MOST NOTEWORTHY: In addition to Genomic Health (GHDX) and Intercontinental Hotels Group (IHG), airliners Continental Airlines (CAL) and ExpressJet Holdings (XTJ) were some of today's most notable initiations:

• RBC Capital Markets started Genomic Health Inc (NASDAQ: GHDX) with an Underperform rating, with a $17 target. The firm views shares as fairly valued and believes competitive noise and FDA concerns will weigh on shares.

• HSBC started Intercontinental Hotels (NYSE: IHG) with an Overweight rating, believing asset sales and stronger than expected room growth could prove near-term positive catalysts.

• Soliel started both Continental Airlines (NYSE: CAL) and ExpressJet Holdings Inc (NYSE: XJT) with Sell ratings.

OTHER INITIATIONS:

• William Blair started Alexion Pharmaceuticals (NASDAQ: ALXN) with an Outperform rating. They believe Alexion's lead compound, Soliris, is the key driver of shareholder value, and they believe the company is well positioned to receive final FDA approval.

• Bear Stearns initiated Baldor Electric Company (NYSE: BEZ) with an Outperform rating.

• RBC initiated Hologic, Inc (NASDAQ: HOLX) with an Outperform rating.

• Citigroup started GMarket Inc (NASDAQ: GMKT) with a Sell rating and $18 target, citing valuation.

• Drew Industries, Inc (NYSE: DW) was initiated with a Buy rating and $35 target at Ferris Baker Watts.

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

Cramer said that Internet companies should be considered not for value but for growth.

Yesterday, Cramer was discussing the next eBay Inc. (NASDAQ:EBAY) as a stock called Gmarket Inc. ADS (NASDAQ:GMKT). Gmarket is the established eBay-type site in South Korea and it is winning on the home turf.

GMKT popped 10% to $22.60 in after-hours trading yesterday and is up nearly 4.5% in pre-market this morning.

Yahoo! Inc. (NASDAQ:YHOO) owns a stake in the company that is now expanding beyond Korea. The company has no debt and Cramer thinks that with Goldman being a promoter of the company's, at 24x 2007 earnings it is a winner. Gmarket has over 100% growth and Cramer can't find earnings growth and value like this anywhere else.

Gmarket is a new public company and it has a share lock-up on Wednesday, worth noting, although Cramer doesn't expect insiders to unload. Still, Cramer thought that buying on Wednesday or Thursday after the lock-up would be prudent. The stock is thin volume on the Nasdaq and mostly trades in Korea.

After a successful IPO of Gmarket, of which Yahoo Inc owns 10%, Gmarket (GMKT) share price fell by about 1%. While Yahoo cooperates with eBay in the US, it competes against it in Asia such as in Gmarket's case.

Today was a day of wheeling and dealing for Yahoo, settling its "click-fraud" lawsuit and announcing two new partnerships.

Search Engine Watch also reported that Yahoo gained market share in China, now stands in second place with 21.1% after Baidu's 43.9% share. Google (GOOG) is in third place with 13.2%. The latest survey carried out by Analysys International.

Yahoo shares (YHOO) gained $1.05 (3.29%) to close at $32.97.

 As I reported this morning, South Korean online retailer Gmarket, in which Yahoo Inc. (YHOO) has a 10% stake, raised $139 million in a Nasdaq IPO today, a higher than expected pricing (they were hoping for $100 million).

Due to high broadband penetration, the S.Korean market is expected to grow by more than 20% a year to $20 billion by 2010. Yahoo! Inc bought a 10% stake in Gmarket, giving it a foothold in the Asian market.

While Gmarket with its 8.9 million registered users (at end of May) is eBay's rival in the Asian market, margins are expected to remain tight as more competitors enter the market in hopes to gain market share.  Fierce competition could affect both companies' margin as commissions would probably not be raised.

An analyst with Hundai Securities thinks Gmarket's expensive pricing is due to investors expectation that Gmarket could "overtake eBay in South Korea as the top player as early as this year," if it hasn't already according to one measure of unique clicks (17.2 million unique visitors for Gmarket in May, compared to eBay's 17.1).

Gmarket will list on Nasdaq under the "GMKT" ticker and will begin trading in the U.S. later on Thursday. The ticker isn't easy to pronounce but Gmarket does roll nicely, so I wonder how their stock will perform in the next few days according to that Princeton study that correlates initial stock performance with the company name and ticker symbol.

While Yahoo and eBay cooperate in the US, they seem to be ferocious rivals in the Asian market and while this could be a positive move for Yahoo! Inc, eBay Inc.'s troubles in Asia just keep mounting as this latest one doesn't bode well for growth going forward.

Yahoo! closed today at $30.54, down 16 cents, making for a general decline all this week. Yet today was a positive news day for Yahoo!, with news of its 10% investment in GMarket, the leading South Korean etailer. This move which looks smart for positioning Yahoo! in a country that is more tech savvy than much of the U.S.

Also of note, Yahoo! is rolling out a new Yahoo! Shopping Blog that will be highlighting interesting products, sales and deals in Yahoo! Shops. It looks slick and will hopefully boost peoples' interest in the all-in-one Yahoo! Shop software that many online businesses depend on.

The key to Yahoo!'s Internet strategy is to make strategic investments – such as its deal with Alibaba in China.

The latest deal for Yahoo?  An investment for 10% of GMarket, which is a leading etailer focused on the South Korean Market.

What's more, last night, GMarket filed its prospectus with the SEC to go public.

GMarket has more than 1.7 million products for sale on its web site. In the first quarter of 2006, the company had revenues of $72.4 million and net income $1.99 million.

Korea has one of the most advanced Internet infrastructures. About 68.4% of Korea's total population, or 33 million people, are Internet users.

According to Gmarket's prospectus:  "The ability to reach a large number of customers at a relatively low cost has made retail e-commerce an attractive sales and marketing channel."

And, now Yahoo! has a seat at the table of a market that is expected to grow at a rapid clip for years to come.

Links:

Reuters -- Yahoo to buy 10 pct stake in S.Korea's Gmarket

SEC Prospectus -- GMarket