Wednesday, November 12, 2008

Pre Market Trading Gaps

Gapping Down

In reaction to disappointing earnings/guidance: JASO -25.1%, NTY -14.4%, GU -12.9%, IPI -12.6%, Best Buy Co., Inc. (BBY) -12.5%, BOBE -10.6% (also downgraded to Neutral at MKM Partners), DSX -7.4%, HOLX -7.2%, ING -4.3%… Select financials showing continued weakness: BCS -8.4%, AZ -6.7%, AXP -5.5% (said to request $3.5 bln in U.S. aid - WSJ), DB -3.8%, ABB -3.1%, MS -3.1%, BAC -1.9%, C -1.9%, GS -1.6% (target lowered to $108 from $113 at Deutsche Securities and target lowered to $70 at Ladenburg Thalmann), JPM -1.2%… Select solar stocks trading lower following JASO results: CSIQ -6.2%, YGE -5.0%, SOLF -4.6%, First Solar, Inc. (FSLR) -4.5%, LDK -4.4%, STP -2.9%, SOL -2.2%… Select oil/gas names showing weakness with crude making new 20 month low: STO -4.5%, BP -3.1%, PBR -2.9%, RDS.A -1.7%, TOT 2.0%… Select drybulk shippers trading lower following DSX results: EGLE -7.6% (downgraded to Underperform at Merrill), DRYS -4.9%, EXM -2.1%… Select metals/mining names showing weakness with lower spot prices: AAUK -9.2%, GOLD -3.8%, RIO -3.0%, MT -2.4%, BHP -1.3%, … Other news: PLD -17.0% (announces CEO resignation and strategic initiatives to address market conditions), RSH -8.1% (down in sympathy with BBY), NOK -3.6% (still checking), TCK -2.6% (Teck Cominco’s debt dilemma - Globe and Mail), GOOG -2.4% (price tgt cut to $465 from $525 at Collins Stewart due to CPC pressure dilemma and tgt cut to $450 at Citigroup), AAPL -2.3% (RBC is reducing FY10 iPhone ests on macro headwinds)… Analyst comments: ARO -5.0% (downgraded to Sell at Brean Murray), SLH -1.9% (downgraded to Neutral at SunTrust), BRCM -1.0% (downgraded to Underweight at Morgan Stanley), ALTR -1.0% (downgraded to Equal Weight at Morgan Stanley).

Gapping Up

In reaction to strong earnings/guidance: MELI +12.8%, CNQR +8.4% (also upgraded to Buy at MKM Partners), M +5.0% (light volume), RAH +2.4%, KHD +2.2%… Other news: General Motors Corporation (GM) +16.8% (still checking for anything specific), ME +5.1% (will replace Cephalon in the S&P MidCap 400), SAP +4.7% (still checking), CEPH +3.5% (will be added to the S&P 500), TOT +2.0% (still checking), FMCN +1.9% (modestly rebounding following yesterday’s 40%+ drop), EMR +1.8% and NAT +1.2% (Cramer makes positive comments on MadMoney).

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