After some early session weakness, the NASDAQ managed to bounce back on lighter volume. The trend of higher volume on the sell side and lighter volume on the buy side usually foreshadows a deeper correction. The NASDAQ might be carving out a mini H&S top - a lower high would lead into this pattern.Economic calendar: initial claims at 8:30; leading indicators at 10:00; and Philadelphia fed at 12:00.
Companies moving in after hours trading in reaction to earnings: Trading Up: ACXM +18.3%; SPTN +2.7%; MNT +2.6%; SXE +1.9%; HPQ +1.2%... Trading Down: OPNT -10.4%; NAPS -3.9%; SUSS -1.5%; CRM -1.2%...
Companies moving in reaction to news: Trading Up: ACXM +18.3% (agrees to be acquired by Silver Lake and ValueAct Capital for $3.0 bln, or $27.10 per share); PAE +13.3% (Sony Pictures Worldwide Acquisition Group acquires from PAE all U.S. rights to dramatic feature "Winged Creatures"); GRB +12.9% (raises 4Q07 guidance); CLN +12.0% (Clinically meaningful activity of ThermoDox and Hyperthermia in the early stages of a Phase I study); NINE +10.5% (wins open bid for paid services); SUNW +3.5% (announces $3 bln share repurchase authorization); EMKR +1.9% (receives notice from NASDAQ due to delay in filing of form 10-Q); WFR +1.2% (authorizes share repurchase program for up to $500 mln of common stock); PLUS +1.0% (receives notice from NASDAQ due to delay in filing of form 10-Q)... Trading Down: NETC -2.9% (announces Anatel's authorization for the acquisition of Vivax); MU -2.4% (proposed $1.1 bln offering of convertible senior notes); MEDX -1.4% (announces the appointment of Howard Pien as President and CEO and member of the Medarex Board of Directors); ORBC -1.3% (announces agreement with major wireless carrier; begin offering terrestrial wireless services to complement its satellite-based wireless); NT -1.2% (reaches settlement agreement with OSC staff); INFS -1.1% (announces departure of President and CEO).
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