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Readers Get Short With Me--Over Amgen (at CNBC)

www.cnbc.com | Jul 3, 2008

Ahead of the long holiday weekend I thought this would be as good a time as any to once again go through the "Pharma's Market" mailbag. A couple of blog readers complained about my "short" story about Amgen.

http://www.cnbc.com/id/25515088/site/14081545?__source=yahoo|headline|quote|text|&par=yahoo

[$$] Amgen Falls Into the Bargain Bin (at Barron's Online)

online.barrons.com | Jul 1, 2008

With multiples near record lows, shares of the biotech giant could pay off for investors willing to bet on a promising new drug.

http://online.barrons.com/article/SB121485689491017043.html?mod=yahoobarrons&ru=yahoo

What's the Story on Amgen Shorts?

seekingalpha.com | Jul 1, 2008

Mike Huckman submits: When combing through Barron's over the weekend I always make it a point to check out the Short Interest tables when they appear. I'm curious, in particular, about the ups and

http://seekingalpha.com/article/83333-what-s-the-story-on-amgen-shorts?source=feed

Web Sites

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Something's Popping!

www.dddmag.com

James Netterwald, PhD, MT (ASCP) Senior Editor Innovative thinking and clever business deals are promoting new drug development at extraordinary rates, keeping product pipelines healthy. Drug companies pride themselves on producing new and innovative products.

http://www.dddmag.com/somethings-popping.aspx

Amgen - Homepage

AMGEN About Amgen Science Corporate Citizenship Sitemap Search Privacy & Terms Contact Us Patients Medical Professionals Partners Investors Careers Media Amgen Policy on the Support of U.S. Clinical Treatment and Practice Guidelines Dec 11 / Updated Interim Long-Term Follow-up Data Reported Dec 10

http://www.imunex.com/

NPSP: Notified of ANDA Filings for Cinacalcet HCl - Zibb.com

www.zibb.com

By Fain Hughes, fhughes@knobias.com NPS Pharmaceuticals, Inc. (NPSP) reported the receipt of Paragraph IV Certification Notice Letters related to certain drug manufacturers' Abbreviated New Drug Applications (ANDA) submitted to the FDA requesting approval to market and sell generic versions of

http://www.zibb.com/article/3441911/NPSP+Notified+of+ANDA+Filings+for+Cinacalcet+HCl

Amgen Takes Hit on Storm Clouds - Seeking Alpha

biotech.seekingalpha.com

Centient Biotech Investor submits: Thursday, Amgen (AMGN) reported record revenues and profits for 2006, thanks in large part to its huge franchise in the EPO market with drugs Epogen and Aranesp. These two drugs produced $6.6 billion in revenue over the year, almost half of the total $14.

http://biotech.seekingalpha.com/article/25265

 

Harold P. Freeman Patient Navigation Institute Completes First Trainings and Certifications -

The Harold P. Freeman Patient Navigation Institute today announced that representatives from the Leukemia & Lymphoma Society and the Ralph Lauren Center for Cancer Care and Prevention were amongst the first to be certified and representatives from the Cleveland Clinic were the first to be trained in patient navigation. The Institute offers the only certification program that exists in patient navigation training.

Patient navigation, a concept pioneered by Harold P. Freeman, M.D., in 1990, helps people remove barriers to timely cancer screening, treatment and supportive care.

"Up until the Institute began offering our training and certification program, there were no standards or measures to ensure patient navigation programs achieve maximum success in reducing barriers for cancer patients to diagnosis and treatment," said Dr. Freeman, founder of the Harold P. Freeman Patient Navigation Institute and the known authority in patient navigation. "Now, for the first time, we've created standards and principles that can be tailored to each community's specific needs."

To earn certification, the representatives participated in a three-day course at the Institute, which emphasizes the Harold P. Freeman Patient Navigation Model, as well as information on how participants can tailor the program to meet their organization's specific needs.

"The Taussig Cancer Institute leadership has been working on providing better services for the underserved over the past four years," said Kimberly Bell, Cleveland Clinic Taussig Cancer Institute Administrator. "Patient navigation further enhances our commitment to meeting the needs of the communities we serve."

