May 13, 2008

Tuesday, May 13, 2008

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Pre Market Trading Indications

Gapping down in reaction to disappointing earnings/guidance: CRZ -15.8%, USS -14.3%, DFR -11.3%, VVTV -10.3%, FXEN -9.1%, LDK -7.0%, HOKU -6.8% (also files for a $110 mln mixed shelf offering and co and Solarfun approve amendment and extension of polysilicon supply agreement), ABP -6.0%, NUAN -6.0%, WSPI -5.8%, WNR -4.2%, DISH -3.1%, SIL -2.6%, VGR -2.0%, HPQ -1.8% (also confirms it will acquire EDS for $13.9 bln and hearing removed from Americas Conviction Buy List at tier 1 firm), WMT -1.5%...

Select European financial names trading lower following weakness in overseas trading: RBS -3.6%, BCS -2.5%, UBS -1.9%, DB -1.3%, ING -1.0%...

Select gold stocks showing weakness with lower spot prices: AU -2.1%, AUY -2.1%, GOLD -1.9%, NEM -1.5%, GFI -1.3%, GLD -1.1%...

Other news: DT -8.5% (holder KfW to sell convertible bond - Bloomberg.com), PPC -6.8% (agrees to underwritten offering of common stock), TRLG -6.7% (still checking), TBSI -6.6% (announced follow-on offering of 3.4 million common shares), NAT -4.5% (announces that it has commenced an offering of 4 mln shares), HT -2.8% (announces commencement of public offering of 6 mln common shares), ASML -2.7% (still checking), NLY -2.5% (files for 40 mln share common stock offering), TS -1.4% (still checking)...

Analyst downgrades: GNA -3.7% (downgraded to Hold at KeyBanc), LHCG -2.8% (downgraded to Market Perform at Wachovia), MNT -2.8% (downgraded to Hold at Lazard Capital), HBHC -2.0% (downgraded to Market Perform at Keefe Bruyette), BKUNA -1.4% (downgraded to Hold at Sterne Agee), CETV -1.3% (hearing downgraded to Neutral at tier 1 firm).

Gapping up in reaction to strong earnings/guidance: FSYS +18.6%, CSIQ +17.3%, KNXA +15.1%, NTWK +13.6%, ULTR +11.1%, FLR +7.2%, PAL +5.8%, WRNC +5.4%, BE +5.4%, BYI +4.3%, PGIC +3.5%, PBR +3.0%, PSEC +2.7%, GIGM +1.9%, CCJ +1.7%...

M&A news: IOMI 110.3% (Intercell AG to buy Iomai in a cash deal worth $6.60/share), EDS 0.9% (HPQ confirms it will acquire EDS for $25/share)...

Other news: CKXE +6.2% (revised purchase offer from 19X for $12 per share), FWLT +3.8% (up in sympathy with FLR), CFX +3.4% (Cramer makes positive comments on MadMoney), OC +2.0% (Cramer makes positive comments on MadMoney), EMR +1.9% (Cramer makes positive comments on MadMoney), SOLF +1.2% (HOKU Scientific and Solarfun approve amendment and extension of polysilicon supply agreement)...

Analyst upgrades: MEDX + 3.1% (upgraded to Buy at Needham), BOOM + 2.1% (upgraded to Buy at Keybanc).

Gapping up: FSYS +18.6%, KNXA +17.0%, FLR +7.2%, PAL +5.8%, BE +5.4%, BYI +4.3%, CFX +4.2%, WRNC +3.8%, PGIC +3.5%, PBR +3.0%, OC +2.7%, CKXE +2.0%, EMR +1.9%, LMC +1.8%...

Gapping down: ABP -11.4%, DFR -11.3%, DT -7.7%, VVTV -7.2%, HOKU -6.7%, NUAN -5.0%, LDK -4.8%, WNR -4.2%, NAT -4.2%, AU -2.9%, HT -2.8%, WMT -2.7%, ASML -2.7%, NLY -2.5%, TS -2.0%, PPC -1.8%, DB -1.5%.

Pre Market Trader Talk with Bob Pisani - CNBC.com

Stronger retail sales than expected (ex-auto up 0.5 percent, the best showing since November) has caused an 8-point pop in futures.

Elsewhere:

1) Hewlett-Packard's

Hewlett-Packard Co

HPQ

46.83 UNCH 0%

NYSE

Quote | Chart | News | Profile

[HPQ 46.83 --- UNCH (0%)

] $12.6 b deal for Electronic Data [EDS 24.13 --- UNCH (0%) ] systems ($25.00 a share) is a direct challenge to IBM[IBM 125.24 --- UNCH (0%)

] , and--bulls hope--the most recent of many strategic acquisition deals by large companies. Still, the IBM bulls are not shrinking--IBM closed at a 6 year high yesterday.

