It was a narrow range quiet session leading into the FOMC policy statement at 2:15. The statement itself failed to provide direction and we just chopped around afterwards. At the end of the session we are left with a doji (indecision) with a long upper shadow (bearish).RIMM came through with a very bullish earnings report and the stock tagged $194.00 in AH trade.
Companies moving in after hours trading in reaction to earnings: Trading Up: RIMM +16.18%; RBN +8.88%; BBOX +6.0%; MU +1.93%; FINL +1.25%...Trading Down: CBK -8.65%; TIBX -3.65%; ARRO -3.65%; COMS -3.55%; EGLS -2.80%; PALM -2.48%...Companies moving in reaction to news: Trading Up: CRYO +28.48% (Co and Boston Scientific announce strategic collaboration in atrial fibrillation; BSX purchased shares of CRYO); HLYS +9.27% (announces the withdrawal of its registration statement with SEC); APOL +7.92% (Board of directors approves up to $500 million in share repurchase); KOMG +7.64% (Western Digital to acquire Komag; $32.25/share in cash); COLY +4.23% (grants Dynavax license for commercialization of HEPLISAV) ACN +1.59% (raises FY07 EPS to $1.94-1.96 vs $1.93 Reuters consensus, up from $1.88-1.93); CYTK +1.46% (anti-cancer activity supports further development of Ispinesib in additional breast cancer trial); ROY +1.29% (updates investors on significant Development, Exploration and Pre-Feasability projects) ... Trading Down: AHM -10.86% (withdraws 2007 earnings guidance; Q2 loss will be limited); PPHM -10.65%.
Economic Calendar: Personal income/spending and Core PCE inflation at 8:30; Chicago PMI at 9:45; Construction spending and Michigam sentiment at 10:00.
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