Gapping down on weak earnings/guidance: SOLF -20.5%, IBKR -5.5%, BGP -5.6%, JOYG -4.4%, FRO -3.0%... China-related stocks gapping down after 6.8% overnight sell-off in China: SNDA -5.1%, CAF -4.6%, KONG -4.4%, TSL -4.3%, XFML -4.0%, SOHU -3.9%, EFUT -3.8%, FFHL -3.7%, FMCN -3.6%, GCH -3.4%, SINA -2.2%, BIDU -1.7%, CTRP -1.3%... Chinese solar stocks under pressure on combination of weakness in China and in sympathy with SOLF earnings: JASO -5.9%, CSUN -5.0%, CSIQ -4.7%... Other news: IOMI -8.6% (continued pressure), TINY -6.0% (still checking), DEEP -3.6% (initiated with a Neutral at JP Morgan).
Futures indicate a lower start for the mkt as China's Shanghai Composite sold off 6.5% following yesterday afternoon's report that the Chinese govt tripled the tax on stock trading to 0.3% in an effort to curb speculative buying activity in the mkt. Note the monthly ADP employment report showed that an estimated 97K new private jobs, or roughly 123K nonfarm jobs, were created in May. However, the ADP report lacks credibility compared to Friday's more closely-watched May nonfarm payrolls, which is expected to check in around 135K.
Notable pre-market Calls include Upgrades: KNXA at Credit Suisse; Downgrades: BWLD at RBC; Initiations: STLD at Citi (Buy)... On the Earnings calendar: CHS, JRJC, JAS, LGF, NOVL, OPTM, PSS, SMTC and TIVO are confirmed to report after the close... On the Economic calendar, the May 9 FOMC Minutes will be released at 14:00ET.
Gapping up on strong earnings/guidance: CWTR +12.0%, DBRN +4.5%, PVH +3.0%... M&A: CDWC +3.5% (confirms it will be acquired by Madison Dearborn Partners for $87.75/share... Other news: OPWV +4.2% (Unstrung discusses ongoing rumors of higher bid in Openwave), BIIB +3.6% (announces $3 bln share repurchase through a modified "Dutch Auction" tender offer), TASR +2.5% (announces two orders).
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