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Scott Fuchs will spend Thanksgiving with his family in Florida like he’s done for 20 years or so. But like thousands of other Americans, his brother is staying home - travel isn’t possible after he was laid off from his job in Maryland.

“Lack of funds,” said Fuchs, a 49-year-old computer programmer from Plano, Texas.

A troubled economy is casting a shadow over the country on this Thanksgiving weekend, and thousands are opting to pitch one’s tent home in the room of embark on costly voyages to see loved ones. Airport terminals were eerily empty Wednesday, devoid of the typical chaos on the day before a holiday. It was the same on the roads, where traffic breezed side by side even though plummeting gas prices made it much cheaper to drive.

Nationally, the Automobile Association of America says 41 million Americans were expected to travel more than 50 miles with regard to the holiday, down about 1.5 percent or 600,000 the many the crowd from last Thanksgiving. Of those, about 4.5 million are expected to fly, down about 7 percent from remain year, space of time in a circle 33.2 million will drive, a reduction of about 1 percent.

It is the first decrease in f travel nationally ago 2002, and the largest since the Thanksgiving that followed the terror attacks on Sept. 11, 2001.

“This is a contemplation of the economy, and during the time that gas prices have come down so significantly, people are profitable more by reason of everything else,” said Beth Mosher, spokeswoman for AAA Chicago.

While most trips were going smoothly, security was a affect in New York City after treaty authorities warned law enforcement of a possible intimidation plot by al-Qaida against the city’s subway and staff systems during the celebration period, according to an internal memo obtained by The Associated Press. However, no changes were made to the nation’s denunciation level.

There were none substantial delays at airports, and travelers were surprised to declare by verdict themselves moving more post-haste than on a typical weekend. “It’s so quiet,” Jen Lawless said in a hushed voice as she arrived at Chicago’s O’Hare International Airport with her husband for a hop to North Carolina.

It was the similar in Atlanta, where palladium lines at Hartsfield-Jackson Atlanta International Airport, the world’s busiest airport, moved briskly at inferior to 10 minutes.

At Fort-Lauderdale-Hollywood International Airport, travelers found parking spots in the front row of the great quantity and not one wait for check-in and security.

“This is crazy. There’s not any one here,” said Ryan Sullivan, who was flying to New York with his wife and two kids. “It’session quieter than on most weekdays.”

In Boston, Alicia Kelly, without ceasing her way with her family to Miami, said she’catastrophe none seen so small in number people at Logan International Airport on the day before Thanksgiving. And officials at Denver’s International Airport said about 20,000 fewer travelers were expected in succession Wednesday than the same day last year.

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The United States has passed an important milestone in the fight against cancer, marking for the first period simultaneous declines in new cancer cases and cancer-death rates for men and women.

From 1999 through 2005, cancer incidence

Experts at leading cancer organizations heralded the development as long as noting that new data need to subsist interpreted with caution. In particular, they said fewer men and women are being screened according to prostate and breast cancer and that can result in fewer tumors heart identified.

“The drop in incidence … is something we have been tarrying to see for a long time,” said Dr. Otis Brawley, chief medical officer of the American Cancer Society. And “the continuing drop in mortality is evidence once again of real progress made in countervail to cancer, reflective real gains in stoppage, early detection and treatment.”

The declines may be temporary, said Dr. Robert Figlin, of the City of Hope Comprehensive Cancer Center in Duarte, Calif. “Baby boomers are reaching the age at which they bring out cancer … so we should not be surprised if it changes direction again.”

Researchers too apprehend that the economic meltdown may trigger a new increase in incidence as fewer people be wrought up comfortable paying since screening tests and increased stress leads more lower classes to resume smoking.

Incidence rates for entirely cancers in men and women dropped by 0.8 percent a year from 1999 through 2005, by the rates since men dropping at about three times the rate for women. The only heathen groups in favor of which rates did not decline were American Indians and Alaska natives.

The overall death rate declined through any average of 1.8 percent a year during the like period.

Currently, about 1.4 million Americans are diagnosed with cancer each year, and an estimated 560,000 die of it.

The decline in incidence and death rates was due in large part to declines in five of the six greatest in quantity common cancers: lung, colorectal and prostate in men and affections and colorectal cancer in women. The sixth most common form, lung cancer in women, leveled off.

Those cancers unaccompanied account for from one seat to another half of new cases and deaths.

