Neurocrine Biosciences Inc. (NYSE: NBIX) announced on August 21, 2007, that the FDA accepted resubmission of its New Drug Application (NDA) for indiplon for the treatment of insomnia and has set a Prescription Drug User Fee Act action date of December 12, 2007. NBIX December option implied volatility is at 122, January is at 101. NBIX average option implied volatility over the last 26-weeks is 81 according to Track Data, suggesting larger winter price risks.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

MOST NOTEWORTHY: First Solar, JA Solar, Alcatel-Lucent, Nokia and Ericsson were today's noteworthy initiations:

• First Solar (NASDAQ: FSLR) and JA Solar Holdings (NASDAQ: JASO) were initiated with Buy ratings and targets of $160 and $61 at Collins Stewart. Collins Stewart sees room for margin expansion and is positive on First Solar after channel checks; the firm expects JA Solar to expand capacity given its long-term supply agreements with four wafer suppliers.
  
• Merrill Lynch started shares of Alcatel-Lucent (NYSE: ALU) with a Sell rating, citing a lack of revenue growth prospects.
  
• The firm also started shares of Nokia Corporation (NYSE: NOK) with a Buy rating, as they believe the company's share gains and margin expansion will continue.
  
• Merrill also resumed coverage of Ericsson (NASDAQ: ERIC) with a Neutral rating, expecting high single digit earnings and share growth, but not enough for a Buy rating.

OTHER INITIATIONS:

• Goldman initiated the trucking and railroad sectors with Neutral ratings.
  
• Wachovia initiated Isis Pharmaceuticals (NASDAQ: ISIS), BioMarin and Molecular Insight (NASDAQ: MIPI) with Outperform ratings and Bioenvision (NASDAQ: BIVN), Dendreon Corporation (NASDAQ: DNDN), Arena Pharmaceuticals (NASDAQ: ARNA) and Neurocrine Biosciences (NASDAQ: NBIX) with Market Perform ratings.