MarketWatch.com - Pre-Market Indications

Thursday, August 7, 2008

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance/same store sales: MCGC -28.0%, DITC -18.9%, KG -16.7%, STV -16.3%, VRSN -14.4% (also downgraded to Perform at Oppenheimer), MEND -11.4%, BBI -9.1%, AIG -7.7% (also downgraded to Market Perform at FBR), MSSR -7.6%, CTRN -7.5% (also downgraded to Neutral at Piper), IMAX -7.3%, CECO -7.3%, AEG -7.1%, ALNY -6.2%, MLM -5.8%, SVNT -4.4%, AEO -4.0%, ALG -3.8% (light volume), HOTT -3.8% (also downgraded to Neutral at Piper), PLCE -3.8%, CAH -3.7%, DYN -3.2%, WMT -2.9%, TGT -2.1%, FRZ -2.0% (also WSJ reports Collusion inquiry targets ice companies), CPHL -2.0% (also downgraded to Neutral at Piper Jaffray), SUNH -1.3%… Select airline/cruise-related names showing weakness with crude higher: AMR -12.4%, NWA -6.8%, LCC -6.6%, CEA -5.7%, JBLU -5.5%, CAL -5.0%, UAUA -5.0%, CCL -2.1%, RCL -1.7%,… Select financial names trading modestly lower: LEH -3.2%, COF -2.9%, WB -2.9%, WM -2.6%, MER -2.5%, MS -2.3%, C -2.2%, WFC -2.0%, BAC -1.9%, JPM -1.8%, ING -1.2%, HBC -1.1% (denies new deadline for $6.3 billion KEB deal - Reuters.com)… Other news: SMI -6.5% (shares fall on concern competition may increase - Bloomberg.com), ACOR -6.4% (prices a 4 mln share common stock offering at $28.50/share), INCY -4.9% (announces the closing of its public offering of 12,075,000 shares at a price of $9.00 per share), MEE -1.4% (agrees to sell 3.8 mln shares of its common stock at a public offering price of $61.50 per share), BIDU -1.4% and GOOG -1.0% (still checking)… Analyst comments: LL -2.7% (downgraded to Neutral at BofA), EW -2.4% (downgraded to Underweight at JPMorgan), DPL -2.2% (downgraded to Underperform at Merrill), SIVB -1.6% (downgraded to Market Perform at Keefe Bruyette), PKX -1.3% (downgraded to Equal Weight at Morgan Stanley), EIX -1.1% (downgraded to Underperform at Merrill).

Gapping Up

In reaction to strong earnings/guidance/same store sales: ENG +11.6%, NFS +10.7% (also Nationwide Mutual Insurance Co and Nationwide Financial Services reach agreement to combine in $2.4 bln transaction), CAR +9.3%, GIVN +8.6%, LMIA +8.0% (light volume), DCGN +7.7% (light volume), COGO +7.4%, AXA +6.5% (light volume), EGLE +6.1%, TMTA +5.7%, URS +5.2%, VRNM +5.1%, PRXL +5.1%, XIDE +4.8%, JCP +4.8%, AAP +4.7%, BAGL +4.3%, SUN +4.0%, HAYN +3.7%, CBEY +3.2% (also upgraded to Buy at Merriman and upgraded to Overweight at JPMorgan), BCS +2.6%, RIO +1.9%, XRM +1.9% (light volume), SINA +1.5%… Select European financials trading higher following BCS and AXA qtr results: UBS +4.2%, LYG +3.5%, DB +2.7%… Other news: SYNM +10.5% (still checking), VE +6.2% (soars on plan to cut costs, sell assets - Bloomberg.com), KBR +4.1% (announces a repurchase program of up to 5% of its outstanding common stock; declares $0.05 quarterly cash dividend), RAME +4.0% (still checking), RTP +1.6% and BP +1.3% (still checking)… Analyst comments: STO +3.2% (hearing upgraded to Overweight at HSBC), GNA +2.7% (upgraded to Buy at KeyBanc), RIG +1.6% (upgraded to Buy at Stifel Nicolaus), WATG +1.4% (upgraded to Buy at Merriman), FTI +1.0% (upgraded to Add from Neutral at Capital One Southcoast).




