From Barron's 6-18-07: Hold - Price 21.72 on June 13 by Wedbush Morgan The recent scrapbooking reset has been completed and is receiving good customer response...company is testing a new digital-scrapbooking area. Market cap: $440 million. Near-term potential negatives include continued softness in yarn...[sales, general and administrative costs], cannibalization from backfilling existing markets, and investment costs to implement strategic initiatives. Our 21 target assumes ACMR should trade at 1 time our projected long-term earnings-growth-rate of 20%, or 20 times our 2008 earnings per share estimate of $1.03...based upon its longer-term strong organic growth potential in the profitable arts-and-crafts industry.

From Barron's 6-18-07: Buy/Aggressive - Price 49.65 on June 12 by A.G. Edwards We recently met with Anadarko's Rockies VP, Jim Kleckner, and a number of [other] personnel, focusing on the Greater Natural Buttes/Uinta Basin, Wattenberg/DJ Basin, Powder River Basin/Wyoming coal-bed methane areas and Rockies transportation and pricing...Based on the successful restructuring (asset sales and debt reduction) of APC, multiple operational and financial catalysts, and a still-depressed asset valuation, we are raising our price objective...APC is currently trading at 6.1 times 2007 estimated EV-Ebitda [enterprise value/earnings before interest, taxes, depreciation and amortization], 5.5 times 2008E, or roughly a 4% premium to the group, but at only 100% of year-end '07 projected net asset value of $50.28, or 30% below the peer group average. In addition, APC's YE07 proved reserves are trading at...a 26% discount to the group. Our revised price objective of $58 [raised from 52] is based on reaching 6.7 times 2007 EV/Ebitda and 115% of NAV, well within historical ranges of 4.5 to 7.5 times and 80% to 150%.

From Barron's 6-18-07: Outperform - Price 43.30 on June 11 by R.W. Baird Announced departure of current CEO, [which] while surprising, was part of orderly internal transition process...CSL maintains relatively stronger pricing power than other diversified industrials (particularly in roofing). Pricing actions have essentially offset higher materials costs. Management goal of 10% operating margin in primary businesses appears achievable...Despite ongoing capital-expansion initiatives, we expect FCF [free cash flow] to expand in '07, providing support for increased acquisition activity and/or financial de-leveraging. A new tire-and wheel facility in China should bring $60 million of outsourced product back in-house, [and] 50 new tire [types] are in development at that plant, which should benefit '08 sales...Our 53 target is based on a 15 times multiple applied to our 2008 EPS estimate, the average forward P/E [price/earnings ratio] accorded the shares since 1995.

From Barron's 6-18-07: Buy - Price 8.16 on June 12 by Merriman Curhan Ford & Co. COLY announced the acquisition of clinical and late preclinical-stage compounds from 3M Pharmaceuticals [recently].Drivers that we believe can provide potential upside for investors in the next year include data from Pfizer's two Phase III clinical trials of PF-3512676 for non-small cell lung cancer, an increased clinical commitment by Pfizer for Coley's compound (PF-3512676) in new cancer indications, and advancement of preclinical drug compounds...Reiterate Buy. In our view, Coley should provide additional upside for investors because of a strong partnered late-stage clinical oncology program, a strengthened pipeline, and potential revenue generation. Data from Pfizer's non-small-cell lung cancer Phase III clinical trials can be expected in late 2007 or early 2008. Market cap: $218 million. Risks: In the biotechnology space, there is always a risk that other companies or universities may have filed or been granted patents [for] technologies similar to [those] used by Coley. Note: there have been patent disputes between Coley and Dynavax.

From Barron's 6-18-07: Buy - Price 7.34 on June 13 by Lazard Capital Markets We recently hosted a site visit with FCEL management at the Sheraton Hotel & Towers in New York, where one of the company's Direct Fuel Cell units is installed. The DFC unit has been in operation two-plus years and provides about 10% of the hotel's electricity needs...the unit's waste-heat is used for the hotel's hot-water requirements. We are reaffirming our thesis that the company is in a position to receive the largest order in its history, related to Connecticut's Project 100...Bookings prospects in other key markets also remain strong and the company recently received...orders in South Korea.

From Barron's 6-18-07: Buy - Price 28.70 on June 13 by Sandler O'Neill & Partners With 15.9% market share of exchange-listed equity-options volume traded worldwide last year, we believe IBKR is well-positioned to take advantage of the strong secular growth in option volumes. From 2001-'06, the compound annual growth rate from global options was 18%, while U.S. options grew 20.9%, and exchange-traded derivatives grew 34%. This growth has accelerated over the past two years. Penny-pricing, while a risk, is also a potential positive for volume. In January, the Securities and Exchange Commission began a pilot program to trade options on 13 securities in reduced increments. Initial results from the pilot appear to show that volume increases outweigh declines in profitability for market makers. But the SEC has not [yet] decided whether to extend or expand the pilot. While [an] expanded pilot might have negative implications for IBKR's trading profitability, tighter spreads might also lead to volume growth that offsets any effect on trading gains ...We expect IBKR to earn $1.32 per share in 2007 and $1.58 in 2008. Our $32 price target is based on a 20 times multiple of our 2008 EPS projection. We justify this multiple based on our projection for 19.7% earnings growth in 2008 and a P/E to growth ratio of 1 time.

From Barron's 6-18-07: Outperform - Price 35.12 on June 13 by Pacific Crest At [recent] analyst day in New York City, CEO Dave DeWalt articulated a bullish plan targeting new opportunities and further operational efficiencies. Overall, it reinforced our thesis that McAfee will continue to gain market share in its consumer and corporate businesses as well as improve operating margin. We believe that DeWalt and new senior level executives are working to streamline McAfee and drive further operational efficiencies in its various business segments. In our view, this should lead to expansion of operating margin in 2008 beyond our 25.8% forecast. The company said it will likely have its internal options review completed...by the end of June. While full financials are not likely to be filed until late Q3... our fundamental outlook is unchanged. Our price target of $43 is based on 23 times our 2008 EPS estimate of $1.85. Market and macroeconomic condition could interfere with this price target, [yet]...McAfee is benefiting from the sector's ongoing strength. The company has eliminated its underperforming and nonstrategic Sniffer, Magic and NAI Labs business units and is focusing on its core competency.

From Barron's 6-18-07: Buy - Price 7.95 on June 12 by Pacific Growth Equities NeurogesX's topical capsaicin patch and follow-on, high-dose capsaicin liquid formulation have the potential, in our opinion, to become the standard of care for the treatment of [several types of pain, such as pain from post-herpetic neuralgia, HIV digital-sensory neuropathy and diabetic neuropathy]...While there are no publicly disclosed plans at this time for studies in these settings, we do not believe these opportunities should be ignored when considering NGSX...we estimate NGSX has sufficient cash to late 2008 (without European partnership) and into mid-'09...the emerging role of topical treatments in the very large osteoarthritis and back-pain markets could tip the economics in favor of a global transaction. We project NGSX should achieve product sales in the U.S. in 2012 of $287 million and royalties from European sales of $14 million. Based upon 18 times and 7 times multiples of our fiscal-year $14 million and $287 million royalty and sales estimates or 30 times our FY12 $6.28/share EPS estimate, and 30% discount rate, we put the potential fair value of NGSX at approximately 49 to 52 per share.