Even with all the choppy action in the market yesterday, overall, I did fairly well. I only took a few trades $OPTR,$AXTX, and $MNKD I got out of $OPTR after watching it all day for a 4 cent gain its not exactly going to help me retire but its better than a loss. I sold half of my $MNKD and my $AXTX position for a nice gain and kept the other halves overnight.
ADP number was a miss this morning so I expect the same choppy action that we have been having to continue. The Russell 2000 looks weak and that is concerning to me we may be nearing that correction that everyone seems to be expecting. With that in mind I will be watching $TZA and keeping my trades fairly quick and holding a few select swing positions.
Morning Watch list
$CALL earnings, $ZNGA pr, $NVAX pr, $ASTX, $MHR pr, $RVLT ,
$LLEN, $OPTR, $ATRS pr,$DVAX, $ZOLT pr,$PRAN pr
Seeking Alpha
Today's Markets:
In Asia, Japan +3% to 12362.2. Hong Kong -0.1% to 22337. China -0.1% to 2225. India -1.3% to 18802.
In Europe, at midday, London -0.4%. Paris -0.5%. Frankfurt -0.2%.
Futures at 7:00: Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude -0.5% to $96.73. Gold -0.3% to $1569.80.
Today's economic calendar:
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
2:30 PM Fed's Williams: Monetary Policy
Notable earnings before today's open: CAG, MON, SCHN
Notable earnings after today's close: DDC, MIND
Briefing.com
Gapping up
In reaction to strong earnings/guidance: CALL +15.1%, MON
+1.9%, GIII +1.7%.
M&A news: OMPI +11.5% (Obagi Medical and Valeant
Pharmaceuticals agree on an increased offer price of $24.00 per share in cash).
Other news: ZNGA +10.7% (announces ZyngaPlusPoker and
ZyngaPlusCasino
launching for UK players; co's first real money games),
NVAX +8.5% (reports positive top-line results from Phase 2 clinical trial of RSV vaccine candidate
in women of childbearing age), MHR +7.6% (Penn Virginia enters into a
definitive agreement with Magnum Hunter Resources (MHR) to acquire producing
properties and undeveloped leasehold interests in the Eagle Ford Shale play
for ~ $400 mln), GLUU +7.3% (higher with ZNGA), NFX +7.2% ( announces
'significant' discovery offshore Malaysia, provides update on process to
explore strategic alternatives for international businesses), ZOLT +5.9% (
announces review of its strategic alternatives), BUD +1.7% and NVO +1.6%
(still checking), FB +1.1% (SEC says social media OK for company announcements if investors are alerted), CSCO +0.2% (announces intent to acquire Ubiquisys, a provider of 3G and long-term evolution small cell technology for approx $310
mln in cash and retention-based incentives).
Analyst comments: ALXA +7.1% (upgraded to Overweight from
Neutral at Piper
Jaffray), SIX +0.9% (added to Conviction Buy List at
Goldman), NEE +0.9% ( added to Conviction Buy List at Goldman), NKE +0.8% (tgt to $67 from $56 at
HSBC), CMG +0.7% (upgraded to Mkt Perform from Underperform at Raymond James
Gapping down
In reaction to disappointing earnings/guidance: GPN
-6.4%, ATML -3% (also
appoints Steve Skaggs as interim Chief Financial
Officer), CAG -2.1%
A few financial related names showing weakness: NBG
-5.5%, ING -1.8%, SAN
-1.3%, RBS -1.3%, BBVA -1.1%.
Select metals/mining stocks trading lower: GFI -2.9%
(downgraded to Neutral
from Outperform at Credit Suisse), HMY -2%, BHP -1.1%,
BBL -0.8%, MT -0.7%, AU -0.7% (AngloGold downgraded to Neutral from Outperform at Credit Suisse).
A few telecom names trading lower: VOD -3.5% (Verizon
discloses it is a
willing purchaser of the 45% stake Vodafone holds in
Verizon, but does not have any intention to merger with or make an offer for Vodafone), FTE -2.9%,
PT -2.2%
Other news: TTM -4.8% (light volume, still checking), SEP
-3.7% (commenced an
underwritten public offering of 4,500,000 of its common
units representing limited partner interests), ARCC -2.8% (announces public offering of 16.65 mln
shares of common stock), TSLA -2.6% (announces new finance product in
partnership with Wells Fargo (WFC) and US Bank ), LCC -0.9% (reports record
March Load Factor of 86.1%, up 1.5 points YoY; PRASM results are lower than
previous guidance), CHFN -0.4% (announces results of Stock Offering,
Stockholder Vote and Member Vote).
Analyst comments: ADT -1.7% (downgraded to Underweight
from Equal-Weight at
Morgan Stanley),CRL -2.6% (ticking lower, downgraded to
Sell from Neutral at Citigroup), CNS -2.1% (downgraded to Underperform from Buy at BofA), LM -1.4% (downgraded to Underperform from Neutral at BofA/Merrill), CAT -1% (downgraded
to Neutral from Buy at Goldman), LLTC -0.9% (light volume, downgraded to
Neutral from Buy at Longbow)
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