Pre-Market

Analyst comments courtesy of Briefing.com

Analyst comments mixed on EBAY.... RBC downgrades to Sector Perform from Outperform, noting results were as expected, but ASPs of goods sold appear to have dropped materially... Deutsche Bank maintaining their Hold rating saying they are still on the sidelines, and believe that uncertainty is increasing looking ahead. Firm is lowering their ests and price target to $35 from $40, due to a series of deteriorating metrics (slowing GMV/transaction growth), miscalculated strategies (on lower fee Store listings onto the core business), and weak current business trends (in the US and UK).... Piper Jaffray noting eBay showed a marked departure from its recovery pattern exhibited over the last three qtrs which had seen avg upside to guidance of $38M. Auction revenue per user dropped by 3% from Q4 compared to the more typical increase in Q1. While the firm believes eBay is generally doing well and these are minor hiccups, they do believe the overall consumer trends that helped eBay grow so fast in 2003 and 2004 have changed and eBay now is facing a general headwind. They lowering price target slightly to $41 from $44 and maintaining Market Perform rating. Firm would be buyers, however, if the stock continues to see pressure and goes to the mid-$30s....JP Morgan recommends buying eBay shares at current levels. 1Q average rev/listing was impacted by the inclusion of SIF listings with core search results. As SIF listings have been removed from US and Canada search results, they do not believe 2Q rev/listing will experience the same pressure as they did in 1Q. Firm does not believe guidance assumes improved rev/listing and as such, they believe guidance is conservative.

Caution on the open - Qs will run into resistance.

BRCM, CREE, GOOG, SNDK - reporting tonight after the bell. BRCM shares hit $47.00 in pre-market.

NOK - Up 6% in pre-market on earnings report.

AAPL - Is it a long or a short? Cautious comments from analysts:

Analysts mostly positive on AAPL telling investors to focus on H2 reacceleration.... Piper saying the bottom line is, while results and guidance did not show the significant upside that Apple has enjoyed over the last several qtrs, they believe investors' focus will shift to the Sept and Dec qtrs. Firm expects that in the Sept and Dec qtrs growth in Apple's business will re- accelerate, accompanied by a higher likelihood for earnings upside. This should be driven by a full line of Intel-based Mac's (with the new iBook and Power Mac), new iPods, an uptick in the halo effect, and back to school and holiday seasonality. The wild card in the next year remains the iPhone. While not in their numbers, the firm believes an iPhone will be a significant driver to Apple's business. Believes the Street had generally been anticipating that Apple would again guide conservatively. Maintains Outperform but takes tgt to $99 from $103.... JP Morgan noting the greater than expected iPod seasonality is somewhat of a concern, but they expect new products and some potential price reductions to generate a seasonal rebound in the second half of the calendar year. On the Mac side of the equation, the firm believes the Intel-based iBook is imminent, which should reduce much of the current Intel transition risks. Furthermore, they believe the co's new Boot Camp software will trigger a significant acceleration in Mac share gains as we exit this calendar year. Firm is making some minor downside estimate revisions but reits Overweight.... Prudential a bit more cautious saying they remain concerned with continued rev/EPS/iPod/music deceleration and the investment community's wanting need to push this stock too quickly. They would look for a 10%-15% correction in the stock to become more constructive on the shares. Maintains Neutral Weight.