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Publisher's newsletter

2007-06-13T11:53:00.001-07:00

Dear Reader,

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2007-06-13T07:04:00.001-07:00

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Forex Market Update

2007-06-13T06:21:00.000-07:00

Jun. 13, 2007Client Inquiries Contact Us Update Subscriptions www.saxobank.com

Analysis by:

Johan Ditz Lemche
Market Strategist
Saxo Bank

The FX Strategy Team consists of:

Kristian Siggaard-Jensen
Market Strategist
Saxo Bank

See the full Strategy Team here

Email the Strategy Team

Published: Jun. 13 2007, 13:21 GMT

Strong Retail Sales Support a Stronger USD

EURUSD closed yesterday below its 100 day MA and with yield differentials continuing to be in favor of the USD, USD-crosses have rallied ahead of important data releases in the upcoming days.

MAJOR HEADLINES – PREVIOUS SESSION

USD

If EURUSD closes lower today results in the sixth consecutive daily drop in EURUSD as the US yields are continuing to rise. The retail sales, just released at 12:30 GMT, showed strong figures for the US economy as the headline rate rose 1.4 pct. in May vs. 0.6 pct. expected after a revised 0.1 pct. drop in April. Core Retail Sales (that is less Autos) rose 1.3 pct. vs. 0.7 pct. expected. Also the import prices added support for the USD, as the monthly increase at 0.9 pct. was higher than expectations at 0.3 pct., signaling that inflation still is an important matter for the Federal Reserve. In our opinion, the possibility for a rate cut in the US has now been completely excluded and market participants are now speculating in a rate increase. Fixed Income continued to sell-off and the US 10yr yields are now trading in 5.26 pct. We see current short term support at the 1.3275 level and resistance coming in around 1.3330.

Quoted at 12:20 GMT.

From previous sessions:

GBP

After the somewhat mixed UK PPI in the European session yesterday, the market had tuned in on today's release of the RPI and CPI May figures from the British economy. However the market traded the GBP higher yesterday evening as BoE Governor King signaled that the BoE has not finished their rate hiking cycle, triggering speculation that carry trades still will be alive as the yield-spread between currencies with lower benchmark rates does not look to decrease (eg. the GBPJPY). We hoped for a deviation in today's CPI that would trigger some more volatility, but the figures came out more or less in line with expectations MoM/YoY at 0.3%/2.5% vs. 0.3%/2.6% expected. Despite the lower yearly figure, the Core CPI YoY was released at 1.9% vs. 1.8% expected, evening out the effect of the higher number in the yearly figure. No surprises in the RPI figures at 0.4%/4.3% as expected. For the GBPUSD, we see the major downside level at 1.9685 and with yields continuing higher in the US, we will sell the break of that level, targeting 1.9550. Support seen at the bull trend from Oct. 2006, currently at 1.9642.

SEK

The Swedish CPI figures for May were released earlier today, disappointing the market severely, triggereing a sell-off in SEK-related crosses. Especially EURSEK broke key resistance at 9.3824 - the recent highs from April 2007. If we see a daily close above this level, we expect the pair to test May 2006 highs within the near future at 9.4219.

NZD

Overnight the Reserve Bank of New Zealand decided to intervene against the recent appreciation in the NZD currency as the economy's outlook doesn't justify the currency's rise to a 22-year high. According to the statement from the RBNZ, they "regard current levels of the exchange rate as exceptional and unjustified in terms of the economic fundamentals' as the argument for intervening for the first time in the floating regime since 1990. In our view, we think the intervention makes no sense as the RBNZ raised rates to 8.00 pct. in the last meeting, aware that the rate hike caused considerably support for adding longs in NZD as to recieve the additional carry relative to eg. the JPY.

USD

Yields, yields has been the story to follow through this week. It wasn't a lot of data out of the US this week, but the better then expected ISM and ISM Non-manufacturing data set the trend and put US treasuries through key support. This gave the stock market a much (in our mind that is) needed downside correction where risky assets are being sold across the board. But the dollar has remained bid helping USDJPY to keep head above water, where as currency pairs such as GBPJPY and EURJPY with EUR cross selling in JPY and CHF of course lending a helping hand to see EURUSD below 1.3400 support. So looking ahead....I think investors have been a little quick to buy treasuries across the curve. We saw Q1 GDP growth being revised from 1.3% to 0.6% and we would sure like to see Q2 growth before getting too excited about US 10-years yielding above 5.10%. This is in our mind will be key and if we see a number close to trend we will respect it and look for yields towards 6.0%. Until then we believe that if USD weakness is to be find investors should look for it in USDJPY, it might be a bit to early but 3-month risk reversals so do the trick. From the spot side we look to short below 120.70 with a tight stop for a possible move towards 119.50 possibly 119.00. But again with US yields this strong it would likely only encourage leverage retail clients out of Japan to add more to their net longs, which we believe are the biggest contributors to the present strong up-trend seen since March 2007.

JPY

We have touched briefly on the vulnerability of carry trades in the USD, but it certainly should not be ignored. The trend seen in such a cross as EURJPY is just about identical to the present upside cycle we have seen in the S&P 500 if you pull up a daily chart of the two assets. So for now with the confusion that we see towards when we will see a solid rate hike cycle out of Japan and our big question mark towards exactly to why yields should strengthen that much on a short term basis, we turn to equities for timing purposes. So with the lack of likely timing looking in currency fundamentals we look for a break below 1475 in the S&P 500 would open up for a sharp sell-off in equities helping with the timing of shorting carry trades or choosing cheap out of the money long puts.

Note: the support/resistance levels used in the matrix's of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.

EURUSD

Resist.
1.3462
1.3393
1.3347
1.3295
1.3278
1.3255
1.3186
Support

Quoted: 13 Jun 07 13:19 GMT

GBPUSD

Resist.
1.9935
1.9836
1.9789
1.9693
1.9690
1.9638
1.9539
Support

Quoted: 13 Jun 07 13:19 GMT

USDJPY

Resist.
122.26
121.99
121.84
122.35
121.57
121.45
121.18
Support

Quoted: 13 Jun 07 13:18 GMT

EURJPY

Resist.
163.93
163.04
162.45
162.65
161.55
161.24
160.34
Support

Quoted: 13 Jun 07 13:19 GMT

USDCAD

Resist.
1.0831
1.0740
1.0708
1.0700
1.0617
1.0557
1.0466
Support

Quoted: 13 Jun 07 13:18 GMT

USDCHF

Resist.
1.2525
1.2467
1.2446
1.2439
1.2388
1.2351
1.2294
Support

Quoted: 13 Jun 07 13:18 GMT

AUDUSD

Resist.
0.8510
0.8463
0.8431
0.8394
0.8384
0.8369
0.8322
Support

Quoted: 13 Jun 07 13:19 GMT

NZDUSD

Resist.
0.7620
0.7563
0.7525
0.7502
0.7467
0.7448
0.7390
Support

Quoted: 13 Jun 07 13:19 GMT

Risk warning

Saxo Bank A/S shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Saxo Bank that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.

Please read our full Analysis Disclosure & Disclaimer at www.saxobank.com/analysis/disclaimer.

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Equity Market Update

2007-06-13T05:37:00.000-07:00

Jun. 13, 2007Client Inquiries Partnerships Contact Us Update Subscriptions www.saxobank.com

Analysis by:

Torben Krogh Nielsen
Market Strategist
Saxo Bank

The Equity Strategy Team consists of:

Torben Krogh Nielsen
Market Strategist
Saxo Bank

Kristian Siggaard-Jensen
Market Strategist
Saxo Bank

See the full Strategy Team here

Email the Strategy Team

Published: Jun. 13 2007, 12:37 GMT

Awaiting US Retail Sales Today...

A key data point coming up today - a strong reading will carry global yields still higher.

MAJOR HEADLINES - PREVIOUS SESSION

European stocks recovered from earlier losses as shares of Antofagasta Plc, Rio Tinto Group and Xstrata Plc advanced. The Dow Jones Stoxx 600 was little changed at 386.79 at 1:02 p.m. in London after losing as much as 0.7 percent earlier. The Stoxx 50 added less than 0.1 percent and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, dropped 0.1 percent.

U.S. stocks retreated yesterday after yields on 10-year Treasury notes climbed to the highest in five years. Asian stocks dropped to a two-week low today on concern rising global interest rates will sap demand in the world's largest economies.

In Europe today, Xstrata advanced 3 percent to 2,955 pence. Citigroup Inc. increased its price estimate for shares of the world's fifth-biggest mining company 17 percent to 3,500 pence, citing "strong organic growth'' in a report published today.

Glaxo, Europe's largest drugmaker, fell 0.6 percent to 1307. AstraZeneca, the region's second-largest, lost 1 percent to 2597.

Sainsbury gained 1.9 percent to 561.5. The third-largest U.K. supermarket chain advanced on speculation real-estate billionaire Robert Tchenguiz is increasing his stake. Buyout firm CVC Capital Partners Ltd. failed to buy London-based Sainsbury for 10 billion pounds ($19.7 million) earlier this year. Investment firms are still circling the retailer, with Qatar-backed Delta (Two) Ltd. disclosing it owned more than 17 percent of the company in April and Tchenguiz building a 5 percent stake.

THEMES TO WATCH – UPCOMING SESSION

Just news today, we'll await US retail sales today at 12.30 GMT. Be sure to check out index technicals and current positions below.