“Lung cancer is the big one when it comes to cancer in the United States,” said Dr. John Glaspy of the Jonsson Comprehensive Cancer Center at the University of California, Los Angeles. The declines in lung cancer are due primarily to widespread reductions in smoking.

“It’s very tough for anybody not to conclude that convivial trends [against] smoking are having major effects on man’s life.”

The decline in breast-cancer incidence is utmost likely due to the sharply reduced use of hormone-replacement therapy beginning in 2002, as has been noted in several antecedent studies.

The drop in colon and rectal cancer, the report says, most to be expected stems from increases in screening, which leads to the identification and ejection of polyps before they become cancerous.

It is not clear why the incidence of prostate cancer has declined, but it may be a rise of a leveling off in screening since 2002, the report’s authors reported.

Overall, the incidence rates dropped for 10 of the top 15 cancers.

Some experts said the decrease in new cases is primarily the outcome of a send down in lung cancer, which is due to declines in smoking that occurred decades gone. They criticized the point of concentration on detecting and treating cancer and called for more point of concentration on prevention.

“The whole cancer establishment has been focused on usage, which has not been terribly bringing into being,” said John Bailar, who studies cancer trends at the National Academy of Sciences.

Bailar and others said research should emphasize identifying the causes of cancer, such as environmental exposures, to prevent cancer from occurring in the first place.

Not all the intelligence is good.

For men, the incidence is rising for cancers of the liver, kidney and esophagus, and for melanoma, non-Hodgkin’s lymphoma and myeloma. For women, the incidence is rising for cancers of the thyroid, pancreas and brain and nervous system, and for leukemia.

“This report gives us a better understanding of where we may need to reduplicate our efforts and try to provide new ways of preventing … kidney, liver and other cancers that continue to show increases in both mortality and incidence,” said Dr. John Niederhuber, director of the National Cancer Institute.

For the report, researchers analyzed data collected betwixt 1975 and 2005 in ongoing surveys and cancer registries that federal officials use to track cancer trends.

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Boeing aforesaid Tuesday that a blemish in small connecting parts called nutplates is more widespread than previously acknowledged and has been institute on its 747, 767 and 777 wide-body jets.

The problem, pristine confirmed last week on narrow-body 737 jets, has slowed the restart of Boeing production after the two-month shutdown due to the Machinists strike.

The company is replacing the faulty nutplates on planes still on its collection lines before it delivers them. Based on typical extension, that resources mechanics will be in possession of to rework again than a dozen jets.

Boeing said the problem, involving nutplates without a protective anti-corrosion coating, does not affect flight safety.

The nutplates, molecular stainless-steel connectors about an inch far-seeing, are used to attach small endowments to the airplane and typically “make removable details easier to remove and reinstall,” said Boeing spokeswoman Bev Holland.

About a third part of the connectors on aircraft sections built by Boeing supplier Spirit Aerosystems in Wichita, Kan., are missing the protective coating.

Hundreds of affected airplanes very lately in service will likely have their nutplates inspected — and about a third of the Spirit nutplates will have to be replaced — during regular heavy-maintenance checks within the next 18 months.

Spirit makes the not notched 737 fuselage. It also builds the nose-and-forward-fuselage sections of all the wide-body jets, as not a little of the same kind with the pylons and nacelles.

Holland said the new 787 Dreamliner, for which Spirit builds the compounded plastic nose-and-forward fuselage section, is not affected.

Boeing enjoin inspect all airplanes at that time on its assembly lines in Renton and Everett, and will replace the nutplates as needed face to face with any more jets are delivered. That process is almost complete in Everett, Holland said.

Last week at a conference in New York, Boeing Commercial Airplanes Chief Executive Scott Carson talked about the nutplate problem affecting the smaller 737s in Renton, yet didn’t mention the Everett wide-bodies.

Boeing spokesman Jim Proulx said that’session because the scale of the moot point is abundant more significative in Renton, where the planes obtain more of the nutplates and where some 30 of the aircraft per month roll out in normal production, compared to one or two 747s and 767s and a handful of 777s.

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If you’re flying out of Sea-Tac airport today and over the weekend, be quick for a crowd. The number of passengers is expected reach 100,000 today and 101,000 Sunday, then pendant back down to about 90,000 on Monday and Tuesday, said airport speaker Perry Cooper.

That measure not just the airport terminal but Sea-Tac airport roadways http://hosting.portseattle.org/fids/flightinfo.aspx Or get a text-message update on your Sea-Tac flight sent to your cellphone; see www.portseattle.org/seatac/traveler/index.shtml for details.

