with a strong currency on their side?
Jeff Macke says entertainment companies are the next to go. After the Vivendi/Activision deal, any video game company with earnings on its side is game, he said. Specifically, he would buy TTWO or THQI as potential takeover targets with market caps under $2 billion.
Guy Adami sees M&A chatter in the mining space. X would be his pick for the next mining company to get bought.
Pete Najarian thinks on the news that a Japanese company is buying MOGN, consolidation in Big Pharma could continue as those companies are on the prowl to fill their pipelines. SNY or NVS could be buyers since they´re based outside the U.S. and would benefit from the weak dollar.
7. CHARTOLOGY: POISED FOR A FED BREAKOUT?
One chart specialist thinks the technical signs point to a rate-cut rally ahead.
Greg Troccoli of Opalesque Technical Research told Fast Money that, despite recent volatility, a chart of the S&P 500 shows a bullish trend. As long as the S&P posts a monthly settlement below 1390, Troccoli thinks it will keep a bear market at bay.
As for the financials, Troccoli said an old support line might now be acting as a resistance level. The banks have corrected more than the S&P but they still aren´t out of the woods entirely, he said.
Troccoli also said, based on a chart of the Philadelphia Stock Exchange Housing Index that the housing sector might finally be stabilizing. The index has fallen to its lowest level since 2002 and he thinks a rebound could be at hand.
8. POPS AND DROPS
CAT popped 3%: Adami: CAT is still cheap and a buy.
LDK popped 29%: Najarian: Take some profits in the solar names that see huge gains.
RAD popped 9%: Adami: RAD is a lottery ticket, but it will pay off.
RATE popped 20%: Macke: “Cover your shorts.’
ALL popped 3%: Adami: buy it.
OSTK dropped 22%: Macke: “Run away’ from this stock.
MYE dropped 31%: Finerman: don´t buy it right here.
PALM dropped 2%: Macke: Another stock where the best thing to do is “run away.’
9. YOUR FIRST MOVE FOR TUESDAY
Pete Najarain would buy EMC as a safer way to play the red-hot VMware.
Karen Finerman said she “believes in’ SKS.
Guy Adami says Warren Buffett likes it, that´s good enough for me. He reiterated his buy on USB.
Jeff Macke said since the Activision deal, THQI is a buy.
News and Events Digest
Breaking News
Spanish construction company Fomento de Construcciones y Contratas SA (FCC.MC) said it has bought oil treatment companies Hydrocarbon Recovery Services Inc. and International Petroleum Corp. from an industrial waste treatment unit of Siemens AG for $182.5 million. - MarketWatch
Washington Mutual (WM), one of the largest U.S. home mortgage lenders, said on Monday it would slash its dividend by almost three-quarters, cut 3,150 jobs and raise $2.5 billion in new capital as it sees losses from mortgages increasing through 2008. - MarketWatch
Texas Instruments (TXN) indicated a stronger-than-expected end to the year for mobile handset makers as it raised the lower end of its revenue estimates for the fourth quarter.
TI, which makes a range of chips for mobile phones, said it expected revenues of between $3.5bn and $3.66bn in the fourth quarter, compared to its estimate of $3.4bn to $3.68bn given in October at its third-quarter results presentation. - FT
Mortgage lender NovaStar Financial Inc. said Monday one of its lenders has given it a one-month reprieve from financial requirements that could force the company to file for bankruptcy. NovaStar's shares climbed more than 26 percent. - AP
NICE Systems (NICE), the global provider of advanced solutions that enable organizations to extract Insight from Interactions to drive performance, today announced that a major Asian bank has decided to expand its NICE implementation.
The bank placed a multi-million dollar order for NICE Perform, part of the NICE SmartCenter solution, for its VoIP environment to help improve compliance with regulations. - Reuters
M&A Activity:
Inverness Medical Innovations (IMA) on Tuesday said it would pay $3.95 a share to buy U.K.-based BBI Holdings Plc. The acquisition is conditioned on court approval and a favorable vote by BBI shareholders. The deal values BBI Holdings at about $170 million based on a total of 42.92 million shares outstanding. Waltham, Mass.-based Inverness Medical already holds about 5.2 million shares of BBI Holdings. - MarketWatch
STMicroelectronics (STM) said Tuesday that it's agreed to buy Genesis Microchip Inc. (GNSS) for $336 million, or $8.65 a share. The deal represents a 60% premium to the closing price on Dec. 10 and 26% to the average closing price over the last sixty trading days. STMicroelectronics said the deal will extend its position in the digital television market. - MarketWatch
Regency Energy Partners L.P. (RGNC) has agreed to acquire FrontStreet Hugoton, LLC, from a General Electric Co. (GE) unit and FrontStreet Energyone LLC, for about $139 million. Regency, which expects the deal to immediately boost cash available for distribution, will fund the transaction by issuing about 4.7 million class D partnership units to a GE Energy Financial Services unit and $11.7 million of cash to Frontstreet Energyone LLC. Frontstreet Hugoton owns the Hugoton gas gathering system in Kansas and Oklahoma, which consists of five compressor stations with 55,329 horsepower and 1,700 miles of pipeline extending over nine counties. The Hugoton system is operated by BP Plc.'s (BP) America Production Co. unit. - MarketWatch
IPO Central:
ChinaEdu (CEDU) priced 6.82 million shares at $10 a share, raising $68.2 million in its initial public offering on Tuesday. The China-based online degree firm priced at the bottom of its $10-$12 price range. - MarketWatch
Economic Data:
10:00 Wholesale Inventories
2:15 FOMC policy statement
Upgrades and Downgrades by Sector:
Handsets:
Bear Stearns sees 4Q up 13% for the sector and thinks MOT has upside.
Advertising Agencies:
FMCN - SUSQ likes after recent acquisition
Airlines - Passenger
GOL Gol Intelligent Airlines UBS Downgraded from Neutral to Sell
Biotech
NSPH Nanosphere Credit Suisse Initiated at Outperform $22
NSPH Nanosphere Piper Jaffray Initiated at Buy $17
MEDX Medarex Bear Stearns Downgraded from Outperform to Peer Perform
PANC Panacos Pharma Cowen & Co Downgraded from Outperform to Neutral
Broadcasting
DTV DIRECTV Credit Suisse Upgraded from Neutral to Outperform $30
MCCC Mediacom Comm Credit Suisse Downgraded from Outperform to Neutral $7 to $6
Brokerage Services
TWPG Thomas Weisel Sterne Agee Initiated at Buy
Business Services
PROJ Deltek Credit Suisse Initiated at Outperform $22
Chemicals
ROH Rohm and Haas Credit Suisse Initiated at Outperform $22
APD Air Products JP Morgan Downgraded from Overweight to Neutral
PX Praxair JP Morgan Downgraded from Overweight to Neutral
Computer Services
RATE Bankrate Kaufman Bros Price Target Raised Buy $55 to $58
HLTH HLTH Corp Stifel Nicolaus Initiated at Buy $16.50
Computer Software
SMSI Smith Micro Software Needham & Co Cut Price Target Buy $18 to $14
Defense
SAI SAIC Jefferies & Co Upgraded from Hold to Buy $18.50 to $25
UTX United Tech Banc of America Sec Initiated at Neutral $82
JPM JP Morgan Chase Keefe Bruyette Downgraded from Outperform to Mkt Perform $57 to $51
MMM 3M Banc of America Sec Initiated at Neutral $89
Finance Companies
MA MasterCard Keefe Bruyette Upgraded from Mkt Perform to Outperform $250
UBS UBS AG Bear Stearns Upgraded from Peer Perform to Outperform
WAL Western Alliance Bancorp Keefe Bruyette Downgraded from Mkt Perform to Underperform
COWN Cowen Group Sterne Agee Initiated at Sell
Foods
BG Bunge Credit Suisse Price Target Raised Outperform $120 to $149
DMND Diamond Foods Oppenheimer Price Target Raised Buy $23 to $30
WWY Wrigley Lehman Brothers Downgraded from Overweight to Equal-weight
Gold and Silver Mining
NEM Newmont Mining HSBC Securities Downgraded from Neutral to Underweight
Healthcare
PRGO Perrigo Oppenheimer Price Target Raised Buy $33 to $35
BITI Bio-Imaging Technologies Broadpoint Capital Initiated at Buy $12
RODM Rodman & Renshaw Sterne Agee Initiated at Buy
WBMD WebMD Health Stifel Nicolaus Initiated at Buy $52
Insurance
JRVR James River Group Ferris Baker Watts Coverage Dropped
Major Pharmaceutical
ARXT Adams Respiratory Therapeutics Broadpoint Capital Downgraded from Buy to Neutral
Manufacturing
DHR Danaher CIBC Wrld Mkts Price Target Raised Sector Outperform $88 to $92
DHR Danaher Banc of America Sec Initiated at Buy $100
Motion Pictures
BBI Blockbuster BMO Capital Markets Upgraded from Market Perform to Outperform
Multi-National Banks
CFR Cullen/Frost Bnkrs Keefe Bruyette Downgraded from Outperform to Mkt Perform
MI Marshall & Ilsley Keefe Bruyette Downgraded from Mkt Perform to Underperform
ONB Old Ntnl Bancorp Keefe Bruyette Downgraded from Mkt Perform to Underperform
Oil & Gas:
SU - upgraded to Buy at SOLE
Regional Banks
BBT BB&T Corp Keefe Bruyette Downgraded from Mkt Perform to Underperform
BOH Bank of Hawaii Keefe Bruyette Downgraded from Outperform to Mkt Perform
EVBS Eastern Virginia Bank Keefe Bruyette Downgraded from Outperform to Mkt Perform
EWBC East West Banc Keefe Bruyette Downgraded from Outperform to Mkt Perform
FULT Fulton Fincl Keefe Bruyette Downgraded from Mkt Perform to Underperform
GRNB Green Bankshares Keefe Bruyette Downgraded from Outperform to Mkt Perform
STI SunTrust Banks Keefe Bruyette Downgraded from Mkt Perform to Underperform
SUSQ Susquehanna Bank Keefe Bruyette Downgraded from Mkt Perform to Underperform
VLY Valley National Keefe Bruyette Downgraded from Mkt Perform to Underperform
WM Washington Mutual Citigroup Downgraded from Hold to Sell $21 to $15
WM Washington Mutual Friedman Billings Cut Price Target Underperform $14 to $12
REITs
WRE Washington REIT Friedman Billings Upgraded from Mkt Perform to Outperform $36 to $38
BFS Saul Centers Keefe Bruyette Downgraded from Mkt Perform to Underperform
CLI Mack-Cali Realty Keefe Bruyette Downgraded from Outperform to Mkt Perform
DEI Douglas Emmett Friedman Billings Cut Price Target Mkt Perform $29.50 to $28
RPT Ramco-Gershenson Cantor Fitzgerald Cut Price Target Buy $45 to $41
Retail Trade
EBAY added to the CIR recommendation list at Smith Barney
Smith Barney is cautious on retail sector after the recent run up but likes ANF, PLCE, and TJX.
