Based on pre-market futures it doesn’t look like we’ll get follow through on yesterday’s buying. In a switch from yesterday morning, the Nasdaq is set for the best open today. It’s flat while the S&P and Dow may test yesterday’s lows. There’s lots of talk on CNBC about whether people want to be long or short going into the weekend. At this juncture I’d prefer to be flat (assuming I held stocks overnight).
On Today’s Calendar:
- 10:00 — Wholesale Inventories
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. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
(From Briefing.com)
Gapping Down
In reaction to weak earnings/guidance/same store sales: ARUN -17.5%, SCOR -13.8%, PDFS -12.2%, CHRD -8.2%, ALU -7.2%, TWLL -7.2%, APKT -7.0% (also downgraded to Hold from Buy at Deutsche Bank), UTIW -6.6%, OMTR -5.9%, LIFC -5.5%, RMD -5.2%, ICOC -4.3%, MGM -3.9% (also downgraded to Neutral at UBS), ESE -3.7%, CPT -3.1% (also downgraded to Underperform at RBC), AEIS -2.5%, AIV -1.8%… Other news: WVCM -11.2% (showing continued weakness after reporting earnings yesterday), ACGY -4.6% (still checking), AXA -4.4% (still checking), MBI -4.2% (increases equity offering to $1 bln and prices offering at $12.15 per share), GSK -3.6% (extended its losses overseas following the drugmaker’s profit warning on Thursday), QI -3.0% (prices secondary offering at $4.97), BHP -2.5% and RTP -2.4% (Chinalco’s Rio Tinto stake depends on Australian regulator – Daily Telegraph), AZN -1.9% (traded lower overseas with concerns across the pharmaceuticals sector), TMA -1.7% (modestly pulling back after yesterday’s 10% gains), ABK -1.4% (down in sympathy with MBI)… Analyst downgrades: AU -6.1% (downgraded to Neutral at UBS), NTRI -4.8% (removed from Top Picks at Citigroup), SPC -4.4% (downgraded to Peer Perform at Bear Sterns), CEPH -2.9% (downgraded to Equal Weight at Morgan Stanley), TCLP -2.7% (hearing downgraded to Sell at tier 1 firm), SHPGY -1.9% (downgraded to Underweight at Lehman).
Gapping Up
In reaction to strong earnings/guidance/same store sales: CTSH +13.1%, VNUS +13.0%, ADEP +12.5%, PHTN +11.6%, EPIC +8.1%, LMNX +8.0%, IN +7.4%, FALC +7.0%, MTD +6.9%, CSTR +6.7% (also announces agreement to expand in WMT locations), CELL +5.7%, UNTD +5.4%, LQDT +5.1%, HTGC +4.3%, TSYS +4.2%, TIF +4.0%, TTMI +3.9%, ALNY +3.9%, BMC +3.8%, CF +3.6%, GDI +3.5%, PWER +3.3%, EOG +3.2%, GCOM +3.1%, MFE +3.1%, CHDX +2.9%, BWA +2.7%, CMO +2.4%, TKLC +2.4%, ATVI +2.3%, IOSP +2.1%, PBI +1.7%, KNXA +1.6%, SRVY +1.6%, BBND +1.3%… Select drybulk shippers showing strength with Dry Bulk index rising 3.6%, biggest gain this month: NM +8.0%, EXM + 2.1% , DRYS + 1.8%, TBSI +1.5%… Select gold stocks showing strength on higher spot prices: GOLD +2.7%, AUY +1.9%, DROOY+ 1.8%, GFI +1.0%… Other news: TSTR +51.5% (announces a strategic investment by EchoStar, Harbinger & other investors of $300 mln), IONA +27.3% (confirms that it has received an unsolicited preliminary expression of interest from a third party to acquire IONA), DDSS +8.6% (reports “positive” results for Phase III study on once-daily Trazodone), INFY +4.7% (still checking), COIN +2.8% (announces delivery of first self-contained organic waste recycling unit), MON +1.5% (up in sympathy with CF), AMX +1.1% (Cramer makes positive comments on MadMoney)… Analyst upgrades: OMCL +2.3% (upgraded to Buy at BB&T), MBT +1.6% (upgraded to Outperform at Bear Sterns), FPIC +1.2% (upgraded to Buy at SunTrust), MA +1.0% (upgraded to Buy from Hold at Stifel).
Disclaimer & How I use this list
