Futures indicate a lower open for the mkt after the Dow, S&P 500, Russell 2000 and S&P 400 Midcap all hit new highs yesterday. Fed Chairman Bernanke's prepared statement at 8:15ET failed to provide investors with much enthusiasm. The statement was generally upbeat about the economy, saying he expects growth 'close to or slightly below' trend and that long run inflation expectations remain contained, but his testimony doing little to improve the likelihood of a rate cut anytime soon.
Notable pre-market Calls include Upgrades: BHP at Citi, DOW at Lehman; Downgrades: OPWV at CIBC, JP Morgan, ICAP and Needham, JNPR and TRMP at UBS, GIS at Bear Stearns... On the Earnings calendar; ABM, COO, CPRT, GES, NAVR, TUTR... On the Economic calendar, May ISM Services (consensus 55.5) will be released at 10:00ET.
Gapping down on weak earnings/guidance: AMWD -7.0%, BBBY -5.7%... Other news: OPWV -15.7 (Board rejects Harbinger's offer), TELK -15.0% (announces clinical hold on Telcyta trials), GPCB -11.3% (profit taking after yesterday's late day ~10% run following CEO's comments on CNBC), TRMP -5.7% (downgraded to Peer Perform at Bear Stearns), JNPR -1.6% (downgraded to Neutral at UBS), SNY -1.1% (updated study results reinforce survival benefit of Taxotere for men with advanced, hormone-resistant prostate cancer)
Gapping up on strong earnings/guidance: FCEL +4.3%, MIND +5.1%... Other news: DRL +11.7% (Board authorizes discussions with FBOP to review previously reported proposal), ONCY +10.1% (announces positive clinical data from U.S. phase 1 Reolysin trial), FMP +9.8% (announces exploration of strategic alternatives to enhance shareholder value), QGEN +7.5% (upgraded at WestLB, following yesterday's ~10% sell-off after announcing DIGE acquisition), RACK +7.0% (follow-through momentum following yesterday's +5% move, after Jon Najarian discusses co as takeover candidate on CNBC this morning), IDMI +6.8% (presents interim Phase 2 data from EP-2101 lung cancer vaccine clinical trial), RAD +3.1% (positive Cramer mention), AV +2.6% (to be acquired by Silver Lake and TPG Capital for $17.50 per share).
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