Here is a really interesting post on Sherwin Williams (SHW) and the power of a business’s attitude. I think not enough thought is given to the culture managers create and how the business either benefits or suffers due to that culture and the manager own attitude. It is a great read because it is transferable to any business and really does make you think about the subject.
Another nice job by Jane Genova (it that becoming redundant?)…
Here are the notable from the earnings call on Wednesday regarding the Dow ‘s (DOW) future, the joint Venture Strategy (Asset Light)
Joint Ventures
-Equity earnings (JV’s) for the quarter were up 11% from a year ago to $258 million; -Year-to-date they climbed more than 30% to $532 million.
-Cash contributions from joint ventures were also up significantly in the second quarter compared with a year ago.
-Cash contributions to these joint ventures so far this year have been minimal, as their activities are in fact largely self-funded.
-Given the importance of joint ventures to future strategy, Dow will be providing more detailed information on how they are performing
-Before the end of the third quarter they will issue a white paper offering greater clarity around Dow’s joint venture strategy and more insight to the dynamics that shape equity earnings.
-Dow currently participates in more than 75 joint ventures
-A relatively small proportion of them have significant impact on financial results. -Principal joint ventures include
about a dozen companies and collectively accounted for more than 90% of equity earnings last year
-These joint ventures will be the focus of the upcoming white paper, which they plan to update annually.
-Joint ventures added significantly to the bottom line in Performance Chemicals
Responding to the question, “Andrew, are you pushing the ball forward on doing a MEGlobal type deal in your U.S. basics? Liveris replied, “I remain committed to making it a transformational year in the company. I also remain committed to do the very best for our shareholders so that we don’t just do any deal. And we have been working very hard and doing deals that we fit. MEGlobal is a classic example of a deal that fits. Similarly, some of these projects we have announced I think fit that criteria. And we have a very powerful basics franchise that we’re not just going to monetize with short-term endeavors. We’re going to marry and joint venture because it makes strategic sense and improves the returns and cash flows to our shareholders. As you can see in the transparency that Bob Koort referred to in our JVs, these are tremendously strong cash flow, high-return enterprises we’re setting up, and you ain’t seen nothing yet. And the answer to your question is yes, we are working diligently on the right deal for the right reasons.”
I love it.. “you aint’t seen nothing yet”…
Full transcript may be found at seekingalpha.com
Here are today’s early calls
UPGRADES
Building Materials BLG DA Davidson Neutral » Buy
Natl Instruments NATI Sanders Morris Harris Neutral » Buy
Precision Drilling PDS BMO Capital Markets Underperform » Market Perform
Universal Truckload Services UACL Morgan Keegan Mkt Perform » Outperform
Rackable Systems RACK Caris & Company Below Average » Average
AU Optronics AUO HSBC Securities Neutral » Overweight
FMC Corp FMC Longbow Neutral » Buy
Foundry Ntwks FDRY CE Unterberg Towbin Market Perform » Buy
Dime Community DCOM FTN Midwest Sell » Neutral
AutoZone AZO Kevin Dann Sell » Hold
Foundry Ntwks FDRY Sanders Morris Harris Hold » Buy
Columbia Sportswear COLM Caris & Company Below Average » Average
Oplink Comms OPLK Needham & Co Hold » Buy
Cymer CYMI Needham & Co Hold » Buy
Flow FLOW McAdams,Wright,Ragen Hold » Buy
Aeropostale ARO Citigroup Sell » Hold
McAfee MFE WR Hambrecht Hold » Buy
Grant Prideco GRP Calyon Securities Neutral » Buy
Universal Truckload Services UACL Stifel Nicolaus Hold » Buy
National City NCC Stifel Nicolaus Sell » Hold
Bankunited Fin BKUNA Stifel Nicolaus Hold » Buy
Embarq EQ RBC Capital Mkts Sector Perform » Outperform
Snap-On SNA Matrix Research Hold » Buy
Convergys CVG BMO Capital Markets Underperform » Market Perform
Genesis Microchip GNSS Roth Capital Sell » Hold
Cash America CSH Roth Capital Hold » Buy
Microtune TUNE Roth Capital
Nordstrom JWN Citigroup Hold » Buy
SPX Corp SPW Citigroup Hold » Buy
Gap Inc GPS Citigroup Hold » Buy
Brunswick BC Rochdale Securities Sell » Hold
Old Dominion ODFL Credit Suisse Neutral » Outperform $34
Alaska Air ALK JP Morgan Neutral » Overweight
Penn Natl Gaming PENN Jefferies & Co Hold » Buy
Rightnow Tech RNOW Jefferies & Co Hold » Buy
DOWNGRADES
RadiSys RSYS Merriman Curhan Ford Buy » Neutral
3M MMM Hilliard Lyons Buy » Long-term Buy
QLogic QLGC Caris & Company Above Average » Average
Sierra Wireless SWIR Piper Jaffray Outperform » Market Perform
CTC Media CTCM UBS Neutral » Reduce
Volcom VLCM Piper Jaffray Outperform » Market Perform
Taiwan Semi TSM HSBC Securities Overweight » Neutral
Isilon Systems ISLN AG Edwards Buy » Hold
Cutera CUTR Lazard Capital Buy » Hold
Riverbed Technology RVBD Janco Partners Buy » Mkt Perform
Diomed DIO Roth Capital Buy » Hold
Marvell MRVL Matrix Research Hold » Strong Sell
Darden Restaurants DRI Matrix Research Buy » Hold
AutoNation AN Bear Stearns Outperform » Peer Perform
Here are today’s picks.
