At the end of each trading week, Hillbent scans the equity market for potential anomalies which exhibit extremely oversold and overbought conditions. Past observations have revealed that such candidates may experience reversal corrections to the upside or downside once the market reconfirms that their fundamentals remain solidly intact or relatively poor. From a contrarian perspective, these lists may also serve as a precursor to changes in institutional sentiment and underlying fundamentals.

(The purpose of this report is not to provide specific recommendations, but instead serve as a time-saving reference tool and starting point for investment ideas as the upcoming trading week unfolds. Of course, the results generated are not always perfect and users are strongly encouraged to perform their own due diligence on these names. Note that overbought and oversold conditions are based upon proprietary algorithms and quantitative models instead of conventional technical analysis indicators. As a supplement to this report, please refer to our ETF Market Trends™ Report to determine if market direction trends support a bullish or bearish investment bias over short-term, intermediate, and long-term timeframes.)

The Straw that Almost Broke the Camel’s Back

Close but No Cigar.

After starting out strong, the S&P 500 is now down about 1% this earnings season. The average stock that has reported has gone down 0.27% on its report day as well, so while the numbers have come in strong, stocks have reacted very poorly.

Below we highlight stocks that have gone up or down at least 15% on their report days this earnings season. Companies highlighted in yellow are in the S&P 500. As shown, Revlon (REV) went up the most on its earnings report with a gain of 43.3% yesterday. Amazon.com (AMZN) ranks second with a gain of 26.8%, followed by Timberland (TBL), American Superconductor (AMSC, New York Times (NYT), Cardtronics (CATM), and SLM Corp. (SLM). Other notables on the earnings winners list include Lexmark (LXK) and RadioShack (RSH).

Q3 2009 Earnings Call

October 26, 2009 12:00 pm ET

Ramius Capital's most recent portfolio holdings reveal that the hedge fund manager has shifted its portfolio focus to drug manufacturers. The firm’s exposure to US Equity as of June 30th was $366mm, which is down from $788mm at the end of last year. Of the $136.41mm in added positions over the second quarter, $92.62mm was spent by Ramius Capital on healthcare giants Wyeth (WYE) and Schering Plough (SGP). At the same time, the hedge fund dumped its ETFs and opted for investing in individual equities, selling out of its entire $44.21mm of SPDR S&P 500 ETF (SPY) as well as $22.58mm of SPDR Energy Sector (XLE). Overall, the hedge fund sold $92.54 in ETFs over the quarter.

Heeding the widespread call for future rebounds in commodity prices, the firm opened two new oil company positions and a coal company position. Also in line with the rest of the firm’s portfolio, two new information technology companies were added. The largest newly opened positions include:

Highly regarded banking analyst, Meredith Whitney, upgraded Goldman Sachs (GS) to a buy and financial stocks were off to the races as Monday’s top market leading sector. Now that the stage has been set, the market will take the bulk of its cues from earnings as quarterly reports and guidance increase.

Volume was mixed on the two major exchanges: NYSE volume -0.92% below average and Nasdaq Composite volume +2.12% below average.

Bullish Calls:

Scientific Games (SGMS): "It does has a hammerlock on lotteries. I think lotteries are a terrific, terrific business. It's come down dramatically, and I want to buy the stock... buy, buy, buy!"

This is the 4th Quarter 2008 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings preface.

Next up is Pequot Capital Management run by Art Samberg. Pequot was founded by Art in 1986 with $3 million in assets and peaked with $15 billion in assets around the tech bubble. Today, he manages over $4 billion. They have 150 employees and employ multiple strategies, including private equity and venture capital, as Art believes equity returns will decline over time. Art holds a S.B. from Massachusetts Institute of Technology, an M.S. from Stanford University, and he received his MBA from Columbia University. Pequot Capital Management was recently ranked 93rd in Alpha's hedge fund rankings. In terms of their 2008 performance, their main fund was -17.5% for 2008, while their health care fund finished -27.9% as noted in our post on hedge fund year-end performance. Recently, we had noted that they amended some 13G filings and made some portfolio changes to a few larger positions. You can also read Pequot's March Commentary here by Byron Wien.