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NYSE Arca Morning Update

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
$218,204,294
QQQQ
$36,329,403
WMT
$21,341,893
IWM
$21,329,845
AIG
$17,807,810
USO
$13,449,798
MEE
$9,439,127
BP
$8,236,158
HBC
$5,767,632
SKF
$5,673,952
Stock
Share Volume
SPY
1,699,763
QQQQ
782,900
AIG
690,642
WMT
362,690
IWM
296,000
UBS
187,700
AAUK
160,300
ABK
153,807
MEE
150,101
USO
138,101

no gaps over 15 percent on arca this morning

NYSE Arca Morning Update



Opening View: AIG and Wal-Mart Stores Push U.S. Stock Futures Lower

American International Group (AIG: View sentiment for AIGsentiment, chart, options) is the big news this morning, as the company reported a $5.36-billion second-quarter net loss, or a loss of $2.06 per share, after the close last night. The blue-chip insurance giant was hit by write-downs and impairments on mortgage-related exposures. The quarterly net loss included $5.57 billion of unrealized market valuation losses on AIG's super senior credit default swap portfolio.

Also in the financial sector, Citigroup (C: View sentiment for Csentiment, chart, options) is close to an agreement to buy back at least $5 billion worth of auction-rate securities and pay a $100 million fee. The agreement could settle a case brought by New York Attorney General Andrew Cuomo, the Securities and Exchange Commission, and 12 state securities regulators, the Financial Times reported. The deal may be announced as early as Thursday.

In retail, Wal-Mart Stores (WMT: View sentiment for WMTsentiment, chart, options) reported that July same-store sales rose 3%, missing the consensus estimate for a gain of 3.4%. Wal-Mart U.S. same-store sales rose 3%, and Sam's Club's increased 3.5%, both missing estimates.

Elsewhere, Costco Wholesale (COST: View sentiment for COSTsentiment, chart, options) said July same-store sales rose 10%, with U.S. growth of 10% and international growth of 11%. Excluding gasoline price inflation, U.S. comparable sales would have climbed 6%, and excluding exchange rates, international comparable sales would have climbed 9%. Analysts were looking for same-store sales of 7.6%, or 4.6% excluding gas. Total sales for the period rose 14% to $5.02 billion.

Finally, Sirius XM Radio (SIRI: View sentiment for SIRIsentiment, chart, options) posted a second-quarter net loss of $83.9 million, or 6 cents per share, down from $134.1 million, or 9 cents per share, a year earlier. Revenue for the quarter rose 25% to $226.4 million and subscriber numbers were also up 25% from a year earlier to 8.92 million. The adjusted net loss was 5 cents per share. Analysts were expecting a loss of 7 cents per share.


Opening View: AIG and Wal-Mart Stores Push U.S. Stock Futures Lower



Pre-Market 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)

Verenium Corporation
$3.32 $3.50 5.42% 15,218

RF Micro Devices, Inc.
$3.48 $3.55 2.01% 6,834

Canadian Solar Inc.
$28.19 $28.67 1.70% 3,500

Solarfun Power Holdings Co., Ltd.
$12.50 $12.60 0.80% 5,710

First Solar, Inc.
$269 $271 0.74% 4,632

As of 8/7/2008 8:22:57 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)

MCG Capital Corporation
$4.79 $3.20 33.19% 4,760

Citi Trends, Inc.
$24.86 $21.60 13.11% 53,585

VeriSign, Inc.
$33.88 $30.29 10.60% 17,635

JetBlue Airways Corporation
$5.61 $5.31 5.35% 7,400

UAL Corporation
$10.10 $9.57 5.25% 26,906

Acorda Therapeutics, Inc.
$29.93 $28.75 3.94% 50,563

ARM Holdings, plc
$6.16 $6 2.60% 142,800

NVIDIA Corporation
$11.49 $11.30 1.65% 4,150

SanDisk Corporation
$15.24 $15 1.57% 4,200

Randgold Resources Limited
$48.27 $47.66 1.26% 14,359

As of 8/7/2008 8:23:07 AM



Pre-Market Most Active Stocks - NASDAQ Premarket



Pre Market Movers - Futures Trading - Nasdaq - NYSE

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