Company News

Finisar: The maker of fiber-optic network equipment said it plans to restate some financial results after a probe into its stock-options accounting. Shares fell 2 cents to $3.66 in regular trading yesterday.

Intercontinental Exchange: The owner of Europe's largest energy market submitted a revised merger offer for the Chicago Board of Trade that includes $2.5 billion in cash. The company also will wage a proxy battle against a competing bid by the Chicago Mercantile Exchange. Intercontinental shares declined 21 cents to $148.98 in regular trading yesterday.

Northwest Airlines: The fifth-largest U.S. carrier expects to make less for each seat flown a mile this quarter, Chief Financial Officer David Davis said. Revenue for each passenger-mile will decline 0.5 percent to 1 percent from a year earlier, including a 2 percent to 3 percent drop on domestic routes, Davis said. The shares declined 23 cents to $22.80 in regular trading yesterday.

WCI Communities: The Florida homebuilder facing a proxy contest from investor Carl Icahn said it postponed its annual shareholders' meeting to Aug 30. The adjournment was made to allow potential purchasers of the company to conduct due diligence as part of the sale process, WCI said. Shares fell 44 cents to $20.27 in regular trading yesterday.

Index Technicals

Equity Positions

Risk warning

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Zacks.com Profit from the Pros - 6/13/07

2007-06-13T04:10:00.001-07:00

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Aggressive Growth - Rosetta Resources (ROSE)

Rosetta Resources (ROSE) has been generating strong earnings
growth as evidenced by its recent record first-quarter results.
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estimates. Over the past month, this year's numbers have risen
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Merck & Co., Inc. (MRK), a Zacks #1 Rank stock, exceeded
analysts' earnings expectations in six out of the past seven
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share. The company has a current dividend yield of 3.0% and a
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Guess Inc. (GES) recently reported earnings and revenues that
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Value - Olympic Steel, Inc. (ZEUS)

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"Diversification and Portfolio Weighting"

Being in the right Sectors and Industries at the right time is
what every investor wants. But having too much of a good thing
can work against you when those groups inevitably turn around.

A diversified portfolio is critical for reducing unsystematic
risk (sometimes referred to as unsystemic risk), which is the
risk to your portfolio due to one stock (or a group of related
stocks). Systemic risk (also know as market risk) is the risk
attributed to the whole of the market itself. Systemic risk
can't really be diversified away. But unsystematic risk (also
known as specific risk) can be lessened with proper
diversification and proper stock weighting.

For the sake of this article, let's say between five and 20
stocks is the right number to have in a portfolio, with 10
being the ideal for many. This means no one stock will ever
account for more than 20% of a portfolio and never any less
than 5%, with the goal being approximately 10% for each stock.
Let's also say that no one Sector or Industry ever represents
more than 20% of your holdings, i.e., 20% of your stocks are
Utilities, 20% are Finance, 20% are Aerospace, etc.

Here's where some people get confused.

If you've got a 10 stock portfolio and two of your stocks are
in oil; that would appear to be fine on the surface. Any more
would increase your specific risk (which is the type of
risk/volatility people try to avoid). But if 50% of your money
is tied up in those two stocks, with tiny portions allocated
elsewhere, you've missed the point. So if 20% of your stocks
are allocated to Energy, that means no more than 20% of your
funds should be in energy -- no more.

It's good to get into the habit of making sure your stock buys
are equally dollar weighted. Which means, you buy the same
dollar amount of shares for every stock. No, not the same
amount of shares, but the same dollar amount of shares.

For instance, back in October of 2005, many oil stocks dropped
by 20% or more within just a few weeks. If you had just two
oil stocks in a larger 10 stock portfolio with everything
equally dollar weighted, and both of those stocks each went
down 20%, then it would have represented only a 4% loss for
the portfolio as a whole.

For example: on a $20,000 portfolio, each stock would get
$2,000 (10%). A 20% drop in each oil stock would be a $400
loss in each (or a loss of $800 total). And an $800 loss
represents only 4% (or a loss of 4%) of the $20,000 portfolio.

However, what if you had 25% in each of your oil stocks? Now
that loss (which would be $2,000 total in this instance) would
represent a 10% loss for your portfolio.

The scenario of course gets worse and worse the more
unbalanced it gets.

Now let's say some of the other stocks in your portfolio were
winners. Just remember, the more you have over-allocated in
one stock(s), the more under-allocated you are in another.

If the two stocks out of your 10 stocks represented 50% of
your portfolio, that means each of the other eight stocks only
represents 6.25%.

So let's say the two oil stocks each lost 20% for a total loss
of $2,000. But now let's say two other stocks each gained 20%.
However, since the other stocks had only a 6.25% weighting,
the gains are only $250 for each (or $500 total). Your gains
haven't offset your losses, and you're still down $1,500 or
7.5% overall.

However, if you were equally weighted, the gains would have
completely offset your losses.

If you're using a proven, profitable trading strategy, you'll
typically be purchasing your stocks in an equal dollar
weighted format. And a good strategy will usually have a high
win ratio of 60% or 70% or even higher. And if your strategy
is typically finding good, solid stocks, you'll often see
those stocks coming from the best Sectors and Industries.

So don't put the bulk of your money (and never ever all of it)
in just one Sector or Industry. Diversify your portfolio over
several 'best' Sectors and Industries. (And make sure all of
your stocks are equally dollar weighted.) If you want to make
sure you're diversified over enough groups, you can
specifically screen for that.

Here's a screen to start you off. (Incidentally, I ran a
series of tests over the last six-and-a-quarter years (1/2001
through 3/2007), using a four-week rebalancing period and
starting each run on different start dates so each test would
be rebalanced over a different set of four-week periods. This
was done to eliminate coincidence and verify robustness.) The
average total compounded return (from 1/2001 through 3/2007)
is 518.4% for an average compounded annual growth rate of
33.4%.

Parameters

I screened for the top five Sectors and then picked the top
two stocks in each one of those Sectors for a total of 10
stocks.

But first, I wanted to qualify the 'Universe' with the
following parameters:

* Zacks Rank <= 2
(The Zacks Rank (which is considered by many to be the best
rating system out there), looks at upward earnings estimate
revisions (amongst other things) and will get us into
companies whose forecasted earnings are getting stronger.)

* Price >= 5
(All of the stocks have to be trading at a minimum of $5 or
higher. Most money managers won't touch anything under $5.)

* Volume >= 50,000
(The average 20 day share volume has to be at least 50,000
shares traded on a daily basis or more. In short, it has to
be tradable.)

* ROE >= Median ROE for the Relevant Sector
(Every Sector has its own 'high' or 'low' ROE values. A low
ROE for one Sector might be very high for another. And since
we're ultimately trying to find the best stocks within the
best Sectors; finding stocks that have ROE's greater than
the median ROE for their relevant Sector makes sense.)

Once our Universe is defined, I look for the best Sectors.

* % Change in F(1) Earn. Est. Rev. -- 12 Wks: Top 5 Sectors
(expressed as % Change F(1) Est. - 12 Weeks TopSectM#5)
(I'm looking for the Top 5 Sectors based on the Median F(1)
Earnings Estimate Revisions over the last 12 Weeks.
Companies with upward earnings estimate revisions have a
tendency to see even more upward earnings estimate revisions,
and this helps paint a solid picture moving forward.)

Then I look for the top two stocks within each of the five
best Sectors.

* % Change in F(1) Earn. Est. Rev. -- 12 Wks: Top 2 Stocks in
each
(expressed as % Change F(1) Est. - 12 Weeks Top#InSect2)
(Lastly, I'm looking for the Top 2 Stocks in each of the Top
5 Sectors based on the highest F(1) Earnings Estimate
Revisions over the last 12 Weeks.)

This leaves me with a nicely diversified 10 stock portfolio
every time I run the screen.

Here's a few of the stocks that made it to this week's list
(for the week of 6/11/07):

TKLC Tekelec, Inc. - (Computer and Technology Sector)
MDR McDermott International - (Oils-Energy Sector)
CMI Cummins, Inc. - (Auto-Tires-Trucks Sector)

With the Research Wizard you can also determine on your own
how you want to rank the Sectors and what the best stocks are.
Do you want to rank the Sectors based on their Three-Month %
Price Change? -- you can. Maybe on their EPS Growth Rates, or
Net Margin Increase, or etc. It's up to you. And then make
sure to backtest it to see how it works.

Sign up now for your two-week free trial to the Research
Wizard and get the rest of the stocks on this list and see
what other Sectors came through this screen. Or build your own
screens and then test them. Get started now and start making
better decisions today.
http://at.zacks.com/?id=2335

Discover all the Free Screening Tools on Zacks.com at

http://at.zacks.com/?id=2336

Disclosure: Officers, directors and/or employees of Zacks
Investment Research may own or have sold short securities
and/or hold long and/or short positions in options that are
mentioned in this material. An affiliated investment advisory
firm may own or have sold short securities and/or hold long
and/or short positions in options that are mentioned in this
material.

====================================================

3) ZACKS EQUITY RESEARCH

====================================================

We are sitting down today with Zacks senior real estate
investment trust [REIT] analyst Greg Sukenik. What we are
hoping to find out is if there is still life in the REIT
market, if M&A activity is helping or hurting, and where we
should be focusing our attention.

I know REITs tend to report later than other industries, but
are quarterly earnings more or less over by now? If so, how
did this group perform?

