Tuesday, May 6, 2008

PreMarket - Trader Talk with Bob Pisani - CNBC.com

Futures lower here by about 9 points, partly due to Fannie Mae, but Goldman's bullish comments on oil aren't a big help either.

1) Disappointing report from Fannie Mae

Federal National Mortgage Association (Fannie Mae)
FNM

28.29 UNCH 0%
NYSE




[FNM 28.29 --- UNCH (0%) ] . They reported a loss of $2.57 per share, well above the loss of $1.48 estimated by analysts. A larger provision for credit losses was the main culprit. They're also raising $6b in new capital through offerings of common and convertible and non-convertible preferred stock.

To top it off, they cut their dividend to $0.25 from $0.35 per quarter. Their outlook on the housing market is a tad gloomier; they now expect prices to decline 7-9 percent on a national basis in 2008; they had previously seen prices down 5-7 percent. Fannie is down 7 percent pre-open. Freddie Mac down 4 percent.

2) Goldman is getting even more bullish on oil. A note out this morning asks, "Has the super-spike end game begun?" They say the current energy crisis may be coming to a head, that lack of adequate supply growth could spike oil to $150-$200 a barrel in the next 6-24 months. They remain bullish on most of the energy sector.

Vulcan Materials

Vulcan Materials Co
VMC

67.49 UNCH 0%
NYSE




[VMC 67.49 --- UNCH (0%) ] will be a big loser. They missed big, and sales were well below expectations. Down 10 percent.

3) Home builder DR Horton

D.R. Horton Inc
DHI

15.97 UNCH 0%
NYSE




[DHI 15.97 --- UNCH (0%) ] , like their colleagues, reported losses much greater than expected. Like their colleagues, there were large pre-tax charges (about $834 m) for inventory impairments (read: our houses and land are worth less) and write-offs of deposits and pre-acquisition costs. The only good news here is that orders were down about 25 percent, that is certainly an improvement over the prior quarter, when orders were down over 50 percent.

4) NYSE Euronext

NYSE Euronext
NYX

68.07 UNCH 0%
NYSE




[NYX 68.07 --- UNCH (0%) ] also reported earnings better than expected. The gain appears to have come from lower expenses and lower taxes. Takeaway: they're doing a good job on cost control, with merger-related savings a big plus. It will be the same with the takeover of the AmEx: up to 75 percent of the AmEx staff may lose their jobs through costs savings. Now if only they can stop the decline in market share...


Fannie Mae, Oil Comments Not To Market's Liking - Trader Talk with Bob Pisani - CNBC.com

Pre Market Trading Indications

Gapping up in reaction to strong earnings/guidance: IPHS +24.9%, PWAV +17.2%, ATSI +16.6%, DIVX +16.3%, SYKE +12.9%, IAR +10.5%, XEC +9.0%, WEL +8.8%, TDG +8.4%, APC +7.4%, RAS +7.1%, MCK +6.7%, ALJ +6.0%, AU +5.4%, AFAM +5.4%, SE +4.8%, ARG +4.5%, CECO +3.5%, TAP 3.5%, BDE +2.9%, MNKD +2.0%, WWE +1.1%, CSR +1.0%...

Select gold stocks showing strength with higher spot prices
: DROOY +3.2%, GOLD +2.9%, GFI +1.4%, HMY +1.1%...
Other news
: DWA +4.7% (replaced MLNM in S&P Midcap 400; also hearing added to Conviction Buy list at tier 1 firm), IFX +4.3% (Infineon up in Europe on talk of interest from Samsung, Intel - Reuters.com), SSL +3.6% (still checking), GMCR +3.2% (will replace MATR in the S&P SmallCap 600), YHOO +2.5% (modestly rebounding following yesterday's ~15% decline; CEO open to more MSFT talks), EP +2.3% (finds oil in Brazil offshore field), AA +1.9% (Cramer makes positive comments on MadMoney), BMY +1.8% (Cramer makes positive comments on MadMoney), LDK +1.7% (signs a five-year wafer supply agreement with Qimonda), TGT +1.0% (announces agreement to sell interest in credit card receivables to JPMorgan Chase for initial investment of $3.6 bln)...

