MOST NOTEWORTHY: Invesco, Kimberly Clark and Crawford & Company were today's noteworthy initiations:

• Jefferies finds Invesco (NYSE: IVZ) compelling given the company's focus on expense control, strong cash flow characteristics, and attractive valuation. Shares were assumed with a Buy rating and $33 target.
  
• Caris started Kimberly Clark (NYSE: KMB) with a Below Average rating and $58 target. The firm believes consensus estimates may be too high given the high cost of commodities.
  
• Suntrust started Crawford & Company (NYSE: CRDB) with a Buy rating and $8 target, and believes the company is at the "front end" of a turnaround in operations.

OTHER INITIATIONS:

• Bernstein initiated Energizer Holdings (NYSE: ENR) with an Outperform rating and $100 target.
  
• BMO Capital assumed Range Resources (NYSE: RRC) with an Outperform rating and $85 target.
  
• Intrepid Potash (NYSE: IPI) was started with a Sell rating and $40 target at Soleil.

The Block Traders' Oil & Gold Monitor is a unique newsletter that focuses on big block trading activity by institutional buyers. Through a sophisticated analysis of market maker hedge positions, editor Peter Way determines forecasted gains for specific sectors and stocks. Here, he looks at some current market maker favorites in the oil & gas industry.

Peter Way explains, "The reality for crude oil price expectations are reflected by hedging on some $85 billion of crude oil future contracts. Every month in 2008 sees enough likelihood of prices at $80 and above to cause a brisk business in insurance at those levels. In short, the crude oil price picture is one of stability to strength from high levels. As with any natural resource, it's always safer to bet on shortage than oversupply."

Looking at big market maker activity in individual stocks and stocks, the advisor adds, "The value buildup in Exploration & Production companies is clearly already under way and is likely to continue. Expect to see E&P companies acquired by the major integrated companies. Expect to see Oilfield Services companies kept very busy as supply continuity issues grow more severe."

Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

Chris Mayer, editor of Capital & Crisis, chose Rosetta Resources (NASDAQ: ROSE) as his favorite stock for 2007, which rose 32% as of 6/1/07. Here is his original recommendation for Rosetta and his current opinion on the stock.

For his new top pick, National Fuel Gas Co. (NYSE: NFG), he says, "I love companies with 'hidden assets,' things that have been lying around gathering dust but suddenly turn into something very valuable. It's like finding an old Mickey Mantle baseball card in Dad's attic.

"One stock that is a hidden asset in the Appalachians is National Fuel Gas. Like an old baseball card, it's been around a long time. NFG incorporated in 1902, though its predecessor companies are much older. It is an integrated gas utility. This means it is involved in every aspect of natural gas, from the bottom of the well to the burner tip.

"NFG has its own exploration and development company, with oil and gas reserves across many states (45% of production is oil). It has a regulated utility serving 727,000 customers in New York and Pennsylvania.

"It owns nearly 3,000 miles of pipeline, along with 32 storage fields. NFG also owns over 100,000 acres of black cherry hardwood in Pennsylvania. Finally, NFG has a small energy broker business with some 25,000 customers.