"It was an honor to meet Dr. Freeman, to hear firsthand about his research and the success of his program that moves mountains every day to improve the lives of cancer patients," said Hildy Dillon, senior vice president, patient services for the Leukemia & Lymphoma Society (LLS). "The Institute's training staff are excellent and the patient navigators are inspirational. We are very fortunate to now have our chapter staff attending this training as we build our own program for blood cancer patients."

Patient navigation has been a cornerstone of the Ralph Lauren Center's success in providing cancer care services to the Harlem community.

"It's particularly meaningful that the Ralph Lauren Center's patient navigators are among the first to be certified, since that program has already proven what a difference patient navigation makes in saving lives," said Dr. Freeman. In addition to being the Institute's founder, Dr. Freeman is the founder and president of the Ralph Lauren Center for Cancer Care and Prevention.

Since the Harold P. Freeman Patient Navigation Institute was established in June 2007 as a result of a generous $2.5 million grant received from the Amgen Foundation, 42 representatives from 12 organizations from around the U.S. have graduated from its training and certification program so that they can develop or expand patient navigation programs.

Background

Since Dr. Freeman initiated the concept of patient navigation, many organizations have implemented patient navigation programs. Much of the recent growth has been spurred by funding from government agencies such as the Department of Health and Human Services' grant program to stimulate patient navigation programs targeting vulnerable populations throughout the country. The nonprofit and private sectors have also funded many patient navigation programs. Such programs vary in their approach to providing patient navigation. To date there are no widely applied standards for defining or measuring the effect of various forms of patient navigation. The Institute was established to help meet the growing need and demand for training in patient navigation, as well as to ensure standards and best practices.

The purpose of patient navigation is to eliminate barriers to timely diagnosis and treatment of cancer. The most important role of patient navigation is to assure that any patient with a suspicious finding will receive timely diagnosis and treatment. The Harold P. Freeman Patient Navigation Model taught at the Institute addresses outreach efforts but focuses on the critical window between an initial cancer finding and the resolution of that finding through timely diagnosis and treatment.

Dr. Freeman is an internationally recognized authority on the interrelationships between race, poverty and cancer. In 1990, Dr. Freeman initiated and developed the nation's first patient navigation program in Harlem to reduce disparities in access to diagnosis and treatment of cancer particularly among poor and uninsured people. He recognized there is a small but critical window of opportunity to save the lives of patients -- the window between the point of an initial positive finding of potential cancer and the resolution of that finding through further diagnosis and treatment. Patient navigators guide patients through the complexities of the health care system, removing barriers to early diagnosis and treatment. Based on this early experience, Dr. Freeman developed the Harold P. Freeman Patient Navigation Model, the gold standard of Patient Navigation.

In 2005, President George W. Bush signed into law H.R. 1812, the "Patient Navigator Outreach and Chronic Disease Prevention Act of 2005," which authorizes appropriations through FY 2010 for the Department of Health and Human Services to establish a competitive grant program designed to help patients access health care services.

With the movement and support for Patient Navigation Programs among cancer centers, the time is ripe to meet the growing demand, as well as to ensure standards and best practices. Healthcare organizations and individuals interested in starting a patient navigation program can call 212-537-5500 or visit http://www.hpfreemanpni.org.


    Find More Information Online:

    Web Site Links:
    Harold P. Freeman Patient Navigation Institute
    http://www.hpfreemanpni.org/


    Related Web Sites:
    Amgen Foundation Web site
    http://www.amgen.com/citizenship/foundation.html

    Ralph Lauren Center for Cancer Care and Prevention Web site
    http://www.ralphlaurencenter.org/

    Cleveland Clinic Web site
    http://www.clevelandclinic.org/

    Leukemia & Lymphoma Society Web site
    http://www.leukemia-lymphoma.org/hm_lls


    Related Releases:
    Amgen Foundation Grant Press Release
    http://www.amgen.com/media/media_pr_detail.jsp?releaseID=1020582

    100 Women in Hedge Funds' Board of Directors Institute Grant Announcement
    www.100womeninhedgefunds.org/Gala_2008_NewYork_Press_Release_04032008.pdf


    Related Fact Sheets:
    100 Women in Hedge Funds New York Gala 2008
    http://www.100womeninhedgefunds.org/pages/gala_2008.php


About Harold P. Freeman Patient Navigation Institute

The Harold P. Freeman Patient Navigation Institute was launched in June 2007 as a result of a generous $2.5 million grant received from the Amgen Foundation. The Institute provides patient navigation training and certification to individuals associated with organizations which may develop or expand patient navigation programs throughout the United States and across the world. The Institute offers the only certification program that exists in patient navigation training and is also creating the only national database for the collection, analysis and dissemination of information regarding best navigation practices. Patient navigation programs help cancer patients eliminate barriers to diagnosis and treatment, and are currently under review for application in other disease categories.

