New Meters Will Provide Consumers Powerful New Tool to Better Understand and Manage Electric Usage in Near Real-Time

Thursday, April 23, 2009, 9 a.m. Central Time

Meters Will Provide Consumers Powerful New Tool to Better Understand and Manage Electric Usage

Facility Provides Liquidity for Gas Receivables

News Platinum Underwriters Holdings Ltd. (NYSE:PTP) NYSE common stock achieved our target price on 19 December 2008. The increase in price reflects improvement in global financial markets coupled with the company’s strong fundamentals and consistent performance. Moreover, on 19 December 2008, S&P revised the company’s outlook from stable to positive. Therefore, we maintain our current [...]

News Corporation’s (News Corp) 1Q 09 revenues reported modest y-o-y growth, but were marginally below our estimate and declined sequentially, due to poor performances from key segments. Earnings declined significantly led by the higher cost of operations and a decline in equity earnings from affiliates. Margins are expected to contract in FY 2009 as operating [...]

News Corporation’s (News Corp) 1Q 09 revenues reported modest y-o-y growth, but were marginally below our estimate and declined sequentially, due to poor performances from key segments. Earnings declined significantly led by the higher cost of operations and a decline in equity earnings from affiliates. Margins are expected to contract in FY 2009 as operating [...]

Investors like to know what to expect, but earnings surprises are always a good thing.

CenterPoint Energy, Inc. (CNP)

Q3 FY08 Earnings Call

Complete Story »

Highlighted stocks include Archer Daniels Midland (ADM), Duke Energy (DUK), MBIA (MBI) and Sunoco (SUN) Important note: Keep your focus on the trends in estimates, not on the actual projections! An estimate in motion tends to stay in motion. Earnings estimates are dropping rapidly, and nearly across the board. This is particularly true for 2009 estimates[More...]

Filed under: Analyst reports, Analyst initiations, ImClone Systems (IMCL)

MOST NOTEWORTHY: The North American Pipeline sector, Aeropostale and ImClone were today's noteworthy initiations:

• BMO Capital initiated the North American Pipeline sector with a Market Perform rating. El Paso Corp (NYSE:EP), Williams Companies (NYSE:WMB) and Spectra Energy (NYSE:SE) were initiated with Outperform ratings and CenterPoint Energy (NYSE:CNP) and AGL Resources (NYSE:ATG) ATG were assumed with Market Perform ratings.
  
• Friedman Billings believes Aeropostale (NYSE:ARO) has an impressive back-to-school floorset and that momentum should carry into the fall. Additionally, the firm, which initiated shares with an Outperform rating and $38 target, expects the company to buyback shares.
  
• Thomas Weisel believes ImClone (NASDAQ:IMCL) is attractively valued as Erbitux is positioned to capitalize on a number of label-expanding opportunities and that concerns of KRAS-related revenue loss in colorectal cancer and the clinical utility of FLEX lung cancer data are overstated. Shares were assumed with an Overweight rating and $50 target.

OTHER INITIATIONS:

• JMP Securities initiated Website Pros. inc. (NASDAQ:WWWW) and GSI Commerce (NASDAQ:GSIC) with Outperform ratings and target of $12 and $19, respectively.
  
• McAfee (NYSE:MFE) was assumed at Baird with an Outperform rating and $44 target.

