NASDAQ Technical Picture - Bearish Open and Close

The NASDAQ lost 24 points, almost half of which came off the open. The bears were in control of the open and the close, with bulls making a feeble attempt at defending the pivot point midday. So far we have an orderly pullback underway, but that could change if interest rates concerns take center stage.

Economic calendar: Initial Claims at 8:30; Wholesale Inv. at 10:00; and Consumer Credit at 3:00 EST.

Companies moving in after hours trading in reaction to earnings: Trading Up: DCP +6.8%; DSW +4.5%; ADCT +3.4; MATK +2.6%... Trading Down: SEAC -10.4%; GOT -7.8%; SAI -6.3%; SHFL -5.9%; GEF -5.3%; GIII -4.4%; CMTL -3.5%...

Companies moving in reaction to news: Trading Up: BAMM +7.1% (announces $3.00 special one-time dividend); SGMO +5.6% (presents first ZFP therapeutic data demonstrating in vivo protection against HIV); ASPV +4.5% (announces Fast-Track designation granted by the FDA for CellCept in lupus nephritis); FPL +2.4% (announces sale of $400 mln of Series C Junior Subordinated Debentures guaranteed by FPL Group); GT +2.3% (Steelworkers Union faces prosecution for illegal retaliatory strike fines and intimidation of Goodyear employees); BGFV +2.3% (will replace Kronos (KRON) in the S&P SmallCap 600); ICUI +2.1% (receives FDA 510(K) clearance for its Genie closed vial access device); CVS +1.5% (wins 3-Year Blue Cross and Blue Shield Federal Employee Program contract renewal for retail pharmacy and clinical services); NUHC +0.93% (acquires German-based components distributor Dacom-Sud Electronic Vertriebs)... Trading Down: ETFC -6.8% (announced the launch of E*TRADE in Norway with"agressive pricing"); SIX -4.4% (reports total YTD revs are up 5% YoY to ~$12.0 mln); WRSP -3.5% (Aletheia Research & Mgmt discloses 27.93% stake in SC 13D; DEF 14A from 4/30 listed Aletheia as 17% Holder); TUTR -2.6% (says Alvin ISD chooses PLATO Learning for district-wide credit recovery); MNST -2.5% (announces new CFO); SCA -2.1% (announces pricing of secondary public offering at $31 per share); FRNT -1.6% (reports preliminary traffic for May 2007); ABR -1.5% (announces offering of common stock of approx 2.7 mln shares); ARO -1.3% (May same store sales increase 1.9%); TRBR -1.3% (announces receipt of NASDAQ letter regarding compliance with NASDAQ's independent director requirement); MTSC -1.0% (names Laura Hamilton President and Chief Operating Officer); CIEN -0.93% (sells additional $50 mln in convertible senior notes to exercise of underwriter's over-allotment option).