India Accuses Monsanto of Illegal GMO Corn Trials Without Approval
Israel “Will Not Be Surgical”
Top Stock Moves Out of the Gate
Unit Labor Costs May Keep Fed on Hold
Apple Says Goodbye to 22 Year Company Man Bertrand Serlet
Barnes and Noble May End Search For a Buyer
Best Buy Tries to Reboot and Take Market Share From Wal-Mart
Gapping Up and Down This morning
Gapping down
In reaction to disappointing earnings/guidance: CREE -7.8%, DGW -4% (also included third party review update), GIS -1.7%, ADBE -0.8%.
M&A news: BKS -2.7% (ticking modestly lower following reports that the co may not find buyer).
Select financial related names showing weakness: LYG -2.3%, DB -1.6%, HBC -1.1%.
A few CREE peers are under under pressure: RBCN -5.9%, LEDS -4.8%, VECO -3.9%, AIXG -3.6%
Other news: XOMA -38.2% (announced that its Phase 2b trial of XOMA 052 in Type 2 diabetes patients did not achieve the primary endpoint of reduction in glycosylated hemoglobin), PRAN -20.1% (to sell securities to institutional investors in a private placement for aggregate gross proceeds of ~$6,190,992), NCT -5.4% (plans to make a public offering of 15 mln shares of its common stock), BAC -1.7% (discloses comprehensive capital plan sent to the Federal Reserve; Fed objected to proposed increase in capital distributions for the 2H11), TM -1.3% (under pressure following reports co will delay the Japan launch of the Prius wagon and minivan), BIN -1.2% (announces commencement of public secondary offering of common shares by TC Carting III, L.L.C.), YPF -1.1% (weakness attributed to pricing of offering), GNW -0.9% (prices $400 mln debt offering).
Analyst comments: CAG -1.3% (downgraded to Neutral from Buy at Davenport)
Gapping up
In reaction to strong earnings/guidance: TIV +10.7%, JBL +9.6% (also reports update related to Japan operations; may have an impact on the supply of components), CTAS +5.7% (also upgraded to Gradually Accumulate from Hold at Soleil), GIII +4.4%, MILL +2.5%, DFS +2.7%, GRS +2.6%.
Select metals/mining stocks trading higher: BBL +2%, SLW +1.9%, BHP +1.8%, RIO +1.6%, SLV +0.6%, GLD +0.5%, .
A few oil/gas related names showing strength: ROYL +4%, ATPG +1.7%, MPET +1.6%, HERO +1.2%.
Other news: MOTR +6.2% (Cramer makes positive comments on MadMoney), CDII +5.8% (China Vesting upgrades China Direct Industries to the China Dragon Undervalued Index), MOBI +5.5% (Sky-mobi entered into an advertising contract with Sohu), POZN +5.4% (announces licensing deal with Cilag GmbH, a division of Johnson & Johnson (JNJ), for MT 400, migraine treatment), FSCI +3.9% (retains financial advisor to explore alternatives for maximizing the value of Fisher Plaza), AOL +2.7% (reports out overnight that the co is planning to consolidate websites), ARMH +1.8% (reports out overnight that the co is working with Microsoft on processor architectures), ASML +1% (still checking), SPWRA +0.9% (ticking higher, Sunpower and Hawaiian Electric sign solar power agreement).
Analyst comments: PHM +4.1% (upgraded to Buy from Neutral at Goldman), CSX +1.1% (upgraded to Buy at Goldman), BG +1.0% (upgraded to Buy from Hold at Deutsche Bank), ALV +0.9% (initiated with a Buy at Citigroup)
Comments »Unusual Pre-Market Activity and In Play This Morning
Trucking Tonnage Indicator
111 Experts in Home Price Trends See No Bottom For Housing Until 2013-2015
Long Term Charts Suggest The “Recovery” is Bifurcated at Best
corporations seemed to have rebounded, but main street is dead in the water…..
Comments »