Sybase, Inc. (SY) provides enterprise and mobile software solutions for information management, development, and integration worldwide. Its Infrastructure Platform Group segment offers Adaptive Server Enterprise, a relational data management platform for mission-critical transactions.

1) First, OpCo sees strong support for their FY09 estimate of $2.42 and meaningful upside as the 3G smart-phone arms race escalates with RIM and Apple joining the fray.

In retrospect, there are some reasons behind this underperformance of junior mining stocks, as they had attributes which most investors were avoiding since early August 2007: big appetite for capital, high beta, comparably low trading volume, very long development time and high dependency on investors’ ability to take risks. The far more important question for now is, will the junior sector recover and is the story still the same? The answer is: yes, but the game will be different this time.

This has begun to grab the attention of investors looking to take part in the upside in the future of Macau that may soon leave Las Vegas looking like Reno (no offense, Reno). Currently, there are only 6 companies that hold concessions and sub concessions to manage casinos. These include: Las Vegas Sands (LVS), Wynn Resorts (WYNN), Galaxy Entertainment [0027.HK], Melco-PBL (MPEL) [soon to be called Melco-Crown], MGM Mirage (MGM), and Sociedade de Jogos de Macau.

But there’s another trick that PETS can’t seem to learn- sustained stock price appreciation. Despite a long history of top and bottom line growth, a quick glance at PETS' chart shows that it just can’t seem to remain in the market’s favor. Sure, it jumps after its predictably great earnings, but then it either seems to trade in a range or slowly trend back down.

• Petroleo Brasileiro SA, Brazil's state-controlled oil company, leased about 80 percent of the world's deepest-drilling offshore rigs to explore prospects including the Western Hemisphere's biggest discovery in decades.
• Petrobras, as the Rio de Janeiro-based company is known, is hiring rigs that can drill in at least 3,000 meters (9,800 feet) of water, Chief Executive Officer Jose Sergio Gabrielli said in an interview last week. The world has 21 such vessels, according to Rigzone.com, which tracks the offshore drilling industry.
• The company's ``insatiable'' demand is forcing producers including Exxon Mobil Corp. and BP Plc to pay more as they compete for the remaining units, said Kjell Erik Eilertsen and Truls Olsen, analysts at Fearnley Fonds AS in Oslo. Explorers that don't have rigs under contract may delay projects or pay rents of more than $600,000 a day.
• Petrobras is negotiating for as many as 17 more vessels to probe the Tupi discovery and neighboring fields, said Bill Herbert, an analyst at Simmons & Co. International in Houston. The company already controls almost seven times as much capacity as the next biggest user of rigs that can drill in 7,500 feet of water, according to research by Dahlman Rose.
• U.S. and European oil companies probably will pay $50,000 more per day to lease deepwater rigs during the next three years because Petrobras has already contracted for so much of the worldwide fleet, Nokta said. Such units are designed to cope with high seas and hold equipment needed to bore beneath the seafloor and identify oil and gas deposits as much as 6 miles below the ocean surface.
• Petrobras has signed leases this year for six deepwater rigs, more than twice as many as any other producer, according to Dahlman Rose. The contracts have an average duration of five years and four months at rates of $410,000 to $580,000 a day.
• Exxon Mobil leased Seadrill's West Polaris unit last month for $600,000 a day, Nokta said. BP agreed on May 1 to pay $540,000 a day for a Pride International Inc. drillship, $60,000 a day more than the company committed to three months earlier for an identical Pride rig, he said.
• Petrobras plans to start pumping oil in the first quarter of 2009 from Tupi, the biggest find in the Americas since Mexico's 1976 discovery of the Cantarell field in the Gulf of Mexico. Petrobras also is evaluating as many as seven nearby fields, including the Carioca prospect, Gabrielli said.

1. lower end of valuation on forward estimates vs peers
2. smaller share count versus peers (which means any incremental revenue gains will be better reflected in earning PER share) and
3. (as of Tuesday) it had fallen back to a key support level. (which it has since bounced off)

• Chinese online gaming company Perfect World Co. said Monday that it swung to a fourth-quarter profit and beat analysts' estimates as online game operation revenue jumped, aided by the launch of some game expansion packs.
• For the quarter that ended Dec. 31, Perfect World earned RMB 146.2 million ($20.1 million), or RMB 2.48 (34 cents) per ADS. This compares with a loss of RMB 11.1 million, or RMB 0.43 per ADS, in the same quarter last year. In the most recent quarter, Perfect World used a much greater number of share to calculate its earnings on a per-share basis. Analysts polled by Thomson Financial expected, on average, a profit of 27 cents per share on $29.8 million in revenue.
• The company's revenue rose to RMB 258.4 million ($35.4 million) from RMB 60.8 million in the year-ago quarter.
• The company also said the number of active paying customers for games that follow its item-based revenue model rose to 1.6 million -- up 159.9 percent from the year-ago quarter.

