The NASDAQ has not seen this level since Feb. 2001. Today's gap up and momo move was due primarily to large institutional participation. Sectors pacing the way were semis, software and networking. The best way to play this type of action if you miss the early break, is to identify leading sectors early in the session and buy the dips. I'm very pleased to see semis taking back the lead as this has always been my favorite sector.Economic calendar: Import/Export, Retail Sales at 8:30; Michigan Sentiment and Business Inventories at 10:00.
Companies moving in after hours trading in reaction to earnings: Trading Up: ESIO +5.2%; OAKF +2.7%; SABA +2.6%... Trading Down: VIMC -13.0%; CREL -5.2%; CTBK -1.4%... Companies moving in reaction to news: Trading Up: GNTA +6.9% (NASDAQ grants extension for Genta to comply with listing requirements); PAYX +3.8% (declares 43% increase in quarterly dividend to $0.30 from $0.21 and $1 bln stock repurchase program); SABA +2.6% (appoints Mike Martini as CFO); AA +2.0% (withdraws offer for Alcan); FRPT +1.2% (acquires new vehicle production facility; ownership is effective today)... Trading Down: NEXT -13.4% (Results for Fourth Quarter to be Lower Than Expected); MVSN -8.5% (lowers Q2 EPS and revs below consensus; reaffirms 2007 EPS and revs in-line); SPC -6.4% (lowers FY07 rev guidance to $2.63 bln, vs prior expectations of $2.64 bln); SMTL -4.2% (lowers Q3 EPS and revs guidance below consensus); FNSR -1.5% (receives additional Nasdaq staff determination notice).
4 comments:
Jamie-
Quick question: Is there any significance to the symbols highlighted in blue?
Alan
Alan,
The gappers are cut and paste from briefing.com. I just quickly looked at the charts and I would have to assume it's related to volume.
I thought the blue highlight indicated that the stock had been previously mentioned in your blog. Double check, but every time I looked I found that true.
Just a thought.......Good trading all!
Bigfish
Bigfish,
Yes, You're right, I sometimes use blue to highlight some watch list stocks such as HOKU. I think I will use green in the future to highlight my picks vs. Briefing's blue highlights. That will eliminate some confusion.
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