Outperform -- Price 30.75 on Dec. 19 by Baird Securities Maintaining Outperform/36 target on this diversified industrial company. 1Q08 earnings per share were solidly above consensus, and organic growth was slightly ahead of our (and management's) expectations ... we anticipate modest upward revisions to our FY08 estimates. Market-cap: $1.9 billion.

Buy -- Price 9.18 on Dec. 19 by Morgan Joseph ALVR announced another WiMAX deal ... demonstrating it's an established contender in the global mobile-WiMAX market.... Based on quarterly-earnings power of 15 cents, which ALVR could derive in "09, and 25 times earnings multiple [annualized], we target 15. Market-cap: $570 million.

Buy -- Price 40 on Dec. 19 by Signal Hill APEI provides online programs focused on military and public-service communities.... Although the shares could prove volatile ... as the model evolves to serve a larger percentage of civilian students, we believe [in] the fundamental strength of the value proposition ... Like Capella, APEI trades better than 30 times our CY09 estimate of $1.33 ... Our CY10 EPS estimate [is] $1.86, suggesting upside of 40% in next 12 months. Market-cap: $707 million.

Hold -- Price 20.10 on Dec. 19 by Kevin Dann & Partners KMX reported fiscal 3Q08 EPS of 14 cents, versus 21 cents the prior year. CarMax Auto Finance is being negatively affected by unstable credit markets, making it harder for the company to profitably fund receivables through the asset-backed commercial-paper market ... CAF's 3Q08 gain on loans originated and sold declined to 3.6%, versus 4.3% the prior year. Market-cap: $4.38 billion.

Buy -- Price 6.82 on Dec. 19 by Merriman Curhan Ford Durect announced positive Phase 2a results for Eladur for ... post-herpetic neuralgia, demonstrating pain control over three days, versus 12 hours for Endo Pharmaceuticals' Lidoderm lidocaine patch. In light of these results -- and the potential for a significant licensing announcement -- we believe investors should continue to aggressively accumulate DRRX [shares] at these levels. Market-cap: $475 million.

Buy -- Price 208.48 on Dec. 19 by Sandler O'Neill Target: 265. 4Q07 EPS of $7.01 exceeded our $7 and consensus estimate, $6.61... . [Perhaps] some investors were less than impressed with the earnings mix... . But any revenue beat (and 35% return on equity) in such a challenging quarter should be viewed favorably. We believe GS is the best-positioned investment bank to capitalize on growth opportunities ... even in less-than-ideal markets. Market-cap: $91.5 billion.

Sell -- Price 49.84 on Dec. 19 by Punk Ziegel & Co. MS reported F4Q loss of $3.61 a share, ten times greater than projected ... and a reversal of F3Q profit. Earnings estimates for fiscal 2008 and 2009 are being adjusted [to] ... $6.93 and $7.97, respectively [versus] prior estimates, $7.06 and $6.97 per share, respectively. MS reported negative revenues for 4Q and its first quarterly loss in MS history. The negative numbers were the result of a $9.4 billion set of charges and mark-downs in the quarter. It is apparent that the company had a complete breakdown in its risk-management procedures and of its management oversight in its fixed-income division. Market-cap: $49.8 billion.

Outperform/Aggressive Risk -- Price 32.66 on Dec. 19 by Barrington Research Perrigo expects to begin shipping 20-milligram Omeprazole delayed-release tablets (store-brand equivalent to Prilosec OTC) during the calendar 1Q08 or during its fiscal 3Q. Initial annualized sales of the product are expected to be $150 million to $200 million ... We believe PRGO shares can trade at a price/earnings multiple of 25 times, due to PRGO's accelerating growth rate and robust pipeline. New target 42, from 35. Market-cap: $3.09 billion.