Cleveland Cliffs-CLF initiated with an Outperform, target $130@FBRC
Friedman Billings believes shares of CLF are attractive as a stand-alone company or even if it successfully acquires ANR.

ImClone-IMCL announces commencement of Phase III IMC-1121B study
ImClone Systems Incorporated announced that the first patient has been treated in a global Phase 3 clinical trial of IMC-1121B, its anti-vascular endothelial growth factor receptor-2 IgG1 monoclonal antibody, in women with metastatic breast cancer.

Intermune-ITMN initiated with a Neutral, target $21@BARD
Baird recommends waiting for positive pirfenidone data expected in January 2009 before becoming more positive on shares.

Optimer Pharm-OPTR initiated with a Neutral, target $11@BARD
Baird recommends waiting for Ph III trial results for OPT-890 in CDI expected in Q4 before becoming more constructive on shares.

SAC Capital Partners lowers stake in Invitrogen-IVGN to 5.3% from 6.9%

Nvidia-NVDA reports Q2 EPS 13c vs. consensus of 12c
Reports Q2 revenue $892.7M vs. consensus of $908.38M.
Nvidia-NVDA increases stock repurchase program by $1B
NVIDIA announced an increase of $1B to its stock repurchase program under which it may now purchase up to $2.7B of its common stock. Through July 27, 2008, NVIDIA has repurchased 68M shares under the stock repurchase program for a total cost of $1.16B.

MercadoLibre-MELI reports Q2 EPS of 10c vs. consensus of 9c
Reports Q2 revenue of $34.5M vs. consensus of $32.24M.

LDK Solar-LDK signs 5-year wafer supply agreement with XL Telecom & Energy
LDK Solar Co., Ltd announced that it has signed a five-year contract to supply multicrystalline solar wafers to India-based XL Telecom & Energy Limited. Under the terms of the agreement, LDK Solar will deliver approximately 300 MW of multicrystalline silicon solar wafers to XL Telecom & Energy Limited over a five-year period, commencing in the first quarter of 2009 and extending through 2013. XL Telecom & Energy Limited will make a down payment representing a portion of the contract value to LDK Solar.

Albermarle-ALB to raise price for Ethanox 330 by 50%
Albemarle Corporation will increase the price of its ETHANOX 330 polymer antioxidant by up to 50 percent worldwide effective on all orders shipped after September 15, 2008, or as contracts and sales agreements allow.

Capital One-COF initiated with an Underperform@FPKI

(Important note on how to use this upgrade/downgrade list with analyst comments and news….you must parse out the factual data (Factual data is the most important) from the opinionated data and always take all analyst comments with a grain of salt. Do not follow blindly with their recommendations. Remember that technicals are the most powerful force in short term direction for stock prices due to the law of supply and demand.)

Fast Money position recap- First moves: Guy likes RTN, Karen likes long PDE, Pete likes CSCO long, Jeff suggests shorting RTH and long WMT.
Macke Owns (WMT), (COST), (MSFT), (UUP), Macke Is Short (TM); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (NUE), (MSFT); Pete Najarian Owns (AAPL), (NVDA), (TSO), (AMLN), (HD); Pete Najarian Owns (CSCO) Calls; Finerman Owns (GS); Finerman’s Firm Owns (GLNG), (JCP), (MSFT), (SUN), (TSO), (VLO); Finerman’s Firm Is Short (WB), (XLF), (BBT), (COF), (IYR), (MDY), (SPY), (IWM), (IJR); Finerman’s Firm Is Short British Pound; Finerman’s Firm And Finerman Own (PDE); Finerman’s Firm And Finerman Own (C) Leaps.

Not a surprising pullback yesterday. Led by the financials, the market is will look to them further today for direction and will also move on oil inventory reports this morning at 10:30 am ET. Looking to short financials, rails but will look for longs if the market stabilizes and starts running. Pick plays with a high probability of success, have focus and patience, run technicals through supply and demand. Great Luck and Happytrading! Come visit us at myhappytrading.com, our new website is amazing!