Pre & Post Earnings Links

http://dynamic.nasdaq.com/dynamic/premarketma.stm

http://dynamic.nasdaq.com/dynamic/afterhourma.stm

http://www.rttnews.com/Earnings/PositiveAnnouncement.aspx?Node=B7

http://www.briefing.com/Investor/Private/Calendars/EarningsGuidanceCalendar.htm

http://www.hillbent.com/content/view/91202/379/

http://www.hillbent.com/component/option,com_jd-wp/Itemid,/cat,31/

http://www.streetinsider.com/Earnings

http://ycharts.com/calculations/rankings/eps_growth

http://www.cnbc.com/id/18080780/

http://webuser.bus.umich.edu/tradingfloor/earningstorpedo/torpedo100/default.htm

JRJC

YGE

MTOX

June 18th - Monday - Gapping up/down

Futures indicate a higher open for stocks as 10-yr yields are trading lower this morning. While today is the third Monday in a row without any large M&A deals, there has been speculation for new deals, including BHP reportedly reconsidering a bid for AA and more details on PSO talking with GE about a joint bid for DJ. Dow futures are currently +39; Nasdaq futures are currently +3; S&P futures are currently +3.8.

Notable pre-market Calls include Downgrades: X at UBS, WDC at JP Morgan... On the Earnings calendar: ASHW and CWST are confirmed to report after the close... Today's Economic calendar is empty.

Gapping down on weak earnings/guidance: MOLX -6.4%... Other news: ENCY -49.3% (FDA issues approvable letter, says development program for Thelin did not demonstrate the evidence of effectiveness needed for approval), CDNS -4.7% (NY Times reports buyout talks between Cadence Design Systems and two private equity firms appear to have stalled over price), X -2.5% (downgraded to Reduce at UBS), NMX -1.7% (CME says they are not currently in any discussion with NYMEX regarding a merger or acquisition).

Gapping up on strong earnings/guidance: CMED +10.1%... M&A: AMK +42% (to be acquired by AVX for $24.75 per share, GCO +9.2% (to be acquired by FINL for $54.50 per share)... Other News: LXRX +24.3% (announces two agreements to finance long-term drug development strategy), VICL +14.9% (licensee AnGes MG announces positive results of Phase 3 angiogenesis trial in Japan), DDSS +8.7% (once-daily Tramadol approved for sale in Canada), ORCT +7.8% (Ma'ariv reports co is close to signing a contract worth about $40 mln with a new Japanese customer), CVTX +7.3% (positive Cramer mention), CRNT +4.5% (upgraded to Strong Buy at First Albany), STEM +4.5% (announces that Phase I clinical trial of HuCNS-SC has successfully completed enrollment), JSDA +3.4% (upgraded to Buy at ThinkEquity), ECIL (co confirms it is in discussions on possible takeover at $10/share), AA +2.6% (The Times reports BHP may consider a takeover).

ssys

June 15th - Friday - Gapping up/down

Futures indicate another higher open for the mkt following encouraging inflation data. While May CPI rose 0.7% (consensus 0.6%), the more closely-watched core rate rose just 0.1% (consensus 0.2%). That pushed the yr/yr rate down to 2.2%, which is closer to the Fed's "comfort zone". In addition, the June NY Empire State Index rose to a surprisingly strong 25.8 (consensus 12.0) from 8.0 in May. Dow futures are currently +71; Nasdaq futures are currently +13; S&P futures are currently +8.6.

Notable pre-market Calls include Upgrades: FRE at Friedman Billings, NFLX at Soleil, TRMP at Morgan Joseph, IMA at Cowen; Initiations: DTV at Stifel Nicolaus (Buy), DISH at Stifel Nicolaus (Hold)... On the Earnings calendar, no cos are confirmed to report after the close... On the Economic calendar, preliminary Jun Michigan Sentiment (consensus 88.0) will be released at 10:00ET.

Gapping down on weak earnings/guidance: BBW -12.2%, WGO -4.1%, ADBE -0.8%... Other news: HOKU -3.2% (profit taking following yesterday's ~47% move higher), CAL -1.7% (downgraded to Neutral at tier-1 firm).

Gapping up on strong earnings/guidance: SWHC +6.6%... Other news: EPCT +28.0% (new research shows broad efficacy of EpiCept's Azixa against multiple tumor types and in drug resistant cell line), AXTI +8.1% (initiated with a Buy at First Albany), ACH +7.2% (continued momentum following yesterday's ~9% gain), NMX +6.9% (exploring a sale to NYSE, CME, people say - Bloomberg.com), EXPE + (pre-mkt strength attributed to takeover chatter), HANS +4.9% (upgraded to Buy at tier-1 firm), WOS +2.6% (co was the focus of takeover speculation in European trading - Bloomberg.com), INTC +2.1% (upgraded to Buy at Goldman - Bloomberg.com), ASML +1.9% (tgt raised over seas at Rabo Securities following restructuring), ICE +1.2% (up in sympathy with peer NMX).

June 14th - Thursday - Gapping up/down

Futures indicate a slightly higher start for the mkt, after losing their slight gains following the latest read on inflation. May PPI rose 0.9% (consensus 0.6%), while the more closely-watched core rate rose 0.2% (consensus 0.2%). However, the core yr/yr rate ticked up 0.1% to 1.6%. On the Earnings front: BSC is trading lower after the co's Q2 EPS missed expectations for the first time since 2001, though it beat on revs; GS is also trading lower following Q2 earnings, despite beating on both the top and bottom line. Dow futures are currently +9; Nasdaq futures are currently +2.8; S&P futures are currently +1.3.

Notable pre-market Calls include Downgrades: SNY at HSBC and JP Morgan, DJ at UBS... On the Earnings calendar: ADBE, SWHC and TMRK are confirmed to report after the close... On the Economic calendar, nothing remains on the schedule for today.

Gapping down on weak earnings/guidance: SCSS -6.8%, CSC -3.5%, BSC -2.7%, GS -2.7% (MS -1.3% and LEH -1.0% in sympathy with BSC & GS)... Other news: IPG -4.8% (co receives Wells notice from SEC), JSDA -4.6% (Stifel notes that SBUX will discontinue sales of JSDA), SNY -4.3% (FDA advisory committee did not recommend approval of Zimulti).

Gapping up on strong earnings/guidance: LPHI +3.7%... Other news: HOKU +67.8% (co and STP sign $678 mln polysilicon supply contract), KRY +28.1% (announces requirements of MinAmb have been fulfilled regarding permitting for the Las Cristinas project), GNLB +15.5% (initiated with a Buy and and $6 tgt at Oppenheimer), ACH +8.2% (upgraded to Buy at tier-1 firm), BRLC +6.4% (CIBC made positive comments), HGSI +4.6% (phase 2 study of LymphoStat-B showed significant reductions in disease activity), ARQL +4.3% (prices a 7 mln share common stock offering of $7.75/share), DPHIQ +4.2% (Reuters reports Delphi, GM near deal with UAW), CLWR +4.0% (announces distribution agreements with DIRECTV and EchoStar) ISIL +3.5% (upgraded to Buy at Banc of America), SRZ +2.7% (Millennium Partners 'demands' changes at SRZ), MU +1.7% (positive broker commentary regarding DRAM prices in Asia).

June 13th - Wednesday - Gapping up/down

Futures indicate a higher open for the mkt as May Retail Sales checked in at 1.4% (consensus 0.6%) and Sales ex-auto came in at 1.3% (consensus 0.7%) to further suggest that consumer spending remains healthy. Futures had been trading higher, but pulled back on the mkt's sensitivity for stronger than expected data to potentially diminish the likelihood of a Fed rate cute. However, the data also pushed bond yields lower, and futures began rallying again shortly thereafter. Dow futures are currently +64; Nasdaq futures are currently +8.2; S&P futures are currently +7.7.

Notable pre-market Calls include Upgrades: BBI and BMY at Citi, RDY at Credit Suisse; Downgrades: AL at Bear Stearns... On the Earnings calendar: CASY, CSC and SEH are confirmed to report after the close... On the Economic calendar, Apr Business Inventories (consensus 0.3%) will be released at 10:00ET, while the Fed's Beige Book will be released at 14:00ET

Gapping down on weak earnings/guidance: HS -4.2%... Other news: BSX -7.8% (judge rules that some product liability claims can proceed against BSX), LJPC -5.2% (initiated with a Sell at Lazard), IDIX -4.2% (continued weakness after yesterday's ~7% sell-off, downgraded to Hold at Maxim), NFLX -2.6% (continued weakness following yesterday's BBI competitive pricing news).

Gapping up on strong earnings/guidance: LWSN +10.2%, SAPE +9.0%... Other news: BBI +5.1% (upgraded to Buy at Citigroup), ILMN +4.2% (receives order for 75th genome analyzer, upgraded to Strong Buy at Matrix), RDY +3.9% (upgraded to Outperform at Credit Suisse), ACLI +3.5% (bounces after yesterday's ~10% decline), NBIX +3.4% (announces resubmission of new drug application for Indiplon capsules), RTP +3.0% (Forbes.com reports RTP unit Coal & Allied declares 'force majeure' on number of sales deals), MT +2.6% (Shareholders approve all resolutions on the agenda of MT co's annual general meeting), OMTR +1.9% (announces pricing of public offering of common stock at $18.15).

June 12th - Tuesday - Gapping up/down

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).

June 11th Monday - Gapping up/down

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).

SXC

June 8th - Friday - Gapping up/down

Gapping down on news: HSOA -8.8% (cautious Street.com article), TLAB -3.4% (downgraded at two firms this morning), NT -3.0% (initiated with a Underperform at Credit Suisse), AU -1.9% (announces preliminary May 2007 revenue), AZN -1.8% (Bloomberg.com report AZN's Brennan seeks New Drugs in acquisitions).

Gapping up on strong earnings/guidance: NSM +9.2% (MXIM +3.4% in sympathy), CAE +5.8%, ZQK +2.6%.. ITC bans the import of future models of 3G handsets incorporating QCOM chipsets: TXN +2.0% (also in sympathy with NSM), QCOM +1.9%, BRCM +1.8%... Other news: AVNR +7.5 (announces both doses of Zenvia meet primary endpoint), KMGB +4.6%, EON +2.3% (added to tier-1 firm's buy list), AKAM +1.8% (competitor Limelight IPO opens for trading today, also AKAM upgraded to at WR Hambrecht), DNA +1.5% (upgraded to Buy at Deutsche Bank).

