Voyager Petroleum (OTC-BB: VYGO) is an eco-friendly oil processing and distribution company targetig the $11 billion automotive and manufacturing lubricants markets. The company has taken several steps in recent months aimed at helping it compete nationally with regional producers. These regional producers are responsible for about half of the industry and represents a huge opportunity for Voyager to get involved and take market share.

The recycled oil industry itself is highly fragmented with the top half controlled by two huge re-refiners, Evergreen Oil and Safety-Kleen, while the bottom half is controlled by very regional and less competitive smaller players. Voyager Petroleum aims to leverage its integrated production and sales process to effectively compete with these regional players and take market share. This will involve producing generic motor oils for sale at many auto parts stores and used in garages.

The barriers to entry in this market are supply sources, costs and licensing. Voyager Petroleum intends to address these issues by establishing reliable and consistent channels of raw materials by hiring and contracting with individuals with established supply contracts and intends to actively pursue new supply sources. Initially, Voyager intends to compete in the automotive aftermarket via its recent acquisition of a processing facility in Detroit, MI.

Voyager Petroleum is well-positioned within the recycled oil industry and continues to execute on its strategy. The firm acquired a processing facility in Detroit and recently hired a financial advisor to assist it in identifying middle-market acquisition targets. These targets will give the company a base in key regional areas and enable it to begin generating profits.

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Target Corporation (NYSE: TGT) shares rebounded after billionaire activist Bill Ackman announced that he would hold a conference on Wednesday to recommend a course of action for the troubled retailer. The hedge fund manager promises that the course of action will build long-term value for Target shareholders with a focus on retail, real estate, fixed income and credit. Ackman is already well under water on his investment in the retail, having purchased the majority of his ~10% stake before the economic downturn.

With consumer confidence at an all-time low, more trouble brewing in the housing markets, and lower estimates on the horizon, many investors are wondering how Target can pull itself out of a huge mess. However, Ackman has already noted Target's unique real estate position as well as its valuable credit portfolio (which may be experiencing problems now, but not nearly as bad as some believe). A plan to boost these assets while reducing outstanding shares could be the formula needed to help Target succeed.

Pershing Square's Bill Ackman will present to the public at 1:30PM tomorrow afternoon at the AXA Equitable Auditorium 787 in New York, New York. The presentation will be based solely on publicly available information, as well as assumptions, estimates and projections of Pershing Square. Due to available seating, attendees are encouraged to register in advance at www.visualwebcaster.com/pstgt, but may also do so at 12:30PM on the day of the event.

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International Shipholding Corporation (NYSE: ISH) shares rallied today after receiving a letter from a large shareholder. Liberty disclosed an increased stake in the firm and requested an immediate update on the status of its offer to purchase the company for $25.27 per share in cash.

Here is a copy of the letter:

It has been more than four months since my June meeting with Niels M. Johnsen, when I first raised with him the possibility of completing a business combination transaction between Liberty and International Shipholding (ISH). It has also been more than seven weeks since we delivered to you a written proposal to acquire ISH for $25.75 per share in cash, and six weeks since you announced the formation of a special committee of the Board to evaluate our proposal. We were therefore surprised to learn that only recently did you finally appoint an independent financial advisor to assist the special committee in its review of our proposal. This appointment, and the review process that the committee is apparently only now commencing, frankly should have occurred months ago. Your dilatory tactics, including your continuing refusal to meet with us, only raise questions regarding the ISH Board’s commitment to maximizing value for all its shareholders.

We have waited for weeks for either the ISH Board, management or their advisors to contact us to commence our due diligence process and negotiation of definitive merger documentation. In the interim, the global economic turmoil that has engulfed world markets has accelerated, negatively affecting our industry as well as the terms of any financing we may incur to complete the transaction. Notwithstanding the foregoing, we are still committed to acquiring ISH. This is evidenced by the fact that, despite recent events, we have increased our position in the company since we made our offer public. As of today we control more than 9% of ISH’s outstanding shares.

