Facebook (FB) gets a cautious treatment today from Argus, which started the stock at Hold, warnings, as have others, of the problems the company faces monetizing mobile usage. Interestingly, Facebook isn’t the only one being hit by pressure on mobile. Oppenheimer & Co.’s Andy Yeung reiterations a “Perform” rating on shares of Chinese search engine giant Baidu (BIDU), warning that while valuation is attractive, “it is increasingly important for BIDU to monetize internet search traffic.” Baidu shares today are down 29 cents, or 0.3%, at $117.09 this morning; Facebook shares are up 53 cents at $32.12, reversing pre-market losses. Shares of Micron Technology (MU) are down 28 cents, or almost 5%, at $5.84 this morning after the company last night missed fiscal Q3 profit estimates. The flow of research this morning shows some decreasing price targets and estimates for the firm. Shares of Linux operating system distributor Red Hat (RHT) are down $3.87, or 7%, at $52.63 after the company last night beat fiscal Q1 estimates but delivered growth in software billings below what some had expected. Most of the notes this morning, while cutting price targets, seem to be urging investors to buy on the current weakness. A couple different pieces today update the outlook on Apple‘s (AAPL) iPhone. Jefferies & Co.’s Peter Misek writes that the risk of cuts in subsidies for the phone at various carriers may not be as big a deal as it has been made out to be given that Apple and carriers are “enjoying a symbiotic relationship.” And Sterne Agee’s Shaw Wu reiterates his view that “upside” for the iPhone will be limited this quarter and next, but argues what he calls the “sixth-generation” iPhone, expected this fall, will finally bring the device officially to China Mobile (CHL). Apple shares today are down 46 cents at $585.28. Another indication this morning that handset sales are softer than originally expected: DigiTimes’s Daniel Shen and Steve Shen write that numerous handset makers, including Motorola Mobility (MMI) and Samsung Electronics (005930KS), have cut orders to Taiwanese phone component makers, citing unnamed industry sources. The Wall Street Journal today offers a dual view of Nokia‘s (NOK) transition, with John Stoll profiling the Sunnyvale, California offices the company has put together to be more like a Silicon Valley startup, while Denise Wall profiles Salo, Finland, a manufacturing town where 850 workers will lose their jobs come September as Nokia clears out of the place. Nokia shares this morning are down a penny at $2.49. The New York Times‘s Ben Sisario takes a look at the competition to internet radio purveyor Pandora (P), including startups Songza and Spotify. You’ll recall that such competition was the subject of a cautious note last week from Barclays Capital‘s Anthony DiClemente. In auto news, The Times’s Bill Vlasic writes that the latest consumer surveys by J.D. Power & Associates show some improved satisfaction ratings for maj

1. This Morning: The iPhone‟s
China, Subsidy Prospects;
Chronicles of Nokia‟s Change

2. Facebook (FB) gets a cautious treatment today from
Argus, which started the stock at Hold, warnings, as
have others, of the problems the company faces
monetizing mobile usage.
Interestingly, Facebook isn‟t the only one being hit
by pressure on mobile. Oppenheimer & Co.‟s Andy
Yeung reiterations a “Perform” rating on shares of
Chinese search engine giant Baidu (BIDU), warning
that while valuation is attractive, “it is increasingly
important for BIDU to monetize internet search
traffic.”

3. Baidu shares today are down 29 cents, or 0.3%, at $117.09 this
morning; Facebook shares are up 53 cents at $32.12, reversing
pre-market losses.
Shares of Micron Technology (MU) are down 28 cents, or
almost 5%, at $5.84 this morning after the company last night
missed fiscal Q3 profit estimates. The flow of research this
morning shows some decreasing price targets and estimates
for the firm.
Shares of Linux operating system distributor Red Hat (RHT)
are down $3.87, or 7%, at $52.63 after the company last night
beat fiscal Q1 estimates but delivered growth in software
billings below what some had expected. Most of the notes this
morning, while cutting price targets, seem to be urging
investors to buy on the current weakness.

4. A couple different pieces today update the outlook on Apple„s (AAPL)
iPhone. Jefferies & Co.‟s Peter Misek writes that the risk of cuts in
subsidies for the phone at various carriers may not be as big a deal as it
has been made out to be given that Apple and carriers are “enjoying a
symbiotic relationship.” And Sterne Agee‟s Shaw Wu reiterates his view
that “upside” for the iPhone will be limited this quarter and next, but
argues what he calls the “sixth-generation” iPhone, expected this fall, will
finally bring the device officially to China Mobile (CHL).
Apple shares today are down 46 cents at $585.28.
Another indication this morning that handset sales are softer than
originally expected: DigiTimes‟s Daniel Shen and Steve Shen write that
numerous handset makers, including Motorola Mobility (MMI) and
Samsung Electronics (005930KS), have cut orders to Taiwanese phone
component makers, citing unnamed industry sources.

5. The Wall Street Journal today offers a dual view of Nokia„s
(NOK) transition, with John Stoll profiling the Sunnyvale,
California offices the company has put together to be more
like a Silicon Valley startup, while Denise Wall profiles Salo,
Finland, a manufacturing town where 850 workers will lose
their jobs come September as Nokia clears out of the place.
Nokia shares this morning are down a penny at $2.49.
The New York Times„s Ben Sisario takes a look at the
competition to internet radio purveyor Pandora (P), including
startups Songza and Spotify. You‟ll recall that such
competition was the subject of a cautious note last week from
Barclays Capital„s Anthony DiClemente.

6. In auto news, The Times‟s Bill Vlasic writes that the latest
consumer surveys by J.D. Power & Associates show some improved
satisfaction ratings for major makes and models overall, but “the
high quality scores posted by most automakers were tempered by a
growing number of complaints about in-car technologies intended
to allow users to issue voice commands, update their Facebook
status, look up directions or check the weather forecast.”
Well, perhaps they‟ll be happier with a car that is a piece of tech:
The New York Post‟s Paul Tharp this morning takes a look at Tesla
Motors„s (TSLA) “Model S” sedan, which is set to go on sale in just
two days, and which has already sold out its 10,000-unit initial
production run, with stars such as Will Smith demanding one.
Tesla shares this morning are up 49 cents, or 1.5%, at $34.27.