Overall, REITs again performed quite well in the first quarter,
with more companies exceeding out our FFO estimates than not.
On average, we are expecting about 7% FFO growth for REITs in
our coverage universe, which would make 2007 one of the best
years for REITs.

More...

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Zacks Equity Research continued.

Operationally, apartments and retail focused companies
continue to perform well. The for-sale housing slowdown has
helped residential landlords, who are increasing rents in most
markets. National retailers continue to expand into new strip
centers and malls, which has helped retail landlords who
continue to increase rents at a healthy pace.

As a group, REITs are down this year, compared to gains in the
Dow and S&P. After years of outperforming the broader market,
REIT valuations have stretched to all-time highs. Investors
have been worried about excessive valuations in the sector,
which has caused a slight sell off this year.

How much impact have all the mergers and acquisitions had on
REITs in the first quarter? Do you see M&A activity
continuing?

The newest deal to be announced was the privatization of
Archstone-Smith (ASN), one of the largest multi-family
landlords in the country. Archstone will be acquired by
Tishman-Speyer in a $22 billion deal. The announced buyout
gave a boost to the entire REIT sector, especially apartment
owners. With the announced buyout of two of the largest REITs
over the past few months, Equity Office and Archstone, it is
apparent that private equity companies, flush with cash, will
continue to focus on established real estate operating
companies. No company is too big.

We expect more deals for smaller REITs to be announced this
year. The potential for buyouts will keep many REITs trading
at high prices as investors are trying to guess who will be
next. In addition, as large REITs are taken private, there is
less liquidity among public companies, which should help keep
the sector artificially high as capital once tied up in
Archstone and Equity as well as others is redeployed into
other REITs. Last year many office REITs were taken private,
and we think the Archstone deal could start a wave of mergers
in the multi-family sector.

Where do you see the strongest Buy opportunities at this time?

Two sectors we like are regional mall operators and industrial
REITs. On a price/FFO and Price/NAV basis, these two sectors
appear cheap compared to others, such as multi-family, strip
retail and office. Regional mall operators continue to report
good results and it is becoming more and more difficult to
develop new malls, which acts a barrier against too much
competition coming into the space.

The large industrial REITs have large global footprints that
give the companies a competitive advantage as multinational
companies expand across the globe. Two names that we like are
Simon Property Group (SPG), the countries largest mall owner
and Prologis (PLD) a large industrial format REIT that
continues to profitably expand into new global markets.

Read the complete ANALYST INTERVIEW article at

http://at.zacks.com/?id=2525

Greg Sukenik is a senior analyst covering real estate
investment trusts (REITs) for Zacks Equity Research.

****************************************************************

Read More or Comment on this post:

http://at.zacks.com/?id=3491

Java J (Rank #47 with $135,989)

>> JAVA'S MARKET MUSINGS #71 <<
The market closed on a mixed note on Monday. the market
attempted to continue Friday's rebound, however, the mid-day
gains were reversed in the afternoon's trading. the next few
trading sessions could prove quite revealing as to how the
market will respond to the 20SMAs now looming overhead as
opposed to functioning as support underneath...

Read More or Comment on this post:

http://at.zacks.com/?id=3492

Danny1992 (Rank #17 with $153,727)

EYE THINK IT'S A WINNER! (GEOY)
A stock I'm following is Geoeye, Inc., which is a provider of
global space-based imagery of the earth. It operates the
IKONOS and OrbView-3 high-resolution satellites and OrbView-2
low-resolution satellite.

Read More or Comment on this post:

http://at.zacks.com/?id=3493

Read all the Player Blog posts at:

http://at.zacks.com/?id=3482

****************************************************************

OTHER TOOLS FROM ZACKS

At the heart of Zacks Investment Research is the Zacks Rank
investment philosophy that continues to vastly outperform the
market. Our Zacks #1 Rank (Strong Buy) List has generated the
following results for investors:

* +31.9% average annual return since 1988 versus +11.9% for
S&P 500

* +43.8% total return from 2000 to 2002 - the worst bear
market in over 60 years.

* +23.7% in 2006 and +17.8% in 2005

And just as importantly, the Zacks #5 Rank stocks (Strong
Sell) list has alerted investors as to which stocks to dump
from their portfolios to avoid unnecessary losses.

FREE PORTFOLIO TRACKER

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Zacks.com

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Zacks Rank performance is the total return (price changes +
dividends) of equal weighted portfolios, consisting of those
stocks with the indicated Zacks Rank, assuming zero
transaction costs. These returns are not the result of a
backtest; these are actual returns since 1988. The stocks in
the Zacks Rank portfolios were available to Zacks clients
before the beginning of each month (monthly rebalancing).
Performance results from 1988 through September 2006 are based
on a subset of all Zacks Rank stocks that excludes stocks
covered by only one analyst and ADR's.

The S&P 500 Index is a well-known, unmanaged index of the
prices of 500 large-company common stocks, mainly blue-chip
stocks, selected by Standard & Poor's. The S&P 500 Index
assumes reinvestment of dividends but does not reflect
advisory fees. An investor cannot invest directly in an index.

Disclaimer: Past performance does not guarantee future
results. Investors should always research companies and
securities before making any investments. Nothing herein
should be construed as an offer or solicitation to buy or sell
any security.

To contact us by mail:

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Attn: Profit from the Pros
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Futures Market Update

2007-06-13T00:48:00.000-07:00

Jun. 13, 2007Client Inquiries Partnerships Contact Us Update Subscriptions www.saxobank.com

Analysis by:

Philip E. Carlsson
Sales Trader
Saxo Bank

The Futures Strategy Team consists of:

Alan Plaugmann
Sales Trader
Saxo Bank

Mårten Alden
Sales Trader
Saxo Bank

Serge Laureau
Sales Trader
Saxo Bank

See the full Strategy Team here

Email the Strategy Team

Published: Jun. 13 2007, 07:47 GMT

IEA report call for oil tightness into 2nd half of 2007.

Gold broke short term support - potentially more to the downside.

Energies

IEA predicts a tighter oil market into 2nd half of 2007. Factors like increased demand, refinery shutdowns due to scheduled maintenance and forecasts of a busy hurricane season all add to the bullish outlook (medium term). IEA raised it's forecast on daily oil consumption by 400K totaling 86.1 mio. barrels/day. OPEC inflexibility when it comes to production/output also outlined as a risk factor in the report published yesterday. Technically crude trade within the downward sloping channel, and a break above 66.80-67.00 needed to see further upside. Traders will be watching today's inventories for market direction. We advice buying Jul07 crude at 65.00-65.20, target at 66.50-66.60 resistance with a stop below 64.45.

Expected Inventories (DOE): Crude -275K; Gasoline 1500K; Distillate 1650K; Refinery 0.70%. Actual numbers released 16:30 CET.

Metals

August Gold (ZGQ7/GCQ7) continue lower as the US dollar strengthen against the Euro. This morning gold traded through short term support at 650.60 outlining the risk of a further correction towards 635-640. Next immediate support found at 648.10 (Friday low), a breach of the level will lure additional selling interest.

Treasuries

No Update Today.

Note: the support/resistance levels used in the matrix's of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.

CRUDE LCON7

Resist.
71.48
70.16
69.39
68.74
68.07
67.52
66.20
Support

50dMA
68.33
10dMA
69.44
Quoted: 13 Jun 07 07:41 GMT

GOLD ZGN7

Resist.
666.1
658.4
653.3
646.7
645.6
643.0
635.3
Support

32dMA
670.9
10dMA
662.6
Quoted: 13 Jun 07 07:27 GMT

SILVER ZIN7

Resist.
13.604
13.357
13.204
12.985
12.957
12.863
12.616
Support

50dMA
13.543
10dMA
13.468
Quoted: 13 Jun 07 07:39 GMT

T–BOND ZBU7

Resist.
108 20/32
106 31/32
105 29/32
104 27/32
104 8/32
103 21/32
102 0/32
Support

50dMA
110 8/32
10dMA
107 21/32
Quoted: 13 Jun 07 07:41 GMT

T–NOTE ZNU7

Resist.
106 5/64
105 7/64
104 31/64
103 56/64
103 33/64
103 11/64
102 13/64
Support

50dMA
107 17/64
10dMA
105 31/64
Quoted: 13 Jun 07 07:42 GMT

BUND FGBLU7

Resist.
111.54
111.00
110.67
110.07
110.13
109.92
109.38
Support

50dMA
113.08
10dMA
111.24
Quoted: 13 Jun 07 07:42 GMT

JPBOND JGB1U7

Resist.
132.03
131.73
131.57
130.97
131.27
131.13
130.83
Support

29dMA
133.10
10dMA
132.00
Quoted: 13 Jun 07 07:40 GMT

Risk warning

IMPORTANT!

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EUROPE MORNING UPDATE: Ackman to Fight Ceridian Bid

2007-06-13T00:06:00.000-07:00

___________________________________
THE WALL STREET JOURNAL EUROPE Morning Update

June 13, 2007 -- 2:36 a.m. EDT

___________________________________

TOP STORY
Ceridian's biggest holder is expected to oppose its $5.3 billion sale to Thomas H. Lee and Fidelity National and seek a higher bid.