Jeff Macke recommended buying Costco (COST),Open $59.09
Pete Najarian likes Myriad Genetics (MYGN). Open $39.43
Guy Adami preferred Dell (DELL) because their PC shipments are up 12% year over year.Open $28.49
Eric Bolling said Goldman Sachs (GS) is a buy, Open $194.77
THURDAY’S RESULTS
Eric Bolling recommended owning MEMC Electronic Materials (WFR) Open $57.76 Close $61.06 Gain $2.30
Guy Adami liked Harley-Davidson (HOG). Open $58.66 Close $57.30 Loss $1.33
Pete Najarian preferred Bristol Myers (BMY) Open $31.59 Close $29.85 Loss $1.74
No stock pick from Jeff Macke.
Records:
Since my tracking began on 6/21 (1-1 means one up pick and one down pick and no results from my vacation week))
Adami= 8-7 Gain $25.67
Bolling= 8-7 Loss $1.88
John Najarian= 13-3 Gain $15.54
Macke= 15-8 Gain $6.01
Pete Najarian=4-3 Gain $18.41
Seymore= 1-1 Gain $.01
Finerman= 1-2 Gain $.68
Same drill, homebuilders, financials and mortgage companies get whacked. Even though it is not on the list, assume yours may be near it.
WWE World Wrestling Entmt Inc
WMG Warner Music Group Corp
WLK Westlake Chem Corp
WFMI Whole Foods Market Inc
UTSI Utstarcom Inc
USG USG Corporation
SPF Standard Pacific Corp
SPC Spectrum Brands Inc
PNY Piedmont Natural Gas
PNRA Panera Bread Co
PEET Peets Coffee & Tea Inc
PAG Penske Automotive Grp Inc
ODP Office Depot, Inc
MYL Mylan Laboratories Inc
MOT Motorola, Inc
LZB La-Z-Boy Incorporated
KKD Krispy Kreme Doughnut
JNY Jones Apparel Group, Inc
HSY Hershey Foods Corporation
DTG Dollar Thrifty Automotive
C Citigroup, Inc
BX Blackstone Group L P
BSX Boston Scientific Cor
BSR Bear Stearns Cos Inc
Here is a great post that talks about WalMart’s (WMT) clothing issues. You can read it here
Here are today’s picks
TODAY’S PICKS
Eric Bolling recommended owning MEMC Electronic Materials (WFR) Open $57.76
Guy Adami liked Harley-Davidson (HOG). Open $58.66
Pete Najarian preferred Bristol Myers (BMY) Open $31.59
No stock pick from Jeff Macke.
WEDNESDAY’S RESULTS
Vodafone (VOD) down over 3% today represented a buying opportunity, Guy Adami says. Open $32.09 Close $32.32 Gain $.13
Pete Najarian liked Teva Pharmaceuticals (TEVA) Open $43.44 Close $43.29 Loss $.15
Jeff Macke reiterated that Costco (COST)is a buy. Open $60.15 Close $60.30 Gain $.15
Records:
Since my tracking began on 6/21 (1-1 means one up pick and one down pick and no results from my vacation week))
Adami= 8-6 Gain $27
Bolling= 7-7 Loss $4.18
John Najarian= 13-3 Gain $15.54
Macke= 15-8 Gain $6.01
Pete Najarian=4-2 Gain $20.29
Seymore= 1-1 Gain $.01
Finerman= 1-2 Gain $.68
Here are todays calls.
