Strong Buy - Price 13.44 on Sept. 2 by Raymond James Based on the Republic/AW merger exchange ratio...[we see] about 40% upside for AW at current prices on our 12-month RSG price target of 42, or 7.5 times EV/Ebitda [enterprise value/earnings before interest, taxes, depreciation and amortization] on 2010 post full-synergy estimates, in-line with historical levels. Market cap: $6 billion.

Neutral - Price 70.85 on Sept. 3 by Baird Securities Target: 65. While [Celgene's] Revlimid and Velcade [from Millennium] both continue to gain front-line multiple-myeloma share, we think Velcade may be best positioned based on physician perceptions/projected use. Coupling this with continued Thalomid erosion, high 2H08 Revlimid expectations, and what we view as a rich valuation (46 times 2008 consensus earnings per share), we are incrementally cautious on CELG. 2008 [estimated] EPS: 1.53. Market cap: $33 billion.

Buy - Price 45.24 on Sept. 3 by CRT Capital Group Chesapeake, in the fashion of a recent larger deal to collaborate with Plains Exploration (PXP) in its... admired Haynesville Shale (N. Louisiana, E. Texas) project, has sold off 25% of its Fayetteville position to BP (BP). BP will pay $1.1 billion up front and fund the next $800 million of Chesapeake's development costs on the project, likely exhausting that sum sometime in 2009. While markets continue to sell off gas-levered equities like CHK with softening commodity prices, we think the divestiture and collaboration tactic has merit....Chesapeake is hedging its outsized upside resource inventory by monetizing part of it now. Chesapeake's costs of development in the Haynesville will be subsidized by BP (and by PXP) . EPS: $3.60. Target: 64. Market cap: $25.8 billion.

Equal Weight - Price 17.84 on Sept. 3 by Morgan Stanley Research Continental reported August consolidated RASM growth of about 5% year/over/year, a slight improvement from July's 4.8%, and demonstrated good pricing discipline. CAL will update guidance next week....CAL shares will likely trade higher in the near-term, as estimates are revised upward. Airlines have cut capacity to reflect $125/barrel crude, but are now enjoying the benefits of significantly lower fuel costs. [Thus,] the industry will likely turn a profit in '09, a scenario very supportive of legacy airline shares. But we should also remember that falling oil prices introduce the risk of destructive competition....EPS in 2007, $4.03; in 2008E, -$2.72; in 2009E, $1.80. Market cap: $2 billion.

Buy - Price 76.55 on Sept. 3 by Jefferies & Co. Due to solar-business growth...our new target of 96 [formerly 57] is based on 35 times our CY'09 estimate, just over half our modeled EPS growth rate. Risks include reliance on subsidies, ramping risk, technology risk and competing thin-film technologies....Market cap: $3.1 billion.

Hold - Price 28.07 on Sept. 3 by Jesup & Lamont Initiating with Hold, on concerns pertaining to weak housing, but...[we're also still looking for the promised] change in the way associates engage customers...[With] a turn in housing, we believe store-execution and fundamentals of HD will pale in comparison to rival Lowe 's Companies (LOW)....[Yet] heightened store and operational capital improvements-with nearly $4 billion earmarked over the next five years-are expected to put HD stores in a better competitive position relative to years past. Market cap: $47.3 billion.

Sell - Price 7.05 on Sept. 2 by Zacks Research Target: 6.30; 2Q08 core earnings, at 28 cents per share, were five cents below our expectations. Net charge-offs significantly increased from the prior-quarter's level and almost doubled year-over-year. HTN experienced substantial increase in nonaccrual loans, sequentially and year-over-year, with most of it relating to commercial real-estate loans, including single-family segment and commercial and industrial loans....Continued economic weakness...supports need for increased loan-loss provision....Hence, we've reduced our 2008E and 2009E EPS. Market cap: $2.6 billion.

Outperform - Price 41.28 on Sept. 2 by Pacific Crest Infosys recently announced its intention to acquire Axon Group (AXO.UK)...an all-cash proposal valued at £407.1 million ($753.1 million at GBP/USD exchange rate of £1 = $1.85), at £6 per share; completion expected in November 2008. The deal (1) would strengthen Infosys' SAP practice; (2) [will give INFY greater exposure to Europe. INFY and AXO have complementary industry strengths that should provide cross-selling opportunities for revenue growth. [It] would be neutral to earnings in F2009 and '10, assuming zero synergies...[The] operating margin of the acquired business [must be improved] from its current 14.4%. Market cap: $23.5 billion.