Oil trading losses push SemGroup into bankruptcy-Reuters
Oil trading losses forced SemGroup LP, which used to be America’s 12th largest private company, to declare bankruptcy yesterday. The company bought short crude futures positions, and was badly hurt when oil prices rose sharply. SemGroup LP’s parent company is SemGroup Energy Partners L.P. (SGLP).

Memc Electronic Mat-WFR: View risk/reward as favorable at current levels@AMTR
American Technology believes downside is limited at current levels with consensus estimates below guidance and the valuation depressed. Firm notes WFR reports after the close today.

Yahoo-YHOO: Company’s growth lags behind its peers, maintain Hold@GABE
After Yahoo reported that its Q2 EPS fell year-over-year, Gabelli notes that the company is growing more slowly than Google (GOOG) and Microsoft’s (MSFT) online division. However, the firm thinks that a deal with Microsoft could raise Yahoo’s value.

VMware-VMW: Expect shares to bottom in low $30’s, maintain Neutral@COWN

U.S. equity futures continue to be strong as crude oil falls
U.S. stock futures this morning continue to hold their gains as oil futures drop. The Department of Energy is scheduled to release its inventory data at 10:35 am ET. The survey is calling for a crude inventory draw-down of 600,000, a gasoline build-up of 200,000, and a distillate build-up of 2.5M. Before the oil data, crude continued its slide, losing $1.92 to $126.50 a barrel. Gold futures were also sharply down and the U.S. dollar rose against the yen, indicators of a rising risk appetite. The S&P 500 futures rose 8.30 points to 1,282 and the Nasdaq 100 futures jumped 12.8 points to 1,836. Dow industrial futures were up 46 points to 11,610.

Regions Financial-RF: Balance sheet to be impacted by NIM compression N-T@FBRC
FBRC decreased their 2008/09 EPS significantly with their price target reduced to $10 from $11. The firm does not believe there will be any positive catalysts in the future until there is an improve or stabilization in credit in the southeastern part of the country. Earnings are expected to be impacted negatively by continued credit deterioration, while in the N-T, share price appreciation will be limited. Reiterate Underperform rating.

Illumina-ILMN target raised to $125 from $108, reiterate Buy@DBAB
Deutsche Bank raised their target following the upside in the quarter and expects the stock to trade up 5%-10% today on the increased guidance.

Peabody Energy-BTU believes tight global supplies, strong demand to continue

BB&T-BBT says pension plan buys 2.45M shares of stock for approx $52.9M

Urban Outfitters-URBN: Due to strong business trends, buy on weakness@FBRC
FBRC believes positive catalysts for the stock will be comp data point on 8/7 and earnings call on 8/14. The firm has maintained their $38 target price and FY08/FY09 EPS estimates, which they believe are conservative, and also believes there is room for gross margin and ongoing SG&A improvement. Outperform rating. :

Baidu.com gains market share in China over Google-Dow Jones
According to research firm Analysys International, Baidu.com (BIDU) expanded its market share lead over Google (GOOG) in China during Q2.

AT&T says 3G iPhone sales double vs. prior launch after just 12 days.

Biogen Idec-BIIB target raised to $78 from $74, reiterate Buy@BOFA
Banc of America raised their estimates following the upside in the quarter and found the Tysabri results encouraging.

U.S. Educational Services upgraded to Positive from Neutral@LEHM

PNC Financial-PNC upgraded to Buy from Neutral@GSCO
Target to $80 from $72.

Wyeth-WYE reports Q2 EPS 91c vs. consensus of 87c
Reports Q2 revenue $5.9B vs. consensus of $5.69B. ales of Effexor also increased in the second quarter due primarily to price increases. ZOSYN(R) sales also increased in the quarter. These increases in net revenue were offset, in part, by declining Protonix sales due to ongoing generic competition.
Wyeth-WYE raises FY08 EPS $3.47-$3.55 vs.