Futures indicate a flat open for the mkt. Strength in the Chinese and European mkts has helped futures, but is offset from today's lack of M&A activity, per usual for a Monday, and more weakness in the bond mkt. However, there is little conviction on the part of buyers as this week's deluge of economic data, from retail sales to updates on inflation, won't kick off in earnest until Wednesday.
Notable pre-market Calls include Upgrades: JNJ at Credit Suisse; Downgrades: BOT at Credit Suisse, NFLX at JP Morgan, UAUA at Calyon, PENN at Morgan Joseph; Initiations: NMX at Credit Suisse (Neutral), ICE at Credit Suisse (Outperform)... On the Earnings calendar: CYBX, RVI, SORC and TTWO are confirmed to report after the close... The Economic calendar is empty today.
Gapping down on weak guidance: NUE -5.4%... Steel names ticking lower on combination of NUE guidance and DJ report that ThyssenKrupp denied it was in talks with Severstal, US Steel: X-4.8%, STLD -4.1%, AKS -2.9%, CMC -2.4%, GNA -1.9%... Other news: MKTX -5.9% (downgraded to Underperform at Credit Suisse), PENN -4.7% (table games in Charles Town rejected in weekend vote; several brokers are commenting on news, with stock downgraded at Morgan Joseph), HOG -2.8% (tgt cut to $67 from $69 at UBS), E -1.4% (said its crude-oil production in Nigeria is "near normal" after having been curbed by militant attacks).
Gapping Up on strong earnings/guidance: CRED +8.9%, JOSB +3.6%... M&A: BYBI +23.6% (to be acquired by private equity for $6.50 per share), CUP +8.9% (announces friendly C$6.60/share cash offer by Aluminum of China)... Other news: MDVN +32.9% (announces Dimebon maintains statistically significant benefit on all five efficacy endpoints in Alzheimer's disease), NRMX +10.4% (presents update on Alzhemed), INFN +7.3% (continued momentum following last week's IPO), GERN +6.1% (says research indicates its embryonic stem cell-based therapeutic for spinal cord injury evades direct attack by the human immune system), ADLR +5.3% (co and GSK provide update on Alvimopan program, say complete response to the POI Approvable Letter now targeted for 3Q07), NGSX +4.7% (initiated with an Overweight at Morgan Stanley, initiated with a Positive at Susquehanna), ILMN +4.7% (announces launch of iControlDB), SNSS +4.2% (reports positive data from studies of two anti-cancer agents), SINA +3.8% (announces strategic partnership with Google in the areas of search, advertisement and news).
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