I have instructed our counsel to deliver today to your counsel a form of confidentiality agreement that we are prepared to execute in order to immediately move forward with due diligence. Your fiduciary duties to your shareholders require no less. Our management and advisors will also be available at any time to assist you and your advisors. Any further delay on your part will be an absolute disservice to your shareholders, particularly the disinterested shareholders you are legally obligated to represent as independent directors.

Despite your actions to date, we still hope to engage in a cooperative process that allows us to maximize value for our respective shareholders. We would appreciate hearing from you in a timely manner.

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Carl Icahn may cause big waves in huge corporations, but he failed to impress investors in Telik (NDAQ: TELK) today. The stock dropped 4% in late trading despite the fact that the activist investor disclosed an 8.15% stake in the firm. Icahn is known for pushing for change in the companies that he targets and some are speculating that his investment in this company may be to sell a key technology or patent to another company or perhaps one of his affiliates.

Telik shares have dropped sharply since it received a deficiency letter from the Nasdaq that for the last 30 consecutive business days the bid price of Telik's common stock has been below the required $1.00 per share to continue appearing on the exchange. However, Telik's drugs have seen better results with one of its small molecule proteasome inhibitors meeting preclinical milestones by demonstrating anticancer activity in preclinical models of human leukemia.

Telik, Inc. is a biopharmaceutical company working to discover, develop and commercialize small molecule drugs to treat diseases. The Company discovered its product candidates using its drug discovery technology, Target-Related Affinity Profiling (TRAP). As of December 31, 2007, Telik has not obtained regulatory approval for the commercial sale of any products, and has not received any revenue from the commercial sale of products. Telik discovered all of its product candidates using its technology, TRAP.

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Voyager Petroleum (OTC-BB: VYGO) is an eco-friendly oil processing and distribution company targeting the $11 billion automotive and manufacturing lubrication markets. Lubricants is big business in the United States with 3 billion gallons consumed each with and 1.4 billion gallons of used motor oil used in 2007 alone. Recycling used oil can produce these lubricants using one third of the energy without leaving any additional waste in the process.

Lubricating oils are manufactured from highly refined base oils with various additives added to give it special performance characteristics. The base oils in these lubricants are the most pricey and valuable part of crude oil. In fact, it takes 42 gallons of crude oil to make 2.5 quarts of base oil. Once these base oils are used in machines or autos they become waste and are often discarded as they have been contaminated through use.

Voyager Petroleum believes that used oils remain an abundant source of base oil that can be recovered and re-used. The recycling process itself can be done in many different ways. Many of these processes are not efficient, however, and can be expensive to operate and only suitable for large facilities. Voyager has not only developed an efficient processing method but also established a warehouse in one of the premeir cities in America for motor oil - Detroit Michigan.

The process of recycling lubricants begins by purchasing used oil from various consolidators of used petroleum, such as gear oil, machine oils, and others that have never been burned. These un-combusted, refined oils are then sent to a processing facility. There all impurities and contaminants are extrapolated leaving it with the base oil. Various additives are then blended in to create the desired end product that can be sold retail or wholesale to consumers or businesses.

Voyager Petroleum is well-positioned to dominate the small and regional oil recycling market with a streamlined and integrated process. As a result, this is a stock that investors should definitely keep an eye on going foward...

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HLTH Corporation (NDAQ: HLTH) shares jumped sharply after the company revised its tender offer to purchase shares. Under the revised terms, HLTH intends to commence a tender offer next week to purchase up to 80 million shares of its common stock at a price per share of $8.80. The number of shares to be purchased in the tender offer represents approximately 43% of HLTH's currently outstanding common shares. Still, shares remain at $8.10 per share in mid-day trading today.

Last quarter, HLTH Corporation reported revenues of $89.1 million, which is an increase of 15% over the prior year. Earnings before interest, taxes, non-cash and other items for the second quarter was $14.3 million, an increase of 66% over the prior year. Income from continued operations for the second quarter was $0.8 million, a loss from discontinued operations was $3.7 million and net loss was $2.9 million or $0.02 per share.