(FULL STORY BELOW)

___________________________________
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TODAY'S NEWS
(WSJ.COM SUBSCRIPTION REQUIRED TO READ FULL STORIES)

Airbus has booked only 13 firm orders for its proposed A350 plane, compared with nearly 600 for Boeing's rival 787 midsize long-haul jet.

http://online.wsj.com/article/SB118169743230833375.html?mod=djemEMU

* * *

The Bush administration will reject U.S. lawmakers' demands that it formally accuse Beijing of "manipulating" the yuan.

http://online.wsj.com/article/SB118168540121233006.html?mod=djemEMU

* * *

The U.S. Senate began debate on an energy bill intended to curb gasoline use and push cleaner fuels for electric power plants.

http://online.wsj.com/article/SB118169203599833140.html?mod=djemEMU

* * *

Warner Music has formed a joint venture with music manager Chris Lighty, focused on licensing and merchandising deals.

http://online.wsj.com/article/SB118170033205533479.html?mod=djemEMU

* * *

Some of Yahoo's candidates for board seats received as little as 66% of shareholder votes amid discontent over executive pay.

http://online.wsj.com/article/SB118167269875732781.html?mod=djemEMU

* * *

Ford confirmed it is working with bankers to explore options for its Land Rover and Jaguar brands as the auto maker focuses on mass-market vehicles.

http://online.wsj.com/article/SB118164797904332426.html?mod=djemEMU

* * *

Danone is exploring steps to fix its joint venture in China after weeks of feuding with its local partner there.

http://online.wsj.com/article/SB118164461097932398.html?mod=djemEMU

* * *

Some 177.8 million people in April viewed content made with online tools for posting photos, videos and music on Web sites.

http://online.wsj.com/article/SB118169994414433466.html?mod=djemEMU

* * *

Deutsche Telekom regards its U.S. unit, T-Mobile USA, as core to its long-term growth strategy, the German firm's CEO said.

http://online.wsj.com/article/SB118169422656833275.html?mod=djemEMU

* * *

The Dow industrials tumbled 129.95 to 13295.01 as benchmark Treasury bond yields crossed 5.25% for the first time in five years, further fueling worries about rising interest rates.

http://online.wsj.com/article/SB118164989267432420.html?mod=djemEMU

To read any of the articles above, please see: http://www.wsj.com

__________________________________
FEATURES
(WSJ.COM SUBSCRIPTION REQUIRED TO READ FULL STORIES)

The stock of slot-machine maker Aristocrat Leisure has fallen 5.7% this year. Still, most analysts like the company's long-term outlook, as casinos open in more nations and expand in others.

http://online.wsj.com/article/SB118168803927733047.html?mod=djemEMU

* * *

A half-century ago, the Rev. Eugene Homrich set up a Catholic mission among the Garos, a tiny pagan tribe in Bangladesh. To the chagrin of local administration, he has since become the de facto leader of some 20,000 tribe members.

http://online.wsj.com/article/SB118168063804432880.html?mod=djemEMU

* * *

Stephen Schwarzman's competitive drive has made him a fearsome presence within Blackstone, as well as a daunting rival for competitors. His stake is likely to be worth more than $7.5 billion when the firm goes public.

http://online.wsj.com/article/SB118169817142333414.html?mod=djemEMU

* * *

U.S. bond yields hit a five-year high as investors continued to dump Treasurys. The yield on the benchmark 10-year note rose to just below 5.25%.

http://online.wsj.com/article/SB118170022451333473.html?mod=djemEMU

To read any of the articles above, please see: http://www.wsj.com

__________________________________
TOP STORY (IN FULL)

Ackman to Fight Ceridian Bid
By DENNIS K. BERMAN

The largest shareholder of Ceridian Corp. is expected to say that he opposes the $5.3 billion sale of the human-resources and transaction-outsourcing company and that he has hired bankers to find a higher bidder for the company, according to a person familiar with the matter.

The moves by William Ackman's Pershing Square Capital Management, which holds a roughly 15% stake, threaten to extend a months-long feud between Pershing and Ceridian's management. At the least, they put more pressure on management of the Minneapolis company, which is already fending off a proxy contest begun by Mr. Ackman.

In a letter to fellow to shareholders, Mr. Ackman argues that Ceridian -- which agreed to a $36-per-share deal with buyout firm Thomas H. Lee Partners and insurer Fidelity National Financial Inc., -- isn't valued fully.

"We do not support the sale of the company at this low price. It appears to us that the current deal is an ill-suited response to our proxy contest and is suboptimal for Ceridian stockholders," the letter states.

A Ceridian spokeswoman declined to comment.

Mr. Ackman has long advocated a split up of Ceridian, whose two main units are human-resources outsourcing and credit-card payment processing. In the letter to shareholders, he is expected to state that he has found interest from a variety of strategic and private-equity buyers. He is also expected to note the hiring of investment bank Lazard Ltd. and law firm Sullivan & Cromwell to help attract interest in the company, which posted $1.6 billion in revenues last year and net income of $174 million.

Mr. Ackman's goals, this person said, is to explore breaking up the company, selling it in full, or applying significant new debt on either parts or all of Ceridian.

Pershing has also raised its ownership in the company, and is expected to report a 14.9% stake in the coming days, this person said, up from around 14%.

Ceridian's shares were up 29 cents at $35.21 in 4 p.m. composite trading on the New York Stock Exchange.

___________________________________
Copyright 2007 Dow Jones & Company, Inc. All Rights Reserved.

Today's Forex Market Update

2007-06-12T14:09:00.001-07:00

June 12, 2007

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June 12, 2007	GBP/$	EUR/$	$/CHF	$/JPY	AUD/$	$/CAD
Resistance Level (High)	1.9786	1.3371	1.2433	121.88	0.8448	1.0657
Support Level (Low)	1.9685	1.3311	1.2372	121.59	0.8407	1.0588

EUR/USD

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Today's Forex News...

Dollar Posts Longest Gain Against Euro Since October on Economy

June 12 (Bloomberg) -- The dollar posted its longest rally against the euro since October as speculation increased that the Federal Reserve will hold interest rates steady this year.

The U.S. dollar advanced to a two-month high against the 13-nation currency as benchmark Treasury yields rose before reports this week forecast to show further evidence of U.S. economic resilience. The pound strengthened after Bank of England Governor Mervyn King suggested interest rates may advance ... More: See the rest of the article

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Forex Market Update

2007-06-12T05:06:00.000-07:00

Jun. 12, 2007Client Inquiries Contact Us Update Subscriptions www.saxobank.com

Analysis by:

Johan Ditz Lemche
Market Strategist
Saxo Bank

The FX Strategy Team consists of:

Kristian Siggaard-Jensen
Market Strategist
Saxo Bank

See the full Strategy Team here

Email the Strategy Team

Published: Jun. 12 2007, 12:05 GMT

UK Inflation As Expected

GBP-crosses rose yesterday evening as BoE governor King was signaling a hawkish tone with regards to the UK rates. Today's UK CPI came in line with expectations, leaving majors within ranges.

MAJOR HEADLINES – PREVIOUS SESSION

GBP

SEK

Quoted at 11:20 GMT.

News from previous sessions:

GBP

Most important data today was the UK PPI May figures, released at 10:30CET. The figures were in general mixed as the input prices came out higher than expected, but the April figures were revised lower. Core Out CPI surprised to the upside and was also revised higher. However with regards to GBP-crosses, the market is standing by for tomorrow's release of the CPI, where we expect confirmation whether or not the GBP should go higher. We consider the recent sell-off in GBPUSD (highs ahead of the BoE rate announcement was at 1.9942 and todays lows is at 1.9651) as too dramatic and consider an upside surprise in CPI tomorrow likely will support GBP-crosses higher. However as the USD remains strong, we consider the USD-strength to have bigger impact. Yields in the US are more or less unchanged today and Gilts have come back a tad, signaling a lower yield in the UK. In GBPUSD, we are intraday sellers at the break of Friday's lows at 1.9621 and are looking to enter a long position if we see clear break of the 1.97 figure.

NZD

USD

JPY

FX Orderbook

Note: the support/resistance levels used in the matrix's of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.

EURUSD

Resist.
1.3442
1.3399
1.3378
1.3346
1.3335
1.3312
1.3269
Support

Quoted: 12 Jun 07 12:04 GMT

GBPUSD

Resist.
1.9791
1.9736
1.9713
1.9731
1.9658
1.9627
1.9572
Support

Quoted: 12 Jun 07 12:04 GMT

USDJPY

Resist.
122.34
122.02
121.87
121.80
121.54
121.37
121.04
Support

Quoted: 12 Jun 07 12:04 GMT

EURJPY

Resist.
164.18
163.36
162.98
162.54
162.16
161.72
160.90
Support

Quoted: 12 Jun 07 12:04 GMT

USDCAD

Resist.
1.0688
1.0649
1.0622
1.0622
1.0583
1.0569
1.0529
Support

Quoted: 12 Jun 07 12:04 GMT

USDCHF

Resist.
1.2490
1.2433
1.2407
1.2403
1.2350
1.2319
1.2262
Support

Quoted: 12 Jun 07 12:04 GMT

AUDUSD

Resist.
0.8534
0.8480
0.8458
0.8427
0.8403
0.8371
0.8316
Support

Quoted: 12 Jun 07 12:04 GMT

NZDUSD

Resist.
0.7878
0.7709
0.7615
0.7520
0.7446
0.7372
0.7203
Support

Quoted: 12 Jun 07 12:04 GMT

Risk warning

IMPORTANT!