To avoid some of the lines at the airport, check in online and imprint your boarding pass away at hearth. If you’re traveling with carry-on luggage only, you in that case can have being off straight to the airport security checkpoint line.

Pack by airport security in mind. Remember, the restrictions on liquids in carry-on bags still apply (three-ounce or smaller containers of fluid or gel that must fit in 1 quart-sized plastic bag); get minor circumstances at www.tsa.gov, the Web site of the Transportation Security Administration.

If you’re driving, check road conditions at www.wsdot.wa.gov. And road travelers be able to check on highways statewide by trade 511.

Expect Interstate 5 and other highways to be busiest from about noon today into the forward evening. The master time could be midafternoon: Travel time on I-5 betwixt Seattle and Federal Way is expected to take as long as 90 minutes at 4 and 5 p.m. today

If you’re traveling by train, Amtrak Cascades is operating one extra surround trip between Seattle and Portland today through Saturday and two additional round trips on Sunday. Get information at www.amtrakcascades.com

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JPMorgan Chase CEO Jamie Dimon choose be in Seattle on Monday, the sunlight by which all Washington Mutual employees will have learned whether they are keeping their jobs or not. Dimon will speak to WaMu employees at Benaroya Hall on Monday morning.

Later he will speak to a lunchtime group of business and civic leaders at the Greater Seattle Chamber of Commerce’s Community Development Roundtable at the Washington Athletic Club. The roundtable, which meets weekly, is not open to the public and does not disclose who its members are or even how many in that place are.

JPMorgan is expected to lay off up to 3,000 of WaMu’s 4,200 Seattle workers, including a collection that will receive bonuses to stumbling-block end a change date. JPMorgan acquired Washington Mutual’s banking process after the Federal Deposit Insurance Corp. seized the thrift in September.

Melissa Allison: 206-464-3312 or mallison@seattletimes.com

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When Jonathan Rapp left his New York City restaurant to open a new one in rural Connecticut, he forgot to revise his strategy for new customers

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The Entrepreneur: Jonathan Rapp, 41

Background: After a 10-year run operating the Michelin-starred, critically acclaimed New York City restaurant Etats-Unis with his father, Rapp moved to the small town of Chester (Conn.) seven years since to strike out on his own.

The Company: River Tavern is a 55-seat restaurant serving a menu that changes daily, sourced with local ingredients. From the outset, Rapp hoped to call into existence a neighborhood spot that was good enough to draw customers from thwart the whole state.

Revenues: $1.6 million (estimated for 2008)

His Story: When I opened River Tavern in tiny Chester, I knew the path to becoming successful in rural Connecticut would be different than in Manhattan, but I figured that my restaurant experience coupled with my intimate knowledge of the area would give me a big place of honor stimulus. I had a successful concept, a large group of excited supporters, and was opening in a charming, well-to-do town by a reputation for vitiation.

Two difficult years later, with duty shrinking and criticism even from supporters impossible to regard as unknown, I was trying to figure out what had gone wrong and how I could fix it. The restaurant was essentially bankrupt, kept alive for the moment with loans from friends and family. It was time to take a hard, unforgiving look at my assumptions, my carry toward, and our execution.

I had been cooking since I was 12; my first restaurant job was at 14. My hero was Alice Waters, who had made a religion of cooking careful, single food from only the freshest, locally produced ingredients. I was a disciple. Etats-Unis was about the commons. I spent hours each week at the Union Square Greenmarket, lugging hundreds of pounds of local produce back to the restaurant. Two greater quantity mornings a week were spent at the Fulton Fish Market scouring the stalls for the freshest fish.

In the unobstructed kitchen, I was driven, uncompromising, and I must admit, a bit of a jerk. Too often, customers could hear and wait upon my dad and me arguing. Our quarter-staff likewise endured my incidental profane outbursts. But the food was great and we had a loyal following that appreciated the eating-house for its quality and unique personality. The food squeeze out loved us. Of course, we also alienated plenty of customers. But with precisely millions of potential customers, great publicness, and 30 seats, it didn’t much matter. New York City rewards that mind of obsessive, hastily arrogant focus. Rural Connecticut? Not so much.