HLTH Corporation, formerly Emdeon Corporation, operates through its segments: WebMD and Porex. The Company's subsidiary WebMD Health Corp. (WHC), was formed to act as a holding company for the business of the Company's WebMD Segment. WebMD provides both public and private online portals. Porex develops, manufactures and distributes porous plastic products and components used in healthcare, industrial and consumer applications.

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Google Inc. (NDAQ: GOOG) finally appears to be showing signs of slowing down after the economy has come to a virtual halt. The search giant announced that it would make fewer acquisitions and slow hiring amid the global economic turmoil. The slowdown comes after news that more advertising budgets are under stress and Google has opted to take a more conservative stance. Last quarter, Google's profits slumped to their lowest levels this year as some advertisers cut back on ad space to reduce costs.

Newspapers have been hit the worst as Google has remained relatively immune to the downturn thanks to a move from offline to online advertising. However, now that the move is slowing, Google is starting to feel the slowdown. Google shares have fallen some 45% this year on investors' concerns that the weak economy will hurt ad sales, which account for the vast majority of Google's revenues. Some are predicting that the global credit crunch could cost Google $6.7 billion in lost sales through 2010.

Currently, Google handles about 2/3 of all searches made in the United States and has spent some $3.38 billion on acquisitions during the past 12 months. The company's dominance in the industry was one of the primary factors behind Microsoft's push to acquire Yahoo and consolidate their search position. Profits at the firm have risen 26% to $1.35 billion, or $4.24 per share in the third quarter. Meanwhile, Google plans to start targeting mobile phone search queries, which are growing rapidly.

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Ciena Corporation (NDAQ: CIEN) shares surged higher on renewed takeover speculation. Rumors have hit the market that ERIC may be interested in acquiring the company given its sharp decline and modest valuation. Any buyout would likely come at a substantial premium to the current market price as is needed to attract interest by shareholders. And given the recent performance of Ciena, a buyout would likely be met with open arms.

Management may not be so eager to sell at a bargain price, however. CEO Gary Smith recently stated that the industry downturn will be short-lived as carriers cannot slow down spending for a protracted period of time. Rather, they'll be forced to accommodate factors like increased broadband and mobile-data usage. However, the company did warn of trouble ahead by knocking down its fourth quarter sales estimates, citing a delay in tech spending by communications networks.

Ciena Corporation is a supplier of communications networking equipment, software and services that support the delivery and transport voice, video and data services. Its products are used in communications networks operated by telecommunications service providers, cable operators, governments and enterprises worldwide. The company is engaged in transitioning legacy communications networks to converged, next-generation architectures.

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Procera Networks Inc. (AMEX: PKT) shares are trading well off of their 52-week highs of $2.64 despite very little change in the fundamentals of their business. Many investors attribute the decline to the larger weakness in the stock market that has affected many companies regardless of their underlying strength. However, Procera management decided to do something about it. The firm issued a letter today addressing these problems and calming investors. Perhaps other companies should do the same...

Here's the letter:

Dear Shareholders and Friends of the Company,

During the panic of the financial markets and the resulting troubling decline of our share price, I have been called and e-mailed by many of you with concerns and suggestions. Interestingly, although the general economy has abruptly slowed with pundits foretelling a dire future, Procera's business has seen little to no ill effects from this economic slowdown. Our customers and prospects are generally large, well-funded companies primarily in the Telco, Cable and ISP industries, as well as higher education. Importantly, our products are not discretionary purchase decisions. We believe our technology to be a much-needed infrastructure upgrade to modernize or to render current the providers' networks so as to facilitate the creation of new services and to provide intelligence. The Internet itself is also somewhat recession insulated. In difficult times, commerce and entertainment can be far cheaper and convenient on the 'net.