SBUX - downgraded to Neutral at Goldman Sachs
DFS Discover Financial Services Keefe Bruyette Downgraded from Outperform to Mkt Perform
Savings & Loan
FFIC Flushing Fin Keefe Bruyette Downgraded from Outperform to Mkt Perform
Semiconductors
ATML Atmel Friedman Billings Initiated at Outperform $6
NSM National Semi Charter Equity Initiated at Buy
ASMI ASM Intl NV JP Morgan Initiated at Underweight
Telecommunications
AMX America Movil SA HSBC Securities Initiated at Overweight
VIP Vimpel Comms Bear Stearns Downgraded from Peer Perform to Underperform
PCTI PC-TEL Robert W. Baird Cut Price Target Outperform $10 to $9
Utilities
RRI Reliant Energy Banc of America Sec Upgraded from Sell to Neutral
_____________________
NNRF, INC. Announces Update of Corporate Activities
MOSCOW, Dec. 10, 2007 (PRIME NEWSWIRE) -- NNRF, Inc. (NNRI) today announced an update of corporate activities. In this press release we clarify previous statements of the Company, update interested parties on the Company's progress certain of its endeavors and discuss some of the new initiatives being undertaken. The company intends to provide further information prior to year end on these and other endeavors which the Company has developed in 2007. NNRF, Inc. is hereinafter sometimes referred to as the ``Company''.
ZAO Atoll
Atoll's third quarter results are currently being reviewed by 2K Audit and management of ZAO Atoll. The Company believes it will be in position to release these results by December 14 2007.
The year end audit of Atoll is scheduled to begin the week of January 20, 2008. As previously reported NNRF's US auditors intend to be in Moscow to supervise the Atoll year end audit.
Atoll completed its move from its original location in St. Petersburg during the third quarter of 2007. Atoll has divided its production processes between St. Petersburg and the region of Kirov. The St. Petersburg location will be responsible for highly technological manufacturing processes. The Kirov facility will be responsible for the manufacture of parts and components that are more labor intensive. The move to Kirov is part of the larger plan to put together manufacturing lines of all companies in which NNRF has investment and thereby gain a wide variety of operating efficiencies. Senior management, marketing and reporting departments of Atoll are now located in Moscow.
On December 3, 2007 Atoll appointed Mr. Todd Sinclair, NNRF's Chief Financial Officer, to the Board of Directors of Atoll . Mr. Sinclair will work closely with Atoll on ensuring that Atoll's accounting system meets US GAAP standards and that quarterly financial results will be released in accordance with SEC requirements. Atoll's Board of Directors has ratified full and transparent reporting in accordance with SEC regulations. As a result the Company will be able to include its share of Atoll's revenues in our accounts. Mr. Sinclair will join Mr. Peter Goerke, NNRF's Executive Vice-President, on Atoll's Board of Directors. Mr. Goerke works closely with Atoll operating management on administrative and operating issues and has been instrumental in identifying acquisition targets and negotiating and consummating transactions for the Company.
NNRF and Atoll management will be meeting in the last half of December to review the Atoll 2008 order book.
Velcont and JSC ElectroPrivod
During the third quarter the Company made its first investment of $475,000 in Velcont. This represents 4% of the issued and outstanding stock of Velcont. Under the terms of our Letter of Intent NNRF intends to own 24.5% of Velcont.
Velcont is a manufacturer of parts for the energy, automotive and aviation industries in Russia and its 450,000 square foot manufacturing plant gives it the capability to become a technological production center in Russia. Recent reports in Russia state that Russia's booming auto market is estimated to become Europe's largest car market by 2011. As a major producer in the automotive market, Velcont anticipates participating in this expanding market. Velcont is located in the Russian region of Kirov. There is a large supply of well educated and skilled workers living in the Kirov region.
Final terms and conditions of the JSC ElectroPrivod acquisition will be negotiated after NNRF acquires its initial 10% of Velcont. The Company is working closely with its investment bankers to secure the financing needed to meet these funding requirements.
RUAR
As part of NNRF's continuing due diligence, representatives of NNRF recently toured Russian manufacturing facilities operating in the welding and cutting industries. The potential RUAR investment plan includes funding the acquisition of certain welding and cutting related companies in Russia. Site visits by NNRF staff to these potential acquisitions will be part of NNRF's due diligence process. The closing of this acquisition must await conclusion of due diligence satisfactory to the Company.
FEECOM/BIECOM
The Company is currently negotiating the first installation of FEECOM/BIECOM in a German based medical facility which has medical operations including computer thermographs and radio pharmaceutical equipment. NNRF representatives have met with management of the medical facility. The Company has been asked to provide a turn key installation of the FEECOM/BIECOM shielding materials.
FEECOM/BIECOM is produced in Hanover Germany and production quality is controlled by the Fachhochschule Hanover, a technological university that has entered into a production agreement with NNRF.
The Company plans to purchase new equipment that will increase production levels and allow NNRF to make various molds of FEECOM/BIECOM bricks and other forms that will be used by customers.
During the month of December the Company expects to be informed by E.ON nuclear facility management of their selection of an initial nuclear power plant for the test installation of FEECOM/BIECOM. E.ON nuclear facility management will be meeting during December to select a German nuclear power plant for this test installation. E.ON is one of the largest generators and suppliers of energy in Europe and is also involved in Russian generating companies. NNRF expects that the installation of FEECOM/BIECOM at the selected site will begin in January 2008.
NNRF recently presented its encapsulation and shielding materials at the AtomEco 2007 exposition in Moscow. This exposition was hosted by the Russian Federal Agency of Nuclear Energy and brought together leading suppliers and users of various nuclear technologies in the field of nuclear waste management. NNRF was a co-sponsor of the event and Dr. Hans-J. Engelmann the company's Head of Shielding and Encapsulation gave a presentation of our shielding and encapsulation materials at the exposition.
The production and sale of FEECOM/BIECOM in the European Union represents a diversification of product lines of a product owned by the Company and sales outside Russia.
NuCap
During October and November the Company worked closely with Dow Corning staff in Germany to reproduce NuCap for coating applications that are representative of expected future requirements. This product has experienced delays in production and engineering due to issues related to the means, manner and necessary formulation to apply the substance in the field. As a result of these meetings, Dow Corning and NNRF scientists have further developed NuCap into a product that can be applied to radiation contaminated surfaces such as walls, floors and other contaminated areas. The Company is now working with Dow Corning and third party equipment suppliers to specify spraying and tooling equipment for NuCap application. These suppliers will include manufacturers of remote control applicators.
No sales of this product have occurred to date in commercial quantities and further engineering is required for this to occur.
EP
The Company has recently completed an extensive review of power quality issues in Russia. This review included an analysis of the market based on NNRF efforts over the past year. While this review confirmed that power quality is a concern to Russian consumers the Company has determined that the market for residential power quality equipment will develop more slowly than originally forecast. The Company will not achieve the projected revenues of $8.0 MM in 2007 as previously reported.
