Watchlist for August 7, 2008

Posted on August 07th, 2008 in Stock Market

The market is set to reverse its recent moves at the open today. The Nasdaq broke out above its July highs yesterday albeit on decreasing volume. It also cleared its 50-day moving average. Let’s see if the bulls can keep the index above either of those levels.

The S&P couldn’t muster enough strength to breakout above its July highs.

Oil is bouncing back above $120 after two closes just below that level.

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/same store sales: MCGC -28.0%, DITC -18.9%, KG -16.7%, STV -16.3%, VRSN -14.4% (also downgraded to Perform at Oppenheimer), MEND -11.4%, BBI -9.1%, AIG -7.7% (also downgraded to Market Perform at FBR), MSSR -7.6%, CTRN -7.5% (also downgraded to Neutral at Piper), IMAX -7.3%, CECO -7.3%, AEG -7.1%, ALNY -6.2%, MLM -5.8%, SVNT -4.4%, AEO -4.0%, ALG -3.8% (light volume), HOTT -3.8% (also downgraded to Neutral at Piper), PLCE -3.8%, CAH -3.7%, DYN -3.2%, WMT -2.9%, TGT -2.1%, FRZ -2.0% (also WSJ reports Collusion inquiry targets ice companies), CPHL -2.0% (also downgraded to Neutral at Piper Jaffray), SUNH -1.3%… Select airline/cruise-related names showing weakness with crude higher: AMR -12.4%, NWA -6.8%, LCC -6.6%, CEA -5.7%, JBLU -5.5%, CAL -5.0%, UAUA -5.0%, CCL -2.1%, RCL -1.7%,… Select financial names trading modestly lower: LEH -3.2%, COF -2.9%, WB -2.9%, WM -2.6%, MER -2.5%, MS -2.3%, C -2.2%, WFC -2.0%, BAC -1.9%, JPM -1.8%, ING -1.2%, HBC -1.1% (denies new deadline for $6.3 billion KEB deal - Reuters.com)… Other news: SMI -6.5% (shares fall on concern competition may increase - Bloomberg.com), ACOR -6.4% (prices a 4 mln share common stock offering at $28.50/share), INCY -4.9% (announces the closing of its public offering of 12,075,000 shares at a price of $9.00 per share), MEE -1.4% (agrees to sell 3.8 mln shares of its common stock at a public offering price of $61.50 per share), BIDU -1.4% and GOOG -1.0% (still checking)… Analyst comments: LL -2.7% (downgraded to Neutral at BofA), EW -2.4% (downgraded to Underweight at JPMorgan), DPL -2.2% (downgraded to Underperform at Merrill), SIVB -1.6% (downgraded to Market Perform at Keefe Bruyette), PKX -1.3% (downgraded to Equal Weight at Morgan Stanley), EIX -1.1% (downgraded to Underperform at Merrill).

Gapping Up

In reaction to strong earnings/guidance/same store sales: ENG +11.6%, NFS +10.7% (also Nationwide Mutual Insurance Co and Nationwide Financial Services reach agreement to combine in $2.4 bln transaction), CAR +9.3%, GIVN +8.6%, LMIA +8.0% (light volume), DCGN +7.7% (light volume), COGO +7.4%, AXA +6.5% (light volume), EGLE +6.1%, TMTA +5.7%, URS +5.2%, VRNM +5.1%, PRXL +5.1%, XIDE +4.8%, JCP +4.8%, AAP +4.7%, BAGL +4.3%, SUN +4.0%, HAYN +3.7%, CBEY +3.2% (also upgraded to Buy at Merriman and upgraded to Overweight at JPMorgan), BCS +2.6%, RIO +1.9%, XRM +1.9% (light volume), SINA +1.5%… Select European financials trading higher following BCS and AXA qtr results: UBS +4.2%, LYG +3.5%, DB +2.7%… Other news: SYNM +10.5% (still checking), VE +6.2% (soars on plan to cut costs, sell assets - Bloomberg.com), KBR +4.1% (announces a repurchase program of up to 5% of its outstanding common stock; declares $0.05 quarterly cash dividend), RAME +4.0% (still checking), RTP +1.6% and BP +1.3% (still checking)… Analyst comments: STO +3.2% (hearing upgraded to Overweight at HSBC), GNA +2.7% (upgraded to Buy at KeyBanc), RIG +1.6% (upgraded to Buy at Stifel Nicolaus), WATG +1.4% (upgraded to Buy at Merriman), FTI +1.0% (upgraded to Add from Neutral at Capital One Southcoast).