Q4 2008 Earnings Call

February 27, 2009 08:30 AM ET

• Citi deal calls for investor participation. Sources say the U.S. is ready to take a major stake in Citigroup (C), and expect the deal to be announced this morning. In addition to substantially increasing its stake in the troubled institution, the government will also require Citigroup to overhaul its board of directors so that a majority of directors are independent. CEO Vikram Pandit is expected to keep his job. According to terms being finalized late last night, the Treasury will convert its stake only to the extent that Citi can persuade private investors to do so as well; the Treasury will match private investors' conversions dollar-for-dollar up to $25B. The Treasury's stake is expected to rise to up to 40% of Citigroup.
  Update: Citi confirmed the deal at 7:00 a.m. U.S. gov't to match private equity in exchanging up to $25B (for gov't and max. of $27.5B private) of its preferred stock to common shares at $3.25/share - increasing Citi's TCE (tangible common equity) to as much as $81B from $29.7B. Full conversion would result in gov't owning 36% of C and existing shareholders owning 26%. Any non-matched preferreds will convert to new preferreds at 8% coupon. Citi also announced a Q4 impairment charge of $9.6B (it had previously said this was under review).
• Aid for auto-parts suppliers. The White House is reportedly looking for ways to help struggling auto-parts suppliers, possibly by creating a lending facility to distribute aid to hundreds of companies. Sources say it would be difficult for the Treasury to administer loans directly because there are so many suppliers, so any aid plan would be contingent on finding a mechanism to streamline and centralize the process. Two groups, the Original Equipment Suppliers Association and the Motor Vehicle & Equipment Manufacturers Association, have already requested about $18.5B in aid.
• Yahoo hits refresh. CEO Carol Bartz unveiled her reorganization plan for Yahoo (YHOO). Trying to simplify Yahoo's management structure, various technology and product groups will be combined into one unit led by Chief Technology Officer Ari Balogh. The company will divide the world into two regions - North America and International - instead of four. The new organization, which aims to make speedier decisions and put a renewed focus on the customer, centralizes power and control around Bartz. Separately, CFO Blake Jorgensen became the latest executive to announce he is leaving Yahoo. (Read Bartz's blog post about the changes)
• FDIC poised to fatten fees. The FDIC is expected to more than double the fees it charges banks in an effort to refill the coffers of its deposit insurance fund. The move will protect consumers by bulking up the FDIC's reserves in the event of bank failures, but some government officials worry already-fragile banks won't be able to shoulder the extra costs and have urged the FDIC to explore other ways to replenish the fund. As of the end of Q4, the FDIC had $18.8B in its deposit-insurance fund to protect around $4.8T in insured deposits. Fourteen banks have already failed in 2009, bringing the total to 35 since July, while 252 banks were on the government's 'problem list' at the end of Q4 vs. 171 in Q3.
