Conservative social and political groups are vowing to fight the recent California ruling in which a republican-dominated court declared that sexual preference should not bar couples from legal marriage. In an Associated Press article, the court opinion is quoted as stating that "domestic partnerships that provide many of the rights and benefits of matrimony are not enough."

In pursuance of equal footing, gay, lesbian, and bisexual investors have been seeking and "outing" corporations with gay-friendly policies and have been backing those companies in a show of financial clout. An example of the application of this forward social dynamic would be Trillium Asset Management, which has at least once scored a "perfect 10" on the Gay and Lesbian Values Index (glvindex). With an investment focus called Socially Responsible Investing (SRI), this company seeks to provide investment returns in keeping with industry standards, while at the same time maintaining "unique focus on social research and advocacy."

Corporations that have taken careful strides to bring their standards up to date with regard to societal equality appear to be gaining in popularity with gay and gay-friendly investors, as evidenced by their placement on and recognition of the glvindex. SC Johnson acknowledged it's high ranking on the glvindex in a company press release that stated in part: "To us, diversity is about building the best, most talented workforce that mirrors the marketplace, and motivating them with an environment that enables people to be themselves and contribute freely and effectively."

Some other big names have gained recognition as gay-friendly corporations, including Aetna Inc. (NYSE: AET), Apple Inc. (NASDAQ: AAPL), Chevron Corp. (NYSE: CVX) and IBM (NYSE: IBM). These companies, and dozens of others like them, have chosen to adopt policies that recognize the realities of social diversity. While the majority of these companies are not outwardly expressive of their atmosphere of tolerance, they nonetheless have brought their standards up to date. A comprehensive list of America's top 100 gay and lesbian friendly corporations can be found at WorldNetDaily.com.

It's a new world out there, and same-sex couples are demanding to have their equal part of it. Whether you like it or not, homosexuality is a powerful reality of our world. Gays, lesbians and bisexually oriented people are here to stay, and they want you to know that this is their world too. Now, let's all just get over it and let's move on, shall we?

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• From the Vodafone deal we have: Australia, the Czech Republic, Egypt, Greece, Italy, India, Portugal, New Zealand, South Africa and Turkey
  
• From the SingTel deal we have: Singapore, India, the Philippines and Australia
  
• From the Orange deal we have: Austria, Belgium, the Dominican Republic, Egypt, Jordan, Poland, Portugal, Romania, Slovakia, Switzerland and African markets
  
• Also, America Movil SAB (NYSE: AMX) will start selling the iPhone in 16 countries in Latin America and the Caribbean
• Rogers Communications Inc (NYSE: RCI) signed a deal to sell the iPhone in Canada
• Telecom Italia SpA will also sell the iPhone in Italy
• The iPhone is already being sold by AT&T Inc. (NYSE: T) in the United States, O2 in Britain, T-Mobile in Germany and Orange in France.

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Before the bell: Futures higher ahead of housing data

Goldman Sachs cut its view of U.S. department stores to Neutral from Attractive. Specifically, the broker downgraded J.C. Penney (NYSE: JCP) and Nordstrom Inc. (NYSE: JWN) to Neutral from Buy after its commodity team upped 2008 oil price forecasts to $149 a barrel.
Still, Goldman upgraded TJX Cos. (NYSE: TJX) to Buy from Neutral and removed Kohl's Corp. (NYSE: KSS) from its conviction-buy list in favor of Wal-Mart Stores Inc. (NYSE: WMT).

By now I'm getting confused with all the deals Apple Inc. (NASDAQ: AAPL) is signing with wireless operators to sell the iPhone in different countries around the world. I believe the past two weeks we heard of at least two deals, including one with a S.Korean company. Today, French wireless operator Orange said it has signed a deal to sell its iPhone in the Middle East, Africa and several European countries. Orange will be the exclusive iPhone provider in Belgium and Romania. It seems that by now Apple's got the world covered.

General Motors Corp. (NYSE: GM) is apparently considering launching its Chevrolet brand in South Korea. In its attempt to stay ahead of fast growing Toyota (NYSE: TM), GM will try to capture a larger share of S.Korea's growing market for imported cars.

