Wang’s Happy Trading

Submitted by Optiondragon

Smashing Pumpkins- 1979

RIMM is gapping up and looks to stay strong for today’s session after announcing it’s increasing its fiscal Q4 subscriber forecast by 15% to 20%. RIMM expects total subscribership to be approximately 14 million when the quarter ends on March 1. RIMM is scheduled to report Q4 EPS on April 2. RIMM CEO says that a seasonal slowdown did not occur.

The 4 Horsemen are gapping higher especially with the RIMM news and the CSCO upgrade, lifting the tech sector.
MA is gapping down because they have experienced difficulty selling Auction-Rate Securities. As of February 15, 2008, the company had approximately $252,000 of auction rate securities and at this time it does not believe such securities are impaired or that the failure of the auction mechanism will have a material impact on the company’s liquidity.
NEM missed earnings and is showing weakness in premarket.
DGX beat on earnings but issued soft guidance and is gapping lower.
ABX had good earnings and is gapping higher. ABX reports Q4 EPS 58c vs. consensus of 54c.
RIG moving higher on upgrades. Target to $160 from $150 on deepwater fundamentals@BEST.
JCP is slightly up but issued softer guidance.
BCSI reports Q3 EPS 38c vs. consensus of 33c. and guides higher seeing Q4 EPS 37c-41c vs. consensus of 35c.
Sees Q4 revenue $88M-$91M vs. consensus of $85.09M. Good gap candidate.
ITRI is gapping higher and could run some more. Reports Q4 EPS 81c vs. consensus of 72c
ITRI reports Q4 revenue $481M vs. consensus of $446.6M. Sees year EPS $3.20-$3.45 vs. consensus of $3.32 and revenue $1.87B-$1.91B vs. consensus of $1.82M. Sees Q1 revenue $450M-$465M vs. consensus of $413.82M. Great gap trade candidate.
ITRI also received upgrades:
RBC Capital believes ITRI is well positioned for the tech transition by utilities. Would be buyers of shares.
Deutsche Bank raised their FY08 and FY09 estimates. ITRI target raised to $110 from $100 after Q4 upside, reiterate Buy.
OII- Q1 outlook falls short and shares are gapping down.
RS- moving up. RS reports Q4 EPS $1.06 vs. consensus of $1.01
Reports Q4 revenue $1.71B vs. consensus of $1.61B
MTL gapping up and looks strong with a continuation move.
Boone Pickens was on CNBC and thinks oil will drop $10-$15 a barrel and go back to $100 in the second half of 2008. He also said he is short oil and natural gas. A trader on the floor on CNBC said that oil has gone up too far too fast so he expects a pullback as well.

Let’s see if the market can break out of technical resistance at 1388 on the S&P 500. It has been trading within the pivot lines and has been range bound and I look for that to continue until to strong break can occur.

Happy Hunting and good luck.