equity futures are relatively quiet after the release of the monthly jobs reports. The change in non-farm payrolls showed a decline of -62,000 versus an expected decline of -60,000. The change in manufacturing payrolls showed a decline of -33,000 versus an expected decline of -30,000. The unemployment rate is 5.5% The initial jobless claims showed 404,000 versus an expected 385,000. The numbers didn’t cause a knee-jerk reaction in the market, so it will be interesting to see how the data is interpreted after it’s fully digested.

RIG: Estimates raised on Marianas contract@RBCM
RBC Capital raised RIG EPS estimates to reflect the new Transocean Marianas contract with Eni. The firm continues to view shares as undervalued. Shares are Outperform rated. Target $200.

MER estimates lowered on expectation of more writedowns@JPMS
JP Morgan expects MER to report additional write-downs in Q2 due to ABS/CDO and monoline exposure and believes the company will need to raise its credit reserves for its $7.8B gross exposure to monolines. JP Morgan maintains a Neutral rating on MER shares.

Arch Coal-ACI upgraded to Buy from Hold@SBSH
Citigroup upgraded shares on valuation following the recent weakness. Target raised to $86 from $63.

Peabody Energy-BTU upgraded to Buy from Hold@SBSH
Citigroup upgraded shares on valuation following the recent weakness. Target raised to $105 from $69.

YGE announces 10MW sales contract

Yingli Green Energy Holding Company Limited announced that it has entered into a sales contract with Enfinity Management, bvba, a global renewable energy project developer located in Ghent, Belgium. Under the terms of the agreement, Yingli Green Energy is expected to supply 10 MW of PV modules to Enfinity from July 2008 to December 2008.

UBS: Believe writedowns could reach $6.9B in Q2@SBSH
Citigroup believes UBS could writedown an additional $6.9B in Q2 due to the weak financial markets and notes the company still carries $83B of risk exposures that are likely to require further markdowns. Citigroup believes UBS may have to raise more capital. Shares remain Hold rated.

Nasdaq 100 Index-NDX: Pivot Points
The following are the pivot points for the Nasdaq 100 Index (NDX). Pivot High: 1845.490, Pivot Low: 1786.500. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

S&P 500-SPX: Pivot Points
The following are the pivot points for the S&P 500 (SPX). Pivot High: 1276.755, Pivot Low: 1246.285. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Dow Jones Industrials Index-DJX: Pivot Points
The following are the pivot points for the Dow Jones Industrials Index (DJX). Pivot High: 11324.815, Pivot Low: 11105.065. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Jim Cramer’s “Mad Money” from flyonthewall.com

In these tough times, Cramer said its time to start taking profits in the stocks that have gains and start hoarding cash to buy them back later at lower levels. He then returned to his theme for the week: non-economically sensitive stocks that will benefit from this year’s Medicare spending bill. Cramer recommended Pediatrix Medical (PDX) as the next in his series. Pediatrix manages the largest network of neonatal specialists and Neonatal Intensive Care Units (NICU) in the country. The stock is currently just 3 points of its 52-week low, but Cramer said that’s because Wall Street just doesn’t’ understand Pediatrix’s business. While Pediatrix itself will not receive any money from Medicare, Cramer noted it does rely on the Medicare pay rate set for physicians to determine the benchmark it will use to charge for theirs. Cramer also noted the company’s long-term growth prospects as the number of births in the U.S. that will require NICU services is expected to increase.