The morning weakness tracked slightly higher volume than the afternoon bounce from pivot support. Heavier volume on declines is bearish, however, as usual buyers stepped at short-term support.Companies moving in after hours trading in reaction to earnings: Trading Up: GES +5.4%... Trading Down: COO -5.0%; PTNX -4.1%...
Companies moving in reaction to news: Trading Up: AMTD +9.3% (Jana and Sac Capital suggest SCHW and ETFC as merger partners -- Bloomberg); TAL +6.7% (exploring strategic alternatives, including possible sale); BDE +5.2% (Considers Strategic Alternatives and Updates Drilling Results); VLTR +4.7% (guides Q2 lower, cites process defect at vendor, expects charge); SCMR +2.1% (concludes stock options investigation; certain stock option grants for which the originally recorded measurement dates were in incorrect); FPL +1.9% (disappointed with public service commission ruling denying a clean coal power plant); BCE +1.4% (strategic review process: another consortium enters privatization talks); SIRI +0.70% (Morgan Stanley commits $250 mlm term loan to SIRI)... Trading Down: OXM -2.7% (lowers Q4 guidance, issues downside Q1, Y08 guidance).
Economic Calendar: Productivity Rev. at 8:30 and Crude at 10:30.
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