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Here are highlights from Friday's Analyst Blog:

Grey Wolf a Buy Pre-Merger

Grey Wolf, Inc. (NYSE: GW) is the third-largest land driller in the country, with a very capable drilling fleet. The company remains well positioned to weather a slowdown in drilling activity given its strong portfolio of term contracts and a healthy balance sheet.

Grey Wolf's merger with Precision Drilling Trust (NYSE: PDS) will enable the company to take advantage of Precision Drilling Systems high-end drilling rigs as well as high-performance systems and technologies.

Ball Corp. Not Being Dropped

Headquartered in Broomfield, Colorado, Ball Corporation (NYSE: BLL) is a manufacturer of metal and plastic packaging, primarily for beverages and foods. It also supplies aerospace and other technologies and services to government and commercial customers.

Ball Corporation reported 3Q08 EPS of $1.13, up 3.7% year-over-year (y-o-y) due to higher operating earnings in all businesses except plastics, lower administrative and interest expenses, and share repurchases. In the near-term, Ball's earnings should be supported by higher y-o-y selling prices and cost containment efforts.

CEMIG a Short-Term Buy

We are keeping our Buy recommendation on CEMIG SA (NYSE: CIG). The company posted positive results for the third quarter of 2008, and the short-to-medium term outlook still remains promising as demand for electricity in Brazil keeps growing.

At current levels, CEMIG's ADRs are trading at 6.2x our 2008 earnings estimates, well below the industry average. We believe that Brazil's country risk, regulatory uncertainties that are normal in Brazil and the productivity rule that reduces electric tariffs over the time and the current global credit crunch are the reasons for this large discount. Also, the company is a state-owned electric utility, a fact that raises some important concerns.

Wet Seal Not Quite Sticking

The Wet Seal, Inc. (Nasdaq: WTSLA) is a specialty retailer of fashionable and contemporary apparel and accessory items designed for female consumers in the United States.