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MOST NOTEWORTHY: WSP Holdings, Harris and XTO Energy were today's noteworthy initiations:
- Oppenheimer believes WSP Holdings (NYSE: WH) is benefiting from rapid growth in the oil and gas exploration market and a move toward deeper and harsher environment drilling. The firm has an Outperform rating and $9.50 target on the stock.
- UBS assumed Harris (NYSE: HRS) with a Buy rating and $63 target, as they see upside to the company's FY09 estimates driven by RF Communications. UBS views the recent pullback as a buying opportunity.
- Morgan Keegan is positive on XTO Energy's (NYSE: XTO) projected 20% production growth, value building through acquisitions, and valuation; shares were initiated with an Outperform rating.
OTHER INITIATIONS:
- Goldman started Philip Morris (NYSE: PM) with a Buy rating and $60 target.
- Lamar Advertising (NYSE: LAMR) was assumed with a Sell rating at Merrill Lynch.
- Broadpoint initiated Nova BioSource (AMEX: NBF) with a Buy rating.
The decline and fall of Crocs
June housing construction makes unexpected jump
Closing Bell: When news and earnings exhaustion occurs (BCRX, BAC, CIT, GE, GOOG, SU, YHOO, MSFT)
