Watchlist for June 30, 2006

If there was ever a day to maintain your discipline today would be it. I think we could see some nutty moves today due to a few things. First, it's quarter-end so expect the typical mark-up (and down?) games by the fund managers. Second, it's the last full day of trading before Independence Day so I expect a good number of people to be reducing exposure. That could be bullish or bearish depending on which side is most worried. And last but certainly not least is the Russell rebalancing. Should be an interesting day.

Potential swing trades:

See one of the recent 'Chart Reading' posts for some potential swing candidates.

Potential day trades:

(From Briefing.com)

Gapping Down

PALM -10.5% (reports MayQ, beats by $0.06, but guides AugQ below consensus), AIRN -24% (to delay rest of supply to Yozan; also downgrades from Roth and Merriman), XING -13% (reports Q1 results), CSC -8% (ends exploration of strategic alternatives; SEC looking into options practices), EMC -7.7% (to acquire RSAS), SABA -19% (reports MayQ), MT -4.3% (Arcelor rejects Severstal deal, paving way for deal with MT), ANDE -3.6% (announces stock offering), KLAC -2.5% (finds options dating discrepancy), AAPL -2.3% (co investigating stock option grants), CNP -1.8%, INTU -1.4% (receives Justice Dept subpoenas regarding stock option grants).

Gapping Up

GM +10% (Renault and Nissan Motor may take stake in co says Tracinda; up in sympathy: F +2.8%), RSAS +19% (to be acquired by EMC), CEPH +12.4% (receives approvalable letter for Fentora), VRTX +12.4% (forms partnership with JNJ to develop its Hepatitis C drug), MIK +8% (co said to be weighing offers -- NY Times), DNDN +7% (announces Phase 3 data), RIMM +4.7% (reports MayQ), ONXX +8% (BofA uprgade), LVLT +2.7% (JP Morgan initiates coverage at Overweight), CD +2.4% (to sell travel unit), DVN +2.3% (profiled in BWeek's Inside Wall Street section, co could be acquired), EGY +2% (extends recent rally, +67% in 5 weeks), SHPGY +1.9% (collaboration partner NRPH files NDA), NOK +1.8%, CELG +1.6% (FDA approves additional indication for Revlimid), TIE +1.6% (extends yesterday's 6% move)... Mining stocks are higher as commodity prices are sharply higher: KRY +4.6%, PAAS +3.1%, AUY +2.7%, GG +2.6%, BHP +1.7%, NXG +1.6%, GLD +1.4%, FCX +1%... Under $3: ASTM +11% (achieves bone fracture clinical milestone), MSPD +8%, IIP +5% (expands data center facilities).