The CFC $2 bln cash injection was optimistic going into the session but quickly turned into a fade. Very choppy trade with a minor upside was seen during the afternoon. We are facing the potential end of the first thrust off the Aug low amid a loss of momentum - bearish engulfing pattern. However, in order to realize this potential scenario look for today's early highs to hold as resistance with sustained trade under the afternoon lows developing.
Companies moving in after hours trading in reaction to earnings: Trading Up: NDSN +5.6%; MENT +4.9%; ARO +3.1%; ZINC +1.4%; GPS +1.2%... Trading Down: MRVL -8.1%; SCSC -6.8%; HIBB -5.9%; QADI -4.4%; BEBE -1.0%... Companies moving in reaction to news: Trading Up: NFI +2.8% (notes in an 8-K co entered into a Waiver Agreement with Wachovia Bank); WABC +2.3% (announces stock repurchase plan for up to 2 mln shares); HLF +1.9% (increases its share repurchase program to $450 mln); SAI +1.2% (wins GSA alliant IDIQ contract); KIRK+1.0% (notes in a 13D they cut Kirkland stake to 13%)... Trading Down: SNIC -14.4% (reports Q1 prelim revs below consensus; sees Q2 revs below consensus); XRM -2.7% (completes restatement of recent financial results; files amended annual and quarterly reports With SEC).
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