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Equity Market Update

2007-06-12T04:58:00.000-07:00

Jun. 12, 2007Client Inquiries Partnerships Contact Us Update Subscriptions www.saxobank.com

Analysis by:

Torben Krogh Nielsen
Market Strategist
Saxo Bank

The Equity Strategy Team consists of:

Torben Krogh Nielsen
Market Strategist
Saxo Bank

Kristian Siggaard-Jensen
Market Strategist
Saxo Bank

See the full Strategy Team here

Email the Strategy Team

Published: Jun. 12 2007, 11:58 GMT

Two-day Bounce Coming to an End

The relief rally since Friday is stalling with US retail sales on tap tomorrow followed by US PPI on Thursday.

MAJOR HEADLINES - PREVIOUS SESSION

Equity markets were off to the races in early trade today but have trailed all the way back as we enter the afternoon. After a 2-day recovery, sellers are emerging again and indeed, the oversold state has evaporated. Energy and Food/Beverage are the biggest gainers today while Technology and Banking lead the broader market lower.

HBOS fell 5.1 percent to 1,015 pence, the biggest decline since March 14. HBOS's share of U.K. mortgages is likely to decline to less than 10 percent from 21 percent in the first half of 2006, the Edinburgh-based HBOS said today in a Regulatory News Service statement. Pretax profit excluding one-time charges will increase to about 6 billion pounds ($11.8 billion), or 110.8 pence a share, in line with the revised median estimate of 19 analysts surveyed by the bank.

Veolia fell 1.2 percent to 57.98 euros. The world's biggest water company plans to raise 2.6 billion euros ($3.5 billion) from a sale of new shares following the purchase of waste treatment companies in the U.K., Germany and Italy. Veolia shareholders can buy one new share for every eight held at a price of 49.70 euros each, the company said. At the same time Veolia announced the acquisition of Thermal North America Inc. for $788 million to boost U.S. operations.

THEMES TO WATCH – UPCOMING SESSION

Week 2 of the sell-off that was initiated by a key break-out in yields. Currently, US 10-year yields stand at 5.15 percent with scope for more upside short-term. Again, the real question here is whether the run-up in yields are over concerns of rising inflation or merely an implied growth view. Data suggests it's the latter and so we continue to believe this is a correction and not something more sinister.

But, a correction could easily last for months and record double-digit losses at the aggregate level. A key driver in this regard could be the upcoming US earnings season. Some Wall Street names are reporting this week but the majority of the S&P 500 won't be on tap before the end of June. As for technicals (see below), there's simply to much left to unwind and weekly charts display it adequately. In many ways, the sell-off could resemble what we saw in Crude Oil last year: sentiment was elevated (though most normalized indicators aren't really at extremes) and price action bullish. Also, the 50-day/200-day moving average band was wider than normal, exactly the same thing seen in DAX today.

Company News

Dow Jones & Co: The newspaper publisher said the Wall Street Journal's advertising revenue fell 3.4 percent in May because of declines in technology, general and classified ads. By volume, ads at the newspaper decreased 7.3 percent, Dow Jones said. The stock fell 21 cents to $60.21 in regular trading.

Massey Energy declined 50 cents, or 1.8 percent, to $27 in after-hours trading yesterday. The fourth- largest U.S. coal producer will remain an independent public company after completing a strategic review process with Goldman Sachs Group Inc.

Texas Instruments fell 71 cents, or 2 percent, to $35.08 in extended trading yesterday. The world's biggest maker of mobile-phone chips said its second-quarter sales and profit won't reach the high end of its previous estimates as a slump in handset demand continues. Sales will be $3.36 billion to $3.51 billion, compared with an estimate of $3.32 billion to $3.6 billion two months earlier.

Take-Two Interactive Software rose 21 cents, or 1.1 percent, to $19.15 in extended trading yesterday. The maker of the "Grand Theft Auto'' video games reported a second- quarter loss and said the company will consolidate some businesses to reduce costs. Excluding some items, the company had a loss of 41 cents a share, narrower than the 56-cent average estimate from analysts in a Bloomberg survey.

Index Technicals

Equity Positions

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Zacks.com Profit from the Pros - 6/12/07

2007-06-12T04:10:00.000-07:00

***********************************************
ZACKS.COM PROFIT from the PROS
** Tactics that Work in Good and Bad Markets **
***********************************************

Today's Topics: Tuesday - June 12, 2007

1) ZACKS RANK BUY STOCKS - Today we highlight four new stocks
with a short-term "Buy" or "Strong Buy" recommendation: Akamai
Technologies (AKAM), Moody's (MCO), Deere (DE) and Celanese
Corp. (CE). Get these stories below.

2) PROFIT TRACKS - LOW PRICE STOCKS - Profit from stocks
priced under $20 with attractive valuations and rising
earnings estimates.

3) ZACKS EQUITY RESEARCH - Inflation could be somewhat of a
positive as enterprise-side tech companies look to gain
efficiencies through other means than hiring employees. Read
the Analyst Interview and get our Bull and Bear Stocks of the
Day.

4) OPTIONS CENTER - The experts at Schaeffer's highlight a
computer giant entrenched in Wall Street's bearish camp that
could be a solid addition to any bullish portfolio.

5) BEST OF THE ZACKS $100,000 CHALLENGE - 'Shoelessjoe'
highlights a huge market that he expects will grow even
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==============================================

1) ZACKS RANK BUY STOCKS

==============================================

Aggressive Growth - Akamai Technologies (AKAM)

Akamai Technologies (AKAM) soared 8% Friday after it was
upgraded to a "Buy" from a "Hold" with a $50 target price. The
stock is up almost 71% since it was first featured. Read the
full analysis on AKAM at http://at.zacks.com/?id=2494

Growth & Income - Moody's Corp. (MCO)

Moody's Corp. (MCO), presented as a Growth and Income pick on
Mar 14, has returned nearly 14%. The company upped its full-
year guidance and now forecasts mid- to high-teens percent
revenue growth. Low-to-mid teens percentage growth in adjusted
earnings per share are also expected. The consensus estimate
for this year currently sits at $2.61, having risen six cents
over the past 60 days. Profit forecasts for next year are up
10 cents to $3.00 over the same period of time. MCO exceeded
analysts' earnings expectations for a remarkable 16 straight
quarters. The company was recently upgraded to overweight by
Morgan Stanley. Read the full analysis on MCO at

http://at.zacks.com/?id=2495

Momentum - John Deere & Co. (DE)

Listen to the audio podcast on DE through Zacks' NEW Audio
Feature: http://at.zacks.com/?id=2496

John Deere & Co. (DE) announced that it will acquire Ningbo
benye Tractor & Automobile Manufacture Co., a south-China
manufacturer. The purchase will allow Deere to sell small, low-
horsepower tractors in combination with the larger machines it
currently sells in China. DE is currently up over 22% year-to-
date. Read the full analysis on DE at

http://at.zacks.com/?id=2496

Value - Celanese Corp. (CE)

The Board of Directors at Celanese Corp. (CE) authorized the
repurchase of up to $330 million of its common stock.
Consensus earnings estimates for this year are up 13 cents to
$3.18, while profit forecasts for next year have risen 25
cents to $3.31 over the past two months. CE has returned
nearly 20% since it was first featured as a Value pick on Mar
21. Read the full analysis on CE at

http://at.zacks.com/?id=2497

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2) PROFIT TRACKS

==============================================

Zacks.com is proud to share with you some of the best trading
strategies that truly allow you to Profit from the Pros. Today
we highlight...

Profit Tracks: Low Price Stocks

Many investors prefer stocks priced below $20 because the low
prices allow them to accumulate more shares. Fortunately,
lower prices do not necessarily mean lower quality.

This strategy identifies stocks priced below $20 that are
trading at discount valuations and have a Zacks Rank of #1
("Strong Buy") or #2 ("Buy"). The stocks identified by this
search strategy trade at price-to-sales (P/S) multiples of 1.0
or below. The strong Zacks Rank is indicative of positive
revisions in earnings estimates. Combining these
characteristics can result in high-dollar returns.

Here are four stocks that make the grade for the Low Price
Stocks Profit Track:

Advocat Inc. (AVCA) is trading around the $12 level. The
company posted first-quarter earnings of 21 cents per share in
early May, outperforming the consensus estimate by 91%.
Revenue of $54.6 million was up 3.7% on a year-over-year basis.
AVCA meets the criteria for this Profit Track as evidenced by
its price-to-sales multiple of 0.34 and earnings per share
profitability of $2.52 over the past 12 months. Continue your
research on AVCA at http://at.zacks.com/?id=2389

Books-A-Million, Inc. (BAMM) reported first-quarter earnings
of 13 cents per share in late May, exceeding the consensus
estimate by 8% and surpassing last year's nine cents. The
company mentioned that several categories performed well with
new age, teen, graphic novels and hardcover fiction showing
particular strength. Books-A-Million earned $1.16 per share
during the past 12 months and sports a price-to-sales multiple
of 0.60. Continue your research on BAMM at

http://at.zacks.com/?id=2390

Phoenix Companies, Inc. (PNX), which is trading around $15.50,
is a Zacks #1 Rank (Strong Buy) company. PNX offers a price-to-
sales multiple of 0.69. During the past 12 months, PNX earned
$1.21 per share. The company announced first-quarter earnings
of 33 cents per share, jumping ahead of the consensus estimate
by 43.5% and outperforming the year-prior result. Phoenix
Companies stated that this quarter provides a strong start to
the year for both top and bottom line growth and continues the
favorable results of last year's second half. Continue your
research on PNX at http://at.zacks.com/?id=2391

Sealy Corp. (ZZ) released its fiscal first-quarter report in
early April. Net sales increased 4.3% to $412.6 million from
the previous year's $395.7 million on unit volume growth of
12.2%. The company noted that the momentum in domestic volume
that has been building continued during the first quarter as
unit growth turned positive, due primarily to strength in
Sealy's promotional and specialty product lines. The company's
price-to-sales multiple stands at 0.94, and it experienced
earnings per share profitability of $1.09 over the past 12
months. Continue your research on ZZ at

http://at.zacks.com/?id=2392

To see the track details for this winning screen, go to

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SCREEN OF THE WEEK

Filtering the Zacks Rank

Kevin Matras outlines a strategy to trade the Zacks Rank in a
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====================================================

3) ZACKS EQUITY RESEARCH

====================================================

There are several issues currently ongoing in the technology
industry, so we thought it would be a good idea to check with
senior technology analyst Steve Biggs, CFA to see what he
expects from his coverage, looking ahead.

