Watchlist for September 3, 2008

We've got continued weakness in the indices today, although the futures have climbed off of their pre-market lows. Day traders will want to stay on their toes for the Beige Book release at 2 this afternoon.

On Today's Calendar:

10:00 -- Factory Orders
10:35 -- Crude Inventories (I think this is delayed until tomorrow due to the holiday)
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: GLW -7.7%, CAG -7.7% (also downgraded to Neutral at JPMorgan and downgraded to Underperform from Buy at Merrill), JOYG -4.2%, DCI -4.1%, WFR -2.8%... Select metals/mining names showing continued weakness: HL -5.7%, BBL -5.0%, ACH -5.0%, BHP -4.9%, RTP -3.2%, AAUK -2.1%, MT -1.5%... Other news: FRX -8.3% (reports Ph. III clinical studies of aclidinium bromide vs placebo in patients with chronic obstructive pulmonary disease), RTIX -7.8% (still checking), EXM -4.4% and DRYS -2.6% (the Baltic Dry Index continues to fall, dropping 320 points to close at 6,146 overnight), NOK -3.6% (still checking), FNM -3.1% and FRE -2.5% (Chinese banks cut Fannie, Freddie debt - WSJ), SHPGY -2.3% (still checking)... Analyst comments: BCS -3.3% (downgraded to Sell at RBS - Reuters), MFE -3.3% (downgraded to Underperform at FBR), PVH -2.0% (downgraded to Neutral at Credit Suisse), TWX -1.8% (downgraded to Market Perform from Outperform at Bernstein), TOT -1.0% (downgraded to Neutral from Buy at Goldman- DJ).

Gapping Up

In reaction to strong earnings/guidance: SNDA +3.8%... M&A news: CPS 2.1% (CFIUS completes review of proposed ChoicePoint acquisition; determined there are no unresolved national security concerns)... Select mortgage-related names showing strength following ABK news and metrics: ABK +12.4% (confirms regulatory approval for Connie Lee capital contribution; also releases selected monthly data for July 2008), RDN +4.9%, PMI +1.4%... Select airlines ticking higher with continued weakness in crude: UAUA +3.1%, CAL +3.1%, RYAAY +2.9%, JBLU +2.8%, LCC +2.3%, AAI +1.5%... Other news: MDVN +28.7% (Medivation and Pfizer enter into global agreement to co-develop and market Dimebon for the treatment of Alzheimer's and Huntington's Diseases), NBIX +13.5% (announces successful Elagolix PETAL study in endometriosis; phase II study meets primary bone mineral density and secondary efficacy), CSIQ +5.1% (Canadian Solar and GCL Silicon announce supply contracts), GILT +4.2% (still checking), KRY +4.2% (says in discussions with MIBAM regarding Revemin mill), SIGA +3.7% (awarded $55 mln by Federal Government to develop broader applications for its lead drug candidate ST-246), CLNE +3.7% (Cramer on CNBC says that Nancy Pelosi, Democratic speaker of the House, is a shareholder of CLNE), LEH +1.4% (WSJ reports Ospraie closes largest fund as commodity losses swell; also Reuters reports that HSBC, China Bank also interested in Lehman)... Analyst comments: THC +3.3% (upgraded to Buy at Deutsche Bank), BP +1.7% (upgraded to Buy at Goldman - DJ), X +1.3% (upgraded to Outperform from Sector Perform at CIBC).