In reaction to disappointing earnings/guidance/same store sales: JCP -9.6%, NTGR -8.7%, TISI -8.5%, COST -6.5%, MET -5.1%, MON -4.2%, JWN -4.1%, AA -3.1%… Select financial names showing continued weakness: BAC -18.2% (announces pricing of common stock of $22 per share), MER -15.0%, WB -7.6%, ABK -5.8%, AIG -4.3%, WFC -3.6%, MS -3.0%, C -2.7% (scales back wholesale mortgage business - WSJ; also Tata Consultancy Services to acquire Citigroup Global Services for $505 mln), GS -2.6%… Other news: TELOZ -51.7% (announces hurricane damage to properties), STEI -29.5% (Service Corp withdraws proposal for Stewart Enterprises), RIO -8.6% and ACH -8.1% (still checking for anything specific)… Analyst comments: RNWK -5.9% (downgraded to Sell at Piper), X -3.9% (downgraded to Equal Weight at Morgan Stanley), TM -3.6% (downgraded to Sell at Citigroup), T -1.9% (downgraded to Sector Perform from Outperform at RBC Capital Mkts), GM -1.5% (downgraded to Hold at Citigroup),
In reaction to strong earnings/guidance: ZZ +12.3% (light volume), LDK +11.5%, YUM +4.1%… Select European financial names rebounding following coordinated rate cut: RBS +35.6%, LYG +22.4%, UBS +8.2%, BCS +3.6%… Select metals/mining names showing strength with higher spot prices: GOLD +20.7% (upgraded to Buy at Citigroup), HMY +12.9%, GFI +11.2%, DROOY +9.3%, LMC +8.9%, AAUK +6.3%, SLV +4.5%, GLD +3.8%… Select solar names showing strength following LDK results: SOL +12.2%, JASO +9.5%, YGE +8.5%, STP +3.8%, CSIQ +3.3%, FSLR +1.4%… Other news: YRCW +12.9% (expects to have positive free cash flow in both Q3 and Q4 with significant debt reduction for the year), FDRY +7.9% (Brocade announces $1.1 billion term loan funding for acquisition of Foundry Networks), ASML +7.0% (still checking), LEN +3.4% (cuts dividend by 75% to $0.04), BP +2.2% (still checking), HSY +1.3% (Cramer makes positive comments on MadMoney)… Analyst comments: CELG +2.0% (upgraded to Outperform at Cowen).
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