From Barron's 5-21-07 "We believe the acquisition of aQuantive (AQNT) is a good strategic move that will help Microsoft accelerate its online advertising business. Our thought has been that MSFT must do something to close the gap in online advertising between itself and Google and Yahoo!, as we believed it would be difficult and time-consuming to do it organically. The combination of AQNT's solutions and services with MSFT's advertising platform provides a comprehensive offering for advertisers. We believe that the immediate value AQNT brings is its ability to help MSFT monetize its solid lineup of online assets. While MSFT is paying a hefty price for AQNT, the acquisition is not expected to have a significant impact on MSFT's financials. Ignoring synergies, we estimate that AQNT will be a penny dilutive to our 2008 pro forma EPS estimate for MSFT. Our $38 price target [on Microsoft stock] represents 20 times our calendar year 2008 EPS estimate."

From Barron's 5-21-07 "Buffalo Wild Wings announced that it will be acquiring nine franchised restaurants in the Las Vegas area (including one under construction) for approximately $26 million in cash. Considering that Buffalo Wild Wings ended its first quarter with roughly $72 million in cash, the company will still have a strong cash balance remaining (especially considering it generated $7 million during the first quarter alone). With the company's increasing cash balance over the past years, we had been waiting for signs of management's intentions to utilize that cash to improve shareholder value -- knowing that a dividend or a repurchase program was most likely out of the question. Were we to value BWLD shares just in line with the casual-dining restaurant group with a 1.1-to-1.2 price-earnings/growth ratio on our fiscal 2008 estimates, this would equate to a potential valuation range of 80-87 per share. In addition, the company ended the first quarter with approximately $8.25 per share in cash (still more than $5.00 per share after this acquisition), which could provide an incremental valuation boost."

From Barron's 5-21-07 "Churchill Downs is a leading parimutuel horse-racing company and a leading provider of content for the simulcast wagering market. It currently operates five racetracks, including its namesake, which hosts the annual Kentucky Derby each May. The company simulcasts its races to over 1,000 locations worldwide. First-quarter earnings improved from the year-earlier level. Net revenue from continuing operations increased 33%, to $47.8 million. The gain was mainly due to the reopening of Fair Grounds Race Course in the New Orleans area. The first-quarter net loss from continuing operations was 63 cents per diluted share, or 17% lower than the net loss of 76 cents a year ago. Results were slightly better than our expectation. We maintain our Neutral rating, due to valuation. We have raised our 2007 earnings per diluted share estimate by five cents, to $1.55, to reflect the smaller net loss in the first quarter. Churchill Downs shares are trading at 31 times this revised projection, above our preferred buying level. We believe the valuation reflects anticipated benefits from potential slot-machine operations at one or more of the company's tracks."

From Barron's 5-21-07 "Children's Place reported first-quarter results of 44 cents a share, assuming 30 million diluted shares, which compares with recent guidance of 40-42 cents. Our estimate was 41 cents. Included in the reported number and guidance was five cents in expense, tied to [an] ongoing option investigation. In its release, PLCE provided an update on its discussions with Disney (DIS) which are nearing a conclusion. Modifications to this agreement are likely, including a commitment to renovate or upgrade a substantial number of stores over a five-year period, with $175 million expended for this purpose. We believe this announcement suggests progress toward resolution is at hand, which alleviates some of the pressure on the shares. On its call, management reaffirmed its yearly guidance of $3.45-$3.55 a share. Although the first-quarter results were above our estimate, we are maintaining our yearly projections at $3.50 and $4.34 for FY07 and FY08, while increasing our second-quarter loss estimate to 60 cents a share, from 50 cents previously. Our $78 target [implies that] the shares trade at 18 times our forward estimate."

From Barron's 5-21-07 "The shares are cheap, and [a stock] buyback helps to create a floor, but we're still hesitant to get involved, given the composition of square-footage growth, difficult comparisons, erosion in...inventory turnover, and questionable inventory management. Execution continues to be superior, as it has been for some time, but we sense that investors will grant AEO limited room for error, given the above concerns."

From Barron's 5-21-07 "Poniard [has] announced that data from a Phase II trial for picoplatin as a second-line agent in small-cell lung cancer will be presented at [the American Society of Clinical Oncology conference in Chicago] on June 3. Recall that during an interim analysis from a single-arm Phase 2 trial in November 2006, picoplatin demonstrated a 27-week survival benefit in 72 evaluable patients. The [presentation] at ASCO will include results from all 77 patients enrolled and will demonstrate a survival benefit that, we believe, will exceed the 27-week benefit established during the interim analysis...Risks include limited safety data/efficacy data for picoplatin in metastatic colorectal cancer.... Maintain Buy rating and $11 price target."

From Barron's 5-21-07 "First-quarter EPS of 75 cents surpassed our 63 cents estimate...Weakness in the U.S. tailored business led to a [1.3% decrease in comps], while Canada remained solid and delivered a 5.8% increase. The gross margin rose by 354 basis points [3.54 percentage points]...We are raising our 2007 EPS forecast from $2.84 to $2.90 and 2008 outlook from $3.18 to $3.35...Applying the softlines-sector P/E multiple average of 16 to our upwardly revised 2008 EPS estimate of $3.35, we are raising our [12-month] price target to $55 versus $50 previously."

From Barron's 5-21-07 "Comverge owns and /or operates demand response (DR) systems for utility companies and manages their electricity loads through virtual peaking capacity (VPC) programs. By managing electricity demand, Comverge improves grid reliability and enables utilities to increase available electric capacity, thus allowing them to satisfy peak energy demand on a more cost-effective basis than conventional alternatives such as building and operating gas-fired "peaker" plants. Comverge estimates that its VPC programs are as much as 40% less expensive than building and operating gas-fired "peaker" plants. We believe Comverge's stock is poised to move higher as the company provides a low-cost and environmentally unobtrusive demand-side solution to meet an estimated 281 gigawatt of additional electricity capacity that will be required by fiscal year 2025."