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UPGRADES
Midas MDS CL King Neutral » Strong Buy
WellCare Group WCG Stifel Nicolaus Sell » Hold
Highwoods Prop HIW Stifel Nicolaus Hold » Buy
Brookfield Pptys BPO Stifel Nicolaus Hold » Buy
U.S. Steel X Longbow Neutral » Buy
Cheesecake Factory CAKE Sun Trust Rbsn Humphrey Neutral » Buy
Atlas Pipeline APL Wachovia Mkt Perform » Outperform
LodgeNet LNET Soleil Hold » Buy
Sprint Nextel S Soleil Sell » Hold
Citigroup C Punk, Ziegel & Co Sell » Mkt Perform
Anaren Microwave ANEN Needham & Co Hold » Buy
WellCare Group WCG Jefferies & Co Hold » Buy
PrivateBancorp PVTB JP Morgan Neutral » Overweight
Tuesday Morning TUES Piper Jaffray Market Perform » Outperform
Beacon Power BCON Merriman Curhan Ford Sell » Buy
CenterPoint CNP Jefferies & Co Hold » Buy
Accuride ACW UBS Sell » Neutral
Gerdau AmeriSteel GNA CIBC Wrld Mkts Sector Perform » Sector Outperform
West Pharm WST UBS Neutral » Buy
Nalco NLC UBS Sell » Neutral
Vectren VVC Citigroup Hold » Buy
Gulfmark Offshore GLF Jefferies & Co Hold » Buy
PharmaNet Devlpmt PDGI Jefferies & Co Hold » Buy
Zumiez ZUMZ McAdams,Wright,Ragen Hold » Buy

DOWNGRADES
Comverse Tech CMVT Friedman Billings Outperform » Mkt Perform
Cambrex CBM Longbow Buy » Neutral
Novacea NOVC Bear Stearns Outperform » Underperform
Credit Suisse CS Bear Stearns Outperform » Peer Perform
AMEDISYS AMED Wachovia Outperform » Mkt Perform
Legg Mason LM Wachovia Mkt Perform » Underperform
Nelnet NNI Credit Suisse Outperform » Neutral
PetroChina PTR Bear Stearns Peer Perform » Underperform
Valeant Pharmaceuticals VRX Bear Stearns Peer Perform » Underperform
Bluelinx BXC Sun Trust Rbsn Humphrey Buy » Neutral
ACA Capital ACA Credit Suisse Neutral » Underperform
Dynamic Materials BOOM Broadpoint Capital Buy » Neutral
Oil States OIS Calyon Securities Buy » Neutral
Camden Property CPT Banc of America Sec Buy » Neutral
ATP Oil & Gas ATPG RBC Capital Mkts Sector Perform » Underperform
Duke Realty DRE UBS Buy » Neutral
Merrill Lynch MER Lehman Brothers Overweight » Equal-weight
Bear Stearns BSC Lehman Brothers Overweight » Equal-weight
Eli Lilly LLY HSBC Securities Neutral » Underweight
Zoran ZRAN Merriman Curhan Ford Buy » Neutral
Lowe's LOW Deutsche Securities Buy » Hold
Home Depot HD Deutsche Securities Buy » Hold
Vertex Pharm VRTX Rodman & Renshaw Mkt Outperform » Mkt Perform

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UPGRADES

Supertex SUPX Oppenheimer Neutral » Buy
Garmin GRMN AmTech Research Sell » Neutral
Vishay VSH AmTech Research Neutral » Buy
Powerwave PWAV Needham & Co Hold » Buy
Capital Senior CSU Stifel Nicolaus Hold » Buy
NovaGold Resources NG Citigroup Hold » Buy
Novatel Wireless NVTL CIBC Wrld Mkts Sector Perform » Sector Outperform
Valero Energy VLO Citigroup Hold » Buy
Sunoco SUN Citigroup Hold » Buy
American Reprographics ARP Sun Trust Rbsn Humphrey Neutral » Buy
Lehman Brothers LEH Credit Suisse Neutral » Outperform
CenterPoint CNP Credit Suisse Neutral » Outperform

