The market’s set to open slightly higher but there are plenty of earnings movers both up & down today.

On Today’s Calendar:

• 10:00 — Existing Home Sales
• 10:30 — Crude Inventories

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 disappointing earnings/guidance: DAKT -17.9%, TSFG -17.2% (also Fitch revises outlook to negative and lowers individual rating to ‘C’), BOLT -15.4%, INFN -14.3%, CREE -13.1%, JAKK -9.2%, ABK -8.8%, ARW -8.8%, WBMD -7.6%, SSCC -6.2%, XL -5.9%, RGR -4.4%, ORLY -4.2% (also downgraded to Market Perform at William Blair), ATI -3.7%, WLP -2.8%, AMP -2.6%, VOCS -2.5%, NSC -2.4%, SOV -1.8%, EW -1.4%, ROK -1.3%, XTO -1.2%, YHOO -1.0% (also downgraded to Neutral at Credit Suisse)… Select European financials trading lower following weakness in overseas trading: RBS -4.2% CS -3.4% UBS -2.8% DB -2.5% HBC -1.0%… Other news: ISPH -14.8% (announces its Phase 3 trial with epinastine nasal spary for the treatment of seasonal allergic rhinitis did not meet its primary endpoint), MBI -9.6% (down in sympathy with ABK)… Analyst downgrades: AMP -5.5% (downgraded to Market Perform at Wachovia), STLD -2.3% (downgraded to Hold at Citigroup), MMP -1.6% (downgraded to Sell at tier 1 firm), EBAY -1.3% (downgraded to Hold at Stifel Nicolaus), SU -1.2% (downgraded to Market Perform at Raymond James), ECA -1.1% (downgraded to Market Perform at Raymond James), CP -1.1% (downgraded to Neutral from Buy at Longbow), GLW -1.0% (downgraded to Market Weight at Weisel).

Gapping Up

In reaction to strong earnings/guidance: ANAD +22.4%, CYMI +16.0%, LVLT +14.8%, MOLX +12.9%, CERN +12.6% (also upgraded to Buy at Jefferies), VMW +12.4%, SWKS +9.6%, BRCM +8.3%, PFCB +8.1%, TER +7.9%, CEC +7.2%, ACH +6.5%, RJF +6.3%, EMC +6.0%, SGP +5.6%, IVGN +5.4%, PPDI +5.2%, ILMN +4.2%, MCO +4.1%, SIMG +3.9%, FCX +3.7%, YUM +2.4%, NUVA +2.1%, CHRW +1.9%, SIAL +1.8%, BIIB +1.7%, ERIC +1.4%… M&A news: REST +172.7% (MDT signs agreement to acquire Restore Medical for $1.60 per share in cash), SIRT +81.5% (GSK to acquire SIRT for $22.50 a share)… Select Chinese names trading higher following strength in overseas trading (Shanghai Composite rose 4%): HNP +9.6%, CAF +5.9%, PTR +5.1%, LFC +4.0%, SNP +3.9%… Other news: LJPC +14.4% (announces ‘positive’ 12-month interim antibody data and provides update for ongoing Riquent Phase 3 ‘ASPEN’ Lupus Trial), FRPT +4.7% (DoD awards FRPT a $12.6 mln contract), LOGI +4.4% (still checking), RMBS +3.5% (announces IBM to license multi-protocol SerDes, signs memorandum of understanding with Spansion), EP +3.2% (Cramer makes positive comments on MadMoney), ITRI +2.6% (Cramer makes positive comments on MadMoney), AZN +2.3% (still checking), NBR +1.8% (Cramer makes positive comments on MadMoney)… Analyst upgrades: EW +6.1% (upgraded to Hold at Citigroup), GRNB +3.9% (upgraded to Buy at Stifel Nicolaus), SI +2.4% (added to Europe 1 List at Merrill), MHS +2.0% (upgraded to Outperform at Oppenheimer), KR +1.8% (upgraded to Buy at Merrill), GIGM +1.7% (initiated with a Buy at Brean Murray), IRBT +1.1% (initiated with Buy at Kaufman), COH +1.0% (upgraded to Buy at Citigroup).

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