Watchlist for June 9, 2008

Futures are pointing to a slightly higer open but the bulls have a lot of work to do in order to cut into Friday's losses. I'll have LEH front & center again. I want to see how it reacts to its 10:00 conference call. Ditto for AAPL after Steve Jobs' keynote address at 1 PM...

On Today's Calendar:

10:00 -- Pending Home Sales

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: LEH -7.7% (preannounces Q2 loss of $5.14 per share, announces it intends to raise $6.0 bln in capital; Moody's subsequently changes Lehman rating outlook to negative), ICON -3.4%... Select European financials trading lower following weakness in overseas: RBS -3.8% (gets 95% take-up for rights issue - NY Times), UBS -3.0%, RMBS -2.9% (FTC asks appeals court to reconsider Rambus antitrust ruling - Bloomberg.com),BCS -1.9%, DB -1.8%, CS -1.7%... Other news: ROYL -11.8% (announces agreement for $4 million placement), FPP -9.0% (modestly pulling back after last week's 29% surge higher), TASR -7.5% (jury finds extended TASR device application 15% responsible for arrest-related death; awarded $1.021 mln in compensatory damages and $5.2 mln in punitive damages against TASER), XL -2.0% (S&P cuts XL Capital Assurance and XL Fin Assurance To 'BBB-'), VOD -2.0% (still checking), LEN -1.5% (Calpers joint venture LandSource files for bankruptcy - Bloomberg.com), CSUN -1.3% (files for a $300 mln mixed shelf offering)... Analyst downgrades: AMLN -8.1% (downgraded to Hold at Jefferies), TKLC -4.7% (downgraded to Hold from Buy at Deutsche Bank).

Gapping Up

In reaction to strong earnings/guidance/same store sales: XIDE +4.9%, MCD +2.7%, RIMG +2.6% (light volume)... M&A news: HRH +40.0% (Willis Group to acquire HRH for $46 per share), CPWM +30.8% (PIR proposes to acquire CPWM for $4.00/share),TWTI +5.8% (to be acquired by Hologic for $11.25/share)... European oil/gas names showing strength despite a pullback in crude prices: E +2.7%, STO +2.7%, BP +2.3%, RDS.A +2.1%, TOT +1.6%... Other news: QLTI +10.5% (Allergan announces agreement to acquire Aczone Gel 5% for ~$150 mln from co), CIT +9.9% (announces $3 bln long-term committed financing facility with Goldman Sachs), XOMA +9.0% (announced that a study of XOMA 052 in a mouse model of rheumatoid arthritis demonstrated that XOMA 052 significantly reduced the bone and cartilage destruction), VRTX +8.6% (reports 52% SVR 12 rate for a 24-week Telaprevir-based regimen in genotype 1 hepatitis C patients who failed prior treatment), HEV +8.3% (Cramer makes positive comments on MadMoney), VSE +6.8% (mentioned positively in Barron's), HOKU +6.8% (Young Brothers announces agreement to purchase clean solar energy from Hoku Solar), PEIX +6.7% (mentioned positively in Barron's), IART +2.8% (Cramer makes positive comments on MadMoney), SI +2.8% (profit to grow next year, finance chief says - Bloomberg.com), NOK +2.2% (still checking), POT +1.9% (Goldman Sachs raises POT tgt to $285 from $235 - Reuters), TS +1.5% (still checking), CPRT +1.1% (Cramer makes positive comments on MadMoney)... Analyst upgrades: MOS +2.0% (added to Goldman Sachs' Conviction Buy List - DJ), MVSN +1.7% (upgraded to Buy at Piper).