Analyst upgrades
: CRBC +5.0% (upgraded to Outperform at Oppenheimer and upgraded to Outperform at Keefe Bruyette), TPP +2.9% (upgraded to Buy at Citigroup), HES +2.5% (hearing upgraded to Buy and added to Conviction Buy List at tier 1 firm), AG +1.8% (upgraded to Buy at tier 1 firm).

Gapping up
: ATSI +16.6%, DIVX +16.3%, PWAV +16.2%, APC +7.7%, AU +6.0%, ARG +5.5%, WEL +4.7%, MCK +4.3%, EP +2.9%, BDE +2.9%, LDK +2.8%, GMCR +2.7%, AA +2.6%, BMY +2.2%, MNKD +2.0%, CECO +1.9%, CFC +1.7%, YHOO +1.1%, TGT +1.0%...

Gapping down
: OMPI -15.7%, VM -13.6%, CIM -12.3%, SMG -9.7%, WTW -6.4%, DHI -6.0%, PFG -2.9%, GFA -2.5%, UBS -2.5%, RTP -2.1% JRCC


NYSE PreMarket Trading Arca Morning Update

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
Monday's Close Current Price Pct Chng Current NYSE Arca Vol
PWAV

$2.88

$3.46

20%

2,370

DIVX

$7.74

$9.08

17%

4,550

OMPI

$8.76

$7.39

( 16%)

9,041

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
$253,528,977
QQQQ
$22,331,132
YHOO
$19,511,371
FNM
$18,309,314
AAPL
$9,702,149
XLF
$8,608,620
BHP
$7,374,354
IWM
$6,850,125
USO
$5,959,106
MT
$4,678,474
Stock
Share Volume
SPY
1,808,274
YHOO
787,545
FNM
709,237
QQQQ
461,192
XLF
320,513
IWM
95,300
BHP
87,100
FRE
80,024
CFC
78,738
USO
61,779


NYSE Arca Morning Update

Pre-Market Trading Most Active Stocks - NASDAQ Premarket


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)

DivX, Inc.
$7.74 $9.10 17.57% 4,500

Powerwave Technologies, Inc.
$2.90 $3.40 17.24% 6,370

Eclipsys Corporation
$21.68 $23 6.09% 3,100

Almost Family Inc
$18.98 $20 5.37% 5,584

ARM Holdings, plc
$6.34 $6.64 4.73% 12,500

Citizens Republic Bancorp, Inc.
$6.65 $6.93 4.21% 28,700

Randgold Resources Limited
$45.59 $46.93 2.94% 8,000

TASER International, Inc.
$7.33 $7.51 2.46% 19,378

Vanda Pharmaceuticals Inc.
$5.47 $5.60 2.38% 12,472

Crocs, Inc.
$10.12 $10.30 1.78% 31,000

As of 5/6/2008 8:22:06 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)

Obagi Medical Products, Inc.
$8.79 $7.40 15.81% 10,380

James River Coal Company
$26 $24.05 7.50% 7,640

Otter Tail Corporation
$38.56 $36 6.64% 6,808

Perrigo Company
$42.31 $40 5.46% 10,840

Ryanair Holdings plc
$29.25 $27.77 5.06% 3,800

Bucyrus International, Inc.
$135.04 $132.28 2.04% 8,500

E*TRADE Financial Corporation
$4.08 $4.01 1.72% 31,255

Shire plc
$53.46 $52.55 1.70% 11,100

Teva Pharmaceutical Industries Limited
$47.32 $46.80 1.10% 7,462

Broadcom Corporation
$26.28 $26 1.07% 106,600

As of 5/6/2008 8:22:48 AM


Pre-Market Most Active Stocks - NASDAQ Premarket

Subscribe to "The $t0ckman" via email

Enter your email address:

Delivered by FeedBurner