May 2, 2008

Friday, May 2, 2008

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Premarket - Trader Talk with Bob Pisani - CNBC.com

Futures rallied 12 points on better than expected nonfarm payrolls report, with minor revisions in February and March numbers. The market will like it because while the economy is clearly soft, we are not seeing a wholesale collapse in the job market. Wages, however are weak, negative in fact if adjusted for inflation.

More importantly for stocks, the dollar rallied, commodities declined modestly.

Elsewhere:

1) Cadbury has split from Schweppes (gads!); it will continue to trade under the symbol CSG

Cadbury PLC

CSG

45.46 UNCH 0%

NYSE

Quote | Chart | News | Profile

[CSG 45.46 --- UNCH (0%)

] . The beverage unit will be renamed Dr. Pepper Snapple Group (double gads!) and will begin trading next week.

2) Unlike Exxon

Exxon Mobil Corp

XOM

90.01 0.31 +0.35%

NYSE

Quote | Chart | News | Profile

[XOM 90.01 0.31 (+0.35%) ] , Chevron [CVX 95.4

0.46 (+0.48%)

] did beat its numbers, but they had the same problems Exxon had. Upstream earnings benefited from a big increase in oil, but refining suffered because they couldn't raise gasoline prices as much as oil was going up. How bad was downstream earnings? They made $4 million in downstream earnings (total earnings were $5.17 BILLION); they made $347 million in downstream earnings for the same period last year. Like Exxon, production also declined. Up 1 percent.

3) NetSuite

NetSuite Inc

17.75 -4.56 -20.44%

NYSE

Quote | Chart | News | Profile

[N 17.75

-4.56 (-20.44%)

] hit hard here, down 21 percent. Their numbers (loss of $0.01) were basically in line, and guidance was within the range of expectations, maybe at the lower end. Investors obviously were expecting more. The company made a splash at its debut in December; they provide software to businesses through "cloud computing" a hot application that allows them to access their applications over the Internet.

4) In case you thought the credit crunch was over, the Fed has apparently noted the elevated levels of LIBOR recently. Just before the nonfarm payroll reports, the increased the size of the TAF (Term Auction Facility) to $150b from $100b but is leaving the maturity at 28 days. The TAF, you will recall, allows the Fed to auction funds to depository institutions and accept a wide range of collateral in return. They are also expanding the type of collateral they will accept in the TSLF facility to include AAA asset backed securities.

Market Likes Payroll Numbers, But Likes Dollar Rally More - Trader Talk with Bob Pisani - CNBC.com

Small Cap pre-market gainers and losers

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $50 million and $750 million:

Biggest percentage gainers:

• Town Sports International Holdings, Inc. (Nasdaq: CLUB), up 21% after the owner and operator of health clubs reported after Thursday’s close that it swung to a profit in the first quarter.
• NetScout Systems, Inc. (Nasdaq: NTCT), up 18% after the advanced network and service assurance provider posted fourth-quarter results after Thursday’s close that trumped the consensus on Wall Street, noting the synergistic value creation from its acquisition.
• BluePhoenix Solutions (Nasdaq: BPHX), up 11% after reporting first-quarter results that met analysts’ expectations on continued strength in the legacy information technology market.

Biggest percentage losers:

• Magma Design Automation Inc. (Nasdaq:LAVA), down 19% after the provider of chip design software reported fourth-quarter revenues that fell short of the consensus view on Wall Street. Adding insult to injury, the San Jose, Calif.-based firm issued first-quarter guidance below analysts’ estimates.
• Secure Computing Corp. (Nasdaq:SCUR), down 11%, after posting a GAAP net loss on litigation charges and issuing second-quarter guidance short of the consensus view on Wall Street.
• Novatel Wireless, Inc. (Nasdaq: NVTL), down 8%, after posting lower first-quarter results after Thursday’s close and issuing second-quarter guidance below the Street.

Friday’s pre-market gainers and losers - SmallCapInvestor.com

Pre Market Trading Indications

Gapping up in reaction to strong earnings/guidance: SCOR +17.9% (also upgraded to Outperform at Oppenheimer), NTCT +17.6%, SONE +17.0%, KBR +13.9%, B +13.4%, CLUB +11.4% (also upgraded to Outperform from Market Perform at William Blair), CQB +10.9%, DLB +10.7%, TSYS +10.5%, AVR +9.3%, CAB +9.2%, BPHX +8.9%, MGRM +8.8%, NT +8.6%, AVNX +8.2%, PHTN +8.2%, HNSN +8.1%, LQDT +4.3%, FIX +4.1%, ACS +3.9% (also upgraded to Buy at Jefferies), BEBE +3.9%, DUK +3.6%, NXG +3.5%, TGI +3.2%, CMO +2.7%, DRIV +2.5%, IDTI +2.5%, ICE +2.2%, SPN +1.9%, QLGC +1.8%, AGU +1.2%, VIA.B +1.2%, CSTR +1.1%...

M&A news: MFLO +10.7% (ADSK announces intent to acquire Moldflow for $22 a share in cash)...

Select mortgage names showing strength as Fed takes measures to address 'persistent liquidity pressures' and expanding TSLF collateral to include AAA asset-backed securities: MBI +6.0% ABK +5.4% FRE +2.7% FNM +1.8%...

Other news: FRPT +9.3% (awarded a $92 mln contract under a previously awarded contract - DoD), LMC +5.0% (still checking), SOL +5.0% (still checking), XMSR +4.5% (still checking), YHOO +2.8% (Yahoo-Google pact may be close; MSFT appears to lean toward hostile Yahoo bid - WSJ), RBS +1.6% (Texas Pacific weighs up RBS insurer risk - Daily Telegraph), BHP +1.4% (BHP-Rio Tinto deal draws more skeptics - WSJ)...

Analyst upgrades: VNDA +10.5% (initiated with Buy at Caris), CRDC +5.8% (initiated with a Buy at Lazard Capital), RSH +3.3% (upgraded to Buy at BofA), DRE +2.4% (upgraded to Buy at Deutsche Bank and upgraded to Outperform at Wachovia), SUNH +1.3% (upgraded to Outperform at Friedman Billings).

Gapping down in reaction to disappointing earnings/guidance: SWIM -39.9% (also downgraded to Market Perform at BMO Capital and downgraded to Market Perform at Raymond James), N -21.8%, LAVA -18.5% (also downgraded to Hold from Buy at Needham), JAVA -16.7% (also downgraded to Peer Perform at Bear Sterns), MSTR -15.8%, SSD -14.9%, ABAX -14.9%, BOOM -14.6% (also downgraded to Neutral at JPMorgan), CRUS -12.5%, HIFN -12.2%, JSDA -10.1%, IMMR -7.8%, NVTL -7.8%, EVVV -7.3%, DEPO -5.4%, SCUR -5.0%, EHTH -4.6%, WYNN -1.6%, VR -1.3%, WLT -1.0%...

M&A news: ADSK -2.1% (announces intent to acquire Moldflow for $22 a share)...

Other news: ERIC -4.2% (falls as Lehman say margin improved less then reported - Bloomberg), NOK -1.6% (down in sympathy with ERIC)...

Analyst downgrades: JSDA -10.1% (downgraded to Sell at Piper), SSBX -4.6% (downgraded to Sell from Hold at Sandler O'Neill), ITG -2.5% (downgraded to Market Perform at Keefe Bruyette), SEPR -1.9% (downgraded to Underperform at Friedman Billings), GPS -1.1% (downgraded to Neutral at BofA).