June 7th - Thursday - Gapping up/down

Gapping down on weak earnings/guidance: SEAC -9.4%, SHFL -6.0%, CMTL -5.0%, SIX -2.6% (provided mid-quarter update)... Other news: YANB -4.2% (to be acquired by PNC for $35.00 per share -- below last night's 35.77 closing price), MNST -2.4% (announces new CFO), DNDN -2.2% (still checking for news), CMG -2.2% (downgraded to Market Perform at Raymond James).

Gapping up on strong earnings/guidance: AHO +3.8%, ADCT +3.2%... Following same store sales reports: JOSB +9.3%, SKS +5.0%... Other news: BAMM +10.6% (announces $3.00 special one-time dividend), HGSI +7.2% (announces positive final results Of Phase 2b trial of Albuferon), KRY +3.9% (Chavez still deciding what to do with the Sidor steel conglomerate and the Las Cristinas gold mine), BMET +3.2% (private equity consortium increases offer for BMET to $46.00 per share in cash), AAPL +1.2%, RIMM +1.0% (Cramer named AAPL, GOOG, RIMM and AMZN as his top four tech picks).

ICE

June 6th - Wednesday - Gapping up / down

Futures indicate a lower open for the U.S. equity mkts as the major European bourses are down following the ECB's expected 25-basis point rate hike and Morgan Stanley issuing a triple sell warnings on European equities. On the economic front, Q1 productivity was revised lower, checking in at 1.0% (consensus 1.0%) from a previous read of 1.7%. With high levels of resource utilization still a Fed focal point as they have the potential to sustain inflation pressures, unit labor costs tripling from the 0.6% rate initially reported has exacerbated wage-based inflation worries.

Notable pre-market Calls include Upgrades: TEVA at Credit Suisse, IMA at Stifel Nicolaus; Downgrades: CACH at Merriman, GILD at Credit Suisse and Deutsche Bank, VLTR at CIBC and First Albany, PNRA at Morgan Keegan... On the Earnings calendar: ADCT, CMTL, DDMX, GEF, MATK, SAI, SEAC and SHFL are confirmed to report after the close... On the Economic calendar, nothing remains on the schedule for today.

Gapping down on weak earnings/guidance: PNRA -9.8% (reports May same store sales, lowers Q2 guidance), COO -7.3%, CPRT -3.7%... Other news: XTLB -26.2% (provides update on Phase 1 clinical trial of XTL-2125), HSOA -6.3% (continued pressure after yesterday's ~10% sell-off following cautious newsletter mention), FRO -3.3% (trading ex-dividend of a $1.50 cash dividend), AAUK -2.4%, GFI -2.2% (announced total attributable mineral resources of $251.7 mln oz and ore reserves of 93.8 mln oz).

Gapping up on strong earnings/guidance: GES +5.1%... Jana Partners and SAC Capital seek sale of AMTD, suggest SCHW and ETFC as merger partners: AMTD +5.3%, ETFC +3.1%, SCHW +1.3%... Other news: IVAN +17.9% (co 'successfully' demonstrates final key commercial configuration of heavy oil upgrading technology), TBUS +11.1% (announces orders for TwinVision color electronic destination sign systems), ACAD +10.2% (positive Cramer mention), TAL +5.9% (exploring strategic alternatives, including possible sale), GNVC +3.0% (co holding conference call at 8:30 E.T. to review data presented at ASCO), RACK +1.9% (still checking around), OPWV +1.7% (Unstrung reports there is still talk that Sybase could be waiting in the wings with an offer).

BTJ

June 5th - Tuesday - Gapping up/down

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).

MTW

June 4th - Monday - Gapping up/down

Futures indicate a lower open for the mkt as the Shanghai Composite in China sold off 8.3% today. Note it also plunged 6.5% last Wednesday, weighing on early sentiment; but was labeled as a contained event as the U.S. mkt not only recovered, but rallied. Per usual for a Monday morning, there is quite a bit of M&A news: FLEX has agreed to buy SLR for $3.6 bln, D is selling most of its E&P unit for $6.5 bln, a private equity firm is acquiring a 25% stake in PALM for $325 mln, LEND disclosed it is going private, QGEN is acquiring DIGE, etc.

Notable pre-market Calls include Upgrades: MOT at CIBC, WMT at Wachovia, JP Morgan and HSBC, SIRI, ONXX and PALM at Bear Stearns, NSM at JP Morgan; Downgrades: DB at JP Morgan, CM at RBC, STI at BofA... On the Earnings calendar: BOBE, CMOS, DMND, FCEL and SIGM are the only cos confirmed to report after the close... On the Economic calendar, Apr Factory Orders (consensus 0.6%) will be released at 10:00ET.

Gapping down on weak earnings/guidance: CRAY -22.6%, KKD 2.3%... Other news: TELK -13.1% (reports Telcyta ASSIST-3 trial results, says assessment of the primary endpoint may have been compromised), CTIC -8.6% (data presented at ASCO provides independent supportive data validating the potential survival benefit of Xyotax), DAL -5.8% (still checking), DNDN -3.1% (announces a $75 mln convertible notes private placement offering).

Gapping up on M&A: DIGE +36.4% (to be acquired by QGEN for 61.25 per share), SLR +15.7% (to be acquired by FLEX for $3.89 per share), LEND +9.2% (to be acquired by Lone Star Funds for $15.10 per share)... ASCO related news: SCLN +14.4% (thymalfasin achieved its primary endpoint in a phase 2 clinical trial), CYCC +19.7% (reported Phase I sapacitabine data, tgt upped to $12 at Needham), ARIA +7.4% (presents positive efficacy data on AP23573), ONXX +6.1% (announced that Nexavar significantly extends overall survival by 44%)... Other news: PALM +10.0% (announces strategic recapitalization with Elevation Partners, upgraded at Bear Stearns), CDNS +8.7% (NYT reports co is in buyout talks), NVT +6.4% (Cramer highlights recent GOOG-for-NVT rumors).

Courtesy of Briefing.com

TBSI

June 1st - Friday - Gapping up/down

Gapping down on weak earnings/guidance: BRCD -1.5%... Other news: DDSS -42.8% (receives 2nd approvable letter saying DDSS has not demonstrated the efficacy of its once-daily formulation of tramadol), BLUD -7.9% (co announces CFO will resign for family reasons), CHTR -3.9% (cautious Cramer comments), TSL -1.6% (prices a 5.4 mln share ADR offering at $45/ADR), RSH -2.5% (downgraded at tier-1 firm), LPL -2.1% (co discloses it will not invest in a new 5.5 generation plant), GSK -1.8%.

Futures indicate a higher open for the mkt as May Nonfarm Payrolls came in stronger than expected (157K vs. consensus 135K), while Apr core-PCE Inflation came in below expectations (0.1% vs. consensus 0.2%). The combination of economic activity appearing to be picking up with inflation moderating has provided the lift to the futures mkt. Also setting a positive tone for the mkt is DELL, which is trading up over 4% after the co's Q1 earnings beat on the top and bottom line.

Notable pre-market Calls include Upgrades: OVTI at Merriman, BYD at Wachovia, NHY and LEA at UBS, WFMI at Matrix, DELL at AG Edwards; Downgrades: NDAQ at Lehman... Nothing remains on the Earnings Calendar for today... On the Economic calendar, the May ISM Index (consensus 54.0), revised May Michigan Sentiment (consensus 88.0) and Apr Pending Home Sales (consensus 0.4%) will be released at 10:00ET.

Gapping up on strong earnings/guidance: JCG +5.8%, DELL +4.4%... Other news: ANTP +34.4% (awarded $969K contract), GLDD +17.5% (positive Cramer mention), ENMD +17.3% (announces its Aurora Kinase inhibitor induces tumor regression in preclinical models), DJ +14.4% (Murdoch family said it would meet with News Corp to discuss its DJ bid), NVAX +12.7% (co announces pre-clinical data showing pandemic flu vaccine provided protection against a lethal challenge of live virus), ISTA +13.1% (announces positive preliminary results from ecabet sodium phase IIb study), IMMC +11.7% (seeks termination of exclusive marketing agreement and damages from Veridex), DXCM +8.7% (receives FDA approval for its 7-day STS Continuous Glucose Monitoring System), ZIOP +8.5% (announces ZIO-101 oral capsule clears FDA review for Phase I study), CCIX +6.6% (positive Cramer mention), DNDN +5.3%, FCSX +5.0% (positive Cramer mention), SNTO +4.2% (receives Nasdaq notice that it is in full compliance with continued listing standards),SAP +4.0% (speculation that ORCL bought a 12% stake in co).

PKD

May 31st - Thursday - Gapping up/down

Gapping Down

Gapping down on weak earnings/guidance: OPTM -10.6%, LGF -3.1%, SHLD -2.9%, COST -1.5%… Other news: OMR -8.1% (Bloomberg reports co is being sued by Spain over rights to shipwreck), VCLK -4.3% (appointed Tom Vadnais CEO, multiple brokers out this morning saying mgmt change decreases likelihood of acquisition), NOVC -2.2% (profit taking after yesterday’s move, downgraded to Peer Perform at Bear stearns), WLP (announces resignation of CFO following violation of co’s code of conduct).

Gapping Up

Gapping up on strong earnings/guidance: SMTC +10.2%, CIEN +7.1%, BIG +3.9%… M&A: AGE +14.3% (to be acquired by WB for $89.50 per AGE share), CEN +3.8% (to be acquired by Thomas H. Lee Partners and Fidelity National Financial for $36.00 per share)… Other news: CRTX +53.3% (FDA approves it’s twice-daily Zyflo CR extended-release tablets for asthma), AVNR +23.3% (receives FDA approval for new formulation of currently marketed antipsychotic drug FazaClo), ENCY +18.9% (Canadian Health authority approves Thelin), USAT +18.9% (discloses deal with Coca-Cola Enterprises in an 8-K), JAS +9.3% (TheDeal.com reports JAS is on the auction block), ASML +7.9% (announces plan to optimize capital structure — capital repayment and reverse stock split), CYTR +7.8% (initiated with an $8.50 fair value at Natexis Bleichroeder), HOKU +7% (still checking around), ENDP +5.5% (will replace Precision Castparts in the S&P MidCap 400), IFX +3.5% (positive comments at tier-1 firm), LUX +3.4% (positive comments at tier-1 firm).

