MOST NOTEWORTHY: Google, Boyd Gaming and Microsoft were today's noteworthy initiations:

• Kaufman Bros. believes Google (NASDAQ: GOOG) has "only begun to scratch the surface" of its local market opportunity. Shares were assumed with a Buy rating and $680 target.
  
• Banc of America believes Boyd Gaming (NYSE: BYD) will face financing challenges with its Echelon resort, and initiated shares with a Sell rating and $14 target.
  
• Lehman reinstated Microsoft (NASDAQ: MSFT) with an Equal Weight rating and $34 target based on peaking Vista/Office 2007 cycles, uncertain online strategy, and increased investment.

OTHER INITIATIONS:

• Goldman started AON Corp. (NYSE: AOC) with a Neutral rating.
  
• Broadpoint initiated Covanta (NYSE: CVA) with a Buy rating and $32 target.
  
• Companhia Vale Do Rio Doce (NYSE: RIO) was assumed at Citigroup with a Buy rating and $48 target.

Wall Street's equity market has a full plate of offerings on its the table, with 16 deals on the docket, including 5 IPOs.

Those deals tentatively scheduled to price include:

IPOs:

• AeroViroment (AVAV), a 6.7M-share IPO for ths unmanned aircraft manufacuturer. AVAV has a $14.00-$16.00 filing range
• Converted Organics (COIN), a 2M-share IPO for this fertilyzer company. COIN has a $5.00-$6.00 filing range.
• Meruelo Maddux Properties (MMPI), a 40M-share IPO to pay-off debt and for other corporate purposes. MMPI has a $12.00-$14.00 filing range.
• Oculus Innovative Sciences (OCLS), a 3.5M-share IPO for this developer of wound/infection treatments. OCLS has a $8.00-$10.00 filing range. This IPO was re-scheduled from December 2006.
• Oritani Financial (ORIT), a 10.575M-share IPO for this savings & loan holding company.

Secondaries:

• Alllis-Chambers Energy (ALY), a 4.5M-share Secondary. ALY is engaged in oilfield services.
• Baldor Electric (BEZ), a 6.25M-share Secondary. BEZ designs and manufactures electric motors.
• Covanta (CVA), a 5.77M-share Secondary for this diversified utility.
• Edge Petroleum (EPEX), a 9.2M-share Secondary to finance the pending acquisition of oil and gas properties from Smith Production Inc. and to refinance Edge's existing revolving credit facility.
• Inverness Medical Innovations (IMA), a 5M-share Secondary to repay outstanding debt and for
• working capital and other general corporate purposes.
• J Crew Group (JCG), a 7.5M-share Secondary to fund the business growth/development.