S&P analyst Ken Leon DOWNGRADES RYLAND GROUP SHARES TO SELL:

a. surprised by the size of the Q2 write-off compared to Q1’s $27 million charge, which may suggest that the housing market in company’s markets remain depressed.

b. Q2’s backlog units did grow 6.2% year-over-year, but backlog values dropped 35% and new orders dropped 19% in Q2.

c. target price to $21

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NEEDHAM AND COMPANY analyst Vernon Essi, Jr. UPGRADES CIRRUS LOGIC TO BUY:

a.  second quarter revenue guidance was a little above consensus ($52 million at the midpoint vs. $50 million estimate), while EPS was in line.

b.  gross margin guidance was down 200 basis points quarter-to-quarter due to a mix shift towards portable audio.

c. Pleased with sales channel investment in Japan and continued socket traction in portable audio beyond Apple.

d. material cost-cutting restructuring is finished.

e. $7 price target for the stock.

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