Friday, July 06, 2007

Pre-Market - Friday July 6th

Gapping down on weak earnings/guidance: PMTC -18.2%, IBKR -9.6%, HWAY -4.3%, RUTH -4.8%, INTL -3.1%... Other news: LOCM -6.0% (profit taking after yesterday's 40%+ move), GENZ -4.0% (announces tolevamer liquid did not meet its primary endpoint), BRLC -3.0% (cautious Cramer mention).

Futures indicate a flat open for the mkt as the Labor Dept. reported that 132K jobs were added in June (consensus 125K), while payroll figures for May and April were upwardly revised to account for a net gain of 75K new jobs. Hourly earnings rose 0.3%, matching economists' forecasts and bringing the yr/yr rate to 3.9%, while unemployment held steady at a low 4.5% rate for a third straight month. The mkt remains indecisive following the mostly positive data as the bond mkt sold off following the news, sending yields back to 5.20%. Dow futures are currently +5; Nasdaq futures are currently +1.5; S&P futures are currently +0.4.

Notable pre-market Calls include Upgrades: RDS.A and BP at Deutsche Bank... On the Earnings calendar, no cos are confirmed to report after the close... On the Economic calendar, nothing remains on the schedule for today.

Gapping up on earnings/guidance:
AMCC +3.7% (co lowered guidance; TWP says the guidance is disappointing, but not surprising)... M&A related: BOT +2.9% (CME raises bid for BOT, largest BOT holder Caledonia announces support for CME deal; ICE is +1.7% as it appears more likely that CME wins BOT deal), (DJ +2.7% (The Business reports that Rupert Murdoch has succeeded with his $5 bln bid for Dow Jones -- formal announcement is expected next week), AQNT +1.4% (discloses the Hart-Scott-Rodino Antitrust Improvements Act waiting period related to MSFT acquisition expired July 5)... Other news: TMTA +50.0% (announces that AMD has invested $7.5 mln in TMTA), CTIC +4.4% (co will hold shareholder meeting at 3:30 E.T. to update shareholders about co's activities), RDS.A +2.5% (upgraded to Buy at Deutsche Bank), SIX +2.2% (SAC Capital discloses 5.2% stake).

Courtesy of


ADD Trader said...

Hi Jamie,

Have you heard about a new shorting rule, that eliminates the need for an uptick? It supposedly goes into effect today.

ADD Trader

Jamie said...

Hey ADD,

Yes, I didn't know the effective date, but was aware that it was coming. Didn't make much use of it today as it was another up day for the markets. Lots of nice B&B longs this afternoon.

Hope all is well.