Gapping Up and Down This Morning

Gapping up

CRAY +24.3%, CDXS +19.7%, AAPL +9.2%, CRUS +8.7%, USNA +8.7%, TQNT +7%,  S +8.1%, GLW +7.5%,

ALU +6.4%, SWKS +6.3%, ARMH +5.8%, VASC +5.5%, AFL +5.4%, FTNT +4.9%, STD +4.3%, CRAY +24.3%

IGT +3.5%, ZAGG +3.2%, NFX +3.1%, EW +3%, RFMD +2.8%, ZIXI +2.4%, QCOM +2.3%, BAC +2.3%, PNRA +2.3%,

KND +20.5%,  FBR +2%,  ETH +0.4% , CDXS +19.7% , STM +5.1% ,  X +1.4%

Gapping down

LNET -15.5%, CYBI -13.6%, BIDU -8.7%, QCOR -7.6%, IRBT -4.1%, SINA -1.8%, HGSI -1.8%,

YOKU -1.6%, AWAY -1.6%, SAP -1%, IRBT -4.1%, ABB -3.6%, CS -3.3%, GSK -2.6%, AWAY -1.6%,

CYMI -1.4%, SAP -1%, CAT -0.8%, RCI -0.7%, SLXP -2% , PGR -0.9%

Source

Aflac Inc. (AFL) : The world’s biggest seller of supplemental health insurance said first-quarter profit doubled as investment results improved.

Amgen Inc. (AMGN) gained 3.8 percent to $71.23. The world’s largest biotechnology company reported first-quarter profit that beat analysts’ estimates as sales increased of its drugs to treat infections in cancer patients.

Apple Inc. (AAPL) surged 8.8 percent to $609.40. The world’s largest company by market value posted profit that almost doubled last quarter, reflecting robust demand for the iPhone in China as well as purchases of a new version of the iPad tablet.

Baidu Inc. (BIDU) declined 6.8 percent to $126.60. The owner of China’s dominant Internet search engine forecast second-quarter revenue will be no more than $867 million, falling short of the average analyst estimate of $869.2 million.

Boeing Co. (BA) rose 2.1 percent to $74.77. The world’s biggest aerospace company reported first-quarter profit that beat analysts’ estimates as it delivered more commercial jets while pushing production to record levels.

Dana Holding Corp. (DAN) increased 4.3 percent to $14.50. The maker of vehicle axles and other driveline components reported first-quarter earnings excluding some items of 44 cents a share, beating the average analyst estimate of 41 cents.

GNC Holdings Inc. (GNC) climbed 4.3 percent to $37. The operator of health and wellness stores reported first-quarter earnings excluding some items of 60 cents a share, exceeding the average analyst estimate of 53 cents.

International Game Technology (IGT) rose 4.7 percent to $16.65. The world’s biggest maker of slot machines forecast profit in 2012 of 99 cents to $1.04 a share, compared with the average analyst estimate of 99 cents.

Life Technologies Corp. (LIFE) : The provider of gene- analysis tools reported first-quarter earnings excluding some items of 99 cents a share, topping the average analyst estimate by 6 cents.

Norfolk Southern Corp. (NSC) : The second-biggest eastern U.S. railroad posted first-quarter profit that topped analysts’ estimates as increasing automotive deliveries helped counter falling coal shipments.

Panera Bread Co. (PNRA) : The bakery chain based in St. Louis reported first-quarter earnings of $1.40 a share, beating the $1.34 projected by analysts on average.

RF Micro Devices Inc. (RFMD) : The maker of chips and radio systems for mobile phones reported fourth-quarter revenue of $187.9 million, exceeding the average analyst estimate of $185.2 million.

Super Micro Computer Inc. (SMCI) : The maker of computer servers and accessories reported third-quarter earnings excluding some items of 19 cents a share, missing the average analyst estimate by 15 percent, according to data compiled by Bloomberg.

USANA Health Sciences Inc. (USNA) : The vitamin maker lifted its profit forecast for 2012 to at least $3.60 a share from an earlier projection of no more than $3.45, topping the average analyst estimate of $3.44.”

Source

“Apple Inc. (NASDAQ: AAPL) Raised to Outperform at Scotia.