May 31st - Thursday - Gapping up/down

Gapping Down

Gapping down on weak earnings/guidance: OPTM -10.6%, LGF -3.1%, SHLD -2.9%, COST -1.5%… Other news: OMR -8.1% (Bloomberg reports co is being sued by Spain over rights to shipwreck), VCLK -4.3% (appointed Tom Vadnais CEO, multiple brokers out this morning saying mgmt change decreases likelihood of acquisition), NOVC -2.2% (profit taking after yesterday’s move, downgraded to Peer Perform at Bear stearns), WLP (announces resignation of CFO following violation of co’s code of conduct).

Gapping Up

Gapping up on strong earnings/guidance: SMTC +10.2%, CIEN +7.1%, BIG +3.9%… M&A: AGE +14.3% (to be acquired by WB for $89.50 per AGE share), CEN +3.8% (to be acquired by Thomas H. Lee Partners and Fidelity National Financial for $36.00 per share)… Other news: CRTX +53.3% (FDA approves it’s twice-daily Zyflo CR extended-release tablets for asthma), AVNR +23.3% (receives FDA approval for new formulation of currently marketed antipsychotic drug FazaClo), ENCY +18.9% (Canadian Health authority approves Thelin), USAT +18.9% (discloses deal with Coca-Cola Enterprises in an 8-K), JAS +9.3% (TheDeal.com reports JAS is on the auction block), ASML +7.9% (announces plan to optimize capital structure — capital repayment and reverse stock split), CYTR +7.8% (initiated with an $8.50 fair value at Natexis Bleichroeder), HOKU +7% (still checking around), ENDP +5.5% (will replace Precision Castparts in the S&P MidCap 400), IFX +3.5% (positive comments at tier-1 firm), LUX +3.4% (positive comments at tier-1 firm).

JBX

May 30th - Wednesday - Gapping up/down

Gapping down on weak earnings/guidance: SOLF -20.5%, IBKR -5.5%, BGP -5.6%, JOYG -4.4%, FRO -3.0%... China-related stocks gapping down after 6.8% overnight sell-off in China: SNDA -5.1%, CAF -4.6%, KONG -4.4%, TSL -4.3%, XFML -4.0%, SOHU -3.9%, EFUT -3.8%, FFHL -3.7%, FMCN -3.6%, GCH -3.4%, SINA -2.2%, BIDU -1.7%, CTRP -1.3%... Chinese solar stocks under pressure on combination of weakness in China and in sympathy with SOLF earnings: JASO -5.9%, CSUN -5.0%, CSIQ -4.7%... Other news: IOMI -8.6% (continued pressure), TINY -6.0% (still checking), DEEP -3.6% (initiated with a Neutral at JP Morgan).

Futures indicate a lower start for the mkt as China's Shanghai Composite sold off 6.5% following yesterday afternoon's report that the Chinese govt tripled the tax on stock trading to 0.3% in an effort to curb speculative buying activity in the mkt. Note the monthly ADP employment report showed that an estimated 97K new private jobs, or roughly 123K nonfarm jobs, were created in May. However, the ADP report lacks credibility compared to Friday's more closely-watched May nonfarm payrolls, which is expected to check in around 135K.

Notable pre-market Calls include Upgrades: KNXA at Credit Suisse; Downgrades: BWLD at RBC; Initiations: STLD at Citi (Buy)... On the Earnings calendar: CHS, JRJC, JAS, LGF, NOVL, OPTM, PSS, SMTC and TIVO are confirmed to report after the close... On the Economic calendar, the May 9 FOMC Minutes will be released at 14:00ET.

Gapping up on strong earnings/guidance: CWTR +12.0%, DBRN +4.5%, PVH +3.0%... M&A: CDWC +3.5% (confirms it will be acquired by Madison Dearborn Partners for $87.75/share... Other news: OPWV +4.2% (Unstrung discusses ongoing rumors of higher bid in Openwave), BIIB +3.6% (announces $3 bln share repurchase through a modified "Dutch Auction" tender offer), TASR +2.5% (announces two orders).

RRST

May 29th - Tuesday - Gapping up/down

Futures indicate a higher open for the mkt. Per usual, the first day of the trading week is packed with more deal-making news, which is helping to keep an underlying bid in stocks. The RBS Group has launched a revised $95.5 bln for ABN, while URS said it is paying $2.6 bln for WNG. Among today's takeover speculation, it has been reported that AL is drawing interest from the likes of RTP and NHY. Also, AV is reportedly in talks with Silver Lake Partners about a leveraged buyout, ASN is rumored to be nearing a sale for more than $12 bln and private equity suitors may be eyeing CDWC. In addition, now that the summer driving season is upon us, falling oil prices also bode well for the bulls coming back from an extended weekend.

Notable pre-market Calls include Upgrades: AZN and MRK at HSBC, APC at BofA; Downgrades: STLD at UBS, LTD at Morgan Stanley, NFLX at Piper Jaffray, LUV at Pru... On the Earnings calendar: ALKS, APSG, BCSI, BMC, BGP, CWTR, DCI, PVH and PAY are confirmed to report after the close... On the Economic calendar, as mentioned above May Consumer Confidence (consensus 104.5) will be released at 10:00ET.

Gapping Down: CUP -17.5% (co announces expiration of exclusivity period granted to a third party to facilitate discussions), EYE -12.7% (announced the voluntary recall of Complete MoisturePlus multipurpose solution), JSDA -8.1% (mentioned negatively in Barron's), BOL -4.2% (gapping down in sympathy with EYE; also on Friday EYE confirmed an interest in Bausch & Lomb), BRLC -3.7% (Barron's raises questions about the accounting practices at BRLC), VRSN -2.0% (co announces new CEO following resignation of prior CEO).

Gapping up on strong earnings/guidance: VOD +3.3%... Announced M&A and newspaper reports of potential M&A: WNG +14.6% (to be acquired by URS), BDY +22.5% (CEO offers to buy co for $21.50/share), AV +16.3% (WSJ reports AV may be next telecom takeover call), INSP +8.7% (Bloomberg reports that LaNetro may buy co for $800 mln Euros), CDWC +8.5% (WSJ reports buyout firms are in talks to purchase co), ASN +6.8% (WSJ reports that co is near a sale)... Other news: BLG +11.2% (Chap Cap Activist Partners recommends co explore sale, stock upgraded to Outperform at CIBC), RTK +5.6% (Peabody and Rentech enter into development and coal supply agreements), CHINA +5.0% (expands strategic partnerships with Google and China Mobile), LWSN +3.9% (WSJ highlights co), CCL +3.1%.

IDSA

May 25th - Friday - Gapping up/down

Gapping down on news: SLFI -35.7% (co reports its investigation has revealed evidence of a sophisticated loan scheme), WAVX -12.0% (to sell 7.3 mln shares of stock at $2.05 per share), NDAQ -5.8% (to buy Nordic exchange O.M.X.), TRB -2.1% (announces preliminary results of tender offer), AMGN -1.0% (EU health panel adopted a negative opinion for Vectibix).

Futures indicate a higher open for the mkt as yesterday's pullback seems to be viewed as a buying opportunity. M&A activity is once again contributing to the positive tone as KO agreed to buy Glaceau for $4.1 bln, while NDAQ said it would pay $3.7 bln for the Nordic exchange OMX. Note there were no market-moving earnings releases or economic data out this morning.

Notable pre-market Calls: NYX is trading up ~2%, Goldman upgrade to Neutral is being cited; HPQ initiated with an Outperform at Friedman Billings... Nothing remains on the Earnings calendar for today... On the Economic calendar, as mentioned above Apr Existing Home Sales (consensus 6.13 mln) will be released at 10:00ET.

Gapping up on strong earnings/guidance: VRGY +11.8%, LNUX +11.3%, RRGB +9.9%, ARUN +8.2%, VIP +3.3%... Other: CUP +18.0% (entered into an exclusivity agreement with a third party regarding a potential transaction), IDMI +14.0% (initiated with a Buy & $11 tgt at Canort Fitzgerald), LMRA +7.6%, BIVN +7.5% (highlighted in BusinessWeek's Inside Wall Street), RFMD +4.7% (upgraded to Buy at Jefferies), DCX +3.5%, CCE +3.3% (KO to buy Glaceau for $4.2 bln, CCE manufactures/distributes KO beverages), BOBJ (WestLB raises BOBJ to Buy), KO +1.4% (co to buy Glaceau for $4.2 bln).

May 24th - Thursday - Gapping up / down

Gapping down on weak earnings/guidance: NTAP -17.7%, NWY -7.7%, CA -6.1%, SNPS -6.0% (also downgraded at HSBC), MYL -4.5%, ZUMZ -4.3%... Other news: XRTX -8.4% (down in sympathy with NTAP, which makes up ~50% of XRTX revs), ONT -5.2% (continued profit taking following yesterday's reversal), BRLC -4.6% (prices 25.6 mln share offering at $5.75/share), ESLR -3.2% (prices a 15 mln share common stock offering at $8.25/share), DLB prices a 7 mln share common stock offering at $32/share), BRCD -2.0% (down in sympathy with NTAP). DNDN -2.3% (downgraded at JMP Securities).

Gapping up on strong earnings/guidance: SAFM +16.3%, OVEN +8.6%, GYMB +8.5%, PACT +8.0%... Other news: MITI +42.0% (co and Nycomed enter into exclusive worldwide collaboration to develop and commercialize anti-GM-CSF antibodies), LJPC +33.5% (reports Riquent well tolerated in three studies at International Lupus Congress), YMI +10.0% (reports successful regulatory reviews of nimotuzumab manufacturing), TASR +7.0% (announces three domestic orders and one export order), EXEL +5.9% (files IND application for XL019), GLS +4.4% (mentioned positively by Cramer), VOD +2.4% (continuation of yesterday's strength).

