- prior revised from 0.6% to 0.5%

- It is unclear whether or not this defeat has any bearing on Anwar legislation and arctic drilling
- Reminder 5/1 Senator Craig was to introduce bill that would halt filling of SPR, and expand Gulf of Mexico drilling

- US House is supposed to vote on similiar measure later today.
- Reminder: There were reports from senators that this bill had veto support in April.

Yahoo! Inc [YHOO]
- CNBC's Faber speculates that if Icahn won a proxy fight, he could force a merger with MSFT, if MSFT is still willing to buy Yahoo.

Electronic Data Systems Corporation [EDS]
-Deal chatter puts value of deal in $12B-$13B range; Market cap of EDS about $10B pre-annoucement

Sirius Satellite Radio Inc [SIRI]
- Q1 net subscriber adds of 14K y/y
- Q1 All-in churn 2.7% v 2.3% y/y
- FY subscribers 1.0M v 988.5K y/y
- Q1 SAC Costs $91, -10% y/y

Warnaco Group Inc [WRNC]
- Guides FY08 EPS $2.65-2.75 v $2.59e, Revenues to grow 10-12%

Bally Technologies, Inc. [BYI]
- Guides FY08 EPS $1.78-1.90 v $1.79e.
- Guides FY09 EPS $2.10-2.50 v $2.24e.

LDK Solar Co LTD ADR [LDK]
- Guides Q2 Rev $278-288M v $218.4Me.
- Guides Q2 wafer shipments 136 MW and 146 MW.
- Guides FY08 gross margins 23-28%.
- Guides FY08 wafer shipments in the range of 1.1 GW by end of 2008 and 2.0 GW by end of 2009.
- Guides FY08 Rev $1.08-1.18B v $1.08Be.

Fuel Systems Solutions [FSYS]
- Guides FY08 Revs to $380M v $304.8Me.

McDermott International Inc [MDR]

VeraSun [VSE]
- For the three months ended March 31, 2008, the company sold 191.7 million gallons of ethanol, which includes 49.5 million gallons of ethanol that were purchased from others and resold to our customers.
- Ethanol production increased by 82.4 million gallons, or 138.6%, compared with the three months ended March 31, 2007, as a result of the added capacity from the Charles City, Iowa facility in April 2007, the Linden, Indiana facility in August 2007, and the Albion, Nebraska facility in October 2007.
- The average price of ethanol sold was $2.33 per gallon for the three months ended March 31, 2008, compared to $2.13 per gallon for the three months ended March 31, 2007.
- Corn costs increased $154.0 million to $238.6 million for the three months ended March 31, 2008 compared with $84.6 million for the three months ended March 31, 2007.

Beazer Homes USA Inc [BZH]
- Q4 Home closings: 3,949 homes, compared to 6,268 in the fourth quarter of the prior year
- Q4 New orders: 982 homes, compared to 1,921 in the fourth quarter of the prior year
- Q4 Net cash provided by operating activities: $387.3 million, compared to $237.7 million in the fourth quarter of the prior year
- Received from SEC formal order of private investigation, attempts to negotiate settlement
- There were increases in pre-tax inventory impairment charges of $20.4 million and $25.4 million for the quarters ended December 31, 2006 and March 31, 2007, respectively
- Withdrawal from the mortgage business in February 2008
- Q4 results include charges: Reported net loss of $(155.2) million, or $(4.03) per share, including pre-tax charges related to inventory impairments and abandonment of land option contracts of $212.0 million, goodwill impairments of $23.0 million, and impairments in joint ventures of $25.5 million. For the fourth quarter of the prior fiscal year, net income totaled $83.7 million, or $1.99 per diluted share.

DISH Network Corp [DISH]
- Ended Q1 with 13.815M subscribers.
- Added 35K net new dish network subscribers.
- Average monthly churn rate 1.68% v 1.46%.
- ARPU $67.93 v $64.17.