• Budget blues. Obama's budget will cost a whopping $3.6T over the next ten years. It projects a $1.75T deficit which, at 12.3% of GDP, is the highest level since World War II. Among the expenditures, $634B has been earmarked to expand healthcare, $750B of new money was set aside for bank bailouts, and $75B is for Iraq and Afghanistan through this fall. Obama called the budget "an honest accounting of where we are," and wants to "go through the books page by page, line by line" to cut unnecessary or inefficient programs. (Policy wonks who want to read all 146 pages of the budget overview can find it here.)
• NY AG demands Merrill bonus list. New York Attorney General Andrew Cuomo has subpoenaed Bank of America (BAC) CEO Ken Lewis to provide the names of Merrill Lynch employees who received 2008 bonuses and how much they received. Lewis testified for around four hours yesterday, and said he had answered questions "to the best of my knowledge and hopefully brought some clarity." Cuomo's office said it was 'very disappointed' Lewis hasn't yet produced the list despite multiple requests.
• Massive losses hit Fannie. Fannie Mae (FNM) reported a Q4 loss of $25.23B, or $4.47/share, its sixth consecutive quarterly loss (see earnings details below). The mortgage giant's net worth fell below zero at the end of the quarter, forcing the company to request government funding. Fannie will draw more than $15B of assistance from the Treasury, and expects "the market conditions that contributed to our net loss for each quarter of 2008 to continue and possibly worsen in 2009, which is likely to cause further reductions in our net worth."
• Profits drop at Dell. Dell's (DELL) quarterly profit fell by nearly half to $351M from $679M the year before (see earnings details below). The company said it expects demand to remain weak in the coming months amid a 'very challenging' economy. Dell, which has experienced a prolonged slump, will raise its cost-cutting target by $1B to a total of $4B by 2011.
• Deutsche Telekom surprises with loss. Deutsche Telekom (DT) reported a surprise Q4 loss of €730M ($920M) on an impairment charge vs. consensus of a €763M profit. The dividend was held at €0.78, unchanged from last year. Revenue rose to €16.1B from €15.9B the year earlier. Europe’s biggest telephone company, Deutsche Telekom will overhaul its structure and management to cut costs and increase its market share. Its fixed-line and mobile-phone operations will be combined into one unit. Timotheus Hoettges will replace Karl-Gerhard Eick as finance chief; Eick said in December he plans to leave before his term ends.
• Durable goods decrease. Durable Goods Orders fell 5.2% ($9.0B) in January, markedly worse than consensus of -2.5%. Inventories decreased 0.8% ($2.8B) to $340.7B. Shipments were down 3.7% ($6.9B) to $183.1B following December's 1.5% dip.
• Jobless claims surge. Initial Jobless Claims surged to 667,000 this week from 631,000 (revised) last week - far more than the 625,000 economist consensus. Continuing claims jumped above 5M to 5,112,000 - up 114,000. This week's jobless claims is the highest since 695,000 Americans applied for unemployment assistance in October 1982. The insured unemployment rate of 3.8% (up from 3.7% last week) is the highest since July 1983.
• Home sales fall. New home sales in January fell 10.2% to 309,000 from December, short of the expected 330,000. Dec. was revised to 344,000 from 331,000. Median price was $201,100. At the current sales rate, there's 13.3 months of supply.

