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.

INO CLOSES 30 Million Funding Stocks flying

INO closes $30 mln registered direct offering

July 31 (Reuters) – Inovio Biomedical Corp: * Closes $30 million registered direct offering

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

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;

Pre Market trading

Northrop Grumman  (NYSE:NOC)  Northrop Grumman and the U.S. Air Force have developed a new radar system and  have successfully demonstrated that the new radar developed for the B-2 stealth bomber can fulfill the performance requirements for its required missions, both conventional and strategic.

Suntech, China Huadian  (NYSE:STP) sign agreement to develop 500MW of solar projects
Suntech Power Holdings announced that Suntech has recently entered into a strategic agreement with China Huadian New Energy Development Co., or HNE, to develop a total of 500MW of utility-scale and commercial roof-top solar projects in China’s sun rich western provinces, Jiangsu province and Shanghai over the next three years. Under the agreement, HNE will be responsible for the project investment and development of solar projects and Suntech will be responsible for supplying crystalline silicon solar modules, system design and technical support.

Wells Fargo EPS above expectations

Onyx Pharmaceuticals (ONXX) announced that their first cooperative group-sponsored randomized Phase 2 trial in advanced metastatic breast cancer met its primary endpoint of progression-free survival. The study evaluated Nexavar tablets in combination with the oral chemotherapeutic, capecitabine, in patients with locally advanced or metastatic HER-2 negative breast cancer. Study findings demonstrated that the median progression-free survival was extended in patients treated with Nexavar and capecitabine compared to patients receiving capecitabine and placebo.

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.

Mid Day report

DuPont: Earnings release NYSE:DD

There is a bottom “W” pattern in progress on the daily chart.   Look for DD to trade up to the $29 area, Better than expected .

Advance Micro upgraded to outperform NYSE:AMD

Stocks continue to rally into monday mid day. Stocks continued last week’s rally. All 3 of  indices into green territory up 5%
Crude oil prices are up 0.5% and gold is basically flat.

Citigroup  NYSE:C  options active  call option volume of 534,676 contracts compares to put volume of 414,924 contracts. C August 3 straddle at 59c, September 3 straddle at 74c. C over all option implied volatility of 52 is

Stocks on a Gap

Stocks on a Gap up ACY 5.28%, GFA 5.65%, ETN 5.74%, ENI 5.83%, OGZPY 5.87%, ACH 6.12%, PETS 6.67%, PUK 6.68%, RHT 6.70%, YPF 8.03%, JHX 8.46%, LVL 8.63%, FBT 11.00%, CHFN 11.48%, DBX 13.47%, DIT 14.77%.

HGSI Up $7.00 at ther open Trade of the day

Human Genome news on Phase III

Human Genome Sciences (HGSI)  anounced that BENLYSTA met the primary endpoint in BLISS-52, the first of two Phase 3 trials.  In the placebo-controlled BLISS-52 study, the results showed that BENLYSTA response rate at Week 52, compared with standard of care alone. Study results also showed that belimumab was generally well tolerated, with adverse event rates comparable between belimumab and placebo treatment groups.