There is still a dichotomy between the performance of the Index and cash bonds. Each has improved, but the cash has dramatically lagged the index. At its peak, he notes, the IG 10 traded at about 200 basis points and subsequently rallied back to about 80 basis points. (As we spoke this morning it was trading around 90.) The Lehman Investment Grade Credit Index, which measures the cash market, had traded as wide as 240 basis points at the worst of the debacle in March, has rallied and sits around 215 basis points.

• • •

However, after reviewing Q1 2008 results, I am comfortable with adding ACAS to our portfolio at an effective price of $29.56 per share.

LMI Aerospace (LMIA) looks to have a lot going for it. They provide design engineering services, structural components, and assemblies to aerospace and military companies. They produce over 30,000 parts and have integrated seven acquisitions since 1996.

Yahoo (YHOO), Microsoft (MSFT), Google (GOOG)

On Icahn’s decision to pursue Yahoo, Karen Finerman doesn’t think the risk/reward is worth it and believes a lot of the Icahn factor is already priced in. She is uncertain whether MSFT is still interested in the deal. She thinks Icahn’s radical proposals to reform Yahoo’s board might interfere with rather than facilitate a deal. Macke thinks Icahn will succeed and MSFT will return to the table. While Najarian agrees MSFT may still pursue Yahoo, he sold half of his Yahoo position. Adami would play this news by buying GOOG, and observes Icahn has been having difficulty extracting value from Motorola. Macke prefers to buy MSFT.

]]> 2008-05-15T07:10:00-04:00 SA Editor Miriam Metzinger Recap of CNBC's Fast Money, Wednesday May 14.

Yahoo (YHOO), Microsoft (MSFT), Google (GOOG)

On Icahn’s decision to pursue Yahoo, Karen Finerman doesn’t think the risk/reward is worth it and believes a lot of the Icahn factor is already priced in. She is uncertain whether MSFT is still interested in the deal. She thinks Icahn’s radical proposals to reform Yahoo’s board might interfere with rather than facilitate a deal. Macke thinks Icahn will succeed and MSFT will return to the table. While Najarian agrees MSFT may still pursue Yahoo, he sold half of his Yahoo position. Adami would play this news by buying GOOG, and observes Icahn has been having difficulty extracting value from Motorola. Macke prefers to buy MSFT.

Complete Story »]]> MSFT GOOG C V MA AXP FRE GE M KSS JWN PLCE JCP DE POT MON AGU RTN GD HON LMT AAPL DIS SNE EMC PEP TKC TUR UPS ETFC YHOO SA Editor Miriam Metzinger http://seekingalpha.com/article/77385-mcdermott-international-better-weather-should-bring-better-results?source=feed http://seekingalpha.com/article/77385-mcdermott-international-better-weather-should-bring-better-results?source=feed McDermott (MDR), an engineering and construction firm, announced a terrible quarter, sending its stock from 60 to 53. MDR disappointed. The Street expected 69 cents, MDR delivered only 54 cents. The poor results were confined to its oil section; its smaller power and government divisions had strong results.

Oil:

]]> 2008-05-15T06:47:41-04:00 Stephen Rosenman Stephen Rosenman submits:

McDermott (MDR), an engineering and construction firm, announced a terrible quarter, sending its stock from 60 to 53. MDR disappointed. The Street expected 69 cents, MDR delivered only 54 cents. The poor results were confined to its oil section; its smaller power and government divisions had strong results.

Oil:

Complete Story »]]> MDR Stephen Rosenman http://seekingalpha.com/article/77378-computer-software-innovations-another-solid-quarter-stock-looks-cheap?source=feed http://seekingalpha.com/article/77378-computer-software-innovations-another-solid-quarter-stock-looks-cheap?source=feed Computer Software Innovations (CSWI.OB) reported another impressive quarter with operating income growing 42% year over year. The growth in margins and earnings is a testament to management’s solid operational performance.

