Ralcorp Holdings (RAH) trimmed its shares to 2,690,843 (7.4%), after delivering 3,503,263 shares on June 9 to Bank of America (BAC) to settle forward-sale agreements entered into in 2005 and '06.

Market Perform - Price 28.44 on June 12
by Wachovia Equity Research

Vail Resorts reported fiscal 3Q09 EPS of $1.68, 12 cents above consensus and 17 cents above our estimate. Revenue was 2% below consensus, while Ebitda was 2.7% above, due to stronger-than-expected cost-cutting. Considering the headwinds it faced this year, we believe Vail did a good job in attracting skiers to its resorts, aided by the timely introduction of the Epic Pass, and cutting costs both at the Resort and corporate level. Skier visits declined 9% in 3Q...Destination guests accounted for 57% of visits, versus 63% last year. The decline negatively impacted ancillary businesses, with ski-school revenue-per-skier-visit down 13.5% in 3Q...Lodging revenue of $44.9 million and Ebitda of $5.9 million produced margins of 13.1%...RevPAR [revenue per available room] declined 18.6%...30 basis points better than the U.S....Since Vail announced the price reduction at its Ritz-Carlton Residences, no additional units have gone under contract, but MTN expects more activity during the summer in Vail. We're raising our 2009 EPS estimate to $1.23, from $1.19, and our 2010 estimate to 21 cents, from 20 cents...Investment thesis: Vail caters to the high-end destination leisure guest with five top U.S. ski resorts, on-mountain lodging, and RockResorts brand. While we believe the company has done a good job maneuvering through this difficult operating environment...we believe the shares are fairly valued at this time. Sector: Lodging, Underweight. Market cap: $1.1 billion.

The shares, which have fallen sharply in the past three months, look poised to climb by 40% or more.

Purchase Price was $59.99

To monitor Vail resorts

4.1%

Vail Resorts (nyse: MTN - news - people ) had the greatest consensus, held by five of the 19 funds. Even so, it looks scary, up 54% in the past year with a rich P/E of 39.

Downgraded by Banc of America Sec from Buy to Neutral

Upgraded by Prudential from Neutral to Overweight

Liike company

Weak industry, profit margins.