The Company will continue to develop a market for power quality products and continue its working relationship with its Tatarstan dealer StroyKomplektInvest (SKI). In addition, NNRF will direct marketing efforts to identified industrial and commercial applications. While the Company will continue to work at developing this market at this time we are unable to forecast revenues for 2008. This project will be handled in a separate profit center under the responsibility of its subsidiary OOO Nucon-RUS headed by the General Director of OOO Nucon-Rus, Mr. Alexander Stepanenko.
Trumem
Trumem is a liquid filtration system that is capable of decontaminating radioactive contaminated water as well as other kinds of polluted water. Trumem is a porous metallic-ceramic membrane, with a high-output, long-lasting, inexpensive and compact purification unit for all kinds of liquid wastes, including radioactive waste. Applications of Trumem include conditioning and cleaning of liquid radioactive waste and contaminated water, filtration of toxic liquid waste and cleaning of industrial water.
In early 2008 the company's Chief Scientist, Professor Dr. Valery Lebedev, as a co-inventor of Trumem, will focus efforts on defining different applications and developing specifications necessary to respond to requests from potential European customers.
Atomenergomash
Atoll continues to develop its relationship with Atomenergomash (AEM) through the existing joint venture between Atoll and Atomenergomash. AEM is a state producer of parts for nuclear power plants and they anticipate investing one billion dollars over the next two years for modernization and widening their portfolio of industrial assets. Atoll was recently asked to appoint one of its representatives as Chief of Operations of the joint venture. Atoll and AEM will be working together through the joint venture on future opportunities in the markets that can be served by Atoll products and engineering capabilities.
Egypt
In October the Company submitted a proposal to the Egyptian Environmental Agency for the handling and disposal of Egyptian hazardous waste. The proposal included a feasibility study and development of a strategic plan for waste management issues in Egypt. To date the Company has not received official information on the decision by the Egyptian agency to proceed with this proposal
South Korea
The Company has been conducting negotiations with Korea Nuclear Industry Co., Ltd. a South Korean company involved in radiation decontamination and waste management. Representatives of Korea Nuclear Industry Co. will come to Germany in January for formal meetings and to negotiate a formal marketing agreement for NNRF's shielding and encapsulation materials in the South Korean region.
NASD
The Company, along with its sponsor Newbridge Securities, are working on the NASD comments as part of the process that will enable the Company to list on the OTCBB. A prerequisite to listing was the effectiveness of the Company's Form 10SB which occurred on October 5, 2007.
Russian Trading System
Company representatives have met with senior staff of the RTS several times during 2007. The purpose of the meetings was to discuss the issues related to a possible dual listing on the RTS. The Company intends to have further discussions in 2008 after the internal Russian laws and regulations for dual listing of foreign companies are finalized and enacted. Valery Zubov, a member of the Company's advisory Board, was recently re-elected as a member of the Russian Parliament, the Federal Duma. Mr. Zubov was elected in the Krasnoyarsk Territory as a member of the political party Just Russia. Mr. Zubov was instrumental in the creation of the Russian Fund market. The Company believes it will benefit from his guidance in negotiations with the RTS and Russian brokerage houses.
At the National Investment Banker's Association convention held in November the Company sponsored the convention's keynote speaker, Ms. Elena Avakyan, the Department Head of the Russian Supreme Arbitration Court. NNRF continues to develop working relationships between the RTS and the North American investment community.
The Company is reviewing the possibility of listing on a major European Stock Exchange.
Munich Office
The Company has relocated from Berlin to Munich. Munich is closer to the companies scientific and production partners such as Studsvik, and suppliers of raw materials for FEECOM/BIECOM and NuCap. In addition the move was made in order to ease travel into Russia and the United States from Europe.
Other Matters
The Company has no knowledge of the counterfeit printing of Company shares. The Company has not replaced its stock transfer agent. Any statements regarding counterfeit shares and/or replacing the Company's transfer are hereby denied.
About NNRF
NNRF is a U.S. corporation with executive and operations offices in Moscow Russia, Munich Germany and North America. NNRF through its Russian based partners offers design and manufacturing of specialized products for nuclear reactors, nuclear waste management; proprietary nuclear shielding, decommissioning and decontamination technologies; and engineering/design services for a range of environmental challenges. NNRF's management team has extensive industry and government service including significant in-house expertise in all aspects of radiological protection and radiological waste management.
document.getElementById("MsgContainer").innerHTML='\x0d\x0a\x0d\x0a\x0d\x0a\x3cmeta http-equiv\x3dContent-Type content\x3d\x22text\x2fhtml\x3b charset\x3dunicode\x22\x3e\x0d\x0a\x3cmeta name\x3dGenerator content\x3d\x22Microsoft SafeHTML\x22\x3e\x0d\x0a\x0d\x0a\x0d\x0a\x3cp class\x3dEC_p2LG\x3e\x3cbr\x3e\x0d\x0aTuesday Morning, December 11th\x3c\x2fp\x3e\x0d\x0a\u00a0\x0d\x0a\x3ch2 class\x3dEC_ndx\x3e\u00a0\u00a0\u00a0SITE NEWS\x3c\x2fh2\x3e\x0d\x0a\x3cp\x3eNNRF, INC. Announces Update of Corporate Activities\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eMOSCOW, Dec. 10, 2007 \x28PRIME NEWSWIRE\x29 -- NNRF, Inc. \x28NNRI\x29 today\x0d\x0aannounced an update of corporate activities. In this press release we\x0d\x0aclarify previous statements of the Company, update interested parties\x0d\x0aon the Company\x27s progress certain of its endeavors and discuss some of\x0d\x0athe new initiatives being undertaken. The company intends to provide\x0d\x0afurther information prior to year end on these and other endeavors\x0d\x0awhich the Company has developed in 2007. \x3cbr\x3e\x0d\x0a\x28Read the full story at the bottom of the page\x29.\x3c\x2fp\x3e\x0d\x0a\x0d\x0a\x3ca name\x3ddow target\x3d\x22_blank\x22\x3e\x3c\x2fa\x3e\x0d\x0a\x3ch2 class\x3dEC_ndx\x3e\u00a0\u00a0\u00a0Dow Stock News\x3c\x2fh2\x3e\x0d\x0a\x3cp\x3eCitigroup \x28C \x29 has slashed the size of its off-balance-sheet\x0d\x0ainvestment funds by more than \x2415 billion in two months through side\x0d\x0adeals with junior investors, the Financial Times reported Tuesday,\x0d\x0aciting people familiar with the business. The moves by Citi and some\x0d\x0aEuropean banks of late appear likely to reduce the demand for the\x0d\x0aso-called \x26quot\x3bsuper-SIV\x26quot\x3b, conceived by Citigroup, Bank of America and\x0d\x0aJPMorgan with the backing of the U.S. Treasury as a buyer of last\x0d\x0aresort for the industry that would prevent fire sales, the report said.\x0d\x0aCiti on Monday refused to comment on asset sales by its seven SIVs -\x0d\x0aall of which have been put on watch for downgrades by the rating\x0d\x0aagencies - but people familiar with the vehicles say their size has\x0d\x0abeen cut from \x2483 billion at the end of September to about \x2466 billion,\x0d\x0athe report said. - MarketWatch\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eAXP - removed from Best Idea List at KBWI\x3cbr\x3e\x0d\x0aDD - CEO says recession not seen as likely - Bloomberg\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eAT\x26amp\x3bT Inc. \x28T\x29 today announced that its board of directors has\x0d\x0aapproved a 12.7 percent increase in the company\u00b4s quarterly dividend,\x0d\x0athe largest annual increase in the company\u00b4s history, and a new 400\x0d\x0amillion share repurchase authorization.