May 23rd - Wednesday - Gapping up / down

Futures indicate a higher open for the mkt as investors sift through more M&A news. AL is recommending shareholders reject AA's $27.6 bln hostile takeover bid, but hasn't ruled out the possibility of making its own bid for AA, and is reportedly in merger talks with BHP. Also, CEI agreed to be acquired by MS for $22.80/sh, while PSS said it will pay $20.50/sh for SRR. On the earnings front, MDT and TGT are both trading higher after posting better than expected earnings.

Notable pre-market Calls include Upgrades: CYPB at CIBC, MDT at Piper Jaffray, AEM, AU and RGLD at HSBC; Downgrades: AMD at Matrix, VCLK at Credit Suisse... On the Earnings calendar, 16 cos are confirmed to report after the close, though none are expected to be market-moving releases...

Gapping down on weak earnings/guidance: ADI -8.5%, DDS -3.1%, GME -1.7%... Other news: NFLD -44.5% (reports results of its pivotal Phase III trauma trial with PolyHeme), ISIL -4.2% (downgraded at Credit Suisse), LLTC -2.3% (ITC Judge Rules in favor of AATI in patent infringement case, downgraded at Credit Suisse), NWEC -1.8% I(Bloomberg.com reports that Babcock Infrastructure may appeal NorthWestern ruling).

Gapping up on strong earnings/guidance: SNDA +5.3%, MDT +4.6%... M&A: SRR +32.3% (to be acquired by PSS for $20.50 per share), CEI +4.8% (to be acquired by Morgan Stanley Real Estate for $22.80 per share), AL +3.5% (AL board recommends that shareholders reject AA offer, says co is in talks with other companies)... Other news: CYPB +104.7% (co and FRX announced positive Phase III data for milnacipran), AATI +18.0% (announces ITC ruling in favor of co in LLTC case), ZVUE +9.3% (begins offering free streaming content from Canadian Broadcasting), FRX +9.3% (announced positive Phase III data for milnacipran), MMR +7.9% (announces it will move forward aggressively at Mt. Kare), ONT +7.0% (named as a ADBE takeout tgt by FT's Mergermarket), ZOLT +3.7% (reports new expanded carbon fiber supply agreement with Vestas Wind Systems), ALU +3.5% (follow through on strength overseas on positive outlook), WFR +3.2% (to replace KMI in S&P 500), GOOG +1.5% (unveils its new service Google Hot Trends, which can track search queries; we're still checking around).

May 22nd Tuesday - Gapping up /down

Gapping down on weak earnings/guidance: KONG -16.2%, GSOL -7.1%, GIGM -5.5%, APOL -4.1%, SPLS -3.2%, NTES -2.4%... Other news: OMTR -7.1% (announces a 6.8 mln share common stock offering), ACW -6.3% (files for a 5.4 mln share common stock secondary offering by selling shareholders), HRAY -4.9%, ONT -3.5% (announces acquisition of Hantro Products), DYN -3.8% (Chevron to sell Dynegy shares), MNST -2.9% (tier-1 firm suggesting sale of co may be less likely), SSL -2.7% (gives project update for Oryx gas-to-liquids venture).

Gapping up on strong earnings/guidance: PSUN +6.5%, ASEI +4.4%... Casino stocks seeing strength following Tracinda/MGM negotiations: MGM +24.1%, BYD +7.0%, WYNN +4.9%, LVS +3.9%... Mortgage-related stocks moving following FMT developments: FMT +50.6%, NFI +9.9%, LEND +9.4%, IMH +6.6%, AHM +3.9%... Other news: AVNC +20.9% (announces FDA acceptance of Amoxicillin Pulsys NDA), OXPS +6.7% (continued momentum following yesterday's 7% move higher on takeover rumors), EMU +4.9% (light volume, broker comments out of Canada discussed potential sale of co), TSS +4.5% (mentioned by Cramer next co that could be bought), DNDN +4.5% (continuation of strength from yesterday afternoon), STM +2.5% (STM, INTC and Francisco Partners to create a new independent semiconductor co), CTSH +1.8% (positive comments from tier-1 firm).

Short-term Overbought/Oversold candidates -Update- -Technical-

Here's a brief list of stocks that are currently trading at unusually high or low short-term levels. Stocks that are overbought include: JRCC, CFUL, CLRK, RAVN, ICPR, MEK, TBSI, BG, GLDD, TECUA, UA, VCP, CMRG, DDS, RIG, CTRP, OMTR, FRG, OMNI, NM, URZ, ENT, CERS, TOPT, BIVN, PCLN, CRZO, SIL, & WINN. Stocks that are oversold include: IMCL, POP, BBI, MPEL, SOLF, VGZ, GLBC, & IDMI. Watch these stocks for potential continuations or corrections from their current states.

Stocks that closed near or at their session high/lows yesterday on above avg volume -Update- -Technical-

Stocks that closed near or at session highs included: ITW, SBH, EFD, PXP, WYE, SRP, TNE, MVL, VCP, LEG, AMZN, CREE, DJO, CMRG, NRMX, ICE, NYX, TMX, ICGE, LAVA, ALJ, ARA, ACW, AMLN, FEIC, SEPR, & HMIN. Stocks that closed near or at session lows included: SKS, SSL, NVS, & GSK. Watch these stocks for potential corrections or continuations of yesterday's action.

May 21st Monday - Gapping up / down

Gapping down on weak earnings/guidance: TSL -3.1% (down in sympathy ESLR -2.6%, SOLF -1.1%, JASO -0.6%, FSLR -0.6%), LOW -2.1%... Other news: XFML -12.5% (announced immediate resignation of Shelly Singhal from the Boards of both Xinha Finance and Xinhua Finance Media, as well as from all executive and managerial positions), HTZ -5.1% (files for 45 mln share offering by selling shareholders), HOLX -3.8% (to acquire Cytyc), SEPR -3.5% (C.M.S. updates Medicare billing codes, Xopenex U.D.V. and generic albuterol to be listed under same codes - tgt cut to $40 at FBR; also upgraded to Neutral at Cowen), DJ -3.5% (Murdoch, News Corp prepare to abandon DJ bid, Pali says - Bloomberg.com), SIGM -3.2% (announces CFO resignation, names Thomas Gay as replacement), MNST -2.6% (Don't believe recent deals should be extrapolated to MNST - Wachovia).


Futures indicate a mixed open for the mkt as investors digest another round of Monday-morning M&A activity. AT has agreed to be taken private for $27.5 bln, a 10% premium to Friday's close. HOLX agreed to buy CYTC for $6.2 bln in cash and stock, while EAGL received a revised $1.95 bln takeover bid from CEVA Group. In addition, China is reportedly investing $3 bln in Blackstone, which increased the size of its IPO to $4.75 bln.

Notable pre-market Calls include Upgrades: HOLX at BofA, SHFL at Bear Stearns; Downgrades: CFC at Friedman Billings, CCU at Bear Stearns... On the Earnings calendar: ASEI, APOL, HMIN, KONG, NTES, PSUN, PERY, NCTY and WSTL are confirmed to report after the close... Today's Economic calendar is clear.

Gapping up on strong earnings/guidance: PEGA +5.8%, CCC +3.7%, RTLX +3.5%... M&A: CYTC +30.4% (to be acquired by Hologic in a stock/cash deal), PONR +17.0% (to be acquired by Olin for $35.00/share), VMED +9.3% (private equity considering $15 bln bid for Virgin Media - The Observer), EMU +6.4% (announces it is in exclusive negotiations regarding potential sale of co... sympathy plays: USU, DNN, URZ, FRG, USEG, CXZ), ATLS +6.3% (to acquire DTE's +0.6% Gas & Oil unit for $1.225 bln), AT +5.5% (to be acquired by TPG Capital & GS Capital for $71.50/share), EAGL +3.3% (CEVA Logistics confirms increased proposal to acquire EAGL for $47.50/share in cash)... Other news: LUNA +40.0% (blood circuit monitor receives FDA clearance), ELN +14.2% (co and Wyeth to initiate Phase 3 trial of Bapineuzumab in Alzheimer's), ARTX +12.8% (awarded $9 mln order by U.S. Marine Corps; very light volume), VC +11.6% (Tatas in talks for stake in Visteon - Business Standard), NCTY +11.5% (announces equity investment and licensing agreement by Electronic Arts), CTEL +8.2% (follow-through momentum after Friday's earnings-related range breakout), CBLI +7.9% (announces Protectan CBLB612 produces breakthrough in bone marrow stem cell transplant study; very light volume), DWA +7.6% (Shrek 3 has highest grossing animated film opening of all time; very light volume), DNDN +6.9% (announces presentation of Provenge data at American Urological Association meeting), OMR +6.4% (momentum extension after stock rallied to highs into Friday's close), VCLK +5.5% (target raised to $43 at ThinkEquity), CRUS +5.3% (Insider buying reported at CRUS - Barron's), CRM +4.5% (Google and CRM weigh alliance to battle Microsoft - WSJ), SHFL +3.3% (upgraded to Peer Perform at Bear Stearns), ONT +3.3% (momentum).

May 18th - Friday - Gapping up / down

Futures indicate a higher open for stocks. M&A news is leading this morning's headlines as MSFT has agreed to acquire AQNT for $66.50/sh, an 85% premium from yesterday's closing price. In addition, GE is reportedly near a deal to sell its plastics unit for ~$11 bln. On the Earnings front, retailers KSS and JWN reported better than expected earnings and raised fiscal year guidance. It's also worth noting China said today it will widen the Yuan trading band, while increasing deposit and lending rates.

Notable pre-market Calls include Upgrades: PCLN, VZ and REP at Citi, NYX at JP Morgan; Downgrades: JNPR at Citi, MO at Matrix, VCLK at Needham... On the Earnings calendar, no cos are confirmed to report today... On the Economic calendar, preliminary May Michigan Sentiment (consensus 86.5) will be released at 10:00ET.