About The Ralph Lauren Center for Cancer Care and Prevention

The Ralph Lauren Center was established in 2003 in the heart of Harlem, a community with one of the highest cancer mortality rates in the country. The Center is a unique joint-venture between Memorial Sloan-Kettering Cancer Center and North General Hospital, offering state-of-the-art diagnostic services, outpatient treatment, counseling, and innovative community outreach strategies to reach the medically underserved in Harlem and surrounding communities. The Center has flourished under the guidance of Dr. Freeman, and its chief executive officer Harold Varmus, M.D., who is also president of Memorial Sloan-Kettering Cancer Center and a Nobel Laureate recognized for his studies of the genetic basis of cancer. For more information about The Center visit http://www.ralphlaurencenter.org.

About the Amgen Foundation

The Amgen Foundation (http://www.amgen.com/citizenship/overview.html) seeks to advance science education; improve patient access to quality care; and strengthen the communities where Amgen staff members live and work. Since 1991, the Foundation has made more than $85 million in grants to local, regional, and national nonprofit organizations that impact society in inspiring and innovative ways. It has also supported disaster relief efforts both domestically and internationally.

SOURCE Harold P. Freeman Patient Navigation Institute

http://www.hpfreemanpni.org

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Tags: art   bush   cancer   ceo   clinic   community   disease   foundation   government   grants   health   healthcare   hedge fund   hospital   law   local   new_york   poverty   president   rates   research   science   standards   training   web   women  

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Events at Amgen Punish Shares - Zibb.com

Amgen, Inc. (AMGN) a global biotechnology company, is focused on the development and commercialization of human therapeutics. The company's key products are Epogen/Aranesp (anemia), Neupogen/Neulasta (neutropenia) and Enbrel (inflammatory disease). Recent negative events surrounding lead product Aranesp have punished the shares greatly. Results over the past few quarters demonstrate the challenging ESA market. Nevertheless, we still feel as though the pipeline is significantly undervalued, and we continue to recommend the name as a long-term hold within the biotechnology sector. Our price target is $48. Based on our 2008 through 2012 model, the five-year earnings CAGR of 6% is generally in-line with that of most large-cap pharmaceutical companies. Yet it is well below some of the larger biotechnology peers such as Genentech Inc. (DNA), Biogen Idec, Inc. (BIIB), Celgene Corporation (CELG), Genzyme Corporation (GENZ) and Gilead Sciences, Inc. (GILD), which should deliver 12-15% growth over the same time period. That should help investors value the stock on a multiple basis. The biotech group currently trades at around a 1.7x PEG. Applying this valuation metric to Amgen we arrive at a P/E of 10x. That is not coincidently exactly where the stock is trading right now. Therefore, investment in Amgen should be based on perceptions of that 6% five-year CAGR. Is it under-stated due to recent ESA concerns? Are investors ignoring the pipeline? Or, is it over-stated because the ESA franchise will continued to decline for the foreseeable future and the pipeline lacks the power to replace the lost sales. In our view, investors have over-reacted to the Aranesp news. Amgen is still an enormously profitable company generating significant cash flow (over $2 billion in 2007). Our DCF analysis shows fair value in the high $50s. However, noting that perception takes precedence over reality, the stock will probably not achieve full DCF value. However, another one or two quarters of ESA stabilization and Amgen's stock can begin to move up. Finally, as pipeline products -- specifically denosumab -- offer data, the market should begin to assign more value to the future value. We see fair value at $48 or 11.5x our 2008 EPS of $4.17. We encourage long-term investors to purchase the shares at today's price. We view Amgen as a core holding within the sector. Read the full analyst report on AMGN. Read the full analyst report on DNA. Read the full analyst report on BIIB. Read the full analyst report on CELG. Read the full analyst report on GILD.