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MAJOR PAPERS:

• According to internal company and agency documents, the Wall Street Journal reported that the FAA is investigating into why AMR Corporation's (NYSE: AMR) American Airlines ordered mechanics to skip specific safety instructions to detect damage to planes from potential lightning strikes.
• In order to compete more effectively against Apple Inc's (NASDAQ: AAPL) iPhone, the Wall Street Journal reported that Research in Motion Limited (NASDAQ: RIMM) is planning to introduce "Thunder," a touch-screen version of its BlackBerry device.

• Yahoo! Inc (NASDAQ: YHOO) is trying to quickly put the finishing touches on a search advertising deal with Google Inc (NASDAQ: GOOG) as billionaire Carl Icahn launches a proxy fight for control of Yahoo's board, according to the New York Post. Yahoo! hopes to announce a deal with Google to create an open platform system within the next week, two inside sources said.
• The New York Post reported that a partnership of MGM Mirage (NYSE: MGM) and investment company Dubai World may seek to buy the Drake Hotel site from developer Harry Macklowe. If a deal is reached, MGM and Dubai World would assume $580M in defaulted debt and interest, inside sources said.

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Companies from Nokia (NYSE:NOK) to Samsung are trying to create a product to compete with the Apple (NASDAQ:AAPL) iPhone. Now RIM (NASDAQ:RIMM) will join the group.

RIM will come out with a touchscreen version of its Blackberry, probably in the third quarter. The decision is based on a false premise, which is that people want to buy an "iPhone" from someone other than Apple.

According to The Wall Street Journal "Dubbed the Thunder, the new BlackBerry is among RIM's strongest moves so far to appeal to the increasing number of consumers opting for multimedia phones."

The market has heard this song before. Over a year ago, both Sandisk (NASDAQ:SNDK) and Microsoft (NASDAQ:MSFT) came to market with competition for the iPod. Neither made any progress.

As infantile as the reasoning may seem, Apple built a nearly perfect product, which has been confirmed by strong demand , and plans to improve on it with features like 3G capability. Competition cannot replace what the customer views as irreplaceable.

Douglas A. McIntyre is an editor at 247wallst.com and author of the Ten Stocks Under $10 newsletter.

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RealNetworks (NASDAQ: RNWK) delivers digital information and entertainment. The firm's RealPlayer product downloads and streams audio, video, and other multimedia content. Its RealOne software and subscription service provides access to news, sports and entertainment content. Its Rhapsody digital music service delivers more than 1 billion songs per year. Its RealArcade is one of the largest casual games destinations on the Web. The company also assists businesses with tools for creating, delivering, and licensing digital content. Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT) and Yahoo (NASDAQ: YHOO) are competitors.

The firm pleased investors last week, when it reported Q1 EPS of two cents and revenues of $147.6 million. Analysts had been looking for a loss of three cents and $141.6 million. Management also guided Q2/FY08 estimates above consensus views, announced a $50 million share repurchase program and said it intended to spin off its global casual games business. Kaufman Brothers reiterated its "buy" rating on the shares and boosted its price target to $9.

The stock popped above 30-day moving average support on the news and then began to consolidate the gain in a bullish "pennant" pattern. Prices frequently exit pennants moving in the same direction they were traveling on entry. In this case, that would be to the upside.

Brokers recommend the issue with five "strong buys", four "buys" and seven "holds". Analysts expect a 20% average annual growth rate, through the next five years. The RNWK Price to Sales ratio (1.80), Price to Book ratio (1.20) and Price to Cash Flow ratio (12.73) compare favorably with industry, sector and S&P 500 averages. Institutional investors hold about 53% of the outstanding shares. Over the past 52 weeks, the stock has traded between $5.07 and $8.59. A stop-loss of $6.30 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com. He does not hold positions in any of the stocks mentioned above.

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Before the bell: Futures lower ahead of CPI

Macy's (NYSE: M), which was forecast to report a loss of a penny a share in the first quarter, said the difficult retail environment hurt sales and it incurred costs from a restructuring. The loss came to $59 million, or 14 cents a share, compared with a profit of $36 million, or 8 cents a share, a year earlier. (As the numbers are quite fresh, it's possible they include one-time item not yet sorted out and not comparable to analyst expectations.)

John Deere (NYSE: DE) said its second-quarter profit rose 22%. Deere experienced increased demand for its farm equipment, as crop prices kept rising, posting an 18% increase in sales. Profit for the quarter jumped to $763.5 million, or $1.74 per share, a penny below analyst estimates. From premarket early action, it seems shares of DE might start much lower.

