Wednesday, October 1, 2008

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: XRTX -5.1% (also downgraded to Sell at Calyon and downgraded to Buy at Needham)… Select financial related stocks showing weakness: WB -5.7%, AEG -5.1%, DB -3.6%, UBS -3.4%… Other news: BSX -7.3% (announces patent judgement; judge awarded JNJ damages in the amount of $406,670,987 and pre-judgment interest in the amount of $296,140,867), FCFS -1.7% (to discontinue Auto Master operations; associated with this decision, a non-cash charge of up to ~$1.75 per share will be reported in Q3)… Analyst comments: IR -3.8% (downgraded to Hold from Buy at Citigroup).

Gapping Up

In reaction to strong earnings/guidance: LNDC +1.5%… Select solar stocks ticking higher with reports that the Senate’s version of bailout plan includes $17 bln in tax credits for alternative energy, including solar: SOLF +3.6%, YGE +3.4%, CSIQ +2.4%, ESLR +2.4%, FSLR +1.5%… Other news: FRPT +26.5% (files outstanding SEC documents; reports significantly improved profitability for first half of fiscal 2008), TMA +24.6% (announces revised consideration for and further extension of the exchange offer; and the termination of the escrow), AGM +22.0% (raises $65 mln in capital through the issuance of senior preferred shares and appoints Michael Gerber as acting President and CEO), NCC +17.1% (still checking for anything specific), LYG +12.7% ( reports Brown expresses confidence in deal between LYG and HBOS), RTP +5.0% (Australia’s ACCC won’t oppose BHP bid for Rio - WSJ), GOOG +3.4% (Nasdaq cancels “erroneous” trades in last-second sell-off), BHP +2.0% (Australia’s ACCC won’t oppose BHP bid for Rio - WSJ), MWIV +1.8% (will replace Photon Dynamics in the S&P SmallCap 600 after the close of trading on October 2).

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