Here we are on the day before another Fed meeting. I normally take these days off and today will be no exception. But I have another reason this time. Charles Schwab has just finished killing integrating CyberTrader so I need to spend some time getting familiar with the new system. Ugh! Somehow I think I’ll be on the hunt for a new broker soon….
Here’s a shot of the S&P chart:
On Today’s Calendar:
- 10:00 — Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
In reaction to weak earnings/guidance: NAVI -4.0%, HIG -3.1%, HAYZ -3.2%… Other news: AMC -41.4% (announces adjusted funds from operations per share guidance is no longer a relevant forecast and is withdrawn; co also cancels dividend), TIN -20.8% (today is ex-dividend date for special $10.25 dividend), HEB -18.6% (intends to terminate license to Esteve for marketing of Ampigen in certain territories), SGMO -4.1% (announces presentation of positive data from its novel cell therapy), CELG -3.5% (announces Phase III Trial results of Revlimid), KOSN -2.8% (announces updated data on Tanespimycin), EXAR -2.6% (resignation of CEO a ‘big blow’ to turnaround efforts – CIBC), GEOY -1.5% (Harbinger Group lowers stake to 6.3% from 7.6%)… Analyst downgrades: LTRE -4.6% (downgraded to Hold at Stifel), RHT -3.0% (downgraded to Hold at Jefferies), AMGN -2.5% (downgraded to Market Perform at Bernstein, downgraded to Neutral at Merrill), STO -2.0% (downgraded to Hold at Deutsche Securities), VE -1.8% (downgraded to Hold at Brean Murray), VMC -1.1% (initiated with an Sell at UBS).
Gapping Up
In reaction to strong earnings/guidance/same store sales: FREE +3.0%, MCD +1.4%… M&A news: ARXT +35.7% (announces Reckitt Benckiser will tender for acquisition of ARXT for $60/share in cash), MOGN +20.2% (Eisai to acquire MOGN for $41/share in an all cash transaction), PLTE +6.0% (to be acquired for $23.50 per share)… Other news: GTCB +19.6% (obtains FDA Orphan Drug Designation for Atryn), LDK +15.8% (signs a 10-year wafer supply agreement with Q-Cells), NVAX +13.9% (NVAX and GE Healthcare establish collaboration to develop and market pandemic influenza solution), OSIR +7.9% (receives FDA fast track status for Prochymal as first-line treatment for Acute GvHD), KEG +6.4% (announced that it has acquired the well service assets of Kings Oil Tools, acquired assets will contribute revenue of approximately $36 mln in 2008), SGEN +6.4% (announces positive data from a phase Ia trial of SGN-33), EPCT +4.9% (releases new data demonstrating prolonged five-year leukemia-free survival for AML patients treated with Ceplene + IL-2), PHG +4.5% (Philips shares rise as hedge funds review co – Bloomberg.com), WCI +3.7% (obtains bank covenant waiver extension), NICE +3.4% (CIBC is nudging ests and see the current weakness as a major buying opportunity), MLNM +3.3% (reported complete remission rate of 35% achieved in a Phase 3 front-line multiple myeloma trial with Velcade for injection based therapy), QCCO +2.8% (announces $2.50 special cash dividend through leveraged recapitalization), LZB +2.8% (receives $7.1 mln under U.S. dumping act), UBS +2.5% (gains two new investors, write down $10 bln), CDE +2.0% (approves merger with Bolnisi Gold and Palmarejo), JPM +1.9% (Barron’s makes positive comments), SPWR +1.8% (enters into agreement with Jiawei SolarChina), GSOL +1.3% (signs agreement to sell its interest in HC International), CX +1.0% (Cramer makes positive comments on MadMoney), FRE +1.0% (announces operational changes for purchasing delinquent loans from mortgage PCs)… Analyst upgrades: VIP +7.4% (initiated with an Overweight at Lehman, also reported to be seeking to buy SMARTS – Deutsche Bank), RATE +3.3% (upgraded to Buy at Citigroup, also announces two separate acquisitions accretive in 2008), CC +3.1% (upgraded to Buy at Soleil), DCP +2.1% (upgraded to Buy at Jefferies, upgraded to Outperform at Wachovia), CCL +1.8% (after November survey, BofA reiterates Buy rating).
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