Honeywell (HON) closed at $45.27 after HON said, "The strong productivity actions taken last year are continuing to benefit the company, and along with improving economic conditions, we now expect our earnings to be near the high-end of our full-year guidance range of $2.20 – 2.40." The 2010 consensus EPS estimate is $2.40. April put option implied volatility is at 21, May and June is at 24, September is at 27; verses its 26-week average of 28 according to Track Data, suggesting decreasing near-term price movement.

Three stocks with IV rise on March 31; Liberty Property Trust (LRY) +3%, Arena Pharma (ARNA) +7%, Garmin (GRMN) +5% according to IVolatility.

CBOE Volatility Index-VIX at 17.59; 10-day moving average is 17.28, 50-day is 20.53, 200-day moving average is 23.26.

Update is by Stock Specialist Paul Foster of theflyonthewall.com

MOST NOTEWORTHY: Kohlberg Capital, ClickSoftware and Liberty Property Trust were today's noteworthy initiations:

• JMP Securities started shares of Kohlberg Capital (NASDAQ: KCAP) with an Outperform rating and $14 target. The firm believes Kohlberg Capital's alliance with Kohlberg and Company allows Kohlberg Capital to take advantage of considerable expertise. JMP Securities believes Kohlberg Capital has an attractive risk/reward ratio.
  
• Roth Capital initiated ClickSoftware (NASDAQ: CKSW) with a Hold rating and $3.60 target and expects EPS pressure from the depreciating dollar near-term.
  
• Liberty Property Trust (NYSE: LRY) was initiated with a Hold rating at Stifel, citing lack of internal earnings divers and fair valuation.

OTHER INITIATIONS:

• Oppenheimer initiated VisionChina Media (NASDAQ: VISN) with a Perform rating and $25 target.
  
• Merrill assumed MGM Mirage (NYSE: MGM) with a Neutral rating.
  
• Morgan Stanley started BJ's Wholesale (NYSE: BJ) and Costco (NASDAQ: COST) with Equal Weight ratings.