May 16, 2008

Friday, May 16, 2008

Pre Market Trading Indications

Gapping down in reaction to disappointing earnings/guidance: ATEA -27.1%, GSI -19.3%, QTM -10.1%, SPRD -9.6%, KONG -9.5%, GA -7.9%, EXAR -7.9%, MNT -7.2%, CLNE -5.5%, BZH -4.7%, CPWR -2.7%, KSS -1.0%...

Other news: DVAX -7.6% (TOLAMBA chamber study misses primary endpoint; sees total pro forma revs for 2008 unchanged in the range of $42 to $46 mln), ALD -5.7% (co filed a Form 497 after the close last night related to 7.5 mln share offering as part of previously announced shelf offering), RBS -4.5% (Berkshire pulls out of RBS auction - Financial Times), SNY -4.2% (still checking), LWAY -4.0% (FDA shutting down co's seafood, cream cheese ops - DJ), LPL -4.0% (LG Display sinks after Lehman downgrade - Reuters.com), ATN -3.5% (prices public offering of common units), AMR -2.8% (FAA looks into American's inspections - WSJ), OSIP -2.8% (still checking), ASTI -1.8% (prices its offering of 3.8 mln common shares at $14.00/share)...

Analyst downgrades: RF -3.3% (downgraded to Sell at Merrill), CNQR -2.8% (downgraded to Neutral at Credit Suisse), JCP -1.8% (downgraded to Neutral at tier 1 firm), ALB -1.7% (downgraded to Neutral at JPMorgan), LVS -1.6% (resumed with Sell at Merrill), RAI -1.5% (downgraded to Underweight at JPMorgan), URBN -1.5% (downgraded to Equal Weight at Lehman and downgraded to Hold at Stifel Nicolaus), SNDK -1.2% (downgraded to Underperform at JMP), HCN -1.1% (downgraded to Market Perform at Morgan Keegan).

Gapping up in reaction to strong earnings/guidance: CPSL +26.0%, NED +21.0%, SUTR +17.9%, AAP +9.7% (also authorizes $250 mln share repurchase to replace existing program), UTSI +4.6%, BMC +4.3%...

M&A news: CHIP +21.7% (Stanley Works agrees to acquire Xmark from VeriChip for $45 mln cash)...

Select biotech/pharma stocks showing strength with 2008 ASCO abstracts filed last night: PCOP +18.2% (investigational therapy PS433540 achieves 'statistically significant' reductions in blood pressure in hypertensive patients), MEDX +7.0%, AZN +2.0% (Array Biopharma and AstraZeneca announce new Ph. 2 development plans for the investigational anti-cancer drug AZD6244), DNA +2.0% (provided an overview of several clinical studies of Avastin), LLY +1.7%...

Select metals/mining stocks showing strength with higher spot prices: LMC +6.5% AAUK +2.7% DROOY +2.5% RTP +1.8%, GLD +1.5%, GOLD +1.4%...

Other news: HOKU +15.2% (announces that the Public Utilities Commission approves Hoku Solar-Hawaiian electric contract for photovoltaic project), AMLN +6.1% (Icahn discloses new 6.3 mln share stake), KMX +3.9% (Berkshire Hathaway discloses increased stake in co), ENI +3.6% (Cramer makes positive comments on MadMoney), NOK +2.8% (still checking), SAN +2.4% (Cramer makes positive comments on MadMoney), SBUX +2.1% (Peltz's Triac reports stake in Starbucks - Bloomberg), ALU +1.9% (still checking), BP +1.4% and TOT +1.4% (still checking on anything specific), KFT +1.2% (Berkshire Hathaway discloses increased stake in co)...

Analyst upgrades: RSH +5.0% (upgraded to Buy and added to Conviction Buy List at tier 1 firm), IGT +1.4% (resumed with Buy at Merrill).

Gapping up:

CHIP +21.7%, NED +21.0%, SUTR +19.6%, HOKU +15.2%, AAP +8.7%, LMC +6.5%, AMLN +6.1%, JWN +4.0%, KMX +3.9%, ENI +3.6%, BMC +3.5%, NOK +2.8%, AAUK +2.7%, SAN +2.4%, SBUX +2.1%, BP +1.4%, TOT +1.4%, KFT +1.2%...

Gapping down:

LWAY -18.4%, GSI -18.1%, KONG -14.9%, QTM -10.1%, CLNE -9.1%, MNT -8.7%, EXAR -7.9%, SPRD -7.8%, ASTI -5.6%, GA -5.5%, NCOC -5.1%, ALD -4.7%, OSIP -4.4%, ATN -4.1%, CPWR -2.7%, KSS -1.5%.

NYSE 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	Thursday's Close	Current Price	Pct Chng	Current NYSE Arca Vol
CLF	$190.66	$96.30	( 49%)	450
CPSL	$4.36	$5.84	34%	491,896
PCOP	$3.18	$4.25	34%	21,740
SUTR	$7.00	$8.43	20%	4,190
GSI	$11.90	$9.55	( 20%)	3,675
NED	$6.86	$8.18	19%	6,800
HOKU	$7.81	$9.03	16%	9,300