The NASDAQ set up a nice shorting opportunity after tagging the upper PP and carving out a bearish evening star. The ensuing sell off was quick and steep, taking out the morning lows.Companies moving in after hours trading in reaction to earnings: Trading Up: SAPE +5.2%; RENT +5.1%; EGR +4.1%; MEAS +3.2%; FNSR +1.4%... Companies moving in reaction to news: Trading Up: BRNC +5.3% (announces monthly operating release); WCI +3.6% (to adjourn annual meeting until August 30, 2007 to allow sale process to continue); NBIX +3.4% (announces resubmission of new drug application for Indiplon capsules); ZOLT +2.0% (announces long term fiber supply contract); CAMD +1.0% (form 10-K posts slightly better financial results than previously reported Q4 and FY07)... Trading Down: SHLM -8.4% (lowers net income guidance for FY07).
Economic calendar: Import/Export prices and Retail Sales at 8:30; Bus. Inventories at 10:00; Crude at 10:30.
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