\x3cbr\x3e\x0d\x0aCramer\x3a\x3c\x2fp\x3e\x0d\x0a\x0d\x0a\x3ca name\x3d\x22ice_man\x22 target\x3d\x22_blank\x22\x3e\x3c\x2fa\x3e\x0d\x0a\x3ch2 class\x3dEC_ndx\x3e\u00a0\u00a0\u00a0Ice Man Stocks\x3c\x2fh2\x3e\x0d\x0a\x0d\x0a\x3cp\x3eBreakouts the Ice Man may consider trading\x3a\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eBG - 125.50\x3cbr\x3e\x0d\x0aNLY - 18\x3cbr\x3e\x0d\x0aDECK - 160.50\x3cbr\x3e\x0d\x0aCRS - 80\x3cbr\x3e\x0d\x0aMBT - 100\x3cbr\x3e\x0d\x0aTEF - 103.50\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eRegular Trades the Ice Man may consider\x3a\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eRDN - 13.75\x3cbr\x3e\x0d\x0aARP - 17.45 \x3d 18.92 Gap\x3cbr\x3e\x0d\x0aNCTY - 25.85 \x3d 31.65 Gap\x3cbr\x3e\x0d\x0aCBL - 29.15\x3cbr\x3e\x0d\x0aSWIR - 17\x3cbr\x3e\x0d\x0aUTIW - 19\x3cbr\x3e\x0d\x0aPMI - 17.50\x3cbr\x3e\x0d\x0aASTI - 22.10\x3cbr\x3e\x0d\x0aGVA - 42.10\x3cbr\x3e\x0d\x0aCBT - 35.65\x3cbr\x3e\x0d\x0aNTRI - 31.35\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eDepressed stocks the Ice Man may buy\x3a\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eOYOG - 82.20 \x2f 79\x3cbr\x3e\x0d\x0aTELOZ - 17 G\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eDollar Man Ideas\x3a\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eBIOS - 9.82\x3cbr\x3e\x0d\x0aPRS - 7\x3cbr\x3e\x0d\x0aSPF - 4.05\x3cbr\x3e\x0d\x0aTNRO - 5.19 W, 5.38\x3cbr\x3e\x0d\x0aNFI - 3.63 \x3d 4.59 Gap\x3cbr\x3e\x0d\x0aSCA - 9\x3cbr\x3e\x0d\x0aWCI - 5\x3cbr\x3e\x0d\x0aBQI - 5\x3cbr\x3e\x0d\x0aFMT - 3\x3cbr\x3e\x0d\x0aHLYS - 6.75\x3c\x2fp\x3e\x0d\x0a\x0d\x0a\x3ca name\x3dmedia target\x3d\x22_blank\x22\x3e\x3c\x2fa\x3e\x0d\x0a\x3ch2 class\x3dEC_ndx\x3e\u00a0\u00a0\u00a0Media Commentators\x3c\x2fh2\x3e\x0d\x0a\x3cp\x3eCramer\x27s Comments\x3a\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eBullish\x3a GTS, HOLX\x3c\x2fp\x3e\x0d\x0a\x0d\x0a\x3ca name\x3dicc target\x3d\x22_blank\x22\x3e\x3c\x2fa\x3e\x0d\x0a\x3ch2 class\x3dEC_ndx\x3e\u00a0\u00a0\u00a0Ice Cold Commentators\x3c\x2fh2\x3e\x0d\x0a\x3cp\x3e\x3cstrong\x3eBreak Man Video Summary\x3a\x3c\x2fstrong\x3e\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eBreak out buy \x28or short sell\x29 watch list for short term gains\x0d\x0aDecember 11 includes\x3a OSG, ARTG, IBKR, THI, TQNT, EWQ, RTN, GNA.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eSeveral candidates for break out or short sell \u00a0plays for at least\x0d\x0ashort term gains by buying the break out \x28or selling the break down\x29 on\x0d\x0agood volume and closing at least some on the \u00a0first day\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e\x3cstrong\x3eSwing Man Market Recap\x3a\x3c\x2fstrong\x3e\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe market rallies in front of Tuesday\u00b4s FOMC meeting. \u00a0The market\x0d\x0aopened flat Monday morning but quickly rallied to SPX 1518 by 11\x3a00.\x0d\x0a\u00a0After a small pullback and a retest of the 1518 level around 1\x3a30, the\x0d\x0amajor indexes traded laterally for the rest of the session with the SPX\x0d\x0aclosing at 1516. \u00a0At the close the SPX\x2fDOW posted gains of 0.75\x25 while\x0d\x0athe NDX\x2fNAZ added 0.35\x25. \u00a0Bonds lost nearly \u00bd point, Crude was off by\x0d\x0a30 cents, and Gold surged \x2415.00 higher. \u00a0The market internals continue\x0d\x0ato improve as some of the leaders are now making new highs again.\x0d\x0aTuesday the FED releases its determination at 2\x3a15 so look for\x0d\x0avolatility to increase around that time. \u00a0Should the FED elect to cut\x0d\x0arates by only \u00bc point, I believe the market will NOT react too kindly.\x0d\x0a\u00a0Equally if not more important will be what language accompanies the\x0d\x0aanticipated rate cuts\x3f \u00a0The market would like to hear that the FED is\x0d\x0awilling to be more accommodative looking forward. \u00a0\u00a0\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eLet\u00b4s not overanalyze things in front of the FED announcement\x0d\x0aTuesday. \u00a0As I stated above, there is no doubt in my mind that this\x0d\x0adecision will weigh heavily on the market over the near term. \u00a0However,\x0d\x0awe cannot lose sight of the fact that the market is currently trending\x0d\x0ahigher. \u00a0The divergences shown on the daily charts are beginning to\x0d\x0aimprove across the board which helps to support the bullish case.\x0d\x0a\u00a0While there is always the possibility that some major event could\x0d\x0amaterialize to disrupt the foundation of this market and negate the\x0d\x0atechnical readings, we have no such evidence at this time and thus we\x0d\x0awill continue to respect the prevailing trend. \u00a0With that said, the\x0d\x0amarket has come along way in a short period of time and is overbought\x0d\x0agoing into the announcement. \u00a0Should the market elect to sell off on\x0d\x0athe news, we will analyze the nature of the pullback and, if\x0d\x0aappropriate, use such weakness to accumulate stocks near support.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eGood Trading.\x3c\x2fp\x3e\x0d\x0a\x0d\x0a\x3ca name\x3dcnbc target\x3d\x22_blank\x22\x3e\x3c\x2fa\x3e\x0d\x0a\x3chr id\x3d\x22EC_red_lT\x22 color\x3d\x22\x23ffffff\x22 width\x3d600\x3e\x0d\x0a\x3ch2 class\x3dEC_ndx\x3e\u00a0\u00a0\u00a0CNBC Fast Money Review\x3c\x2fh2\x3e\x0d\x0a\x3cp\x3e1. HAS HOUSING FINALLY BOTTOMED\x3f\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe headline\x3a Housing Stocks Surge on Unexpected Gain in October\x0d\x0aPending Home Sales\x3c\x2fp\x3e\x0d\x0a\x3cp\x3ePete Najarian said there\u00b4s some short covering occurring in the\x0d\x0ahousing stocks. He expects some more bottom picking after seeing\x0d\x0aoptions activity in some of the homebuilders.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eGuy Adami said all the bad news with HD might finally be baked into\x0d\x0athe stock. With a pristine balance sheet, HD now looks cheap to him.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eKaren Finerman, who has been long HD for some time, said LOW is\x0d\x0astarting to get attractive, too. When Home Depot moves, expect Lowe\u00b4s\x0d\x0ato move in lockstep.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3ePete Najarian remains skeptical on the homebuilding retailers. Let\x0d\x0athese stocks show they can rally before putting too much faith in them,\x0d\x0ahe said.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e\u00a02. INVESTORS LOVIN\u00b4 IT\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe headline\x3a MCD Hits All-Time High on Strong November Same-Store\x0d\x0aSales\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eJeff Macke says McDonald\u00b4s is boring, but for all the right reasons.\x0d\x0aThe company beats expectations on a monthly basis, and it\u00b4s along-term\x0d\x0abuy for exactly that reason. When analysts say it has topped \u2013 that\u00b4s\x0d\x0aall the more reason to keep buying it.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eGuy Adami expects as long as it can hold onto growth in Asia, the\x0d\x0aMiddle East and Africa, MCD to continue to be worth owning.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e3. LEHMAN\x27S TERMS\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eLEH kicks off Wall Street earnings Thursday and is expected to post\x0d\x0aa 15\x25 profit drop. But posting any profit is more than a lot of the\x0d\x0afinancials can say for themselves these days. Did Lehman make it out of\x0d\x0athe woods, or is the next shoe about to drop\x3f\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eKaren Finerman is skeptical on Lehman going into its earnings. \u201cThey\x0d\x0ahave not come clean,\u2019 she said. And if there\u00b4s any time to indicate\x0d\x0aproblems, it\u00b4s now because the markets appear sympathetic.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eGuy Adami echoed Karen\u00b4s bearish sentiment on Lehman.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3ePete Najarian said the upside is still strong, especially with the\x0d\x0amarket shrugging off bad news lately.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e4. AFTER HOURS ACTION\x3a WASHINGTON MUTUAL\x3a\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe headline\x3a WM Cuts Dividend to 15 Cents a Share\x3b Raising \x242.5\x0d\x0aBillion\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eGuy Adami recommended USB, which is one of the safest financials for\x0d\x0aits lack of subprime exposure.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e5. AFTER HOURS ACTION\x3a TEXAS INSTRUMENTS\x3a\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe headline\x3a TXN Soars on Mid-Quarter Update\x3c\x2fp\x3e\x0d\x0a\x3cp\x3ePete called the news a \u201cgreat opportunity to sell\u2019 TXN. It\u00b4s an\x0d\x0aundiversified chip company facing too much competition, he said. The\x0d\x0areal indicator is PC sales \u2013 that\u00b4s what drives the complex higher and\x0d\x0ahe thinks the best way to play that is with INTC.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eGuy Adami would also buy Intel above \x2426 as the strongest of the\x0d\x0asemi names.