Mid Day stocks

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Stocks rebounding.

Stocks are still lower but they’re off their worst levels of the session. Profit taking all day is the main reason.
Each sell off has brought out buyers. The averages have been establishing higher lows with each sell off and subsequent buying, setting up what could be a late day move towards positive territory. The Dow is down 70 to 9,250, the NASDAQ is down 25.50 to 1,985.85, and the S&P is down 6.75 to 998.90.

MOVERS
On2 Technologies (ONT) up 50% after announcing that it will be acquired by Google (GOOG)

Onyxx Pharmaceuticals (ONXX) is down over 14% after announcing concurent offerings of 4M shares of common stock and $200M in convertible senior notes.

INOVIO Biomedical (AMEX:INO) (INO) is still up in the $2.56 up over 25% on 15milion shares.

If you think inflation is coming back go long TBT. I plan to

Unusual options trading activity in Pfizer Inc. (NYSE: PFE).

As of 11:00 AM EST we have seen some 47,000 PFE AUG $13 CALLS traded today alone versus a prior open interest of a mere 120 contracts.  Out in September expiration, we have seen 10,500 of the SEPT $11 Calls trade versus a prior open interest of 10 contracts.

Stocks on the Move Volume spike premarket

Pharmacyclics (PCYC) released preliminary results of its rights offering to purchase up to 22.5M shares of the Company’s common stock at a subscription price of $1.28 per share.

Affymax (AFFY) releaseds Q2 EPS ($1.17) vs. consensus of ($1.27)
Reports Q2 revenue $26.92M vs. consensus of $25.32M.

Whole Foods(WFMI) at 52week high which is about 50% of the 2007 highs. The companyt released earnings which were better than expected.  We had over 1 million shares trade hands after the report after the close yesterday.

Novavax,Inc. (Nasdaq:NVAX) pre market spike on volume.  This biotech company makes a virus particle vaccine that works on  H1N1 influenza.  Novavax has produced essential reagents for measuring vaccine potency and also has plans to produce additional batches of the pandemic H1N1 VLP vaccine to support human clinical studies. Shares are up a sharp 23% at $5.76 in trading as of 8:15 AM EST on 657,000 shares.

American Capital Ltd. ACAS is looking like a short this morning  The businesses posted a $547 million second-quarter loss and is outside of its covenants.  The loss came to -$2.52 EPS and net operating income fell 86% to $20 million or $0.09 EPS

Big 5 (BGFV) Sporting Goods upgraded to Neutral from Underperform at Wedbush
Wedbush upgraded Big 5 following the company’s better than expected Q2 results and raised its target on shares to $14 from $9.

Nasdaq Composite

Pivot points for the $COMP. Pivot High: 2024.375, Pivot Low: 2002.525. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Biggest $ insider buying in the last 10 days

TOTAL BUYS       SALES

DDUP     Data Domain Inc             $278,756,300     $0     2

OREX     Orexigen Therapeutics Inc         $34,124,998     $2,250,000

HGG     hhgregg Inc                 $33,999,999     $0

IOT     Income Opportunity Realty Inve         $30,439,000     $30,439,000     2     2

IBKR     Interactive Brokers Group Inc         $5,192,400     $0     2

VRX     VALEANT PHARMACEUTICALS INT   $3,396,799     $0

GBR     CabelTel IntCorporation     $2,765,550     $9,827,210

OPK     Opko Health Inc             $1,649,780     $0     2     0

CHTP     Chelsea Therapeutics Int Ltd     $1,600,000     $0

MPET     Magellan Petroleum Corp         $1,308,666     $0

AET , CI , HUM, UNH,WLP

All stocks in the managed health care are up form 2% to 8%

NYSE Euronext Talks About ‘Flash’ Orders, High-Frequency Trading and Co-Location

Its all right here

http://exchanges.nyse.com/archives/2009/07/talks.php

TiVo initiated with a Buy at Lazard Capital

Usec (USU) downgraded to Hold from Buy at Jefferies
After the DOE rejected its application for a loan guarantee for the American Centrifuge Project. The firm lowered its target on shares to $3.25