Freddie Mac (NYSE: FRE) also reported this morning, saying its first quarter loss widened to $151 million as the U.S. housing market worsened. Somehow, though, the results were not as poor as expected and FRE's loss of 66 cents a share beat estimates of a 92 cents a share loss. FRE's shares are up over 6% in premarket trading.

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MAJOR PAPERS:

• According to people familiar with American International Group Inc's (NYSE: AIG) board, some directors feel that another big loss in the current quarter could prompt them to re-evaluate their support for CEO Martin Sullivan. The sources said a decision on Sullivan's fate isn't likely to be made until the company sees results over the next several months, the Wall Street Journal reported.
• The Financial Times reported that Kohlberg Kravis Roberts, The Blackstone Group LP (NYSE: BX) and Apax Partners are among the private equity groups that have been blocked from bidding int he first round of the GBP7B auction of The Royal Bank of Scotland Group Plc's (NYSE: RBS) insurance business.

• The Boeing Company (NYSE: BA) closed a helicopter production line for several hours yesterday due to possible irregularities found in two military helicopters, the Seattle Times reported. The company did not disclose exactly why it shut down the production of the H-47 Chinooks.

• According to Mac Rumors, citing French LeMatin.ch, a source in Swisscom AG (OTC: SCMWY) said Switzerland will be getting the iPhone device from Apple Inc (NASDAQ: AAPL) this summer, and it will feature GPS, Video Conferencing and Mobile TV.

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Is there any content company not interested in dealing with Apple's (NASDAQ: AAPL) iTunes platform? According to Portfolio.com, media conglomerate Time Warner (NYSE: TWX) would like to see its HBO programming distributed on Apple's best-of-breed digital service. An announcement of a deal could be forthcoming very soon.

While some many question the move since HBO is a premium subscription service and could conceivably lose some of its allure, I think it is smart strategy. Digital distribution isn't going away, and HBO needs to be part of every platform, even iTunes. Plus, imagine the possibilities to really cash in here. What if the finale of The Sopranos had been sold on iTunes before it aired? Little experiments like this would not only be valuable in terms of testing contemporary theories about distribution paradigms in the 21st century, but they might also be profitable.

Perhaps the key element of this story is that it seems as if Time Warner was able to convince Apple that its content is worth more than the typical iTunes price point of $1.99. This is important because price elasticity will ultimately determine the overall value of a content library. Apple would, of course, like to charge the bare minimum to the users of its hardware, but where does that leave an HBO? No, HBO would be smart in starting as high as possible in terms of price and then adjusting after a full analysis.

I look forward to seeing this agreement announced, and if it is, I think HBO will not only make some money with Apple, but it will find that the pay-cable channel's brand equity will be boosted in the bargain. Some iTune users might actually be prompted to subscribe. HBO is known as a home for quality programs -- I loved the old Tales From the Crypt series -- and it may soon be known as an iTunes top seller.

Disclosure: I don't own shares in any company mentioned here; positions can change at any time.

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About a month ago I posted Serious Money: AAPL, EBAY, GE, GOOG, MSFT, TWX, WMT, YHOO -- one more look, covering the original Great Eight stocks we focused on at BloggingStocks. These were based on reader interest, which they do still generate today.

Apple Inc. (NASDAQ: AAPL) was the big winner among only four that had appreciated. The following indicates commonly used metrics for tracking and comparing stocks.

Reviewing the stocks in order of lowest to highest P/E ratio (TTM):

• Time Warner (NYSE: TWX) 14.84
• General Electric (NYSE: GE) 14.91
• Microsoft (NASDAQ: MSFT) 17.08
• Wal-Mart (NYSE: WMT) 18.29
• Yahoo Inc. (NASDAQ: YHOO) 34.25
• Apple Inc. (NASDAQ: AAPL) 37.82
• Google Inc. (NASDAQ: GOOG) 40.28
• eBay (NASDAQ: EBAY) 95.24

It is interesting to note that only two of the eight have a below market P/E ratio, while only two are average. On the other hand, four are double the average and beyond, which leads me to believe the overall market consensus is that it is still very early in the game for these stocks and their futures are yet to be determined. The P/E ratios of the four are also the most volatile as are the stock prices.

