Gapping Down
In reaction to disappointing earnings/guidance: INAP -26.9% (also downgraded to Perform at Oppenheimer), ABCO -25.3% (also downgraded to Perform at Oppenheimer), MFLX -21.4%, KMX -19.4%, WFMI -18.8% (also downgraded to Source of Funds at ThinkPanmure), PCLN -17.6%, KOG -16.5%, EAC -16.2%, MVIS -13.9%, SNCR -10.9%, BMRN -10.0%, AKNS -8.7%, S -7.6% (also announces a 3 mln share cumulative perpetual convertible preferred stock private placement offering), HSP -6.9%, FRE -6.7%, QSFT -6.3%, SMSI -5.4%, ALSK -4.9% (light volume), PACR -4.9% (also downgraded to Underweight at JPMorgan), MOLX -3.3%, LTRE -2.3% (light volume), DRRX -2.2% (light volume), WMS -2.2%, MSCS -2.0%, SKYW -1.6%, AREX -1.3% (light volume), JCOM -1.2%, MCHX -1.0% (also downgraded to Accumulate from Buy at ThinkPanmure)…
Select mortgage/financial stocks trading lower: FNM -7.8% (down in sympathy with FRE), LYG -5.6% (trading ex-dividend), LEH -4.2%, IBN -3.7%, WM -2.9%, BCS -2.8%, WB -2.4%, WFC -1.9%, C -1.6% (talks with regulators may bring billions in auction-rate-securities buybacks - WSJ), MER -1.6%, HBC -1.6%, JPM -1.4%…
Other news: HCP -7.4% (announces a 13 mln share common stock secondary offering), MEE -5.9% (files for mixed securities shelf offering), SHPGY -3.4%, SI -1.8% (still checking), EXPE -1.1% (trading down in sympathy with PCLN)…
Analyst comments: NVS -3.4% (downgraded to Neutral at JPMorgan), BIG -2.7% (downgraded to Hold at Soleil), VRTX -2.4% (downgraded to Neutral from Positive at Susquehanna), AIG -1.6% (initiated with Sell at Societe Generale - Bloomberg), SONC -1.1% (downgraded to Sell at Merrill).
Gapping Up
In reaction to strong earnings/guidance: MWA +14.8%, GGC +11.8%, MDRX +11.3%, KNDL +9.6%, FTK +9.5% (light volume), AMKR +9.4%, HDSN +9.1%, BIDZ +8.8%, TKLC +7.8%, OPWV +7.7%, HLS +6.9%, ONNN +6.0%, CSCO +5.6% (also assumed with an Equal Weight at Lehman, down from prior Overweight rating), ABK +4.9%, ACAS +4.7% (light volume), RL +4.1%, HLF +3.2%, FWLT +2.8%, WBMD +2.7% (also upgraded to Source of Funds at ThinkPanmure), USU +2.6% (light volume), PZZA +1.4% (light volume)…
Select metals/mining names showing strength: RTP +4.6%, AAUK +4.6%, BBL +3.7%, BHP +3.5%, LMC +3.5%, PAL +2.4%, GG +2.3%, GFI +1.9%…
Other news: ILE +303.4% (reports positive top-line results from pivotal phase III studies of Isolagen Therapy in wrinkles; studies meet all primary efficacy endpoints and are statistically significant), VRNM +48.5% (Verenium and BP announce partnership to accelerate the commercialization of cellulosic ethanol; also upgraded to Buy at Jefferies), SCA +39.3% (XL Capital announces closing of previously announced transactions with Security Capital Assurance Ltd and capital raise), DVAX +14.9% (Dynavax Technologies and Merck announce Phase 3 Trial with Investigational Hepatitis B vaccine Heplisav met its primary endpoint), IOC +9.1% (advises that testing has shown an excellent gas flow at the Elk-4 discovery well), HOKU +7.6% (HOKU Scientific and Tianwei sign $284 mln Polysilicon supply contract), S +2.3% (announces proposed private placement of $3 bln of cumulative perpetual convertible preferred stock), BP +1.3% (still checking)…
Analyst comments: LLNW +7.7% (upgraded to Buy at Jefferies), FCX +3.5% (added to Top Picks Live List at Citigroup), SLW +2.7% (upgraded to Outperform at Raymond James), HMA +2.2% (upgraded to Outperform at Leerink Swann).
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