The market’s holding up better than I thought it would post-Intel but it’s still set for a gap down. As you know, I’m watching the August lows closely to see if they hold or break and then turn into resistance.
The next few days could be trickier than normal. Not only is options expiration coming up but we’ve got mid-day economic reports today and tomorrow. The Beige Book hits at 2 today and the Philly Fed at noon tomorrow. Be careful out there…
On Today’s Calendar:
- 10:30 — Crude Inventories
- 2:00 — Fed’s Beige Book
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.
Potential day trades:
In reaction to weak earnings/guidance: CPKI -20.1% (also target lowered to $11 at Piper), ABK -19.6% (also cuts dividend and announces interim CEO), ZQK-13.9% (also downgraded to Neutral at B. Riley), HZO -13.2%, INTC -12.3%, STXS -11.3%, ASML -10.7%, FUL -4.8%, CAMP -4.8%, SCHW -1.2%… Select technology stocks showing weakness following INTC earnings: NVDA -5.7%, RIMM -3.8%, BRCM -3.8%, AMD -3.6%, DELL -3.1%, AAPL -2.6%, MRVL -2.1%, MSFT -1.8%, AMAT -1.5%… Select solar stocks showing weakness: ESLR -5.1%, ASTI -4.7%, LDK -3.0%, JASO -2.7%, CBAK -2.3%, FSLR -1.9%, STP -1.4%… Other news: MBI -10.3% (down in sympathy with ABK), GOLD -6.5% (still checking), THRX -6.4% (files for a $150 mln convertible notes offering), STO -4.7% (still checking), LDK -4.3% (LDK Solar and Ganzhong TCS plant sign long-term supply framework contract), QGEN -3.1% (extends yesterday’s losses), RTP -2.3% and BHP -1.8% (Iron ore talks with China’s Baosteel have come to a halt – Australian Financial Review)… Analyst downgrades: SGMS -10.1% (downgraded to Underweight at Morgan Stanley), FFIV -4.2% (downgraded to Hold at Jefferies), ZGEN -4.2% (initiated with a Sell at Brean Murray), PKTR -3.6% (downgraded to Hold at Jefferies), MRX -2.6% (downgraded to Hold at Jefferies), TCBI -1.8% (downgraded to Sell from Neutral at Merrill), ADSK -1.8% (downgraded to Hold at Jefferies), OI -1.7% (downgraded to Hold at Deutsche Bank), PCZ -1.5% (downgraded to Neutral at Credit Suisse), ING -1.5% (downgraded to Underperform at Bear Sterns), NVS -1.3% (downgraded to Underweight at Morgan Stanley).
In reaction to strong earnings/guidance: THRM +19.0%, CHIC +12.4%, NITE +11.8%, LLTC +3.2%, LCRY +2.9%, WFC +2.7%, ERIC +2.2%… M&A news: VSTA + 21.3% (to be acquired by Odyssey Healthcare for $8.60/share), BEAS + 18.7% (to be acquired by Oracle for $19.375/share)… Other news: GRRF +7.9% (won bid for 100 Million Yuan RF order), BRLC +5.8% (announces that it has signed an LCD panel supply agreement with Sharp Electronic), SSTI +4.7% (announces completion of its stock option review and filing of its 2006 annual report), LOOK +4.5% (commences Dutch Auction tender offer at price range of $3.40-4.15/share), MGM +4.4% (MGM Mirage, Dubai World boost tender offer), CEPH +1.8% (discloses restructuring plan and associated costs of approx $34-47 mln), CIT +1.7% (announces its Board has declared a regular quarterly cash dividend), TTMI +1.3% (announces filing of shelf registration statement for maximum aggregate of $200 mln)… Analyst upgrades: IBN +3.0% (tgt raised to $87 from $62 at Jefferies), ENTR +3.0% (initiated with a Strong Buy at JMP, initiated with Buy at ThinkEquity), VRTX +2.9% (upgraded to Buy at BofA), TLAB +26% (upgraded to Buy at UBS), AZN +2.3% (hearing upgraded to Buy at tier-1 firm), DEO +2.2% (upgraded to Overweight at Lehman), SVU +2.1% (upgraded to Neutral from Sell at BofA), CBEY +1.6% (upgraded to Buy at Needham).