Bank of Ireland (NYSE: IRE) Cut to Neutral at Credit Suisse.

Buffalo Wild Wings (NASDAQ: BWLD) Raised to Buy at Deutsche Bank.

Cymer Inc. (NASDAQ: CYMI) Raised to Outperform at Credit Suisse.

Domino’s Pizza (NYSE: DPZ) Raised to Neutral at BofA/ML.

Ethan Allen Interiors Inc. (NYSE: ETH) Raised to Buy at Stifel Nicolaus.

Fifth Third Bancorp (NASDAQ: FITB) Raised to Buy at Deutsche Bank.

Intuitive Surgical, Inc. (NASDAQ: ISRG) Started as Outperform at Raymond James; Named as Bull of the Day at Zacks.

J. C. Penney Company, Inc. (NYSE: JCP) Raised to Market Perform at BMO.

Leggett & Platt, Inc. (NYSE: LEG) named Bear of the Day at Zacks.

McDonald’s Corporation (NYSE: MCD) Cut to Hold at Argus.

Regions Financial (NYSE: RF) Raised to Buy at Rochdale Securities.

Symantec Corporation (NASDAQ: SYMC) Cut to Sector Perform at RBC.

Time Warner Cable (NYSE: TWC) Started as Buy at Citigroup.

United Technologies (NYSE: UTX) Raised to Buy at Argus.

Wal-Mart Stores, Inc. (NYSE: WMT) Cut to Hold at Argus.”

ALU, STD, BAC, BKS, DNDN, DMND, FSLR, GMCR, GRPN, HGSI, LNKD, NFLX, NOK, RSH, RIMM, SIRI

In Play 

On the Wires

Delta could have posted losses, but thanks to hedges the company reported $0.15 in eps….

Profits rose 29% for $CAT

Sales rose 11%

“French Socialist Francois Hollande escalated his criticism of Europe’s debt-crisis response by aiming his fire directly at the duo of German Chancellor Angela Merkel and his campaign opponent, President Nicolas Sarkozy.

“Merkel has led Europe with Sarkozy and we can measure the results,” he said late yesterday on France’s TF1 television. “If I am elected president, there will be a change in the focus of Europe’s construction. Enough free market, limitless competition, enough austerity.”

The challenge to Sarkozy on crisis management leadership underscores Hollande’s confidence he can turn his poll lead into victory on May 6 and reflects increased opposition to Merkel’s austerity prescription to settle Europe’s financial woes.

As Europe’s two largest economies head toward potential conflict over quashing the crisis, Merkel and her ruling party stood firm on German-led remedies, including the debt-cutting fiscal pact signed last month by all 17 euro-area leaders. German officials also took aim at Hollande as they reiterated Merkel’s backing for Sarkozy.

“If Mr. Hollande were to say that he wants to increasegovernment spending and save less, he’ll lose the confidence of the financial markets,” Peter Altmaier, the parliamentary whip of Merkel’s Christian Democrats, said in an interview in Berlin yesterday. “We will stick to our fundamental principles because there’s really no alternative.”

Read more

“Credit Suisse Group AG (CSGN), the second- largest Swiss bank, reported a 96 percent decline in first- quarter profit after booking accounting charges related to its own debt and costs for 2011 bonuses.

Net income fell to 44 million Swiss francs ($48 million) from 1.14 billion francs in the year-earlier period, the Zurich- based bank said in a statement today. Earnings beat the 297.9 million-franc average loss estimate of nine analysts surveyed by Bloomberg…”

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“China’s stocks rose for the third time in four days after Premier Wen Jiabao pledged to maintain steady economic growth and U.S. housing data bolstered the outlook for exports to the world’s biggest economy.

China Vanke Co. (000002) and Poly Real Estate Co. led gains for real estate companies after the China Securities Journal reported investment funds bought more shares of developers in the first quarter. Jiangxi Copper Co., the biggest producer of the metal, gained 1.8 percent on speculation an improving global economy will spur demand. Xinjiang Goldwind Science & Technology Co., the second-biggest maker of wind turbines, advanced 2.4 percent after profit beat the company’s projection.