Gapping up on strong earnings/guidance: INTU +11.0%, FMCN +6.8%, RDY +5.6%, TOPT +4.4%... M&A: AQNT +78.3% (to be acquired by Microsoft for $66.50/share... up in sympathy: DGIT +9.4%, VCLK +9.0%, THK +8.1%, VSCN +6.2%, MCHX +4.2%, ONSM +3.3%), TONE +32.0% (to be acquired by CapitalSource for $34.46/share)... Other news: CHIP +17.8% (profiled in BusinessWeek Online), OMR +41.7% (Deep-sea explorers discover possible richest shipwreck treasure in history - Fox News), TRMP +14.8% (announces status of strategic review), APKT +3.8% (upgraded to Buy at Cantor), BWLD +3.4% (to acquire Las Vegas franchised restaurants, announces 2 for 1 split), CY +2.9% (bullish comments from Cramer).

May 17th - Thursday - Gapping up / down

Futures indicate a slightly lower start for stocks as investors await Fed Chairman Bernanke's testimony at 9:30ET on the subprime mortgage mkt. HPQ is leading earnings headlines as the co reported inline, reaffirmed Q3 guidance and issued inline FY07 guidance. On the economic front, weekly Initial Claims fell 5K to 293K (consensus 310K).

Notable pre-market Calls include Upgrades: ONXX at Friedman Billings, MGM at Prudential, MPWR at Deutsche Bank and Piper Jaffray, TGT at AG Edwards; Downgrades: CAT at Stifel Nicolaus, CMG at Morgan Joseph... On the Earnings calendar, 10 cos are confirmed to report after the close including KSS and JWN... On the Economic calendar, Apr Leading Indicators (consensus 0.0%) will be released at 10:00ET and May Philadelphia Fed (consensus 4.0) will be released at 12:00ET.

Gapping down on news: MDTH -5.1% (priced additional 4 mln share offering at 33.07), DNN -4.2% (updates Canadian mining and production plans), MU -2.4% (files for a $1.1 bln convertible notes offering).

Gapping up on strong earnings/guidance: HPQ +1.1%... M&A: ACXM +18.4% (to be acquired by Silver Lake and ValueAct Capital for $27.10 per share), TFSM +4.5% (to be acquired by WPP for $11.75 per share)... Other news: DUSA +32.5% (receives Orphan Drug Designation for Levulan PDT to treat esophageal dysplasia), CTIC +5.0% (receives FDA special protocol assessment comments on the design of Phase III Trial of Pixantrone), GERN +6.0% (its scientists and collaborators differentiate human embryonic stem cells into insulin-producing islet-like clusters), ISIS +4.0% (announces positive Phase 2 data for ISIS 301012), SUNW +3.9% (announces $3 bln share buyback).

Early Pre-Market Gappers

Gapping Up: ACXM +16.6%, GERN +6.0%, ISIS +4.8%, SUNW +3.7%, TFSM +3.5%, HPQ +1.6%... Gapping Down: MU -2.0%, WF -1.2%.

May 20th - Wednesday - Gapping up / down

Gapping down on weak earnings/guidance: HRT -26.3%, FRPT -4.0%, AMAT -3.9% (down in sympathy NVLS -3.6%, LRCX -2.4%, KLAC -2.3%, VSEA -1.9%, ASML -1.1%, TXN -0.7%), LTD -3.0% (also multiple downgrades)... Other news: SWAT -8.6% (discloses "going concern" language in 10-KSB), ATEA -4.1% (profit-taking after yesterday's earnings-related gap up), EEP -3.8% (files for 5.3 mln share offering), ESLR -3.4% (files for 15 mln share secondary).

Pre-market Summary : Futures indicate only a slightly higher start for the mkt following mixed housing data. Housing starts unexpectedly rose 2.5% in Apr to 1.528 mln (consensus 1.48 mln), the highest level this year, reflecting more stabilization in housing. However, Building Permits, a sign of future construction, fell 8.9% to a 10-year low of 1.429 mln (consensus 1.52 mln). The disclosure of significant investments in several large-cap names (Eddie Lampert in C, George Soros in MSFT, etc) is contributing to the improved sentiment.

Notable pre-market Calls include Upgrades: TIVO at Bear Stearns; Downgrades: BID at JMP Securities, LTD at Wachovia, Citi and BofA, TXN at CIBC, AMAT at Cowen; Initiations: CROX at JP Morgan (Overweight) gapping up above $75.00... On the Earnings calendar, 12 cos are confirmed to report after the close including HPQ... On the Economic calendar, Apr Industrial Production (consensus 0.3%) and Capacity Utilization (consensus 81.5%) will be released at 9:15ET.

Gapping up on strong earnings/guidance: QXM +12.4% (up in sympathy majority owner XING +5.5%), CPWR +10.8%, ESMC +8.6%, CVLT +8.4%, JBX +5.6%, REDF +5.4%, SNE +4.1%, CPA +3.9%... M&A: AGIL +12.9% (to be acquired by Oracle for $8.10/share... up in sympathy ARTG +4.8%?), BOL +9.8% (to be acquired by private equity for $65.00/share), NX +4.9% (to review strategic alternatives for Building Products group)... Other news: CPNLQ.PK +12.7% (WSJ reports Calpine is getting a favorable new look from investors), MPWR +11.7% (O2Micro to appeal jury verdict recently rendered in favor of MPWR and Asustek), NUVO +8.6% (upgraded to Neutral at BofA), ACM +7.1% (Cramer positive on stock), HLIT +5.1% (upgraded to Mkt Perform at FBR), COMS +4.9% (WSJ runs blurb noting co named new CFO... originally announced 5/10), BRCD +3.9% (upgraded to Overweight at JP Morgan), CNTY +3.4% (announces new managing director of its South African subsidiary).

May 15th - Tuesday - Gapping up / down

Gapping down on weak earnings/guidance: KRSL -24.0%, STEC -17.6% (also multiple downgrades), CNTF -13.8%, JASO -6.9%, PLTE -6.6%, BDCO -6.3%, IGLD -4.9%, TJX -4.1%, ACAT -3.6%, HD -2.3%... Other news: AMGN -6.9% (WSJ reports Medicare may limit anemia-drug money; also multiple downgrades), BARE -3.7% (files for a 10 mln share common stock offering), BSTE -3.2% (Beckman advises it won't increase offer to acquire BSTE beyond $90/share), GMR -3.0%, TIVO -2.8% (hearing downgraded at boutique firm).

Futures indicate a flat open for stocks as CPI rose 0.4% (consensus 0.5%) in April and the more closely-watched core CPI rose 0.2% (consensus 0.2%), pushing the yr/yr rate to 2.3%, which is closer to the Fed's "comfort zone". On the Earnings front, HD is trading down 2% after missing on the top and bottom line and guiding FY08 EPS at the low end of prior forecasts. WMT is trading slightly higher after reporting and guiding Q2 EPS inline.

Notable pre-market Calls include Upgrades: DCX at UBS, GM at Lehman, MRO at BofA, LVS and BOT at BMO Capital; Downgrades: AMGN at Robert W. Baird and BofA, STEC at Deutsche Bank, CIBC and Northland Securities, TSO and VLO at BofA (from Buy to neutral), BYD at BMO Capital... On the Earnings calendar, AMAT, CPWR, MNTG, PLAB and POWI are confirmed to report after the close... On the Economic calendar, nothing remains on the schedule for today.

Gapping up on strong earnings/guidance: PLCC +33.3%, ATEA +31.9%, WINN +19.8%, ACY +11.1%, ICFI +7.5% (also downgraded to Hold at Jefferies), LINE 5.3%, PCS +5.0%, CPSL +4.2%, KRY +3.5%... M&A: TW +3.3% (to be acquired by AIG for $22.00/share)... Other news: ICAD +22.1% (files 8-K with Q1 results, note co first reported these numbers on 5/8), SIGA +8.1% (announces successful results of proof of concept guinea pig trial of ST-193), CRTX +7.9% (follow-through momentum), HTLD +6.2% (declares special dividend of $2.00/share), MR +6.1% (upgraded to Buy at UBS), HTRN +5.9% (announces FDA clearance and launch of the new lithoDiamond ULTRA lithotripter), MXWL +5.8% (co and Argonne National Lab to collaborate in test of ultracapacitor/lithium-ion battery combination for hybrid vehicles), OMRI +4.3% (receives FDA approval for liquid fibrin sealant, Evicel, for use in vascular surgery), SOFO +4.1% (initiated with a Buy at Cantor), RTRSY +3.9% (Thomson and RTRSY agree on terms for merger).

Gapping Down: STEC -13.7%, IGLD -9.8%, PLTE -6.6%, AMGN -4.4%, NTAP -3.4%, BSTE -3.2%, GRZ -2.5%, HD -2.2%, SPPI -1.9%, BEAS -1.9%.

May 14th - Monday - Gapping up/down

Gapping down on weak earnings/guidance: VYYO -6.3%... Other news: MYL -11.8% (to acquire generics business of Merck KGaA for $6.7 bln), OPMR -7.5% (responds to request from US attorney's office in Southern District of NY; very light volume), RDY -5.8% (Teva & RDY lose bid to overturn patent on JNJ/Eisai's Aciphex), BVF -3.9% (acknowledges receipt of Wells Notice), RTP -3.5% & BHP -1.7% (down on newspaper articles "Rivals look to thwart $33 bln aluminium deal" and "RTP hires Morgan Stanley for bid defense"), IRF -2.9% (discloses it found accounting problems at foreign subsidiary), LEND -2.7% (files delay of 10-Q on Friday afternoon), NFI -1.7% (Risks outweigh the opportunities - FBR).

Futures indicate a flat start for stocks. With the mkt's focus shifting away from earnings and back to economic data, an empty economic calendar this morning is stalling follow-through efforts from Friday's rally. Per usual for a Monday morning, M&A activity is making headlines. Cerberus Capital Mgmt is paying $7.41 bln for an 80% stake in DCX's Chrysler unit, while MYL has agreed to acquire Merck KGaA's generic drug division for $6.7 bln. Bloomberg also reported family members are weighing a sale of their controlling stake in F.