UPGRADES
AtheroGenics AGIX Needham & Co Underperform » Hold
VASCO Data Security VDSI Lazard Capital Sell » Hold
Human Genome HGSI Lazard Capital Sell » Hold
PC-TEL PCTI B. Riley & Co Neutral » Buy
CyberSource CYBS Wedbush Morgan Hold » Buy
Convergys CVG Wedbush Morgan Sell » Hold
Vignette VIGN Roth Capital Hold » Buy
LHC Group LHCG Stifel Nicolaus Hold » Buy
Amerigroup AGP Stifel Nicolaus Hold » Buy
Aaron Rents RNT Merriman Curhan Ford Neutral » Buy
Baidu.com BIDU Citigroup Hold » Buy
DOWNGRADES
Exelixis EXEL Stanford Research Buy » Hold
Business Objects BOBJ Wedbush Morgan Strong Buy » Buy
Mattson MTSN Am Tech/JSA Research Buy » Sell
F5 Networks FFIV Janco Partners Buy » Accumulate
Southwest Air LUV Matrix Research Strong Buy » Buy
Actuant ATU Matrix Research Strong Buy » Buy
Advantest ATE Matrix Research Hold » Strong Sell
Lincare LNCR Stifel Nicolaus Buy » Hold
Newport NEWP Needham & Co Buy » Hold
Covenant Transport CVTI Wachovia Outperform » Mkt Perform
Akamai Tech AKAM Jefferies & Co Buy » Hold
Akamai Tech AKAM Credit Suisse Outperform » Neutral
Akamai Tech AKAM Merriman Curhan Ford Buy » Neutral
It what perhaps could be the toughest operating environment in over a decade for Dow Chemical (DOW), management did a brilliant job with company and the results were earnings growth in what was expected to be a flat or declining quarter (especially after DuPont’s (DD) recent earnings release).
Highlights
— Sales for the quarter set a new Company record, rising 6 percent from
the same period last year to exceed $13 billion for the first time in
Dow’s history.
— Earnings were $1.07 per share, up from $1.05 per share last year.
— Equity earnings for the quarter increased to $258 million, up 11
percent from 2006.
— Solid cash flow in the quarter supported investment in organic growth
and acquisitions, as well as $400 million in share repurchases.
— Purchased feedstock and energy costs surged by almost $700 million
compared with the first three months of the year – the highest ever
sequential increase. Year over year, costs increased by more than $550
million.
— Strong volume increases in Asia Pacific, Latin America and most
operating segments in Europe offset continued weakness in the North
American housing and automotive sectors.
How many businesses could experience a record increase in input costs of almost a billion dollars and still produce a year over year increase in earnings? A key factor was the Joint Venture strategy Dow has embarked on that to date in 2007 has produced 11% year over year earning growth. As new ventures are announced monthly, shareholders have to be excited about their potential.
Said CEO Andrew Liveris, “We have a very clear strategy, with well-defined priorities, which we are executing with discipline to deliver strong financial results for the Company.”
“During the quarter, our global strength, diverse business portfolio, focus on price/volume management and commitment to joint ventures combined to overcome an unprecedented rise in feedstock and energy costs.
“In addition, we continued to invest in exciting new joint ventures, such as the recently announced Dow Crystalsev project in Brazil, in our Performance businesses with acquisitions like Wolff Walsrode, and in strong organic growth programs – implementing a strategy that can deliver a consistent earnings growth profile through the years ahead.”
I had been expecting earning a small decline in earnings and Dow being able to pull of an increase is just fantastic new. Here is some math. Currently 50% of Dow input cost are the raw material costs that are skyrocketing. Many of the recently announced venture will be in areas that will enable Dow to obtain feedstock at less than a third of their current costs. If we translate that to their current structure, that means Dow will recognize those costs going from 50% to around 20% for most of it’s major product lines. These are cost savings that will drop directly to the bottom line as Dow sells in global markets so their end selling price will not be affected. Theoretically, this means Dow could be looking at 30% eps growth just from cost savings alone. The fact that eps from the current ventures grew 11% while non-JV earnings grew 1.5% in the recent quarter only serve to back up this assertion.
