From Barron's 7-23-07: Market Outperform - Price 13.68 on July 16 by Rodman & Renshaw Market cap: $504.4 million. "ACAD announced that Allergan will commence an exploratory Phase I clinical study with a small-molecule drug candidate for glaucoma treatment, [trigger[ing] an undisclosed milestone payment to Acadia...The compound emanates from a discovery made at Acadia... clear validation of ACAD's drug-discovery approach. Reiterate Market Outperform; 19 target."

From Barron's 7-23-07: Buy - Price 11.44 on July 17 by Maxim Group "[ANSW has announced its] intention to acquire Lexico Publishing [owner of Web properties Dictionary.com, Thesaurus.com and Reference.com], for $100 million in cash...reiterate Buy and 18 price target....We view the market's negative reaction to the announced acquisition as understandable, given the proposed transaction multiple (about 34 times Ebitda, or earnings before interest, taxes, depreciation and amortization) and risks associated with the planned financing. However...we believe the strategic rationale for the acquisition outweighs these hurdles...[The transaction] is scheduled to close in fall '07. With only $9 million in cash on its balance sheet as of March 31, Answers plans to raise additional capital through a secondary offering and expects the proposed deal to be Ebitda-accretive in '08. [The purchase price] could be perceived as rich, but we note that it's in line with recent Internet-space transactions."

From Barron's 7-23-07: Market Perform - Price 24.91 on July 18 by Friedman Billings Ramsey "IHOP [International House of Pancakes] announced plans to acquire Applebee's for 25.50 per share in a $2.1 billion transaction. This indicates a modestly lower buyout multiple for Applebee's of 9.6 times, relative to the recent average for larger public restaurant company buyouts of 10 times-11 times. Although IHOP is a "strategic" buyer, there are few synergies involved in the transaction, so most of the changes that IHOP plans to make could be done by Applebee's or a private-equity buyer...[but] we think another buyer is unlikely to emerge. We are lowering our price target to 25.50 from 27 to reflect the announced deal price...and reiterate Market Perform."

From Barron's 7-23-07: Sell - Price 16.42 on July 17 by Zacks Equity Research "Target price 14. Risk level: above average. BLDR continues to struggle due to headwinds facing the housing industry [that] will persist into 2008...We think BLDR is a strong operator that should continue to take market share, but its strong business model will not be able to overcome the overall weakness in the housing industry. We'd avoid the shares until [they're much] lower or...the housing market [stabilizes]. BLDR is set to report earnings July 27....BLDR is a leading supplier and manufacturer of structural and related building products for residential new construction in the U.S. ProSales magazine says Builder is the sixth-largest building-products supplier to professional home builders...operations [are] principally in southern and eastern U.S."

From Barron's 7-23-07: Buy - Price 3.05 on July 16 by Wedbush Morgan "This semiconductor foundry provides specialty and standard-process technologies for communications and consumer end-markets. Jazz Semi positively preannounced 2Q revenues would be $52-to-$52.5 million, [versus] previous range of $48-to-$50 million. Jazz saw higher demand from specialty-process customers as the firm moves past inventory correction and expects sales growth to continue in the second half...cost-cutting initiatives [are progressing]. The firm is likely to have strong revenue growth following the purchase of a new fab; the stock is a turnaround/restructuring story [under] a new management team, led by Gilbert Amelio, former CEO of National Semi and Apple...and JAZ is a value story trading at 1 times current-year sales. Significant share dilution exists from warrants and convertible bonds. JAZ...has limited cash and should burn free cash for next [few] years. Price target: 5."

From Barron's 7-23-07: Overweight - Price 40.79 on July 16 by Strategic International Securities "Initiating with Overweight and 45 target [on this crop-nutrient maker]. We're encouraged by: (1) increased planting of corn, a high user of fertilizer, and (2) an increase in farm incomes, which is highly correlated to increased fertilizer use. We project a 41% increase year-over-year in sales, due largely to 35% increase in phosphate-fertilizer [price]... We project net earnings of 45 cents for Q407 and 94 cents for the full year, from a loss of 49 cents and a loss of 35 cents, respectively. Market cap: $18 billion."

From Barron's 7-23-07: Buy - Price 67.89 on July 18 by Janney Montgomery Scott "High net worth and trust and custody businesses contributed to performance; EPS results were 92 cents/share, or 3 cents a share higher than our expectation, representing solid 21% y/y growth. Quarterly results benefited from a 2-cent/share gain on sale of leased equipment, offset by an unspecified software writedown. Operating leverage was negative, at 150 basis points... Strong top-line performance of 18%, within core fee categories (trust, investment, and other services; 60% of total revenues) will outweigh concerns about...elevated expense levels."

From Barron's 7-23-07: Underperform - Price 22.71 on July 18 by Raymond James "PHM announced preliminary results for its 2Q ended June 30. On a fully impaired basis, it expects to report a loss of $2-to-$2.10 per share, primarily driven by total charges and write-offs. Also...in the numbers is a previously announced $40 million (10 cents per share) severance charge. Excluding all the charges, it appears Pulte's operating EPS will be near breakeven...This quarter's impairments...[totaled] roughly 20% greater than all of Pulte's previous land-related charges combined in this current downturn; the 2Q losses will erase about 8.5% of Pulte's tangible book value as stated at the end of March, by our math. Pulte cited increased "competitive pricing pressures, elevated inventories, and weak consumer sentiment" as key contributors to weaker results. Looking ahead, conditions only appear to be deteriorating...as net orders decreased 20% y/y on top of a minus-30% comp from last year."