Thursday, April 3, 2008
Pre Market Trader Talk with Bob Pisani - CNBC.com
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.
Elsewhere:
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.
Earnings:
1) Micron [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.
3) Constellation Brands[STZ 18.72 --- UNCH (0%) ] beat, and guided for fiscal 2009 of $1.68-$1.76 (analyst estimate $1.67).
National City [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
Pre Market Trading Indications
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 Pre Market Morning Update
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)
Stock | Wednesday's Close | Current Price | Pct Chng | Current NYSE Arca Vol |
|---|---|---|---|---|
HOLX | $58.99 | $34.51 | ( 42%) | 825 |
CBLI | $4.05 | $5.00 | 23% | 500 |
10 Most Active stocks on NYSE Arca as of 08:30:00 ET
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NYSE Arca Morning Update
Pre Market Gaps
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
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Pre-Market Most Active Stocks - NASDAQ Premarket
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