It is my opinion that the decline of Procera's stock price is primarily correlated to the extreme decline of most public companies' stock and therefore relative valuations that are a reflection of unprecedented pessimism and illiquidity. Procera also was particularly hurt by what was reported to be distressed sales by some of our shareholders (margin calls, redemptions, financial issues, etc.).

Where does Procera stand today? We are ahead of my original expectations. We are executing in all key areas. These areas include sales wins with the new platforms, funnel growth, quality trials, and the addition of new partners. As of today, we have more than 20 active trials ongoing with our new PL10000 platform and hope to announce several key wins soon. I realize that although you chose to invest in Procera, there are many other public companies and alternative investments to compete for your hard-earned dollars. It is the moral obligation of Procera's management to perform at the very highest levels entirely on behalf of our customers and our shareholders.

Since I began leading this company, Procera Networks has made truly amazing progress. I inherited profoundly exciting intellectual property, world-class technical people, and a significant product lead in what I believe to be the next "Perfect Storm" in computer networking. Not only does the PL10000 provide 4 times the capacity of any DPI product on the market, but it has accuracy and features which were previously unheard of. Naturally, to see it work and to observe the emotional responses of customers and critics is something of which we at Procera are quite proud.

As you know, we closed a $6 million round of financing last month and have substantially no debt on our balance sheet. Furthermore, we are well along on reaching agreement with a "very solvent" local bank for an accounts receivable line of credit, if and when needed. Finally, we are closing in on operational breakeven which means that our only need for cash will be to support growth in receivables and inventory.

Let me conclude by saying that I have been at Procera only 9 months. In that time, we have rebuilt the sales & marketing departments, revamped the operations organization, introduced the PL10000 carrier class family of products and are conducting multiple Tier-1 pilot trials across the globe.

Thank you very much for your continued interest and support of our revolutionary, award-winning products. I look forward to providing you more detail on our next investor call in November.

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Mediware Information Systems (NDAQ: MEDW) shares jumped sharply after the firm announced that it would increase its share buyback program. The computer networking company issued a press release announcing that it would increase the funds available for stock repurchases by approximately $3.3 million bringing the total authorized under the repurchase plan to approximately $7.3 million.

The share repurchase represents approximately half of the firm's market capitalization, which makes it an event that investors should certainly watch closely. Reducing the number of outstanding shares would double the firm's earnings per share number to $0.18 per share. Assuming that the stock kept roughly the same multiple, shares should trade at around $9 per share.

Mediware Information Systems develops, markets, licenses, implements and supports clinical management information software. The company develops, licenses, and sells its blood and biologics management solutions to hospitals and its medication management solutions to hospitals, long-term care and behavioral health facilities.

Shares of Mediware Information Systems jumped $0.50, or 12.5%, to $4.50 per share.

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HealthTronics Inc. (NDAQ: HTRN) shares rallied today after the firm announced a $10 million share buyback program along with a series of other announcements. The buyback represents approximately 12% of the firm's outstanding common stock, which makes it a very significant event. The company also announced an immediately-accreditive acquisition of Radiation Therapy and guided on par with analysts for the third quarter.

The HealthTronics share buyback will result in an improved earnings per share number, which should in turn result in a re-valuation of the firm's shares. Meanwhile, the acquisition should prove to not only be immediately accreditive to earnings, but also result in additional momentum in the company's de novo IGRT development efforts. HealthTronics is also keeping its eyes open for future acquisitions and believes the current market favors its position.

HealthTronics, Inc. (HealthTronics) provided healthcare services and manufactures medical devices, primarily for the urology community. It operates in two segments: urology services and medical products. The urology services segment provides services related to the operation of the lithotripters, including scheduling, staffing, training, maintenance, regulatory compliance and contracting with payors, hospitals and surgery centers. Its medical products segment manufactures, sells and maintains lithotripters and their related consumables.