By Year Two, the grief signs were overmuch numerous to felt absence. Numbers were declining for both customers and revenue. There was a fixed drumbeat of criticism of potentially every aspect of the restaurant, except the provisions. No matter the sort of we did, we couldn’t shake the perception that we were too expensive, too “New York-y” (a nasty epithet in the present state), and on top of that, had incompatible, apart service and a menu that was in addition limited. My staff and I became increasingly demoralized. With losses mounting, I had to power on the frontier to my investors and parents and children for greater degree of money just to make payroll and pay necessary bills. I was getting desperate.

The be based came at the period of 2003. With my newborn son in intensive care, I became distracted from the business. Worse, the restaurant now felt find to one’s mind a gem around my neck. My father suggested that I sell and discover over. When we took a hard look at the numbers, we discovered that in that place was nothing to betray. As tempting during the time that it was at that point to just give up, deep down I knew I couldn’t grant leave to myself to quit. I was doing what I loved right? I couldn’t fail.

I realized that I had had the equation backwards. I was making decisions based on what I wanted. I hadn’t been willing to make the compromises (as I saw it) sometimes necessary to create a extensive coalition of customers—something absolutely crucial in a town with fewer people than the designate by means of number that walked by Etats-Unis in a day. In our own minds, we were the best restaurant around—but the fact was, we weren’cheek by jowl connecting with our customers.

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China’s VC community is active despite the global downturn, further its focus on Chinese companies may preclude investing in U.S.-based startups

By Karen E. Klein

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I am charged with getting danger capital for our media technology circle that focuses on next-generation home entertainment. This financial crisis has got me thinking relating to where to influence by looks. I was thinking maybe China. Any ideas? —E.S., Irvine, Calif.

First, the abundance news: "China does have a VC community, and…[it’s a] source of liquidity and appetite for new investment, notwithstanding the current global financial collapse," says Janet Carmosky, CEO of the China Business Network, a calling information and networking Web site.

Bradley Haneberg, a securities lawyer for Kaufman & Canoles who has worked on direct Chinese initial public offerings, agrees. "In the last divers years, China has seen the birth and exponential growth of its entrepreneurial class. The Chinese government adopted several policies (including tax incentives) to encourage the progress to maturity of privately owned businesses. These entrepreneurial ventures, coupled with the privatization of state-owned businesses, have driven the Chinese economy to new heights," he says.

Despite a blistering economy and an enormous spike in the number of businesses that require increment to capital, bank debt is unyielding to obtain in China because loans have traditionally been given only to companies that are politically connected. The lack of rowing-beam financing has contributed to the creation of Chinese presume forfeiting life groups, Haneberg says. Chinese investors have funded telecoms, Internet ventures, health-care firms, software development, green tech, water projects, airport securities, and familiar networking sites, says Robert Chen, executive vice-president and general manager of the ChinaTel Group, which provides WiMAX networks in China and other countries. "Next-generation home banquet could be big here," he says.

Despite the good news, however, there is a deal-breaker being of the kind which antidote to U.S.-based startups seeking to tap into Chinese VC riches: Chinese investors focus steady funding Chinese companies.

"There are many reasons for [investing inside China]: Among the top: lower labor cost, big China market, and most importantly, the VC can keep an eye adhering the project," Chen wrote in an e-mail message. In addition, Chinese VCs rely heavily on which’s known as guanxi (BusinessWeek.com, 11/8/07), Chen says. "When a one has good guanxi with the Chinese government or with a VC, that means they have a good relationship and might refer the company or separate to get a license approved or allude the person to someone in the VC community that will review the visitor’s walk of life plan and may or may not endow in the company."

Carmosky confirms the importance of the personal relationship in Chinese business, in contrast to U.S. venture capital culture, which tends to focus not so much on relationship and proximity and more forward forecast ROI and exit strategies. "Our system of capitalism is so impersonal that it’s often called ‘OPM’ or ‘Other People’s Money,’" Carmosky notes. "It calls for noble degrees of transparency and accountability, and exists in the compass of a framing of mature, scalable markets." In contrast, risk is evaluated through Chinese VCs based on proximity, limited relationships, and calibrating how well-attuned a company is to dominion policy.

There are too stringent foreign swap rules in China that answer for it difficult for firms there to engage in foreign commute, Haneberg says, and Chinese venture capital firms have a hard time competing during the term of characteristic investment opportunities in developed countries where in that place are already so many established investing. firms.

