Insiders' Blog

Imax Corporation (Nasdaq: IMAX) spikes over 12% today as The Dark Knight sells out at over 1600 Imax theaters nationwide. The Dark Knight is the latest Batman movie out and it has people lining up at Imax theaters across the country. Analysts expect the Imax theaters to continue to sell out this movie for the next several days.

IMAX Corporation is an entertainment technology company specializing in digital and film-based motion picture technologies and large-format two-dimensional (2D) and three-dimensional (3D) film presentations.
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Shares of Freeport-McMoRan (NYSE: FCX) have spiked intraday on rumors that the company could be a target for consolidation within the metals mining industry. The takeover chatter points at Brazil's Vale (NYSE: RIO) as the possible suitor for Freeport.

As the rumor spread across Wall Street, shares of Freeport began moving higher from just under $99. By 11 AM ET, the stock had jumped more than 9% to nearly $108, but soon started selling-off as investors found out that the rumors could be just that. While well off its highs of today's trading session, Freeport stock is still substantially higher than yesterday's close and most recently traded at $103.39, up 4% on the day.

Responding to the rumors, Vale is out with a statement denying that it has held talks with Freeport. According to a recent report by Dow Jones, Vale has called the Freeport takeover chatter "baseless".

Freeport-McMoRan Copper & Gold, Inc. engages in the exploration, mining, and production of mineral properties primarily in Indonesia, North America, South America, and Africa.

Companhia Vale do Rio Doce, or Vale, is a metals and mining company.

Piper Jaffray downgrades Infinity Property and Casualty (Nasdaq: IPCC) from Buy to Neutral based Piper thinking that Infinity is trading at an inflated value. However, Piper did raise IPCC's price target from $44 to $46.

Piper said Infinity Property and Casualty may have a strong earnings release, but Piper sees limited upside in IPCC from current valuation levels. Infinity is already trading at 1.2x existing book value and they think that reflects more than a fair valuation.

Piper noted that the tougher economic conditions and competition will likely outweigh gains made in key states such as Texas. Texas now requires about 4 million uninsured Texans to obtain minimum liability coverage and recently raised rates. One final note, Piper thinks that Infinity Property and Casualty could ultimately benefit as people save gas and drive less miles (thus, less accidents), but it is tough to quantify the financial impact.

Infinity Property and Casualty Corporation is a holding company that, through subsidiaries, provides personal automobile insurance with a concentration on nonstandard auto insurance.
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Today, VMware's (NYSE: VMW) CEO Paul Maritz sent a memo to employees regarding an update to VMware's stock options program. VMware is going to exchange employees post-IPO out of the money options or underwater stock options.

Employees will be able to exchange their out of the money stock options for an equal number of new options. The exercise price of the new options will be the stock price at the close of trading on the NYSE on the day immediately following the date that the exchange is completed. The exchange will restart your options’ vesting schedule.

Shareholders still have to approve this move by VMware and no executive officers will get new options.

Below is an excerpt from the letter from VMware CEO Paul Maritz:
"Although I can give no guarantees or assurances, by giving you an opportunity to receive options with an exercise price closer to our current market price, I hope to provide you with a greater opportunity to benefit from any future successes of the company."

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UBS raised its price targets on two top ag plays this morning: Potash Corp. (NYSE: POT) and Agrium (NYSE: AGU).

The firm raised its price target on Potash from $285 to $320. Notably, on June 24, UBS raised its price target on Potash from $250 to $285.

UBS's target on Agrium goes from $118 to $130. On June 11, the firm raised its price target on the stock from $95 to $118.

With shares of Potash trading up about $1.93, or 0.91%, to $215.15 in pre-market trading, the UBS price target represents a potential gain of more than 48% from current levels. Also, based on Agrium's price of $97.61 this morning, up $3.00, or about 3.2% from yesterday's close, UBS believes the stock could move about 33% higher from current levels.

Potash Corporation of Saskatchewan, Inc. engages in the production and sale of fertilizers, and related industrial and feed products in North America.

Agrium, Inc. produces and markets agricultural nutrients, industrial products, and specialty products worldwide, as well as involves in the retail supply of agricultural products and services in North and South America.