I sent out a list last night so if you missed it scroll down to last nights post and take a quick look, there were quite a few movers on that list.
Yesterday was another decent day. I sold out of my $NQ swing added some to my $SIRI. I tried playing $BCRX, $ANAD and neither one could get out of its own way. I wound up selling $BCRX for a 2 cent gain and I am still holding $ANAD.
The market has been amazing, and we have now entered the famed "Sell in May and go away" zone. I personally feel like we are approaching a blow off top and reversal in the markets. The earnings and economic data just don't match the market in my view. With that being said, I am being very disciplined with my stops and I am limiting the amount of swings. The only thing we have going is an easy Fed in my opinion however that can't fix everything forever at some point reality will set in.
That doesn't mean that there won't be some great companies to take as swings. Earnings are the key and when the charts line up with the fundamentals they can often be worth the risk of holding overnight.
Stocks that caught my eye this morning and additions to last nights list.
$SYNC pr, $MGM, $Z, $GDOT earnings, $MNOV pr *has a tendency to be a fader, $FCX upgrade fits that miners theme from last night,
Seeking Alpha
Today's economic calendar:
Auto sales
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
9:00 PMI Manufacturing Index
9:00 Treasury Refunding Quarterly Announcement
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
Notable earnings before today's open: AB, ADT, AFAM, AFSI, AGN, AH, AMT, ARW, AVA, CCJ, CHK, CLH, CLX, CMCSA, CVH, CVS, DLPH, DVN, ENR, EXAS, EXC,GRMN, GWR, H, HSP, HUM, ICE, IPGP, IQNT, IRM, JRCC, KCG, KFN, MA, MKL, MRK, NVO, PDCE, PKD, POR, PSX, RDC, RDN, SEE, SPW, TLM, TWX, VG, VIAB, VICL, VPHM
Notable earnings after today's close: ALL, ARI, ARR, ATML, ATO, ATW, AXLL, AXTI, BKD, BMR, CACI, CAR, CBS, CJES, CNQR, CSOD, CVD, CVI, CVRR, CWT, CXO, DVR, DX, DXCM, DXPE, EDMC, ESS, EXPD, EXXI, FB, FNF, FRT, G, GLUU, GNK, GTAT, HNSN, HR, IPI, IPXL, IVR, JDSU, KIM, LNC, LOCK, LVS, MAC, MAR, MET, MUR, NAVB, NGD, NLY, NTRI, PHH, POL, PRU, PSE, PXD, QUIK, ROVI, SAM, SFLY, SGMO, SLTM, SNCR, STX, TEG, TGI, TPC, TSO, TTEK, UAN, UNM, V, VVC, WES, WLT, YELP
Briefing.com
Gapping up
In reaction to strong earnings/guidance: MSPD +31% (also
Mindspeed hires
Morgan Stanley to evaluate strategic alternatives), RATE
+12.8%, IQNT +12.4% (also sells global data business to GTT for $54.5 mln), GPRE +11.1%, FIRE
+9.9%, TRLA +9.3%, JRCC +7.9% (light volume), DWA +7.2% (Dreamworks
+Animation
to purcahse a teen centered YouTube network, according to reports ; upgraded
to Neutral from Underperform at BofA/Merrill), CAVM +6.5% (light volume), SONS
+6.2% (light volume), GNW +6%, GDOT +5.4%, BGFV +5.4%, PBIB +5.4%, (light
volume), SHOR +5.3%, (light volume), CHK +4.2%, BCOV +4% (light volume), NCR
+3.8%, LCI +3.4%, XCO +3.3% (light volume), EZPW +3% (light volume), ENR
+1.9%, ELLI +1.8%, MX +1.6%, SIMG +1.4% (light volume), CMCSA +0.9%, HCC
++0.6%
(light volume).
M&A news: OUTD +5.7% (InterMedia Partners VII and InterMedia Outdoors Holdings
deliver proposal to Outdoor Channel Holdings; proposed offer to acquire 100%
of outstanding common stock of Outdoor Channel at $9.15 per share).
Select oil/gas related names showing strength: RDS.A
+1.7%, BP +1.6%, RIG
+0.8%, SDRL +0.1%.
Other news: AVEO +5.1% (modestly rebounding), OPEN +1.5%
(S.A.C. Capital
discloses 5.0% passive stake in 13G filing), NUAN +1.1%
(Carl Icahn discloses 10.72% passive stake in amended 13G filing, up from 9.27%
previously reported on 4/1), Z +1.6% (following TRLA results), VOD +0.6% (Verizon is planning to
line up funds for $100 bln bid to buyout VOD joint venture, according to
reports), GM +0.2% (reports suggesting the company may return to the S&P 500
index).
Analyst comments: AMGN +2.5% (added to Conviction Buy
List at Goldman)
Gapping down
In reaction to disappointing earnings/guidance: MELA
-13.8%, SWI -7.2%, BGC
-7.2% (light volume), UNXL -6.6%, GEVO -5.1%, (light
volume), SPW -4.7%, MRK -4.6%, TRMB -4%, CSGS -4% (light volume), CMCSA -3.8%, IACI -3.8%, QCOR -3.6%, ACAS -2.7%, TWX -2.6%, AUY -2%, CRAY -1.9% (light volume), MA -1.6%, MTW -1.4% (light volume), OKE -1.3% (also downgraded to Equal-Weight from Overweight at Morgan Stanley), VRSK -1.3% (light volume), FISV -1.2%, FTNT -0.9%, FLEX -0.8%
(light volume), SIMG -0.8%.
Select metals/mining stocks trading lower: SLW -2.2%, ABX
-1.1%, KGC -1.1%,
SLV -0.7%, GLD -0.4%.
Other news: EKDKQ -29.7% (Eastman Kodak initiates
emergence process: files
plan of reorganization and disclosure statement (Stock
Price: 0.37) ), HIMX -4.5% (filed shelf to potentially offer and sell from time to time in
the future, in one or more public offerings, up to 25,472,673 and 25,399,753
of American Depositary Shares), PEI -4% (announces launch of 10 mln common
share offering), DCTH -3.5% (continued weakness), CALL -3.2% (filed amended
10-K), NTI -0.3% (announces pricing of public offering of 12 mln common units
at $26.28 per unit).
Analyst comments: LSI -1.7% (downgraded to Neutral from
Buy at Goldman) OIS
-11% (downgraded to Underperform from Market Perform at
BMO Capital), BIIB -1% (removed from Conviction Buy List at Goldman), EIX -0.6% (downgraded at
ISI and BMO),
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Good luck trading today!!