]]> 2008-05-15T06:19:41-04:00 Joseph Ramelli Joseph Ramelli submits:

Computer Software Innovations (CSWI.OB) reported another impressive quarter with operating income growing 42% year over year. The growth in margins and earnings is a testament to management’s solid operational performance.

Complete Story »]]> CSWI.OB Joseph Ramelli http://seekingalpha.com/article/77371-biloxi-marsh-lands-an-intriguing-landowner?source=feed http://seekingalpha.com/article/77371-biloxi-marsh-lands-an-intriguing-landowner?source=feed web site, and it makes efforts to reach out to the investment community.

BLMC.PK owns approximately 90,000 acres of wetlands in St. Bernard Parish, Louisiana. The land has no development potential but portions have been leased for mineral exploration since the 1930's. The company is transitioning from that of a royalty company to one with a more active role in exploration.

The company recently put detailed information on its website on two potential prospects on its land, at the NAPE EXPO in February 2008. Here is a link to the press release.

A summary of the two prospects, entitled "Alpha" and "Beta."

Prospect Area “Alpha”

1) 170 BCF of Natural Gas Reserve Potential
2)3D seismic Amplitude Anomalies including a classic “Gator-Mouth” Anomaly conforming to Structure
3) Multiple Fault Blocks covering +/- 1,500 acres
4) Average net sand thickness 150’
5) +/- 2,000 acres controlled
6) Multiple well development potential

Prospect Area “Beta”

1) 300 BCF of Natural Gas Reserve Potential
2) +/- 5,000 acre structure shown on 3D seismic
3) Documentation of sand and hydrocarbons present in original well
4) Original well failed upon flow test due to improper completion
5) Baker Hughes completion analysis indicates deeper perforations and gravel pack will aid in sand control
6) Average sand thickness 40’ net over +/- 5,000 acre structure
7) +/- 5,200 acres controlled
8) Multiple well development potential


BLMC.PK has no debt and $8.8 million in cash, $4.6 million in marketable debt and equity securities that are carried at cost, and $2.2 million in other investments. They paid a $1.00 dividend in 2007, the entire amount at year end.

I need to do some more research on this one before taking a position but it is interesting that the price has been cut in half while natural gas prices have been moving up.

]]> 2008-05-15T05:39:20-04:00 Eric Fox Eric Fox submits:Biloxi Marsh Lands Company (BLMC.PK) is an intriguing company. I wrote a few posts on it last year, and it fell off my radar screen. It is currently selling at $20, which is a four year low. The company trades in the Pink Sheets but is a very transparent and open company, with regular SEC filings, a web site, and it makes efforts to reach out to the investment community.

BLMC.PK owns approximately 90,000 acres of wetlands in St. Bernard Parish, Louisiana. The land has no development potential but portions have been leased for mineral exploration since the 1930's. The company is transitioning from that of a royalty company to one with a more active role in exploration.

The company recently put detailed information on its website on two potential prospects on its land, at the NAPE EXPO in February 2008. Here is a link to the press release.

A summary of the two prospects, entitled "Alpha" and "Beta."

Prospect Area “Alpha”

1) 170 BCF of Natural Gas Reserve Potential
2)3D seismic Amplitude Anomalies including a classic “Gator-Mouth” Anomaly conforming to Structure
3) Multiple Fault Blocks covering +/- 1,500 acres
4) Average net sand thickness 150’
5) +/- 2,000 acres controlled
6) Multiple well development potential

Prospect Area “Beta”

1) 300 BCF of Natural Gas Reserve Potential
2) +/- 5,000 acre structure shown on 3D seismic
3) Documentation of sand and hydrocarbons present in original well
4) Original well failed upon flow test due to improper completion
5) Baker Hughes completion analysis indicates deeper perforations and gravel pack will aid in sand control
6) Average sand thickness 40’ net over +/- 5,000 acre structure
7) +/- 5,200 acres controlled
8) Multiple well development potential


BLMC.PK has no debt and $8.8 million in cash, $4.6 million in marketable debt and equity securities that are carried at cost, and $2.2 million in other investments. They paid a $1.00 dividend in 2007, the entire amount at year end.

I need to do some more research on this one before taking a position but it is interesting that the price has been cut in half while natural gas prices have been moving up.