DRS Technologies Inc [DRS]

International Rectifier Corp [IRF]
- Guides Q3 pre tax loss from operations $35-45M.

- RICS says that the BoE should cut rates at next meeting.

American International Group, Inc [AIG]
(reminder from earlier today) AIG: Today's weakness partially attributed to rumor of impending secondary offering.

DRS Technologies Inc [DRS]
- Finmeccanica will acquire 100% of DRS stock for $81/shr in cash.
- DRS will operate as a wholly-owned subsidiary, maintaining its current management and headquarters.
- The transaction is expected to close by Q408.

PetroChina Co Ltd [PTR]
- The pipeline transports most of the oil to the quake-hit region and if there is damage to the pipeline it could force production cuts at the 200K bpd Lanzhou refinery (largest refinery in western China).

Coca-Cola Co [KO]
- No reason to diversify outside of non-alcoholic drinks.
- Targeted, not large, acquisitions to continue.

Corporate Express [CXP.NV]
- Staples has extended multiple invitations, including as recently as last Friday, to Corporate Express' Boards to engage in constructive dialogue regarding Staples' offer. The Boards have refused to negotiate the merits of Staples' proposals. Staples continues to believe that its offer is the most valuable option available to Corporate Express' shareholders given the uncertainty surrounding a turnaround plan. Staples' offer will also deliver significant benefits to Corporate Express' customers and employees.
- Staples expects to launch a formal offer following receipt of approval of the offer memorandum from the AFM.
- Staples expects that its offer for all the outstanding shares would include a minimum acceptance condition of 75 percent of the ordinary share capital. In addition, Staples confirms that it expects to make an offer for both the Corporate Express depositary receipt of preference shares A and the two percent subordinated convertible bonds due 2010 issued by Corporate Express.

British Energy Group [BGY.UK]
- (reminder from 5/11) BGY.UK: Mail on Sunday reports that Iberdrola will launch a rival £10B+ bid for British Energy this week
- (reminder from 5/5) the Telegraph reported that EDF's bid would be between £9.6B and £10.2B.

- Goldman's Q2 EPS est cut to $3.48 from $4.09, FY08 EPS est cut to $14.65 from $17.35.
- Lehman's Q2 EPS est cut to $0.72 from $1.10, FY08 EPS est cut to $3.45 from $4.43
- Merrill's Q2 EPS est cut to $0.20 from $1.00, Cuts FY08 est to -$0.45 from +$1.15

Hitachi Ltd [HIT]
- Guides next FY net profit at ¥40B v a loss of ¥58.13B y/y

Statoil ASA [STO]
- Operating Income NOK51.4B v NOK34.58B y/y
- Notes Solid Production, Good Results
- Adds that production costs per barrel has increased significantly

Nissan Motor Co., Ltd [NSANY]
- Guides FY08 Rev ¥10.35B v ¥10.4Te
- Guides FY08 Net ¥340B v ¥457Be
- Guides FY08 Op. Profit ¥550B

Nippon Telegraph & Telephone Corp [NTT]
- FY Operating Profit ¥1.305T v ¥1.107T
- Target 2010 op profit of ¥1.2T

Credit Agricole S.A. [ACA.FR]
- Also expects writedowns of €1.2B tied to subprime losses

- Says that consumer countries right to call on OPEC for more oil to ease prices
- Adds that may cut 2008 demand forecast further should European demand remain weak
- Sees 2008 world oil demand at 86.84M BPD
- Sees OPEC March output fell by 255K BPD to 31.9M BPD
- Says China, Mid east demand unlikely to change soon
- says Nigerian attacks cut supply by 150K BPD
- Sees OPEC's silence on output contributing to price surge
- Revises 2008 oil demand growth to 1.2% v 1.5% from March forecast (Note: was 2.3% back in january)
- Cuts non-OPEC supply by 100K bpd to 53.36M bpd

- No revisions
- M/M is the highest since April of 2000
- Ex-Mortgage is the highest since September of 1992

