Gapping Down
In reaction to disappointing earnings/guidance: PALM -17.6% (also downgraded to Neutral at Merrill, downgraded to Neutral at Cowen and target lowered to $1 from $1.50 at Global Crown Capital), SWKS -12.9%, SOLF -7.4%, STJ -3.0%… Select agriculture names trading lower following MOS volume data: MOS -6.3% (says due to soft market conditions, phosphate sales volumes for Q2 800,000 tonnes lower than Q1; co withdraws fiscal 2009 sales volume guidance), CF -5.0%, AGU -4.4%, POT -3.2%, TRA -2.2%… Other news: TSRA -39.4% (confirms ITC issues initial determination in Tessera’s Wireless ITC action, co raises Q4 revs guidance; also downgraded to Neutral at Piper), XNPT -23.9% (reports results from a Phase 2 clinical trial of XP19986 as a treatment for the symptoms of gastroesophageal reflux disease; primary analysis did not reach statistical significance), ENZN -15.4% (discontinues its plan to spin-off its biotechnology business), GS -4.8% (Goldman faces loss of $2 bln for quarter - WSJ), LRCX -4.6% (still checking)… Analyst comments: GPN -3.9% (downgraded to Neutral at Baird), MMM -2.5% (downgraded to Sell at Citigroup),
Gapping Up
In reaction to strong earnings/guidance: SNDA +6.3%, GE +2.2% (also reaffirms plan to maintain a $1.24 dividend in 2009)… Select financial names rebounding: RBS +12.3%, AIG +9.1% (Prudential eyeing AIG’s Taiwan life insurance unit, according to report - DJ), CIT +7.0% (increases size of notes exchange offer in response to tenders received during the early delivery period), WB +7.0%, C +6.0% (Citigroup Officer bought 15K shares at $6.89 on 11/26), MS +5.7%, DB +5.4%, PRU +5.4%, IBN +4.9%, BAC +4.2%, COF +2.8% (Fitch affirms Capital One’s Long-Term IDR; Outlook Stable), ING +2.8%, BK +2.5%, USB +2.5%, AXP +2.4%, JPM +2.2% (JPMorgan to cut 9,200 Washington Mutual jobs - Reuters), LM +2.2% (announces it has identified cost savings of $100 mln to date; renews a total return swap with “major banking institution’), WFC +1.7%, HBC +1.7%… Select metals/mining names showing strength with higher spot prices: GOLD +13.9%, SLW +9.8%, AU +9.1%, HMY +9.1%, MT +6.9%, GG +5.5%, AUY +4.7%, RIO +4.1%, BBL +3.2%, GLD +1.1%… Select oil/gas names showing strength: PBR +5.1%, TOT +4.8%, RDS.A +4.8%, BP +4.4%, OXY +2.9%, COP +2.1%, CVX +2.1%… Select solar names trading modestly higher: JASO +6.8%, STP +6.2%, ESLR +3.6%, FSLR +2.4%… Other news: MRX +16.9% (Medicis and IMPAX announce R&D collaboration and settlement; also upgraded to Buy at Jefferies & Co), GM +13.1% (showing strength preceding today’s monthly sales release), F +11.8% (Ford Motor will speed green-car launches - WSJ), TS +9.3% (still checking for anything specific), QGEN +6.1% (still checking), ALU +5.1% ($230 Mln CDMA Deal With China Telecom - DJ), UEPS +3.6% (received an order for an additional 800,000 smart cards), FWLT +2.5%, VMC +2.5% and SGR +2.4% (Cramer makes positive comments on MadMoney).
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