DOWNGRADES

Smithfield Foods SFD BB&T Capital Mkts Buy » Hold
Hibbett Sporting HIBB Wedbush Morgan Strong Buy » Buy
Drew Industries DW Ferris Baker Watts Buy » Neutral
Aeropostale ARO Caris & Company Above Average » Average
Verifone PAY Morgan Keegan Outperform » Mkt Perform
Visual Sciences VSCN Needham & Co Buy » Hold
Senior Housing SNH Stifel Nicolaus Buy » Hold
Capital One COF Stifel Nicolaus Buy » Hold
CIT Group CIT Stifel Nicolaus Buy » Hold
AmeriCredit ACF Stifel Nicolaus Buy » Hold
US Cellular USM Citigroup Hold » Sell
Ceragon CRNT Morgan Joseph Buy » Hold
Sovereign Banc SOV Friedman Billings Outperform » Underperform
ASE Test ASTSF Friedman Billings Outperform » Mkt Perform
Rudolph Tech RTEC Friedman Billings Outperform » Mkt Perform
KLA-Tencor KLAC Friedman Billings Outperform » Mkt Perform
ASML Holding ASML Friedman Billings Outperform » Mkt Perform
Occidental Petro OXY Friedman Billings Mkt Perform » Underperform
Hess HES Friedman Billings Outperform » Mkt Perform
Merrill Lynch MER Credit Suisse Outperform » Neutral
Procter & Gamble PG Sun Trust Rbsn Humphrey Buy » Neutra

Here are the calls

UPGRADES

Flowserve FLS RBC Capital Mkts Sector Perform » Outperform
Taiwan Semi TSM UBS Neutral » Buy
NN Inc NNBR BB&T Capital Mkts Hold » Buy
Clear Channel Outdoor CCO Bear Stearns Peer Perform » Outperform
JB Hunt Trans JBHT Wachovia Mkt Perform » Outperform
Lamar Advertising LAMR Bear Stearns Peer Perform » Outperform
Melco PBL Entertainment MPEL Citigroup Hold » Buy
CenterPoint CNP Citigroup Hold » Buy
Agrium AGU CIBC Wrld Mkts Sector Perform » Sector Outperform
Orbitz OWW Soleil Hold » Buy
Sharper Image SHRP BMO Capital Markets Underperform » Market Perform
Autodesk ADSK Bear Stearns Peer Perform » Outperform
SAP AG SAP JP Morgan Underweight » Overweight
Blockbuster BBI JP Morgan Neutral » Overweight
CACI Intl CAI JP Morgan Underweight » Overweight
Home Depot HD UBS Sell » Neutral
Abercrombie ANF Friedman Billings Mkt Perform » Outperform
Nice Systems NICE Friedman Billings Mkt Perform » Outperform
Kohl's KSS Deutsche Securities Hold » Buy
Countrywide CFC Banc of America Sec Sell » Neutral



DOWNGRADES

Gerdau AmeriSteel GNA Soleil Buy » Hold
McGraw-Hill MHP JP Morgan Overweight » Neutral
Wild Oats Mkts OATS Bear Stearns Outperform » Peer Perform
WNS WNS JP Morgan Overweight » Neutral
Huaneng Power HNP Citigroup Buy » Sell
SL Green Rlty SLG UBS Buy » Neutral
Boston Prpts BXP UBS Buy » Neutral
Darden Restaurants DRI Bear Stearns Outperform » Peer Perform
ChoicePoint CPS Sun Trust Rbsn Humphrey Neutral » Reduce
Curtiss-Wright CW CIBC Wrld Mkts Sector Outperform » Sector Perform

Companies featured in this segment: Entergy Corporation (NYSE:ETR), Siemens (NYSE:SI) Westinghouse steam turbines and three General Electric (NYSE:GE), Alstom (EPA:ALO), CenterPoint Energy Incorporated (NYSE:CNP), Entergy Corporation (NYSE:ETR), American Electric Power Company (NYSE:AEP), MannKind Corporation (NASDAQ:MNKD), Eli Lilly & Company (NYSE:LLY), Novo Nordisk (NYSE:NVO), Pfizer Incorporated (NYSE:PFE), Chicago Bridge & Iron (NYSE:CBI), Total S.A. (NYSE:TOT), GDF Suez SA (EPA:GSZ), Kansai Electric Power Corporation (TYO:9503), Kyushu Electric Power Corporation (TYO:9508), Abbott Laboratories (NYSE:ABT), UBS Investment Bank (NYSE:UBS)

Second Quarter 2008 Earnings Conference Call

First Quarter 2008 Earnings Conference Call

Fourth Quarter and Full Year 2007 Earnings Conference Call

Third Quarter 2007 Earnings Conference Call