Earnings: Friday Before Open

• Interpublic Group (IPG): Q4 EPS of $0.39 beats by $0.10. Revenue of $1.9B (-4.1%) in-line. "While meeting our 2008 financial objectives is gratifying, the latter part of the fourth quarter and the early part of 2009 have begun to show the negative effect that the broader economic situation is having on the marketing services sector." (PR)

Earnings: Thursday After Close

• AES (AES): Q4 EPS of $0.18 misses by $0.06. Revenue of $3.54B (-3.1%) vs. $3.65B. Sees 2009 EPS of $0.97-1.07 vs. $1.10. (PR)
• Autodesk (ADSK): Q4 EPS of $0.31 beats by $0.10. Revenue of $490M (-18.2%) vs. $484M. Sees Q1 EPS of flat to $0.12 vs. $0.27 consensus and revenue of $400-440M vs. $472M. Shares -2.1% AH. (PR)
• CommScope (CTV): Q4 EPS of $0.55 beats by $0.02. Revenue of $862M (-18.9%) vs. $867M. Sees Q1 revenue of $720-770M vs. $823M. (PR)
• Covanta (CVA): Q4 EPS of $0.22 misses by $0.03. Revenue of $414M (+4.8%) vs. $410M. Sees 2009 EPS of $0.75-0.90 vs. $0.93. Shares -6.5% AH. (PR)
• Dell (DELL): Q4 EPS of $0.18 ($0.29 ex-items) vs. consensus of $0.26. Revenue of $13.43B vs. $14.18B. Raises 2011 cost-reduction goal to $4B from $3B. "Global IT end-user demand will continue to be uncertain and challenging." Shares +1.8% AH. (PR)
• Fannie Mae (FNM): Q4 loss of $25.23B ($4.47/share) on revenue of $5.64B. Results include $12.3B in net fair value losses, credit-related expenses of $12B, and a $4.6B writedown on the value of its mortgage-backed securities. Asks gov't for $15.2B in aid. "We expect the market conditions that contributed to our net loss for each quarter of 2008 to continue and possibly worsen in 2009, which is likely to cause further reductions in our net worth."(PR)
• Gap (GPS): Q4 EPS of $0.34 beats by $0.02. Revenue of $4.08B (-12.7%) in-line. Sees net square footage down 2% in 2009. Shares -2.5% AH. (PR)
• Geron (GERN): Q4 EPS of -$0.22 misses by $0.01. Revenue of $0.5M (+88.5%) vs. $0.7M. Shares +0.2% AH. (PR)
• Hansen Natural (HANS): Q4 EPS of -$0.25 vs. consensus of $0.42. Revenue of $254.4M (+3.2%) vs. $243.7M. (PR)
• Human Genome Sciences (HGSI): Q4 EPS of -$0.41 beats by $0.07. Revenue of $12.9M (+3.2%) vs. $12.3M. Sees 2009 revenue of $250M vs. $223M. Shares +3.6% AH. (PR)
• Kohl's (KSS): Q4 EPS of $1.10 beats by $0.07. Revenue of $5.2B in-line. Same-store sales fell 9.1%. Sees Q! EPS of $0.27-0.34 vs. $0.35 and full-year EPS of $2.00-2.30 vs. $2.40. Shares -4.1% AH. (PR)
• Leap Wireless (LEAP): Q4 EPS of -$0.81 beats by $0.02. Revenue of $519M (+20.7%) vs. $543M. Shares +0.9% AH. (PR)
• Novell (NOVL): FQ1 EPS of $0.07 beats by $0.01. Revenue of $215M (-6.9%) vs. $230M. Shares +3% AH. (PR)
• OmniVision Technologies (OVTI): FQ3 EPS of -$0.24 misses by $0.08. Revenue of $80M (-64.4%) vs. $89.8M. Shares -16.8% AH. (PR)
• Public Storage (PSA): Q4 FFO of $1.49 beats by $0.21. Revenue of $333M (+1.6%) vs. $415M. Shares -4.6%. (PR)
• Republic Services (RSG): Q4 EPS of $0.41 misses by $0.03. Revenue of $1.24B (+56.3%) vs. $1.81B. Sees 2009 EPS of $1.70-1.75 vs. $1.93. (PR)
• SandRidge Energy (SD): Q4 EPS of $0.06 beats by $0.05. Revenue of $201M (-7%) vs. $250M. Shares -0.5% AH. (PR)
• SBA Communications (SBAC): Q4 EPS of $0.02 beats by $0.13. Revenue of $134.4M (+23.4%) vs. $128.3M. (PR)
• Scientific Games (SGMS): Q4 EPS of $0.18 misses by $0.06. Revenue of $264M (-1.5%) vs. $280M. (PR)
• Senior Housing Properties Trust (SNH): Q4 FFO of $0.43 in-line. Revenue of $72.9M (+37.3%) vs. $63.7M. (PR)
• Sotheby's (BID): Q4 EPS of -$0.13 vs. consensus of $0.20. Revenue of $166.2M (-51.9%) vs. $177.9M. "For the first nine months of 2008, our aggregate auction sales were at record levels. But from October onwards, virtually every auction around the world experienced declines." (PR)
• Southwestern Energy (SWN): Q4 EPS of $0.30 misses by $0.02. Revenue of $500M (+24.2%) vs. $540M. Shares -1.9% AH. (PR)

Today's Markets

• Japan closed off the week with strength even as the rest of Asia saw red. Nikkei +1.48% to 7,568. Hang Seng -0.65% to 12,812. Shanghai -1.81% to 2,083. BSE -0.71% to 8,892.
• In Europe, stocks opened down and have traded in a range. At midday: London -1.9%. Paris -1.5%. Frankfurt -2%.
• U.S. stock futures have edged lower overnight in a light-volume session. Dow -0.4% to 7150. S&P -0.5% to 748.50. Nasdaq -0.5%. 30-year bond +0.14%. Crude -2.9% to $43.92. Gold +0.6% to $948.