CALL PUTS Action

Top Ten Calls as of 07/22/09, 10:10am
Symbol	Call Month/Strike	Volume	Price	Change
C	C HV Aug 3c	45300	2.68	0.00
YHOO	YHQ HT Aug 19c	5454	16.71	-0.10
C	C HV Aug 3c	5391	2.68	0.01
C	C AA Jan 2.50c	5141	2.68	0.03
BAC	BYO HM Aug 13c	5126	12.16	-0.02
C	C LU Dec 2c	4998	2.68	0.02
C	C HV Aug 3c	4877	2.68	0.01
C	C HU Aug 2c	4274	2.68	0.02
BAC	BYO HL Aug 12c	4258	12.16	0.00
WMT	WMT IX Sep 52.50c	3568	49.06	0.

Top Ten Puts as of 07/22/09, 10:10am
Symbol	Put Month/Strike	Volume	Price	Change
WFC	FHU TX Aug 24p	7176	23.94	0.45
AXP	AXP TG Aug 27p	6407	28.71	0.10
YHOO	YHQ TC Aug 15p	5803	16.71	-0.14
WDC	WDC TX Aug 22.50p	5033	30.21	-0.07
BA	BA TO Aug 41p	4764	43.27	-0.48
AXP	AXP TG Aug 27p	4114	28.71	0.15
BA	BA TO Aug 41p	2051	43.27	-0.45
YHOO	YHQ TC Aug 15p	2025	16.71	-0.12
WFC	FHU TX Aug 24p	1902	23.94	0.50
HPQ	HPQ TA Aug 39p	743	40.84	-0.20

Clorox CLX calls active on renewed takeover chatter into EPSClorox is recently up .56 to $59.30 on renewed takeover chatter. CLX is scheduled to report Q4 EPS on August 3. CLX August option implied volatility is at 25, October is at 22;

ONXX, on a tear this morning

Sharesof ONXX up ove $6. this morning.  Look at the charts it tells it all.    the $36 range could form a double top (bearish) or a breakout that the skys the limit.

Stay tuned

PIPE REPORT July 21, 2009

PIPE Volume Rose in 2nd Quarter, Compared With First
Posted July 21, 2009 12:00PM PST

The second quarter saw a promising increase in PIPE activity, as U.S.-listed companies raised $12.9 billion, or 63% more capital than they did in the first quarter, according to PrivateRaise, the data service of DealFlow Media. The number of deals rose 32% over the first quarter.

Major players in the PIPE market in the first half of the year included Iroquois Capital and Downsview Capital, the only fund managers to invest in more than 10 offerings; and Rodman & Renshaw, which placed 27 PIPEs, three times the number of placements by Lazard, the second most active placement agent. Investors who brought the most cash to the PIPE market were Berkshire Hathaway, which invested $3 billion in a private placement; Aabar Investments PJSC, with $2.6 billion; and Kuwait Investment Authority, with $1 billion. The companies that raised the most capital included four Dow Chemical, with $4 billion; BlackRock, Inc., with $2.8 billion; Daimler AG, with $2.5 billion; and ArcelorMittal, with $1.7 billion.

Data from the first half shows that PIPE financing activity has not returned to levels prevailing before the credit crunch of late 2008 and fickle securities markets depressed most forms of financing. The first half of 2009 saw a 44% drop in deal volume, compared with the year earlier period, and a 68% decline in total investment.

The third and fourth quarters could bring a further rebound towards last year’s numbers. In addition to increased deal flow, second quarter numbers reflect a growing trend in registered shelf offerings or “registered directs.” Companies raised $967.7 million in 57 registered direct offerings last quarter, compared to $417.9 million in 25 first quarter deals. While registered directs accounted for only about 7% of capital raised in the second quarter, the number of shelf statements filed in anticipation of future raises more than doubled from the same quarter last year. The 250 shelf statements filed in the second quarter of this year could be used to raise as much as $39 billion. As much as $72 billion could be raised from shelf statements filed during the entire first half of the year.