We're seeing signs of inflation in the economy these days.
What affect do you expect this will have on tech companies?

Well, a strong economy is always an important factor for tech,
as it's very sensitive to capital spending. And in fact,
inflation could be somewhat of a positive, as companies look
to gain efficiencies through other means than hiring employees.
So as the market tightens, companies are going to be more
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savings that they can achieve through implementing new
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Zacks Equity Research cont...

Are you talking mostly on the enterprise side, though?

Yeah, mostly on the enterprise side - and that's the bulk of
the companies I cover, those that sell into the enterprise
side.

How about for those companies you do cover on the consumer
side? Are the inflationary aspects of the economy going to,
perhaps, hurt some of these companies?

That could be somewhat of a negative. If you're looking at,
say, a Sony Corp. (SNE) or a consumer electronics company,
obviously the less money consumers have to spend would come
back and hurt these companies.

But for the most part, anything involved in the enterprise
side should do OK. You know, a strong economy has typically
been a good indication for tech companies.

Now there's also an issue of "commoditization of hardware"
currently ongoing. Can you tell us a little bit about this?

Well, sure. Companies are having a harder and harder time
keeping up with the commoditization and price declines in
hardware. For example, within, say, the server market, as we
go towards more Intel INTC and AMD AMD -based machines and
away from the larger Unix-based machines, prices have declined
very rapidly. It's benefited some of the companies that
specialize in this kind of stuff.

Obviously, Dell DELL was a beneficiary of it, although they're
having some problems in other areas such as PCs. They
certainly benefited from this trend in servers as well as a
few others, like Rackable Systems RACK and some of the
software companies.

Another thing you're seeing is virtualization of servers, and
that's going to continue to grow as Intel and AMD release more
powerful processors that can handle more functions - such as
the two-way processors that are going to continue to increase
to four, then eight, and on and on over the next few years.
So that becomes a benefit to some of the software companies
that enable server virtualization. Opsware OPSW is one that I
cover that's a beneficiary of that. Also, EMC (EMC) is
spinning out - a portion, at least - with its VMware, which
enables virtualization. So that's another company that's
going to benefit from the software end of it. But going back
to the other side, EMC on the hardware side is a victim of
commoditization itself, as Dell's lower cost storage devices
are taking share from EMC.

To read the complete Analyst Interview, click
http://at.zacks.com/?id=2379

Steve Biggs, CFA is a senior analyst covering aspects of the
technology sector for Zacks Equity and Small-Cap Research.

***********************************************************************

Read More or Comment on this post:

http://at.zacks.com/?id=3505

Java J (Rank #44 with $137,077)

>> Java's Market Musings #70 <<
On Friday, the market rebounded from the previous day's sell
off. all three indices closed for the week on a positive note
with significant gains on the day. most of Thursday's negative
expansion - bars were negated by Friday's market action,
however, I am closely watching to see if the indices 20 SMA's
now begin to function more like resistance (ceiling) to the
market..

Read More or Comment on this post:

http://at.zacks.com/?id=3506

Stockboy911

A LOOK AT THIS BIOTECH
Encysive Pharmaceutical (ENCY), whose lead product Thelin has
an FDA decision date of Jun 15, 2007. The company's main focus
is on cardiovascular diseases. Thelin is already marketed in
Europe and recently received a Canadian approval. It is highly
likely Thelin will receive FDA approval.

Read More or Comment on this post:

http://at.zacks.com/?id=3507

Read all the Player Blog posts at:

http://at.zacks.com/?id=3504

****************************************************************

OTHER TOOLS FROM ZACKS

* +31.9% average annual return since 1988 versus +11.9% for
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And just as importantly, the Zacks #5 Rank stocks (Strong
Sell) list has alerted investors as to which stocks to dump
from their portfolios to avoid unnecessary losses.

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We hope you enjoyed this issue of "Zacks.com Profit from the
Pros" and we look forward to visiting with you again tomorrow.

REFER-A-FRIEND

Regards and Happy Investing,

Charles Rotblut, CFA

Senior Market Analyst
Zacks.com

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EUROPE MORNING UPDATE: For KKR, Bumps in Its Buyout Binge

2007-06-12T00:22:00.000-07:00

___________________________________
THE WALL STREET JOURNAL EUROPE Morning Update

June 12, 2007 -- 3:09 a.m. EDT

___________________________________

TOP STORY
KKR is haggling over fees as it seeks partners for its $29 billion First Data deal after tapping out traditional investors.

(FULL STORY BELOW)

___________________________________
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TODAY'S NEWS
(WSJ.COM SUBSCRIPTION REQUIRED TO READ FULL STORIES)

The U.S. judge in the cases against 16 ex-KPMG executives is seeking to ensure fair trials after the firm stopped paying their legal fees.

http://online.wsj.com/article/SB118161499305632156.html?mod=djemEMU

* * *

U.S. Senate Republicans blocked a "no-confidence vote" on Gonzales, turning back a symbolic Democratic effort to prod him from office. The 53-38 vote fell seven short of the 60 required to move the resolution to full debate.

http://online.wsj.com/article/SB118156725353331104.html?mod=djemEMU

* * *

Blackstone's CEO Steve Schwarzman will receive stock valued at roughly $7.5 billion from the private-equity firm's IPO, while co-founder Peter Peterson will take home nearly $2 billion in cash.

http://online.wsj.com/article/SB118156915112631131.html?mod=djemEMU

* * *

China's trade surplus is on track to expand as much as 80% this year, data suggest. The country's May surplus surged 73% from a year ago to $22.45 billion.

http://online.wsj.com/article/SB118154797577930986.html?mod=djemEMU

* * *

YouTube will begin testing video fingerprinting technology to identify clips with companies like Time Warner and Disney.

http://online.wsj.com/article/SB118161295626932114.html?mod=djemEMU

* * *

A security-treaty dispute shows how Russia remains determined to shape Europe on its terms despite cooling Cold War-style rhetoric.

http://online.wsj.com/article/SB118158620107131485.html?mod=djemEMU

* * *

The U.S. Food and Drug Administration said Acomplia, a proposed weight-loss drug by Sanofi, was effective at promoting weight loss but appeared to double the rate of suicidal thoughts and behavior.

http://online.wsj.com/article/SB118157162751131168.html?mod=djemEMU

* * *

More U.S. employers are using new software that can upgrade hand-held devices like BlackBerrys and Palm Pilots so employees can perform a wide range of work-related chores outside their offices.

http://online.wsj.com/article/SB118160971503031994.html?mod=djemEMU

* * *

Qwest CEO Richard Notebaert, who helped the telecom company escape from bankruptcy protection, said he plans to retire.

http://online.wsj.com/article/SB118156889307131110.html?mod=djemEMU

* * *

U.S. markets twitched nary a muscle, as investors licked their wounds from last week. Bond yields rose again, and oil jumped to nearly $66 a barrel. The Dow industrials barely changed, rising 0.57 to 13424.96.

http://online.wsj.com/article/SB118156109389531015.html?mod=djemEMU

To read any of the articles above, please see: http://www.wsj.com

__________________________________
FEATURES
(WSJ.COM SUBSCRIPTION REQUIRED TO READ FULL STORIES)

Ronald Perelman has turned M&F Worldwide into one of the hottest stocks in the market, with hedge funds constituting some of its biggest fans.

http://online.wsj.com/article/SB118161310631432068.html?mod=djemEMU

* * *

When WellPoint ousted finance chief David Colby for undisclosed reasons, investors were shocked. But a series of tangled romantic relationships involving Colby had become an embarrassing public matter, undermining his standing.

http://online.wsj.com/article/SB118161718968732211.html?mod=djemEMU

* * *

Many troubled companies now can get loans in what is sometimes called rescue finance, but if borrowers don't fix their problems an eventual blowup may be worse than a bankruptcy filing.

http://online.wsj.com/article/SB118161526044432160.html?mod=djemEMU

* * *

Indian tribes are officially sovereign nations within the U.S., but a tangle of federal laws and judicial precedents has undermined much of their legal authority. As a result, seeking justice on Indian reservations is an uneven affair.

http://online.wsj.com/article/SB118161297090532116.html?mod=djemEMU

To read any of the articles above, please see: http://www.wsj.com

__________________________________
TOP STORY (IN FULL)

For KKR, Bumps in Its Buyout Binge

By DENNIS K. BERMAN and HENNY SENDER

As Wall Street digests a feast of buyout deals announced during the past few months, one especially active buyout giant, Kohlberg Kravis Roberts & Co., is finding they don't all go down easy.