Friday's Economic Calendar

• 8:30 GDP (preliminary)
  9:45 NAPM Chicago Business Barometer
  9:55 University of Michigan Consumer Sentiment
  10:15 Fed's Yellen and Bullard speak on oil and the economy
  1:30 PM Fed's Rosengren and Plosser speak on monetary policy during the crisis
  3:00 PM Farm Prices
• Notable earnings before Friday's open: BX, CDE, CSE, DRH, DT, ENDP, IPG, JRCC, MIR, PNX, WR, WTR

Seeking Alpha editor Eli Hoffmann contributed to this post.

Q3 2008 Earnings Call

October 31, 2008 8:30 am ET

The most-watched vice-presidential debate in history recently took place between candidates Sarah Palin, the Governor of Alaska, and Joe Biden, the senior Senator for Delaware, at Washington University in St. Louis. There were reportedly 70 million viewers according to Nielsen Media Research.

I have put together a comparison of the Joe Biden Stock Index, which is made up of the companies that are connected to the billionaire contributors to the Joe Biden campaign, and the Sarah Palin Stock Portfolio, which is made up of the stocks in the Alaska State disclosure filing for her and her husband.

July month-end short interest figures were released earlier this week, and below we highlight stocks in the Russell 1,000 with the highest short interest as a percentage of float. 

As shown, more than 50% of both Big Lots' (BIG) and Sears Holdings' (SHLD) equity float is sold short.  While SHLD is down 10% year to date, BIG is up significantly at 110%. 

Q2 FY08 Earnings Call

August 1, 2008, 08:30 AM ET

Costco (BJ) – Costco’s profit warning earlier today showed the discount retailer left with the short end of the wishbone, having kept prices low on a bet that bargain-hungry shoppers would boost traffic at its store locations but finding that energy prices were causing shoppers to sharply economize store trips. The surprise move sent Costco shares down 10.7% and implied volatility on its options more than 24% higher on the session. Option traders turned shrewdly to volatility plays in its sector peer BJ’s Wholesale Club, whose shares lost 9% to $37.03 today. The Costco news sent implied volatility in BJ’s Wholesale Club options 12% higher to 51.5%, making it one of the day’s top implied volatility gainers. Options are trading at 5 times the normal level, adding up to the equivalent of more than a third of its open interest, concentrated mainly at the August 35 line, where we’re seeing what looks like buyers as well as sellers of this straddle, priced to reflect about 15% of BJ’s share price ($5.75) in the balance between now and August 15. Traders who think that’s overpriced are likely selling this position, while those who believe that there’s more choppiness to come in the weeks before its own August 20 numbers (or even a profit warning of its own) are buying into it. Option traders only hold about 19,000 total positions in BJ’s Wholesale Club, with more than twice the number of puts as calls.

With the proliferation of casinos all across the United States, especially on Native American reservations, there may be an opportunity in the manufacturers of the slot machines, video poker machines, and bingo machines. According to the U.S. Bureau of Labor Statistics, because of the growth of and increasing popularity of Indian casinos and racinos [a racetrack with a casino], employment in gaming services occupations is projected to grow by 23 percent between 2006 and 2016, which is much faster than the average for all occupations.

You will have to decide if any of the following stocks are worth betting on.

So far in 2008, gaming stocks have been negative across the board. The stock prices of many top quality U.S. hotel & casino operators have dropped significantly. In hindsight, we can understand the reasons for this year’s declines and I believe, can spot great opportunities to buy. Gaming is a heavily regulated and very transparent business. The detailed gaming revenue numbers released each month provide great information.

