Mark Vickery

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Zacks Equity Research highlights Churchill Downs, Inc. (Nasdaq: CHDN) as the Bull of the Day and Alpharma, Inc. (NYSE: ALO) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Magellan Midstream Partners, L.P. (NYSE: MMP), News Corp. (NYSE: NWS) and Hartford Financial Services (NYSE: HIG).

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: Churchill Downs, Inc. (Nasdaq: CHDN)

We reiterate our Buy rating on shares of Churchill Downs following the release of Q2 results. We believe that a proper valuation of Churchill's shares should reflect not only the value of the current operations, but also the potential for increased revenue and earnings stemming from additional alternative gaming at the company's properties.

Further, the company's low leverage and significant real estate holdings should be taken into account. Our 12-month price target of $45 per share equates to approximately 9.5x our 2008 EBITDA estimate.

Bear of the Day: Alpharma, Inc. (NYSE: ALO)

Alpharma is a pharmaceutical company with operations in human and animal pharmaceuticals. With the sale of the generics and API business segments, Alpharma is focusing on establishing itself as a specialty pharmaceuticals company.

We expect 2008 to be another transitional year for the company, with earnings declining significantly mainly due to increased SG&A spending related to the launch of Flector Patch. In the absence of any potential catalysts, investor focus will remain on the acceptance and ramp-up of Flector Patch.

Although we expect earnings to rebound in 2009, we remain concerned about Kadian's growth prospects and the sales ramp of Flector Patch. We rate the stock a Sell with an $18 price target.

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Magellan Midstream Partners, L.P. (NYSE: MMP)

Magellan Midstream Partners' better-than-expected second-quarter 2008 earnings were driven by profits from commodity-related activities and strong performance from fee-based pipeline and terminal services, partly offset by decline in refined products transportation volumes.

Importantly, the partnership raised its quarterly distribution for the 29th consecutive quarter to the annualized run rate of $2.75 per unit, up 9% year-over-year. Distributable cash flows were up 25% from the year-earlier level to $96.2 million. Our Hold recommendation, price objective, and estimates remain unchanged at this stage. The management expects pipeline volumes for the full- year 2008 to be in line with 2007 and reiterated distribution growth target of 8%-10% per year through 2010.

News Corp. (NYSE: NWS)

News Corp has a solid global distribution platform with a clear focus on the television broadcasting and satellite sectors.