The futures have been a bit choppy this morning although they’re still indicating a higher open. I think people are still trying to figure out the implications of this morning’s hotter than expected PPI report. I’ll gladly let the fundamental analysts (try to) figure it out while I continue to watch for breaks of either support or resistance.

On Today’s Calendar:

• nothing

More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic

Potential swing trades:

See one of the recent ‘Chart Reading‘ posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.

Potential day trades:

(From Briefing.com)

Gapping Down

In reaction to weak earnings/guidance: AFFX -38.2% (also downgraded to Underperform at Bear Sterns, downgraded to Market Perform at Leerink Swann and downgraded to Neutral at Cowen), CROX -30.4% (also downgraded to Mkt Weight at Weisel), NVTL -19.1% (also downgraded to Hold at Morgan Joseph and downgraded to Perform at Oppenheimer), STLY -9.4%, VCGH -8.7% (also downgraded to Neutral at Merriman), AVT -7.5%, FRX -6.0%… Other news: SIGM -7.3% (still checking), KCI -6.7% (announces a $600 mln convertible notes offering), REP -5.8% (trading lower following PBR statement clarifying yesterday’s Reuters story), SWIR -4.0% (down in sympathy with NVTL), STEC -3.2% (gives official response to patent infringement claims from Seagate; believes STX’s move is desperate), DECK -2.4% (down in sympathy with CROX)… Analyst downgrades: ELX -3.2% (downgraded to Sell at Citigroup), EMC -2.1% (downgraded to Hold at Citigroup), MTW -1.7% (downgraded to Neutral at BofA), ESV -1.7% (downgraded to Sell at Deutsche Bank).

Gapping Up

In reaction to strong earnings/guidance: CPWR +18.0%, HSR +9.7%, ADTN +7.6%, PII +7.2%, EXPO +6.8%, RF +5.9%, CTBK +5.2%, INFY +4.8%, IMOS +4.2%, NG +3.9%, JBHT +2.5%, USB +2.3%, STT +2.1%, JNJ +1.0%… M&A news: NWA +10.1% and DAL +5.0% (Delta, Northwest agree to merge)… Solar names showing strength following select co specific news: ASTI +5.1% (Ascent Solar and Icopal SAS sign cooperation agreement), SOL +5.0% (signs six-year wafer supply agreements with Ningbo Solar and Eoplly New Energy), SOLF +4.2%, LDK +4.2%, CSIQ +2.8%, FSLR +2.5% (Signs 20 yr utility scale PPA with Southern California Edison; tgt raised to $315 - Broadpoint), ESLR +2.4%, SPWR +2.3%, JASO +2.2%… Other news: PPHM +19.1% (says preclinical study shows its anti-ps immunocytokines can generate protective immune responses in a highly aggressive breast cancer model), SUPG +11.6% (announced its DNA methyltransferase inhibitor, improves in vivo efficacy of decitabine; also announces its clinical-stage multi-targeted tyrosine kinase inhibitor and Rad51 suppressor, is bioavailable and safe in humans ), AZN +5.8% (reaches Ranbaxy settlement - Financial Times), UAUA +5.5% and CAL +5.1% (Continental and United ready if others merge, according to sources - Reuters.com), DNDN +2.5% (immune booster fights breast cancer in clinical trial - Bloomberg.com; also Capital Ventures International discloses 8.6% stake in 13G filing), MRK +2.2% (up in sympathy with JNJ)… Analyst upgrades: MEE +2.8% (upgraded to Overweight at JPMorgan), FCX +1.5% (Hearing FCX upped at HSBC to Overweight), MT +1.3% (upgraded to Buy from Hold at Citigroup).

Disclaimer & How I use this list