Gapping down on weak earnings/guidance: VYYO -6.3%... Other news: MYL -11.8% (to acquire generics business of Merck KGaA for $6.7 bln), OPMR -7.5% (responds to request from US attorney's office in Southern District of NY; very light volume), RDY -5.8% (Teva & RDY lose bid to overturn patent on JNJ/Eisai's Aciphex), BVF -3.9% (acknowledges receipt of Wells Notice), RTP -3.5% & BHP -1.7% (down on newspaper articles "Rivals look to thwart $33 bln aluminium deal" and "RTP hires Morgan Stanley for bid defense"), IRF -2.9% (discloses it found accounting problems at foreign subsidiary), LEND -2.7% (files delay of 10-Q on Friday afternoon), NFI -1.7% (Risks outweigh the opportunities - FBR).
Futures indicate a flat start for stocks. With the mkt's focus shifting away from earnings and back to economic data, an empty economic calendar this morning is stalling follow-through efforts from Friday's rally. Per usual for a Monday morning, M&A activity is making headlines. Cerberus Capital Mgmt is paying $7.41 bln for an 80% stake in DCX's Chrysler unit, while MYL has agreed to acquire Merck KGaA's generic drug division for $6.7 bln. Bloomberg also reported family members are weighing a sale of their controlling stake in F.
Gapping up on strong earnings/guidance: AEY +17.4%, PETS +16.6%, JCDA +12.8%, SMTX +12.1%, XFN +10.2%, CSIQ +7.7%, XNN +6.7%... NOK +2.9% raises guidance, up in sympathy: RFMD +2.8% and TXN +0.4%... M&A: VAS +36.3% (to be acquired by Cardinal Health for $42.75/share), INFT +27.2% (to be acquired by Business & Decision for $4.25/share), PRM +20.5% & SORC +6.6% (SORC to acquire PRM's Enthusiast Media segment), EAGL +6.3% (announces increase in offers from both CEVA and group led by EAGL CEO Jim Crane), DCX +3.8% (Cerberus takes over majority interest in Chrysler Group and related financial services business for $7.4 bln)... Other news: CRTX +28.5% (FDA approves DEY's New Drug Application for Perforomist Inhalation Solution), LJPC +13.0% (initiated with a Buy at Needham), BDSI +11.6% (announces BEMA Fentanyl Phase III data demonstrates statistical significance), ONT +10.9% (follow-though momentum), SILC +10.4% (announces design win from "one of the world's largest telecoms equipment manufacturers"), GERN +7.6% (positive article in TheStreet.com), DNDN +7.2% (short-squeeze), ACH +4.6% (follow-through momentum; also up in sympathy after Telegraph reports that rival mining groups are drawing up plans to gatecrash Alcoa's hostile bid for Alcan), ALTI +4.6% (follow-through momentum), SIF +4.5% (follow-though momentum after Friday's earnings-related surge), MEND +4.4% (Cramer positive on stock), GNVC +4.3% (added to Nasdaq Biotechnology Index), FRPT +3.4% (Cramer positive on stock; also mentioned in WSJ article "Armored-vehicle builders compete for bigger payday).
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