- Pre-Market Indications

Friday, May 9, 2008

Pre Market Trading Indications

Futures indicate a lower open for the mkt on weakness in financials and another record high in crude oil ($125.98). AIG (AIG) shares are under pressure, down 6% pre-mkt, after the co missed by $0.65 in Q1 and announced a plan to raise ~$12.5 bln in capital to fortify its balance sheet and provide increased financial flexibility. Citigroup (C) is currently holding an analyst day (began at 8:30ET), and while there has been no surprises so far, the Financial Times reported overnight that the co will identify as much as $400 bln in non-core assets that could be sold as part of plans to reduce costs and restore profit growth to double-digit rates. Investors paid little attention to this morning's better than expected Trade Balance for March (-$58.2 bln vs -$61.0 bln consensus). Dow is currently -67; Nasdaq is currently -9.3; S&P is currently -6.6.

The Bond mkt is trading higher for the third consecutive session as the risk aversion trade returns following another record in crude oil and AIG's worse than expected numbers. The 10-yr is currently +07/32 to 3.749%...

In Commodities, June crude oil ($125.70 +2.01) once again rallied to fresh all-time highs in early trade, touching $125.98...

In Europe, mkts fell in a broad-based retreat, led by
heavyweight financial, pharmaceutical, energy and mining stocks. FTSE is currently -1.4%; DAX is currently -1.3%; CAC is currently -2.0%. In Asia, mkts fell, led by automakers after Toyota Motor forecast lower profits on rising raw material costs. Nikkei closed -2.1%; Hang Seng closed -1.5%; Shanghai Composite closed -1.2%... Notable pre-market Calls include Upgrades: NVDA at Stifel Nicolaus; Initiations: FSLR (Buy), SPWR (Hold) and ESLR (Sell) at Citi, ABT (Buy) at UBS... On the Earnings calendar, CYCC is the only company confirmed to report today after the close... On the Economic calendar, nothing remains on the schedule for today.

Gapping down in reaction to disappointing earnings/guidance
: CCOI -12.7%, LLNW -11.8%, DRQ -9.7%, AGO -9.4%, BID -9.0%, MGI -8.9%, AIG -7.4% (also announces a plan to raise approximately $12.5 billion in capital; ratings also downgraded at S&P and Fitch), BRKS -7.3%, ESIO -6.4%, ZINC -5.8%, SWC -4.9%, NGAS -4.9%, FMD -4.6%, MYL -4.1%, ICFI -3.1%, PEC -3.1% (also downgraded to Neutral at Robert W. Baird)...

Select financial names showing weakness in premarket trading: CIT -2.9% BCS -2.5% MBI -2.1% DB -1.4% WM -1.2% GS -1.1% FNM -1.0%...

Other news: ORA -6.4% (files for 3.1 mln share common stock secondary offering), SNY -5.2% (drops on Schweizerhall plans for Plavix copy -, NOK -2.9% (still checking), HLF -2.8% ("Fraud Discovery Institute" issues update to report on HLF related to Venezualan operations), MT -2.1% (announced that it filed suit against Esmark), HOV -1.4% (announces pricing of its 14 mln shares of common stock offering of $9.50)...

Analyst downgrades
: ESLR -4.8% (initiated with Sell at Citigroup), IPAS -4.3% (downgraded to Hold at Morgan Joseph), ENER -3.8% (downgraded to Neutral at Broadpoint Capital), HBC -2.2% (downgraded to Underweight at Morgan Stanley), GDP -2.0% (downgraded to Reduce at Suntrust), CELG -2.0% (downgraded to Neutral at Credit Suisse), DRS -1.9% (downgraded to Market Perform at FBR and downgraded to Hold at Morgan Joseph), SWSI -1.7% (downgraded to Sector Perform at RBC), AMSC -1.6% (downgraded to Hold at Jefferies), MCD -1.3% (hearing removed from Conviction Buy List at tier 1 firm), PSS -1.1% (downgraded to Hold from Buy at Soleil).

Gapping up in reaction to strong earnings/guidance
: PCLN +13.7%, GSIT +12.5%, SRVY +12.4%, SYX +12.2%, DAR +10.5%, OSIR +10.5% (also Osiris and NuVasive enter into definitive agreement for Osteocel; OSIR to sell business for $85 mln to NUVA), INT +9.1%, RNWK +8.0% (also announces intention to spin off Its casual games business), AYR +7.3%, BSQR +7.2%, SD +7.2%, QSFT +6.7%, POM +5.8%, ADPT +5.5%, AES +5.4%, LUNA +5.3%, TRLG +5.0%, GUID +4.6%, RICK +4.2%, TBSI +4.1%, SLH +3.9%, ATVI +3.4% (also upgraded to Buy at Kaufman), CNQ +2.6%, SONS +2.6% (also upgraded to Buy at Jefferies), WINS +2.6%, TI +2.3%, CCU +2.2%, VRSN +2.0%, NVDA +1.5% (also upgraded to Buy at Stifel Nicolaus)...

Other news
: HRS +10.5% (WSJ reports that co may consider a sale), SPAR +6.7% (receives $56.4 mln order for production of MRAPs), NAT +5.9% (Cramer makes positive comments on MadMoney), SNCR +2.5% (still checking), OII +1.3% (profiled in Barron's Online)...

Analyst upgrades: FSLR +2.6% (initiated with Buy at Citigroup), RAIL +2.1% (initiated with Buy at Jefferies).

Gapping up
: PCLN +14.3%, GSIT +12.5%, RNWK +11.1%, INT +9.1%, DAR +8.8%, BSQR +7.2%, NAT +6.7%, QSFT +6.7%, POM +5.8%, DROOY +5.8%, LUNA +5.3%, TRLG +5.0%, GUID +4.6%, RICK +4.2%, TBSI +4.1%, ATVI +3.4%, FSLR +2.6%, GM +2.6%, SONS +2.6%, AUY +1.8%, COH +1.4%...

Gapping down
: NGAS -11.0%, AGO -9.4%, MGI -8.9%, AIG -7.4%, BRKS -7.3%, SWC -4.9%, FMD -4.6%, MYL -4.1%, PEC -3.4%, ICFI -3.1%, NOK -2.9%, NVDA -2.8%, HBC -2.2%, MT -2.1%, C -1.9%, YHOO -1.6%, FNM -1.0%.

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