They point out that WYNN’s Las Vegas were in-line while Macau was much better than expected. The firm maintains an Overweight rating on WYNN shares.
Wynn Resorts-WYNN: Preannounces Q2 results, maintain Positive@SUSQ
Susquehanna said Macau EBITDA beat their estimate by nearly 25% while Las Vegas fell short by 11%. The firm said Las Vegas trends are not a surprise and is encouraged by the results. Target lowered to $93 from $143.
Retail: June comps weak but better than expected; prefer HOTT, TLB, PSUN@FBRC
The firm values these turnaround names and recommends the stocks as L-T buys with quite attractive risk/reward. FBRC selected ARO, URBN and GYMB as they expect these companies to exceed 2Q08 estimates. There were some weak spots, particularly AEO.
Semis: Checks suggest Q3 orders tracking down 5%-10%@SBSH
Citigroup’s checks indicate that orders are tracking down 5%-10% quarter over quarter and that Samsung has significantly downsized 2H:08 orders. The firm took down estimates, downgraded AMAT to Hold, removed KLAC for their Top Picks Live List, and lowered LRCX’s target to $36 from $47 and NVLS’s target to $21 from $24.
ELN initiated with a Sell, target $18@BMUR
Brean Murray initiated ELN with a Sell citing concerns with the clinical development bapineuzumab, which they believe will fail in Ph III trials, and full valuation.
FNM: See no change in fundamentals despite sell-off@PIPR
Piper believes there has not been one significant piece of macroeconomic or company specific news on FNM or FRE to drive the recent weakness. The firm thinks FNM will likely not need new capital unless credit losses rise to over 40 bps, which would be about triple current levels. They maintain a Neutral rating on the stock.
FSLR initiated with a Buy, target $350@CRIS
Caris points to the company’s revenue growth from the expansion of thin film solar technology and technology leadership for their Buy rating.
SPWR initiated with an Above Average, target $80@CRIS
Caris expects the company to post strong revenue growth.
WFR initiated with an Above Average, target $60@CRIS
Caris believes the company has a strong pipeline of business for solar opportunities.
MA to be added to S&P 100; GM deleted as of 7/17 close
General Motors will continue to be a member of the S&P 500.
MA to be added to S&P 500; ACE deleted as of 7/17 close
ACE is in the process of changing its place of incorporation to Switzerland, thus rendering it ineligible for inclusion in the S&P U.S. indices.
AAPL: Initial impressions of iPhone 2.0 software are positive@AMTR
After installing an early release version of iPhone 2.0 software, Am Tech believes the new software makes the iPhone more useful and highly customized. The firm believes Apple is one of the best positioned companies and they think it can rise to $220.
Jim Cramer’s “Mad Money”
Cramer again reiterated his belief that the healthcare sector is the place to be given the current market conditions. He expects big money managers to flock to the historically recession-proof stocks and advised investors to get in ahead of the rotation. Cramer recommended Hospira (HSP) as his next investment idea in the group.