Dow transition to a JV models will have a compounding effect as high cost revenues are replaced with dramatically lower ones, compounding their eps effect.
Commenting on the Company’s outlook, Liveris said, “We expect global GDP to remain healthy, as the U.S. economy stabilizes and growth around the world continues to be strong.
“We anticipate solid demand through the third quarter, although Agricultural Sciences is likely to see a typical seasonal decline. Feedstock and energy costs are expected to remain relatively high and volatile through this quarter. Our performance through the first half of the year reinforces our view that our strategy is working and that we will continue to deliver strong results for the Company and for its shareholders.”
So far so good…
You own a business that is suffering declining store traffic for consecutive quarters. Your business is being challenged by competitors that offer a quality product at a fraction of the price you charge for yours. What do you do? If you are Starbucks (SBUX) you raise prices and make the affordability gap between you and your competitors even greater? Please tell me how this make sense.
Starbucks recently announced that meeting estimates for the upcoming quarter “would be a challenge” due to higher milk and coffee prices. Now, if they were serving more people each day, this decrease in margins would be offset by the additional transactions. What this warning tells me is they are still facing stagnant or declining store traffic in addition to decreasing margins. Can anyone explain how making your product less affordable will solve this store traffic issue?
I mean, Mcdonalds (MCD) and Dunkin Donuts both serve milk and coffee so we must assume they are facing the same cost pressures, right. It would be foolish to assume only Starbucks is facing these issues. Today McDonald released results and revenue came in 12% higher at more than $6 billion, while sales at restaurants open for more than a year were up 7.4%. They also met expectations of 71 cents a share profit from operations, 26% higher than last year and Starbucks admits they are struggling . How did McDonald’s do it? They sell a quality product at affordable prices, novel. Said CEO Jim Skinner “In the U.S., we are aggressively going after the $60 billion beverage industry with the focus on coffee. We added credibility in this arena now with lots of premium coffee last March. Today, premium coffee sales are up 20%. This credibility gave us brand elasticity to expand further into specialty beverages. Currently, we are testing a wider range of offerings including hot and cold drip coffee beverages an espresso-based coffee and ice beverages. We are encouraged by the preliminary results. Including these specialty offerings, total coffee sales are up more than 30%.”
I have been pounding this point since January, Starbucks is at the peak of what they can charge for a cup of coffee. Increasing those prices will lead to further decreases in store traffic and with Starbucks now relying on more ancillary sales to customers for revenues and profits, decreased visits now have a compounding negative effect on the bottom line.
I also fully understand the hard core Starbucks “aficionados” will continue to visit Starbucks no matter what type of home equity loan becomes required to purchase a latte, it is the casual customer who is walking away in hoards and the numbers continue to back up this assertion. Goldman Sachs (GS) analyst Steven Kron said today that higher prices could reduce store traffic given the state of the consumer, media coverage and increasing competition in the coffee space. Not could Steve, will.
The only way for Starbucks to reverse this decline is to get more people into their stores. Once there they will buy more muffins, sandwiches, CD, toaster ovens, and SUV’s or whatever else they sell there now. Raising prices will not accomplish this. If the consumer is becoming more cost conscious and recent retail sales report would support this than one must assume discretionary items like a cup of coffee will be one of the first items they will pinch pennies on.
I also recognize that it is only 9 cents on some drinks (ones in cups?), but we live in a appearance is reality world out there and the last thing people want to hear nowadays are the words “price increase”. It is a turn off and the extra revenue they may get per cup is more than offset by the negative sentiment they are creating.
I have asked this question repeatedly and have yet received a decent answer. Why should I pay $5 for a cup of coffee when I can get the same thing for $2 other places and not have the DMV like “wait in line” experience?
Answer? I shouldn’t and apparently increasingly other folks are not either.
About 4:15 yesterday my blackberry started buzzing as the end of the day emails came pouring in. They contained the words “tumbles”, “plummets”, “free fall” and other dramatic phrases. My initial reaction in seeing them was to think the market collapsed and there was blood running in the street. After reading the details of a 226 point drop in the Dow Jones Average, my reaction was “are you kidding me?”.