KKR has tapped out some of the traditional investors it might typically turn to in funding large transactions, setting it on a different course in the $26 billion acquisition of First Data Corp., a processor of electronic payments. People familiar with the matter say the deal isn't in jeopardy, but in its search for new partners in the acquisition, KKR finds itself haggling over terms it once could dictate.

The tensions it has encountered underscore how saturated the market has become for some big private-equity deals. It also underscores the challenging environment private-equity firms could be facing -- investors are pushing back against some deals just as rising interest rates could make it more expensive for them to borrow money.

"We have enough exposure to KKR already," says an executive at one major investor who invests money in private-equity firms on behalf of a variety of pension funds, endowments and wealthy families. "We have concentration limits with the private-equity firms and with KKR, we have reached the limit."

In any buyout, private-equity shops like KKR line up billions of dollars in debt to finance the transaction. They also put in equity, using money from funds they raise. Sometimes, in big deals, they also tap the pension funds, endowments and wealthy families that invest with them as co-investors who ante up even more money on the side. In exchange for the extra money, the co-investors get to participate without paying big fees.

But lining up co-investors this time has been complicated. KKR has been on a historic deal spree of late, taking part in five of the eight-largest buyouts of the year, including the buyouts of TXU Corp. and Dollar General Corp. Some traditional co-investors have balked at participating in the First Data buyout because they have been writing too many checks to fund other KKR buyouts lately.

As its table of existing investors gets tapped out, KKR has turned to hedge funds and other investors for additional equity. In recent days, KKR has clashed with them over the fees these investors would have to pay for that equity, according to people familiar with the deal.

KKR is putting $3 billion from its own funds in the First Data deal. It is seeking $4.2 billion from co-investors. It will finance the rest with debt, according to people briefed on the transaction.

People close to the deal say that the equity will be placed on schedule, though the price is still being negotiated. They say there are multiple sources of equity given the quality of First Data's operations.

In the past, KKR might have teamed up with rival private-equity firms, like Carlyle Group or Blackstone Group, to make a multibillion-dollar deal. But recently, private-equity firms have preferred to go it alone with the help of their investors.

At issue in the latest round of haggling is the fees KKR's new batch of investors will have to pay. KKR's existing investors sometimes co-invest directly in big deals without having to pay any portion of the long-term profits from their investment, known as "carry," back to KKR.

But those terms aren't in place for outsiders, who have been asked to pay as much as 20% of the carry to KKR. These investors have instead been fighting for 10% to 15%, according to people involved in the deal.

The tensions also highlight an obscure but important cog in the private-equity deal-making machine -- the bridge-equity commitment. These are equity commitments taken on by banks to help their private-equity clients speedily sign up a transaction.

The banks put up the money as a bridge for a short period of time, until the stakes are sold by private-equity firms to investors. Until that equity is placed, banks are on the hook for the equity. They also make bridge commitments for debt used to finance deals.

Banks are loath to take on bridge commitments because they run the risk of being stuck with the stake should the syndications fail. Yet they often feel compelled to do so, given that private-equity buyers pay hundreds of millions of dollars in financing fees.

Wall Street is deeply paranoid about bridge financing. In a famous event dubbed the "Burning Bed," First Boston Corp. in 1989 made a $457 million bridge loan to the purchasers of Ohio Mattress Co. When the junk-bond market collapsed soon afterward, First Boston couldn't refinance the loan and ended up owning most of Ohio Mattress.

Credit Suisse had to inject additional capital into First Boston, culminating in a full takeover.

In the First Data buyout, KKR is relying heavily on its banks to bridge the deal. Those banks -- which include Citigroup, Credit Suisse, Deutsche Bank, HSBC, Lehman Brothers and Merrill Lynch -- are bridging the $4.2 billion in total, according to people familiar with the deal.

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Today's Forex Market Update

2007-06-11T13:31:00.000-07:00

June 11, 2007

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June 11, 2007	GBP/$	EUR/$	$/CHF	$/JPY	AUD/$	$/CAD
Resistance Level (High)	1.9706	1.3376	1.2403	121.85	0.8449	1.0637
Support Level (Low)	1.9649	1.3332	1.2345	121.50	0.8392	1.0600

EUR/USD

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Dollar Advances Fourth Day Versus Euro on Economy, Rate Outlook

By Bo Nielsen and Ye Xie

June 11 (Bloomberg) -- The dollar rose a fourth straight day against the euro on speculation reports this week will provide further evidence the U.S. economy is strong enough not to warrant a cut in interest rates this year.

The U.S. currency rose against all of its 16 most active counterparts except Brazil's real after Bank of Cleveland President Sandra Pianalto said inflation is ``uncomfortably high.'' The euro pared its loss against the dollar after European Central Bank President Jean-Claude Trichet said monetary policy is ``still on the accommodative ... More: See the rest of the article

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MIND MATTERS: Crawling, Walking and Running

2007-06-11T12:20:00.000-07:00

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Equity Market Update

2007-06-11T06:03:00.000-07:00

Jun. 11, 2007Client Inquiries Partnerships Contact Us Update Subscriptions www.saxobank.com

Analysis by:

Christian Svendsen
Market Strategist
Saxo Bank

The Equity Strategy Team consists of:

Torben Krogh Nielsen
Market Strategist
Saxo Bank

Kristian Siggaard-Jensen
Market Strategist
Saxo Bank

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Published: Jun. 11 2007, 13:02 GMT

Last Week's Correction Ending On A Strong Note

The short-term direction for stocks is blurry at best. The next couple of days should give an indication whether last week's sell off came to a halt as stocks rallied strongly across the board friday.

MAJOR HEADLINES - PREVIOUS SESSION

European stocks rose for the first time in six days as renewed takeover speculation lifted mining and steel companies.

BHP Billiton Ltd. led mining companies higher after UBS AG said mergers and acquisitions in the industry "will continue to accelerate." ThyssenKrupp AG fueled a rally by steelmakers after Interfax reported the world's biggest stainless steelmaker is interested in acquisitions to expand. Axa SA, Rodamco Europe NV and Deutsche Bank AG led gains by financial-related companies, among the hardest hit in last week's sell-off.

Mergers and acquisitions have stoked a rally in European stocks that sent the Dow Jones Stoxx 600 Index on June 1 to the highest since September 2000.

The Stoxx 600 added 0.8 percent to 387.98 as of 11:29 a.m. in London, after falling 3.8 percent last week. The Stoxx 50 rose 0.6 percent today, while the Euro Stoxx 50 increased 0.7 percent.

Stocks last week fell the most in three months after the European Central Bank raised its benchmark interest rate and yields on U.S. 10-year Treasury notes touched the highest in five years. Higher yields reduce the appeal of dividends.

U.S. stocks rebounded on June 8, after the close of trading in Europe, as yields retreated from highs and oil prices declined. Asian stocks gained today for the first time in three days after a report showed Japan raised its first-quarter economic growth estimate.

National benchmarks advanced in all 17 western European markets that were open. The U.K.'s FTSE 100 increased 0.7 percent. France's CAC 40 added 0.8 percent and Germany's DAX rose 1.2 percent.

Axa, Europe's second-biggest insurer, climbed 1.3 percent to 31.39 euros. Rodamco, a Dutch shopping-mall owner, climbed 2.2 percent to 102.55 euros. Deutsche Bank, Germany's largest bank, added 1.4 percent, to 107.9 euros.

Financial shares led declines last week on speculation interest rates will rise further, reducing demand for mortgages and other loans. The Stoxx 600 Financial Services Index lost 6.8 percent.

Profits of Stoxx 600 companies are expected to grow 7.1 percent this year, according to FactSet Research Systems Inc. in London. Last month analysts estimated only 6.1 percent earnings growth for 2007.

BHP Billiton increased 0.6 percent to 1,276 pence. UBS raised its price estimate for shares of the world's biggest mining company to 1,500 pence from 1,400 pence.

Rio Tinto Group, the world's third-biggest mining company, climbed 1.3 percent to 3,548 pence.

ThyssenKrupp gained 4 percent to 44.22 euros. The company is interested in either U.S. Steel Corp. or Russia's OAO Severstal to expand, Interfax said June 8, citing an unidentified banker.

ThyssenKrupp spokesman Klaus Pepperhoff and U.S. Steel spokesman John Armstrong declined to comment. OAO Severstal Chief Executive Officer Alexei Mordashov said June 9 that he isn't in talks to sell Russia's biggest steelmaker to ThyssenKrupp.

Vallourec SA, a maker of steel tubes used to carry oil and gas, gained 2.6 percent to 229.78 euros. Gazprom may make a hostile takeover bid for the French company, the Italian newspaper Finanza & Mercati reported on June 9, citing "rumors."

Salzgitter AG, Germany's second-largest steelmaker, gained 3.8 percent to 142.99 euros. Voestalpine AG, the Austrian steelmaker taking over Boehler-Uddeholm AG, rose 4.3 percent to 56.55 euros. UniCredit SpA recommended buying shares of the Austrian company.

Corporate Express NV, the world's biggest office-supplies distributor, jumped 10 percent, the most in four years, to 10.42 euros after a regulatory filing showed hedge fund Centaurus Capital Ltd. held shares with 5.02 percent of the voting rights as of June 7. No financial details were disclosed.

Centaurus has also built stakes in Dutch food retailer Royal Ahold NV and airplane-parts maker Stork NV and urged them to sell assets.