“The government has the tools to stem a decline in economic growth and they will act when the situation worsens,” said Li Jun, a strategist at Central China Securities Co. in Shanghai. “Earnings are still a major concern and will limit a rebound. Trading will be range-bound for the time being.”

The Shanghai Composite Index (SHCOMP) rose 18 points, or 0.8 percent, to 2,406.81 at the close. The CSI 300 Index (SHSZ300) added 0.8 percent to 2,625.99. The Bloomberg China-US 55 Index (CH55BN), the measure of the most-traded U.S.-listed Chinese companies, retreated 0.4 percent in New York yesterday.

Thirty-day volatility in the Shanghai Composite was at 18.7 today, near the lowest in a week. About 13.4 billion shares changed hands in the Shanghai Stock Exchange yesterday, or 51 percent higher than the daily average this year…”

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“The Australian and New Zealand dollars fell against most of their major peers after slowing consumer-price inflation in Australia increased bets the nation’s central bank will lower interest rates.

The Aussie dollar touched a two-week low against its U.S. counterpart even as global stocks and commodities rose following better-than-expected U.S. economic data and successful bond auctions in Europe. Both South Pacific currencies weakened for a second day versus the greenback.

“Commodity currencies have been a bit softer because you had a weak Australian CPI number overnight,” said Geoff Kendrick, head of European currency strategy at Nomura International Plc, by phone from London. “The big picture driver is likely to be growth this year.”

Read more

Source

“Oil traded near the highest level in a week in New York after the American Petroleum Institutesaid crude inventories fell in the U.S., the world’s biggest consumer of the commodity.

Futures were little changed after rising 0.4 percent yesterday. U.S. stockpiles decreased by 985,000 barrels last week, the industry-funded API said. An Energy Department report today is forecast to show a gain of 2.8 million barrels. Goldman Sachs Group Inc. said crude prices will rise as demand growth outpaces production capacity.

“The API inventory is being accepted as a bullish factor,” said Ken Hasegawa, a commodity-derivative sales manager at Newedge Group in Tokyo who sees prices trading from $100 to $105 a barrel until at least the end of next week. “Because of the decrease in crude and products inventories, now we can see some gains in the oil market.”

Crude for June delivery was at $103.64 a barrel, up 9 cents, in electronic trading on the New York Mercantile Exchange at 2:52 p.m. Singapore time. The contract rose 44 cents to $103.55 yesterday, the highest close since April 17. Front-month prices are 4.9 percent higher this year.

Brent oil for June settlement gained 4 cents to $118.20 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $14.56, compared with $14.61 yesterday.

Oil’s advance in New York may stall as futures remain in a technical downtrend, according to data compiled by Bloomberg. On the daily chart, the top of a downward-sloping channel going back about two months is $104.38 a barrel today and represents technical resistance, where sell orders tend to be clustered.”

Asia

Europe

Futures

Currencies

Commodities

LIBOR, EURIBOR, 10 year yields for Italy, Spain, France, and Germany

Weather permitting.

Full article

“Blogs and content sites are only willing to give up valuable real estate and clutter themselves with social sharing buttons if they get ample referral traffic in return. That’s the big problem with the Google+ Share button that launched today with no launch partners or live examples of it in use. The embeddable button for posting webpages to the Google+ news feed with an optional comment is going to struggle for installs unless Google can prove it drives page views.”

http://techcrunch.com/2012/04/24/google-share-button/

Nigel Calder

Today the Royal Astronomical Society in London publishes (online) Henrik Svensmark’s latest paper entitled “Evidence of nearby supernovae affecting life on Earth”. After years of effort Svensmark shows how the variable frequency of stellar explosions not far from our planet has ruled over the changing fortunes of living things throughout the past half billion years. Appearing in Monthly Notices of the Royal Astronomical Society, It’s a giant of a paper, with 22 figures, 30 equations and about 15,000 words. See the RAS press release athttp://www.ras.org.uk/news-and-press/219-news-2012/2117-did-exploding-stars-help-life-on-earth-to-thrive

Read the rest here.

via Dragonfly Capital

Greg Harmon’s take on the yesterday’s hollow red hammers on DIA and SPY.