We gapped up on retail sales and a pause on the 10 yr. bond rates and rallied on the Fed Beige book release which emphasized higher manufacturing activity. Tomorrow might paint a different picture as PPI data will be released at 8:30 along with Initial Claims. Interestingly, the DOW posted its biggest one day gain since July 2006.Yesterday's inverted hammer confirmed bullish today on slightly higher volume.
Companies moving in after hours trading in reaction to earnings: Trading Up: CASY +5.7%... Trading Down: CPST -12.5%; SEH -3.8%; CSC -2.7%; TTPY -2.5%... Companies moving in reaction to news: Trading Up: HOKU +72.8% (HOKU and Suntech sign $678 mln polysilicon supply contract); LLL +1.3% (wins joint cargo aircraft program; contract worth approx $2.04 bln)... Trading Down: SCSS -6.8% (lowers Y07 guidance); ICON -3.6% (announces plan to offer $250 mln convertible senior subordinated notes); SNY -1.8% (Need more data on Zimulti risks, U.S FDA panel says- Bloomberg); SNY -1.4% (FDA advisory committee did not recommend approval of Rimonabant (ZIMULTI) for use in obese and overweight patients with associated risks factors); FBN -1.0% (issues upside Q2 guidance); NRGN -1.0% (insomnia compound data for two studies presented at Associated Professional Sleep Societies Annual Meeting); WPI -0.7 (receives FDA final approval for Generic Wellbutrin XL 300 Mg).
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