Gang, 200 points stopped being a big deal a real long time ago and a whole lot of perspective is needed here. Look at it this way, if you owned a $140 stock and it dropped $2.26 today, would you panic? That is exactly what the Dow did. A piddly little $2 drop. Now, you might be slightly annoyed at the $2 drop but if anyone ever asked you how your stock did today would you say it “plummeted” or “collapsed” ? Me either.
We need to stop looking at the number gain and loss for the Dow and start focusing on it’s percentage gain or loss. As we climb higher and higher, not only are 200 point swings either up and own more insignificant, but mathematically, they are more likely. Both these scenarios diminish the importance of the event. It also stands to reason that as we climb towards 15,000 and then 20,000 (FYI, 20,000 is only 35% higher than today) not only should we expect more 200 point swings but we should logically expect the occasional 300 point swing to appear.
Again, this is really no big deal. It does makes for a snappy little headline though and those who live off inducing market panic for news purposes will start using colorful adjectives to describe these days. I mean, “Dow Plummets 226 Points” will attract more readers than “Dow Slips 1.6%”, right?
Stop looking at the points and start following the percentages, it will save you some unnecessary angst.
Here are today’s picks and yesterday’s results. It seem the gang is getting a little skittish..
Wednesday’s Picks
Vodafone (VOD) down over 3% today represents a buying opportunity, Guy Adami says. Open $32.09
Pete Najarian liked Teva Pharmaceuticals (TEVA) Open $43.44
Jeff Macke reiterated that Costco (COST)is a buy. Open $60.15
Tuesday’s Results
Jeff Macke liked Microsoft (MSFT).Open $31.19 Close $30.80 Loss $.39
Pete Najarian preferred Sterlite Industries India Limited (SLT). Open $17.97 Close $17.07 Loss $.97
Guy Adami recommended American Express (AXP).Open $64.66 Close $61.17 Loss $3.49
Eric Bolling said keep an eye on Google (GOOG) Open $512.51 Close $514 Gain $1.49 and recommended owning IBM (IBM) Open $116.38 Close $116.17 Loss $.21
Records:
Since my tracking began on 6/21 (1-1 means one up pick and one down pick and no results from my vacation week))
Adami= 7-6 Gain $26.87
Bolling= 7-7 Loss $4.18
John Najarian= 13-3 Gain $15.54
Macke= 14-8 Gain $5.86
Pete Najarian=4-1 Gain $20.44
Seymore= 1-1 Gain $.01
Finerman= 1-2 Gain $.68
Here is the late Tuesday and early Wednesday action
UPGRADES
Hain Celestial HAIN UBS Neutral » Buy
Payless Shoe PSS KeyBanc Capital Mkts / McDonald Buy » Aggressive Buy
Countrywide CFC Keefe Bruyette Underperform » Mkt Perform
Alaska Comms ALSK Lehman Brothers Underweight » Equal-weight
Amazon.com AMZN Lehman Brothers Underweight » Equal-weight
Amazon.com AMZN Bear Stearns Underperform » Peer Perform
Seabright Insurance Holdings SEAB Friedman Billings Mkt Perform » Outperform
Amazon.com AMZN RBC Capital Mkts Sector Perform » Outperform
Amazon.com AMZN JP Morgan Underweight » Neutral
Total System TSS JMP Securities Mkt Perform » Mkt Outperform
Ultra Clean Holdings UCTT Needham & Co Hold » Buy
Ultra Clean Holdings UCTT Stanford Research Hold » Buy
Telus TU RBC Capital Mkts Sector Perform » Outperform
Amylin Pharms AMLN Stanford Research Hold » Buy
Sonoco Products SON Matrix Research Buy » Strong Buy
Commercial Metals CMC Matrix Research Buy » Strong Buy
Ceragon CRNT Morgan Joseph Hold » Buy
Rightnow Tech RNOW Credit Suisse Neutral » Outperform
Wachovia WB Citigroup Hold » Buy
DOWNGRADES
Radian Group RDN Friedman Billings Outperform » Mkt Perform
MGIC Investment MTG Friedman Billings Outperform » Mkt Perform
PMI Group PMI Friedman Billings Outperform » Mkt Perform
Spectrum Pharma SPPI Friedman Billings Outperform » Mkt Perform
Skechers USA SKX First Albany Buy » Neutral
Inter Parfums IPAR Oppenheimer Buy » Neutral
Overseas Shipholding OSG Banc of America Sec Buy » Neutral
Weight Watchers WTW Lehman Brothers Equal-weight » Underweight
Nutrisystem NTRI Lehman Brothers Overweight » Equal-weight
Countrywide CFC Friedman Billings Mkt Perform » Underperform
Sterling Financial STSA Punk, Ziegel & Co Accumulate » Mkt Perform
Tellabs TLAB Kaufman Bros Buy » Hold
Astec Industries ASTE Janco Partners Accumulate » Mkt Perform
Netflix NFLX Cowen & Co Outperform » Neutral
Neoware Systems NWRE BMO Capital Markets Outperform » Market Perform
Cumulus Media CMLS BMO Capital Markets Outperform » Market Perform
TASER TASR Feltl & Co. Buy » Hold
San Juan Basin Royalty SJT AG Edwards Buy » Hold
DuPont DD BB&T Capital Mkts Buy » Hold
Netflix NFLX Needham & Co Buy » Hold
American Express AXP Friedman Billings Outperform » Mkt Perform
Canadian Natl Rail CNI Stifel Nicolaus Buy » Hold
Here are today’s 52 weeks lows. If you own a regional bank, homebuilder or mortgage company, even though they are not here, assume they also hit a new low. I am sick of putting them here everyday.
