This morning I thought this would be a busy day -- boy was I wrong. (That's what I get for making a prediction!) Sellers stepped in right from the opening bell and by the time 10:15 came around (when I usually start trading) I certainly wasn't looking to go long and I didn't see any shorts that I wanted to try. Judging by the sideways action in the Naz for the rest of the day I'm glad I didn't chase anything.
Volume picked up on both the Nasdaq and S&P today but somehow the Nasdaq managed to lose only 3 points. It's trying hard to stay around those January highs. Despite the higher volume selling this dip is well within the indices' uptrends. Things could get interesting if they drop a little more and test the multiple levels of support that are nearby.
Charts are below...
Here's Briefing's after-hours summary:
Companies moving in after hours trading in reaction to earnings: Trading Up: SANM +16.8% (reports in-line Q2, issues Q3 guidance); LDIS +15.5% (misses by $0.02, ex items; guides above consensus for Q2); WIRE +10.0% (beats by $0.24; beats on revs); TQNT +8.4% (beats by $0.01; issues upside Q2 and FY06 guidance); TSAI +7.7% (beats by $0.07; raises FY06 guidance); AMSG +7.7% (reports in line, beats on revs; guides Q2 and Y06 in line); DV +6.7% (reports Q3 results); MTW +5.4% (beats by $0.05, ex items; guides above consensus); TMWD +4.6% (beats by $0.03); FRK +4.4% (beats by $0.23, beats on revs; provides outlook); RFMD +4.4%(beats by 3 cents, guides Q1 above consensus); MANH +3.8% (beats by a penny, ex items; guides above consensus, ex items); CKFR +3.7% (beats by a nickel, issues in-line Q4 guidance); TNB +3.2% (beats by $0.09, beats on revs; raises Y06 EPS guidance); PNRA +2.6% (reports $0.01 above consensus; guides Q2 and Y06 EPS above consensus); ITRI +2.4% (beats by $0.10, beats on revs; guides Q2 and FY06 higher); SCSS +2.2% (beats by $0.03, beats on revs; raises Y06 EPS guidance); ACTL +2.1% (beats by $0.08, sees Q2 revs flat to up in low single digits)... Trading Down: CSCD -13.5% (reports below consensus; guides Q2 EPS below consensus, revs in-line); SIRF -12.2% (guides Q2 EPS of $0.18-0.20 vs Reuters Estimates for EPS of $0.19); ENWV -9.3% (reports Q1 results); MCRL -7.0% (beats by a penny; guides in-line); BYD -6.3% (beats by $0.05, light on revs); EZPW -5.8% (beats by $0.02, guides JunQ and FY06 below consensus); EXBD -4.4% (beats by 2 cents, issues FY06 guidance); SEAB -4.2% (misses by $0.04, light on revs); SGTL -4.0% (misses by $0.02, beats on revs; guides Q2 EPS below consensus); EXTR -3.8% (beats by $0.02, revs in line); CHRW -3.3% (beats by 2 cents); ENTU -3.3% (reports inline and issues upside FY06 guidance); VECO -3.1% (beats by $0.03, affirms Q2 and FY06); CVTX -2.8% (reports Q1 results); VOCS -2.2% (beats by $0.02, beats on revs; issues Q2, Y06 guidance); CAKE -2.2% (reports $0.01 below consensus; report Q1 comps)... Companies moving in reaction to news: Trading Down: UTSI -2.0% (delays filing of its 10-Q)... Mentioned on Mad Money: FIX +4.30%; WWW +3.0%.