Reviewing the stocks in order of lowest to highest P/S ratio (TTM):

• Wal-Mart (NYSE: WMT) 0.60
• Time Warner (NYSE: TWX) 1.24
• General Electric (NYSE: GE) 1.88
• Microsoft (NASDAQ: MSFT) 4.70
• eBay (NASDAQ: EBAY) 4.91
• Yahoo Inc. (NASDAQ: YHOO) 5.14
• Apple Inc. (NASDAQ: AAPL) 5.68
• Google Inc. (NASDAQ: GOOG) 10.08

Reviewing the stocks in order of lowest to highest Return on Equity (TTM):

• Microsoft (NASDAQ: MSFT) 45.28%
• Apple Inc. (NASDAQ: AAPL) 28.69%
• Google Inc. (NASDAQ: GOOG) 21.11%
• Wal-Mart (NYSE: WMT) 20.42%
• General Electric (NYSE: GE) 19.03%
• Yahoo Inc. (NASDAQ: YHOO) 10.96%
• Time Warner (NYSE: TWX) 6.12%
• eBay (NASDAQ: EBAY) 3.82%

The RoE is a common measure of company management effectiveness. If this is your guide and you are a Yahoo shareholder, then you might have a strong desire to see Microsoft's unsuccessful bid for Yahoo be accepted. Even if you did not get the full value based on CEO Jerry Yang's vision (or ego), you might see far greater growth under the new management.

Reviewing the stocks in order of lowest to highest Return on Assets (TTM):

• Microsoft (NASDAQ: MSFT) 19.78%
• Google Inc. (NASDAQ: GOOG) 14.21%
• Apple Inc. (NASDAQ: AAPL) 14.09%
• eBay (NASDAQ: EBAY) 9.02%
• General Electric (NYSE: GE) 2.01%
• Wal-Mart (NYSE: WMT) 8.80%
• Time Warner (NYSE: TWX) 4.14%
• Yahoo Inc. (NASDAQ: YHOO) 3.44%

The RoA makes Yahoo's management seem even more inept, earning only a fraction of Microsoft's shareholder value. My pal Warren would frown on Yahoo's poor showing in these categories. Providing shareholder value is chief among his pursuits, and since he is the largest shareholder of Berkshire Hathaway (NYSE: BRK.A), he continues to benefit the most from this goal.

It is impossible to predict the future with any great reliability or consistency, but if one were to look for a secure investment for the future with demonstrated success and the potential of being a part of growing industries, then only Microsoft appears to fit the bill. It is the only company among the eight that is fairly priced and increases shareholder value in a big way based on these metrics.

Two other criteria I look at but did not review here are dividends and cash-flow. In that regard, Microsoft would also prove rewarding.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of BRK.B, EBAY, and TWX.

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SingTel, Singapore's big phone company, and some of its partners will bring the Apple (NASDAQ: AAPL) iPhone to Singapore, India, Australia and the Philippines. While the moves does not get the device into the huge China market, it does go a long way to helping Apple reach its iPhone sales goals and increases the likelihood that the company will have strong earning late this year and into next.

To be successful in these markets, Apple will probably need a 3G version of it smarphone, but word is that the feature will be coming soon.

Despite its success in the US, Apple is at a disadvantage to other Smartphone companies like Nokia (NYSE: NOK) and Samsung, They have been in the Asian markets for years. It is not likely that they will part with that market share easily. Both companies have brought out multi-media and music stores of their own in the hope of competing with iTunes.

Apple probably already has several million unit sales in these markets locked up. The iPhone, in its unlock version, is already used on networks in Asia. The Apple brand is strong in the region because of the iPod.

The iPhone still has a chance to be Apple's most successful product, at least financially. Every big country where the iPhone is offered by a major carrier brings the company closer to that goal.

Douglas A. McIntyre is an editor at 247wallst.com and the author of the Ten Stocks Under $10 letter.

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Research In Motion (NASDAQ:RIMM) can't afford to lose any market share to the Apple (NASDAQ: AAPL) iPhone. Apple has other businesses. RIM has only smartphones.

So as not to be bested RIM has a new BlackBerry. According to The Wall Street Journal, the device, called Bold, "runs on high-speed 3G wireless networks that carriers are rolling out to handle media-rich features." It also has multi-media features for downloading music.