Get real-time market insights and profitable stock recommendations from the team of analysts at Zacks Equity Research. See all today?s Analyst Blog entries.

Tags: anemia   biotechnology   disease   dna   earnings   eps   investment   market   pharmaceuticals   pipeline   products   research   sales  

Companies: Amgen, Inc. (AMGN), Biogen Idec Inc (BIIB), Celgene Corp. (CELG), Genzyme Corp. (GENZ)

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Amgen to Participate in Dermatologic and Ophthalmic Drugs Advisory Committee Meeting in June -

Amgen (NASDAQ:AMGN) today announced that the U.S. Food and Drug Administration (FDA) has asked the Company to participate in a meeting of the Dermatologic and Ophthalmic Drugs Advisory Committee (DODAC) on June 18, 2008. The DODAC will review data supporting the supplemental Biologic License Application (sBLA) submitted by Amgen for the use of ENBREL in treating pediatric patients with chronic moderate to severe plaque psoriasis, who are inadequately controlled with topical therapy or who have received systemic therapy or phototherapy.

"Plaque psoriasis is a chronic disease of the immune system that can impair many aspects of the daily lives of children and teens. If approved by the FDA, ENBREL would be the first biologic or systemic therapy indicated to treat this disease in pediatric patients," said Roger M. Perlmutter, M.D., Ph.D., executive vice president of Research and Development for Amgen. "We look forward to the opportunity to discuss the benefits and risks of ENBREL treatment for these patients, who have few approved options to help manage their disease."

Data from a Phase 3 study included in the sBLA, which was published in the January 17, 2008 issue of the New England Journal of Medicine, showed that children and adolescents with moderate to severe plaque psoriasis who received treatment with ENBREL experienced significant improvements in the signs and symptoms of their disease compared to placebo. This study also demonstrated that ENBREL was generally well tolerated over this 48 week study.

ABOUT PSORIASIS

According to the National Institutes of Health, up to 7.5 million Americans have psoriasis, a non-contagious, chronic disease in which the immune system causes skin cells to grow at an accelerated rate. Approximately 80 percent of these patients have plaque psoriasis, which is characterized by painful and itchy, red, scaly patches. According to the National Psoriasis Foundation, about one-third of all psoriasis patients will develop the disease in childhood. Psoriasis appears most often between the ages of 15 and 35, though it can strike in infancy or old age. Information from the American Academy of Dermatology suggests that the earlier the psoriasis appears, the more likely it is to be widespread and recurrent.

ABOUT ENBREL

ENBREL is a soluble form of a fully human tumor necrosis factor (TNF) receptor and has more than 15 years of collective clinical experience with an established safety profile. ENBREL was first approved in 1998 for moderate to severe rheumatoid arthritis and was later approved to treat children and adolescents with juvenile rheumatoid arthritis (now called juvenile idiopathic arthritis) in 1999. ENBREL was approved in 2004 to treat moderate to severe plaque psoriasis in adults.

ENBREL indications in the U.S.:

-- ENBREL is indicated for reducing signs and symptoms, keeping joint damage from getting worse, and improving physical function in patients with moderate to severe rheumatoid arthritis. ENBREL can be taken with methotrexate or used alone.

-- ENBREL is indicated for reducing the signs and symptoms of moderately to severely active polyarticular juvenile idiopathic arthritis in patients ages 2 and older.

-- ENBREL is indicated for reducing signs and symptoms, keeping joint damage from getting worse, and improving physical function in patients with psoriatic arthritis. ENBREL can be used in combination with methotrexate in patients who do not respond adequately to methotrexate alone.

-- ENBREL is indicated for reducing signs and symptoms in patients with active ankylosing spondylitis.

-- ENBREL is indicated for the treatment of adult patients (18 years or older) with chronic moderate to severe plaque psoriasis who are candidates for systemic therapy or phototherapy.

Important Safety Information

What important safety information do I need to know about taking prescription ENBREL?