Toll Brothers Inc [TOL]
- Q2 Backlog $2.08B v $4.15B y/y (-50% y/y)
- Q2 Gross contracts $730.5M v $1.44B y/y (-49% y/y)
- Q2 Homes contracted 1237 v 2031 y/y (-39% y/y)
- Q2 Net new contracts 929 v 1,647 y/y (-58% y/y)
- Q2 Average price per unit $590K v $711K y/y (-17% y/y)
- Q2 Cancelations 308 v 384 y/y
- Joel H. Rassman, chief financial officer, stated: "With conditions still weak in most markets, we expect to continue to face challenging times ahead. We are still in the midst of finalizing our second-quarter impairment analysis; however, we currently estimate that pre-tax write-downs in FY 2008's second quarter will be between $225 million and $375 million."

Wal-Mart Stores Inc [WMT]
-Guides Q2 EPS $0.78-0.81 v $0.81e
-CEO states "We’re off to a solid start, with record first quarter sales and earnings. We continue to deliver against the business model that Sam Walton started selling branded merchandise for less. Our business is even more relevant to our customers today, given the current economic pressures."
-Q1 SSS +2.7% (no fuel impact)

Canadian Solar Inc. [CSIQ]
- Guides Q2 Rev $185-190M v $167.6Me, Sees 45MW of shipments in the quarter
- Reaffirms FY08 GM target of 13-15%
- CEO Dr. Qu: "We also believe that we are on track to achieve our prior guidance of shipping 200-220MW of regular solar modules in 2008, not including shipments of e-Modules, and to continue our record of quarter over quarter revenue growth.
- Looking ahead to 2009, Dr. Qu said "If all of our long-term supply contracts are fully implemented, we will have access to 200MW of regular polysilicon and wafers. Based on our strong position as a worldwide photovoltaic solar module supplier and the expansion plans of our strategic partners, we believe that we should be able to secure an additional 200MW of regular polysilicon and wafers, thereby enabling us to produce approximately 400MW of regular photovoltaic solar modules. In addition, we expect to produce 100-150MW of UMG silicon products in 2009."

Liz Claiborne Inc. [LIZ]
- Guides FY08 EPS $1.40-1.60 v $1.52e (Previously guided $1.50-1.70)

Electronic Data Systems Corporation [EDS]
- HP anticipates that the transaction will be accretive to fiscal 2009 non-GAAP earnings and accretive to 2010 GAAP earnings. Significant synergies are expected as a result of the combination.
- Expected closing 2H 2008, deal indicated (but not specifically stated) to be an all cash deal.
- HP intends to establish a new business group, to be branded EDS - an HP company, which will be headquartered at EDS's existing executive offices in Plano, Texas. HP plans that EDS will continue to be led after the deal closes by EDS Chairman, President and Chief Executive Officer Ronald A. Rittenmeyer, who will join HP's executive council and report to Mark Hurd, HP's chairman and chief executive officer.

Hewlett-Packard Co [HPQ]
- Guides Q3 EPS $0.82-0.83 v $0.82e, R $27.3-27.4B v $27.4Be
- Guides FY08 EPS $3.54-3.58 v $3.52e (previously guided $3.50-3.54)
- Guides FY08 Revenues $114.2-114.4B v 114.0Be

- Treasury repo market conditions have improved substantially.
- Financial strains have shaken critical economic foundations.
- Term libor premiums are abnormally high.
- Strong TAF participation shows funding pressures.
- Ready to expand TAF auction size if warranted.

- Prior less autos revised from 0.1% to 0.4%

TJX Companies Inc [TJX]
- This year's first quarter results include a benefit of $12M, which rounds to $.02 per share, due to certain tax-related adjustments unanticipated at the beginning of the quarter. ($0.43 unadjusted)
- Guides Q2 $0.40-0.42 v $0.43e
- Gudies FY08 EPS $2.20-2.25 v $2.22e