MarketWatch.com - Pre-Market Indications

Monday, September 29, 2008

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: XING -20.1%, CALM -15.6%, WAG -3.8%… Select financial related names showing weakness: WB -90.3% (Citigroup to acquire banking operations of Wachovia), NCC -25.9%, RBS -21.6% (tumbles in the UK because of its perceived links to the stricken European bank Fortis - Guardian Unlimited), CORS -20.0%, AIB -19.6%, LYG -18.9%, UBS -14.9%, CS -13.7%, AEG -11.4% (has EUR125 mln gross exposure to Washington Mutual - DJ), ING -11.1%, IBN -10.9%, MS -9.1%, C -5.2% (Citigroup to acquire banking operations of Wachovia), JPM -5.2%, WFC -3.8%, GS -3.6%, AIG -3.5% (will issue a new series of Convertible Participating Serial Preferred Stock, FT reports AIG looks to sell 15 units), ABK -2.9%, BAC -2.9%… Select oil/gas names stocks showing weakness with crude lower: BP -5.8%, RDS.A -5.6%, TOT -5.6%… Select mining names trading lower: MT -8.6%, BHP -8.1%, RTP -7.7%, RIO -5.0%… Other news: NOK -6.3% (still checking for anything specific), LLY -3.9% (announced the FDA did not complete its review for the prasugrel new drug application)… Analyst comments: AAPL -6.2% (downgraded to Equal Weight at Morgan Stanley and downgraded to Sector Perform at RBC), FCX -4.7% (downgraded to Hold from Buy at Deutsche Securities), CDE -4.5% (downgraded to Sell from Hold at Deutsche Securities).

Gapping Up

Select airlines showing strength with crude lower: LCC +4.9%, UAUA +4.7%, DAL +3.8%, CAL +3.0%… Other news: FNM +20.8% and FRE +12.5% (showing strength with progress on the $700 bln troubled asset agreement), PPC +9.9% (announces definitive written agreement with lenders on temporary covenant waiver), IMCL +4.1% (may have talks to announce - WSJ).



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Tuesday, September 23, 2008

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: CACH -11.6% (also downgraded to Hold at Roth)… Select financial related stocks showing weakness: WM -9.6% (Moody’s downgrades WM’s covered bond ratings to Baa1, on review), LYG -8.6%, WB -8.5%, UBS -6.8%, CS -5.1%, RF -3.8% (downgraded to Sell at Citigroup), ING -2.5%, BCS -1.4%… Select metals/mining names showing weakness with lower spot prices: RTP -11.9% (has signalled its intention to move away from traditional long-term contracts and instead increase amount of sales both into the spot market and through so-called hybrid contracts - FT), AAUK -6.6%, GFI -4.6%, BHP -4.5%, DROOY -4.1%, HMY -3.4%, BBL -2.8%, GLD -1.5%… Select drybulk shippers trading lower: EXM -5.0%, DSX -3.1%, DRYS -3.0%, EGLE -2.7%… Other news: CEF -9.2% (announces that it plans to offer Class A Shares of Central Fund to the public in Canada and the United States under its existing $750 mln base shelf prospectus), HGR -6.2% (announces underwritten public offering by shareholder of 2.5 mln shares)… Analyst comments: EPIC -4.7% (downgraded to Underperform at Cowen), STM -3.9% (downgraded to Neutral at JPMorgan), DXPE -3.1% (downgraded to Hold at Jesup & Lamont), GE -2.5% (downgraded to Neutral at Merrill), MU -2.3% (downgraded to Perform at Oppenheimer), CHS -2.3% (downgraded to Neutral from Buy at Piper Jaffray).

Gapping Up

In reaction to strong earnings/guidance: COMS +10.5%, CC +8.8%, UNP +1.6%… M&A news: IMCL +6.1% (Bristol-Myers Squibb raises bid for ImClone Systems to $62.00 per share)… Select airline stocks ticking higher with crude lower: NWA +4.2%, LCC +3.5%, AMR +3.4%, UAUA +3.4%, CAL +2.9%… Other news: DSL +20.6% (names Charles R. Rinehart Chief Executive Officer), AIG +9.7% and ABK +6.8% (still checking for anything specific), ABX +2.3% and AEM +1.6% (Cramer makes positive comments on MadMoney)… Analyst comments: ATML +4.7% (initiated with a Buy at UBS), NLY +2.5% (upgraded to Buy at Merrill).