\x3cbr\x3e\x0d\x0aJeff Macke said buy TXN as a trade, but definitely not for an\x0d\x0ainvestment. \u201cWhen the semiconductor industry gets a cold, TXN gets the\x0d\x0abubonic plague.\u2019\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e6. AMERICA ON SALE\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe trade as foreign firms rush to snap up American companies. Who\x0d\x0awill be targeted next by foreign buyers with a strong currency on their\x0d\x0aside\x3f\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eJeff Macke says entertainment companies are the next to go. After\x0d\x0athe Vivendi\x2fActivision deal, any video game company with earnings on\x0d\x0aits side is game, he said. Specifically, he would buy TTWO or THQI as\x0d\x0apotential takeover targets with market caps under \x242 billion.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eGuy Adami sees M\x26amp\x3bA chatter in the mining space. X would be his\x0d\x0apick for the next mining company to get bought.\x3cbr\x3e\x0d\x0aPete Najarian thinks on the news that a Japanese company is buying\x0d\x0aMOGN, consolidation in Big Pharma could continue as those companies are\x0d\x0aon the prowl to fill their pipelines. SNY or NVS could be buyers since\x0d\x0athey\u00b4re based outside the U.S. and would benefit from the weak dollar.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e7. CHARTOLOGY\x3a POISED FOR A FED BREAKOUT\x3f\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eOne chart specialist thinks the technical signs point to a rate-cut\x0d\x0arally ahead.\x3cbr\x3e\x0d\x0aGreg Troccoli of Opalesque Technical Research told Fast Money that,\x0d\x0adespite recent volatility, a chart of the S\x26amp\x3bP 500 shows a bullish\x0d\x0atrend. As long as the S\x26amp\x3bP posts a monthly settlement below 1390,\x0d\x0aTroccoli thinks it will keep a bear market at bay.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eAs for the financials, Troccoli said an old support line might now\x0d\x0abe acting as a resistance level. The banks have corrected more than the\x0d\x0aS\x26amp\x3bP but they still aren\u00b4t out of the woods entirely, he said.\x3cbr\x3e\x0d\x0aTroccoli also said, based on a chart of the Philadelphia Stock Exchange\x0d\x0aHousing Index that the housing sector might finally be stabilizing. The\x0d\x0aindex has fallen to its lowest level since 2002 and he thinks a rebound\x0d\x0acould be at hand.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e8. POPS AND DROPS\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eCAT popped 3\x25\x3a Adami\x3a CAT is still cheap and a buy.\x3cbr\x3e\x0d\x0aLDK popped 29\x25\x3a Najarian\x3a Take some profits in the solar names that see\x0d\x0ahuge gains.\x3cbr\x3e\x0d\x0aRAD popped 9\x25\x3a Adami\x3a RAD is a lottery ticket, but it will pay off.\x3cbr\x3e\x0d\x0aRATE popped 20\x25\x3a Macke\x3a \u201cCover your shorts.\u2019\x3cbr\x3e\x0d\x0aALL popped 3\x25\x3a Adami\x3a buy it.\x3cbr\x3e\x0d\x0aOSTK dropped 22\x25\x3a Macke\x3a \u201cRun away\u2019 from this stock.\x3cbr\x3e\x0d\x0aMYE dropped 31\x25\x3a Finerman\x3a don\u00b4t buy it right here.\x3cbr\x3e\x0d\x0aPALM dropped 2\x25\x3a Macke\x3a Another stock where the best thing to do is\x0d\x0a\u201crun away.\u2019\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e9. YOUR FIRST MOVE FOR TUESDAY\x3c\x2fp\x3e\x0d\x0a\x3cp\x3ePete Najarain would buy EMC as a safer way to play the red-hot\x0d\x0aVMware.\x3cbr\x3e\x0d\x0aKaren Finerman said she \u201cbelieves in\u2019 SKS.\x3cbr\x3e\x0d\x0aGuy Adami says Warren Buffett likes it, that\u00b4s good enough for me. He\x0d\x0areiterated his buy on USB.\x3cbr\x3e\x0d\x0aJeff Macke said since the Activision deal, THQI is a buy.\x3c\x2fp\x3e\x0d\x0a\x3ca name\x3dnews target\x3d\x22_blank\x22\x3e\x3c\x2fa\x3e\x0d\x0a\x3chr id\x3d\x22EC_red_lT\x22 color\x3d\x22\x23ffffff\x22 width\x3d600\x3e\x0d\x0a\x3ch2 class\x3dEC_ndx\x3e\u00a0\u00a0\u00a0News and Events Digest\x3c\x2fh2\x3e\x0d\x0a\x3cp\x3e\x3cstrong\x3eBreaking News\x3c\x2fstrong\x3e\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eSpanish construction company Fomento de Construcciones y Contratas\x0d\x0aSA \x28FCC.MC\x29 said it has bought oil treatment companies Hydrocarbon\x0d\x0aRecovery Services Inc. and International Petroleum Corp. from an\x0d\x0aindustrial waste treatment unit of Siemens AG for \x24182.5 million. -\x0d\x0aMarketWatch\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eWashington Mutual \x28WM\x29, one of the largest U.S. home mortgage\x0d\x0alenders, said on Monday it would slash its dividend by almost\x0d\x0athree-quarters, cut 3,150 jobs and raise \x242.5 billion in new capital as\x0d\x0ait sees losses from mortgages increasing through 2008. - MarketWatch\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eTexas Instruments \x28TXN\x29 indicated a stronger-than-expected end to\x0d\x0athe year for mobile handset makers as it raised the lower end of its\x0d\x0arevenue estimates for the fourth quarter.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eTI, which makes a range of chips for mobile phones, said it expected\x0d\x0arevenues of between \x243.5bn and \x243.66bn in the fourth quarter, compared\x0d\x0ato its estimate of \x243.4bn to \x243.68bn given in October at its\x0d\x0athird-quarter results presentation. - FT\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eMortgage lender NovaStar Financial Inc. said Monday one of its\x0d\x0alenders has given it a one-month reprieve from financial requirements\x0d\x0athat could force the company to file for bankruptcy. NovaStar\x27s shares\x0d\x0aclimbed more than 26 percent. - AP\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eNICE Systems \x28NICE\x29, the global provider of advanced solutions that\x0d\x0aenable organizations to extract Insight from Interactions to drive\x0d\x0aperformance, today announced that a major Asian bank has decided to\x0d\x0aexpand its NICE implementation.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe bank placed a multi-million dollar order for NICE Perform, part\x0d\x0aof the NICE SmartCenter solution, for its VoIP environment to help\x0d\x0aimprove compliance with regulations. - Reuters\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e\x3cstrong\x3eM\x26amp\x3bA Activity\x3a\x3c\x2fstrong\x3e\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eInverness Medical Innovations \x28IMA\x29 on Tuesday said it would pay\x0d\x0a\x243.95 a share to buy U.K.-based BBI Holdings Plc. The acquisition is\x0d\x0aconditioned on court approval and a favorable vote by BBI shareholders.\x0d\x0aThe deal values BBI Holdings at about \x24170 million based on a total of\x0d\x0a42.92 million shares outstanding. Waltham, Mass.-based Inverness\x0d\x0aMedical already holds about 5.2 million shares of BBI Holdings. -\x0d\x0aMarketWatch\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eSTMicroelectronics \x28STM\x29 said Tuesday that it\x27s agreed to buy\x0d\x0aGenesis Microchip Inc. \x28GNSS\x29 for \x24336 million, or \x248.65 a share. The\x0d\x0adeal represents a 60\x25 premium to the closing price on Dec. 10 and 26\x25\x0d\x0ato the average closing price over the last sixty trading days.\x0d\x0aSTMicroelectronics said the deal will extend its position in the\x0d\x0adigital television market. - MarketWatch\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eRegency Energy Partners L.P. \x28RGNC\x29 has agreed to acquire\x0d\x0aFrontStreet Hugoton, LLC, from a General Electric Co. \x28GE\x29 unit and\x0d\x0aFrontStreet Energyone LLC, for about \x24139 million. Regency, which\x0d\x0aexpects the deal to immediately boost cash available for distribution,\x0d\x0awill fund the transaction by issuing about 4.7 million class D\x0d\x0apartnership units to a GE Energy Financial Services unit and \x2411.7\x0d\x0amillion of cash to Frontstreet Energyone LLC. Frontstreet Hugoton owns\x0d\x0athe Hugoton gas gathering system in Kansas and Oklahoma, which consists\x0d\x0aof five compressor stations with 55,329 horsepower and 1,700 miles of\x0d\x0apipeline extending over nine counties. The Hugoton system is operated\x0d\x0aby BP Plc.\x27s \x28BP\x29 America Production Co. unit. - MarketWatch\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e\x3cstrong\x3eIPO Central\x3a\x3c\x2fstrong\x3e\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eChinaEdu \x28CEDU\x29 priced 6.82 million shares at \x2410 a share, raising\x0d\x0a\x2468.2 million in its initial public offering on Tuesday. The\x0d\x0aChina-based online degree firm priced at the bottom of its \x2410-\x2412\x0d\x0aprice range. - MarketWatch\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e\x3cstrong\x3eEconomic Data\x3a\x3c\x2fstrong\x3e\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e10\x3a00 Wholesale Inventories\x3cbr\x3e\x0d\x0a2\x3a15 FOMC policy statement\x3c\x2fp\x3e\x0d\x0a\x0d\x0a\x3ca name\x3dupgrades target\x3d\x22_blank\x22\x3e\x3c\x2fa\x3e\x0d\x0a\x3ch2 class\x3dEC_ndx\x3e\u00a0\u00a0\u00a0Upgrades and Downgrades by Sector\x3a\x3c\x2fh2\x3e\x0d\x0a\x3cp\x3eHandsets\x3a\x3cbr\x3e\x0d\x0aBear Stearns sees 4Q up 13\x25 for the sector and thinks MOT has upside.