Futures indicate a slightly lower start for stocks as investors await Fed Chairman Bernanke's testimony at 9:30ET on the subprime mortgage mkt. HPQ is leading earnings headlines as the co reported inline, reaffirmed Q3 guidance and issued inline FY07 guidance. On the economic front, weekly Initial Claims fell 5K to 293K (consensus 310K).
Notable pre-market Calls include Upgrades: ONXX at Friedman Billings, MGM at Prudential, MPWR at Deutsche Bank and Piper Jaffray, TGT at AG Edwards; Downgrades: CAT at Stifel Nicolaus, CMG at Morgan Joseph... On the Earnings calendar, 10 cos are confirmed to report after the close including KSS and JWN... On the Economic calendar, Apr Leading Indicators (consensus 0.0%) will be released at 10:00ET and May Philadelphia Fed (consensus 4.0) will be released at 12:00ET.
Gapping down on news: MDTH -5.1% (priced additional 4 mln share offering at 33.07), DNN -4.2% (updates Canadian mining and production plans), MU -2.4% (files for a $1.1 bln convertible notes offering).
Gapping up on strong earnings/guidance: HPQ +1.1%... M&A: ACXM +18.4% (to be acquired by Silver Lake and ValueAct Capital for $27.10 per share), TFSM +4.5% (to be acquired by WPP for $11.75 per share)... Other news: DUSA +32.5% (receives Orphan Drug Designation for Levulan PDT to treat esophageal dysplasia), CTIC +5.0% (receives FDA special protocol assessment comments on the design of Phase III Trial of Pixantrone), GERN +6.0% (its scientists and collaborators differentiate human embryonic stem cells into insulin-producing islet-like clusters), ISIS +4.0% (announces positive Phase 2 data for ISIS 301012), SUNW +3.9% (announces $3 bln share buyback).
Early Pre-Market Gappers
Gapping Up: ACXM +16.6%, GERN +6.0%, ISIS +4.8%, SUNW +3.7%, TFSM +3.5%, HPQ +1.6%... Gapping Down: MU -2.0%, WF -1.2%.
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