The Nevada Gaming Control Board just released official March numbers showing a statewide decrease of 1.5% in gaming revenues. Any decrease makes for powerful negative headlines. But looking a little deeper, we see that the calendar was unfavorable in March with 9 weekend days in 2008 versus 10 in 2007. While the numbers certainly aren’t rosy, with a year-over-year decline of only 1.5% and an unfavorable calendar, I wouldn’t exactly say the sky is falling. Many in the mainstream press would lead you to believe that it is.

Q1 FY08 Earnings Call

May 9, 2008, 08:30 AM ET

• Fateful Friday? Overseas markets were none-too-excited by AIG's massive loss (see below), and oil's surge to almost $126/barrel. U.S. futures are trading down in like, and portend a weak opening. See Today's Markets below for all the figures.
• Citi's $600B garage sale. Citigroup (C) CEO Vikram Pandit is considering a massive "non-core" asset sale of up to $400 billion in order to jump-start the troubled bank's recovery. Pandit will say at an analyst meeting that about 20% of Citi's $2 trillion balance sheet, including complete businesses and trading assets, are not crucial to its operations. He will also confirm plans to cut the bank's $60B cost base by 20%, and will reject calls for its breakup.
• AIG aches. AIG posted a record $7.81B loss on the heels of a $9.11B writedown, prompting it to seek $12.5B to prop up its sagging balance sheet. AIG's total credit-crisis damage of over $30B puts it in the elite company of Merrill Lynch (MER), Citigroup (C) and UBS (UBS). Credit default swaps on its debt surged 11% as its shares fell 7.1% in extended trading. "While we anticipated a difficult trading environment, the severity of the unrealized valuation losses and decline in value of our investments were beyond our expectations," CEO Martin Sullivan said.
• Harris Corp. may be for sale. $7.3B electronics and defense company Harris Corp. (HRS) is considering selling itself, among other options. Potential buyers include Raytheon (RTN) BAE Systems (BAESY.PK) and Northrop Grumman (NOC). Shares ($54.41) trade at about the midpoint of their 52-week range.
• Commodity surge not speculative. Economists say surging food and energy prices are not the result of unbridled speculation on world financial markets, but rather are firmly rooted in market fundamentals. 40% of those surveyed by the WSJ worry the Fed isn't doing enough about inflation. Most think the Fed's target rate will stay put at 2% at least until year-end.
• Cash crunch easing. Commercial banks borrowed $11.49B from the Fed's (once stigmatized) discount window, down from $11.96B last week. Lending to investment banks totalled $16.26B, down quite a bit from $17.78B a week ago. The drops, together with a decline in the bids for the Fed's Term Securities Lending Facility auction loans, suggest dealers are becoming less pressed for short-term cash.
• A friend in need... Google (GOOG) executives sounded positive Thursday about a potential advertising partnership with Yahoo (YHOO), despite media reports that threw their support into question. "We have been talking to Yahoo and we are very excited to be working with them," co-founder Sergey Brin said. Chairman Eric Schmidt said he's happy the Yahoo/Microsoft threat has dissipated, and described Google's current relationship with Yahoo as "very, very friendly."
• Microsoft abandons proxy threat. A source says Microsoft (MSFT) has released candidates it signed on to serve as alternative directors in a proxy battle for Yahoo's (YHOO) board.
• Port bottleneck. A shipping overload, due largely to a lack of containers and transportation equipment, continues to hurt U.S. exporters. Larger companies such as Archer Daniels Midland (ADM) may have the resources to weather the shortage better than small firms.
• Warner shutters indie ops. Warner Bros. (TWX) is closing two of its once-coveted boutique labels, Picturehouse and Warner Independent. Costs to produce nouveau passe indie films have grown to the extent that its business model no longer makes sense.
• Home rescue plan in limbo. The federal homeowner rescue plan, part of which was passed Thursday by the House, is getting a lukewarm reception from both mortgage lenders and senior government officials. Lenders, MBA chairman David Kittle says, are in no rush to write down loans, and will likely only do so if home prices continue to decline steeply. Keith Hennessey of the National Economic Council says a current proposal to allow the FHA to refinance up to $300B in mortgages is way too costly to muster presidential approval.
• Trade platinum. The first two U.S.-traded platinum ETNs (long and short) are set to launch today: UBS's (UBS) E-Tracs UBS Long Platinum ETN (PTM) and E-Tracs UBS Short Platinum ETN (PRD). The ETNs will deal in futures contracts, and will not buy platinum. Platinum is up about 30% this year, and analysts say it could hit $2,400/ounce (futures closed Wednesday at $2,018.80). Norilsk Nickel (NILSY.PK) is the world's number-one platinum producer.

