May 1st Gapping Up/Down

Gapping down on weak earnings/guidance: LIZ -19.1%, ITWO -18.3%, IVAC -13.2% (also downgraded to Sell at Maxim), CC -11.5% (also multiple downgrades), BEAS 10.4%, ROCM -8.7%, UA -7.9%, VMC -5.8%, GLT -5.0%, ADM -4.9%, RTI -4.5%, PAAS -4.3%, RIMG -4.1%, WTSLA -3.7%, FRK -3.0%, APC -2.7... Other news: ACUS -19.8% (announces Phase 3 trial results of Imagify met primary endpoints for accuracy and sensitivity, did not achieve the specificity endpoint), CADX -7.5% (intends to discuss with FDA a proposal to increase number of patients to be enrolled in Phase III trial of Omigard), AHM -5.0% (prices 4 mln share offering at $23.75), SONS -3.6% (downgraded to Equal-Weight at Lehman), JSDA -3.6% (Cramer bearish on JSDA), SPWR -3.3% (Cypress Semi sells 7.5 mln SPWR shares), CEGE -3.0% (files for $150 mln mixed shelf).

Gapping up on strong earnings/guidance: FDP +10.1%, RAIL +9.3%, CYNO +8.1%, HW +6.6%, TUES +5.7%, AVP +5.0%, WMGI +5.0% (very light volume), SPAR +5.0%, BNT +4.7%, ALXN +4.6%, HOLX +1.8%... M&A: TFSM +33.2% (MSFT has emerged as contender to buy TFSM - NY Post... up in sympathy VCLK +4.9%, AQNT +3.4%)... Other news: SVR +21.2% (upgraded to Accumulate at ThinkEquity), HEPH +12.3% (cleared by FDA to initiate Phase I clinical trial with HE3286 in treating metabolic disorders), MAMA +12.0% (enters mobile market), NTOL +9.2% (enters into joint venture for China), PGNX +7.4% (says single dose of PRO-140 significantly reduced viral load for prolonged period in HIV-infected individuals), AVNR +7.3% (momentum), ACLS +5.9% (achieves two new design wins from chipmakers in Asia), SGMS +5.1% (announces it has formed a JV with Chinese technology co Inspur), SIGM +3.5% (upgraded to Buy at Needham).