Outperform/Speculative - Price 15.91 on Aug. 11 by Barrington Research We reiterate our Outperform rating. With mortgage rates at record lows, a federal tax credit for first-time home buyers and cautious signs of improving stability in the housing and construction markets, we feel the North American leader in the manufacture of metal paint cans is well positioned as a beneficiary of these trends. BWY reported adjusted third-quarter 2009 earnings per share of 59 cents, versus our forecast of 23 cents and consensus [estimates] of 28 cents. We're increasing our 2009 EPS forecast to $1.25 from our previous forecast of $1.06. The increase in our 2009 EPS is entirely due to the 3Q09 EPS upside. Our 4Q09 EPS is unchanged, at 37 cents. We are also raising our 2010 EPS estimate to $1.35 from $1.15. We are raising our price target to 23, from 20. Market cap: $335 million.

Long-term Buy - Price 20.34 on Aug. 11 by Hilliard Lyons June-quarter results were encouraging to us. Net revenue on a non-GAAP (ex-deferral) basis surged 34%, due to a series of successful videogame releases. We were impressed by this performance, particularly given recent weak industry sales and a difficult economic climate. Bottom-line results were enhanced by recent cost reductions. The quarter's non-GAAP net loss of 2 cents per diluted share compared favorably to the year-ago net loss of 42 cents per diluted share. We were expecting a net loss of 15 cents per diluted share. Due to a well-stocked product pipeline and recent restructuring initiatives, we feel an earnings rebound is under way. Management remains highly focused on growth initiatives and profit margins.... [Anticipating] improving fundamentals at the company, we project current-year earnings of $1 per diluted share, versus a net loss in fiscal 2009. We recommend purchase of ERTS and reiterate our two-year price target of 32 ...based on the assumption of an earnings rebound over the next few years and a valuation on forward earnings similar to the current level [20.7 times]. Also, we note that ERTS is financially sound, with over $2 billion in cash ($7 per share) and no long-term debt. Market cap: $6.6 billion.

Buy - Price 21.32 on Aug. 11 by Jefferies & Co. Oil-and-gas-services company McDermott International posted 2Q09 EPS of 40 cents, versus our 36-cent estimate and consensus, [and versus] 33 cents in 1Q09 and 77 cents a year ago. MDR's 2Q upside surprise supports our belief that management is executing the backlog efficiently, particularly at J. Ray [the marine-services group, which designs, fabricates and installs offshore platforms and pipelines]. The backlog slipped a bit sequentially, as expected; management noted that bidding levels remain solid. We're raising our price target to 30 from 26. Market cap: $4.9 billion.

Buy - Price 29.87 on Aug. 11 by Maxim Group This [China-based developer, manufacturer and exporter of medical devices for patient-monitoring, diagnostics and ultrasound-imaging systems] reported strong 2Q09 results, with net revenue of $160 million -- beating our estimate of $143 million and the consensus of $152 million. Management comment[ed] that 2009 net revenue should grow at a rate of at least 10% year/over/year...We are encouraged about the outlook for Mindray...On a quarter/over/quarter basis, revenue from China and international revenue were up 22% and 17%, respectively. We view the expansion of Chinese revenue as in line with expectations, but are encouraged by the expansion of international sales, given the globally challenging hospital-spending environment. Revenues from all three product groups expanded q/o/q. Market cap: $2.4 billion.

Outperform - Price 47.42 on Aug. 11 by Raymond James Plains reported adjusted 2Q09 EPU [earnings per unit] of 74 cents, surpassing our estimate of 63 cents and consensus of 66 cents. Of note, adjusted EPU excluded about $6 million (4 cents/unit) of one-time items. Adjusted Ebitda [earnings before interest, taxes, depreciation and amortization] of $240 million arrived above our estimate of $226.7 million and consensus $234 million, as higher-than-expected volumes drove 8% better-than-expected profits from [the transportation group], while [the facilities group] benefited from higher fees per barrel -- with segment profit coming in 18% better than forecast. Results from core fee-based operations were enough to offset slightly lower marketing results, which were 11% below expectations, as lower margins offset higher volumes. Plains increased '09 adjusted Ebitda guidance from [a range of] $952 million to $1.002 billion to [a range of] $962 million to $1.012 billion, representing 11% y/o/y growth. Market cap: $5.9 billion.