Sohu.com-SOHU: Expect Q2 results to beat consensus by wide margin@PALI
Pali Research thinks SOHU will handily top Q2 consensus estimates due to strong performance of its brand advertising and game TLBB. They also believe both segments could drive strong Q3 results and raised their 2008 estimate to $3.24 from $3.07. Shares remain Buy rated.

Intrepid Potash-IPI initiated with an Outperform, target $80@BMOC

Ctrip.com-CTRP upgraded to Positive from Neutral@SUSQ
Susquehanna upgraded CTRP based on valuation. Target $50.

Freeport McMoRan-FCX reports Q2 EPS $2.25 vs. consensus of $2.43
Reports Q2 revenue $5.44B vs. consensus $5.26B.
Freeport McMoRan-FCX increases dividend to $2
Freeport-McMoRan Copper & Gold announced that its Board of Directors has authorized an increase in its annual common stock dividend from $1.75 per share to $2.00 per share. The dividend will be payable quarterly ($0.50 per share) beginning with the November 2008 dividend payment.
FCX expands share repurchase program
FCX announced today that its Board of Directors approved an increase in its open market share purchase program to 30 million shares from the prior authorization of 20 million shares. The timing of future purchases is dependent upon many factors including the company’s operating results, its cash flow and financial position, its future expansion plans, copper prices, the market price of the common shares and general economic and market conditions.

Apple-AAPL: Would be buyers on the weakness@OPCO
After Apple reported results for its Q3 that Oppenheimer views as solid but gave gross margin guidance for its 2009 that Oppenheimer views as disappointing, the firm notes that Macs continue to increase their market share, and the firm expects Apple to sell 4.9M iPhones in its Q4.

Hess Corp-HES: See attractive entry point at current levels@JPMS
JP Morgan believes the current share price factors in little upside from the company’s exploration activity over the next 12 months. The firm reiterates an Overweight rating on the stock.

ImClone-IMCL: Expect in-line Q2 results, positive Erbitux data@STFG
Stanford believes that positive Erbitux survival data in the next few months will support label expansion and market penetration by the company. the firm reiterated their Buy rating.

Apple-AAPL target lowered to $180 from $190, reiterate Buy@BOFA
Banc of America was disappointed by AAPL’s margin guidance but would be buyers on the weakness as management is likely being conservative.

Solar: Believe Spain is tracking to worst case scenario@SBSH
Citigroup points out Spain’s Ministry of Industry sent a draft of the PV Decree to National Energy Commission with the terms unchanged from the Ministry’s initial proposal in July, a call for a feed-in-tariff for ground-mount and rooftop with an annual installation cap of 300MW. Citigroup believes this is not a “huge negative surprise” but points out solar stocks have rallied in recent days partially around hope of a 500MW.

Agnico-Eagle-AEM upgraded to Buy from Hold@TDSI
TD Newcrest upgraded AEM based on higher metals forecast.

American Express-AXP downgraded to Perform from Outperform@OPCO
Oppenheimer downgraded AXP citing the weakening consumer credit environment.

Cognizant-CTSH: Cautious on shares ahead of earnings@SBSH
Citigroup believes the potential for lower guidance when CTSH reports poses a negative near-term catalyst. They lowered their target to $42 from $52 but maintain a Buy rating.

Apple-AAPL volatility Elevated into lower Outlook & Steve Jobs
AAPL is recently down $17.19 to $149.10 in pre-open trading. AAPL expects Q4 EPS of $1.00 versus consensus of $1.24. Deutsche Bank say’s “Regarding Steve’s health, mgmt said ‘he has no plans to leave Apple and his health is a private matter’. While the topic is delicate, we believe the absence of a straightforward denial of health issues will increase speculation of worst case scenario.” AAPL August option implied volatility of 56 is above its 26-week average of 49 according to Track Data, suggesting larger price movement.

Apple-AAPL: View the pullback as a buying opportunity@SBSH
Citigroup believes AAPL’s reported “stellar” Q2 results, and attributes the weakness to conservative guidance and management’s refusal to comment on Steve Jobs’ health. They view the weakness as a buying opportunity and reiterate a Buy rating.

Biogen Idec-BIIB reports Q2 EPS 91c vs. consensus of 85c
Reports Q2 revenue $993.4M vs. consensus of $962.61M.
Biogen Idec-BIIB raises FY08 EPS view to above $3.50 vs. consensus of $3.40

Quest Diagnostics-DGX reports Q2 EPS 83c vs. consensus of 78c
Reports Q2 revenue $1.84B vs. consensus of $1.84B.

Apple-AAPL: View the sell-off as a buying opportunity@SOLE
Soleil believes AAPL’s guidance creates a buying opportunity and maintains a Buy rating with a $200 target.