The launch misses a critical factor in business smartphone devices. Enterprise users probably have little interest in BlackBerry beyond its e-mail features. The fact that the phone runs on faster 3G networks added to the function. Putting multi-media features into the product does not. It simply adds cost. The 3G capability will also help sales outside the US where 3G is more widely deployed.

RIM has a problem. While it is not likely the BlackBerry will ever become a music player, the new 3G iPhone may well attract business users with better e-mail, calendar, and web-searching features. The iPhone also sell well because it is consider "next-generation" with its touch pad. It also benefits from the "halo" effect from the company's iPod and iTunes products.

Apple can add e-mail to the iPhone and have a device that can cut across business and consumer users. It is not clear that BlackBerry can ever get beyond its core enterprise market.

Douglas A. McIntyre is an editor at 247wallst.com and author of the Ten Stocks Under $10 letter.

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Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the publish date. Andrew Horowitz is a money manager and author of bestselling The Disciplined Investor - Essential Strategies for Success. Data provided by Briefing.com and other sources believed to be reliable. Dates may change without notice.

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This post is part of our Battle of the Brands feature. Let us know which brand you prefer, and check out other Battle of the Brands posts.

Going by ad campaigns alone, you would think that every person -- or, at least every cool person -- had abandoned their Windows PCs and hoisted themselves onto the Macintosh bandwagon. Not so. The truth is that PCs far outnumber Macs in the market. The big-business worlds of finance, law, medicine use predominantly PC, while the areas of video production, web design and art use Mac. These computers do most of the same things (play games and DVDs, word-process, create web pages, store and play music) but they are completely different operating systems. Even though Apple computers now include the Intel processor that makes it possible to use Windows-only applications, it can still be hard to compare products.

But what about the companies themselves? What does the Apple brand signify that the Dell brand does not? And vice versa.

Apple (NASDAQ: AAPL): Providing innovative products and a user-friendly interface, Apple has turned the whole computer thing into a fashion accessory. For someone who used Dell products for years and then switched to Mac, the difference is like night and day. A Mac is so easy to use. With a clean interface, a near-universal compatibility with external products and tools, these computers are a beautiful breeze. And now that Macs include Intel processors, one can switch back and forth between a Windows interface and a Mac interface, making previous incompatibilities (software, games, etc.) now perfectly compatible. And when it comes to customer service (see below) Apple really socks the house.

Dell (NASDAQ: DELL): The Apple brand may have a glossy sheen, but when it comes down to it, Dell's products can run circles around your typical Mac. Offering more memory, speed and features, a Dell laptop -- when set against a comparable Mac -- also comes through the finish line with a slightly lower price tag. Also, Dell systems are compatible with Apple's innovative (and ubiquitous) iPod products. But no matter how you slice it, Dell falls short in the customer service arena. Not only does Dell grade low among consumers, it also lacks Apple's neighborhood appeal: Dell -- long a catalog-oriented business -- has suffered in trying to imitate the Apple Store success, which allows customers to see actual products and talk to actual Mac "gurus." Dell has attempted the retail thing with Dell Direct stores, and it's also in talks with Radio Shack to expand its sidewalk visibility.

Therefore, this battle is still somewhat up in the air. Dell won the war (long ago) by providing big businesses and corporations with truckfulls of laptops and desktops that are still being used, but Apple has won the peace by courting and satisfying today's key market: the consumer.

B. Brandon Barker also writes for Political Machine.

Vote in our poll for Apple or Dell as your preferred brand, and let us know in the comments why you love it.

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• Costco (NASDAQ: COST) shares are up 1.2% in premarket trading after the warehouse club retailer said April same-store sales increased 8%, beating analysts' expectations of 6.1%.
• Wal-Mart Stores Inc. (NYSE: WMT) shares are also higher in premarket trading, up 1.8%, after the world's largest retailer, said same-store sales climbed 3.2%, beating the 2.1% forecast by analysts. Staying with Wal-Mart for a moment, it said it plans to invest millions in Canada and open more supercenters.
• The more luxurious items, though, such as lingerie sold at Limited Brands (NYSE: LTD) have seen a slowdown as the company said that April same-store sales fell 5%, falling short of the 2.3% sales decline analysts had anticipated.

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