First off, what is smart grid technology? Smart grid technology allows two-way communication between a home or business and the utility company.

Then you are probably wondering why is there so much interest in smart grid technology now? The key reason is that our electrical transmission system is outmoded and overloaded. Our present system will be unable to handle the increasing demand for electricity for much longer. Take the electric car. If thousands of these cars are on the road next year, we will need the electrical delivery system to power them.

MOST NOTEWORTHY: The North American Pipeline sector, Aeropostale and ImClone were today's noteworthy initiations:

• BMO Capital initiated the North American Pipeline sector with a Market Perform rating. El Paso Corp (NYSE:EP), Williams Companies (NYSE:WMB) and Spectra Energy (NYSE:SE) were initiated with Outperform ratings and CenterPoint Energy (NYSE:CNP) and AGL Resources (NYSE:ATG) ATG were assumed with Market Perform ratings.
  
• Friedman Billings believes Aeropostale (NYSE:ARO) has an impressive back-to-school floorset and that momentum should carry into the fall. Additionally, the firm, which initiated shares with an Outperform rating and $38 target, expects the company to buyback shares.
  
• Thomas Weisel believes ImClone (NASDAQ:IMCL) is attractively valued as Erbitux is positioned to capitalize on a number of label-expanding opportunities and that concerns of KRAS-related revenue loss in colorectal cancer and the clinical utility of FLEX lung cancer data are overstated. Shares were assumed with an Overweight rating and $50 target.

OTHER INITIATIONS:

• JMP Securities initiated Website Pros. inc. (NASDAQ:WWWW) and GSI Commerce (NASDAQ:GSIC) with Outperform ratings and target of $12 and $19, respectively.
  
• McAfee (NYSE:MFE) was assumed at Baird with an Outperform rating and $44 target.