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Analyst initiations: BMC, SMOD and ENTR

MOST NOTEWORTHY: BMC Software, Smart Modular and Entropic Comm were today's noteworthy initiations:
  • Stanford initiated BMC Software (NYSE: BMC) with a Buy rating and $45 target. The firm highlights the company's broad product portfolio and configuration management database leadership and thinks margin expansion should continue.
  • ThinkPanmure assumed Smart Modular (NASDAQ: SMOD) with an Accumulate rating and $5.50 target. The firm expects better DRAM pricing but expects SMOD to experience some headwinds with Hewlett-Packard (HPQ) losing share in the server market.
  • Broadpoint expects Entropic Comm (NASDAQ: ENTR) to benefit from the adoption of applications that allow video through numerous devices, especially high definition and data content. Shares were started with a Buy rating and $6 target.
OTHER INITIATIONS:

Analyst initiations: Invesco, Kimberly Clark, Crawford & Co.

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:

Closing bell: Oil & euro knock the Yanks!

Today, we can blame the market almost entirely on OIL and THE DOLLAR. Oil rose to a dime within $120.00 today before selling off and the dollar is becoming the PESO with the reading having hot $1.60 per EURO. Interestingly enough, the oil services stocks are not performing well in earnings season despite record prices. More importantly, today's stock market shows that the market is still in a state of flux, and it may have become a stock picker's market. Until this finally doesn't work, the trade is to buy when you feel worried and sell when you are feeling good. Below are today's unofficial market index closing levels:
Brinker International, Inc. (NYSE: EAT) saw shares rise by after the company narrowly bear earnings expectations. The company is one of "stocks to double" by the recession end, and cost cutting and capacity monitoring did more goodwill today than the earnings. Shares were up by almost 7% at $20.90 in the final minutes of the day.

Continue reading Closing bell: Oil & euro knock the Yanks!

Intrepid Potash: Making big bucks from fertilizer

So far this year, it's been a tough IPO market. However, there were no problems for the offering of Intrepid Potash (NYSE: IPI), which sold 30 million shares at $32 a piece. In today's trading, the shares are up an impressive 56%.

Intrepid Potash is the largest producer of muriate of potash in the U.S. It operates production facilities, three in Mexico and two in Utah.

According to Fertecon Limited, the global potash market is expected to grow 3.5% per year from 2007 to 2011. Simply put, there is strong demand from China, India and other emerging economies. In fact, as personal incomes grow, there tends to be an increase in consumption of animal protein, which requires significant amounts of grain for feed.

As for Intrepid Potash, the firm is ramping up nicely. Last year, revenues spiked 40% to $213 million and earnings came to $29.7 million.

What's more, the rest of the potash market has been red hot. Just look at the strong stock performances of Potash Corp. of Saskatchewan, Inc. (NYSE: POT) and CF Industries Holdings, Inc. (NYSE: CF).

If you want to learn more about the Intrepid Potash offering, you can find the prospectus at the SEC website.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

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Last updated: October 07, 2008: 04:03 AM

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