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S&P FAIR VALUE +$1.04.

(ACR) American Retirement Corp gets $33 buyout from BKD-Brookdale.
(NASDAQ:ALXN) Alexion said its antibody was effective in blocking inflammation in the lungs.
(NASDAQ:ANDE) Anderson’s announced a 2 for 1 stock split.
(AVGN) Avigen sold 3.9M shares in private placement at $5.37.
(NYSE:BA) Boeing is paying the DOJ $615M to avoid criminal charges in contract scandal settlement.
(NYSE:BEE) Strategic Hotels & Resorts will sell 14M shares.
(BIVN) Bioenvision -$0.15 EPS vs -$0.15e.
(NASDAQ:CA) Computer Associates CFO Bob Davis is leaving the company under a mutual agreement; its Controller Robert Cirabisi will assume the role during an external search.
(CAI) CACI Int’l noted as potential takeover candidate of BAE Systems in UK.
(NASDAQ:BRKS) Brooks Automation gets informal inquiry from the SEC over option grants.
(CATG) Cambridge Antibody noted as potential takeover candidate of AstraZeneca according to the Observer in the UK.
(NYSE:CRI) Carter’s announced a 2 for 1 stock split.
(NYSE:DCI)Donaldson gets supply pact from DaimlerChrysler.
(NASDAQ:EXTR) Extreme Networks CEO will retire this year.
(NYSE:GBX) Greenbriar will pay $2.9M and take a charge over an IRS tax settlement.
(HLSH) Healthsouth will pay $25M to settle shareholder suit.
(NASDAQ:HYGS) Hydrogenics announced 5-year supply pact with Linde AG’g gas division.
(NASDAQ:INO) Inovio Biomed filed for $74M mixed securities shelf offering.
(OTC:IOMG) I/O Magic gets $2.38M from Office Max in litigation settlement.
(JOYG) Joy Global CFO is retiring.
(KNTA) Kintera -$0.26 EPS vs -$0.26e.
(LEAP) Leap Wireless will sell 5.6M shares.
(MODT) Modtech -$0.23 EPS vs $0.03e (-$0.01 est elsewhere) after option charges; guides R$ in 2006 at $230M to $250M..
(NASDAQ:MSFT) Microsoft is looking for “the next big thing” according to Financial Times.
(NASDAQ:NVAX) Novavax -$0.11 EPS vs -$0.14e; non-revenue stage.
(NASDAQ:NWS) News Corp’s Myspace.com is becoming a new portal with downloads and ads according to WSJ.
(NASDAQ:ODP) Office Depot announced new 4500M share buyback plan.
(NASDAQ:OTEX) Open Text announced a 2.4M share buyback plan.
(NASDAQ:PETS) Petmed Express $0.13 EPS vs $0.13e.
(NYSE:Q) Qwest is paying $107M to acquire OnFiber Communications.
(NASDAQ:RADA) Radica Games -$0.05 EPS vs $0.00e, but R$18.5M vs $14.9M(e).
(RMX) Ready-Mix $0.19 EPS vs $0.12e.
(Pending:RNAI) Sirna Therapeutics filed to sell 10M shares, 8M of which are from the company.
(NASDAQ:RVSN) Radvision gets supply pact from Atmel.
(NASDAQ:SCSS) Select Comfort announced 3 for 2 stock split and 4150M share buyback plan.
(SVC) Stewart & Stevenson gets higher 436.50 revised offer from AH-Armor Holdings.
(NASDAQ:VOD) Vodafone may be interested in selling its Verizon Wireless stake according to the Observer in the UK.

ANALYST CALLS:
AFL reitr Overweight at MSDW.
ANN reitr Buy at UBS.
ASML cut to Underweight at Lehman.
BBI removed from JPMorgan Focus List.
BER raised to Buy at Merrill Lynch.
BGFV raised to Mkt Perform at Wachovia.
CECO maintained Neutral at B of A.
CNP raised to Buy at Citigroup.
DVW started as Outperform at Cowen.
DWA maintained Buy at B of A.
EICU started as Market Perform at Wachovia, started as Outperform at William Blair.
GDW cut to Hold at Citigroup.
GENZ reitr Neutral at Prudential; reitr Outperform at Cowen.
GFI raised to Sector Perform at CIBC.
GPN raised to Buy at Citigroup.
GILD raised to Buy at B of A.
GPI raised to Outperform at Wachovia.
IFSIA raised to Strong buy at Raymond James.
IMCL reitr Buy at B of A.
IPS raised to Outperform at CIBC.
IRC raised to Outperform at Wachovia.
JBLU raised to Outperform at Raymond James.
MON reitr Buy at Citigroup.
MOVI cut to Neutral at JPMorgan.
MSCC raised to Buy at AGEdwards.
MSFT maintained Outperform at Goldman Sachs.
NAPS reitr Buy at ThinkEquity.
NDAQ started as Outperform at Bear Stearns.
NFX raised to Outperform at Raymond James.
NYX started as Peer Perform at Bear Stearns.
NTRI started as Outperform at Thomas Weisel.
PAAS raised to Sector Perform at CIBC.
PCU raised to Buy at Citigroup.
QCOM reitr Buy at Oppenheimer.
RATE started as Hold at Citigroup.
RPB cut to Equal Weight at Lehman.
SAM started as Overweight at Prudential.
SBUX maintained outperform at Goldman Sachs.
SLM raised to Outperform at FBR.
STLD reitr Buy at UBS.
SUNH started as Buy at UBS.
TQNT raised to outperform at Piper Jaffray.
TSM cut to Neutral at JPMorgan.
WB reitr Buy at Oppenheimer.
WSPI starteda s Outperform at FBR.
WYNN maintained in-line at Goldman Sachs.
X raised to Outperform at CIBC.
YHOO maintained Overweight at Lehman.

Cramer opened his show on Friday discussing PetroChina (NYSE:PTR) and noted Warren Buffett bought into PetroChina and is now a major stakeholder, and said it could replace ExxonMobil (NYSE:XOM) as the largest of oil companies. Cramer then discussed an alternative energy play that turns coal into gas and recommended Rentech (NASDAQ:RTK), but noted that it is a very speculative stock. Cramer then discussed an upgrade of Office Depot (ODP) from Citigroup, where he raised his target to $60and noted that Office Depot will probably buy Buhrmann (BUH), which he said is "very brave or very stupid," but said BUH has good fundamentals. In the "Lightning Round," Cramer was POSITIVE on Tenaris (NYSE:TS), PetroChina (PTR), Openwave Systems (OPWV), Votorantim Celulose (VCP), Fluor (NYSE:FLR), McDermott (NYSE:MDR), Pacific Ethanol (NASDAQ:PEIX), Crocs (NASDAQ:CROX) and Foster Wheeler (FWLT), and was NEGATIVE on Powerwave Technologies (NASDAQ:PWAV), Petroleo Brasileiro (NYSE:PBR), Sirius Satellite (NASDAQ:SIRI) and Goldcorp (NYSE:GG).
Barron’s: Deutsche Telecom’s (DT)results were not as good as they appeared. Positive article on Superior industries (NYSE:SUP). Positive on hotel names Marriott (NASDAQ:MAR), Hilton (NYSE:HLT), and Starwood (NYSE:HOT). Positive article on SanDisk (NASDAQ:SNDK).

8:30 AM EST May Empire Manufacturing Index.
9:00 AM EST Net Foreign Securities Purchases.

Source: Monday Pre-Market Notes By Stock Ticker