- Pre-Market Indications

Monday, May 5, 2008

Pre Market Trading indications

Futures indicate a lower open for the mkt. This morning's top story is that Microsoft (MSFT) has withdrawn its proposal to acquire Yahoo! (YHOO), sending shares of YHOO 20% lower pre-mkt. Microsoft did end up raising its bid as reports suggested Friday afternoon, to $33 from $31, but Yahoo! rejected the offer. Shares of MSFT touched $31.13 in early morning trade but are only 2% higher heading into the open of trading. There is other M&A news out this morning as WSJ reported that Deutsche Telekom (DT) is weighing a bid to acquire Spring Nextel (S), while United Airlines (UAUA) is intensifying merger talks with US Airways (LCC). Dow is currently -51; Nasdaq is currently -6.3; S&P is currently -6.5.

Gapping down in reaction to disappointing earnings/guidance
: AIN -5.1%, HAIN -2.5%...

Other news: YHOO -23.6% (MSFT withdraws proposal to acquire Yahoo; also multiple analyst downgrades), ACAS -6.3% (WSJ article says a new accounting rule governing the use of market values for financial assets could force ACAS to bring its valuations down; also downgraded to Reduce at UBS), WM -2.1% (filed S-3 ASR for resale of up to ~605.44 mln shares of common stock and up to ~36.6k shares of Series S Contingent Convertible Perpetual Non-Cumulative Preferred Stock), CSCO -1.2% (checking for any news; co reports earnings tomorrow afternoon)...

Analyst downgrades
: CFC -9.7% (downgraded to Underperform at FBR), IR -2.6% (downgraded to Underweight at Morgan Stanley), ARTC -2.4% (downgraded to Negative at Susquehanna), PSPT -2.3% (downgraded to Mkt Outperform at JMP), OB -1.8% (downgraded to Mkt Perform at Keefe Bruyette), SWKS -1.8% (downgraded to Accumulate at ThinkPanmure).

Gapping up in reaction to strong earnings/guidance: ALVR +10.2%, STEC +8.3%, CLR +7.2%, MVL +5.8%, GG +2.8%...

Select metals/mining stocks showing strength with higher spot prices
: FCX +3.1%, AU +2.8%, AUY +2.5%, HMY +2.2%, LMC +1.7%, ABX +1.6%, BHP +1.2%, PCU +1.2% GLD +1.2%...

Other news: DSCO +24.1% (provides guidance on FDA Approvable Letter for Surfaxin for RDS; approvable letter may be completed in 6-8 weeks), S +7.5% (Deutsche Telekom may bid for Sprint Nextel - WSJ), GOOG +3.4% (still checking), GA +3.3% (announces it reaches peak concurrent users of over 344,000), MSFT +2.6% (withdraws proposal to acquire Yahoo; also hearing resumed with Buy at tier 1 firm), TWX +2.1% (MSFT withdraws proposal to acquire Yahoo), VOLC +2.0% (announces participation in SATURN clinical trial sponsored by AstraZeneca), DOV +1.7% (Cramer makes positive comments on MadMoney), QI +1.4% (co and Centrosolar Group AG sign a contract to jointly build, equip and operate a solar cell manufacturing plant)...

Analyst upgrades
: MGI +3.8% (upgraded to Buy at Calyon), TSFG +2.0% (upgraded to Outperform from In Line at Fox-Pitt), EVVV +1.8% (upgraded to Outperform at FBR), NWY +1.6% (upgraded to Buy at Brean Murray).

Gapping up
: S +6.5%, MSFT +4.3%, GOOG +3.9%, TWX +2.1%, DOV +1.7% EMKR... Gapping down: YHOO -23.6%, CFC -11.4%, IR -2.6% ACAS.

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