Gapping down on weak earnings/guidance: CUTR -22.9% (also downgraded to Neutral at Merriman), UFPT -17.2%, MSTR -14.7%, DJO -12.2%, NUHC -11.9%, HLYS -9.6%, FTEK -9.4%, WTI -7.4%, PWAV -7.0%, ORCT -6.7%, LAZ -6.3%, BRNC -5.3%, NSTK -5.3%, WCI -4.5%... Other news: IDMI -17.2% (continues to sell off following yesterday's FDA news), DNDN -4.2% (hearing UBS and Stanford out with cautious comments), AAUK -4.2% (down in London trading as mining stocks decline).
Futures indicate a lower open for stocks. While there aren't any specific news items to account for the negative disposition, it's not surprising to see investors take profits following gains in 24 of the last 27 sessions. M&A activity has continued today, however, as MT is reportedly set to bid $40/sh for AKS. MOT is trading down 2% this morning as Carl Icahn failed to win a seat on its Board.
Notable pre-market Calls include Upgrades: LVS at Stifel Nicolaus, AA at RBC Capital... On the Earnings calendar, SAM and SNHY are confirmed to report earnings sometime during trading hours. After the close, 57 cos are confirmed to report including CSCO and ERTS... On the Economic calendar, Mar Wholesale Inventories (consensus 0.4%) will be released at 10:00ET.
Gapping up on strong earnings/guidance: ATRO +20.5%, ECGI +16.2%, LIOX +11.3%, MDR +10.5%, AQNT +9.9%, WRNC +7.8%, NILE +7.7%, HAYN +7.7%, WCG +6.9%, AFSI +6.0%, ADAM +5.6%, PKD +5.1% (also awarded contracts in Mexico and Turkmenistan), VOLC +5.1%, XRIT +4.9% (very light volume), GMXR +4.9% (very light volume), AMOT +4.4% (very light volume), WOLF +4.3% (very light volume), AOB +4.2%, SONS +3.4%, PLA +3.0%... M&A: AKS +19.0% (Arcelor Mittal to bid for AKS - FT)... Other news: TRIS +24.3% (awarded $30 mln contract to provide security services in Washington state), ISPH +9.6% (announces positive results of Phase 2 trial of epinastine nasal spray for seasonal allergic rhinitis), MRGE +6.0% (initiated with a Buy at Jefferies), ASTM +7.6% (FDA approves Phase III IND for treatment of osteonecrosis of the femoral head; also reports... other stem cell stocks up in sympathy: STEM +4.2%, GERN +0.7%), RACK +3.0% (settles patent litigation), COMS +3.3% (Citadel discloses 8.4% stake).
Interesting note out from UBS analyst re DNDN: UBS raises their tgt on DNDN to $9 from $3. Firm continues to find Provenge BLA risky, with full approval on May 15 unlikely.
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