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XL Capital Ltd. (NYSE: XL) shares surged higher after Chairman Brian O'Hara involuntarily sold nearly 80% of his common stock on October 9th in order to meet a margin call. This isn't the first time such a disclosure was made either. Earlier this week, Chesapeake Energy CEO Aubrey McClendon sold a half billion of his company's common shares in order to meet a similar margin call. It appears that much of the decline last week may have been due to these margin calls!

"I regret that last Thursday I was forced to sell approximately 80% of my XL shares," said Mr. O'Hara. "I had pledged those shares as collateral to secure a personal loan used to fund purchases of XL shares in order to avoid the expiration of certain options. The forced sale was due to the precipitous drop in XL's share price last week. The sale in no way reflects the lack of confidence in XL's current and future prospects."

Shareholders were happy to hear this as the huge selling last week was not due to a change in company fundamentals. Rather, it was simply an executive that was being forced to sell for no fundamental reason. This led shares to rally over 50% on the day. XL Capital Ltd (XL) is a provider of insurance and reinsurance coverage to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis.

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Chesapeake Energy Corporation (NYSE: CHK) shares have been under substantial pressure lately after chief executive Aubrey McClendon sold some $569 million of common stock on the open market. The big question was why? Investors now know that the insider was forced to sell substantially all of his holdings in just three days in order to satisfy margin loan calls. Margin calls take place when holdings in a persons portfolio fall below the loaned amount, forcing the broker to sell open stock positions to cover.

Shareholders applauded the news that it wasn't a hedge fund or voluntary party selling because of a change in sentiment. Shares soared more than 20% mid-day, which partially covered the losses seen during the massive sell-off. The announcement also caught shareholders offguard as Mr. McClendon liked to boast that he never sold a single share of Chespeake Energy in years. It turns out that the borrowing against his holdings turned to out hurt him in the end as the leverage killed his position.

"I got caught up in a wildfire that was bigger than I was," Mr. McClendon said Saturday. He declined to discuss his personal finances in detail, but said his personal situation was stable. "I'm fortunate that I have other resources and I'll be fine." Currently, McClendon owns less than $32 million in Chesapeake shares. However, the executive was quick to note that the company wouldn't get caught in the same leverage problems that he has had.

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Spanish Broadcasting System Inc. (NDAQ: SBSA) shares have fallen over 80 percent since the summer began and is now in danger of being delisted from the Nasdaq. Once in the spotlight thanks to a quickly growing Spanish market, Spanish broadcasting firms are quickly losing ground thanks to the economic slowdown and advertising weakness. Analyst downgrades citing weak momentum with no upturn yet in sight hasn't helped the cause either.

Spanish Broadcasting shares have fell from a high of $20 per share in 1999 to just $0.24 right now. In the meantime, at least one activist shareholder has been trying to unlock value. Discovery Group has insisted that the company form a special committee to explore strategic alternatives, including a going-private transaction, sale to a strategic party, or at least the adoption of modern corporate governance practices.

Investors believe that Spanish Broadcasting may hold a number of properties that large media channels may be interested in acquiring. The company enjoys market leadership position, operating in a highly attractive geographic market and is situated in the most promising media genre. However, CEO Alacron has refused to entertain any offers that would involve him relinquishing control of the company. This includes offers that have already been made at a substantial premium.

According to a letter sent months ago:

"We now know this claim to be justified because we have direct knowledge of an important public media company (“XYZ”) that is interested in a potential transaction that could yield a substantial premium to the current SBSA stock price, yet Mr. Alarcon refuses to engage in an evaluation of this opportunity. During a meeting with Mr. Alarcon in December 2007 members of our firm presented the rationale for a combination with XYZ, to which SBSA would bring great strategic value and substantial, immediate cost synergies. Mr. Alarcon concurred with the analysis and suggested that we get the reaction of XYZ’s management to the idea.