Earnings: Thursday After Close

• Activision (ATVI): FQ4 EPS of $0.17 beats consensus of $0.05. Revenue of $602.5M vs. consensus of $269M. Shares: +3.4%.
• AES Corp (AES): Q1 EPS of $0.39 beats consensus of $0.27. Revenue of $4.1B vs. consensus of $3.34B. Shares: +3.6%.
• AIG (AIG): Q1 EPS of -$1.41 misses consensus of -$0.76. Shares: -7.1%
• Assured Guaranty (AGO): Q1 EPS of -$0.08 misses consensus of $0.65. Revenue of $108M vs. consensus of $112M. Shares: -9.4%.
• Heelys (HLYS): Q1 EPS of -$0.02 misses consensus of $0.05. Revenue of $13.1M vs. consensus of $14.8M. Shares: -4%.
• Limelight Networks (LLNW): Q1 EPS of -$0.02 misses consensus of $0.02. Revenue of $30M vs. consensus of $31M. Sees Q2 revenue of $28-30M vs. consensus of $32M. Shares: -8.5%.
• Live Nation (LYV): Q1 EPS of -$0.47 misses consensus of -$0.42. Revenue of $636.5M vs. consensus of $568M. Shares: -0.5%.
• MoneyGram (MGI): Q1 EPS of -$4.40 misses consensus of $0.03. Revenue of $263M vs. consensus of $230M. Loss includes $307M in investment portfolio losses. Shares: -8.9%.
• Mylan (MYL): Q1 EPS of $0.09 beats consensus of $0.08. Revenue of $1.07B vs. consensus of $1.13B. Sees full-year EPS of $0.40-0.50, short of consensus of $0.53, and full-year revenue of $4.3-4.6B vs. consensus of $4.77B. Shares: -4.1%.
• Nvidia (NVDA): Q1 EPS of $0.36 misses consensus of $0.38. Revenue of $1.15B in line. Shares: -3.6%.
• priceline.com (PCLN): Q1 EPS of $0.76 beats consensus of $0.60. Revenue of $403M vs. consensus of $377M. Sees Q2 EPS of $1.25-1.40, better than consensus of $1.30. Sees full-year EPS of $5.25-5.65, better than consensus of $5.12. Shares: +14.3%.
• Quest Software (QSFT): Q1 EPS of $0.21 beats consensus of $0.19. Revenue of $173M vs. consensus of $166M. Sees 2008 revenue of $705-720M vs. consensus of $712M. Shares: +6.65%
• RealNetworks (RNWK): Q1 EPS of $0.02 beats consensus of -$0.03. Revenue of $148M vs. consensus of $142M. Sees Q2 EPS of -$0.04 to flat, in-line, and revenue of $151-155M vs. consensus of $150M. Sees full-year EPS of -$0.05 to flat, better than consensus of -$0.06. Shares: +11.1%.
• Sapient (SAPE): Q1 EPS of $0.06 beats consensus of $0.05. Revenue of $154M vs. consensus of $158M. Sees Q2 revenue of $159M or higher, vs. consensus of $162.1M. Shares: -1.8%.
• Scientific Games (SGMS): Q1 EPS of $0.24 beats consensus of $0.23. Revenue of $257M vs. consensus of $270M. Shares: -0.2%.
• Sonus Networks (SONS): Q1 EPS of $0.00 beats consensus of -$0.01. Revenue of $74M in line. Shares: +2.6%.
• Stillwater Mining (SWC): Q1 EPS of $0.03 misses consensus of $0.15. Revenue of $173M vs. consensus of $199M. Shares: -4.9%.
• True Religion (TRLG): Q1 EPS of $0.29 beats consensus of $0.26. Revenue of $53M vs. consensus of $46M. Sees full-year EPS of $1.52-1.56, better than prior $1.48-1.52, vs. consensus of $1.51. Sees full-year revenue of $220-225M, better than prior $210-215M, vs. consensus of $214M. Shares: +5%.
• Verisign (VRSN): Q1 EPS of $0.21 beats consensus of $0.20. Revenue of $354M. Shares: +2%.
• World Fuel Services (INT): Q1 EPS of $0.61 beats consensus of $0.54. Revenue of $4.49B vs. consensus of $4.33B. Shares: +9.1%.

