MOST NOTEWORTHY: Infinera, Dawson Geophysical and Electro-Optical Sciences were today's noteworthy initiations:

• Thomas Weisel said Infinera (NASDAQ: INFN) has unique technology that will result in a sustained competitive differentiation, increases customer diversification and improving margins. The firm started shares with an Overweight rating and $13 target.
  
• Dawson Geophysical (NASDAQ: DWSN) was initiated with a Hold rating and $72 target at Jefferies, as they believe the stock is fairly-valued at current levels.
  
• Jesup & Lamont initiated Electro-Optical Sciences (NASDAQ: MELA) with a Buy rating and $8 target. The believes MELA's Melafind is a breakthrough technology for the diagnosis of melanoma.

OTHER INITIATIONS:

• Piper resumed coverage of PMI Group (NYSE: PMI) with a Neutral rating and $6 target.
  
• Susquehanna initiated Immunocor (NASDAQ: BLUD) and Given Imaging (NASDAQ: GIVN) with Positive ratings.
  
• Merrill started Liberty Entertainment (NASDAQ: LMDIA) with a Neutral rating.

I had the pleasure of writing a series this spring on the Top 25 Stocks for the NEXT 25 years. I researched over 300 companies to come up with the list of what I thought were the best 25 stocks to own for the next 25 years. But something was missing that I now want to address in a new series.

The very nature of picking 25 stocks which hopefully would perform magnificently for 25 years excluded many great companies that were already executing well but could not be included because of their high current market capitalization. Some examples were "game changing" companies like Apple (NASDAQ: AAPL). Back in May, Apple had a market capitalization of about $90 billion. But I couldn't include it in my top 25 unless I expected Apple's market cap to reach several trillion dollars. I love Apple, but that's probably not in the cards. By the way, Apple today is worth $130 billion.

Another example of a game-changing company is McDonald's (NYSE: MCD). This once staid, stuck-in-the-mayonnaise company has re-invigorated itself in the past couple of years and has seen its market value more than double to $66 billion. I'd also throw in that camp Caterpillar (NYSE: CAT), which since January 2004 has seen its own market capitalization double to $51 billion. Caterpillar changed and fortified its business model starting back in late 2003. By the way, Apple,Caterpillar and McDonald's are still game changers---meaning the shares are a buy.

Electro Optical Sciences (NASDAQ: MELA) makes a hand-held medical device to assist in the early diagnosis of melanoma (skin cancer). The device emits multiple wavelengths of light when scanning areas of skin and then records differences in skin pigmentation. Such records will assist dermatologists in determining whether a skin lesion is pre-cancerous and/or should be investigated further rather than waiting for the suspicious skin patch to actually manifest skin cancer symptoms. Electro Optical Sciences began clinical trials of the device in January 2007 at 20 different sites. The FDA has agreed to give expedited approval for the device should clinical trial results merit approval. FDA approval could be granted as early as mid 2008.

Electro Optical Sciences currently has neither a commercial product nor revenues. What it does have is a successful record of developing medical imaging devices and then licensing them to suitable companies that have the necessary resources to bring the devices to market. Electro Optical Sciences followed this procedure in bringing to market its DIFOTI device for detecting tooth decay. To date, Electro Optical Sciences has been reluctant to take on debt to finance continued R&D and clinical trials. The company has been financing its research through National Institutes of Health SBA grants as well as by private placement stock sales. The company recently placed another $12 million in stock to continue clinical trials and data interpretation.

This is a stock to keep in the back of one's mind while awaiting the clinical trial results. If those results are positive, look for Electro Optical Sciences to seek a partner, perhaps ASKION, to commercialize the product. Currently, the stock is difficult for individual investors to purchase and is a pure speculative play. The stock currently trades at $5.37. Expect this price to rise or fall dramatically as a result of the clinical trials. Such information on the company as is publicly available can be found at the website: www.eo-sciences.com. The company rarely issues press releases but does file 10-K and 10-Q forms with the SEC.

This begins the actual stock selections of the (hopefully) top 25 stocks for the next 25 years. These companies will play in nascent markets with a huge addressable audience and with great management and vision. They will become the leaders and game changers for the next generation of stocks.

The 25 companies are in no particular order, just random order. Keep in mind that because I am attempting to identify home runs for the more distant future, these names will be smaller capitalization names in general, or the math will not work out for investors.

The top 25 for the NEXT 25 years begins with Electro-Optical Sciences (NASDAQ: MELA).

MELA is $60 million market capitalization (total shares times by the current price) company. MELA trades at $4.50 per share and the average daily volume is about 35,000 shares per day -- not what you would call the most liquid name. But the potential and the market it will serve is massive and worldwide.

MELA is in phase III clinical trials on a device that will assist general practitioner physicians and dermatologists in the detection of melanoma, skin cancer. Typically when a physician suspects that a skin lesion or an abnormality is present, the first course of action is a biopsy. The biopsy is a bit painful and certainly expensive. There are over three million biopsies performed in the United States alone, double that amount worldwide.