Following yesterday's late-session rally, futures are showing continued momentum as they indicate a higher open for the mkt. Unlike the previous three sessions, there are no negative headlines out of the financial sector this morning. From a technical perspective, the S&P 500 yesterday successfully re-tested its Oct low of 1,490. However, there is very little corporate news to account for this morning's positive sentiment. All of the earnings reports since yesterday's close were from lesser-known cos and there are no economic reports today. Fed Chairman Bernanke is speaking at a microfinance conference in San Antonio this afternoon at 13:40ET, but his testimony on Thursday before the Joint Economic Committee is the bigger focus for the mkt. Dow futures are currently +40; Nasdaq futures are currently +10.3; S&P futures are currently +5.8.
Notable pre-market Calls include Upgrades: MA at Deutsche Bank, RIMM at Credit Suisse; Downgrades: C at BofA, SYMC at Lehman... On the Earnings calendar, SAM and EEE are confirmed to report sometime during trading hours. After the close, 47 cos are confirmed to report, though none are expected to be market-moving releases... Today's Economic calendar is empty.
Overbought/Oversold Watchlist -Technical : Stocks that are
overbought include: SOHU, PPO, PRGO, UTHR, EHTH, ATHN, & PSEM. Stocks that are
oversold include: LCAV, AGO, YSI, ITRI, ZUMZ, ABK, C, BG, JPM, PMI, BEN, BSC, WM, CPO, PCBC, GRMN, GS, MS, GES, MBI, LULU, CSR, & CROX.
Gapping down on weak earnings/guidance: BLTI -20%, CUTR -13.3%, CTSH -9.9%, LLNW -8.9%, FTEK -6.7%, HLEX -6.5%, IMB -6%, AOB -4.3%, LOCM -3.5%... Other News: MNTA -46.2% (Announces receipt of FDA letter - M-Enoxaparin ANDA not approvable in current form), CBAK -12.3% (Entered into a private placement, selling 3.5 mln shares), BSX -5.5% (Announces sale of Cardiac Surgery and Vascular Surgery businesses), JADE -4% (Announces new auditor).
Gapping up on strong earnings/guidance: GTXI +18.4%, DIVX +17.5%, XFML +12.4%, GES +10.6%, VCI +10.2%, THC +9.9%, SYKE +9.3%, AIXG +8.2%... Other news: JSDA +8.5% (CNBC reports JSDA won bid to NJ Nets Barclays Center beverage rights), FSLR +9.6% (announces additional four production lines to support new long term module supply agreements totalling 557MW; several analysts making positive comments on the news this morning), ABK +8.5% (co issues statement disputing recent analyst report).
