Tuesday, August 21, 2007

NASDAQ Technical Picture - Low Volume Bounce


NASDAQ performed better than DOW and S&P today, but as highlighted above on the Qs, we are running into PP resistance.

Companies moving in after hours trading in reaction to earnings: Trading Up: DRYS +6.0% CALL +3.2%; WLSN +3.0%... Trading Down: EFUT -11.2%; CLZR -3.8%; JKHY -3.0%; MDT -2.0%; ACS -1.9%; PBY -1.3%; ADI -1.2%... Companies moving in reaction to news: Trading Up: BYI +13.1% (guides FY07 revs in-line; guides FY07 EPS; guides FY08 EPS and revs above consensus); NBIX +7.4% (has received notification that the U.S. (FDA) has accepted the Co's resubmission of its New Drug Application); TRB +3.7% (shareholders approve merger agreement); LMIA +1.9% (shareholders approve merger agreement); GETI +1.8% (reports receipt of NASDAQ staff determination letter); JWN +1.1% (announces $1.5 bln share repurchase program)... Trading Down: MOVI -9.7% (receives notices from NASDAQ); KOPN -3.1% (receives expected notice from Nasdaq due to delay in filing Form 10-Q); DAL -3.0% (announces it has elected Richard Anderson to serve as the co's CEO); MGM -1.7% (announces Jim Murren has been promoted to the role of President and Chief Operating Officer); MTEX -1.0% (Founder Sam Caster resigns as CEO, remains as Chairman).

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