Barclays Plc, the London-based bank vying to acquire ABN Amro Holding NV in the biggest financial-services takeover, rose 2.5 percent to 740.5 pence after the Wall Street Journal reported yesterday hedge fund Atticus Capital LLC acquired shares of Barclays and met with the London-based bank to discuss dropping the deal.

Barclays agreed to buy the Dutch bank for about 64 billion euros ($85 billion) in April. Barclays spokesman Alistair Smith said today that "the views expressed by Atticus are not representative of the feedback that we have received from shareholders who remain supportive of our strategy." An Atticus spokesperson couldn't immediately be reached. ABN Amro shares added 0.5 percent to 35.41 euros.

Rexam Plc dropped 3.2 percent to 495 pence. The maker of packaging for companies including Givenchy and L'Oreal SA said it will acquire the plastics unit of Owens-Illinois Inc. for $1.83 billion.

Telelogic AB, whose software design systems are used by clients including General Electric Co., dropped 0.5 percent to 21.4 kronor. International Business Machines Corp., the world's largest computer-services provider, agreed to acquire the Malmoe, Sweden-based company for 5.2 billion kronor ($743 million), or 21 kronor in cash per share.

The offer represents a 21 percent premium to the closing share price on May 31, the last day prior to market speculation Telelogic may be bought. The shares soared 18 percent last week.

THEMES TO WATCH – UPCOMING SESSION

Last week ended with a major rebound, as Yields topped around 5.25. But where are we headed from here?

S&P 500 should be a good indicator. The index is currently trading between 1505 and 1515. To get a confirmation that last weeks correction is done we need to see a daily close above 1515, if not don't be surprised to see additional downside.

Looking at the week at hand from a macro perspective nothing much s happening until Wednesday as US Retail Sales figures is scheduled to be released.

Company News:

Atmel Corp.: The maker of chips for mobile phones and DVD players said it received a subpoena from the U.S. Justice Department about its past stock-option practices. The subpoena was delivered in January, the company said in a filing with the securities and Exchange Commission. Atmel also released financial statements that had been delayed by its own probe into stock- option grants. The stock rose 6 cents to $5.63 in regular trading.

BHP Billiton Plc's: American depositary receipts declined 92 cents, or 1.8 percent, to $50.48 in trading after the official close of U.S. exchanges. The world's largest miner fell along with other mining stocks and metal prices on speculation of slowing imports into China, the world's largest user of metal. Each ADR represents two ordinary shares.

Boeing Co.: The world's second-largest maker of commercial aircraft won an order valued at about $3 billion from OAO Aeroflot for 22 Dreamliners in a potential sign of better relations between the U.S. and Russia. The stock rose $1.35, or 1.4 percent, to $98.19 in regular trading.

Evergreen Solar Inc.: The company has a technology that allows solar-panel manufacturers to use less silicon to produce energy, Shawn Kravetz, founder and president of Esplanade Capital LLC, told Barron's. The stock rose 18 cents, or 2.2 percent, to $8.35 in regular trading.

General Motors Corp.: The largest U.S. automaker, Ford Motor Co. and DaimlerChrysler AG's Chrysler may create an independent health-insurance fund to trim their combined $114 billion in future retiree health-care obligations, five people with direct knowledge of the talks said. General Motors shares rose $1.32, or 4.5 percent, to $31 in regular trading. Ford shares rose 18 cents, or 2.2 percent, to $8.24. DaimlerChrysler shares rose $2.05, or 2.4 percent, to $87.85.

Infinera Corp.: rose 24 cents, or 1 percent, to $25.40 in extended trading. The maker of optical-networking equipment this week raised $182 million in an initial public offering, selling 14 million shares for $13 each.

Limited Brands Inc.: Shares of the clothing retailer, which sold a majority stake in its Express apparel unit, may rise to the mid-30s on demand at its Victoria's Secret chain, Barron's said, without citing anyone. The stock rose 37 cents, or 1.4 percent, to $26.40 in regular trading.

Pacific Ethanol Inc.: The ethanol producer said itplans to sell as much as $250 million in shares and use the proceeds for plant construction and acquisitions. The stock fell 4 cents to $12.70 in regular trading.

Petroleo Brasileiro SA's: American depositary receipts rose $1.57, or 1.4 percent, to $111.11 in extended trading. Brazil's state-controlled oil company and Itochu Corp., Japan's fourth-largest trading house, agreed to study the production of biofuels in the Brazilian northeast for export to Japan. The companies plan to study the production of ethanol and other fuels from sugarcane, stone pine and the dende palm, Rio de Janeiro-based Petrobras said in a statement. Each ADR represents four ordinary shares.

Tesoro Corp.: The refinery in the U.S. West said it named Greg Wright as the company's chief administrative officer. Otto Schwethelm will succeed Wright as chief financial officer and will report to him. The stock rose 28 cents to $59.20 in regular trading. It fell 85 cents, or 1.4 percent, to $58.35 in after-hours trading.

Tween Brands Inc.: The pre-teen retailer, whose Limited Too and Justice lines sell to girls ages 7 to 14, may be worth $60 a share by 2009, as it opens more stores, Shawn Kravetz, founder and president of Esplanade Capital LLC, told Barron's. The stock rose 13 cents, or 0.3 percent, to $41.16 in regular trading.

Western Union Co.: The company, which offers money transfers through 300,000 agents in 200 countries, is among stocks liked by Shawn Kravetz, founder and president of Esplanade Capital LLC, Barron's said. The stock has been under pressure because of the cost of its spinoff from First Data Corp. and U.S. immigration-reform proposals. The stock rose 34 cents, or 1.6 percent, to $22.16 in regular trading.

Wyndham Worldwide Corp.: Shares of the hotel operator may reach $58 each on the company's time-share vacation homes, Barron's said, citing Amit Kapoor, an analyst at Gabelli & Co. The stock was unchanged at $35.66 in regular trading.

EQUITY POSITIONS

Current Positions:

New Model Signals:

(MR): Buy SNAM Rete Gas (SRG:xmil), Suggested Holding Period 5 days.

(MR): Buy Cognizant Technology (CTSH:xnys), Suggested Holding Period 20 days.

Note:

For more information regarding our equity models, go to Strategy Team under research.

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Forex Market Update

2007-06-11T04:59:00.000-07:00

Jun. 11, 2007Client Inquiries Contact Us Update Subscriptions www.saxobank.com

Analysis by:

Johan Ditz Lemche
Market Strategist
Saxo Bank

The FX Strategy Team consists of:

Kristian Siggaard-Jensen
Market Strategist
Saxo Bank

See the full Strategy Team here

Email the Strategy Team

Published: Jun. 11 2007, 11:59 GMT

Return of Volatility in Majors Short-lived?

USD-crosses continued higher on Friday as the higher yields were the ultimate market movers. Overnight the RBNZ decided to intervene against the strong NZD, triggering a major sell-off.

MAJOR HEADLINES – PREVIOUS SESSION

GBP

NZD

Quoted at 11:30 GMT

News from Friday:

USD

JPY

GBP

GBP-crosses have in general taken a beating after the Bank of England on Thursday decided to keep the leading benchmark rate fixed at 5.50 pct. despite CPI yearly running above their target zone. GBPUSD has this week so far ranged almost three figures as the market was speculating in the beginning of the week whether or not the Bank of England would make a surprise hike, which would give scope for a re-test of the 2.00 figure in GBPUSD. Despite the major sell-off in GBP-crosses, interest futures still suggest that we will see another rate hike within this year. We did not anticipate such a big move lower in GBPUSD as we have seen yesterday and today, but this is obviously related to the movement in the US yields. Another fact that has made its mark on GBP-crosses is the fact that the former Bank of England policy maker Stephen Nickell said that the UK housing market isn't overvalued, easing the pressure on rates. Technically we have broken wave lows from 18^th of April-14^th of May and are now looking at a target around the 1.96 figure, if the market continues to favor USD yields.

FX Order Book

Note: the support/resistance levels used in the matrix's of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.

EURUSD

Resist.
1.3607
1.3492
1.3432
1.3348
1.3317
1.3261
1.3146
Support

Quoted: 11 Jun 07 11:58 GMT

GBPUSD

Resist.
2.0047
1.9876
1.9788
1.9668
1.9617
1.9534
1.9363
Support

Quoted: 11 Jun 07 11:58 GMT

USDJPY

Resist.
123.57
122.51
122.11
121.71
121.04
120.37
119.31
Support

Quoted: 11 Jun 07 11:58 GMT

EURJPY

Resist.
164.75
163.62
163.20
162.46
162.06
161.35
160.21
Support

Quoted: 11 Jun 07 11:58 GMT

USDCAD

Resist.
1.0875
1.0757
1.0682
1.0625
1.0564
1.0520
1.0402
Support

Quoted: 11 Jun 07 11:58 GMT

USDCHF

Resist.
1.2580
1.2449
1.2399
1.2386
1.2268
1.2187
1.2057
Support

Quoted: 11 Jun 07 11:58 GMT

AUDUSD

Resist.
0.8587
0.8504
0.8476
0.8428
0.8393
0.8338
0.8255
Support

Quoted: 11 Jun 07 11:58 GMT

NZDUSD

Resist.
0.7914
0.7748
0.7690
0.7507
0.7524
0.7416
0.7250
Support

Quoted: 11 Jun 07 11:58 GMT

Risk warning

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