Breaking News:
SanDisk agreed to buy msystems for $1.55 billion in stock in the latest sign of consolidation in the flash-memory sector. - WSJ
AOL plans an Internet video portal featuring content from both users and cable networks. - WSJ
Two California defense outfits are for sale. Northrop's navigation systems unit could go for up to $1 billion and Wyle Laboratories for under $400 million. - WSJ
Vitamin retailer GNC late Friday said it plans to offer 23.5 million shares at a range of $16-$18 in a bid to raise about $400 million in its upcoming initial public offering. GNC plans to trade under the symbol "GNC" on the New York Stock Exchange. Merrill Lynch, Lehman Brothers and UBS are underwriting the IPO for the retailer. Private equity firm Apollo Management runs a fund that is the principal stockholder of the Pittsburgh company. - MarketWatch
Upgrades/Downgrades by Sector:
Advertising:
- TFSM 24/7 Media Piper Jaffray Upgraded from Market Perform to Outperform $10 to $11
Aluminum Mining:
- CENX Century Aluminum Morgan Stanley Downgraded from Overweight to Underweight
Biotech:
- BTRX Barrier Therapeutics Roth Capital Upgraded from Hold to Buy $10
Business Services:
- CDI CDI Corp Matrix Research Upgraded from Sell to Hold
- VOL Volt Information Sciences Matrix Research Upgraded from Sell to Hold
Computer Hardware:
- AAPL Apple Computer Banc of America Sec Upgraded from Neutral to Buy
- SNDK SanDisk CIBC Wrld Mkts Upgraded from Sector Per to Sector Outper $60
- RNOW Rightnow Tech Robert W. Baird Upgraded from Neutral to Outperform $17
Computer Software:
- INTU Intuit First Analysis Sec Downgraded from Overweight to Equal-Weight
- SPSN Spansion UBS Initiated at Buy $20
- WITS Witness Systems CE Unterberg Towbin Upgraded from Market Perform to Buy $19
Construction:
- EXP Eagle Materials BB&T Capital Mkts Downgraded from Buy to Hold
- INSU Insituform Tech Morgan Joseph Upgraded from Hold to Buy $27
- JEC upgraded to Buy from Neutral, target $93 at Goldman Sachs
Financial:
- SLM SLM Corp Prudential Initiated at Overweight $60
Gaming Operations:
- PENN Penn Natl Gaming Matrix Research Upgraded from Hold to Buy
Healthcare Equipment:
- ME Mariner Energy Goldman Sachs Initiated at Buy
Insurance:
- SFG StanCorp Fin Morgan Stanley Upgraded from Equal-weight to Overweight
- WCG WellCare Group Goldman Sachs Downgraded from Buy to Neutral $53
Manufacturing:
- SPSX Superior Essex UBS Price Target raised Buy $40 to $44
Motor Vehicles:
- LEA Lear Citigroup Upgraded from Sell to Hold
- LEA Lear Credit Suisse Downgraded from Outperform to Neutral $28 to $24
Non-Ferrous Metals Mining:
- PD Phelps Dodge Prudential Upgraded from Underweight to Overweight $60 to $110
Oil and Gas:
- Jefferies Top Picks include HOS, GSF, NE, RIG, and DO;
- Goldman Top Picks include HAL, NOV, DO, SLB, and WFT;
- BBG Bill Barrett Goldman Sachs Downgraded from Buy to Neutral
- CVX Chevron JP Morgan Downgraded from Overweight to Neutral
- RRC Range Resources First Albany Upgraded from Buy to Strong Buy
Publishing:
- PRST Presstek Matrix Research Upgraded from Sell to Hold
Regional Banks:
- VLY Valley National Ryan, Beck & Co Downgraded from Mkt Perform to Underperform $25
REITs:
- EQ Embarq JP Morgan Upgraded from Underweight to Neutral
Retail Trade:
- PSUN Pacific Sunwear BB&T Capital Mkts Downgraded from Buy to Hold
Semiconductors:
- RMBS Rambus BWS Financial Upgraded from Hold to Buy $20 to $22
- SPIL Siliconware Precision Goldman Sachs Upgraded from Neutral to Buy
Steel and Iron Mining:
- CRS Carpenter Tech KeyBanc Capital Mkts Upgraded from Hold to Buy $115
Telecommunications:
- ARRS Arris Matrix Research Upgraded from Buy to Strong Buy
- KVHI KVH Industries Cowen & Co Upgraded from Neutral to Outperform
- NT Nortel Robert W. Baird Downgraded from Outperform to Neutral $3 to $2
Tobacco:
- ITY Imperial Tobacco UBS Downgraded from Buy to Neutral
Utilities:
- AYE Allegheny Energy Credit Suisse Downgraded from Outperform to Neutral $41 to $44
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