Gapping down on weak earnings/guidance: SOFO -22.7%, HSTX -20.6% (also downgraded to Neutral at Merriman), CBAK -16.7% (announces restructuring, guides Q2 below consensus), DIVX -12.9%, SNTS -11.6%, SOHU -9.9%, FORD -7.5%, SUMT -7.5%, BBI -6.8%, NLC -6.7% (also downgraded to Hold at Citi), ACAS -6.0%, WBMD -5.8% (very light volume), JNY 5.8% (very light volume), EPIC 5.8%(announces $200 mln convertible notes offering), RUTH -4.7%, GMR -4.7%, ENZN -4.3%, GRMN -4.2%, NWRE -4.1%, CKSW -4.0%... Other news: CGPI -18.7% (suspends enrollment of new patients in incyclinide study; also reports), PCOP -6.8% (prices 7 mln share offering at $5/share), IMMU -6.5% (to raise $24 mln in common stock offering priced at $4.95/share).
Futures indicate a slightly higher open for stocks. The monthly ADP employment report showed that an estimated 64K new private jobs, or roughly 90K nonfarm jobs, were created in April. Economists expect Friday's more closely-watched April nonfarm payrolls figure to check in around 100K. M&A news has continued following yesterday's NWS bid for DJ as there are reports out this morning that the Dolan family is close to taking CVC private. This morning's biggest earnings report comes from TWX, who is trading slightly higher after beating, but also lowering FY07 EPS guidance.
Notable pre-market Calls include Upgrades: CME at BofA, Q at Credit Suisse, WPI at UBS, CMG at Morgan Keegan; Downgrades: DJ at Wachovia, LIZ at UBS, CEPH at First Albany... On the Earnings calendar, 84 cos are confirmed to report after the close. On the Economic calendar, Mar Factory Orders (consensus 2.1%) will be released at 10:00ET.
Gapping up on strong earnings/guidance: VOXW +74.4% (very light volume), HRSH +21.1%, PTIE +11.8%, NT +11.1% (also names interim CFO), BWLD +9.5% (also upgraded to Outperform at Morgan Keegan), CTB +8.6%, ININ +8.2% (also upgraded to Outperform at Morgan Keegan), CBG +8.0%, OSCI +8.0% (also FDA approves Factive tablets for 5-day treatment of community-acquired pneumonia), UNTD +7.3%, MA +7.2%, BGC +6.9% (very light volume), IVGN +6.3% (also tgt raised to $75 at ThinkEquity), POZN +5.9% (very light volume), VPHM +5.7%, CMG +5.5% (also upgraded to Outperform at Morgan Keegan)... Other news: BCRX +9.4% (confirms yesterday's news (10:31) that St. Jude study shows effectiveness of Peramivir in prevention of mortality in mouse model of avian influenza H5N1), ADLS +7.4% (cethromycin shown effective against anthrax in study), PRLS +5.7% (Pembridge Capital announces proxy contest for PRLS), ADBL +5.4% (upgraded to Buy at Citi).
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