MOST NOTEWORTHY: Nova BioSource, Aventine Renewable and the REIT Sector were today's noteworthy initiations:

• ThinkPanmure believes Nova BioSource's (AMEX:NBF) biodiesal production process is economically superior to traditional processes but higher feedstock costs will make scaling difficult. Shares were initiated with an Accumulate rating.
  
• ThinkPanmure also initiated Aventine Renewable (NYSE:AVR) with an Accumulate rating and $8 target. The firm does not expect share upside until margin visibility improves, which will not occur until next year's corn crop materializes in early 2009.
  
• Lehman initiated the REIT sector with a Neutral rating; the firm started AMB Property (NYSE:AMB) and Kimco Realty (NYSE:KIM) with Overweight ratings and CBL & Associates (CBL) with an Underweight rating.

OTHER INITIATIONS:

• JP Morgan initiated BLADEX (NYSE:BLX) and Banco Santander (NYSE:SAN) with Overweight ratings.
• KeyBanc assumed Capital Lease Funding (NYSE:LSE) with a Hold rating.

MOST NOTEWORTHY: WSP Holdings, Harris and XTO Energy were today's noteworthy initiations:

• Oppenheimer believes WSP Holdings (NYSE: WH) is benefiting from rapid growth in the oil and gas exploration market and a move toward deeper and harsher environment drilling. The firm has an Outperform rating and $9.50 target on the stock.
  
• UBS assumed Harris (NYSE: HRS) with a Buy rating and $63 target, as they see upside to the company's FY09 estimates driven by RF Communications. UBS views the recent pullback as a buying opportunity.
  
• Morgan Keegan is positive on XTO Energy's (NYSE: XTO) projected 20% production growth, value building through acquisitions, and valuation; shares were initiated with an Outperform rating.

OTHER INITIATIONS:

• Goldman started Philip Morris (NYSE: PM) with a Buy rating and $60 target.
  
• Lamar Advertising (NYSE: LAMR) was assumed with a Sell rating at Merrill Lynch.
  
• Broadpoint initiated Nova BioSource (AMEX: NBF) with a Buy rating.

MOST NOTEWORTHY: Nova BioScience, Saba Software and Darling were today's noteworthy initiations:

• Jefferies initiated Nova BioSource Fuels (NYSE: NBF) with a Buy rating and $3.75 target, and finds the risk/reward attractive for biofuels investors as the company has more than 100M gallons of biodiesel capacity slated to come onstream by 2009.
  
• B. Riley expects Saba Software's (NASDAQ: SABA) renewed focus on profitability to drive substantial EPS and free cash flow expansion in FY09. The firm started shares with a Buy rating and $6 target.
  
• Stephens believes Darling International (NYSE: DAR) shares offer a solid commodity cycle and an attractive renewable fuels opportunity and initiated shares with an Overweight rating and $17 target..

OTHER INITIATIONS:

• Elizabeth Arden (NASDAQ: RDEN) was initiated with a Market Perform rating at Wachovia.
  
• Goldman initiated Nuance Communications (NASDAQ: NUAN) with a Neutral rating and $20 target.
  
• Morgan Stanley initiated ARM Holdings (NASDAQ: ARMHY) with an Equal Weight rating.