WALL STREET JOURNAL: The Wall Street Journal reported that an alliance of cable, Internet and chip titans will announce plans to invest $3.2B in a company that will deliver Web access for laptops and cellphones using WiMax. The venture, valued at over $12B, includes Sprint Nextel (S) and Clearwire (CLWR) and will be backed by Comcast (CMCSA), Time Warner Cable (TWC), Intel (INTC) and Google (GOOG)…According to people familiar with the matter, Robert Verrone, one of the most zealous commercial real-estate lenders during the industry’s boom, will leave Wachovia Corp (WB) within the next week…BLOOMBERG: Bloomberg reported that the Department of Justice is probing whether UBS AG (UBS) helped clients evade American taxes. In an e-mailed statement, the firm said one senior bank employee was “briefly detained” by authorities…TECHCRUNCH: According to a rumor, TechCrunch reported that the Yahoo (YHOO) board of directors yesterday authorized Yahoo chairman Roy Bostock, rather than CEO Jerry Yang, to call Microsoft (MSFT) CEO Steve Ballmer about re-starting negotiations…
CEPH: FDA votes against Fentora label expansion; still a Top Pick@FBRC
Fentora sales estimate in 2008 is $161M increasing to $199M in 2012 and the lack of label expansion doesn’t have an impact on solid L-T growth trajectory. FBRC finds the stock to be attractively valued given the company’s solid L-T EPS growth being maintained by Amrix and Treanda. Target price $95 and Outperform rating maintained. :
CSCO: Believe stock will perform in-line with large-cap tech@JMPS
After Cisco reported Q1 results in-line with JMP Securities’ estimates, the firm believes the stock will trade in-line with the market for large cap tech stocks, due to the company’s lack of visibility, according to the firm. JMP Securities maintained their Market Perform rating.
CSCO: Remain buyers of the stock, reiterate Buy@DBAB
Deutsche Bank believes CSCO is at the beginning stages of several major product cycles and reiterates a Buy rating following the company’s Q3 results. Target $30.
CLF: Estimates raised, remains a top metal pick@JPMS
JP Morgan said CLF’s guidance demonstrates the company’s leverage to rising iron ore and met coal prices. The firm views valuation as attractive and said CLF is an increasingly attractive acquisition target for its North American steel customers. Shares are Overweight rated.
STP to supply BIPV solar system in France
SuntechPower Holdings Co., announced it has signed an agreement with Hanau Energies SAS to supply a 4.5MW building integrated PV system to a farm located in Alsace, France. The project will be one of the largest BIPV installations ever built and will employ Suntech’s ‘Just Roof’ modules to form complete weatherproof roofs on five agricultural warehouses on a farm in the Alsace region of France.
