- Pre-Market Indications

Monday, March 31, 2008

Pre Market Trading Gap News

Gapping down in reaction to weak earnings/guidance: HRT -9.6%, CGRB -8.2%, ABAT -8.1%, PLL -4.6%...

M&A news: ANSS -7.9% (signs definitive agreement to acquire Ansoft for implied value of $32.50/share)...

Other news
: MO -69.5% (following spin-off of 100% of the shares of Philip Morris International), SGP -21.8% (Doubt cast on 2 drugs used to lower cholesterol - NY Times; also downgraded by ,multiple analysts), TMA -14.5% (received extension of override agreement with some repo counterparties; Deadline now Monday 3/31), MRK -11.4% (says based on the recommendation of the Steering Committee for ACHIEVE, further patient enrollment in the study has been placed on hold; also Doubt cast on 2 drugs used to lower cholesterol - NY Times), CMCSK -5.6% (still checking), IBN -4.5% (closed -7.8% in India trading), GFI -4.2% (announced Chief Executive Officer Ian Cockerill has decided to step down)...

Analyst downgrades
: GU + -7.0% (downgraded to Mkt Perform at Piper Jaffray), TIBX + -5.1% (downgraded to Underperform at Jefferies), LYTS + -4.7% (downgraded to Hold at Needham), VOD + -3.7% (downgraded to Underweight at Morgan Stanley), SCUR + -3.1% (downgraded to Sell at Deutsche Bank), PEIX + -3.1% (downgraded to Underperform from Market Perform at Raymond James).

Gapping up in reaction to strong earnings/guidance
: SVA +31.1%, CALM +8.4%, CDS +7.9%... M&A news: ANST +32.4% (to be acquired by ANSYS for $30.29/share in cash and stock), GILT +4.4% (to be acquired for $11.40/share in cash by an American and Israeli investment group)...

Select European financial names showing strength: UBS +2.8% (could ask for more capital at annual meeting - WSJ), BCS +1.4%, HBC +1.4%, CS +1.2%...

Other news
: IACI +6.9% (judge rules for IACI in Liberty dispute), ASTI +6.2% (announces that the co has achieved its Q108 manufacturing milestone of Initial Operating Capability on its 1.5 megawatt production line), ALNY +5.5% (forms new agreement with Tekmira related to the planned Tekmira-Protiva business combination), MXWL +5.1% (modestly rebounding following Friday's 20%+decline), NE +4.3% (adds $4.0 bln in prospective rev backlog from five deepwater rigs in Brazil), SOL +3.4% (modestly rebounding following Friday's ~10% decline), EPD +2.8% (Cramer makes positive comments on MadMoney), AMAG +2.1% (Cramer makes positive comments on MadMoney), CRXL +2.0% (announces that its rabies monoclonal antibody combination has entered a Phase II clinical trial in the US), TXT +2.0% (receives $10.4 bln multi-year V-22 Osprey contract), MEDX +1.3% (announces that it will receive a milestone payment for an undisclosed amount from its licensing partner, Novo Nordisk A/S), BSX +1.1% (TAXUS Express stent shows similarly low re-intervention rates in diabetic patients compared to non-diabetics in ARRIVE 1 and 2 registries)... Analyst upgrades: IRM +3.4% (upgraded to Buy from Neutral at Merrill), OPLK +1.0% (upgraded to Neutral at Merriman), MOD +1.0% (upgraded to Neutral at Baird).
Wall St. Warrior: Pre-Market

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