Buy - Price 42.66 on Oct. 3 by Merriman Curhan Ford We are increasing our estimates for 4Q07 and fiscal-year '08, based on higher margin guidance, and believe upside remains on the top line. We continue to find the shares attractive at 24 times our out-year estimate, and believe [they] can trade in the $45 to $50 range, near term. Ciena is a leading [global] supplier of optical-networking and broadband-access infrastructure to telecom, cable and enterprise-networking customers.

Hold - Price 39.74 on Oct. 3 by Sandler O'Neill CBH will be acquired by TD Banknorth in a deal valued at $8.5 billion, or about 42 per share. The deal is structured as 75% stock and 25% cash and is expected to close in 1Q08. The deal value represents multiples of 306% tangible book value, 28 times [last 12 months] earnings per share, and a 14% core deposit premium. When former CEO Vernon Hill left the company in July, we suggested we thought a sale was likely and the deal price was likely to be between 43 and 45. We suspect...it was a bit lower because Commerce was negotiating from a position of weakness (i.e., regulatory issues), and many of the logical buyers were not in a position to consider this acquisition.

Buy - Price 9.39 on Oct. 2 by Needham & Co. We're lowering [our estimates] for CY08 to reflect nonrenewal of a meaningful Hasbro contract and in light of some softness in Europe. Our new CY08 revenue, adjusted Ebitda [earnings before interest, taxes, depreciation and amortization] and adjusted EPS estimates are $86.3 million, $8.6 million and 32 cents, respectively, as compared to $98.1 million, $18 million and 58 cents previously....We're also lowering our 12-month target to 12, from 14, based on 28 times our 33-cent CY09 cash EPS estimate plus $3 per share in projected net cash....We believe GLUU shares largely reflect our new earnings outlook. As such, our new target represents 20% upside from current levels....We remain bullish on the longer-term organic-growth outlook for both the mobile-content sector and Glu specifically -- a leading mobile-game publisher [that] distributes its content primarily through its extensive network of wireless-carrier partners.

Market Outperform - Price 8.18 on Oct. 3 by JMP Securities MFA [a real-estate investment trust] has issued seven million additional common shares at $7.90 and has increased its common dividend to 10 cents for 3Q07, a penny better than our estimate and the previous 2Q07 rate. The latest capital [hike] was motivated by new investment spreads of 90 basis points compared to the 70 bps opportunity indicated in early September. We're also using this opportunity to update our earnings model to reflect our new interest-rate forecast of a total Fed easing of 100 bps, including the initial 50 bps cut made Sept. 18....Our new 2008/2009 GAAP earnings estimates are 90 cents/$1.10, compared with our previous estimates of 75 cents/$1. Raising our target price to 9.50 from 9, indicating updated total-return opportunity of 25% over the next year.

Outperform - Price 18.14 on Oct. 2 by Bear Stearns Reinitiating coverage....We believe the carrier's improved capital structure, lower operating unit costs, continued resizing of its domestic operations and proposed international joint venture offer significant upside. NWA shares trade at 48% and 18% discounts to other U.S. airlines on 2007 [estimated] price/earnings and enterprise value/Ebitda plus rent, respectively....Northwest should continue to realize cost and revenue benefits from its reorganization, providing a tailwind relative to its peers....Our full sum-of-the-parts analysis implies a share value range of $23 to $51. Potential spoilers: The market could take months to absorb the millions of shares remaining to be distributed to creditors. If oil prices stay high and economic growth halts, earnings and the shares could come under pressure.

Outperform - Price 75.25 on Oct. 3 by Cowen & Co. Recent physician checks indicate high satisfaction in efficacy and tolerability of Vyvanse [for attention-deficit/hyperactivity disorder]. It appears most clinicians aren't moving well-controlled Adderall XR patients to Vyvanse but new patient-start commentary for Vyvanse remains favorable. Rarely do we find a firm with [a] new product cycle with extended intellectual-property protection combined with a development pipeline that should provide extended sustainable growth...'06 EPS was $1.71; '07 estimated, $2.05; '08E, $2.75; '09E $3.10.