"Our team met in January 2008 with XYZ’s Chairman/Chief Executive Officer and its Chief Financial Officer. We communicated to Mr. Alarcon that the XYZ officials were very enthused about the possible combination and wish to engage in a further dialogue directly with Mr. Alarcon. Mr. Alarcon is also in possession of detailed materials prepared by Discovery that outline a proposed structure for this transaction which yields a premium in excess of 100% to SBSA shareholders.

"Suddenly and without explanation, Mr. Alarcon refuses to discuss this opportunity. While Mr. Alarcon’s change in posture is consistent with his industry reputation, it is surprising nonetheless. Mr. Alarcon’s resistance in this case cannot be attributed to valuation because the proposed structure gives him the option to either remain invested or liquidate his shares. Rather, it appears that Mr. Alarcon fears a loss of control. That fear is interfering with Mr. Alarcon’s ability to act in the interest of all shareholders."

It is clear that there is a lot of value that can be unlocked if Discovery Group can successfully pressure Spanish Broadcasting into at least entertaining such offers. Moreover, a simple move to modernize governance practices would enable shareholders to more forcefully make demands designed to maximize value. In the end, this is a valuable company being held back by a poor management team, but Discovery Group aims to change all that.

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Brooks Automation (NDAQ: BRKS) shares jumped higher after a large holder demanded that the company commit to an immediate and continuing substantial share repurchase program. The request was initially made by activist investor David Nierenberg on October 6th in a letter addressed to chief executive Robert Lepofsky. The letter called on the company to utilize free cash over the next three or four years to fund an aggressive share buyback program.

Nierenberg believes that Brooks has, and can generate, sufficient cash over the next three or four years to both fund an aggressive share repurchase program, which would nearly halve their share count relative to Brooks' 77 million shares before their first repurchase, and enable Brooks to roughly double its revenues relativel to their current revenue run rate, through organic growth and acquisitions. The activist urged them to act now while the share price is weak.

The program will enable Brooks to grow their earnings per share and increase return on invested capital by actively managing three variables: revenue growth, costs, and capital expenditures. Similar long-term programs have been used to successfully build shareholder value at Teledyne from 1972 to 1984, and for decades at Loews Corporation and Washington Post. At Teledyne the repurchase program enabled it to increase EPS nearly six times faster than net income.

Finally, Nierenberg provided an example: If Brooks were to repurchase 26 million shares at a hypothetical average price of $10 per share over the next several years, it would only require $260 million, which leaves $198.4 to $318.0 million for acquisitions in the future. The result would be a share price for Brooks of between $26.40 and $44.25 a piece at 15x earnings. Meanwhile, if money is tight, the company can monetize all of their real estate.

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INX Inc. (NDAQ: INXI) shares fell today after the company released news relating to its order book. The order book increased 47%  with September bookings increasing by 17% in total while the last two weeks saw bookings jump by 33% in total. However, this strong growth was met by concerns that orders may slow as the economy weakens.

INX noted, "While demand by customers has been healthy right up through the last two weeks of September, our sales staff are indicating that some customers are delaying moving forward with some large projects, and it is logical that the uncertainty of the last several weeks will cause some enterprise organizations to delay cap-ex expenditure projects."

INX is a provider of IP networked based solutions for enterprise-class organizations, such as corporations, schools and federal, state and local governmental agencies. The company's solutions consist of network infrastructure, IP voice and video communications systems, wireless network connectivity, network storage solutions, data center, and network and data security.

Shares of INX are down $0.29, or 4.61%, to $6.00 per share.

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The stock market may be struggling, but defense companies are still on their feet. Several contracts were announced today in this sector, indicating that defense spending is still going strong and some public companies are well-positioned to profit. TWo wars have done a lot to sustain spending, but some are concerned about at least one presidential candidate is interested in withdrawing troops and putting an end to the Iraqi conflict.

Lockheed Martin (LMT) announced a $41 million contract from the US Transportation Command to extend sustainment of Global Transportation Network command and control system. The sustainment contract brings the total value of the contract to $475 million. Kratos Defense & Security Solutions (KTOS) announced that its Madison Research Division had been awarded a $10.3 million contract from the U.S. Army on behalf of the Experimentation Division.