ENBREL is a type of protein called a tumor necrosis factor (TNF) blocker that blocks the action of a substance your body's immune system makes called TNF. People with an immune disease, such as rheumatoid arthritis, juvenile idiopathic arthritis, ankylosing spondylitis, psoriatic arthritis, or psoriasis, have too much TNF in their bodies. ENBREL can reduce the amount of active TNF in the body to normal levels, helping to treat your disease. But, in doing so, ENBREL can also lower the ability of your immune system to fight infections.

Serious infections, including tuberculosis (TB), have happened in patients taking ENBREL. Some of these serious infections have been fatal. Many serious infections occurred in people prone to infection. Serious infections have also occurred in patients with advanced or poorly controlled diabetes. Do not start ENBREL if you have an infection or are allergic to ENBREL or its components. Once on ENBREL, if you get an infection or have any sign of an infection, including fever, cough, or flu-like symptoms, or have open sores, tell your doctor. Your doctor should test you for TB before starting ENBREL and should monitor you closely for signs and symptoms of TB.

Serious nervous system disorders, such as multiple sclerosis, seizures, or inflammation of the nerves of the eyes have been reported. There have been rare reports of serious blood disorders (some fatal).

In medical studies, more cases of lymphoma (a type of cancer) were seen in patients taking TNF blockers compared to similar patients who were not taking TNF blockers. The risk of lymphoma may be several-fold higher in people with rheumatoid arthritis and psoriasis; the role of TNF blockers in the development of malignancies is unknown.

Tell your doctor if you:

-- Think you have, are being treated for, have signs of, or are prone to infection

-- Have any open sores

-- Have or have had TB or hepatitis B

-- Have ever been treated for heart failure

-- Have ever had or develop a serious nervous system disorder

-- Develop symptoms such as persistent fever, bruising, bleeding, or paleness while taking ENBREL

Common side effects in adult clinical trials were injection site reaction, infection and headache.

In a medical study of patients with JIA, infection, headache, abdominal pain, vomiting, and nausea occurred more frequently than in adults. The kinds of infections reported were generally mild and similar to those usually seen in children. Other serious adverse reactions were reported, including serious infection and depression/personality disorder.

If you have any questions about this information, be sure to discuss them with your doctor. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.

Please visit www.enbrel.com or call 1-888-4ENBREL to request additional information, including the full U.S. Prescribing Information.

About Amgen

Amgen and Wyeth Pharmaceuticals, a division of Wyeth, market ENBREL in North America. Wyeth markets ENBREL outside of North America. Immunex Corporation, a wholly owned subsidiary of Amgen, manufactures ENBREL.

Amgen discovers, develops, manufactures and delivers innovative human therapeutics. A biotechnology pioneer since 1980, Amgen was one of the first companies to realize the new science's promise by bringing safe and effective medicines from lab, to manufacturing plant, to patient. Amgen therapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis, and other serious illnesses. With a deep and broad pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people's lives. To learn more about our pioneering science and our vital medicines, visit www.amgen.com.

Amgen Forward-Looking Statement

This news release contains forward-looking statements that are based on Amgen's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including estimates of revenues, operating margins, capital expenditures, cash, other financial metrics, expected legal, arbitration, political, regulatory or clinical results or practices, customer and prescriber patterns or practices, reimbursement activities and outcomes and other such estimates and results. Forward-looking statements involve significant risks and uncertainties, including those discussed below and more fully described in the Securities and Exchange Commission (SEC) reports filed by Amgen, including Amgen's most recent annual report on Form 10-K and most recent periodic reports on Form 10-Q and Form 8-K. Please refer to Amgen's most recent Forms 10-K, 10-Q and 8-K for additional information on the uncertainties and risk factors related to Amgen's business. Unless otherwise noted, Amgen is providing this information as of May 1, 2008, and expressly disclaims any duty to update information contained in this news release.

