Has the music stopped again? We’re gapping down and just about wiping out all of yesterday’s gains in the process. Retail sales, the Yen carry trade and more sub-prime lender woes are taking the blame today. Once again I’ll be keying off of a break of yesterday’s index ranges.
On Today’s Calendar:
- 10:00 — Business Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Shorts: FRO, SWKS, CENX, ACAS, VTR
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
Gapping down on weak earnings/guidance: AOB -17.4%, SHFL -12.8% (also downgraded to Hold at Jefferies), WPTE -9.0% (also multiple downgrades), IFOX -6.6%, TXN -2.1% (down in sympathy: CY -2.5%, MRVL -2.4%, SIMO -2.1%, AMAT -0.7%, NVLS -0.6%, KLAC -0.5%)… Subprime meltdown, this time on LEND “strategic options” announcement: LEND -46.1%, FMT -13.1%, NFI -12.7%, AHM -6.6%, IMH -6.4%, CFC -4.4%, NDE -3.9%… Other news: TSL -4.1% (Hang Seng index closed down 0.6%; also likely profit-taking after 2-day eight point run), RSH -2.4% (downgraded to Underperform at RBC).
Gapping Up
Gapping up on strong earnings/guidance: SWHC +8.2%, JCOM +6.7%, NABI +3.5%, GIGM +2.9%, DKS +2.9%… M&A: WCI +13.0% (Icahn affiliates plan $22/share offer for WCI), SFC +11.1% (to be acquired by Macquarie-led consortium for $14.50/share), CSG +9.3% (shares rise on speculation about a takeover – Bloomberg.com), … Other news: IVAN +12.3% (says produces ‘high-quality’ heavy oil product with novel process design), ADLR +6.4% (follow-through momentum resulting from yesterday’s Entereg news), ORCT +7.0% (close to signing contract worth tens of millions of dollars with unidentified co, Ma’ariv reports – Bloomberg.com), MAMA +5.5% (announces partnership with Yahoo! to connect Australian Internet searches with relevant advertisers), HST +4.5% (will replace PD in the S&P 500), CYTR +3.7% (Fidelity discloses 13.0% stake), AMSC +2.6% (signs multi-mln dollar contract to develop wind energy systems for Chinese mkt).
Disclaimer & How I use this list
