Watchlist for June 11, 2008

It looks like a pretty flat open today. Perhaps we'll get a double inside day made today. But, the two items on the economic release calendar could very well move the indices outside of yesterday's range.

On Today's Calendar:

10:30 -- Crude Inventories
2:00 -- Fed's Beige Book

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: HOFT -13.3%, SNIC -13.0%, OXM -7.4%, QSII -5.2%, LUB -2.9%, NTY -1.1%... Select European financials trading lower: LYG -3.8%, RBS -4.9% (faces 'more bad news than good news,' chief says - Bloomberg.com), BCS -2.3%... Other news: TMX -39.5% (lower following Telmex Internacional spin off), AGP -11.7% (suspends FY08 guidance pending completion of its rate increase negotiations with Tennessee), FMCN -5.5% (ChinaTechNews.com reports according to ccidnet.com, FMCN has stopped all of its mobile phone SMS business, which reportedly has caused a great loss to the company), AA -2.2% (Alcoa of Australia declares force majeure under its alumina supply contracts; also downgraded to Neutral at JPMorgan)... Analyst downgrades: MI -4.4% (added to conviction Sell List at Goldman - DJ), VE -3.7% (downgraded to Neutral at Goldman - DJ), MCHP -3.2% (downgraded to Neutral at JPMorgan), NLY -2.7% (downgraded to Neutral at JPMorgan), LVS -2.1% (removed from Conviction Buy List at Goldman - DJ), ARRS -1.2% (downgraded to Perform at Oppenheimer), BNI -1.0% (added to short term sell list at UBS).

Gapping Up

In reaction to strong earnings/guidance: AGU +8.7%, DIOD +5.5%... M&A news: SPSX +1.5% (to be acquired by LS Cable for $45/share in cash)... Select agriculture names showing strength following increased AGU guidance: IPI +3.3%, CF +2.8%, SQM +2.5%, MOS +2.1%, TRA +1.8%, BG +1.7%, POT +1.6%, TNH +1.5%... Select oil/gas stocks showing strength: BP +2.9% (TNK-BP talks between BP, Russian hldrs break down, according to sources - WSJ), RDS.A +2.8%, CVX +1.0%, TOT +0.9%... Other news: QI +18.2% (the co and Elpida Memory announce that they have signed final contracts for a strategic technology partnership on joint development of memory chips), GRO +7.9% (announces that it has acquired the production and sales rights to two proprietary corn seeds from NKY), BPUR +5.6% (phase III othopedic trial results published in Journal of Trauma; the paper's authors concluded that HBOC-201 eliminated the need for transfusion in the majority of patients), REXX +4.7% (Cramer makes positive comments on MadMoney), ALVR +4.3% (the co and NT announce they have entered into a joint strategic WiMAX agreement), CSIQ +3.1% (announces delivery of BIPV modules for 2008 Olympics), BIIB +2.0% (got $82/share buyout offer last year, documents show -- Bloomberg), MT +1.6% (still checking), DB +1.6% and CS +1.0% (checking for anything specific) DCI +1.3% (Cramer makes positive comments on MadMoney), BAC +1.3% (CEO views dividend as safe, Whitney says- Bloomberg)... Analyst upgrades: PPCO +5.5% (initiated with Buy at Roth Capital), PETM +3.6% (upgraded to Overweight at JPMorgan), CCJ +3.5% (upgraded to Buy from Neutral at UBS), ELN +2.2% (initiated with Buy at Merriman), AMX +1.5% (added to Morgan Stanley Model STEP Portfolio Merck), STT +1.5% (added to conviction Buy List at Goldman - DJ).