It started off just like usual - very weak - and then we had one offset after another. It was very difficult to know where we were heading until we took out the early swing low. Lunch finally brought some relief and the late day rally on high volume was especially optimistic. With today's lows the correction reached 12% from the July highs. We haven't had a significant correction in a long time, so I guess we were overdue.
Tomorrow is
options expiration. However, with the late day surge, it might be a little more interesting than the usual NR snooze fest.
Companies moving in after hours trading in reaction to earnings:
Trading Up: ARAY +10.7%;
RDEN +1.6%;
HPQ +0.22...
Trading Down: ZIGO -13.5%;
KSS -4.0%;
RRGB -1.8%;
HRAY -1.8%;
ADSK -1.6%... Companies moving in reaction to news:
Trading Up: RARE +33.6% (
Darden Restaurants announces tender offer to purchase RARE Hospitality for $38.15 per share;
DRI expects transaction to be neutral to earnings in FY08);
SYNX +19.2% (announces systems integration contract for NYC Transit Facility);
SHRP +10.4% (comments on media reports);
WFMI +7.6% (Court denies
FTC's request for preliminary injunction related to Whole Foods Market and Wild Oats Markets proposed merger);
ASTI +5.2% (Hydro makes follow on investment in ascent solar);
ETFC +4.7% (issues supplemental portfolio disclosure);
DFR +3.8% (
Triarc provides update on sale of controlling interest in
Deerfield & Company
LLC);
LUK +2.5% (will replace
KeySpan in the S&P 500; Life Time Fitness will replace
Leucadia in the S&P
MidCap 400);
BSX +1.3% (to explore sale of cardiac surgery and vascular surgery units);
PH +1.0% (announces $500
mln accelerated share repurchase, 21.2% increase in dividend rate, and three-for-two stock split)...
Trading Down: BDC -3.2% (announces $100
mln share repurchase authorization);
EZPW -2.0% (acquires 20 store Mexico pawnshop chain);
CAB -1.9% (to purchase S.I.R Warehouse Sports Store);
DELL -1.3% (says independent investigation completed; will restate financials);
CDNS -1.0% (acquires Clear Shape Technologies).