No forward-looking statement can be guaranteed and actual results may differ materially from those Amgen projects. Discovery or identification of new product candidates or development of new indications for existing products cannot be guaranteed and movement from concept to product is uncertain; consequently, there can be no guarantee that any particular product candidate or development of a new indication for an existing product will be successful and become a commercial product. Further, preclinical results do not guarantee safe and effective performance of product candidates in humans. The complexity of the human body cannot be perfectly, or sometimes, even adequately modeled by computer or cell culture systems or animal models. The length of time that it takes for Amgen to complete clinical trials and obtain regulatory approval for product marketing has in the past varied and Amgen expects similar variability in the future. Amgen develops product candidates internally and through licensing collaborations, partnerships and joint ventures. Product candidates that are derived from relationships may be subject to disputes between the parties or may prove to be not as effective or as safe as Amgen may have believed at the time of entering into such relationship. Also, Amgen or others could identify safety, side effects or manufacturing problems with Amgen's products after they are on the market. Amgen's business may be impacted by government investigations, litigation and products liability claims. Amgen depends on third parties for a significant portion of its manufacturing capacity for the supply of certain of its current and future products and limits on supply may constrain sales of certain of its current products and product candidate development.

In addition, sales of Amgen's products are affected by the reimbursement policies imposed by third-party payors, including governments, private insurance plans and managed care providers and may be affected by regulatory, clinical and guideline developments and domestic and international trends toward managed care and health care cost containment as well as U.S. legislation affecting pharmaceutical pricing and reimbursement. Government and others' regulations and reimbursement policies may affect the development, usage and pricing of Amgen's products. In addition, Amgen competes with other companies with respect to some of its marketed products as well as for the discovery and development of new products. Amgen believes that some of its newer products, product candidates or new indications for existing products, may face competition when and as they are approved and marketed. Amgen's products may compete against products that have lower prices, established reimbursement, superior performance, are easier to administer, or that are otherwise competitive with its products. In addition, while Amgen routinely obtain patents for its products and technology, the protection offered by its patents and patent applications may be challenged, invalidated or circumvented by its competitors and there can be no guarantee of Amgen's ability to obtain or maintain patent protection for its products or product candidates. Amgen cannot guarantee that it will be able to produce commercially successful products or maintain the commercial success of its existing products. Amgen's stock price may be affected by actual or perceived market opportunity, competitive position, and success or failure of its products or product candidates. Further, the discovery of significant problems with a product similar to one of Amgen's products that implicate an entire class of products could have a material adverse effect on sales of the affected products and on Amgen's business and results of operations.

The scientific information discussed in this news release related to Amgen's product candidates is preliminary and investigative. Such product candidates are not approved by the U.S. Food and Drug Administration (FDA), and no conclusions can or should be drawn regarding the safety or effectiveness of the product candidates. Only the FDA can determine whether the product candidates are safe and effective for the use(s) being investigated. Further, the scientific information discussed in this news release relating to new indications for Amgen's products is preliminary and investigative and is not part of the labeling approved by the FDA for the products. The products are not approved for the investigational use(s) discussed in this news release, and no conclusions can or should be drawn regarding the safety or effectiveness of the products for these uses. Only the FDA can determine whether the products are safe and effective for these uses. Healthcare professionals should refer to and rely upon the FDA-approved labeling for the products, and not the information discussed in this news release.

SOURCE: Amgen

Amgen, Thousand Oaks
Sonia Fiorenza, 805-447-1604 (media)
Arvind Sood, 805-447-1060 (investors)

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Tags: animal   annual report   arthritis   biotechnology   business   cancer   children   clinical   commercial   computer   depression   dermatology   diabetes   disease   drugs   england   executive   fda   foundation   government   health   healthcare   infection   legal   manufacturer   manufacturing   market   medical   medicine   nasdaq   nervous system   new product   north america   patent   pharmaceuticals   pipeline   plant   politics   president   prices   products   regulations   research and development   sales   science   sec   sec-8k   strike   technology  

Companies: Amgen, Inc. (AMGN)

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Zacks Bull and Bear of the Day Highlights: ConocoPhillips, General Motors, Amgen, Web.com and

Zacks Equity Research highlights ConocoPhillips (NYSE: COP) as the Bull of the Day and General Motors (NYSE: GM) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Amgen, Inc. (Nasdaq: AMGN), Web.com (Nasdaq: WWWW) and Oxford Industries (NYSE: OXM).

Full analysis of all these stocks is available at http://at.zacks.com/?id=2676.