Earnings: Friday Before Open

• Cinemark (CNK): Q1 EPS of $0.05 misses consensus of $0.07. Revenue of $401M vs. consensus of $400M.
• Clear Channel (CCU): Q1 EPS of $0.32 beats consensus of $0.21. Revenue of $1.56B vs. consensus of $1.53B.
• Clear Channel Outdoors (CCO): Q1 EPS of $0.04 misses consensus of $0.05. Revenue of $776M vs. consensus $738M.
• Cogent Communications (CCOI): Q1 EPS of -$0.21 misses consensus of -$0.18. Revenue of $52.1M vs. consensus of $52.5M. Sees 2008 EPS of -$0.20 to -$0.30, short of prior guidance of -$0.10 to -$0.20, vs. consensus of -$0.23. Sees 2008 revenue of $225-235M vs. consensus of $229M.
• Gray Television (GTN): Q1 EPS of -$0.08 beats consensus of -$0.10. Revenue of $71M vs. consensus of $70M.
• Huntsman (HUN): Q1 EPS of $0.07 misses consensus of $0.22. Revenue of $2.54B vs. consensus of $2.37B
• Leap Wireless (LEAP): Q1 EPS of -$0.27 misses consensus of -$0.02. Revenue of $468M vs. consensus $459M.
• PHH Corp (PHH): Q1 EPS of $0.55 beats estimate of $0.26. Revenue of $642M.
• Sotheby's (BID): Q1 EPS of -$0.09 misses consensus of $0.10. Revenue of $129M vs. consensus of $141M. Shares: -1.7%.
• Southern Union (SUG): Q1 EPS of $0.64 beats consensus of $0.61. Revenue of $953M vs. consensus of $831M. Sees full-year EPS of $1.80-1.90 vs. consensus of $1.86.
• Westar Energy (WR): Q1 EPS of $0.33 beats consensus of $0.31. Revenue of $407M vs. consensus $396M. Sees full-year EPS of $1.50-1.65 vs. consensus of $1.53. Shares -3%.
• Windstream (WIN): Q1 EPS of $0.27 beats consensus of $0.25. Revenue of $812M vs. consensus $804M.

Today's Markets

• Asian markets closed down Friday. Nikkei -2.06% to 13,655. Hang Seng -1.5% to 25,063. Shanghai -1.19% to 3,613. BSE Sensex -2.01% to 16,737.
• In Europe, markets are down substantially at midday. FTSE -1.15% to 6,196. CAC -2.4% to 4,934. DAX -1.3% to 6,980.
• On this side of the sea, equity futures aren't rosy. Dow -0.67% to 12,737. S&P -0.61% to 1,383.50.
• Nasdaq -0.53% to 1,954.50.
• Oil +1.14% to $125.11 (futures almost hit $126!). Gold +0.54% to $886.80.

Below we highlight four stock filters based on performance and overbought/oversold levels. The first two tables show the Russell 1,000 stocks that are up and down the most since the market bottomed on March 10th.

As shown, MLNM is up the most at 93.84%, followed by VRTX, WMG, SGMS and CLR. Other notables on the list of winners include NTRI, FSLR, FRE, BRCM, X, AAPL, FNM, MA, F and CMI. BSC, LNG, NCC, CROX and UAUA top the list of losers.