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Monday, September 22, 2008

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: GDI -3.9% (light volume)… Select financial related stocks under pressure: BCS -8.7% (downgraded to Underweight at JPMorgan), RDN -7.7%, UBS -7.0%, WB -5.1% (downgraded to Hold at Stifel Nicolaus), MBI -4.9% (has sufficient cash and government securities to meet all potential GIC termination payment requirements in the event of downgrade), LYG -4.5% (downgraded to Underweight at JPMorgan), ABK -4.4% (comments on impact of potential ratings action by Moody’s), BAC -3.9%, MER -3.7%, JPM -3.7%, WFC -2.0% (Cramer makes bearish comments on MadMoney)… Analyst comments: NTAP -1.7% (downgraded to Market Perform at Wachovia).

Gapping Up

M&A news: SCUR +23.9% (agrees to be acquired by McAfee for $5.75/share)… Select metals/mining names showing strength with higher spot prices: KGC +5.2%, GFI +4.0%, GOLD +3.8%, SLV +3.5%, ABX +2.1%, BHP +2.0%… Other news: HOKU +20.4% (secures power for 4,000 metric tons of polysilicon production), MS +8.4% (Bloomberg reports Mitsubishi UFJ to buy up to 20% of MS; also will be reclassified as bank holding companies), MCO +6.5% (added to SEC list of stocks protected against short selling) APH +3.7% (will replace WEN in the S&P 500) BP +1.7% (still checking for anything specific)… Analyst comments: OTTR +2.5% (upgraded to Outperform at Baird), VSE +1.8% (upgraded to Hold at Citigroup).




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Thursday, September 18, 2008

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: APOG -15.6%, PLD -12.8% (also downgraded to Hold from Buy at Deutsche Bank and downgraded to Sector Perform from Outperform at RBC)… Select airlines showing weakness with crude higher: UAUA -9.4% , AMR -7.5% , LCC -6.3% , CAL -5.6% , DAL -4.3%… Other news: SRDX -23.3% (Merck discontinues license and research collaboration agreement with SurModics), CPST -20.0% (announces a ~21.48 mln share common stock offering), MS -6.9% (continued reports regarding a potential merger with WB; CNBC reported that co is beginning official merger negotiations with WB), GS -6.1% (showing continued weakness from yesterday’s 10%+ decline), VRTX -4.0% (announces pricing of its public offering of common stock of 7.5 mln shares at $25.50 per share)… Analyst comments: KSS -1.5% (downgraded to Hold at Citigroup).

Gapping Up

Select financial related stocks rebounding: UBS +17.9%, AIG +13.2% (S&P reports most AIG ratings’ CreditWatch status revised to developing; short-term ratings raised), WM +11.9% (Wells Fargo, Citi have expressed preliminary interest, according to sources - WSJ), LYG +11.5% (buys HBOS in GBP12.2B all-share deal - DJ), RBS +9.9%, AXA +7.3%, MBI +7.1%, DB +6.8%, ING +4.2%, BCS +4.0%, C +2.5%, WB +2.0% (MS considers merger with WB - NY Times)… Select metals/mining names showing continued strength as the dollar weakens and gold rises further: GFI +12.4%, SLV +7.1%, NG +6.8%, AAUK +6.5%, HMY +5.1%, MT +4.4%, GOLD +4.3%, RTP +2.4%, NEM +1.8%, BHP +1.6%, GLD +1.1%… Select oil/gas names showing strength with crude higher: STO +7.4%, RDS.A +2.7%, TOT +2.1%, BP +1.9%, XOM +1.4%… Select China names trading higher following rebound in overseas trading: CHU +11.1%, CN +7.1%, ACH +3.3%… Other news: CEG +5.0% (EDF Considers Taking Over U.S. Joint Venture Partner - WSJ)… Analyst comments: CLR +1.5% (upgraded to Buy at Merrill).






