Watchlist for 24th September: Sify, Rediff, Make My Trip, Molycorp, China Realestate Info

Big spike day. Waiting for 2.50s to short into.



Up 56% today. Adding to short watchlist on bigger spike. History of pump and dumps.



Top short for me. Shorted it successfully few times. Lets see if it crack 6 wall



Recovering its 3 day loss. Will make another attempt towards 26.



Do we see 41 again ? Would make for a good short then.



Keeps going up...waiting for the selling day!



Simply wow. Another beast. Hard to bring it down. Looking for spikes to short into. That strategy has worked well.



Adding to watchlist. No play yet. Just watching.



Another one going up up and up...waiting for short entry on weakness

Daily News: Blockbuster, Abbott Labs, Microsoft, Starbucks, Facebook, Citigroup, Virgin

• Blockbuster files for chapter 11 bankruptcy. Blockbuster (BLOKA.PK) announced earlier today that it has filed voluntary chapter 11 bankruptcy. The company said that it reached an agreement with a large group of bondholders to restructure its debt. The recapitalization plan would reduce the company’s debt from $1B to $100M, according to the statement. Blockbuster says it will continue normal operations while it moves through bankruptcy proceedings.
• Novartis wins approval for MS drug. Swiss pharmaceutical giant Novartis (NVS) won approval from the FDA for its Gilenya drug used to treat multiple sclerosis. It is the first oral drug that will be available to treat the disease. Until now, typical treatments consisted of cumbersome injections and infusions. The market for MS treatments is estimated to be around $8.6B.
• Abbott recalls bug-tainted baby formula. Abbott Laboratories (ABT) said it is recalling millions of units of its Similac powdered baby formula after two instances of contamination with beetles were found. The recalled products, which were fewer than 5M units, were produced in the company’s Sturgis, Michigan, plant, where beetles or their larvae were also found. The recall could cost the company as much as $100M in lost revenue.
• Microsoft uploads $4.75B in bonds on the cheap. Microsoft (MSFT) sold $4.75B in debt, smashing the lowest borrowing rate on record for three-year unsecured corporate bonds and approaching record-low coupons for five-, 10- and 30-year bonds. The three-year debt at 0.875% yields 25 basis points more than similar-maturity Treasuries. But investors were disappointed in the software giant's quarterly dividend hike to $0.16/share, less than expected and sending shares down 2.15% in Wednesday trading.
• Starbucks plans 'targeted' price increases. Starbucks (SBUX) said it will raise the price of "labor-intensive and larger-sized beverages" in response to surging green arabica coffee costs. The coffee chain said it expects to keep the price of a brewed, tall coffee at $1.50 and should maintain or lower the price of some of its most popular drinks. Starbucks backed its fiscal 2011 earnings outlook of $1.36-$1.41/share.
• GM share price must accelerate for Treasury to break even. The U.S. government needs to sell all its General Motors stock at an average $133.78/share to fully recoup the $49.5B spent to rescue the automaker, according to inspector general Neil Barofsky. The comments came in response to an August letter from Sen. Charles Grassley asking for an analysis of GM's planned IPO and the government's chances of getting back the money it put into the company. That price is $39.15 greater than the highest level old GM shares ever reached.
• Facebook likes the smartphone market. And the latest entrant into the smartphone market is… Facebook. The privately held company is reportedly teaming up with INQ Mobile to create two smartphone devices. The phones, which will carry the site's popular social networking service, are expected to be launched in Europe in the first half of 2011 and in the United States in the second half of 2011. AT&T (T) may have a network exclusive on the U.S. version of the device.
• Virgin to check into hotels with $500M bet. Richard Branson’s Virgin Group is forming a partnership to spend as much as $500M to launch a chain of luxury hotels over the next three years. The venture will start in North America and wants to expand globally in the future. It will cater to high-income, well-educated customers and hopes to have as many as 25 hotels in the next decade.
• Petrobras share offering is ‘comfortably oversubscribed.’ Plans for Brazilian state-owned oil company Petrobras (PBR) to offer new shares are creating quite a buzz among investors. The offer, worth as much as $79B, is reportedly “comfortably oversubscribed” with strong investor demand and high participation from state pension funds and institutional investors. The issue, one of the biggest ever, includes a $42.5B oil-for-shares swap between Petrobras and the government. The offer is expected to be priced after markets close on Thursday.
• Citigroup expands in Asia. Citigroup (C) is expanding its presence in Asia. It recently opened a brokerage operation in Malaysia and is now considering plans to expand into Vietnam. It opened a brokerage branch in Indonesia last month. The bank says it wants to take advantage of a rising flow of funds into Southeast Asia.
• Electrolux CEO swept out. Hans Straberg, CEO of Swedish appliance maker Electrolux (ELUXY.PK), is stepping down as president and CEO. Vice president Keith McLoughlin will take over at the start of next year. Straberg said in a statement that after nine years it was time to do something new. Shares were down 1.5% in mid-day trading in Stockholm.