\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eAdvertising Agencies\x3a\x3cbr\x3e\x0d\x0aFMCN - SUSQ likes after recent acquisition\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eAirlines - Passenger\x3cbr\x3e\x0d\x0a\u00a0GOL Gol Intelligent Airlines UBS Downgraded from Neutral to Sell \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eBiotech\x3cbr\x3e\x0d\x0a\u00a0NSPH Nanosphere Credit Suisse Initiated at Outperform \x2422 \x3cbr\x3e\x0d\x0a\u00a0NSPH Nanosphere Piper Jaffray Initiated at Buy \x2417 \x3cbr\x3e\x0d\x0a\u00a0MEDX Medarex Bear Stearns Downgraded from Outperform to Peer Perform \x3cbr\x3e\x0d\x0a\u00a0PANC Panacos Pharma Cowen \x26amp\x3b Co Downgraded from Outperform to\x0d\x0aNeutral \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eBroadcasting\x3cbr\x3e\x0d\x0a\u00a0DTV DIRECTV Credit Suisse Upgraded from Neutral to Outperform \x2430 \x3cbr\x3e\x0d\x0a\u00a0MCCC Mediacom Comm Credit Suisse Downgraded from Outperform to Neutral\x0d\x0a\x247 to \x246\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eBrokerage Services\x3cbr\x3e\x0d\x0a\u00a0TWPG Thomas Weisel Sterne Agee Initiated at Buy \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eBusiness Services\x3cbr\x3e\x0d\x0a\u00a0PROJ Deltek Credit Suisse Initiated at Outperform \x2422 \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eChemicals\x3cbr\x3e\x0d\x0a\u00a0ROH Rohm and Haas Credit Suisse Initiated at Outperform \x2422 \x3cbr\x3e\x0d\x0a\u00a0APD Air Products JP Morgan Downgraded from Overweight to Neutral \x3cbr\x3e\x0d\x0a\u00a0PX Praxair JP Morgan Downgraded from Overweight to Neutral \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eComputer Services\x3cbr\x3e\x0d\x0a\u00a0RATE Bankrate Kaufman Bros Price Target Raised Buy \x2455 to \x2458\x3cbr\x3e\x0d\x0a\u00a0HLTH HLTH Corp Stifel Nicolaus Initiated at Buy \x2416.50 \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eComputer Software\x3cbr\x3e\x0d\x0a\u00a0SMSI Smith Micro Software Needham \x26amp\x3b Co Cut Price Target Buy \x2418 to\x0d\x0a\x2414\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eDefense\x3cbr\x3e\x0d\x0a\u00a0SAI SAIC Jefferies \x26amp\x3b Co Upgraded from Hold to Buy \x2418.50 to \x2425\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eUTX United Tech Banc of America Sec Initiated at Neutral \x2482 \x3cbr\x3e\x0d\x0aJPM JP Morgan Chase Keefe Bruyette Downgraded from Outperform to Mkt\x0d\x0aPerform \x2457 to \x2451\x3cbr\x3e\x0d\x0aMMM 3M Banc of America Sec Initiated at Neutral \x2489 \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eFinance Companies\x3cbr\x3e\x0d\x0a\u00a0MA MasterCard Keefe Bruyette Upgraded from Mkt Perform to Outperform\x0d\x0a\x24250 \x3cbr\x3e\x0d\x0a\u00a0UBS UBS AG Bear Stearns Upgraded from Peer Perform to Outperform \x3cbr\x3e\x0d\x0a\u00a0WAL Western Alliance Bancorp Keefe Bruyette Downgraded from Mkt\x0d\x0aPerform to Underperform \x3cbr\x3e\x0d\x0a\u00a0COWN Cowen Group Sterne Agee Initiated at Sell \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eFoods\x3cbr\x3e\x0d\x0a\u00a0BG Bunge Credit Suisse Price Target Raised Outperform \x24120 to \x24149\x3cbr\x3e\x0d\x0a\u00a0DMND Diamond Foods Oppenheimer Price Target Raised Buy \x2423 to \x2430\x3cbr\x3e\x0d\x0a\u00a0WWY Wrigley Lehman Brothers Downgraded from Overweight to Equal-weight\x0d\x0a\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eGold and Silver Mining\x3cbr\x3e\x0d\x0a\u00a0NEM Newmont Mining HSBC Securities Downgraded from Neutral to\x0d\x0aUnderweight \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eHealthcare\x3cbr\x3e\x0d\x0a\u00a0PRGO Perrigo Oppenheimer Price Target Raised Buy \x2433 to \x2435\x3cbr\x3e\x0d\x0a\u00a0BITI Bio-Imaging Technologies Broadpoint Capital Initiated at Buy \x2412 \x3cbr\x3e\x0d\x0a\u00a0RODM Rodman \x26amp\x3b Renshaw Sterne Agee Initiated at Buy \x3cbr\x3e\x0d\x0a\u00a0WBMD WebMD Health Stifel Nicolaus Initiated at Buy \x2452 \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eInsurance\x3cbr\x3e\x0d\x0a\u00a0JRVR James River Group Ferris Baker Watts Coverage Dropped \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eMajor Pharmaceutical\x3cbr\x3e\x0d\x0a\u00a0ARXT Adams Respiratory Therapeutics Broadpoint Capital Downgraded from\x0d\x0aBuy to Neutral \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eManufacturing\x3cbr\x3e\x0d\x0a\u00a0DHR Danaher CIBC Wrld Mkts Price Target Raised Sector Outperform \x2488\x0d\x0ato \x2492\x3cbr\x3e\x0d\x0a\u00a0DHR Danaher Banc of America Sec Initiated at Buy \x24100 \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eMotion Pictures\x3cbr\x3e\x0d\x0a\u00a0BBI Blockbuster BMO Capital Markets Upgraded from Market Perform to\x0d\x0aOutperform \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eMulti-National Banks\x3cbr\x3e\x0d\x0a\u00a0CFR Cullen\x2fFrost Bnkrs Keefe Bruyette Downgraded from Outperform to\x0d\x0aMkt Perform \x3cbr\x3e\x0d\x0a\u00a0MI Marshall \x26amp\x3b Ilsley Keefe Bruyette Downgraded from Mkt Perform to\x0d\x0aUnderperform \x3cbr\x3e\x0d\x0a\u00a0ONB Old Ntnl Bancorp Keefe Bruyette Downgraded from Mkt Perform to\x0d\x0aUnderperform \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eOil \x26amp\x3b Gas\x3a\x3cbr\x3e\x0d\x0aSU - upgraded to Buy at SOLE\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eRegional Banks\x3cbr\x3e\x0d\x0a\u00a0BBT BB\x26amp\x3bT Corp Keefe Bruyette Downgraded from Mkt Perform to\x0d\x0aUnderperform \x3cbr\x3e\x0d\x0a\u00a0BOH Bank of Hawaii Keefe Bruyette Downgraded from Outperform to Mkt\x0d\x0aPerform \x3cbr\x3e\x0d\x0a\u00a0EVBS Eastern Virginia Bank Keefe Bruyette Downgraded from Outperform\x0d\x0ato Mkt Perform \x3cbr\x3e\x0d\x0a\u00a0EWBC East West Banc Keefe Bruyette Downgraded from Outperform to Mkt\x0d\x0aPerform \x3cbr\x3e\x0d\x0a\u00a0FULT Fulton Fincl Keefe Bruyette Downgraded from Mkt Perform to\x0d\x0aUnderperform \x3cbr\x3e\x0d\x0a\u00a0GRNB Green Bankshares Keefe Bruyette Downgraded from Outperform to Mkt\x0d\x0aPerform \x3cbr\x3e\x0d\x0a\u00a0STI SunTrust Banks Keefe Bruyette Downgraded from Mkt Perform to\x0d\x0aUnderperform \x3cbr\x3e\x0d\x0a\u00a0SUSQ Susquehanna Bank Keefe Bruyette Downgraded from Mkt Perform to\x0d\x0aUnderperform \x3cbr\x3e\x0d\x0a\u00a0VLY Valley National Keefe Bruyette Downgraded from Mkt Perform to\x0d\x0aUnderperform \x3cbr\x3e\x0d\x0a\u00a0WM Washington Mutual Citigroup Downgraded from Hold to Sell \x2421 to \x2415\x3cbr\x3e\x0d\x0a\u00a0WM Washington Mutual Friedman Billings Cut Price Target Underperform\x0d\x0a\x2414 to \x2412\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eREITs\x3cbr\x3e\x0d\x0a\u00a0WRE Washington REIT Friedman Billings Upgraded from Mkt Perform to\x0d\x0aOutperform \x2436 to \x2438\x3cbr\x3e\x0d\x0a\u00a0BFS Saul Centers Keefe Bruyette Downgraded from Mkt Perform to\x0d\x0aUnderperform \x3cbr\x3e\x0d\x0a\u00a0CLI Mack-Cali Realty Keefe Bruyette Downgraded from Outperform to Mkt\x0d\x0aPerform \x3cbr\x3e\x0d\x0a\u00a0DEI Douglas Emmett Friedman Billings Cut Price Target Mkt Perform\x0d\x0a\x2429.50 to \x2428\x3cbr\x3e\x0d\x0a\u00a0RPT Ramco-Gershenson Cantor Fitzgerald Cut Price Target Buy \x2445 to \x2441\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eRetail Trade\x3cbr\x3e\x0d\x0aEBAY added to the CIR recommendation list at Smith Barney\x3cbr\x3e\x0d\x0aSmith Barney is cautious on retail sector after the recent run up but\x0d\x0alikes ANF, PLCE, and TJX.