MarketWatch.com - Pre-Market Indications
Thursday, April 3, 2008
Posted by st0ckman at 2:11 PM
407,000 initial jobless claims is the highest since the 425,000 reading of Sept 16, 2005. Disappointing. Futures dropped 8 points, bonds rallied.
Continuing concerns over writedowns of European banks caused a brief rally in the dollar, but the poor jobless claims has taken much of the gains out.
1) Is the decline in Chinese stocks ending? Hong Kong's Hang Seng index has finally broken a downtrend that began back in November. The Shanghai index, which has been in a freefall since January (down 40 percent or so), which is just off its lows, had one of its best days in a while, up about 3 percent.
2) With all this talk of reform in Washington, where is the proposed FHA expansion that everyone was talking about a few weeks ago, which Barney Frank referenced? It seems to have disappeared. There was significant stimulus in the plan.
[MU 6.39 --- UNCH (0%) ] reported earnings a bit below expectations. Average selling prices were down for both NAND (flash memory chips--down 30 percent) and DRAM (down 15 percent). Despite that, Goldman upgraded the stock, saying DRAM fundamentals would improve later in the year. Up 5 percent.
2) Ruby Tuesday
[RI 7.88 --- UNCH (0%) ] reported earnings a bit above expectations, and like most restaurants talked about the lower spending by consumers and the emphasis on controlling costs. They tightened full year estimates to $0.40-$0.50 from $0.40-$0.60.
[NCC 9.22 --- UNCH (0%) ] said on Tuesday that they were exploring strategic alternatives, essentially acknowledging that they are for sale. But what is it worth? Even a modest premium would be good news for the beleaguered banking business. Today, Morgan Stanley said they thought it was worth $12 as an acquisition candidate. That's about 25 percent above the $9.22 price it closed at. They upgrade the stock, as does Bear Stearns.
Jobless Numbers Not To Markets Liking - Trader Talk with Bob Pisani - CNBC.com
Gapping down in reaction to strong earnings/guidance: ATSI +23.3%, ANGO +12.6%, XIN +8.3%, TMWD +6.9%, SCHN +4.7%, RBN +4.1%, MU +4.1% (upgraded to Neutral at tier 1 firm), , RPM +3.7%, SYT +3.7%, RIMM +3.3%, STZ +2.8%...
Other news: CBLI +11.6% (says DoD awards it a contract to develop Protectan CBLB502; shall not exceed $8.9 mln in development funding), LDK +7.4% (signs a ten-year wafer supply agreement with Moser Baer Photo Voltaic), DNDN +7.3% (announces $47 mln registered direct offering), CVP +7.2% (modestly rebounding after yesterday's 50%+drop), VCGH +5.7% (Donald Prosser has been named interim Chief Financial and Accounting Officer), MEDX +4.8% (announces Ipilimumab program continues to move forward; previously-stated guidance remains unchanged), CCU +4.5% (Federal judge orders CCU case back to state court - Bloomberg), BLX +3.5% (still checking), MRVL +2.8% (up in sympathy with RIMM and MU), CPST +2.5% (announced that it received a $2.6 mln follow-on order from its Switzerland-based distributor for its C200 MicroTurbine systems), TASR +2.4% (Sports Authority to carry TASER C2 personal protectors), ACI +2.2% (Cramer makes positive comments on MadMoney), SGP +1.7% (announces productivity transformation program; looking to generate $1.5B of annual savings)...
Analyst upgrades: NCC +4.7% (upgraded to Outperform at Bear Sterns and upgraded to Equal Wt at Morgan Stanley), EBAY +3.0% (upgraded to Buy at Merrill), SPP +1.9% (upgraded to Outperform at Credit Suisse), PTEC +1.3% (upgraded to Buy at Roth Capital), LULU +1.2% (upgraded to Overwt at Weisel), MGLN +1.2% (upgraded to Buy at tier 1 firm), MRO +1.1% (upgraded to Outperform at Oppenheimer).
NYSE Arca Morning Update for Thursday, Apr 3, 2008 :
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)
|Wednesday's Close||Current Price||Pct Chng||Current NYSE Arca Vol|
10 Most Active stocks on NYSE Arca as of 08:30:00 ET
|Based on Dollar Volume:||Based on Share Volume:|
NYSE Arca Morning Update
Gapping up: ANGO +14.7%, ATSI +14.4%, XIN +11.1%, EMKR +8.2%, MU +4.9%, RBN +4.7%, RIMM +4.5%, CCU +4.5%, BLX +3.5%, LDK +3.0%, ESLR +2.6%, EBAY +2.6%, ACI +2.2%, LMC +1.7%, BHP +1.3%, GOLD +1.2%, SGP +1.0%...
Gapping down: HNI -12.6%, WFR -11.1%, JASO -3.9%, RT -3.6%, BCS -2.5%, CS -2.4%, LNDC -2.2%, FSLR -2.0%, DB -1.9%.
Pre-Market Most Active Stocks - NASDAQ Premarket