Recently, the Senate passed a military spending bill that includes a pay raise for military personnel. The bill will permit $612.5 billion in spending for military programs in 2009 with $70 billion for Iraq operations and Afghanistan. The pay increase for military personnel will be 3.9 percent. These new spending approvals will pave the way for future awards for these defense contractors and allow expansion in market share.

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Pharmacopeia, Inc. (NDAQ: PCOP) shares continued their decline today after the company received a delisting notice from the Nasdaq Stock Market. The company actually received the notice on September 30th indicating that it was not in compliance with the continued listing requirements because the market value of its listed securities was below $50 million for 10 consecutive trading days. This could spell bad news for shareholders as liquidity is greatly reduced upon delisting.

The company is currently involved in a deal to be acquired by Ligand Pharmaceuticals Incorporated (NDAQ: LGND) in a deal valued up to $70 million. The deal is based off of the price of Ligand shares, which have fallen sharply in recent days. The transaction is structured as a stock-for-stock exchange with an added kicker. Ligand willissue about 17.5 million shares, or 0.58 shares for each outstanding Pharmacopeia share. This will give Ligand 84% of the combined company.

Pharmacopeia is a clinical development stage biopharamceutical company dedicated to discovering and developing small molecule therapeutics to address medical needs. It has a portfolio of clinical and preclinical candidates under development internally or by partners, including eight clinical compounds in Phase II or Phase I development addressing multiple indications, including hypertension, diabetic nephropathy, muscle wasting, inflammation and respiratory disease.

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Warren Buffett is well-recognized as a smart investor, which should be giving investors a clue. The billionaire investor has recently agreed to purchase shares in two institutions facing sharp declines: General Electric (NYSE: GE) and Goldman Sachs (NYSE: GS). Many investors are speculating that he was brought into these deals to calm fears, but he is not exactly playing on a level field. Under both of these deals, the billionaire receieved preferential treatment...

The billionaire purchased a $5 billion stake in Goldman Sachs last month, but it wasn't just common stock. The billionaire received $5 billion in perpetual preferred stock and 43.5 million warrants priced at $115 per share. These warrants give the investor a theoretical 16% stake in Goldman Sachs - one of the world's premier investment banks - for only $5 billion in investment. In fact, with shares trading at around $130 a piece, Buffett has already made $650 million in paper profits!

Buffett also managed to pick up cheaper than normal shares of General Electric. The billionaire invested $3 billion at a 9% discount to the stock's closing price Wednesday to buy up preferred stock that pays a 10% dividend. Buffett also stated that he would support measures to alleviate near-term liquidity concerns. Not only is the billionaire making a dividend on his investment, but he is also receiving a sharp discount.

So, before investors go believing that Warren Buffett's investments signal confidence - they should be sure to take a look at the terms of the deals...

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thinkorswim Group Inc. (NDAQ: SWIM) shares jumped higher after the company reported preliminary operating metrics for September 2008 early due to extraordinary price volatility, regulatory intervention and liquidity concerns. During this time period, thinkorswim delivered its 24th consecutive month of record growth by opening 8,550 new accounts, 3,400 funded accounts, executive 63,600 retail DARTs and maintaining client assets of approximately $3.2 billion.

Trading volumes at thinkorswim exceeded 96,000 retail trades in a single day during the month and now expects to outperform analyst consensus for the third quarter. Many brokerages have benefited from from the increased market activity as they have collected more in commissions. However, some brokerages have failed to offset these gains with losses from margin accounts that have defaulted.

thinkorswim Group Inc., formerly Investools Inc. (Investools) operates in two segments: Investor Education and Brokerage Services. The Company offers investor education and brokerage and related financial products and services for self-directed investors. Its Investor Education segment offers a range of investor education products and services that provide learning in a variety of interactive delivery formats.

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