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Friday, September 12, 2008

No Pre Market Posts Today

No Pre Market Trading Posts Today

Thursday, September 11, 2008

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: KNXA -19.8% (also downgraded to Neutral from Outperform at Credit Suisse, downgraded to Hold from Buy at Lazard and downgraded to Underweight at KeyBanc Capital Mkts), LULU -11.1%, ACTL -5.0%… Select mortgage/financial stocks trading lower: LEH -40.7% (cut to Neutral from Buy by Goldman Sachs- DJ and downgraded to Hold at Citigroup), MER -15.0%, WM -13.4%, IRE -11.4%, RDN -11.1%, SNV -10.4%, SCA -8.8%, AIB -8.5% (downgraded to Sell at Dresdner Kleinwort), MTG -8.0%, ABK -7.6%, PMI -7.5%, MS -7.5%, AIG -7.4%, MBI -6.3%, RBS -6.2%, BAC -6.1% (ests cut at Credit Suisse and RBC lowering ests following recent disclosures), AXA -6.0% (downgraded to Neutral at UBS), UBS -5.9%, BCS -5.9%, LYG -5.9%, WB -5.8%, ING -5.4%, GS -5.0%, DB -4.8%, C -4.3%, JPM -3.3%, WFC -3.0%, NMR -2.3% (leads Asian financials down after Lehman loss - Bloomberg.com)… Select metals/mining stocks trading lower with strength in dollar and lower spot prices: GOLD -4.0%, GFI -3.7%, BHP -2.7%, MT -2.2%, RTP -1.4%, HMY -1.3%, GLD -1.3%… Select solar names showing weakness: FSLR -7.0%, YGE -5.6%, LDK -5.2%, JASO -5.1%, TSL -4.9%, CSIQ -4.4%, ESLR -4.2%… Other news: CHL -5.1% (trading ex-dividend)… Analyst comments: PDLI -5.3% (downgraded to Underweight at JPMorgan), AEG -4.9% (downgraded to Sell at UBS), NVDA -4.8% (downgraded to Equal Weight at Lehman), AZN -3.6% (downgraded to Sell at Goldman - DJ), RAI -1.8% (downgraded to Underweight at Morgan Stanley).

Gapping Up

With equity futures trading significantly lower this morning (S&P futures -18, Dow futures -130), very few stocks are trading higher in premarket… In reaction to strong earnings/guidance: CSX + 4.8%, GCOM + 3.7%



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Nyse & Arca Pre Market

Stocks trading on NYSE Arca at a price more than 15% away from the previous trade day's consolidated close price. (As of 08:30:00 ET)

Stock
Wednesday's Close Current Price Pct Chng Current NYSE Arca Vol
SIG

$11.18

$22.73

103%

12,200

LEH

$7.23

$4.35

( 40%)

5,734,535

KNXA

$22.13

$17.74

( 20%)

200

10 Most Active stocks on NYSE Arca as of 08:30:00 ET

Based on Dollar Volume: Based on Share Volume:
Stock
Dollar Volume
SPY
$388,205,015
IWM
$34,566,610
QQQQ
$32,008,451
LEH
$29,348,407
SKF
$28,718,960
XLF
$21,025,062
GLD
$21,002,240
MER
$8,799,860
SDS
$8,258,432
UYG
$6,792,164
Stock
Share Volume
LEH
5,734,535
SPY
3,177,780
XLF
1,036,283
QQQQ
758,319
IWM
489,536
FNM
453,069
MER
418,539
UYG
347,110
FRE
311,751
WM
309,747


Before the Bell

Lehman Brothers Holdings Inc. (NYSE: LEH) tried to calm investors Wednesday when it presented its rescue plan including the sale of its investment arm. But investors don't seem convinced and are frustrated with the company and its CEO, the longest serving CEO on Wall Street. Too much planning and intent, not enough action. After plunging 45% Tuesday, LEH stock was down another 7% or so Wednesday to $7.25 on Wednesday. They are shedding another 14.5% in pre-market trading at 7:32 am.
[Update 9:00 a.m.: Following the several downgrades, Lehman shares are plunging over 40% in pre-market trading. Stock futures are drastically lower as well, indicating stock will likely open much lower.]

Washington Mutual (NYSE: WM) shares have been sharing the same fate as Lehman's lately, as they plunged to their lowest point in nearly two decades Wednesday, diving 29.7% to close at $2.32 - a 17-year low. As of 7:33 a.m., shares are declining another 2.6% in pre-market trading. WaMu is expected to have losses in its mortgage portfolio expected of $19 billion, and some believe it could be Wall Street's next casualty.