Even at the current level of activity they represent a fraction of the total PIPE market, and are not a viable option for the majority of emerging growth companies that remain ineligible for S-3 registration and must rely on the traditional PIPE market for equity capital.

Earnings on CTXS

Citrix Systems (CTXS) reports Q2 earnings after the market close on Wednesday, July 22, Citrix Systems to announce strong Q2 results,or above current expectations, and to maintain its FY09 guidance.

The core business held up reasonably well in the quarter, with William Blair estimated XenApp license revenues of $88M. The firm’s checks continue to indicate strong customer interest in desktop and client side virtualization, and it believes the company is well positioned to capitalize on this trend in the long term. However, despite its confidence that Citrix is likely to maintain full-year guidance

Wells Fargo (NYSE:WFC) is expected to report Q2 earnings before the market open on Wednesday, July. Analysts are looking for EPS of .34 on revenue of $18.95B. The consensus range for EPS is 0c to 50c, while the consensus range for revenue is $18.95B to $21.71B, according to First Call. A Sterne Agee analyst, reporting that he heard Wells had sold $600M of non-performing subprime loans for 35c on the dollar, recently predicted that Wells would have to raise more money through the equity markets. Last month S&P lowered the ratings of Wells and 21 other banks as the ratings agency predicts that operating conditions for the banking industry will become less favorable than in the past. June that Wells could report strong Q2 results. The firm said that Q2 estimates appeared to be low. The Citigroup analyst expected Wells to provide bullish guidance, although it maintained a Hold rating on the stock based on valuation. Also, the Q2 EPS of Wells peers JP Morgan (JPM), Bank of America (BAC) Goldman Sachs (GS), and Citigroup (C), beat expectations. JP Morgan and Citigroup said they saw improvements in the performance of the financial markets, while Goldman and Citigroup both said that the trading environment was favorable. Bank of America reported that it felt less constrained by macro economic factors. On the other hand, some analysts have been unenthusiastic about both banks’ fundamentals, and their stocks have fallen in recent days. (the Fly)

ECB Bancorp (Nasdaq:ECBC) reports Q2 EPS 19c vs.

Futures Headed Lower in Pre Market July 17,2009

Stock futures are heading lower Friday to finish a strong weak.  Key earnings from Bank of America, IBM and General Electric are dragging the futures  down in premarket trading

Futures on the DJ Industrial Average droped 36 points to 8633, S&P 500 futures fell 5.50 points to 930.20, and the Nasdaq 100 is up 3 points to 1515.80.

Eearnings schedule led by Bank of America Corp. (NYSE:BAC), which reported a missed its forecast

Citigroup Inc. (NY:SEC) reported 2nd  quarter revenue of $29.97 billion and a profit of 49 cents on a gain from the sale of Smith Barney.

Bank of America fell 2% while Citigroup rose 1% in pre-market action.

“It’s another important earnings day today and it’s still not even the peak fortnight period which starts on Monday,” said Jim Reid, analyst at Deutsche Bank AG (DB) in a note to investors.

Away from financials, General Electric Co. (NYSE:GE) reported a 47% drop in quarterly profit, still beating forecasts, but missing estimates on revenue. GE slipped 4%.

Mattel Inc. (NYSE:MAT) climbed 3.7% after topping analyst forecasts.

Other stocks expected to be in focus include Google Inc. (Nasdaq:GOOG), which reported late Thursday and topped forecasts with its second-quarter profit rise, owing to tight cost controls. However, its numbers also reflected meager revenue growth due to the overall fall in spending on online advertising.

Shares of Google were down 3% in pre-open trading.

(NYSE:IBM) rose 1.6% after it reported a second-quarter profit that rose 12% from a year ago, as higher gross margins for the technology giant’s software and services offerings helped offset sales declines across the company’s business.

“IBM posted strong second quarter EPS despite weak revenues. As the third-largest software company in the world, we believe IBM’s results for its software business can offer some insight into the entire software segment, and in this case, are a positive indication for the aggregate enterprise infrastructure software sector,”