\x3cbr\x3e\x0d\x0aSBUX - downgraded to Neutral at Goldman Sachs\x3c\x2fp\x3e\x0d\x0a\u00a0DFS Discover Financial Services Keefe Bruyette Downgraded from\x0d\x0aOutperform to Mkt Perform\x0d\x0a\x3cp\x3eSavings \x26amp\x3b Loan\x3cbr\x3e\x0d\x0a\u00a0FFIC Flushing Fin Keefe Bruyette Downgraded from Outperform to Mkt\x0d\x0aPerform \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eSemiconductors\x3cbr\x3e\x0d\x0a\u00a0ATML Atmel Friedman Billings Initiated at Outperform \x246 \x3cbr\x3e\x0d\x0a\u00a0NSM National Semi Charter Equity Initiated at Buy \x3cbr\x3e\x0d\x0a\u00a0ASMI ASM Intl NV JP Morgan Initiated at Underweight \x3c\x2fp\x3e\x0d\x0a\x3cp\x3eTelecommunications\x3cbr\x3e\x0d\x0a\u00a0AMX America Movil SA HSBC Securities Initiated at Overweight \x3cbr\x3e\x0d\x0a\u00a0VIP Vimpel Comms Bear Stearns Downgraded from Peer Perform to\x0d\x0aUnderperform \x3cbr\x3e\x0d\x0a\u00a0PCTI PC-TEL Robert W. Baird Cut Price Target Outperform \x2410 to \x249\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eUtilities\x3cbr\x3e\x0d\x0a\u00a0RRI Reliant Energy Banc of America Sec Upgraded from Sell to Neutral\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e_____________________\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eNNRF, INC. Announces Update of Corporate Activities\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eMOSCOW, Dec. 10, 2007 \x28PRIME NEWSWIRE\x29 -- NNRF, Inc. \x28NNRI\x29 today\x0d\x0aannounced an update of corporate activities. In this press release we\x0d\x0aclarify previous statements of the Company, update interested parties\x0d\x0aon the Company\x27s progress certain of its endeavors and discuss some of\x0d\x0athe new initiatives being undertaken. The company intends to provide\x0d\x0afurther information prior to year end on these and other endeavors\x0d\x0awhich the Company has developed in 2007. NNRF, Inc. is hereinafter\x0d\x0asometimes referred to as the \x60\x60Company\x27\x27.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aZAO Atoll\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eAtoll\x27s third quarter results are currently being reviewed by 2K\x0d\x0aAudit and management of ZAO Atoll. The Company believes it will be in\x0d\x0aposition to release these results by December 14 2007.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aThe year end audit of Atoll is scheduled to begin the week of January\x0d\x0a20, 2008. As previously reported NNRF\x27s US auditors intend to be in\x0d\x0aMoscow to supervise the Atoll year end audit.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aAtoll completed its move from its original location in St. Petersburg\x0d\x0aduring the third quarter of 2007. Atoll has divided its production\x0d\x0aprocesses between St. Petersburg and the region of Kirov. The St.\x0d\x0aPetersburg location will be responsible for highly technological\x0d\x0amanufacturing processes. The Kirov facility will be responsible for the\x0d\x0amanufacture of parts and components that are more labor intensive. The\x0d\x0amove to Kirov is part of the larger plan to put together manufacturing\x0d\x0alines of all companies in which NNRF has investment and thereby gain a\x0d\x0awide variety of operating efficiencies. Senior management, marketing\x0d\x0aand reporting departments of Atoll are now located in Moscow.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aOn December 3, 2007 Atoll appointed Mr. Todd Sinclair, NNRF\x27s Chief\x0d\x0aFinancial Officer, to the Board of Directors of Atoll . Mr. Sinclair\x0d\x0awill work closely with Atoll on ensuring that Atoll\x27s accounting system\x0d\x0ameets US GAAP standards and that quarterly financial results will be\x0d\x0areleased in accordance with SEC requirements. Atoll\x27s Board of\x0d\x0aDirectors has ratified full and transparent reporting in accordance\x0d\x0awith SEC regulations. As a result the Company will be able to include\x0d\x0aits share of Atoll\x27s revenues in our accounts. Mr. Sinclair will join\x0d\x0aMr. Peter Goerke, NNRF\x27s Executive Vice-President, on Atoll\x27s Board of\x0d\x0aDirectors. Mr. Goerke works closely with Atoll operating management on\x0d\x0aadministrative and operating issues and has been instrumental in\x0d\x0aidentifying acquisition targets and negotiating and consummating\x0d\x0atransactions for the Company.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aNNRF and Atoll management will be meeting in the last half of December\x0d\x0ato review the Atoll 2008 order book.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aVelcont and JSC ElectroPrivod\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eDuring the third quarter the Company made its first investment of\x0d\x0a\x24475,000 in Velcont. This represents 4\x25 of the issued and outstanding\x0d\x0astock of Velcont. Under the terms of our Letter of Intent NNRF intends\x0d\x0ato own 24.5\x25 of Velcont.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aVelcont is a manufacturer of parts for the energy, automotive and\x0d\x0aaviation industries in Russia and its 450,000 square foot manufacturing\x0d\x0aplant gives it the capability to become a technological production\x0d\x0acenter in Russia. Recent reports in Russia state that Russia\x27s booming\x0d\x0aauto market is estimated to become Europe\x27s largest car market by 2011.\x0d\x0aAs a major producer in the automotive market, Velcont anticipates\x0d\x0aparticipating in this expanding market. Velcont is located in the\x0d\x0aRussian region of Kirov. There is a large supply of well educated and\x0d\x0askilled workers living in the Kirov region.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aFinal terms and conditions of the JSC ElectroPrivod acquisition will be\x0d\x0anegotiated after NNRF acquires its initial 10\x25 of Velcont. The Company\x0d\x0ais working closely with its investment bankers to secure the financing\x0d\x0aneeded to meet these funding requirements.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aRUAR\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eAs part of NNRF\x27s continuing due diligence, representatives of NNRF\x0d\x0arecently toured Russian manufacturing facilities operating in the\x0d\x0awelding and cutting industries. The potential RUAR investment plan\x0d\x0aincludes funding the acquisition of certain welding and cutting related\x0d\x0acompanies in Russia. Site visits by NNRF staff to these potential\x0d\x0aacquisitions will be part of NNRF\x27s due diligence process. The closing\x0d\x0aof this acquisition must await conclusion of due diligence satisfactory\x0d\x0ato the Company.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aFEECOM\x2fBIECOM\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe Company is currently negotiating the first installation of\x0d\x0aFEECOM\x2fBIECOM in a German based medical facility which has medical\x0d\x0aoperations including computer thermographs and radio pharmaceutical\x0d\x0aequipment. NNRF representatives have met with management of the medical\x0d\x0afacility. The Company has been asked to provide a turn key installation\x0d\x0aof the FEECOM\x2fBIECOM shielding materials.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aFEECOM\x2fBIECOM is produced in Hanover Germany and production quality is\x0d\x0acontrolled by the Fachhochschule Hanover, a technological university\x0d\x0athat has entered into a production agreement with NNRF.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aThe Company plans to purchase new equipment that will increase\x0d\x0aproduction levels and allow NNRF to make various molds of FEECOM\x2fBIECOM\x0d\x0abricks and other forms that will be used by customers.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aDuring the month of December the Company expects to be informed by E.ON\x0d\x0anuclear facility management of their selection of an initial nuclear\x0d\x0apower plant for the test installation of FEECOM\x2fBIECOM. E.ON nuclear\x0d\x0afacility management will be meeting during December to select a German\x0d\x0anuclear power plant for this test installation. E.ON is one of the\x0d\x0alargest generators and suppliers of energy in Europe and is also\x0d\x0ainvolved in Russian generating companies. NNRF expects that the\x0d\x0ainstallation of FEECOM\x2fBIECOM at the selected site will begin in\x0d\x0aJanuary 2008.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aNNRF recently presented its encapsulation and shielding materials at\x0d\x0athe AtomEco 2007 exposition in Moscow. This exposition was hosted by\x0d\x0athe Russian Federal Agency of Nuclear Energy and brought together\x0d\x0aleading suppliers and users of various nuclear technologies in the\x0d\x0afield of nuclear waste management. NNRF was a co-sponsor of the event\x0d\x0aand Dr. Hans-J. Engelmann the company\x27s Head of Shielding and\x0d\x0aEncapsulation gave a presentation of our shielding and encapsulation\x0d\x0amaterials at the exposition.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aThe production and sale of FEECOM\x2fBIECOM in the European Union\x0d\x0arepresents a diversification of product lines of a product owned by the\x0d\x0aCompany and sales outside Russia.