I spent most of the day unloading both profitable and not so profitable positions to build up cash. Volatility rose by 40% yesterday which indicates to me we could be in for a Mr Toads Wild Ride in the markets for near term which can make it a difficult environment to hold swing positions. I am not saying I got out of all my swings but I am lightening the load and building up my cash position for trading.
Morning movers and others On my watch
$NWBO pr Thin float , $TASR pr, $NVTL pr,$MNKD, $MERU, $BIOL, $HIMX, $HK upgrade, $MHR pr,$AVEO pr, $IPAS pr,
Tuesday's economic calendar:
7:45 ICSC Retail Store Sales
8:30 Consumer Price Index
8:30 Housing Starts
8:55 Redbook Chain Store Sales
9:15 Industrial Production
12:00 PM Fed's Duke speaks at American Banking Association
1:00 PM Fed's Kocherlakota: ''Improving the Outlook with Better Monetary Policy'
3:00 PM Janet Yellen discussion on Monetary Policy
Notable earnings before today's open: AMTD, BLK, CMA, GS, GWW, JNJ, KO, NTRS, USB, WWW
Notable earnings after today's close: CSX, IBKR, INTC, LLTC, URI, YHOO
Briefing.COM
Gapping up
In reaction to strong earnings/guidance: KO +3.1%, BRO +2.4%, PBY +1.8%, JNJ
+1.4%, GS +0.6%.
M&A news: ANEN +9.9% (12.8% owner Vintage Capital Management submits proposal to acquire Co for $23/share, in 13G filing out last night), S +1.3% (
Bloomberg discusses that Sprint may receive higher bids
following Dish Network offer, also reports out indicate Softbank is expected to
stay in the race for
Sprint following Dish Network offer; upgraded to
Overweight from Neutral at JPMorgan), .
Select financial related names showing strength: RBS +3%,
ING +2.8%, DB +2.8%,
CS +1.9%, MS +1.7%, .
Metals/mining stocks trading higher: GFI +7.8%, AU +6.6%,
GOLD +6.1%, KGC
+4.8%, ABX +4.1%, AG +4%, HMY +3.2%, HL +3.1%, GDX +2.8%,
SLV +2.8%, AUY +2.8%, EGO +2.6%, SLW +2.5%, GLD +2.3%, RIO +2.3% (reports Q1 attributable
Iron Ore output of 48.3 MT), NEM +2%, MT +1.9%.
Other news: ASTI +12.1% (thinly traded, announces retail
relationship with
Fr's Electronics), MHR +4.2% (Provides 1Q2013 Co Wide
Operational Update; On
Apr 10, 2013, the co began drilling its first Utica Shale
well on our Farley
Pad), EGY +1.9% (provides update on drilling activities
offshore), F +1.2% (trading higher after reports out yesterday suggested March sales outpaced TM
in China), ASEI +1.1% (following late lift on Boston bombing news), FB +0.7%
(conflicting reports out discuss potential FB talks over mobile software), COP
+0.5% (China has an interest in buying stake in COP in developing
+Kazakhstan's
oilfield, according to reports).
Analyst comments: HK +4.4% (initiated with a Outperform
at Raymond James),
MSFT +1.1% (assumed with an Overweight from Equal Weight
at Morgan Stanley)
Gapping down
In reaction to disappointing earnings/guidance: KEYN
-6.8%, (light volume),
ATI -5.3%, JOEZ -4.3%, NTGR -4.1%, HCA -3.3%, TGT
-1.1%.
A few retailers pulling back following TGT guidance: KSS
-0.9%, WMT -0.5%,
COST -0.3%
Other news: LDK -18.8% (announces partial nonpayment for
convertible notes),
CLI -12.2% (confirms it intends to reduce quarterly
dividend 33% to $0.30 from $0.45 per share), NBG -9.3% (still checking, Reuters details news that Cyprus
has raised the amount Cyprus citizens can transfer between banks to EUR 3K
from EUR 2K), SRPT -6.5% (announces FDA will consider accelerated approval for
eteplirsen after further review of data on dystrophin and clinical outcomes,
downgraded at Janney and Leerink), CCXI -4.3% ( commenced an underwritten
public offering of $60 million of its common stock), ARMH -2.5% (still
checking), DV -1.8% (disclosed that it received earlier this month a subpoena
and more recently a Civil Investigative Demand).
Analyst comments: NKA -2.4% (downgraded to Sell from
Neutral at Citigroup)
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