Hold - Price 19.93 on Nov. 5 by McAdams Wright & Ragen Avista is involved in production, transmission and distribution of energy. It reported Q3 earnings per share of 13 cents, versus a consensus of eight cents, reflecting generally favorable weather and a gain on income-tax settlements. Management reduced midpoint '08 guidance to $1.40 from $1.45, noting the hydro conditions in Q3 were favorable, but not enough to make up for shortfalls earlier in the year. Rate[-increase] cases are making progress. ... Another dividend increase seems likely in '09. ... We may consider an upgrade if AVA again approach[es] its October lows, given the decent Q3 earnings. Market cap: $1 billion.

Outperform/Speculative Risk - Price 11.87 on Nov. 1 by Baird Securities Target: 20. CPHD plans to acquire Stretton Scientific, a U.K. distributor, for £1.2 million cash. ... We think this underscores CPHD's comfort with its balance-sheet position. We believe CPHD differentiates itself [from] competitors with GeneXpert, which we believe is the only fully integrated, easy-to-use [forensic] DNA testing system. ... It has successfully demonstrated its ability to produce fast and reliable test results outside a lab...five million-plus anthrax tests have been performed without any false positive results. Market cap: $682.5 million.

Hold - Price 25.73 on Nov. 5 by Sterne, Agee & Leach FST reported 3Q08 diluted operating earnings per share of $1.29, versus 82 cents in 3Q07. Our estimate was $1.51 per share; the First Call consensus was $1.38, in a range of $1.16 to $1.70. Our Hold rating and 12-month target of $40 are reiterated. The target equates to 8.8, 2.8 and five times our 2008 estimates of EPS, earnings before interest, taxes, depreciation and amortization, and enterprise value/Ebitda, respectively. The stock now sells at 5.7, 1.8 and four times our '08 EPS, Ebitda and EV/Ebitda estimates, versus 8.9, 2.5 and 3.7 times the group averages, respectively. Total production volumes increased 2.4% year-over-year, 3% sequentially. Realized prices were $9.91 per [thousand cubic feet of natural-gas equivalent], versus $6.52 year-over-year. ...Costs appear well controlled. Market cap: $2 billion.

Market Outperform - Price 17.77 on Nov. 3 by Avondale Partners GEO, which privatizes correctional facilities, reported 3Q08 results in line with top-line expectations and one cent ahead on bottom-line. It reported revenues of $251.9 million, versus our model of $252.2 million and its guidance of $247 million to $253 million. Pro forma EPS of 34 cents was one cent ahead of our estimate. Our channel checks, which cover about 75% of GEO's inmate populations, projected there would be an increase of approximately 600 inmates versus our 343 model; actual was 228. We believe the primary difference relative to our checks is GEO Care populations. Market cap: $929 million.

Sell - Price 32.48 on Nov. 4 by Zacks Research Six-month target: 25. [Electronics and wiring firm] Hubbell reported third-quarter 2008 results that exceeded both top- and bottom-line expectations.... The shares dropped sharply in September, but [then] stabilized. We...think there could be further downside, given recessionary macroeconomic trends and the positive correlation between Hubbell's growth and growth of gross domestic product. Additionally, both residential and nonresidential construction activity appears to be slowing and could worsen in 2009. Hence our downgrade. Market cap: $1.9 billion.

Underperform - Price 11.59 on Nov. 5 by Wachovia Securities The demographics of IRC's portfolio are 15% to 25% above peer average, yet we expect earnings growth will lag the peers due to growth in nonrecoverable operating expenses that should restrain internal growth....Reported Q3 [funds from operations] per share were 36 cents, one cent below our expectation, due to a slight decline in same-store [net operating income], down 0.2%. Consolidated financial occupancy declined 150 basis points on a same-store basis from 3Q07. Our concern is IREX [a joint venture] is acquiring assets away from Inland's core retail competency. Market cap: $767 million.

Hold - Price 18.39 on Nov. 5 by Wedbush Morgan JKHY provides banks with core and complementary solutions for data processing and information technology. We continue to believe that an experienced management team, high recurring revenue and a loyal customer base will carry JKHY through...2009. However, given our lower expectations and recent share outperformance (minus 8% versus minus 22% for Nasdaq since Sept. 12), we believe upside for shares is limited. Q1 EPS of 26 cents was in line with our expectation and a penny below the consensus estimate. Target: 19. Market cap: $1.5 billion.

Market Perform/Underperform Bias - Price 22.77 on Nov. 3 by First Global KLAC reported weak numbers for Q1FY09, due to ongoing macroeconomic uncertainty, capex reduction, declining demand and limited access to financing...management has provided a weak, guarded outlook, and expects new orders to be flat sequentially, followed by a decline of 19% to 23% sequentially in revenues, bringing an EPS range of 30 to 34 cents for Q2 [of fiscal-year] '09. ...KLAC could benefit significantly from its recent acquisitions in the long run [if well-executed, but] expect bookings, revenues and margins to decline near term. Market cap: $3.84 billion.