GOOG July option implied volatility is at 40 is below its 26-week average of 36 according to Track Data, suggesting larger price fluctuations.
MA partners with Obopay for mobile payment service
MasterCard announced an agreement with Obopay, Inc. to offer a fully-integrated on-demand person-to-person mobile payment service in the United States. The service, offered via MasterCard MoneySend, will give new and existing MasterCard issuing customers the ability to provide an innovative mobile payments service to their MasterCard cardholders on all credit, debit and prepaid MasterCard-branded products.
AGU coverage reinstated with a Neutral from Outperform@FBCO
Credit Suisse said E-Agrium has run into a few snags and the UAP acquisition benefits will not be apparent until next season. Target $128.
FFIV: Checks suggest Q3 is on track to meet or beat@PACS
Pacific Crest’s checks with resellers indicate FFIV is on track to meet or beat Q3 consensus estimates. The firm believes the company’s fundamentals are improving and raised their target to $38 from $30. Shares remain Outperform rated.
ACI anticipates record earnings in FY08. Slides presentation.
WMT: Estimates and target raised@THNK
ThinkPanmure raised WMT estimates and price target to $72 from $68 citing the company’s reduced capex estimate and increased sales. The firm raised its Q2 EPS estimate to 83c from 81c and 2008 EPS estimate to $3.53 from $3.50. Target to $72 from $68.
AAPL: AT&T subsidy makes competing with iPhone difficult@OPCO
Oppenheimer’s analysis suggests that AT&T (T) is providing a subsidy of $325 to iPhones sold in its stores, about $125 higher than normal for telecom companies. This high subsidy makes competing with iPhone difficult, the firm believes, and they maintained their Outperform rating on Apple, as they are more confident that the company will meet its iPhone goals.
ENER 4.71M share Secondary priced@72.00; mgrs FBCO & UBSW
CMP target raised to $95 from $85, reiterate Buy@DBAB
Deutsche Bank raised their target to reflect the price hike in MOP (muriate of potash), which is driving prices higher for SOP (sulfate of potash). They expect CMP’s earnings to benefit from the latest price increase. :
GOOG display advertising opportunity is ‘very large,’ reiterate Buy@SBSH
Citigroup believes GOOG’s display advertising opportunity is “very large” and estimates that every 1% share gain in the global Display ad market should equate to $200M in incremental 2009 revenue. The firm reiterates a Buy rating and $630 target on GOOG shares.
FST: Maintain Buy following meetings with management@BOFA
Banc of America believes FST is one of the best investment opportunities in the E&P space.
RIMM: Expect upside to the quarter and guidance@BOFA
Banc of America expects RIMM to post upside to the quarter and guidance when it reports on June 25 as carriers continue to market Smartphones. They expect a strong product cycle in the second half of 2008 and reiterate a Buy rating on the stock.
Oil Services Sector upgraded to Attractive from Neutral@GSCO
Goldman upgraded the Oilfield Services Sector citing drilling activity trends and earnings growth. The firm sees more EPS upside to North American names: HAL, HP, NBR.
RDC initiated with a Buy, target $70@JSLC
Jesup & Lamont cites strong international jackup rates and increasing demand for contractors for their Buy rating.
Plains Ex & Prod-PXP and Occidental Petroleum-OXY subsidiary enter agreement
Plains Exploration & Production Company and a subsidiary of Occidental Petroleum Corporation have entered into an agreement with an undisclosed third party to acquire 11,500 acres immediately adjacent to PXP’s existing Piceance Gas Basin assets.
Microsoft to acquire Navic Networks-TechCrunch
TechCrunch reports that Microsoft (MSFT) is slated to acquire Navic Networks, a company that delivers interactive ads across cable TV networks. A source close to the matter said that the purchase price was somewhere between $200M and $300M, though the companies did not comment. Navic was likely attractive to Microsoft as TV represents the majority of advertising spending, and the software giant will need to get into this space if it wants advertising to become a significant source of its revenues.
Brokers: Estimates lowered for LEH and MS, raised for GS@SBSH
Citigroup lowered their estimates for Lehman (LEH) and Morgan Stanley (MS) to reflect the current quarter’s results and challenging fixed income environment, and cut MS’s target price to $65 from $70. However, they raised their estimates for Goldman Sachs (GS) on the company’s better than expected Q2 results.
DNA initiated with a Buy, target $83@DBAB
Deutsche Bank sees limited downside and the potential for significant upside if Avastin works in adjuvant colon cancer.
AAPL coverage assumed with a Buy, target $225@THNK
ThinkPanmure recommends take advantage of recent weakness to build core positions. Target to $225 from $195.
