Louis Navellier’s Global Growth Update
Louis Navellier’s Global Growth Update is positive on ACL, KOF, EURX, SDTH, and IPCR; cautious on MTL, BVN, ELN, and FMS.

U.S. equity futures continue to point to a higher open
Oil prices continue to move lower and now are down more than $2.50 a barrel. The dollar is rallying in the face of weaker oil prices and corporate earnings are continuing to beat investors expectations. Investors will also be watching for the statements from the Fed this afternoon when the FOMC announces its decision on interest rates. The Fed is expected to hold rates steady at 2.0%. Also due out today is the ISM non-manufacturing index which will be released at 10:00 am ET. Analysts are expecting a reading of 48.7.

Genzyme-GENZ initiated with a Buy, target $90@BOFA
Banc of America expects the company’s therapeutics business to be driven by Myozyme uptake and finds the valuation attractive at current levels.

James River Coal-JRCC reports Q2 EPS (97c) vs. consensus of (30c)
Reports Q2 revenue $137.7M vs. consensus of $156.25M.

Leap Wireless-LEAP reports Q2 EPS (38c) vs. consensus of 3c
Reports Q2 revenue $474.9M vs. consensus $477.57M.

The FOMC Decision on Rates, the US Dollar and Commodities
Although the focus up until yesterday was clearly on Crude, yesterday’s large drop in the CRB index has made it clear that the selling of commodities across the board in every form was severe and has been for several weeks. In the pre-market the dollar is trading toward the peak of its six-month range at the 74 area. It is interesting that the July lows in the equity markets came at a dollar trough while the March lows came at a dollar peak. The rally off the July 15th dollar low has seen a move up of +3.41%. This move in part would account for some of the down moves we have seen in commodities. But the moves in severity suggest something else. The markets are behaving as if a tightening cycle by the Fed has already begun. Today’s meeting is going to be a critical one therefore. If commodity price inflation is going to continue to contract, the Fed will have to give a very clear indication beyond jawboning that a tightening cycle is underway. Oddly, the CME Group Fed Watch shows a very small 7% probability of a +25bps hike today. If the Fed does move now all but the currency and commodity markets, which have already reacted in anticipation of a tightening, will be surprised. The risk now, given the importance of inflation as highlighted by Bernanke in his last speech, is to do nothing and postpone the tightening for another day. If the Fed takes no action, we might well see a reversal in currency and commodity moves of the last three weeks which would put further stress on equity markets. Today promises to be far more volatile than usual. The most extreme market moves come when traders are at the greatest degree of disagreement. Be prepared for extreme price movement today across all asset classes.

China Medical-CMED upgraded to Buy from Hold@BMUR
Brean Murray upgraded CMED following the solid Q1 report. Target $55.

Yingli Green Energy-YGE: Expect solid results to be reported tomorow@CSTI
Collins Stewart believes YGE can deliver a solid quarter as pricing and demand were strong, especially in Spain. Collins reiterates a Buy rating and $30 target.

Wachovia-WB: Maintain Buy rating after meeting with CEO@DBAB
Deutsche Bank was impressed by the sell-side lunch with WB’s new CEO and believes Bob Steel has the exact skills needed for the company over the next 1-2 years. Deutsche maintains a Buy rating and $30 target on WB shares.

Alexion Pharma-ALXN: Positive feedback on Soliris@COWN
Cowen spoke with Soliris patients to gain perspective on the drug. The analyst said patients they spoke with were nearly 100% compliant, and extremely pleased with the life benefits of the drug.