ADBE

DJ MARKET TALK: Apple Going Softer On Adobe? (DJ)

9:06 (Dow Jones) Apple's (AAPL) less-than-forthcoming press release about relaxing restrictions put on app developers may be an indication that it's retreating in its battle against

Adobe Systems' (ADBE) flash technology, used to design Internet sites. According to AAPL's release, one of the sections relaxed was 3.3.1, which had required developers to use

AAPL-approved programming languages. In addition, AAPL now emphasizes, "We are relaxing all restrictions on the development tools used to create iOS apps." AAPL officials unavailable for

further comment. ADBE shares jump 9.4% premarket to $32.05; AAPL adds 0.9%. (george.stahl@dowjones.com‚)

GOOG

Google Inc., the online-search company, rose 0.4 percent to $473.52 in German trading. UBS AG said Google Instant service “is an incremental positive that should increase Google’s search market share over time.”

GS: GOOG Introduced Insatnt Search

Six Month PT $600

Introduction of instant search:
-Will take time for users to get used to it, will save time per search (2 seconds, but time is time)
Promote loyalty
-Consolidate query volume around more common (i.e., more profitable) paid leads could boost average price/click
-Part and parcel of GOOG monetization initiatives

PTT Notes: The search engine has been recommending search terms based on partial search phrases for quite a while so many users will already be familiar with the set up and will adopt it easily (if they haven't already adopted the idea of using the supplied/recommended most popular terms). I think that GS is wrong that there could be a bit of a period of user acceptance. The real difference is that as the user/searcher types, the results begin to appear without having chosen an entire search phrase.

ST - Bain lock-up

Barlcays, one of the underwriters of the deal, has gone restricted on coverage of ST. Meaning, I assume, that they are going to be doing a deal post-Friday lock-up for some of Bains shares. If a client has short term cash needs, etc, I would be a seller of shares, and buyer once things clear in regards to this.

Shares not very liquid at the moment…

Seadrill: SDRL - Dividend Information (DJ)

Seadrill: SDRL - Dividend Information (DJ)

Hamilton, Bermuda, September 7, 2010 - Reference is made to the second quarter

2010 report released on August 31, 2010. Seadrill Limited will be trading

ex-dividend of a cash dividend of US$0.61 per share on September 8, 2010. The

record date is September 10, 2010, and the dividend will be paid on or about

September 24, 2010.

SLB - Credit Suisse

SLB: reit OP, TP to $78 from $80 and we are buyers of the stock as OFS is attractive again, SLB's US restructuring should yield upside to ests and valuation attractive.

GOOG

The Justice Department has reportedly opened an antitrust probe into Google's (GOOG) $700M deal to purchase travel software firm ITA Software. Sources say the investigation is still in an early stage, and is focused on whether Google could unfairly disadvantage potential new rivals by cutting off their access to ITA's software or unfairly steer web searchers to its own travel services. Google had previously disclosed that the Justice Department had asked for more information on the deal, but hadn't specified the department's concerns.

Monday Meeting 9/7

Monday Meeting 9/7
For Thurs:
LIFE review
VIV look again
Data storage
Review Trim, Buy and Watch

SDRL: good report on the company
ABB: wouldn't buy here, hold for now, story is still good.
VZ: could make sense for newer money, bought the ETF which has a good slug
PX: would buy here, valuation
VIV: would buy in here, HW has been selectively adding at 3%. Unicell is a competitor, but VIV has better coverage
TBT and TBF: encouraged by last week's action, but think it will pull back.
LIFE: under review, WJ holds in High Plains but struggling for a reason to continue to hold it. There are some hurdles looking at the next few quarters.
TEVA: still a hold

DS will pull telecom info if people are interested in increasing exposure to that sector. Especially in Latin Am.

EPD is merging with it's GP, more to come

Trim Report
-Change sort to YTD
-Trim report will encompass only the top 50 BBI holdings, the buy and watch lists will be removed.

Next meeting Thurs at 3 pm

Change in number of private sector jobs.

Stock meeting 9/2/10

Stock meeting 9/2/10
CdeR: read the Jefferies piece in conjunction with the Halprin piece from earlier this week.

Research Collective
Meeting schedule and structure-everyone fine with the current structure
Monday am discuss names, plan for the Thursday meeting, Thursday discussion on the name

Topics:
Portfolio strategy and allocation, discussion of holdings and how long to hold and what the trigger would be to buy or sell.
Continue to visit themes and macro issues.
Challenge our holdings: are these the companies that we believe will be real winners? Our sector coverage, are these the best of the best?

Hardest thing is digesting information that comes across the wires. Need bullet points and salient points distributed to the group. Most important articles include a quick major points of the articles.

Telemet shared list of the Buy, Watch and Trim reports for people to access and drill down

Trim report:
-core holdings, buy list, watch list
-buy/sell decisions: disseminate the information to the group when making those decisions

Big picture: how do we best produce a report as to our investment focus?

Monday:
Macro discussion
Action items for Thursday, by Wednesday PM information distributed for the meeting