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Börsipäev 27. detsember

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  • Deutsche Bank upgrades Bed Bath and Beyond (BBBY 36.54) to Buy from Hold as they believe valuation reflects slower growth

    Prudential raises their ests and tgts on CAL, AAI, LCC, JBLU and FRNT

    Prudential raises their ests and tgts on CAL, AAI, LCC, JBLU and FRNT citing the recently adjusted FY06 est for AMR based on fuel price info included in the 4Q05 guidance filing, and the cut in their 2006 fuel price assumption down to $1.81 from $1.95 per gallon. The firm raises their tgt on CAL to $40 from $28, AAI to $25 from $20, LCC to $40 from $35, JBLU to $35 from $28, and has removed their tgt on FRNT. The firm repeats their Overweight rating on AAI, AMR, CAL, and JBLU, believing that the recent strong moves by these shares do still not reflect the full impact of the capacity reductions that have taken place thus far, the fare increases which have already been implemented as well as the likelihood of further domestic ticket price increases.

  • Rev Shark:

    Eyeing Natural Gas Stocks Amidst 2006 Pessimism
    12/27/2005 9:13 AM EST

    Follow effective action with quiet reflection. From the quiet reflection will come even more effective action.

    -- James Levin

    We have a quiet start on tap this morning as market participants continue to bask in the warm glow of good times with family and friends and wonder why we don't have longer holidays. Trading is going to be thin this week, and that means that the action is likely to be very unpredictable. Most big institutions and funds are done for the year, and that means smaller players can push things around if they like.

    There should be some good trading opportunities for the quick and nimble who are inclined to play the game, but this is also a good time to quietly reflect on your performance over the past year and start thinking about what we will do next.

    The one thing I'm hearing consistently from many is that folks are expecting a poor 2006. In fact, I can rarely recall so much pessimism about the upcoming year at this point in time. While we keep hearing from pundits about all the difficulties that lie ahead for the market and the economy, I see this morning that holiday spending rose a very impressive 8.7% over last year and that Internet retail sales are expected to show an increase of a whopping 24%. If the consumer is dying, he isn't going down without a fight.

    The lack of optimism for next year is quite pervasive and that certainly makes me feel better about our prospects overall. Speaking of negativity, many folks, including me, have painful memories of a very week start to 2005. After a similar rally into the end of the year and much optimism that seasonality would carry over into January, we fell off a cliff. Starting off with some hefty losses at the beginning of the year is not something that folks want to repeat. Hence, we seem to have a very high level of caution about what to expect in January 2006.

    We have a lot of reflection and contemplation to do this week as 2005 winds down and we look forward to 2006. Unfortunately, insight and logic are not likely to help us this week, as action is likely to stay very choppy and random. Don't forget, there will be lots of portfolio adjustment this week and much of it isn't very predictable.

    Early action is positive, overseas markets are mostly closed for holidays. Oil is down and gold is perking up again. I'm looking at natural gas stocks for a trade this morning on a weak open.

  • Briefingust:
    Repligen: Color on ORENCIA patent (RGEN) 3.97 +0.78: Before the open Rodman and Renshaw notes on Dec 23, the FDA approved Bristol-Myers Squibb's (BMY) ORENCIA for the treatment of rheumatoid arthritis. The firm mentions last year, a patent, exclusively licensed to Repligen (RGEN) was issued for the "Methods of treating autoimmune disease via CTLA-4Ig". The US patent expires in 2021 and a similar patent remains in force until 2013 in Europe. Firm says it appears that Bristol, who owns the composition of matter patent for CTLA-4Ig, may have to take a license from Repligen in order to enjoy complete freedom to operate. The firm expects either a swift settlement during the next 60 days or a legal battle between the parties. The firm says it is in the best interest of the patent holders, The University of Michigan and the United States Navy, to join Repligen if legal proceedings are warranted.

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