MarketWatch.com - Pre-Market Indications

Wednesday, July 30, 2008

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: EDAC -27.7%, ULTI -26.1% (also downgraded to Neutral at Broadpoint and downgraded to Sell from Buy at Soleil), LFG -24.9% (light volume, also downgraded to Underperform at RBC Capital Mkts), SIMO -23.2%, HBI -19.0%, ALGN -17.8% (also downgraded to Mkt Perform at Leerink Swann), DGLY -16.7%, OMX -15.0%, CT -14.2% (also downgraded to Hold at Jefferies), ELON -14.0%, CBG -12.9%, TTMI -12.6%, GRMN -12.3%, HAFC -11.1% (also downgraded to Underperform at Friedman Billings), LYG -9.3%, BBOX -7.6%, ACTL -7.0%, VNUS -6.3%, MET -5.5%, ERTS -5.1%, AHG -4.7%, INCY -4.5%, CALD -3.2%, CBI -2.7%, HUN -2.2%, GLW -2.0%, BRE -1.4% (also downgraded to Neutral at Merrill), SNWL -1.3%…

Select European financials trading lower following weakness overseas and LYG results: BCS -2.5%, DB -1.7% (faces pressure to expand consumer unit - Bloomberg.com), UBS -1.5%…

Other news: ELN -36.9% and WYE -15.3% (Phase 2 clinical trial of bapineuzumab did not attain statistical significance on pre-specified efficacy endpoints in overall study population; also WYE downgraded to Sell at Citigroup), GFI -2.7% (announced that Terence Goodlace has informed the Board of his resignation as COO and an executive director effective September 30, 2008)…

Analyst comments: ICTG -3.8% (downgraded to Market Perform at William Blair), FDX -1.3% (downgraded to Equal Weight from Overweight at Morgan Stanley).

Gapping Up

In reaction to strong earnings/guidance: BWLD +17.3% (also upgraded to Outperform at Baird), STAR +16.8%, RSYS +16.6%, CSCX +11.5%, ASGR +11.2%, RFMD +10.3%, PZN +10.1% (light volume), SVVS +10.0% (upgraded to Buy at Jefferies), TWP +9.1% (light volume), TWI +8.7%, KEYN +8.5% (light volume), CMI +7.5%, MT +7.1%, MRVC +5.8%, ADVS +5.4%, SLAB +5.4%, ALVR +4.6% (light volume), CTX +4.4%, NATI +4.2% (also upgraded to Hold at Citigroup), SI +4.2%, OC +4.1%, ENTU +3.2%, CAM +3.0%, BEXP +2.2% (also announces 1,110 BOPD Bakken completion, growing Williston Basin Oil production and apparent third consecutive Southern Louisiana discovery), AMMD +2.1%, CMCSA +2.0%, AMT +1.6% (light volume), ACE +1.6%…

Select mortgage/financial stocks showing strength following Bush approval of housing bill: FRE +8.0%, MBI +6.9%, RDN +6.7%, FNM +5.5%, ABK +3.3%, WB +2.4%, LEH +1.4%, WM +1.1%, BAC +1.1%…

Other news: CVI +30.0% (says stockholders will not proceed with previously announced common stock offering), HOKU 12.9% (HOKU and Jiangxi Kinko Energy sign $298 mln polysilicon supply contract), COIN 8.8% (announces that it has begun taking orders for its Turf Blend 6), ERII +8.4% (light volume, Energy Recovery’s PX Technology contracted for the largest membrane desalination plant in China), CPST +6.7% (receives order from HelioFocus for the development of a solar powered microturbine), GRA +6.3% (BASF Mulling Possible Bid For W.R. Grace - DJ), SLT +5.3% (still checking), SPIR +4.5% (announces multi-yr contract with Trina Solar), AZN +3.7% (still checking), RTP +1.9% (BHP’s Argus tells Rio investors takeover to add value - Bloomberg.com), SGP +1.7% (BRIDION (sugammadex) injection approved in European Union)…

Analyst comments: WX +1.7% (upgraded to Buy from Neutral at Piper Jaffray), HERO +1.3% (upgraded to Buy from Neutral at Jesup & Lamont), MYGN +1.1% (upgraded to Outperform from Sector Perform at RBC).

Pre Market Trader Talk with Bob Pisani

Futures rose pre-open as the July ADP private sector employment report showed a gain of 9,000, much better than the expected drop of 60,000.

Not all the economic news was good:

1) The weekly Mortgage Bankers report showed a sharp decline in refinancings, as well as a 7.8 percent drop in purchases. This even though interest rates are at 6.46 percent, not historically high. Tighter lending standards and lower demand is the likely problem.

2) The Street remains bearish. The weekly survey of financial newsletter writers by Investors Intelligence shows only 30 percent bullish, 50 percent bearish, the first time bears were at 50 percent since 1995.

