Market Perform - Price 22.27 on July 23 by JMP Securities As Cisco continue[d] to ship for the July quarter, sources close to several Cisco channel partners indicated that Cisco was aggressively shipping to the channel [last week, and] that the Cisco sales force was "running like mad" -- and offering "tons of incentives" -- to close business before fiscal year end on Saturday [July 26]. Our non-GAAP earnings-per-share estimate for the quarter is unchanged at 39 cents, and our FY08 EPS estimate stays at $1.53. Market cap: $131 billion.

Hold - Price 63.82 on July 23 by McAdams Wright Ragen Costco prereleased, indicating that its 4Q08 earnings will likely be "well below" the First Call consensus of $1 per share, blaming the inflationary environment...gasoline...and merchandise margins. As a result, we're lowering our 4Q08 EPS estimate to 86 cents from 98 cents, resulting in fiscal-year 2008 earnings of $2.85 per share, and our FY09 EPS estimate to $3.15, from $3.33. We are reducing our price target to $65, or 21 times our FY09 estimate, from $70. Market cap: $31.3 billion.

Underperform - Price 26.79 on July 23 by Morgan Keegan ETH reported Q4 operating EPS of 45 cents [versus 65 cents], a penny shy of our estimate of 46 cents but ahead of consensus by two cents. After a prior warning that Q4 sales would be below expectations, the company posted what we believe is its worst [same-store-sales] result ever, down 11%. ...ETH did not issue quantifiable guidance for future results. Based on recent financial results across the industry, we believe the macro environment in the furniture-manufacturing and retail industry is deteriorating further. Market cap: $769 million.

Neutral - Price 11.95 on July 23 by B. Riley FNB is a diversified financial-services organization with $8 billion-plus in assets. We're reducing rating to Neutral, from Buy. FNB reported 2Q08 earnings per share of 17 cents, versus 27 cents in 1Q08 and 29 cents in the year-ago period. Reports were impacted by a host of special items. Operating results of 22 cents were 3 cents below our estimate and 5 cents lower than the consensus estimate. (FNB increased its provision for loan losses to $11 million, from $3.6 million in 1Q08...about $5.4 million was related to Florida exposure.) Target: 12. Market cap: $1.03 billion.

Neutral - Price 19.57 on July 23 by Hilliard Lyons Akron, Ohio-based FirstMerit, a bank holding company, reported 2Q08 EPS of 36 cents, in line with [our] expectations. 2Q net-interest income improved 3.9%, on a 2.3% rise in average earning assets. ...Noninterest expense declined 1%...EPS for calendar year 2007, $1.53; estimate for CY08, $1.53; estimate for CY09, $1.60. Regional banks are trading at an average price/earnings ratio of 10.3 times 2009 estimated consensus earnings. FMER is trading at a premium of 12.2 times [our] '09 estimate...[it may] deserve to trade at a premium -- but it already does, so we view these shares as fairly valued. Market cap: $1.6 billion.

Outperform - Price 84.10 on July 23 by Cowen & Co. Illumina develops genetic-research technology and kits. Its monster Q2 beat demonstrates the power of its revenue model. Q2 sales of $140 million (+66% year/over/year) beat consensus by $10 million, and EPS...of 44 cents (+51% y/o/y) beat expectations by five cents. The midpoint of full-year sales guidance was increased by $30 million. Sources of revenue upside abound -- including...the Genome Analyzer sequencing system, [which] enables even small labs to have the sequencing capabilities of the largest genome centers. Market cap: $5.3 billion.

Sell - Price 17.32 on July 23 by Sterne Agee & Leach Target: 13. JEF reported [an operating increase in] 2Q08 EPS of three cents, versus our estimated minus-14 cents and consensus of minus-20 cents. The strength in advisory banking revenues came as a welcome surprise, and [was] one of the only high points in the quarter. We are keeping our second-half 2008 loss estimate (of minus-28 cents) unchanged, but our new 2008 operating estimate becomes minus-64 cents, to account for the [2Q] beat to our numbers. Our 2009 estimate of [positive] seven cents remains unchanged. Market cap: $2.8 billion.

Hold - Price 103.88 on July 23 by Jefferies & Co. We are boosting our 2008 EPS estimate to $7.80, from $7.60 -- reflecting a collection of nonrecurring items, coupled with improved profitability for the space systems. Lockheed reported Q2 EPS of $2.15. ...LMT raised its full-year 2008 EPS guidance to [a range of] $7.45 to $7.60 from its prior outlook of $7.15 to $7.35. ...Our 115 target values LMT shares at roughly 13.5 times our 2009 EPS estimate of 8.50, about in line with the peer group and consistent with LMT's earnings-growth profile. ...[R]isk of a significant change in investor perception may rise as limits regarding the U.S. involvement in Iraq translate into constrained Department of Defense spending. Market cap: $42.5 billion.