utures indicate a lower open for the mkt as yesterday's lackluster finish is carrying over into today. Bond yields are higher again this morning and TXN is trading lower following the co's mid-quarter update, in which it tightened its Q2 guidance. On a positive note, LEH is trading higher as the co's Q2 earnings handily beat on the top and bottom line. Dow futures are currently -61; Nasdaq futures are currently -10.5; S&P futures are currently -6.7.
Notable pre-market Calls include Upgrades: TTWO at JP Morgan and Kaufman Bros; Downgrades: AAPL at ThinkEquity, X at Bear Stearns... On the Earnings calendar: FNSR, MEAS, RENT and SAPE are confirmed to report after the close... On the Economic calendar, the May Treasury Budget (consensus -$68.0 bln) will be released at 14:00ET.
Gapping down on weak earnings/guidance: ACLI -9.5%, ROLL -6.8%, LUB -5.6%... Trading down following TXN's mid-qtr update: TXN -2.4%, NOK -1.5%, ERIC -1.5%... Other news: NRMX -4.5% (tgt cut to $4 at Piper), SIRF -4.0% (BRCM acquires competitor Global Locate), MDVN -2.4% (profit taking after yesterday's +23% move), NFLX -2.0% (BBI announces new lower priced subscription plans for online subscribers).
Gapping up on strong earnings/guidance: TTWO +6.4%, JMBA +5.0%, LEH +1.7%... M&A: HOFF +9.1% (to be acquired by Cal Dive International for approximately $19.25)... Other news: IDIX +16.4% (says Valopicitabine combined with standard of care cleared Hepatitis C virus in 72% of patients), RGEN +12.4% (announces favorable ruling against IMCL), CRGN +9.2% (presents update on clinical development program for Belinostat), ITG +9.0% (DE Shaw files 13D disclosing 6.2% stake, issues letter to CEO), TLM +7.0% (DJ reports Texas Court to hear CEO-TLM Indonesian case in Nov), PIR +7.0% ( upgraded to Buy at Goldman - CNBC), VSE +5.6% (continued momentum carrying over after yesterday's BP-for-VSE rumor and subsequent heavy call buying), JDSU +2.9% (upgraded to Outperform at Bernstein), RFMD +2.5% (upgraded to Buy at ThinkEquity).
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