2) Engineering and construction giant Fluor

Fluor Corp

FLR

166.36 UNCH 0%

NYSE

Quote | Chart | News | Profile

[FLR 166.36 --- UNCH (0%) ] again proved the value of being truly international. They get nearly 60 percent of their revenues outside the U.S. They are particularly strong in oil and natural gas engineering--where their revenues were up 55 percent. Industrial and infrastructure was flat. Power segment up over 100 percent. Most importantly, they have continued to land substantial new contracts, and so they have increased their earning guidance for 2008 by almost 20 percent. Up 9 percent pre-open.

3) Liz Claiborne

Liz Claiborne Inc

LIZ

18.37 UNCH 0%

NYSE

Quote | Chart | News | Profile

[LIZ 18.37 --- UNCH (0%) ] cut their guidance (a day after Ann Taylor [ Loading... (%) ] raised theirs), but stock is not down. Earnings better than expected.

4) Toll Brothers

Toll Brothers Inc

TOL

23.37 UNCH 0%

NYSE

Quote | Chart | News | Profile

[TOL 23.37 --- UNCH (0%) ] continued the trend of builders, noting that the spring selling season was "quite weak in most markets as buyers remained on the sidelines," according to CEO Robert Toll. He does note that "there is significant pent-up demand which is growing. When we have held promotions, buyers have come out to play and put down deposits. Often, however, a lack of confidence in the direction of home prices overcomes their enthusiasm..."

5) Meredith Whitney again cut earnings estimates for Goldman Sachs, Merrill Lynch, Lehman, and Morgan Stanley--this time for 2008 and 2009.

Whitney said that brokers will have to write down gains they booked on the declining value of their own debt (this is all due to a recent change in accounting rules). More importantly, Whitney noted that "With less than three weeks until the end of the fiscal 2Q08, the global capital markets activity for the quarter shows continued weakness with declines of over 40% YOY across the different segments. We believe that valuation multiples, at best, will remain at current levels but more likely deteriorate further as we believe the outlook for the group is far more bleak than that reflected in the market."

And yet, others see signs of improvement. For example, Douglas Sipkin at Wachovia noted this morning that there has been recent strengthen in some parts of the capital markets, including IPOs, Mergers and Acquisitions, debt markets, and a tightening in spreads for high yield securities.

Retail Sales Stronger, But Some Financials Get Earning Cuts - Trader Talk with Bob Pisani - CNBC.com

Pre-market: SmallCap

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:

• Fuel Systems Solutions, Inc. (Nasdaq:FSYS), up 19% after reporting first-quarter results after Monday’s close that beat the street and raised full-year revenue guidance.
• Kenexa (Nasdaq: KNXA), up15% after the global provider of talent acquisition and retention services reported first-quarter earnings after Monday’s close that trumped the consensus on Wall Street, while revenues met. The company also issued full year guidance above analysts’ estimates and second-quarter revenues above the Street.
• Ultrapetrol (Bahamas) Ltd. (Nasdaq:ULTR), up 13% after the industrial transportation company reported first-quarter results Monday evening that beat the consensus on Wall Street. The small cap attributed the robust results to strong demand in all of its main lines of business.

Biggest percentage losers:

• ShopNBC (Nasdaq:VVTV), down 10% after the 24-hour TV shopping network said after Monday’s close that it expects to report a decline in first-quarter revenues below the consensus on Wall Street, as the company grappled with a difficult consumer economy and a slowdown in discretionary spending.
• Hoku Scientific, Inc. (Nasdaq:HOKU), down 7% after reporting fourth-quarter results this morning that fell short of the consensus view on Wall Street.
• Comverge, Inc. (Nasdaq:COMV), down 5% after reporting a first-quarter net loss that was wider than Wall Street expected, but narrower from the year-ago quarter.

Shares of Kenexa (Nasdaq:KNXA) got a jolt in pre-market trading after the global provider of talent acquisition and retention services reported first-quarter earnings after Monday’s close that trumped the consensus on Wall Street, while revenues met.

The company also issued full year guidance above analysts’ estimates and second-quarter revenues above the Street.

Shares gained 15%, or $2.81, to $21.40 in pre-market trading. For detailed price information and recent news stories about Kenexa, click KNXA.

Pre-market: Kenexa jumps on Q1 EPS above the Street, revenues meet - SmallCapInvestor.com