Pre Market Trading Indications

Gapping down in reaction to weak earnings/guidance: SMOD -13.1%, EGLS -11.4%, SHW -7.5%, MEG -4.8%, PALM -4.7%... M&A news: JPM -1.1% (several reports out that JPM may have to raise bid for BSC to $10/share)... Other news: MALL -13.9% (giving up some of Thursday's late surge), AYR -10.2% (decreases dividend to $0.25 from $0.70 last qtr), VRNM -8.0% (announced that its Form 10-K filed with the SEC on 3/17 included an audit opinion that contained a going concern qualification), TMA -7.1% (postpones pricing on $1 bln offering to Monday - DJ), CC -6.8% (activists circle Circuit City - WSJ), SRVY -2.1% (updates estimate for litigation-related expenses to $800K-$1 mln)... Analyst downgrades: SIGI -3.5% (downgraded to Neutral at BofA and downgraded to Market Perform at Raymond James ), HERO -3.2% (downgraded to Neutral at Capital One Southcoast), AUXL -2.6% (downgraded to Sell at Merriman), LEH -1.5% (downgraded to Mkt Perform at Oppenheimer), SMA -1.4% (downgraded to Mkt Perform at Wachovia), WFC -1.1% (downgraded to Underperform at Baird).

Gapping up in reaction to strong earnings/guidance: TIF +11.4%, CFSG +5.3% WAG +3.3%, ACMR +1.3%... M&A news: BSC +67.8% (several reports out that JPMorgan is in negotiations to raise Bear Stearns bid to $10/share)... Select Taiwan names showing strength after stocks gain 4% in Taiwan trading following presidential election: TWN +9.2%, SPIL +8.8% (also initiated with Buy at Standpoint), EWT +6.7%, TSM +6.1%, UMC +3.7%... Other news: FMT +81.8% (announces sale of mortgage servicing rights), CIT +16.6% (held conference after close on Thursday regarding liquidity actions; in talks with overseas banks - WSJ; upgraded to Buy at Stifel), MTEX +11.3% (reaches settlement in securities class-action lawsuit; admits no wrongdoing), CYTK +8.5% (announces positive results from an interim analysis of an ongoing Phase IIa clinical trial of CK-1827452 in patients with stable heart failure), XMSR +7.0% (FCC may be nearing Sirius-XM decision - WSJ), RATE +6.5% (mentioned positively in Barron's), IBN +5.7% (still checking), RAD +5.5% (up in sympathy with WAG), SIRI +5.2% (FCC may be nearing Sirius-XM decision - WSJ), STP +4.6% (signs 8-yr polysilicon supply agreement with DC Chemical), SEED +3.5% (updates genetically modified pipeline; phytase corn is expected to be commercially launched in 2009), VMW +2.3% (announces a multi-year initiative aimed at expanding its India-based research and development operations. Co will invest $100 mln in India by 2010), NUAN +2.1% (Samsung Electronics signs multi-year global agreement with Nuance Mobile; terms not disclosed), ORCL +2.0% (discloses in 8-k that it entered into a new $2 bln revolving credit agreement), PETD +2.0% (files form 10-K;accounting unchanged following resolution of SEC comment letter), BIDU +1.5% (announces the appointment of Jennifer Li as chief financial officer)... Analyst upgrades: PMCS +4.6% (upgraded to Overweight at Lehman), GW +3.4% (upgraded to Outperform at Credit Suisse), MON +3.2% (upgraded to Buy at UBS), RIO +2.8% (hearing added to Conviction Buy List at tier 1 firm), POT +2.8% (upgraded to Top Pick at RBC), FPL +2.3% (upgraded to Overweight at Lehman), CAM +1.2% (upgraded to Outperform at Wachovia), COL +1.0% (upgraded to Overweight at JPMorgan).

Wall St. Warrior: Pre-Market