Gapping down on weak earnings/guidance: HRT -26.3%, FRPT -4.0%, AMAT -3.9% (down in sympathy NVLS -3.6%, LRCX -2.4%, KLAC -2.3%, VSEA -1.9%, ASML -1.1%, TXN -0.7%), LTD -3.0% (also multiple downgrades)... Other news: SWAT -8.6% (discloses "going concern" language in 10-KSB), ATEA -4.1% (profit-taking after yesterday's earnings-related gap up), EEP -3.8% (files for 5.3 mln share offering), ESLR -3.4% (files for 15 mln share secondary).
Pre-market Summary : Futures indicate only a slightly higher start for the mkt following mixed housing data. Housing starts unexpectedly rose 2.5% in Apr to 1.528 mln (consensus 1.48 mln), the highest level this year, reflecting more stabilization in housing. However, Building Permits, a sign of future construction, fell 8.9% to a 10-year low of 1.429 mln (consensus 1.52 mln). The disclosure of significant investments in several large-cap names (Eddie Lampert in C, George Soros in MSFT, etc) is contributing to the improved sentiment.
Notable pre-market Calls include Upgrades: TIVO at Bear Stearns; Downgrades: BID at JMP Securities, LTD at Wachovia, Citi and BofA, TXN at CIBC, AMAT at Cowen; Initiations: CROX at JP Morgan (Overweight) gapping up above $75.00... On the Earnings calendar, 12 cos are confirmed to report after the close including HPQ... On the Economic calendar, Apr Industrial Production (consensus 0.3%) and Capacity Utilization (consensus 81.5%) will be released at 9:15ET.
Gapping up on strong earnings/guidance: QXM +12.4% (up in sympathy majority owner XING +5.5%), CPWR +10.8%, ESMC +8.6%, CVLT +8.4%, JBX +5.6%, REDF +5.4%, SNE +4.1%, CPA +3.9%... M&A: AGIL +12.9% (to be acquired by Oracle for $8.10/share... up in sympathy ARTG +4.8%?), BOL +9.8% (to be acquired by private equity for $65.00/share), NX +4.9% (to review strategic alternatives for Building Products group)... Other news: CPNLQ.PK +12.7% (WSJ reports Calpine is getting a favorable new look from investors), MPWR +11.7% (O2Micro to appeal jury verdict recently rendered in favor of MPWR and Asustek), NUVO +8.6% (upgraded to Neutral at BofA), ACM +7.1% (Cramer positive on stock), HLIT +5.1% (upgraded to Mkt Perform at FBR), COMS +4.9% (WSJ runs blurb noting co named new CFO... originally announced 5/10), BRCD +3.9% (upgraded to Overweight at JP Morgan), CNTY +3.4% (announces new managing director of its South African subsidiary).
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