Source: SeekingAlpha

Watchlist for 23rd September: Rediff, Virnetx, Origin Agrotech, Radware Ltd, Molycorp, China Precision Steel

Beast of a stock. Only short fades below 12. Risky short



Shorting big spikes has been a winning trend. Waiting for a bigger spike



Top short. Will be interesting to see if 5 breaks or not.



Climbing up daily. Setting up to be a good short soon. Just watching for now



5th up day in a row. Time for a breather ? Waiting for 10 to crack!



Crazy stock. Makes new highs, then crashes and then makes new highs again. Keeps shorts on the edge. Waiting for a spike to short into though.



New based spike. However I don't believe the news was legit to cause a 15% spike. Would love to short on failure to break 9 again.



Gearing up for a shorting opportunity



Gearing up for a shorting opportunity



Also gearing up for a shorting opportunity

Daily News: Deutsche Bank, BA, AIG, Microsoft

• Deutsche Bank dives on profit warning. Shares of Deutsche Bank (DB) are being pummeled in Frankfurt and premarket U.S. trading after Germany's No.1 bank warned it would book a Q3 loss stemming from its purchase of Postbank, and from "the poorer market conditions during the summer months." The warning was part of a prospectus for DB's €10.2B share sale to pay for the acquisition of up to 30.6% of Postbank's outstanding shares (DB already owns 30% of Postbank). DB -8% premarket.
• Fed hints at QE 2.0. The Fed reiterated its commitment to near-zero interest rates yesterday, as expected, but opened the door to the possibility of more QE in the near future. In the key amendment to its policy statement, the FOMC shifted its focus from the weak economy to the possibility of disinflation: "The Committee will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate." The focus shift is important, economists say, because it allows the Fed to double down on QE without having to imply further economic weakness - which could counteract any expansionary measures.
• Default risk drops to two-year low. The number of U.S. companies at significant risk of default (rated B3 or below) recently fell to a two-year low, according to Moody's. "What's interesting is the snap back," Moody's David Keisman said. Government liquidity initiatives are helping to improve credit quality and lessen default risk.
• India Boeing deal marks growing military alliance with U.S. India is putting the final touches on a $5.8B deal to acquire 10 Boeing (BA) C-17 Globemaster III planes, senior government officials say. Starting with the landmark civilian nuclear deal of 2008, India and the U.S. are building a strategic alliance which security experts say could act as a counterweight against China's growing military clout.
• AIG nears $4-5B sale of Japan units to Prudential. Sources say AIG (AIG) is nearing a deal to sell two Japanese life-insurance companies to Prudential Financial (PRU) for a combined $4-5B. A deal would help AIG repay the more than $90B it owes taxpayers. Earlier this year, a $35.5B deal to sell AIA to Prudential plc (PUK) disintegrated after shareholders balked at the price.
• China-Japan trade spat escalates. This morning, China Premier Wen Jiabao threatened more retaliatory action unless Japan "immediately and unconditionally" releases the trawler captain accused of deliberately colliding with a Japanese coastguard ship near disputed islands in the East China Sea. Earlier this week, China severed senior-level government contacts. "The Japanese side has paid no heed to China's numerous serious representations, and so China cannot but take necessary countermeasures," Wen said. The dispute is being closely watched by other Asian countries and the U.S., who have growing concerns about China's expanding naval power.
• Summers is Harvard bound. Lawrence Summers will become the third economist to leave the Obama Administration, saying Tuesday he will return to Harvard at year-end. Former Xerox (XRX) CEO Anne Mulcahy is thought to be the frontrunner to succeed Summers at the helm of the National Economic Council - which could ease criticism that the administration lacks private-sector experience and is aloof from corporate America. Friends say Summers' departure is not due to the scathing criticism, but out of fear of his tenure being revoked.
• BOJ official hints at further easing. Bank of Japan policy board member Ryuzo Miyao suggested today that the BOJ will continue to loosen its purse strings, saying the central bank would take "timely and appropriate" action if downside risks to the Japanese economy materialize. In his speech, Miyao expressed deep concerns over the future of the U.S. economy, saying risks are growing that it "could grow only at a slow pace in the mid- to long-term" due in part to weak employment conditions and fragile consumer spending.
• Microsoft boosts dividend, takes on more debt. Microsoft (MSFT) raised its quarterly dividend by $0.03 to $0.16, and said it would borrow up to $6B in short- and long-term debt, saying the move "reflects our commitment to returning capital to our shareholders and our confidence in the long-term growth of the company" - which it has done to the tune of $170B over the last 10 years. Still, with Microsoft facing a post Windows 7 growth conundrum, some say the raise is a sad admission of defeat. "In a world in which there are a number of companies which would augment Microsoft's current businesses, it has not found one among them that it will risk buying."
• Daimler ponders $12B bid for Fiat unit. Sources say Daimler (DDAIF.PK) is mulling a $12B bid for Fiat's industrial unit, which is set to be spun off and listed in January. The unit, called Fiat Industrial, includes the Iveco truck unit and CNH Global (CNH) farm equipment company. Daimler has denied the report, and analysts think Daimler may be interested only in Iveco.
• Hot tempered HSBC chief threatens to quit. HSBC (HBC) CEO Michael Geoghegan has reportedly threatened to resign if he is not promoted to chairman. With Stephen Green taking over as U.K. Trade Minister, HSBC is planning to abandon its tradition of promoting chief executives to the chairman role – prompting Geoghegan's ire.
• Expect BlackPad next week. According to the WSJ, Research In Motion (RIMM) will unveil its BlackPad tablet computer at a developer conference next week, and provide details on the OS it will use. BlackPad will reportedly be released in Q4; will include a 7-inch touch screen and 1 or 2 built-in cameras; will have Bluetooth and WiFi connections; and will link to cellular networks only via a BlackBerry phone. Blackberry chip-maker Marvell (MRVL) will supply the chips.
• Mortgage applications inch lower. Mortgage applications fell by 1.4% over the past week, vs. a steeper 8.9% drop a week earlier, MBA said. The 30-year fixed mortgage rate fell to 4.44%.
• Home construction jumps from low base. Housing starts spiked a surprising 10.5% in August to 598K (vs. 550K consensus, 546K in July), but concerns remain regarding the direction of demand. The rise was driven by a 32% M/M increase in the condominium and apartment market; single-family homes grew just 4%. Permit applications, a sign of future activity, grew by 2% to 569K.

