Outperform/Above-Average Risk - Price 17.90 on June 24 by RBC Capital AGNC manages a leveraged portfolio of low- credit-risk agency mortgage-backed securities, generating income via the spread between asset yield and the cost of borrowings. Spreads on new investments are at the upper end of the historical range, at over 3%. Since AGNC recently completed its $286 million net equity raise, we expect capital deployment near these levels will produce very attractive [return on equity] in the mid-20% range. Risk: AGNC uses repo borrowings to leverage returns on investments, which also exposes the company to the risk of margin calls from lending counterparties.

Outperform - Price 40 on June 24 by Barrington Research Our estimates call for revenue of $24.5 million in 2Q, ended June 30, up 51.5% from last year's $16.2 million; net income of $2.7 million, up 35% from last year's $2 million; and diluted EPS of 15 cents, down 6.3% from 16 cents a year ago on 51% more shares outstanding. APEI's growth strategy includes expand[ing] its core military market (management expects to double market share [within] five years), improving retention rates and expanding into public service/civilian markets. Market cap: $751 million.

Market Outperform - Price 40.24 on June 24 by JMP Securities [We note] some softness in site traffic in June as interest-rate volatility subsides, offset by continued strength in the [certificate of deposit/money-market] channel....We expect the 15% to 20% price increase for CD/MM rate tables to add about $2 million to revenues in 2008, offsetting the weakness in mortgages. RATE trades at 11 times 2008 enterprise value/earnings before interest, taxes, depreciation and amortization...in line with the comparable group's 10.9 times....[this] strong business model is expected to generate 25%-plus organic growth in '08. Market cap: $747 million.

Long-Term Buy - Price 36.95 on June 23 by Hilliard Lyons Ohio-based DDR owns and manages more than 740 retail operating and development properties in 45 states, Puerto Rico, Brazil, Canada and Russia. We've rais[ed] our rating...from Neutral, due to a share-price decline [of] 37.8% from a 52-week high. We're maintaining our '08 and '09 [funds-from-operations]-per-share estimates of $3.97 and $4.20. Target: 42. Market cap: $4.46 billion.

Underperform - Price 17.97 on June 23 by Raymond James HLS announced an underwriting agreement regarding issuance and sale of 8.8 million shares of common...to JPMorgan Securities...HLS [must] use 25% of net proceeds ...to repay borrowings under its term loan facility[and] intends to retire approximately $30.3 million of 10.750% senior subordinated notes due Oct. 1...The transaction...deleverages the balance sheet and is [more than] 5 cents accretive. Market cap: $1.4 billion.

Buy - Price 34.75 on June 23 by Broadpoint Capital CFO Greg Schafer resigned June 17 and will [depart] by Dec. 15...incrementally positive news for the stock (not a reflection on Schafer's ability), because we believe that it makes sense for new CEO Tony Coles to pick his own team....The most important piece of news, near term, [will be] announcement of Q208 Nexavar sales [for treating certain liver- and kidney-cancer patients] around July 30...We expect Nexavar sales will be significantly higher than most Street project[ions] and expect Onyx management will adjust its guidance for Nexavar sales for the year upward. Our 48 target appl[ies] a 30 times forward price/earnings multiple to our 2010 fully diluted EPS of $2.25. Market cap: $1.9 billion.

Sell - Price 19.14 on June 23 by Zacks Research Werner hauls general commodities in interstate and intrastate commerce. With 8,250 trucks and 24,855 trailers as of [end-2007], WERN serves 48 U.S. states, some points in Mexico, and ten Canadian provinces. We're reducing our recommendation to Sell from Hold, lowering our [six-month] target to 17, and cutting our 2008 diluted EPS estimate to 80 cents, from 87 cents, reflecting higher estimated fuel costs now that oil is trading around $140 per barrel. Our 2009 EPS estimate remains $1.07. We expect WERN's trucking operations to continue to be hurt by the weak U.S. economy.... WERN's 1Q EPS of 12 cents [was] down 43% [y/o/y] due to soaring fuel costs and higher insurance and maintenance expense from severe winter weather. We believe the dividend is safe. Market cap: $1.3 billion.