MAJOR PAPERS:

• The Wall Street Journal reported that IAC/InterActiveCorp's (NASDAQ: IACI) CEO Barry Diller is in talks with outside investors or possible buyers for all four companies that he plans to spin off, according to a person familiar with the situation.

OTHER PAPERS:

• Biogen Idec Corporation (NASDAQ: BIIB) may be considering an offer for Genmab (OTC: GNMSF), according to the UK Times; GlaxoSmithKline Plc (NYSE: GSK), which has a license for Genmab's HuMax, may have to counterbid in order to protect its position.
• The Economic Times reported that Sears Holdings Corporation (NASDAQ: SHLD) may be interested in launching operations in India.

WEB SITES:

• According to a source close to Yahoo! Inc (NASDAQ: YHOO), CEO Jerry Yang has decided to go forward with layoffs at the company. The source said that the layoffs will come in the 1,500-2,000 range instead of the "hundreds" reported elsewhere, the Silicon Alley Insider reported.

MAJOR PAPERS:

• Australian resources firm BHP Billiton Limited (NYSE: BHP) is unlikely to up its $99.22B bid to acquire mining company Rio Tinto PLC (NYSE: RTP), according to the Wall Street Journal.
• Ten years after taking the reins at eBay Inc (NASDAQ: EBAY), CEO Meg Whitman is making plans to retire, reported the Wall Street Journal. Company president John Donahoe is the leading candidate to replace her.
• According to the Financial Times, Biogen Idec Incorporated (NASDAQ: BIIB) CEO Jim Mullen said the company could make a "large-scale acquisition" this year after it failed to sell itself.

WEB SITES:

• Finance companies including Citigroup Incorporated (NYSE: C) could sell proprietary investments in India as they struggle to shore up their capital after suffering losses in the subprime sector in the U.S., LiveMint.com reported.

Biotechnology firms are judged on the basis of how successful they are at shepherding drug candidates through the clinical trial/regulatory approval process. With several approved formulations and more than twenty products currently in clinical development, there is a Cambridge, Massachusetts outfit that ranks with the best.

Biogen Idec (NASDAQ: BIIB) specializes in drugs for neurological disorders, autoimmune disorders and cancer. Products include multiple sclerosis treatments Avonex and Tysabri; psoriasis drug Fumaderm; cancer radioimmunotherapy Zevalin; and Rituxan, a cancer formulation developed with Genentech (NYSE: DNA). The company was formed in 2003, by the merger of Biogen and Idec Pharmaceuticals.

The firm pleased investors last week, when it affirmed expectations for full year EPS of $2.60-$2.70 and revenues of $3.12-$3.16 billion. Analysts had been looking for $2.68 and $3.13 billion. Management also said it expects to grow revenue by 15% each year from 2007 to 2010 and will increase earnings per share, before charges and expenses, by 20% annually for those years. The news kept BIIB shares cycling through a positive seven-week trading channel. The price is currently at the base of that channel, where oversold Stochastic and MACD technical parameters suggest the potential for a rise back toward the top.

"The long-term outlook for biotech is excellent and many of today's undervalued companies will ended up looking like screaming bargains at today's prices," notes biotech expert John McCamant.

In his Medical Technology Stock Letter, the advisor has long been a fan of Biogen Idec (NASDAQ: BIIB). Now, he is joined by Carl Ichan, who has purchased shares in the biotech firm.

Says McCamant, "There may be no such thing as a pure safe haven within the equity markets. However, we believe the market for new drugs will continue to grow rapidly even if we enter into a difficult period for the economy."

He argues, "Quite simply, if an individual has to decide whether to buy a new TV or a new cancer drug, it is a safe assumption that they will chose the best drug possible. Additionally, with the continued aging of America, the demand for healthcare is poised for unprecedented growth."

As to Biogen, he explains, "We have long recommended the stock primarily for the significant growth opportunity Rituxan brings to the plate in treating autoimmune disease, most importantly rheumatoid arthritis (RA)."

Biogen Idec Inc. (NASDAQ:BIIB) started as Neutral at Prudential.

eBay Inc. (NASDAQ:EBAY) maintained as BUY/ATTRACTIVE at Goldman Sachs; no numbers changed.

First Solar, Inc. (NASDAQ:FSLR) sees the quiet-period for coverage after its IPO end: started as Equal Weight at Morgan Stanley; started as Buy at First Albany; started as Overweight at Cowen, started as Outperform at Piper Jaffray, started as Buy at ThinkEquity. No pre-market trading activity seen so far.

NYMEX Holdings Inc. (NYSE:NMX) also sees analyst coverage initiated today and tomorrow. So far NMX started as Hold at Citigroup and as Neutral at B of A.

Telik Inc. (NASDAQ:TELK) has seen two downgrades pre-market after yesterday's share implosion from a failed cancer drug: cut to Underweight at Thomas Weisel, cut to Neutral at UBS. Since the stock lost roughly three-quarters of its share price yesterday, these downgrades are more clean-up late calls.

For additional coverage of today's research calls at 24/7 Wall St, click here.

MOST NOTEWORTHY: At the top of today's list of initiations is Netflix (NFLX).

• Cantor, who initiated Netflix, Inc. (NASDAQ:NFLX) with a Buy rating and $39 target, said the company has competitive advantages that are likely to drive business for several years.

OTHER INITIATIONS:

• Lehman Brothers started Pantry, Inc. (NASDAQ:PTRY) with an Overweight rating and $58 target and said that Pantry has favorable supply agreements, expertise in acquisition integration and could improve merchandise offerings.
• Piper Jaffray started Biogen Idec, Inc. (NASDAQ:BIIB) with a Market Perform and $50 target, citing the slow re-launch of Tysabri.
• Finally, Credit Suisse assumed coverage of Deere & Co. (NYSE:DE) with an Outperform rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).