Watchlist for April 3, 2008

The futures took a hit due to a worse than expected initial jobless claims report at 8:30. So far it looks like we’re just in for a small pullback as compared to Tuesday’s huge rally. I guess we’ll see how real those gains were based on if the bulls can defend the bulk of that rally.

On Today’s Calendar:

• 10:00 — ISM Services

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: SQNM -19.9%, WFR -9.9%, PRST -8.3%, HNI -6.9%, MTRX -6.4%, RT -4.3%, LNDC -2.0%, XRIT -1.6%… Select financial names showing weakness: BCS -3.5%, COF -3.1%, CS -2.7%, DB -2.2%, WB -2.1%, ING -1.9%, LEH -1.6%, MS -1.6% (Lehman lowers their 2008 ests), WFC -1.6%, BSC -1.5%, BAC -1.4%, MER -1.4% (Lehman lowers their 2008 ests), C -1.3%, JPM -1.1%, GS -1.1% (Lehman lowers their 2008 ests)… Other news: GRMN -11.4% (CFO interviewed by Reuters, sees Q1 revs down 40-50% sequentially — this equates to ~$609-730 mln vs $731.5 mln consensus), MESA -3.2% (says YoY available seat miles decreased 13.74% in March 2008), AXA -2.8% (still checking), CHIC -2.6% (announces preliminary results of its modified Dutch Auction tender offer), CIT -1.6% (ceases student loan originations), HLX -1.3% (sells interest in Deepwater Fields for $165 mln), FRE -1.2% (prices new $3 billion three-year reference notes security)… Analyst downgrades: BLKB -5.7% (downgraded to Underperform at Jefferies), WIT -3.6% (downgraded to Sell at tier 1 firm), LYG -3.1% (downgraded to Sell at tier 1 firm), FIRE -2.9% (downgraded to Sector Perform at RBC), CSCO -2.8% (downgraded to Neutral at UBS), KBW -2.1% (initiated with Sell at Stern Agee), AFL -2.0% (downgraded to Neutral at BofA), URBN -1.9% (downgraded to Mkt Perform at Morgan Keegan), CHK -1.9% (downgraded to Neutral at JPMorgan), ARTG -1.7% (downgraded to Hold from Buy at Roth Capital), VMW -1.6% (downgraded to Hold at Lazard), KEX -1.5% (downgraded to Equal Wt at boutique firm).

Gapping Up

In reaction to strong earnings/guidance: ATSI +23.3%, ANGO +12.6%, XIN +8.3%, TMWD +6.9%, SCHN +4.7%, RBN +4.1%, MU +4.1% (upgraded to Neutral at tier 1 firm), , RPM +3.7%, SYT +3.7%, RIMM +3.3%, STZ +2.8%… Other news: CBLI +11.6% (says DoD awards it a contract to develop Protectan CBLB502; shall not exceed $8.9 mln in development funding), LDK +7.4% (signs a ten-year wafer supply agreement with Moser Baer Photo Voltaic), DNDN +7.3% (announces $47 mln registered direct offering), CVP +7.2% (modestly rebounding after yesterday’s 50%+drop), VCGH +5.7% (Donald Prosser has been named interim Chief Financial and Accounting Officer), MEDX +4.8% (announces Ipilimumab program continues to move forward; previously-stated guidance remains unchanged), CCU +4.5% (Federal judge orders CCU case back to state court – Bloomberg), BLX +3.5% (still checking), MRVL +2.8% (up in sympathy with RIMM and MU), CPST +2.5% (announced that it received a $2.6 mln follow-on order from its Switzerland-based distributor for its C200 MicroTurbine systems), TASR +2.4% (Sports Authority to carry TASER C2 personal protectors), ACI +2.2% (Cramer makes positive comments on MadMoney), SGP +1.7% (announces productivity transformation program; looking to generate $1.5B of annual savings)… Analyst upgrades: NCC +4.7% (upgraded to Outperform at Bear Sterns and upgraded to Equal Wt at Morgan Stanley), EBAY +3.0% (upgraded to Buy at Merrill), SPP +1.9% (upgraded to Outperform at Credit Suisse), PTEC +1.3% (upgraded to Buy at Roth Capital), LULU +1.2% (upgraded to Overwt at Weisel), MGLN +1.2% (upgraded to Buy at tier 1 firm), MRO +1.1% (upgraded to Outperform at Oppenheimer).

Disclaimer & How I use this list