Gapping down on weak earnings/guidance: KRSL -24.0%, STEC -17.6% (also multiple downgrades), CNTF -13.8%, JASO -6.9%, PLTE -6.6%, BDCO -6.3%, IGLD -4.9%, TJX -4.1%, ACAT -3.6%, HD -2.3%... Other news: AMGN -6.9% (WSJ reports Medicare may limit anemia-drug money; also multiple downgrades), BARE -3.7% (files for a 10 mln share common stock offering), BSTE -3.2% (Beckman advises it won't increase offer to acquire BSTE beyond $90/share), GMR -3.0%, TIVO -2.8% (hearing downgraded at boutique firm).
Futures indicate a flat open for stocks as CPI rose 0.4% (consensus 0.5%) in April and the more closely-watched core CPI rose 0.2% (consensus 0.2%), pushing the yr/yr rate to 2.3%, which is closer to the Fed's "comfort zone". On the Earnings front, HD is trading down 2% after missing on the top and bottom line and guiding FY08 EPS at the low end of prior forecasts. WMT is trading slightly higher after reporting and guiding Q2 EPS inline.
Notable pre-market Calls include Upgrades: DCX at UBS, GM at Lehman, MRO at BofA, LVS and BOT at BMO Capital; Downgrades: AMGN at Robert W. Baird and BofA, STEC at Deutsche Bank, CIBC and Northland Securities, TSO and VLO at BofA (from Buy to neutral), BYD at BMO Capital... On the Earnings calendar, AMAT, CPWR, MNTG, PLAB and POWI are confirmed to report after the close... On the Economic calendar, nothing remains on the schedule for today.
Gapping up on strong earnings/guidance: PLCC +33.3%, ATEA +31.9%, WINN +19.8%, ACY +11.1%, ICFI +7.5% (also downgraded to Hold at Jefferies), LINE 5.3%, PCS +5.0%, CPSL +4.2%, KRY +3.5%... M&A: TW +3.3% (to be acquired by AIG for $22.00/share)... Other news: ICAD +22.1% (files 8-K with Q1 results, note co first reported these numbers on 5/8), SIGA +8.1% (announces successful results of proof of concept guinea pig trial of ST-193), CRTX +7.9% (follow-through momentum), HTLD +6.2% (declares special dividend of $2.00/share), MR +6.1% (upgraded to Buy at UBS), HTRN +5.9% (announces FDA clearance and launch of the new lithoDiamond ULTRA lithotripter), MXWL +5.8% (co and Argonne National Lab to collaborate in test of ultracapacitor/lithium-ion battery combination for hybrid vehicles), OMRI +4.3% (receives FDA approval for liquid fibrin sealant, Evicel, for use in vascular surgery), SOFO +4.1% (initiated with a Buy at Cantor), RTRSY +3.9% (Thomson and RTRSY agree on terms for merger).
Gapping Down: STEC -13.7%, IGLD -9.8%, PLTE -6.6%, AMGN -4.4%, NTAP -3.4%, BSTE -3.2%, GRZ -2.5%, HD -2.2%, SPPI -1.9%, BEAS -1.9%.
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