Gapping down on weak earnings/guidance: TCHC -42.5%, CRAY -16.5% (also downgraded to Mkt Perform at Northland Securities), BBND -12.8%, HTRN -12.2%, JSDA -9.6% (also upgraded to Accumulate at ThinkEquity), HPOL -8.9%, ANR -7.0%, SWIM -6.5%, SHLD -5.1%, SIMG -5.0%, EK -4.9%, NXG -4.8%, QLGC -4.7% (also downgraded to Mkt Perform at FBR), BGFV -4.1%, EDS -3.7%, THI -3.1%... Other news: ISTA -27.1% (receives Not Approvable Letter from FDA relating to its NDA for T-Pred), TFSM -7.8% (downgraded to Buy at Matrix), SILC -7.5% (announces $17.9 mln private placement), GBBK -4.4% (to be acquired by Wells Fargo in an apparent take-under), GLBL -3.6% (downgraded to Hold at Jefferies).
Futures indicate a higher open for stocks as the NY Post reported MSFT has approached YHOO again about entering formal negotiations. In addition, RTRSY confirmed it has received a takeover approach from a third party, which follows NWS.A's acquisition proposal of DJ on Wednesday. Today's employment data was neutral as Apr Nonfarm Payrolls checked in up 88K (consensus 100K), the Unemployment Rate (4.5% vs. consensus 4.5%) and the Avg Workweek (33.8 vs. consensus 33.8) met and Hourly Earnings came in slightly below expectations (0.2% vs. consensus 0.3%).
Notable pre-market Calls include Upgrades: UL at Citi, RDS.A at Bear Stearns, ANDW at Needham, CROX at Wedbush; Downgrades: BIIB at RBC Capital, NVO at Bear Stearns... On the Earnings calendar, TS is the only co confirmed to report after the close. On the Economic calendar, nothing remains on the schedule for today.
Gapping up on strong earnings/guidance: CROX +19.1% (reports also 2-for-1 stock split), ONT +16.1%, ZOLT +10.1%, BLKB +9.9% (also upgraded to Hold at Citigroup), PCLN +8.5%, INAP +8.2% (also upgraded to Outperform at CIBC), MOBE +7.5%, FSLR +6.9% (up in sympathy TSL +3.9% & SOLF +3.1%), ALY +5.6%... M&A: RTRSY +25.4% (Reuters shares soar after group confirms bid approach - WSJ), YHOO +15.8% (Microsoft has intensified its pursuit of deal with YHOO - NY Post... up in sympathy CNET +4.9% & MAMA +4.1%), EASY +10.7% (to be acquired by Internet Commerce Corp for $5.80/share), WON +7.7% (WON has tapped investment bank UBS to identify potential buyers - NY Post)... Other news: NFI +11.5% (discloses commitment for a $1.9 bln comprehensive financing facility), OSUR +6.7% (initiated with a Buy at Lazard), THOR +6.3% (receives FDA approval of continued access protocol for bridge ARM of its HeartMate II pivotal trial), XFN +6.2% (follow-through momentum after yesterday's breakout; also profiled in Briefing Trader), PTR +5.4% (PetroChina up on oil find - FT), MDII +5.3% (momentum), DNDN +4.7% (momentum), LEND +4.4% (profiled in BusinessWeek), IDEV +3.5% (announces FDA approval of Supprelin-LA), BOBJ +3.2% (announces final terms of convertible bond issue), IDMI +1.7% (appoints Robert De Vaere as Senior VP & CFO).
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