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Stocks in the news Tuesday

From Standard & Poor’session Equity Research

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Hewlett-Packard (HPQ) posts $1.03, vs. $0.86 a year ago, fourth quarter non-GAAP EPS on 19% revenue rise. EPS inline with preannouncement. Based on current exchange rates, HPQ at this moment expects every unfavorable y/y currency impact on receipts of about 5 percentage points in the first quarter and roughly 6-7 percentage points for fiscal year 2009. Sees first quarter revenue of about $32-$32.5 billion, non-GAAP EPS of $0.93-$0.95, fiscal year 2009 revenue of $127.5-$130.0 billion, non-GAAP EPS of $3.88-$4.03. S&P reiterates strong pervert with money.

The BHP Billiton (BHP) council no longer believes that completion of the offers for Rio Tinto PLC (RTP) would exist in the best interests of BHP shareholders.

Citigroup (C) rises 0.08 to 6.03 after Sandler O’Neill upgrades the stock to buy from hold. Yesterday Citi announced a deal with the U.S. Treasury, Federal Reserve Board, and Federal Deposit Insurance Corp. to strengthen Citi’s first-rate ratios, reduce risk and increase liquidity.

Lennar (LEN) and other homebuilders in the same state as CTX, TOL, RYL, KBH, DHI seen higher after the Federal Reserve Board announced new programs aimed at loosening credit markets by supporting holders of asset-backed securities. Separately, UBS Financial upgraded LEN to buy from neutral.

Dollar Tree (DLTR) posts $0.47, vs. $0.38, third quarter EPS on 6.2% higher same-store sales, 12% higher net sales. Sees $1.07-$1.15 fourth abide EPS on $1.38-$1.42 billion net sales, $2.45-$2.53 fiscal year 2009 EPS on $4.64-$4.68 billion net sales. S&P, Wedbush Morgan do again and again buy.

Nuance Communications (NUAN) posts $0.29, vs. $0.18, fourth quarter non-GAAP EPS in continuance 41% revenue rise.

NRG Energy (NRG) says its Board of Directors voted unanimously to lay aside Exelon’s (EXC) unsolicited proposal to exchange 0.485 of its shares for each share of NRG stock and recommended that NRG stockholders not tender their shares into Exelon’s proffer.

Analog Devices (ADI) posts $0.49, vs. $0.30 a year past, fourth quarter EPS from continuing operations in succession 6% income arise. However, says order rates slowed in late September, and backlog declined significantly from the prior separate into parts, which limits co.’s short-term exposure to view. Currently expects principal quarter revenue to decline sequentially by dint of. about 20%; sees EPS from continuing operations of $0.22-$0.23, excluding charges. S&P maintains hold.

D.R. Horton (DHI) posts $2.53 fourth quarter loss, vs. $0.16 loss, on 44% sales drop.

American Eagle Outfitters (AEO) posts $0.30, vs. $0.45, third quarter non-GAAP EPS on 7% lower same-store sales, 1% higher gross amount sales. Says sales trends in Nov. have remained challenging. Through the first two weeks of the month, same-store stores sales declined 17%. With one-third of Nov. sales still ahead, weightiness of Thanksgiving weekend needed to gauge holiday selling, says it will furnish fourth quarter EPS guidance nearest week along by its Nov. sales announcement.

Hormel Foods (

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SANDLER O’NEILL UPGRADES CITIGROUP TO BUY FROM HOLD

Sandler O’Neill analyst Jeff Harte says yesterday’s news of a joint venture betwixt the U.S. government and Citigroup (C) reinforces his belief that the powers that be has drawn a proverbial line in the sand around Citi’s survival.

Harte views the actions as positive for common shareholders. He notes that Citi’s weighing sheet a little while ago has an unprecedented backstop provided by the government.

He cuts $0.06 fourth quarter 2008 EPS look on to $0.62 failure to win on increased good repute shyness builds and asset mark-to-market losses. He lowers $1.70 2009 EPS estimate to $1.00 EPS.

MORGAN KEEGAN DOWNGRADES KINDER MORGAN ENERGY PARTNERS

Morgan Keegan algebraist John Edwards says he’s downgrading Kinder Morgan Energy Partners (KMP) to market perform from outperform on the company’s apportionment government.

Edwards notes that KMP is still basing its 2008 distribution batch of $4.20/unit on $68/barrel, which he believes is optimistic in light of a $60 strip for 2009 and negative economic headwinds that are likely to pressure the outlook for commodity price recovery.

He assumes $50-$60/barrel for West Texas Intermediate crude oil for 2009, and cuts his distribution produce view for KMP to -1.5% for 2009 from his author view of 7.6%.

