NASDAQ Technical Picture - Bears Own It

A generally positive open saw no follow through as more credit worries set the tone for the session. Selling picked up in the afternoon to close near the lows. In addition, sluggish volume, made for a rather challenging day trading session.

Companies moving in after hours trading in reaction to earnings: Trading Up: SCT +22.0%; IMH +6.7%; LWAY +6.5%; NLST +5.2%; MCZ +3.6%; GOAM +2.8%; IAAC +2.7%; JRJC +2.5%; OPX +2.4%; HMIN +1.7%; ATLS +1.0%... Trading Down: A -12.3%; DEEP -10.9%; LCBM -7.9%; ASYS -6.9%; TGB -5.0%; AMAT -3.9%; GSAT -3.4%... Companies moving in reaction to news: Trading Up: TMA +25.9% (announces change of second quarter dividend payment date to Sept 17; current book value is $14.28 vs. $19.38 as of June 30, 2007); MEH +7.7% (Board of Directors receives revised offer from AirTran); MCO +4.9% (increases borrowing capacity for share repurchase to $1 bln from $500 mln); CTBI +2.8% (announces termination of merger agreement with Eagle Fidelity); ABTL +2.3% (CFO buys 50k shares at $2.81-2.90); FSTW +3.9% (begins to evaluate options to change its capital structure; may take co private); VPFG +3.1% (announces definitive agreement to acquire assets and Business of Bankers Financial Mortgage Gr); SGK +2.6% (announces that it has not filed its 10-Q for Q2 by the required filing date); INTL +2.2% (announces Delaware Chancery Court denies injunction of inter-tel/mitel merger); PII +2.2% (reaffirms guidance for FY07 EPS of $2.95-3.05 vs $3.01 consensus); UEPS +2.0% (reschedules conference call to review Q4 and annual results due to changes in schedules of CEO and CFO); CCOI +1.8% (announces authorization to repurchase up to $50 mln of common stock); IP +1.7% (files updated financial statements to reflect segment reporting changes); MPS +1.7% (authorizes additional $75 mln stock buyback); FLDR +1.6% (announces it has removed its President and CEO and announces a new COO); WLT +1.4% (announces share repurchase program and acquisition of Tuscaloosa Resources); FSYS +1.1% (completes voluntary review of stock options; determines it will be necessary to restate historical financial statements); MMS +1.0% (awarded $16.1 mln California integrated information system contract); GMTC +1.0% (and MECCA agree to relationship; represents largest contract in co's history)... Trading Down: WCI -2.0% (changes earnings report date to Aug 22 from Aug 16); GSK -1.0% (U.S. FDA says new boxed warnings on heart failure added to GSK diabetes drug Avandia -- Reuters); TESS -1.0% (further expands share repurchase program up to 550,000 shares).