Analyst Comments

Piper Jaffray is out with a research note this afternoon taking a closer look at Apple's (Nasdaq: AAPL) international iPhone rollout. The firm currently has a Buy rating and $250 price target on shares of Apple.

Following Orange's announcement today that the iPhone will be available in 11 countries by the end of 2008, the firm raised Apple's total addressable market for the iPhone from 153 million subscribers in 6 countries to 575 million subscribers in 42 countries. This announcement appears substantial for Apple shareholders as Piper Jaffray believes that "Apple will trade on unit numbers for the next year or more."

Piper feels that today's announcement places Apple's international iPhone roll-out about "8 months ahead" of its original estimates. Also, Piper has increased confidence that Apple will meet the firm's unit estimates of 12.9 million iPhones in CY08 and 45 million iPhones in CY09. Piper believes that Apple will see a penetration rate of 3% of its total addressable market in CY08 and 6% in CY09.

Apple, Inc. designs, manufactures, and sells personal computers, portable digital music players, and mobile communication devices, as well as related software, services, peripherals, and networking solutions worldwide.

Shares of China Precision Steel, Inc. (Nasdaq: CPSL) skyrocket over 30% in today's trading. The company reported Q3 earnings of $0.10, 5 cents better than the analyst estimate of $0.05. However, revenues for the quarter were $18.7 million, versus the consensus of $16.60 million (but a 61% increase year-over-year). Surprisingly, exports accounted for 19.0% of revenue, up from 2.3% a year ago

The company reported on its current financial situation: As of March 31, 2008, China Precision Steel had $14.3 million in cash and cash equivalents, no long term debt, total liabilities of $46.1 million and working capital of $61.2 million. Shareholders' equity was $111.1 million compared to $51.1 million as of June 30, 2007.

During the third quarter, in view of the recent iron ore price surge and tighter supply of hot-rolled steel coils in the market, China Precision Steel has increased purchase quantities directly from its major and strategic supplier, Baosteel Group, with the aim of ensuring a stable raw material supply and mitigating the impact of expected increases in the cost of raw materials. As the contract terms with Baosteel are 100% payment in advance, this is the primary reason for the $26.8 million increase in advances to suppliers as of March 31, 2008.

Investors and analysts have given a 'green light' to the growth in the Chinese markets, but shares of this company are very volatile and the current market cap of the company is over a quarter of a billion dollars (at today's $5.65 price). Back in Sept, 2007, shares jumped from $3.45 to $11.09 in six trading sessions with no significant news releases. The stock teetered around the $10 level, but two months later, fell back to $5. CPSL's price range in 2008 has been between $3-5 per share.[SM]

China Finance Online (Nasdaq: JRJC) shares jump 15% in early trading after guiding higher for Q1. JRJC now expects net revenues for the first quarter of 2008 to be in the range of US$10.5 to US$10.8 million, up from previous guidance range of US$10.0 to US$10.5 million.

Shares have been volatile throughout the past year, rising up to over $43 in Oct 2007, but then slumping down to around $12 in mid-January (2008). But, shares may have found a new range in the $20-30, because the 52-wk low is $6.60 (and shares had traded under $10 for all of 2005-06).

Investors and analysts feel that the growth in China isn't going to slow down, especially with so many people moving from small villages into bigger cities and becoming middle-class citizens. Establishing careers, homes and lifestyles will play right into the hands of China Finance, which engages in selling online financial services analyzing of financial and listed company information.[SM]

BMC Software Inc. (NYSE: BMC) shares gain almost 5% in early trading after reporting Q4 earnings that were 12 cents better than the analyst estimates. Revenues for the quarter were $467 million, $7 million better than the consensus. BMC sees FY09 EPS $2.10-$2.20 versus $2.09 consensus.

Normally, with a strong financial report in an uncertain economy, shares should have jumped quite a bit higher. However, taking a look at BMC's chart, shares are trading at a 52-wk high and the stock has come 60% in the year. Also, investors may be waiting to see how the integration of recent acquisitions will play out.

Also note that in June 2007, BMC acquired ProactiveNet, Inc. In July 2007, the Company acquired RealOps. In October 2007, BMC Software acquired privately held Emprisa Networks. On April 18, 2008, BMC Software’s wholly owned subsidiary, Bengal Acquisition Corporation, had acquired approximately a 96.7% interest in BladeLogic.[SM]

Crystallex (AMEX: KRY) commented today on market activity relating to comments made by the Minister of the Environment and Natural Resources of Venezuela ("MinAmb") regarding open pit mining in Venezuela.

Crystallex still maintains that the Director General letter and now the Minister's comments are in conflict with the Las Cristinas Environmental Impact Study approval, Construction Compliance Guarantee Bond Request and Environmental Tax request issued by the same Ministry. Both the posting of the Bond and payment of the requested Tax were satisfied in 2007 and Crystallex obtained receipt of acceptance. Additionally, MinAmb officials testified at a Venezuela National Assembly panel late last year that all the requirements for the issuance of the Las Cristinas Environmental Permit had been satisfied and that the Permit will be issued.

On May 12, 2008, Crystallex filed its appeal under the Venezuelan Administrative Law to MinAmb outlining the reasons and evidence that the proposed Las Cristinas operations were not only in keeping with Venezuelan Law but would clean up and deal with the severe environmental degradation as a result of decades of illegal mining activity in the area. Crystallex is also aware of its legal rights and remedies and will undertake whatever is necessary in order to protect its shareholders' rights.

Separately, yesterday, Crystallex reported a Q1 loss $0.04 per share (including $6.1 million unrealized loss on translation of future income taxes) compared to a $0.01 for the same period last year. Revenues were $5.9 million compared to $3.72 million for the same period last year.

Shares of KRY are down 8.43% ($0.07) in early trading and have dropped about 40% (from an intraday high this week. Shares are down 85% on a 52-wk basis, however, the company is still worth close to a quarter of a billion dollars. [SM]