Gapping up on strong earnings/guidance: AEY +17.4%, PETS +16.6%, JCDA +12.8%, SMTX +12.1%, XFN +10.2%, CSIQ +7.7%, XNN +6.7%... NOK +2.9% raises guidance, up in sympathy: RFMD +2.8% and TXN +0.4%... M&A: VAS +36.3% (to be acquired by Cardinal Health for $42.75/share), INFT +27.2% (to be acquired by Business & Decision for $4.25/share), PRM +20.5% & SORC +6.6% (SORC to acquire PRM's Enthusiast Media segment), EAGL +6.3% (announces increase in offers from both CEVA and group led by EAGL CEO Jim Crane), DCX +3.8% (Cerberus takes over majority interest in Chrysler Group and related financial services business for $7.4 bln)... Other news: CRTX +28.5% (FDA approves DEY's New Drug Application for Perforomist Inhalation Solution), LJPC +13.0% (initiated with a Buy at Needham), BDSI +11.6% (announces BEMA Fentanyl Phase III data demonstrates statistical significance), ONT +10.9% (follow-though momentum), SILC +10.4% (announces design win from "one of the world's largest telecoms equipment manufacturers"), GERN +7.6% (positive article in TheStreet.com), DNDN +7.2% (short-squeeze), ACH +4.6% (follow-through momentum; also up in sympathy after Telegraph reports that rival mining groups are drawing up plans to gatecrash Alcoa's hostile bid for Alcan), ALTI +4.6% (follow-through momentum), SIF +4.5% (follow-though momentum after Friday's earnings-related surge), MEND +4.4% (Cramer positive on stock), GNVC +4.3% (added to Nasdaq Biotechnology Index), FRPT +3.4% (Cramer positive on stock; also mentioned in WSJ article "Armored-vehicle builders compete for bigger payday).

May 11th - Friday - Gapping up / down

Gapping down on weak earnings/guidance: MAMA -15.5%, BRLC -13.6%, BSQR 12.0%, MOVI -11.2%, FL -10.4%, PRXI -9.3%, MED -8.7%, DNDN -7.8%, THQI -4.7%, GRS -4.5%... Other news: AMGN -3.9% (continued weakness with multiple broker downgrades following yesterday's ODAC panel recommendations), JAV -1.8% (prices 7.1 mln share offering at $6/share).

Futures indicate a higher open for the mkt as the closely-watched core PPI was unchanged in April vs. consensus expectations of 0.2%. That pushes the yr/yr rate to 1.5% and provides more evidence that inflation pressures have abated somewhat. However, Apr Retail Sales unexpectedly fell 0.2% (consensus 0.4%), while the more closely-watched sales, ex-autos, was unchanged (consensus 0.5%), echoing yesterday's concerns about the health of the consumer.

Notable pre-market Calls include Upgrades: AMAT at UBS, ALU at Credit Suisse, NVDA at Needham; Downgrades: AMGN at Citi, JP Morgan, HSBC and Lazard, ISE at BofA, WEN at Citi... On the Earnings calendar, no cos are confirmed to report after the close. On the Economic calendar, Mar Business Inventories (consensus 0.2%) will be released at 10:00ET.

Gapping up on strong earnings/guidance: SYNM +17.9%, UEPS +9.1%, PRTS (also upgraded at RBC), VOLV +6.5%, NVDA +5.7% (also upgraded at Needham), ALU +3.0% (also upgraded at Credit Suisse)... CME raises their bid for BOT: CME +6.8%, BOT +1.9%, ICE +0.8%... Other news: KBH +5.2% (received a bid for its French subsidiary Kaufman & Broad), ALTI +4.4% (upgraded to Buy at First Albany).

May 10th - Thursday - Gapping up / down

Gapping down on weak earnings/guidance: IFON -20.2%, KNOT -16.9% (also downgraded to Sector Perform at CIBC), WFMI -12.0%, CRUS -9.5%, CRYP -9.2%, JACO -8.8%, WNG -8.7%, MEK -7.2%, EGY -6.9%, SIX -4.5%, PGS -4.5%, RMIX -4.4%... Retailers trading down on weak comps: ZUMZ -5.6%, URBN 5.5%, KIRK -4.6%, BEBE -4.5%, CHS -4.0%, PSUN -3.1%, GPS -2.3%, BONT -1.3%... Other news: DNDN -7.9% (downgraded to Sell at BofA; tgt cut to $4), RTP -5.7% & BHP -2.7% (UBS says RTP/BHP merger not illogical, not impossible, but unlikely), FNSR -4.5% (profit-taking after yesterday's move), BPHX -4.4% (names new CFO).

Gapping up on strong earnings/guidance: HSOA +20.0%, TOA +14.9%, PEIX +14.7% (also upgraded to Hold at Hambrecht), MRGE +12.1% (also announces Fusion aXigate order in France), SCI +11.5%, NKTR +10.7% (also upgraded to Equal-Weight at Morgan Stanley), BNE +6.75, MAIL +5.6%, CLAY +5.3%, HLS +5.2%, KG +4.6%, LOCM +3.5% (very light volume), BVF +3.3%, CNTY +3.3%, DK +2.9%, TFSM +1.8% (reports & confirms it is assessing strategic alternatives; also downgraded to Hold at Jefferies)... Retailers trading up on strong comps: JOSB +5.7%, ARO +1.8%, COST +1.8%... Other news: TRU +20.9% (commences cash tender offer for all units of beneficial interest of Torch Energy Royalty Trust), ENTG +11.3% (commences "Dutch auction" tender to purchase up to 20.4 mln shares between $11-12.25), CEA +10.6% & ZNH +3.1% (Air France to add routes throughout China; also CEA and Singapore Air in final talks on stake), SPAR +9.4% (subsidiary receives $107.6 mln in new Orders in Military Vehicles), GGC +4.8% (upgraded to Buy at Citi), CBI +4.1% (Cramer positive on stock), ONT +3.5% (announces agreement with C2 Microsystems), FWLT +1.6% (tgt raised to $129 at Stifel).

Futures indicate a lower open for stocks. The bulk of April same-store sales figures (ANF, ANN, ARO, DDS, FD, GPS, JCP, WMT) checked in below expectations, raising concerns about the health of the consumer and giving investors an excuse to take some money off the table. In economic news, weekly Initial Claims unexpectedly fell 9K to 297K (consensus 315K), but the Mar Trade Deficit widened a larger than expected $63.9 bln (consensus $60.0 bln) and Apr Import Prices surged a larger than expected 1.3% in Apr, stirring inflation concerns.

Notable pre-market Calls include Upgrades: MA at Stifel Nicolaus, PEIX at WR Hambrecht; Downgrades: TFSM at Jefferies, DNDN at BofA, RSH at Credit Suisse, WFMI at HSBC, RTP at BMO Capital... On the Earnings calendar, SYNM is confirmed to report sometime during trading hours. After the close, 33 cos are confirmed to report including NVDA... On the Economic calendar, the Apr Treasury Budget (consensus $143.0 bln) will be released at 14:00ET.

May 9th - Wednesday - Gapping up / down

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.

May 8th - Tuesday - Gapping up/down

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.

May 7th - Monday - Gapping up/down

Gapping down on weak earnings/guidance: HANS -9.0%, IIG -6.1%, CCOI -5.1%, GROW -4.0%, PTNR -2.6%, TS -2.0%... Other news: MDII -10.9% (completes $4 mln private placement of common stock).

Futures indicate a mixed start for stocks despite another round of healthy Monday-morning M&A activity. AA offered to acquire AL for approx $73.25/sh in cash and stock, while AH announced it will be acquired by BAE Systems for $88/sh in cash.

Notable pre-market Calls include Upgrades: UAUA at Credit Suisse, DRI at Bear Stearns, CX at Deutsche Bank; Downgrades: MSFT at Davenport, AMZN at Matrix, RIG at AG Edwards... On the Earnings calendar, BID is confirmed to report sometime during trading hours. After the close, 48 cos are confirmed to report including WYNN... On the Economic calendar, Mar Consumer Credit (consensus $4.5 bln) will be released at 15:00ET.

Gapping up on M&A: AL +25.7% (AA offered to acquire AL for $73.25 per share in cash and stock) -- Other metal stocks up in sympathy: ATI +9.4%, ERS +7.1%, CENX +7.0%, ACH +4.7, AKS +2.5%, MT +1.9%... AH +4.5% (confirms merger agreement to be acquired by BAE Systems plc for $88.00 per share in cash)... Stem cell stocks mentioned positively in Barron's: STEM +8.4%... Other news: GSS +7.6% (positive Cramer mention), ZVUE +6.7% (selected as internet/mobile marketing and promotional partner for Ckrush Entertainment's "LiveMansion: The Movie"), DNDN +6.7% (continued volatility ahead of FDA decision on Provenge), MRVL +5.6% (completes independent review of stock option practices), TASR +5.0% (Sarkozy wins French election, Merriman comments on news), NOVL +4.6% (Reuters reports that Dell joins Microsoft, NOVL in Linux pact).

May 4th Gapping up / down

Gapping down on weak earnings/guidance: TCHC -42.5%, CRAY -16.5% (also downgraded to Mkt Perform at Northland Securities), BBND -12.8%, HTRN -12.2%, JSDA -9.6% (also upgraded to Accumulate at ThinkEquity), HPOL -8.9%, ANR -7.0%, SWIM -6.5%, SHLD -5.1%, SIMG -5.0%, EK -4.9%, NXG -4.8%, QLGC -4.7% (also downgraded to Mkt Perform at FBR), BGFV -4.1%, EDS -3.7%, THI -3.1%... Other news: ISTA -27.1% (receives Not Approvable Letter from FDA relating to its NDA for T-Pred), TFSM -7.8% (downgraded to Buy at Matrix), SILC -7.5% (announces $17.9 mln private placement), GBBK -4.4% (to be acquired by Wells Fargo in an apparent take-under), GLBL -3.6% (downgraded to Hold at Jefferies).

Futures indicate a higher open for stocks as the NY Post reported MSFT has approached YHOO again about entering formal negotiations. In addition, RTRSY confirmed it has received a takeover approach from a third party, which follows NWS.A's acquisition proposal of DJ on Wednesday. Today's employment data was neutral as Apr Nonfarm Payrolls checked in up 88K (consensus 100K), the Unemployment Rate (4.5% vs. consensus 4.5%) and the Avg Workweek (33.8 vs. consensus 33.8) met and Hourly Earnings came in slightly below expectations (0.2% vs. consensus 0.3%).