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aNuCap\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eDuring October and November the Company worked closely with Dow\x0d\x0aCorning staff in Germany to reproduce NuCap for coating applications\x0d\x0athat are representative of expected future requirements. This product\x0d\x0ahas experienced delays in production and engineering due to issues\x0d\x0arelated to the means, manner and necessary formulation to apply the\x0d\x0asubstance in the field. As a result of these meetings, Dow Corning and\x0d\x0aNNRF scientists have further developed NuCap into a product that can be\x0d\x0aapplied to radiation contaminated surfaces such as walls, floors and\x0d\x0aother contaminated areas. The Company is now working with Dow Corning\x0d\x0aand third party equipment suppliers to specify spraying and tooling\x0d\x0aequipment for NuCap application. These suppliers will include\x0d\x0amanufacturers of remote control applicators.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aNo sales of this product have occurred to date in commercial quantities\x0d\x0aand further engineering is required for this to occur.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aEP\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe Company has recently completed an extensive review of power\x0d\x0aquality issues in Russia. This review included an analysis of the\x0d\x0amarket based on NNRF efforts over the past year. While this review\x0d\x0aconfirmed that power quality is a concern to Russian consumers the\x0d\x0aCompany has determined that the market for residential power quality\x0d\x0aequipment will develop more slowly than originally forecast. The\x0d\x0aCompany will not achieve the projected revenues of \x248.0 MM in 2007 as\x0d\x0apreviously reported.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aThe Company will continue to develop a market for power quality\x0d\x0aproducts and continue its working relationship with its Tatarstan\x0d\x0adealer StroyKomplektInvest \x28SKI\x29. In addition, NNRF will direct\x0d\x0amarketing efforts to identified industrial and commercial applications.\x0d\x0aWhile the Company will continue to work at developing this market at\x0d\x0athis time we are unable to forecast revenues for 2008. This project\x0d\x0awill be handled in a separate profit center under the responsibility of\x0d\x0aits subsidiary OOO Nucon-RUS headed by the General Director of OOO\x0d\x0aNucon-Rus, Mr. Alexander Stepanenko.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aTrumem\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eTrumem is a liquid filtration system that is capable of\x0d\x0adecontaminating radioactive contaminated water as well as other kinds\x0d\x0aof polluted water. Trumem is a porous metallic-ceramic membrane, with a\x0d\x0ahigh-output, long-lasting, inexpensive and compact purification unit\x0d\x0afor all kinds of liquid wastes, including radioactive waste.\x0d\x0aApplications of Trumem include conditioning and cleaning of liquid\x0d\x0aradioactive waste and contaminated water, filtration of toxic liquid\x0d\x0awaste and cleaning of industrial water.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aIn early 2008 the company\x27s Chief Scientist, Professor Dr. Valery\x0d\x0aLebedev, as a co-inventor of Trumem, will focus efforts on defining\x0d\x0adifferent applications and developing specifications necessary to\x0d\x0arespond to requests from potential European customers.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aAtomenergomash\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eAtoll continues to develop its relationship with Atomenergomash\x0d\x0a\x28AEM\x29 through the existing joint venture between Atoll and\x0d\x0aAtomenergomash. AEM is a state producer of parts for nuclear power\x0d\x0aplants and they anticipate investing one billion dollars over the next\x0d\x0atwo years for modernization and widening their portfolio of industrial\x0d\x0aassets. Atoll was recently asked to appoint one of its representatives\x0d\x0aas Chief of Operations of the joint venture. Atoll and AEM will be\x0d\x0aworking together through the joint venture on future opportunities in\x0d\x0athe markets that can be served by Atoll products and engineering\x0d\x0acapabilities.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aEgypt\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aIn October the Company submitted a proposal to the Egyptian\x0d\x0aEnvironmental Agency for the handling and disposal of Egyptian\x0d\x0ahazardous waste. The proposal included a feasibility study and\x0d\x0adevelopment of a strategic plan for waste management issues in Egypt.\x0d\x0aTo date the Company has not received official information on the\x0d\x0adecision by the Egyptian agency to proceed with this proposal\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aSouth Korea\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe Company has been conducting negotiations with Korea Nuclear\x0d\x0aIndustry Co., Ltd. a South Korean company involved in radiation\x0d\x0adecontamination and waste management. Representatives of Korea Nuclear\x0d\x0aIndustry Co. will come to Germany in January for formal meetings and to\x0d\x0anegotiate a formal marketing agreement for NNRF\x27s shielding and\x0d\x0aencapsulation materials in the South Korean region.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aNASD\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe Company, along with its sponsor Newbridge Securities, are\x0d\x0aworking on the NASD comments as part of the process that will enable\x0d\x0athe Company to list on the OTCBB. A prerequisite to listing was the\x0d\x0aeffectiveness of the Company\x27s Form 10SB which occurred on October 5,\x0d\x0a2007.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aRussian Trading System\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eCompany representatives have met with senior staff of the RTS\x0d\x0aseveral times during 2007. The purpose of the meetings was to discuss\x0d\x0athe issues related to a possible dual listing on the RTS. The Company\x0d\x0aintends to have further discussions in 2008 after the internal Russian\x0d\x0alaws and regulations for dual listing of foreign companies are\x0d\x0afinalized and enacted. Valery Zubov, a member of the Company\x27s advisory\x0d\x0aBoard, was recently re-elected as a member of the Russian Parliament,\x0d\x0athe Federal Duma. Mr. Zubov was elected in the Krasnoyarsk Territory as\x0d\x0aa member of the political party Just Russia. Mr. Zubov was instrumental\x0d\x0ain the creation of the Russian Fund market. The Company believes it\x0d\x0awill benefit from his guidance in negotiations with the RTS and Russian\x0d\x0abrokerage houses.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aAt the National Investment Banker\x27s Association convention held in\x0d\x0aNovember the Company sponsored the convention\x27s keynote speaker, Ms.\x0d\x0aElena Avakyan, the Department Head of the Russian Supreme Arbitration\x0d\x0aCourt. NNRF continues to develop working relationships between the RTS\x0d\x0aand the North American investment community.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aThe Company is reviewing the possibility of listing on a major European\x0d\x0aStock Exchange.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aMunich Office\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe Company has relocated from Berlin to Munich. Munich is closer to\x0d\x0athe companies scientific and production partners such as Studsvik, and\x0d\x0asuppliers of raw materials for FEECOM\x2fBIECOM and NuCap. In addition the\x0d\x0amove was made in order to ease travel into Russia and the United States\x0d\x0afrom Europe.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aOther Matters\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eThe Company has no knowledge of the counterfeit printing of Company\x0d\x0ashares. The Company has not replaced its stock transfer agent. Any\x0d\x0astatements regarding counterfeit shares and\x2for replacing the Company\x27s\x0d\x0atransfer are hereby denied.\x3cbr\x3e\x0d\x0a\u00a0\x3cbr\x3e\x0d\x0aAbout NNRF\x3c\x2fp\x3e\x0d\x0a\x3cp\x3eNNRF is a U.S. corporation with executive and operations offices in\x0d\x0aMoscow Russia, Munich Germany and North America. NNRF through its\x0d\x0aRussian based partners offers design and manufacturing of specialized\x0d\x0aproducts for nuclear reactors, nuclear waste management\x3b proprietary\x0d\x0anuclear shielding, decommissioning and decontamination technologies\x3b\x0d\x0aand engineering\x2fdesign services for a range of environmental\x0d\x0achallenges. NNRF\x27s management team has extensive industry and\x0d\x0agovernment service including significant in-house expertise in all\x0d\x0aaspects of radiological protection and radiological waste management.\x3cbr\x3e\x0d\x0a\x3c\x2fp\x3e\x0d\x0a\x3cp\x3e\x3cbr\x3e\x0d\x0a\x3c\x2fp\x3e\x0d\x0a\x0d\x0a\x0d\x0a';