Complete Story »]]> BLMC.PK Eric Fox http://seekingalpha.com/article/77366-buffett-should-have-picked-owens-corning-over-usg?source=feed http://seekingalpha.com/article/77366-buffett-should-have-picked-owens-corning-over-usg?source=feed I have been a holder of Owens Corning (NYSE: OC) for a little over a year now. I was first attracted to the company after Warren Buffett began to build a position in USG Corp. (NYSE: USG). USG and Owens Corning are very similar, as both are tied a great deal to the U.S. economy and the housing market in particular. Yet in comparing the two it is clear that Owens Corning is the better investment. The most recent quarterly report by Owens Corning reinforces this view of the company. I won’t go into the quarterly numbers in detail as a great write up, written by Todd Sullivan, can be found here. Instead I just want to talk about why Owens Corning is a better investment then USG.

Over the last several years, both USG and Owens Corning have emerged from bankruptcy protection. USG emerged first and was financed in part by Warren Buffett who bought a stake in the company to help get it out of bankruptcy court. Owens Corning emerged soon after but with far less fan fair as the company simply decided to list itself on the NYSE without doing an I.P.O. Both of these companies were forced into bankruptcy by asbestos liabilities. These liabilities, upon emergence from bankruptcy court, have been removed from both company’s balance sheets.

]]> 2008-05-15T05:17:49-04:00 Prudent Speculations Prudent Speculations submits:

I have been a holder of Owens Corning (NYSE: OC) for a little over a year now. I was first attracted to the company after Warren Buffett began to build a position in USG Corp. (NYSE: USG). USG and Owens Corning are very similar, as both are tied a great deal to the U.S. economy and the housing market in particular. Yet in comparing the two it is clear that Owens Corning is the better investment. The most recent quarterly report by Owens Corning reinforces this view of the company. I won’t go into the quarterly numbers in detail as a great write up, written by Todd Sullivan, can be found here. Instead I just want to talk about why Owens Corning is a better investment then USG.

Over the last several years, both USG and Owens Corning have emerged from bankruptcy protection. USG emerged first and was financed in part by Warren Buffett who bought a stake in the company to help get it out of bankruptcy court. Owens Corning emerged soon after but with far less fan fair as the company simply decided to list itself on the NYSE without doing an I.P.O. Both of these companies were forced into bankruptcy by asbestos liabilities. These liabilities, upon emergence from bankruptcy court, have been removed from both company’s balance sheets.

Complete Story »]]> OC USG Prudent Speculations http://seekingalpha.com/article/77364-gigamedia-keeps-on-rocking?source=feed http://seekingalpha.com/article/77364-gigamedia-keeps-on-rocking?source=feed As one of my favorite growth stocks, it is nice to see Gigamedia (GIGM) hitting on all cylinders. The company released 1st quarter of 2008 results Tuesday and the growth continues at a great rate. GIGM is managing to rapidly grow its existing platforms and at the same time enter new markets with new products with even greater growth potential. I will break down some of the facts and financial highlights here.

You can think of Gigamedia’s business as two business units. The first is what it refers to as gaming software. This unit consists of the company’s flagship Everest Poker (internet poker) and online casino games. New initiatives by the company are working to cross sell between poker and casino games. Even bigger, GIGM is planning to offer sports betting to its gaming software line. It has also signed a multi-year sponsorship agreement with the World Series of Poker. As the unit stands now, the company is showing some excellent growth numbers:

]]> 2008-05-15T05:14:15-04:00 Tim Plaehn Tim Plaehn submits:

As one of my favorite growth stocks, it is nice to see Gigamedia (GIGM) hitting on all cylinders. The company released 1st quarter of 2008 results Tuesday and the growth continues at a great rate. GIGM is managing to rapidly grow its existing platforms and at the same time enter new markets with new products with even greater growth potential. I will break down some of the facts and financial highlights here.

You can think of Gigamedia’s business as two business units. The first is what it refers to as gaming software. This unit consists of the company’s flagship Everest Poker (internet poker) and online casino games. New initiatives by the company are working to cross sell between poker and casino games. Even bigger, GIGM is planning to offer sports betting to its gaming software line. It has also signed a multi-year sponsorship agreement with the World Series of Poker. As the unit stands now, the company is showing some excellent growth numbers:

Complete Story »]]> GIGM Tim Plaehn