Notable pre-market Calls include Upgrades: UL at Citi, RDS.A at Bear Stearns, ANDW at Needham, CROX at Wedbush; Downgrades: BIIB at RBC Capital, NVO at Bear Stearns... On the Earnings calendar, TS is the only co confirmed to report after the close. On the Economic calendar, nothing remains on the schedule for today.

Gapping up on strong earnings/guidance: CROX +19.1% (reports also 2-for-1 stock split), ONT +16.1%, ZOLT +10.1%, BLKB +9.9% (also upgraded to Hold at Citigroup), PCLN +8.5%, INAP +8.2% (also upgraded to Outperform at CIBC), MOBE +7.5%, FSLR +6.9% (up in sympathy TSL +3.9% & SOLF +3.1%), ALY +5.6%... M&A: RTRSY +25.4% (Reuters shares soar after group confirms bid approach - WSJ), YHOO +15.8% (Microsoft has intensified its pursuit of deal with YHOO - NY Post... up in sympathy CNET +4.9% & MAMA +4.1%), EASY +10.7% (to be acquired by Internet Commerce Corp for $5.80/share), WON +7.7% (WON has tapped investment bank UBS to identify potential buyers - NY Post)... Other news: NFI +11.5% (discloses commitment for a $1.9 bln comprehensive financing facility), OSUR +6.7% (initiated with a Buy at Lazard), THOR +6.3% (receives FDA approval of continued access protocol for bridge ARM of its HeartMate II pivotal trial), XFN +6.2% (follow-through momentum after yesterday's breakout; also profiled in Briefing Trader), PTR +5.4% (PetroChina up on oil find - FT), MDII +5.3% (momentum), DNDN +4.7% (momentum), LEND +4.4% (profiled in BusinessWeek), IDEV +3.5% (announces FDA approval of Supprelin-LA), BOBJ +3.2% (announces final terms of convertible bond issue), IDMI +1.7% (appoints Robert De Vaere as Senior VP & CFO).

May 3rd Gapping Up/Down

Gapping up on strong earnings/guidance: NVEC +15.6%, SMDI +15.5% (also upgraded to Outperform at CIBC), CHTR +10.1%, SUNH +9.2%, ICOC +9.0% (very light volume), KOP +8.8%, OMG +8.0%, RNWK +7.8% (also upgraded to Buy at ThinkEquity), SYMC +7.3% (also multiple upgrades), GFIG +6.5% (also tgt raised to $80 at Jefferies), GNA +6.5%, BBBB +6.0%, ARQL +4.9%... Biotechs gapping up on news: QMED +22.0% (Perlane approved for sales in the USA, also reports March EPS), BSM +21.6% (study concludes that hyperthermia added to radiation improved complete response, local relapse-free survival and overall survival), HNSN +19.7% (receives FDA clearance for commercialization of its robotic platform for catheter mapping procedures), BUF +17.8% (announces FDA approval of Sojourn Sevoflurane; also tgt upped to $10 at Hambrecht), EPCT +17.5% (to present new NP-1 data at American Pain Society meeting), YMI +16.2% (reports AeroLEF randomized phase IIb trial meets primary endpoint in patients with post-surgical pain), NVAX +6.7% (reports positive pre-clinical study results from live virus challenge to pandemic flu vaccine), AVNR +5.6% (presents data on long-term safety of Zenvia and prevalence of IEED)... M&A: IPS +6.1% (SSAB to acquire IPS for $160/share, according to Dow Jones... up in sympathy AKS +4.1%, X +1.4%, NUE +1.4%)... Other news: MRX +8.8% (Perlane approval should help relieve pressure on MRX - Jefferies), SOFO +8.5% (clarifies guidance after yesterday's earnings report), EFUT +7.9% (inks systems integrator agreement with JDA Software), FRPT 5.7% (momentum), TSYS +1.8% (late in session yesterday Fed Biz Ops website reports that TSYS was awarded $90 mln contract).

Gapping Up: EPCT +23.3%, QMED +23.2%, NVEC +18.1%, YMI +17.3%, BUF +16.9%, SMDI +14.1%, MRX +11.1%, TSYS +10.2%, ALAN +9.7%, RNWK +8.0%, SLW +7.3%, SYMC +6.8%, EFUT +5.6%, CEGE +5.4%... Gapping Down: TLB -9.7%, SMSI -9.5%, JDSU -9.3%, INCY -8.9%, ANDE -8.8%, CELG -6.8%, APKT -5.8%, TSO -5.7%, UBS -5.6%, LVS -5.4%, SUN -5.4%, WYNN -3.2%, AGU -2.8%, AHO -2.6%, RIGL -2.6%.

May 2nd Gapping Up/Down

Gapping down on weak earnings/guidance: SOFO -22.7%, HSTX -20.6% (also downgraded to Neutral at Merriman), CBAK -16.7% (announces restructuring, guides Q2 below consensus), DIVX -12.9%, SNTS -11.6%, SOHU -9.9%, FORD -7.5%, SUMT -7.5%, BBI -6.8%, NLC -6.7% (also downgraded to Hold at Citi), ACAS -6.0%, WBMD -5.8% (very light volume), JNY 5.8% (very light volume), EPIC 5.8%(announces $200 mln convertible notes offering), RUTH -4.7%, GMR -4.7%, ENZN -4.3%, GRMN -4.2%, NWRE -4.1%, CKSW -4.0%... Other news: CGPI -18.7% (suspends enrollment of new patients in incyclinide study; also reports), PCOP -6.8% (prices 7 mln share offering at $5/share), IMMU -6.5% (to raise $24 mln in common stock offering priced at $4.95/share).

Futures indicate a slightly higher open for stocks. The monthly ADP employment report showed that an estimated 64K new private jobs, or roughly 90K nonfarm jobs, were created in April. Economists expect Friday's more closely-watched April nonfarm payrolls figure to check in around 100K. M&A news has continued following yesterday's NWS bid for DJ as there are reports out this morning that the Dolan family is close to taking CVC private. This morning's biggest earnings report comes from TWX, who is trading slightly higher after beating, but also lowering FY07 EPS guidance.

Notable pre-market Calls include Upgrades: CME at BofA, Q at Credit Suisse, WPI at UBS, CMG at Morgan Keegan; Downgrades: DJ at Wachovia, LIZ at UBS, CEPH at First Albany... On the Earnings calendar, 84 cos are confirmed to report after the close. On the Economic calendar, Mar Factory Orders (consensus 2.1%) will be released at 10:00ET.

Gapping up on strong earnings/guidance: VOXW +74.4% (very light volume), HRSH +21.1%, PTIE +11.8%, NT +11.1% (also names interim CFO), BWLD +9.5% (also upgraded to Outperform at Morgan Keegan), CTB +8.6%, ININ +8.2% (also upgraded to Outperform at Morgan Keegan), CBG +8.0%, OSCI +8.0% (also FDA approves Factive tablets for 5-day treatment of community-acquired pneumonia), UNTD +7.3%, MA +7.2%, BGC +6.9% (very light volume), IVGN +6.3% (also tgt raised to $75 at ThinkEquity), POZN +5.9% (very light volume), VPHM +5.7%, CMG +5.5% (also upgraded to Outperform at Morgan Keegan)... Other news: BCRX +9.4% (confirms yesterday's news (10:31) that St. Jude study shows effectiveness of Peramivir in prevention of mortality in mouse model of avian influenza H5N1), ADLS +7.4% (cethromycin shown effective against anthrax in study), PRLS +5.7% (Pembridge Capital announces proxy contest for PRLS), ADBL +5.4% (upgraded to Buy at Citi).

May 1st Gapping Up/Down

Gapping down on weak earnings/guidance: LIZ -19.1%, ITWO -18.3%, IVAC -13.2% (also downgraded to Sell at Maxim), CC -11.5% (also multiple downgrades), BEAS 10.4%, ROCM -8.7%, UA -7.9%, VMC -5.8%, GLT -5.0%, ADM -4.9%, RTI -4.5%, PAAS -4.3%, RIMG -4.1%, WTSLA -3.7%, FRK -3.0%, APC -2.7... Other news: ACUS -19.8% (announces Phase 3 trial results of Imagify met primary endpoints for accuracy and sensitivity, did not achieve the specificity endpoint), CADX -7.5% (intends to discuss with FDA a proposal to increase number of patients to be enrolled in Phase III trial of Omigard), AHM -5.0% (prices 4 mln share offering at $23.75), SONS -3.6% (downgraded to Equal-Weight at Lehman), JSDA -3.6% (Cramer bearish on JSDA), SPWR -3.3% (Cypress Semi sells 7.5 mln SPWR shares), CEGE -3.0% (files for $150 mln mixed shelf).

Gapping up on strong earnings/guidance: FDP +10.1%, RAIL +9.3%, CYNO +8.1%, HW +6.6%, TUES +5.7%, AVP +5.0%, WMGI +5.0% (very light volume), SPAR +5.0%, BNT +4.7%, ALXN +4.6%, HOLX +1.8%... M&A: TFSM +33.2% (MSFT has emerged as contender to buy TFSM - NY Post... up in sympathy VCLK +4.9%, AQNT +3.4%)... Other news: SVR +21.2% (upgraded to Accumulate at ThinkEquity), HEPH +12.3% (cleared by FDA to initiate Phase I clinical trial with HE3286 in treating metabolic disorders), MAMA +12.0% (enters mobile market), NTOL +9.2% (enters into joint venture for China), PGNX +7.4% (says single dose of PRO-140 significantly reduced viral load for prolonged period in HIV-infected individuals), AVNR +7.3% (momentum), ACLS +5.9% (achieves two new design wins from chipmakers in Asia), SGMS +5.1% (announces it has formed a JV with Chinese technology co Inspur), SIGM +3.5% (upgraded to Buy at Needham).

April 30th Gapping up/down

Gapping Down

Gapping down on weak earnings/guidance: IBN -6.2% (co also to offer stock)… Other news: ATML -3.9% (reports findings of Audit Committee investigation of historical stock option practices).

