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.

Mid Day Report July 23 2009

NASDAQ NOON REPORT:
Heavy Volume for this time of day. Breadth is  very bullish across the board.
Advancing Issues: 1944 / Declining Issues: 591
Ratio of 3.29 to 1. Advancing Volume: 1,022,097,375 / Declining Volume: 264,470,625 — for a ratio of 3.86 to 1. New 52-Week Highs: 105 / New 52-Week Lows: 5.

$NYE NYSE NOON REPORT:

Light Volume for this time of day but breadth is bullish across the board.
Advancing Issues: 2535  Declining Issues: 400 — for a ratio of 6.34 to 1. Advancing Volume: 453,158,717  Declining Volume: 55,301,750
Ratio of 8.19 to 1.
New 52-Week Highs: 85
New 52-Week Lows: 1.

Mid-Day Market Wrap-Up

The Dow broke thru the 9,000 mark for the first time since January as a series of better than expected corporate earnings reports were released.

Existing home sales improved better than was forecast.
The Dow was up 166.26 to 9,047.52,
The S&P 500 was higher by 19.90 to 973.97,
NASDAQ increased 39.68 to 1,966.13
MARKET NEWS: Ford’s (F) second quarter earnings showed a loss that was less than estimated, as the automaker cut debt and increased domestic market share
AT&T (T) second quarter profits jumped thanks to increased use of services on mobile phone
Warren Buffett acquired shares in Moody’s (MCO) in 2000, but Berkshire Hathaway (BRK.A) has now cut its stake to 16.98% from 20.02%,
Among the companies reporting earnings after today’s market close are Amazon.com (AMZN),
American Express (AXP),
Capital One Financial (COF), and Microsoft (MSFT)
The most active stocks this Citigroup (C), Medarex (MEDX), and Hemispherx BioPharma (HEB).

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.

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.

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 the Move High Volume

Cleveland Bio Labs Inc Nasdaq:CBLI  has had a great run today.   Shares are trading much higher than the normal volume and the charts look nice.   I still plan to sell at the end of the day.  Shares are up  $.50 to 4.88    or 11% for the day.     Chart pattern is a clear breakout.    Shares were at 13.00 in mid 2007.

First Bank corp Nasdaq:FBBN  also is up more than 30 times the normal volume.   Our morning report is right on the money.

Sands   NYSE:LVS look for shares to hit 15 later this year.   I do think we can pick it some stock in the low 8 range.  The stock has had a nice run.

LOS ANGELES: Onions make you cry, add flavor to food and are touted for their medicinal

benefits. Now the Onion has another use powering up Elect

A new system debuts on Friday that converts onion juice into electricity at Gills Onions, the largest fresh onion processor in the United States.

The Oxnard, California-based company expects its new onion-fueled power to reduce its electric bill by $700,000 a year and cut its annual greenhouse gas emissions by up to 30,000 tons.

The happy ending to this green energy tale, however, started with another question: how to get rid of onion waste.