Gapping down on weak earnings/guidance: EMAG -12.1%, AVNR -10.8%, FACE -10.0%, CCRT -8.9% (also downgraded to Underperform at Wachovia), HOKU -8.3%, NWS -8.1%, MDRX -7.6% (also downgraded to Hold at BB&T), LCAV -6.6%, GNVC -6.5%, FNSR -5.3%, FTO -5.2%, CSCO -4.7% (also downgraded to Sector Perform at Pacific Crest), AVII -4.5%, CLHB -4.0%... Other news: DNDN +56.7% (receives Complete Response Letter from FDA for Provenge BLA; FDA requests additional data... Down in sympathy: AGEN -11.2%, CEGE -11.2%, GTOP -6.7%, NUVO -5.8%), OPBL.OB -28.7% (BMO suspends ties with Optionable - Reuters), SOMX -10.1% (receives correspondence from the FDA; request may result in the co delaying its initial NDA submission until the first quarter of 2008), HNSN -4.1% (Cramer bearish on stock).
Futures indicate a lower open for stocks ahead of today's FOMC policy statement. Rates are widely expected to remain unchanged at 5.25%, but the wording of the directive will be closely watched for hints pertaining to the course of monetary policy. This morning's biggest mover is DNDN, who is trading down over 50% after receiving an "approvable letter" from the FDA that requested additional clinical data. In M&A news, the WSJ reported private equity groups have formed to chase AT, while RTP is trading up 6% this morning despite denying bid talk with BHP. On the earnings front, CSCO is trading down 5% this morning after issuing only inline Q4 rev guidance, despite beating on the top and bottom lines.
Notable pre-market Calls include Upgrades: RACK at First Albany, AL at Prudential, JNY and BEBE at Morgan Keegan; Downgrades: FLIR at JP Morgan, BOBJ at BMO Capital... On the Earnings calendar, 47 cos are confirmed to report, though none are expected to be market-moving releases. On the Economic calendar, as mentioned above, the Fed will release its potentially market-moving policy statement at 14:15ET.
Gapping up on strong earnings/guidance: TRT +19.9%, PED +12.7%, MVSN +12.2% (also upgraded to Buy at Jefferies), B +10.1%, FWLT +9.0%, MFLX +8.7% (very light volume), MMS +5.6%, FTGX +5.1%, MFB +4.0%, KNXA +3.9% (also upgraded to Buy at Needham), TRLG +3.8%, NRGY +3.7%, ORA +3.7%, BRL +1.8%... M&A: RTP +5.9% (RTP soars on BHP bid talk; denies approach - Reuters), FLA +6.0% (discloses additional details of Fortress acquisition offer; very light volume)... Other news: NCI +9.2% (commences modified Dutch Auction tender offer to purchase up to 10.5 mln shares at $19.50-$22.50/share), ASTI +6.7% (wins high efficiency solar cell program), ISIS +6.5% (announces cardiovascular disease collaboration with Bristol-Myers), PAL +5.9% (Cramer positive on stock), ONT +4.9% (to unveil Flix Publisher Live at Streaming Media East), ANAD +4.4% (supplies 3G power amplifiers for LG Electronics' VX9400 TV-capable phone), DAL +3.7% (hearing initiated with a buy at tier-1 firm), COGT +3.4% (says Court affirms co's right requiring return of technology improperly used by Northrop Grumman), JRCC +1.0% (follow-through momentum after yesterday's earnings report), SMCI +3.6% (initiated with a Buy at Merrill).
IBM gapping up on a Goldman upgrade to buy from neutral.
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