USA Today Looks Into a Potential New Tech Bubble
Industrial Production Falls as Manufacturing Gains
More Floods Expected For Nation’s Bread Basket
Iran Says They “Will Use All Powers” To Help The People of Bahrain
TEPCO Says Water Dumping is Working and Power Will Return in Hours
China Has a New M&A Hurdle
Gapping Up and Down This Morning
In reaction to strong earnings/guidance: GRRF +18.2%, AGM +7.2%, CAST +5.9% (light volume), FDX +4.6%, HRS +1%.
Select financial related names showing strength: ING +2.9%, DB +2.7%, IRE +2.6%, STD +2.6%, BBVA +2.3%, BCS +2.2%, CS +2.1%, .
Select metals/mining stocks trading higher: RIO +3.2%, MT +2.3%, BHP +2.1%, AU +1.4%, GOLD +1.1%, SLV +0.9%, GLD +0.4%.
Select oil/gas related names showing strength: ROYL +6.5%, RDS.A +3.7%, ATPG +3.4%, HERO +3.0%, TOT +2.6%, RIG +2.4%, BP +1.7%, XOM +1.0%.
A few Japan related names are ticking higher: SNE +4.7%, HMC +2.8%, TM +2.0%.
European drug names trading higher: SNY +2.7%, SHPGY +2.3%, NVS +1.5%.
Other news: UCBI +24.2% (announces $380 million capital raise and plans to sell $435 million of classified assets), CBEH +4.4% (modestly rebounding from yesterday’s weakness on negative newsletter mention), UPS +3% (trading up with UPS), ARMH +2.5% (seeing early strength on reports related to chip competition), AMGN +2.1% (Amgen pops over a point in after-hours; strength attributed to decision not to change CMS guidelines for Anemia drugs), CLF +1% (Cramer makes positive comments on MadMoney).
Analyst comments: CREE +2.7% (upgraded to Buy from Neutral at Merriman – CY1Q inventory clearing could set up recovery in CY2Q ), AKAM +1.8% (upgraded to Buy from Hold at Stifel Nicolaus), EMC +1.5% (initiated with an Outperform at Credit Suisse), AAPL +1.1% (initiated with Outperform and $500 tgt at Credit Suisse)
Gapping Down
In reaction to disappointing earnings/guidance: SANM -16%, SCLN -12.9%, PEGA -9.2%, ATU -8.9%, FEED -8%, CVVT -7.6%, CBPO -7.5%, LULU -6.7%, DPTR -6.5%, GES -5.5% (also announces $250 mln share repurchase).
M&A news: KWK -13.9% (Quicksilver Resrcs and Darden family will not pursue a take private transaction of co).
Other news: GMR -34.8% (files to delay its 10-K and reports prelim results; says engaged in ongoing discussions with prospective lenders and investors to seek additional liquidity), YRCW -17% (still checking), NRP -5.9% (commences a secondary public offering of 6 million common units representing limited partner interests in Natural Resource Partners L.P.), VGZ -5.2% (files resale registration statement for 14,666,739 special warrants), SNBC -5.2% (continued weakness), FUBC -4.8% (has commenced an underwritten public offering of approximately 5.0 million shares of its common stock), HA -2.7% (proposes $75 mln Convertible Senior Notes offering), HOGS -1.5% (weakness attributed to pricing of offering), ALNY -1.5% (ticking lower; responds to Tekmira complaint and maintains its guidance regarding its pipeline, partnership, and cash goals).
Analyst comments: HMA -1.3% (downgraded to Market Perform from Outperform at Leerink), BMC -0.9% (downgraded to Hold from Buy at Stifel Nicolaus
Comments »Initial Claims; Previous: 397k, Mkt Expects: 386k, Actual: 385k
CPI; Previous: 0.4%, Mkt Expects: 0.4%, Actual: 0.5%
India Tries To Combat Inflation With a Raising of Rates
Swiss Central Bank Keeps Rates on Hold
Despite inflation fears rates remain unchanged in light of Japan and the Euro debt crisis…
Comments »FedEx, FDX, Reports 3rd Q Earnings: $0.73p/s Stock Trades Higher on Outlook
U.S. Stocks: Pre Market Movers
GE’s Nuclear Reactor Division Expansion @ Risk Given India and Germany’s Recent Decisions
Pfizer Shareholders Push For a $6.8 Billion Spin Off of Baby Foods Division
BAC and C Caught Up in The UBS LIBOR Manipulation Probe
Spain Faired Well in a $5.8 Billion Bond Auction
Finally The U.S. Pushes for Air Strikes in Libya
Markets Rebound and U.S. Futures Turn Positive on G-7 Specualation
Remember yesterday was a head fake. Watch closely to today’s action. Everyone expects intervention into the Yen
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