Snap Commentaries From Oppenheimer

Oppenheimer published these commentaries focusing on energy, technology, healthcare, financial institutions, and consumer & business services. Energy: ExxonMobil Corporation XOM expects natural gas prices in North American to remain depressed for the next two years, refining margins under pressure, and service cost inflation to reduce earnings and returns. Offshore drilling moratorium expected to be lifted, yet activity levels will be remain low because of uncertainty of new regulations. Oppenheimer maintains Perform rating. Technology: Taleo Corporation announced plans to acquire Learn.com for $125M, and is estimated to be paying ~3-4x CY2011 revenue for its learning partner, which will add a fourth prong to Taleo's talent management suite. Oppenheimer believes the company is making a solid strategic acquisition, and is expected to provide additional details after the 8am EST conference call today. Apple, Inc. AAPL has graduated its iPod Touch from gaming/media player to full-fledged social media device that helps to advance the stickiness of the iOS ecosystem and services like FaceTime. Nano users will have the best reason in years to upgrade, and the new Apple TV is poised to provide iOS a growing foothold in the consumer household, a development that could lead to boxing out would-be rivals such as Google. Healthcare: PDL Biopharma PDLI gave 3Q2010 guidance of ~$86M and has begun defense of company patent rights regarding ex-U.S. sales of Roche's humanized antibodies. Roche has claimed non-infringement, to which PDLI responded by filing a complaint in NV court. Cardiome Pharma Corporation CRME received E.U. approval on 9/1 for Brinavess for acute atrial fibrillation, an approval that triggers a $30M milestone payment to CRME. The approval has also removed any regulatory risks, and the label's lack of a strict patient monitoring requirement is seen as a clear positive as it allows maximal dosing flexibility. Financial Institutions: Comerica, Inc. CMA has its Outperform rating and $50 reiterated by Oppenheimer following recent news that the company is redeeming $500M of trust preferred securities. Comerica's Tier 1 capital base will soon be common equity, Oppenheimer reports, and that redemption is accretive to earnings. Comerica's newly found strong position will make it favorably able to participate in future M&A opportunities in California and Texas. Consumer & Business Services: Vitacost.com, Inc. VITC is seen with a lack of visibility and heightened level of uncertainty by Oppenheimer, which has reduced estimates for 2010/2011. Operational snafus are the reason, such as management/board changes and competitive pressures. Oppenheimer reiterates Perform rating.