Top Day Trader Alerts (ERIC, CIT, FUQI, GGP, PLCM, HOG, GE, ABK)

Posted in pre-market 
March 17th, 2010

LM Ericsson Telephone Co. (ERIC) is down almost 3% at $10.97 on over 100,000 shares as of 8:35 AM EST.  The stock was downgraded at BofA/ML and at Goldman Sachs.  The 52-week range is $7.62 to $11.33 and the average volume is over 6 million shares.

CIT Group, Inc. (NYSE: CIT) is trading up despite a $1 billion loss.  Volume is thin as of 8:35 AM EST but the shares are actually up 3% at $37.38 versus a post-bankruptcy emergence trading range of $24.83 to $37.88.

Fuqi International Inc. (NASDAQ: FUQI) issued an earnings warning and miss, issued an accounting restatement for Q1 2009 to Q3 2009, and said margins were lower.  The company even partly blamed delays into Chinese New Year.  At 8:35 AM EST we have seen a 29% drop to $13.47 for the Chinese jeweler and we are close to 400,000 shares.

General Growth Properties Inc. (NYSE: GGP) is trading higher on late day reports that it may be getting a higher Simon Property buyout offer. There has yet to be a higher bid and what that bid would be is up for discussion. At 8:35 AM EST we have only about 20,000 shares traded but shares are up 2% at $15.40.

Polycom, Inc. (NASDAQ: PLCM) is running up to more than two-year highs in pre-market trading on reports that the company may go private in a deal with Apax Partners.  More buyout rumors, again.  Shares at 8:35 AM EST have already gone over 1 million shares versus a full day’s volume of about 1.4 million shares.  The stock is up 9% at $33.20 and the old 52-week high is $30.50.

Harley-Davidson, Inc. (NYSE: HOG) was up all day yesterday on KKR buyout rumors. The stock is thin in pre-market volume today but the shares are up 0.7% at $28.55.  Shares hit an intra-day high of $28.35 yesterday.

General Electric Co. (NYSE: GE) is trading up again this morning.  At 8:38 AM EST we have seen close to 500K shares trade and the stock is up about 0.9% at $18.24.  Yesterday’s high was $18.14, which is also a 52-week high.

AMBAC Financial Group, Inc. (NYSE: ABK) is actually trading up after the troubled financial guaranty company delayed its earnings report.  The company is said to be in talks with counterparties and it has recently noted its NYSE listing requirements with its share price so low.

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JON C. OGG

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