We're headed for a weak open thanks to "the deal" not getting done as rumored, RIMM's earnings and probably a couple of other things. It'll be interesting to see how the market acts today as folks try to position themselves for the possibility of "the deal" getting done over the weekend.
On Today's Calendar:
- 10:00 -- Mich Sentiment-Rev.
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: RIMM -20.9% (also downgraded to Sell at Deutsche Bank, downgraded to Sector Perform at RBC and downgraded to Hold at Citigroup), NED -19.4%, ARP -6.0%, KBH -5.0%... M&A news: KG -8.9% (Alpharma Board of Directors unanimously rejects King Pharmaceuticals' unsolicited tender offer as "financially inadequate")... Select financial related stocks showing weakness with reports that the $700 bln government rescue plan is in question and the FDIC seizing WM, with JPM acquiring all the deposits of WM banking operations: WM -92.9% (The FDIC seized WM in what is reportedly the largest U.S. bank failure in history; JPM has acquired all deposits, assets and certain liabilities of WM banking operations, but not the holding company), DSL -27.9%, FNM -24.2%, WB -20.4% (credit protection costs now trading on upfront basis, according to CMA Datavision - Reuters), ABK -18.3%, FRE -17.7% (announces its monthly volume summary for Aug 2008), SCA -16.7%, CIT -16.1%, PMI -14.4%, RDN -13.4%, MS -11.9% (FT reports Morgan Stanley lost close to a third of assets in its prime brokerage last week and suffers cash flight), MTG -11.0% (announces changes to Captive Reinsurance Programs), FITB -10.9%, AIG -10.3%, NCC -9.8%, IBN -8.9%, BCS -8.4%, UBS -7.2%, LYG -6.9%, ETFC -6.9%, BAC -4.7%, GS -4.4% (credit protection costs trading up to 430 bps vs 363 on Thursday, according to CMA Datavision - Reuters), JPM -3.9% (JPM confirmed that it has acquired all deposits, assets and certain liabilities of WM banking operations and confirms $8 bln capital raise), MER -3.8%, UCBH -3.6%, C -3.4%, WFC -3.1%... Select dry bulk shippers trading lower with the dry bulk index continues to plunge, falling another 10% overnight: EXM -7.8%, DRYS -4.6%, TBSI -4.2%, DSX -4.0%... Select solar names showing weakness: ESLR -10.4%, TSL -7.5%, JASO -6.6%, SOLF -5.7%, CSIQ -5.4%, YGE -5.4%, LDK -5.2%, FSLR -3.6%, SPWR -2.0%... Select tech related stocks trading lower following RIMM results: AAPL -4.5%, NOK -3.5%, MOT -3.3% (downgraded to Hold from Buy at Citigroup), GOOG -1.5%... Other news: NPSP -16.0% (discloses that GlaxoSmithKline ends Ronacaleret study), RIO -4.8% (China to halt ore imports from RIO, according to report - DJ), BHP -4.6% (still checking for anything specific), TTM -3.6% (to sell stake in 6 arms - Economic Times), NNN -3.1% (prices a 3 mln share common stock offering at $23.05/share), WRE -1.5% (confirms public offering of 1.5 mln shares)... Analyst comments: CF -8.3%, AGU -7.1% and TRA -6.3% (all downgraded to Hold at Citigroup), GE -4.6% (downgraded to Hold at Argus).
Gapping Up
In reaction to strong earnings/guidance: JBL +7.6%, TIBX +4.6%... Select gold related names ticking higher with modest weakness in dollar: GFI +2.4% (may consider bid for Mvela, Northam, report says - DJ), ABX + 1.8%, SLV + 1.7%, AUY + 1.7%, GG + 1.7%.
Disclaimer & How I use this list
Good call... UYG was up pretty big in the last hour of trading. People are assuming the deal will get done this weekend. I don't know, there are a lot of Republicans who HATE the plan. We shall see!