Elsewhere:

1) Drug make Elan

ELAN CORP PLC
ELN

33.75 UNCH 0
NYSE




[ELN 33.75 --- UNCH (0) ] down 38 percent pre-open, and U.S. partner Wyeth[WYE 45.11 --- UNCH (0) ] down 16 percent, as clinical results on Elan's new Alzheimer's drug has been disappointing. They are, however, moving the drugs to late-stage trials.

We'll have the Elan CEO on at 9:40. (read our Pharma's Market blog as well)

2) Engine maker Cummins

CUMMINS INC
CMI

66.02 UNCH 0
NYSE




[CMI 66.02 --- UNCH (0) ]up 8 percent as both top and bottom line were both well above expectations; non-U.S. sales were particularly strong and are now 61 percent of total sales. It wasn't all good news: engine sales for the Chrysler Dodge Ram pickup dropped 60 percent from a year ago; RV engine sales were down 40 percent. Despite this, they are raise their sales forecast to a gain of 15 percent, from a gain of 12 percent.

3) Office Depot

OFFICE DEPOT INC
ODP

6.90 UNCH 0
NYSE




[ODP 6.90 --- UNCH (0) ]continues to post weak results, posting a loss as sales in North America declined 6 percent; comp store sales were down 10 percent. The initial weakness in Florida and California has spread to the rest of the country.

4) Corning

CORNING INC
GLW

21.32 UNCH 0
NYSE




[GLW 21.32 --- UNCH (0) ]was in line with expectations; the company said the LCD market was expected to grow at the upper end of the 25 to 30 percent range because LCD product demand has remained strong.



The Street Remains A Bear - Trader Talk with Bob Pisani - CNBC.com



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
Tuesday's Close Current Price Pct Chng Current NYSE Arca Vol
ELN

$33.62

$21.20

( 37%)

3,090,744

ULTI

$33.01

$23.53

( 29%)

16,185

SIMO

$11.00

$8.40

( 24%)

7,567

HOKU

$5.65

$6.83

21%

4,353

HBI

$27.31

$22.06

( 19%)

500

WYE

$45.14

$37.22

( 18%)

692,925

BWLD

$31.04

$36.43

17%

11,057

STAR

$11.56

$13.51

17%

5,001

DGLY

$8.99

$7.55

( 16%)

14,890

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
$229,561,345
QQQQ
$75,658,716
ELN
$69,928,983
IWM
$27,149,843
WYE
$26,418,575
GRMN
$16,999,872
GLD
$11,425,780
MT
$7,559,018
TOT
$7,371,190
SKF
$6,737,253
Stock
Share Volume
ELN
3,090,744
SPY
1,814,461
QQQQ
1,665,378
WYE
692,925
GRMN
430,976
IWM
380,130
XLF
177,230
MER
157,193
GLD
127,654
FRE
105,469


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)

Hoku Scientific, Inc.
$5.67 $6.85 20.81% 23,186

Buffalo Wild Wings, Inc.
$31.04 $35.70 15.01% 36,998

American Commercial Lines Inc
$9.57 $10.87 13.58% 51,458

RF Micro Devices, Inc.
$2.91 $3.30 13.40% 1,695,678

SAVVIS, Inc.
$13.64 $15.37 12.68% 3,199

Starent Networks, Corp.
$11.56 $13.02 12.63% 7,400

National Instruments Corporation
$28.78 $31.72 10.22% 49,382

Energy Recovery, Inc.
$10.78 $11.69 8.44% 3,900

UAL Corporation
$8.51 $9.20 8.11% 221,801

Silicon Laboratories, Inc.
$32.27 $34.50 6.91% 36,276

As of 7/30/2008 9:14:55 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)

Ultimate Software Group, Inc. (The)
$33 $24.40 26.06% 210,022

Silicon Motion Technology Corporation
$11 $8.40 23.64% 317,676

Align Technology, Inc.
$11.19 $9 19.57% 16,500

Echelon Corporation
$12.67 $10.80 14.76% 10,400

TTM Technologies, Inc.
$12.81 $11.15 12.96% 12,700

Garmin Ltd.
$45.06 $39.90 11.45% 893,018

Hanmi Financial Corporation
$6.30 $5.65 10.32% 3,000

Incyte Corporation
$9.18 $8.61 6.21% 3,400

Electronic Arts Inc.
$47.40 $44.50 6.12% 217,153

Kohlberg Capital Corporation
$8.80 $8.58 2.50% 8,000

As of 7/30/2008 9:14:52 AM


Pre-Market Most Active Stocks - NASDAQ Premarket


Pre Market Movers - Futures Trading - Nasdaq - NYSE

Subscribe to "The $t0ckman" via email

Enter your email address:

Delivered by FeedBurner