USG Corporation
TZOO Travelzoo Inc
TRB Tribune Company
TRMP Trump Entertainment
TBL The Timberland Company
SMRT Stein Mart Inc
PSA Public Storage, Inc
NFLX Netflix, Inc
MSO Martha Stewart Living
LZB La-Z-Boy Incorporated
JRC Journal Register Co
JNY Jones Apparel Group
GCI Gannett Co.
FIG Fortress Investment
FBN Furniture Brands
CFC Countrywide Financial
CC Circuit City Stores
BGP Borders Group, Inc
Here is the late Monday and early Tuesday calls..
UPGRADES
Rightnow Tech RNOW Credit Suisse Neutral » Outperform
Wachovia WB Citigroup Hold » Buy
Lee Enterprises LEE Wachovia Underperform » Mkt Perform
Xcel Energy XEL Lehman Brothers Underweight » Equal-weigh
Expedia EXPE Soleil Sell » Hold
Chemtura CEM KeyBanc Capital Mkts / McDonald Underweight » Hold
Forest Labs FRX Pacific Growth Equities Neutral » Buy
Illumina ILMN Pacific Growth Equities Neutral » Buy
Eagle Rock Energy EROC RBC Capital Mkts Sector Perform » Outperform
Jack In The Box JBX Wedbush Morgan Hold » Buy
TiVo TIVO Kaufman Bros Hold » Buy
Navteq NVT UBS Neutral » Buy
Satyam Computer SAY Stifel Nicolaus Hold » Buy
Progressive PGR Stifel Nicolaus Sell » Hold
Fifth Third FITB Stifel Nicolaus Sell » Hold
Knoll KNL Matrix Research Buy » Strong Buy
Stoneridge SRI KeyBanc Capital Mkts / McDonald Hold » Buy
DOWNGRADES
Parametric PMTC Jefferies & Co Buy » Hold
Turkcell TKC Bear Stearns Outperform » Peer Perform
Netflix NFLX Cantor Fitzgerald Buy » Hold
Lifepoint Hospitals LPNT CIBC Wrld Mkts Sector Outperform » Sector Perform
Chesapeake Energy CHK Fortis Bank Buy » Hold
Astec Industries ASTE BB&T Capital Mkts Buy » Hold
Dexcom DXCM First Albany Buy » Neutral
Canadian Natl Rail CNI Citigroup Buy » Hold
Cumulus Media CMLS Barrington Research Mkt Perform » Underperform
TASER TASR Merriman Curhan Ford Buy » Neutral
Wachovia WB Punk, Ziegel & Co Buy » Mkt Perform
Labor Ready LRW Davenport Buy » Neutral
Nucryst Pharma NCST Sun Trust Rbsn Humphrey Buy » Neutral
Open Text OTEX Canaccord Adams Hold » Sell
Netflix NFLX Cantor Fitzgerald Buy » Hold
Netflix NFLX Jefferies & Co Buy » Hold
Cephalon CEPH Am Tech/JSA Research Buy » Neutral
Transocean RIG Deutsche Securities Buy » Hold