And as if that wasn't enough, The Wall Street Journal reports that there will be hearings on alleged tax shelters provided to hedge funds by investment banks including Citigroup (NYSE: C) and Merrill Lynch (NYSE: MER)."

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Nasdaq Pre Market Gaps

NASDAQ - Pre-Market Ten Most Advanced

Active Share Volume Declined

Symbol

Company Name

Market
Close
Last Sale (Pre-Market) % Change
(Pre-Market)
Share
Volume

(Pre-Market)

BigBand Networks, Inc.
$3 $3.07 2.33% 19,200

Joy Global Inc.
$44.97 $45.31 0.76% 6,100

CDC Corporation
$2.44 $2.45 0.41% 8,100

Globecomm Systems Inc.
$10.01 $10.05 0.40% 25,092

As of 9/11/2008 9:10:55 AM

NASDAQ - Pre-Market Ten Most Declined

Active Share Volume Advanced

Symbol

Company Name

Market
Close
Last Sale (Pre-Market) % Change
(Pre-Market)
Share
Volume

(Pre-Market)

Kenexa Corporation
$22.14 $16.95 23.44% 14,587

lululemon athletica inc.
$18 $16.70 7.22% 100,426

First Solar, Inc.
$211.25 $196.85 6.82% 51,080

Huntington Bancshares Incorporated
$8.06 $7.60 5.71% 3,200

Canadian Solar Inc.
$23.01 $21.71 5.65% 6,635

UAL Corporation
$9.97 $9.42 5.52% 10,905

Acergy S.A.
$11.77 $11.13 5.44% 56,800

PDL BioPharma, Inc.
$11.62 $11 5.34% 21,800

Solarfun Power Holdings Co., Ltd.
$12.27 $11.70 4.65% 18,400

Energy Conversion Devices, Inc.
$57.62 $55.01 4.53% 10,700

As of 9/11/2008 9:15:32 AM


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Opening View

U.S. stock futures are pointed lower this morning, indicative of a potentially negative start to the regular session of trading. In overseas trading, financial firms were leading the trek into the red, pushing the Hang Seng Index to its lowest level in more than a year. In focus this morning is some bearish brokerage action for both Lehman Brothers (LEH) and AstraZeneca (AZN), as well as an interesting new investor in The New York Times (NYT).

Turning to currencies and commodities, the U.S. Dollar Index has jumped 0.4% higher, trading near 80.15. As a result of the greenback's trek higher, front-month gold futures have fallen about $13.40, or 1.75%, to trade near $749 an ounce. Elsewhere, October-dated crude oil has backpedaled about 50 cents, or 0.5%, to hover near $102 per barrel.

Turning our attention to Lehman Brothers (LEH: View sentiment for LEHsentiment, chart, options) , the shares of the battered bank are set to open roughly 20% lower than yesterday's close of $7.25. The stock was hammered in pre-market activity after several brokers downgraded the financial firm. J.P. Morgan was one of the bearish brokerage firms, slashing its fourth-quarter earnings prediction to a loss of $1.80 per share, compared to previous projections for a gain of 46 cents per share. Meanwhile, the broker now predicts LEH's 2008 loss per share to dock at $12.32, compared to its prior forecast of a loss of $6.77 per share, citing concern over the company's ability to execute its strategic plan without further depleting its capital base. The analyst also deemed Lehman's core business prospects "uncertain," and said that additional write-downs could be looming.

Speaking of downgrades, early this morning, the shares of AstraZeneca (AZN: View sentiment for AZNsentiment, chart, options) were downgraded to "sell" from "neutral" by Goldman Sachs. The broker said the drug giant isn't supported by fundamentals after a 22% outperformance of the Europe pharmaceutical sector and a 32% outperformance of the FTSE 100 over the past 3 months. It also cut AZN's price target to 25 pounds from 26.78 pounds, noting the strategic challenges ahead. In pre-market activity, the shares of the medicine mogul are set to open moderately lower than yesterday's close of $46.19.

Elsewhere, according to a recent Securities and Exchange Commission (SEC), Mexican billionaire Carlos Slim and family have built a 6.4% stake in The New York Times ( NYT: View sentiment for NYTsentiment, chart, options) . The Wall Street Journal reported that Slim, the Forbes second-richest man in the world, told Reuters that the investment was financial in nature.



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Pre Market Movers - Futures Trading - Nasdaq - NYSE

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