Gapping Up

Gapping up on strong earnings/guidance: NGA +22.3%, CRNT +13.3%, XFML +9.9%, RSH +8.1%, VSH +8.0%, HERO +6.8%, BEAV +5.1%… Other news: ISE +43.3% (Deutsche Boerse contemplating bid for ISE for approx. $2.8 bln cash, or $67.50 a share), NPTH +26.2% (to be acquired by GB for $14.38 per share in cash), ISPH +24.0% (announced FDA approval of AzaSite), IOTN +19.7% (positive Cramer mention), IDIX +14.7% (announces European Commission approved Sebvio), AVNR +14.4%, SGMO +13.8% (announces research and license agreement with Genentech), ISV +13.0% (announces FDA approval for AzaSite; approval triggers $19 mln milestone payment), NTWK +7.8% (NTWK Pakistan subsidiary reports Q3 results).

April 27th Gapping up / down

Gapping Down

Gapping down on weak earnings/guidance: OCR -15.3%, BECN -15.2% (also downgraded to Neutral at Baird), GLGC -10.9%, SPRT -10.5%, BLG -10.5%, WFR -8.4% (downgraded to Neutral at Credit Suisse), VPRT -8.1%, PSYS -8.1%, BRCM -6.5% (also downgraded to Neutral at UBS), YRCW -6.1%, ACTU -6.0%, BOOM -5.7%, FALC -5.4%, IDTI -5.1%, TRID -4.3%, oPWV -4.0%, RACK -3.8%… Other news: MDCO -11.6% (discloses that US Patent Office denied extended patent for Angiomax), AVID -10.8% (also downgraded to Mkt Perform at Piper), CF -5.9% (names new CFO), MLNM -5.1% (downgraded to Underweight at Morgan Stanley).

Gapping Up

Gapping up on strong earnings/guidance: BIDU +27.6% (also upgraded to Outperform at RBC), VSEA +14.0%, SWIR +13.0%, SIMO +9.4%, NETL +9.3%, FLIR +8.9%, INSP +8.3% (also reaches agreement with Sandell Asset Mgmt, announces $6.30/share special dividend), SNCR +7.2%, SPF +6.4%, AXL +5.4%, CMI +5.2%, MEE +4.9%, MSFT +4.8% also upgraded to Sector Perform at CIBC)… BIDU sympathy plays trading up: GMKT +4.6%, SOHU +3.8%, SINA +3.2%, NTES +3.1%, SNDA +1.6%, LONG +1.0%, FMCN +0.7%… M&A: INTL +5.7% (to be acquired by Mitel for $25.60/share)… Other news: ARQL +14.2% (announces exclusive license agreement with Kyowa Hakko Kogyo to develop and commercialize ARQ 197), SNTO +10.6% (selected to provide right channeling support to Amp’d Mobile), DSCO +6.9% (upgraded to Buy at Jefferies), CTICD +5.5% (announces it will report Q4 results on May 2), IPCS +4.7% (declares $11/share special cash dividend).

April 26th Gapping up / down

Gapping Down

Gapping down on weak earnings/guidance: SMMX -20.2% (also downgraded to Neutral at Nollenberger), ISLN -18.3%, AFFX -11.0%, CCMP -9.3%, LSI -7.6%, ARBA -7.4%, VAR -6.4%, LYO -5.9%, SKX -5.6%, SLW -3.9%, ALV -3.8%, LGBT -3.6%, LVLT -3.6%, HLIT -3.5%, ERIC -3.2%… Other news: TIBX -4.5% (downgraded to Sell at Goldman).

Gapping Up

Gapping up on strong earnings/guidance: ALGN +20.7%, OI +17.4%, FFIV +16.5%, NTRI +15.0% (also target raised to $96 at Citi), WEN +11.8%, SWKS +9.6%, MCRL +8.6% (also upgraded to Outperform at JMP), AAPL +7.9% (also downgraded to Hold at Citi on valuation), VDSI +7.6%, MTH +7.5%, AGIX +7.4%, F +7.4%, BLL +6.5%, PMCS +6.4%, CEPH +5.6%, PMTI +5.0%, XLNX +5.0%… M&A: CVNS +24.3% (to be acquired by Computer Sciences for $34/share), CSTL +11.8% (to be acquired by Captaris for $3.95/share)… Other news: CBRX +39.7% (reports preliminary findings from data analysis of Phase III study of Prochieve 8% to prevent preterm birth), LJPC +6.3% (receives Riquent composition of matter patents in Europe and China), ZVUE +5.9% (announces that its Putfile.com site has been named by In-Stat as the 15th most popular user-generated content Web site in the world), APPB +1.7% (announces that strategic process has yielded several non-binding, preliminary proposals to acquire the co).

April 25th Gapping Up / Down

Gapping Down

Gapping down on weak earnings/guidance: TZOO -18.7%, EXBD -16.9%, GGG -8.9%, HTCH -8.6% (also downgraded to Underweight at JP Morgan), SSTI -7.8% (also downgraded to Sell at WR Hambrecht), DYAX -7.3%, SUNW -6.4%, WU -6.2%, ANAD -6.0%, CKFR -5.9%, WBSN -5.3% (also downgraded to Neutral at Credit Suisse), PDS -5.2%, SANM -5.0% (also downgraded to Sector Perform at CIBC), CYMI -5.0% (also multiple downgrades), WLP -4.7%, RFMD -4.6%, CLZR -4.6%, EEFT -4.4% (also downgraded to Mkt Perform at Piper), EZPW -4.2% (also upgraded to Buy at Roth), ISE -4.1%… Other news: ONT -8.5% (files $60 mln mixed shelf), VNLS -8.0% (to delist from the Nasdaq and to deregister and terminate its US reporting obligations).

Gapping Up

Gapping up on strong earnings/guidance: AMZN +16.3% (also multiple upgrades), WVCM +12.0%, RVBD +11.4% (also multiple upgrades), ZRAN +11.1%, CHRW +8.5% (also upgraded to Buy at Merrill), ORLY +8.1% (also upgraded to Strong Buy at Raymond James), EFII +6.5%, BTJ +6.2%, ILMN +6.0%, LIFC +5.3%, DXPE +5.3%, CAKE +4.5% (also upgraded to Buy at Keybanc), GLW +4.7%, SLAB +4.5%… News-driven rally in small-cap/cancer biotechs continues: BDSI +66.0% (announces positive Phase III clinical trial results for Bema Fentanyl), XNPT +24.4% (reports positive top-line Phase 3 trial results of XP13512 in Restless Legs Syndrome), CVTX +12.2% (upgraded to Buy at First Albany), EPCT +6.9%, GNVC +4.7%… M&A: KTO +20.0% (Jarden confirms agreement to acquire KTO), TFSM +19.8% (WPP among suitors for TFSM - NY Post), ABN +5.0% (RBS-led group makes offer for ABN worth more than $100 bln - WSJ)… Other news: DAR +5.8% (initiated with a Buy at Morgan Joseph), JASO +4.9% (initiated with an Outperform at Raymond James), MAMA +4.7% (licenses copernic desktop search to UOL), AATI +4.2% (upgraded to Buy at Jefferies), CHINA +2.2% (initiated with a Positive at Susquehanna).

April 24th Gapping Up / Down

Gapping Down

Gapping down on weak earnings/guidance: RMD -13.6% (also downgraded to Neutral at Merrill), UCTT -13.3%, IIVI -9.7%, LXK -6.9%, CSL -5.7%, JNPR -4.3% (also downgraded to Mkt Perform at Piper), BJS -4.0%, PTV -3.8%, COH -3.5%, ELN -3.2%, MICC -3.1%, X -3.0%, TGT -2.7%, LII -2.8%… Other news: EPL -5.7% (announces preliminary results of equity self-tender offer), AVNR -4.7% (further profit-taking after the stock gave up most of yesterday’s gain), COGO -3.7% (prices 5.5 mln share offering at $17.50/share), WEN -2.9% (downgraded to Sell at Merrill).

Gapping Up

Gapping up on strong earnings/guidance: TRCR +19.7%, MSPD +13.3%, CPO +7.8%, TXN +8.7% (up in sympathy NSM +4.7%, EGLT +4.0%, AMAT +1.5%, MRVL +1.3%, CY +0.9%), ALU +5.2%, ALTR +5.1%, ESRX +4.6%, ICLR +4.6%… Small-cap biotech momentum continues: PARS +45.9% (announces Phase 2 data, lowest dose of cannabinor produced statistically significant decrease in pain), VION +13.4% (follow-through momentum; co also announced they are presenting at Fortis conference tomorrow), DNDN +5.2% (Provenge approval likely as politics is a factor; efficacy a question - BofA), ABPI +4.5% (reports the results of CRSFungal Profile), MGRM +3.6% (AP reports FDA panel meets today to review PFE’s HIV drug; PFE plans to offer drug alongside MGRM test)… M&A: SMBI +2.6% (to be acquired by Crestview Partners affiliate for $22.35/share in cash)… Other news: FRPT +13.5% (receives $481 mln order from DoD under existing contract), USAT +5.8% (MasterCard and USAT announce that six of America’s most prominent vending co’s are installing e-Port technology), TASR +4.3% (announces two orders from Penn and Hawaii), FNSR +4.1% (still checking).

April 23rd Gapping Up / Gapping Down

Gapping Down

Gapping down on weak earnings/guidance: AMCC -15.3%, SIFY -6.9%… Other news: AGIX -17.8% (ends collaboration with AZN for AGI-1067), EPCT -7.6% (profit taking following Friday’s surge), JSDA -4.5% (downgraded at Stifel), AZN -3.5% (to acquire MEDI), NYX -3.6% (downgraded to Sell at Goldman).

Gapping Up

Gapping up on strong earnings/guidance: HAS +9.2%, HSC +3.9%… M&A: GCO +39% (co’s Board of Directors rejected FL’s unsolicited $46.00/share buyout offer), MEDI +18.0% (to be bought by AZN for $15.6 bln)… Other: AVNR +14.8% (ends research collaboration with AZN, issues guidance in separate press release), PCYC +13.4% (announces FDA filing of NDA for Xcytrin Injection to treat lung cancer brain metastases), MVIS +8.4% (announced contract with transportation sector systems integrator), SCON +7.2% (confirms $4.7 mln U.S. Air Force contract), FTEK +7.7% (positive mention by Cramer).