Watchlist for June 2, 2005

Not surprisingly, given yesterday’s action, there were a lot of shooting stars made yesterday. Be careful out there…

Looking for swing trade entries in:

Longs – none

Shorts – ACXM, AIG, APPX, NSS, RIO, SRNA, TDW

Potential day trades:

(From Briefing.com)

Gapping Down (shorts)

ELN -20% (notifies FDA of a fourth patient contracting PML — Boston Globe; also BIIB -4.7%), ITRI -8.5% (provides guidance; First Albany downgrade), GPS -6.3% (May same store sales), GGC -5.7% (guides Q2 below consensus), INTV -5.6% (gudies MayQ revs lower), CTXS -3.5% (to acquire privately held NetScaler), VOD -2.6%, VSEA -2.3% (Lehman downgrade), STLD -1.9% (guides lower), CEPH -1.7% (announces $800 mln convertible debt offering).

Gapping Up (longs)

Gapping up on strong May same store data/guiding higher: BEBE +11%, WTSLA +10%, ANF +4.3%…. Other News: SHOP +19% (to be acquired by eBay; up in sympathy: ECST +8%), STK +18% (to be acquired by SUNW +2.6%), GMST +14% (settles litigation with SFA), ANDS +18% (signs deal with NVS), IBOC +9.5%, SIRF +6.1% (buys MOT’s G.P.S. chipsets), INCX +4% (to power searches for 8 additional newspapers), ENTU +4% (says it now secures one of Canada’s most powerful computing labs), JOYG +4% (decides not to proceed with convertible offering), DUK +3.5% (files merger application in Ohio), FRO +3.5%, DIOD +2.8%, JTX +2.6% (reports AprQ; raises dividend)…. Under $3: AVNX +17% (Soleil initiates with a Buy), CRAYE +14% (will not be delisted), CIEN +7% (reports AprQ).

Intraday Updates:

• 09:47 CTRN is interesting here. recent IPO, reported earnings last night. trading at an all-time high today…
• 09:57 watching FSTC, another of those beaten down internets
• 12:18 PACT just caught a bid on some CRM news. May be worth watching
• 12:51 IIJI’s catching fire again
• 1:51 IDCC getting slammed.

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