(For details, pls visit www.OptionPundit.net)
US Market News:
- Sep S&Ps this morning are trading down -3.80 points. Bearish factors include this morning’s +70 cent rally in crude oil prices. The US stock market yesterday closed little changed after trading higher most of the day and retreating into the close (Dow -0.04%, S&P 500 -0.04%, Nasdaq Composite +0.12%). Bearsh factors included the hawkish post FOMC Fed statement, weak T-Note prices and the continued rally in crude oil to a 9-1/2 month high. Bullish factors included the upgrading of Intel and CIsco from analysts at Lehman Brothers and Merrill Lynch and general optimism about the earnings outlook.
- Research in Motion (RIMM) rose +16% in after-hours trading as the company said Q1 profits were $1.20 a share, well above analysts estimates of $1.09 a share and the company also announced a 3 for 1 stock split. Congratulations.
- Apollo Group (APOL) rose +6.8% in after-hours trading as the company said Q3 profit was 81 cents a share, higher than the 68 cents a share analysts had estimated.
- Heelys (HLYS) rose +8.6% in after-hours trading as the company withdrew its registration with the SEC for a 4.5 million share offering.
- Christopher & Banks (CBK) fell -9.6% in after-hours trading as the women’s clothes retailer said it expects to earn 11 to 12 cents a share in Q2, below analysts estimates of 21 cents a share.
- Komag (KOMG) rose +7.7% in after-hours trading as the company agreed to be bought by Western Digital (WDC) for $32.25 a share, or $1 billion in cash.
- Palm (PALM) fell -2.7% in after-hours trading as the company said profit fell for a fourth straight quarter and Q4 sales declined to $401.3 million, missing analysts estimates of $406 million in sales.
- American Home Mortgage Investment Corp. (AHM) fell -8.8% in after-hours trading as the company withdrew its fical 2007 earnings guidance ans said it will likely have a Q2 loss.
- Black Box Corp. (BBOX) rose +5.5% in after-hours trading as the company said Q4 earnings were 71 cents a share, exceeding analysts estimates of 61 cents a share.
- Robbins & Myers (RBN) rose +8.9% in after-hours trading as the company raised its outlook for fiscal 2007 to $2.60 to $2.70 a share, up from $2.20 to $2.40 a share.
- Priceline.com (PCLN) may be active this morning as analysts at Goldman Sachs raised their recommendation on the stock to a “buy” from “neutral”.
- TIBCO Software (TIBX) fell -6.2% in European trading this morning as the company said Q2 income was 7 cents a share, below analysts estimates of 8 cents a share.
(Courtsey, barchart free newsletter)
What’s in the store from economic data point:
Profitable trading, OptionPundit