Rigel Pharma-RIGL is in late-stage partnership negotiations@OPCO
Oppenheimer believes that Rigel is in late-stage negotiations about partnering on its R788 treatment with several companies. The firm expects Rigel to achieve favorable terms on the deal.
Macau Gaming: China may enact further visa limits to Macau@LEHM
According to Lusa News Agency reports, the Chinese government may restrict visas to Macau in order to reduce visits from Mainland China to once every six months from once every two months. Lehman said the government wants to moderate visitation growth and gaming revenues, which could impact estimates.
Oil Services & Equipment: Recommend increasing exposure to the group@BOFA
Banc of America finds the group’s risk/reward favorable. Their top picks are Halliburton (HAL) and National Oilwell Varco (NOV).
Caterpillar-CAT: Channel checks suggest China is on plan@SBSH
Citigroup’s checks suggest that CAT’s largest dealer in China is still on plan for August despite the slowdown in that country. The firm remains comfortable with their above consensus estimates and maintains a Buy rating.
Forest Oil-FST: Reiterate Buy following Buffalo Wallow acquisition@BOFA
Banc of America believes the deal will add to FST’s proven reserves. :
Apple-AAPL: See two potential catalysts for second half of 2008@PIPR
Piper believes AAPL’s back-to-School promotion running through 9/15 and a likely special event in early September to announce new iPods and redesigned Mac portables could provide positive catalysts for the stock. The firm reiterates a Buy rating on AAPL shares.
Broker estimates lowered given the challenging market environment@WBLR
William Blair lowered Goldman Sachs’ (GS) Q3 estimate to $2.80 from $5.00 and FY09 estimate to $18 from $20 to reflect the challenging market environment over the past few months. The firm also lowered Morgan Stanley’s (MS) Q3 estimate to 86c from $1.27 and FY09 estimate to $5.25 from $6.10.
Amylin Pharma-AMLN: Believe Street overreacted to pancreatitis update@PIPR
Piper points out AMLN maintains that the rate of pancreatitis, the rate of necrotizing pancreatitis and the rate of mortality associated with pancreatitis in Byetta-treated patients is less than the rate seen for Type 2 diabetics, suggesting that Byetta is not increasing pancreatitis or worsening outcomes with pancreatitis. Piper continues to believe exenatide once weekly (QW) will be approved without significant delays related to pancreatitis.
MA coverage transferred with a Buy from Neutral@GSCO
Target to $275 from $300.
Myriad Genetics-MYGN will review and consider strategic alternatives
In determining the future course for Myriad, management will do a comprehensive review and consider a variety of strategic alternatives, including but not limited to a possible corporate restructuring which would separate the molecular diagnostic business from the pharmaceutical business as independent operating entities. To assist the Board in considering and evaluating these alternatives, the Company has engaged the investment banking firm of JP Morgan. JP Morgan and the Company’s management will be reporting their analyses to the Board of Directors at the fall Board meetings and, of course, the Board will be responsible for determining the most appropriate strategy to move the Company forward in this new era of profitability.
Memc Electronic Mat-WFR initiated with a Buy, target $70@LYON
Fast money position recap: Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (AAPL) And Is Short (AAPL) Calls; Najarian Owns (CSCO) Call Spread, (SNDK) Call Spread, (ZMH) Call Spread; Macke Owns (MSFT), (UUP), (WMT), (COST), (DIS), (ATVID); Finerman Owns (GS); Finerman’s Firm And Finerman Own (GLNG); Finerman’s Firm And Finerman Own (C) Leaps; Finerman’s Firm Owns (MSFT), (SUN), (TSO), (VLO), (VCLK); Finerman’s Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY), (BBT), (COF).