BAIRD DOWNGRADES ULTA SALON TO NEUTRAL FROM OUTPERFORM

Baird Analyst J. David Cumberland says the downgrade of Ulta Salon, Cosmetics & Fragrance (ULTA) is appropriate to the potential instead of reduced estimates, multiple contraction together weak consumer expenditure.

He expects the company’s third quarter near the low end of guidance (comps 3%-5%; EPS $0.08-$0.10; consensus $0.09). He notes that the fourth quarter accounts for over half of projected 2008 EPS (due to gift-related buying); he’sitting concerned over ULTA’s ability to reach implied guidance of 3%-5% comps, $0.29-$0.32 EPS.

Cumberland says estimate reductions could cause further multiple shrivelling from forward p-e of 13.1. He cuts $17 price target to $10.

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Analysts’ opinions on shares in the news Tuesday

From Standard & Poor’s Equity Research

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S&P KEEPS HOLD RECOMMENDATION ON SHARES OF FANNIE MAE (FNM; 0.34):

Shares are up significantly in premarket, after the Federal Reserve announced a new program to buy up to $100 billion of debt issued by housing-related government sponsored enterprises. Also, the Federal Reserve will purchase up to $500 billion in mortgage-backed securities backed by FNM and Freddie Mac (FRE; 0.45) . We believe these actions inclination help abridge the cost and increase the availability of credit for home buyers. But, we grant not see these actions lessening the credit-related losses we forecast for FNM over the future quarters. We assert our target price of $0.50. -K. Cole-CFA

S&P MAINTAINS STRONG BUY OPINION ON SHARES OF HEWLETT-PACKARD (HPQ; 35.70):

HPQ posts October-quarter non-GAAP EPS of $1.03, vs. $0.86, in put into with our behold and the Nov. 18 pre-announcement. Revenue rose 19%, reflecting about 5% growth in pre-EDS operations more 2-months of sales from acquired EDS operations. Although we foresee pressure on sales in financial year 2009 (October) as technology expenditure trends weaken, we think HPQ has potential to maintain market share and improve profitability via aggressive cost controls. We keep our fiscal year 2009 EPS view at $4.05, but raise fiscal year 2010’s to $4.60 from $4.50, and our target worth to $49 from $44 on a slightly higher target p-e multiple. -T. Smith-CFA

S&P UPGRADES OPINION ON ADSS OF BHP BILLITON TO BUY FROM HOLD, ON VALUATION (BHP; 33.00):

The ADSs of BHP are commercial higher in the premarket following the assemblage’s announcement that it was withdrawing its unsolicited all stock offer to attain Rio Tinto Plc (RTP; 145.00). BHP stated that a combination of sharply declining article of merchandise prices and ascent costs associated through the proposed merger raised the risk of the performance to unacceptable levels. We continue to estimate earnings per ADS of $4.37 for the sake of financial year 2009 (June). Our 12-month target price on BHP ADSs remains $42. -L. Larkin

S&P MAINTAINS HOLD OPINION ON SHARES OF ANALOG DEVICES (ADI; 18.17):

Adjusted October-quarter EPS of $0.50, vs. $0.38, is ahead of our $0.38 value. Revenue rose 6% from last quarter on healthy growth of communication and consumer products, and were above our projection. Gross margins, also beating our model, widened put on more favorable sales mix. Consequently, operating and net margins expanded. ADI also announces operating cost cuts. We are raising our financial year 2009 (October) EPS appraise $0.02 to $1.20 on anticipated efficiencies. But we remain cautious due to macroeconomic environment, and think put to hazard of order deterioration remains. We keep our mark recompense of $25. -C. Montevirgen

S&P REITERATES HOLD RECOMMENDATION ON SHARES OF HORMEL FOODS (HRL; 29.14):

HRL reports October-quarter EPS of $0.50, vs. $0.70, $0.03 above our estimate. Results were hurt by a significant diminution in investment income, higher raw corporeal costs, weak pricing monarch, and an unfavorable shift in product mix. With our view that pricing power is unlikely to return in the before anything else half of fiscal year 2009 (October) because of an oversupply of protein in the marketplace, and by weakening consumer demand in soft household environment, we are lowering our fiscal year 2009 EPS estimate by $0.17 to $2.20, and cutting our 12-month target price by $5 to $32 on updated comparative and p-e analyses. -J. Agnese

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