Monday, October 20, 2008

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: ELOS -12.2%, MAT -4.2%… M&A news: HLTH -23.1% (HLTH Corp and WebMD Health announce termination of merger agreement), EXC -2.8% (Exelon offers to acquire NRG Energy in all-stock transaction valued at $26.43/share)… Other news: VE -22.3% (cuts investment and cash flow outlook - FT), SSCC -8.7% (announces permanent closure of Pontiac Pulp Mill), AMAG -6.1% (receives complete response letter from FDA for Ferumoxytol; co believes it can address the issues raised by the FDA in a timely manner), MT -2.5% (still checking)… Analyst comments: PRU -7.9% (downgraded to Sell from Neutral at Goldman- DJ), MET -2.0% (downgraded to Neutral from Buy at Goldman- DJ)

Gapping Up

In reaction to strong earnings/guidance: ERIC +18.4%, WFT +7.9% (light volume), HAL +6.2%, CHL +2.0%… M&A news: PSUN +20.2% (Adrenalina proposes to acquire PacSun for $4.50/share), NRG +21.6% (Exelon offers to acquire NRG Energy in all-stock transaction valued at $26.43/share)Select financial names showing strength: ING +11.6% (The Netherlands to provide $13 bln to the ING Groep - NY Times), BCS +9.5%, AIG +8.1%, ETFC +6.8%, MS +3.3%, BAC +3.3%, GS +1.9%… Select oil/gas related names trading higher with a number of analyst upgrades and higher spot prices: Oppenheimer upgraded the sector and a number of individual names including BP +8.8%, TSO +8.1%, VLO +4.9%, APA +3.8%, COP +3.8%, EOG +2.3%, XOM +1.6%; other names trading higher include: CHK +8.5%, TOT +7.9%, RDS.A +6.2%, RIG +3.3% (upgraded to Overweight at Morgan Stanley)… Select solar names showing strength: YGE +10.8% (upgraded to Buy at Goldman-DJ), LDK +7.0% (signs seven-year wafer supply contract), ESLR +4.8%, CSIQ +4.2%, FSLR +3.0%, TSL +2.1% (upgraded to Neutral from Sell at Goldman- DJ)… Select metals/mining names showing strength with higher spot prices: MTL +6.8%, RTP +6.0%, AUY +5.8%, GOLD +2.8%, GLD +2.1%… Bond insurers trading higher after NY Insurance Commissioner Dinallo appeared on CNBC this morning discussing the idea of using a portion of the TARP on bond insurers: ABK +11.7%, MBI +5.3%… Other news: EMKR +14.9% (Emcore mentioned positively in Barron’s), SNE +10.8% (up in sympathy with ERIC), NOK +6.4% (still checking), MRK +1.5% (Cramer makes positive comments on MadMoney)… Analyst comments: AMAT +3.8% (upgraded to Buy at Goldman-DJ), KFT +3.4% (upgraded to Buy at UBS),SPWRA +2.4% (upgraded to Hold at Societe Generale), PFE +2.0% (upgraded to Overweight at Barclays).

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