Watchlist for June 4, 2008

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: TIBX -10.6%, HOV -8.9%, CHNR -7.5% (light volume), NAVI -3.4%, WSM -1.6%... M&A news: FTBK -5.4% (Washington Banking terminates merger with Frontier Financial; lack of timely regulatory approval cited)... Select oil/gas names showing weakness with crude trading modestly lower on slowing demand projections: STO -3.3%, BP -2.7% (to extend peak production at Azerbaijan oil fields - DJ), TOT -1.9%, RDS.A -1.8%, E -1.5%... Other news: IDEV -62.9% (says it expects the FDA to formally request that it provide additional safety data prior to approving NEBIDO), KRY -6.1% (President and CEO to resign; Board appoints interim CEO and President), ROYL -6.0% (modestly pulling back after this week's 60% surge higher), VOD -4.7% (today is ex-dividend date), NTAP -4.0% (to offer $1.1 bln convertible senior notes due 2013), ABK -3.3% (S&P says Lorillard to replace Ambac in the S&P 500 - Bloomberg), BCS -3.0% (trading lower overseas with Fitch saying may need additional capital), CHU -3.0% (dropped 4.3% overseas as analysts were bearish about the earnings prospects of the proposed China Unicom-China Netcom merged entity), ERIC -2.9% (still checking), BAC -2.6% (today is ex-dividend date), TS -2.5% (fell in overseas trading), STT -2.4% (prices a 35.7 mln share common stock offering at $70/share), LEH -2.2% (hedges lose $500 mln to $700 mln - FT and WSJ reports problems in balance sheet could force the firm to issue a large amount of equity -- or to sell part, or all, of itself to a larger financial firm), ABB -1.7% and MT -1.6% (still checking for anything specific)... Analyst downgrades: VRTX -3.4% (downgraded to Market Perform at JMP), TRMB -3.0% (downgraded to Neutral at JPMorgan), CCI -1.4% (downgraded to Sector Perform at RBC), MAR -1.4% (downgraded to Perform at Oppenheimer), AMT -1.4% (downgraded to Sector Perform at RBC).

Gapping Up

In reaction to strong earnings/guidance: GES +7.6%, SAI +7.1% (also upgraded to Buy at Jesup & Lamont), CPRT +4.0% (light volume), DMND +3.8%, AXP +3.0%, VIP +2.2%, MOS +1.4%... Other news: SQNM +14.1% (announces positive results from screening studies using the co's noninvasive circulating cell-free fetal nucleic acid SEQureDx Technology, which enables the detection of fetal aneuploidy, including Down syndrome from maternal blood), COMV +9.9% (announces 40-megawatt C&I demand response contract with Southern California Edison), HMC +7.7% (leads Japan's carmakers higher on U.S. sales - Bloomberg.com), PCOP +4.9% (Pharmacopeia and GlaxoSmithKline collaboration identifies a new lead compound; results in $500K milestone payment), UBS +1.9% (still checking), TM +1.9% (gained 3.2% on the Tokyo Stock Exchange)... Analyst upgrades: NVTL +2.9% (upgraded to Buy at Morgan Joseph), DOX +2.0% (upgraded to Buy at Kaufman), WFMI +1.6% (upgraded to Buy from Neutral at FTN Midwest), NBR +1.0% (upgraded to Buy at tier 1 firm).

Disclaimer & How I use this list