In reaction to strong earnings/guidance: DAKT +11.9%, CHS +10.4%, BIG +3.8%... M&A news: SRVY +7.0% (declares proposal from a strategic buyer to be a superior proposal, shareholders to receive $17.50 per share in cash)... Select mortgage/financial names modestly rebounding: RDN +5.7% (expands field sales force by ~30% to date), ABK +5.0%, FNM +5.0%, FRE +4.9%, LEH +1.3%... Select airlines ticking higher on lower crude and strength in dollar: LCC +5.4%, JBLU +3.6%, UAUA +2.5%, AMR +2.4%, CAL +1.6%... Other news: CLNE +9.8% (Cramer makes positive comments on MadMoney), SATC +9.4% (announces they will deliver 20MW of 500kilowatt PowerGate Plus grid-tie commercial photovoltaic inverters as part of new agreement), NVAX +3.7% (announces 'favorable' results from Phase I/IIa pandemic influenza vaccine program), ELN +3.5% (continued strength following yesterday afternoon's 7% surge), MDRX +3.4% (Cramer makes positive comments on MadMoney), COH +2.8% (establishes new $1 bln share repurchase program), APC +2.4% (announces $5 bln share repurchase program), ASML +1.8% (still checking)... Analyst comments: CRM +2.6% (upgraded to Buy at Citigroup).
Futures are showing little direction this morning as they trade around unchanged levels. Newsflow has been extremely slow as investors await a batch of economic data this morning and FOMC Minutes this afternoon.
One piece of data already released was the S&P/CaseSchiller Home Price Index, which declined 15.9% y/y in Jun, slightly better than expectations of a decline of 16.2%. Oct crude oil ($115.82 +0.71) has shown some direction this morning, however, initially declining to $112.36 on a stronger dollar, which hit a new 6-month and fresh 2-year high against the euro and pound, respectively, before regaining its losses around 8:00ET.
Dow futures are currently +5; Nasdaq futures are currently -1.0; S&P futures are currently -0.1.
Late Day Sector ETF Leaders:
Nat gas- UNG +5.3%, Energy- XLE +1.7%, IYE +1.5%, Oil HLDRS- OIH +1.6%, Heating Oil- UHN +1.4%, Gas- UGA +1.4%, Steel- SLX +1.0%, Utilities- XLU +1.0%
Late Day Sector ETF Laggards:
Base Meals- DBB -1.9%, Clean Energy- PBW -1.8%, Solar Power- TAN -1.7%, KWT -1.3%, Homebuilders- XHB -1.6%, Semis- IGW -1.1%, SMH -1.0%