Here is a synopsis of all five stocks:

Bull of the Day: ConocoPhillips (NYSE: COP)

Our continued positive outlook for ConocoPhillips' shares reflects the company's strong position in the politically stable OECD markets and its attractive valuation. The company has significantly strengthened its upstream portfolio through its Burlington and LUKOIL transactions and remains a premier domestic refining player. The recent alliance with EnCana further cements its upstream and downstream prospects.

We have raised our earnings estimates to reflect a higher commodity-price deck. Our new 2008 and 2009 EPS estimates are $11.55 and $12.15, up from $11.10 and $11.45 before, respectively.

Bear of the Day: General Motors (NYSE: GM)

General Motors Corporation is one of the largest automobile manufacturers in the U.S. and world. However, weak North American sales, falling production volumes, and rising raw material costs increase our concerns. These compel us to rate the shares a Sell with a six-month target price of $12.50.

Latest Posts on the Zacks Analyst Blog:

Amgen, Inc. (Nasdaq: AMGN)

Amgen shares have been greatly punished recently on negative events surrounding lead anemia drug Aranesp. (A new, more restrictive label is now to be issued for Aranesp with more cautionary wording; Aranesp sales dropped 25% year-over-year). Results over the past few quarters demonstrate the challenging erythropoiesis-stimulating agent (ESA) market.

Nevertheless, we still feel as though the pipeline is significantly undervalued, and we continue to recommend the name as a long-term Hold within the biotechnology sector. The ESA trends are stabilizing, but it will still take a few more quarters to see exactly how the recent Oncologic Drugs Advisory Committee meeting will affect sales. In the meantime, investors should focus their time on just how big experimental drugs denosumab (for osteoporosis) and motesanib (for cancer) can be, because they are the next wave of potential growth.

Web.com (Nasdaq: WWWW)

Web.com, formerly known as Website Pros (ticker: WSPI), is a leading provider of Web services for Small and Medium Businesses (SMBs). The company uses a factory approach that it can leverage over thousands of customers.

In spite of some top-line pressures during the first quarter, the integration of Web.com appears to be going well and improving operating leverage should drive profits. According to studies conducted by IDC, Jupiter Research, and Forrester Research, the market for services provided by Web.com is expected to grow at a compound annual growth rate (CAGR) of 9.7% from $22.1 billion in 2006 to $32.0 billion in 2010.

Oxford Industries (NYSE: OXM)

Oxford Industries, Inc.'s first-quarter results came in ahead of our estimates. Unfortunately, it appears the upside was a one-quarter event. Management issued disappointing guidance for the rest of fiscal 2008. We are reducing our estimates for fiscal 2008 and 2009. We maintain our Hold rating on OXM shares.

The investment case for Oxford Industries comes from the company's recognizable brand names and diversified product offerings that generate profitable growth. Its numerous brands and exclusive licenses require it to deliver a diversified product offering. The upshot here is that Oxford is not overly reliant on any one product line for a large portion of its growth. What's more, Oxford has been able to improve its gross margin thanks to the unloading the Womenswear business and the growth of its higher-margin Tommy Bahama business.

Nevertheless, we are concerned with the difficult consumer spending environment, risks associated with the apparel industry, and risks associated with its business model. We believe these risks offset the company's bullish factors.

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=2649.

About the Bull and Bear of the Day

Every day, the analysts at Zacks Equity Research select two stocks that are likely to outperform (Bull) or underperform (Bear) the markets over the next 3-6 months.

About the Analyst Blog

Updated throughout every trading day, the Analyst Blog provides analysis from Zacks Equity Research about the latest news and events impacting stocks and the financial markets.

About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today by visiting http://at.zacks.com/?id=2677.

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=4582.

Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

SOURCE: Zacks.com

Zacks.com
Mark Vickery
312-265-9380
Visit: www.zacks.com

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Tags: anemia   automobile   business   cancer   commodity   consumer   content   drugs   earnings   email   e-mail   environment   eps   investment   investment opinion   licenses   market   nasdaq   nyse   oecd   osteoporosis   prices   profit   property   research   sales   securities   security   web  

Companies: Amgen, Inc. (AMGN), ConocoPhillips (COP), General Motors Corp (GM), Oxford Industries, Inc. (OXM), Web.com Inc (WWWW)

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