Monday, October 6, 2008

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: XIDE -2.8% (light volume), EBAY -1.8% (also reaches agreement to acquire Bill Me Later for ~$820 mln in cash and ~$125 mln worth of outstanding options)… Select financial names showing weakness: NCC -20.8% (Fitch has downgraded NCC and its subsidiary, National City Bank’s, long and short-term Issuer Default Ratings), UCBH -18.0%, RBS -16.7%, SOV -13.5%, AIG -12.2% (Moody’s downgrades AIG (senior to A3); ratings remain under review), FRE -11.4%, FNM -10.4%, ABK -10.4% (releases selected monthly data for August; cost of 5-yr credit default protection against Ambac Assurance default declined 900 bps from June), BCS -6.3%, C -6.0% (granted emergency injunctive relief extending exclusivity agreement between Citi and Wachovia), BAC -4.8%, UBS -4.5% (ests cut at Oppenheimer), JPM -4.0%, WB -3.4% (granted emergency injunctive relief extending exclusivity agreement between Citi and Wachovia), WFC -2.8%… Select solar stocks trading lower: CSIQ -10.9%, ESLR -9.1%, STP -8.7%, LDK -6.8%, JASO -6.2%, FSLR -5.9%, YGE -4.7%… Select tech-related stocks showing weakness: RIMM -4.2%, AAPL -4.0%, ORCL -2.5%, DELL -2.4%, GOOG -2.3%, SNDK -1.0%… Other news: POT -8.7% (still checking), SI -7.3% (still checking for anything specific), AAUK -6.2% and RTP -4.7% (dropped ~10% in overseas trading)… Analyst comments: MT -9.3% (downgraded to Hold at Deutsche Bank), SPF -7.1% (downgraded to Underweight at JPMorgan), FLEX -6.8% (downgraded to Hold at Collins Stewart), KO -2.8% (downgraded to Hold at Deutsche Bank).

Gapping Up

In reaction to strong earnings/guidance: FEED +5.8%… M&A news: IMCL +5.3% (confirms it will be acquired by Lilly for $70/share)… Select gold related stocks showing strength with higher spot prices: AUY +7.1%, ABX +4.3%, AEM +4.1%, SLV +3.3%, GLD +2.7%, NEM +1.6%, GOLD +1.1%… Other news: ARIA +7.2% (announces favorable ruling permitting immediate appeal of district court findings on NF-(kappa)B patent in Amgen litigation), UIS +6.5% (Steel Partners II LP reports a 5.4% stake in the co in a 13D).

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