Source: SeekingAlpha

Top Small Cap Gainers: 21st Sept 2010

Company name	Symbol	Market cap	Quote change (%)	Last price	Volume
Zoom Technologies, Inc.	ZOOM	60.10M	28.97	4.63	1.87M
Old Second Bancorp Inc.	OSBC	28.10M	22.42	2.02	1.65M
China New Borun Corp	BORN	225.99M	15.74	8.78	874,833.00
QuickLogic Corporation	QUIK	160.93M	13.42	4.48	1.07M
LookSmart, Ltd.	LOOK	37.09M	12.66	2.16	298,744.00
Oncothyreon Inc.	ONTY	114.09M	12.47	4.42	548,248.00
Apricus Bioscience Inc	APRI	30.78M	11.63	2.40	294,679.00
Oncolytics Biotech, Inc. (USA)	ONCY	268.45M	11.22	4.36	627,899.00
BioScrip Inc.	BIOS	280.64M	10.81	5.23	1.70M

AUMN - Daily Candlesticks

AUMN - Daily Candlesticks: "

via StockCharts.com

"

RMCP - Daily Candlesticks

Crappy OTC pump and dump. Should fade back to 0.40s soon.

Disclosure: I am short RMCP

Watchlist for 22nd September: Some Interesting Short Setup

Earnings: Adobe, Darden, Ebay, Cintas

Providence Service Guides Higher
Providence Service Corp (PRSC) said it expects third quarter earnings of $0.20 to $0.22 per share on revenue of $211.0 million to $215.0 million. The current consensus earnings estimate is $0.06 per share on revenue of $214.9 million for the quarter ending September 30, 2010. The company also said it now expects 2010 earnings of $1.71 to $1.75 per share and revenue to be at the high-end of its previous range of $870.0 million to $900.0 million. The current consensus earnings estimate is $1.59 per share on revenue of $875.9 million for the year ending December 31, 2010.


Cintas Raises Earnings Guidance
Cintas Corp. (CTAS) said it now expects fiscal 2011 earnings of $1.50 to $1.58 per share and continues to expect revenue of $3.55 billion to $3.75 billion. The company's previous guidance was earnings of $1.50 to $1.58 per share and the current consensus earnings estimate is $1.54 per share on revenue of $3.68 billion for the year ending May 31, 2011.


Atlas Air Worldwide Ups Guidance
Atlas Air Worldwide Holdings, Inc. (AAWW) said it now expects 2010 earnings to exceed $5.30 per share. The company's previous guidance was for earnings to exceed $4.35 per share and the current consensus earnings estimate is $4.56 per share for the year ending December 31, 2010.


FactSet Research Systems Guides Above Earnings Estimates
FactSet Research Systems, Inc. (FDS) said it expects first quarter earnings of $0.83 to $0.85 per share on revenue of $169.0 million to $174.0 million. The current consensus earnings estimate is $0.81 per share on revenue of $169.0 million for the quarter ending November 30, 2010.

Progress Software Sees 2011 Revenue Above Estimates
Progress Software Corp. (PRGS) said it expects fourth quarter non-GAAP earnings of $0.64 to $0.68 per share on revenue of $139.0 million to $143.0 million. The current consensus earnings estimate is $0.65 per share on revenue of $139.1 million for the quarter ending November 30, 2010. The company said it expects 2011 earnings of $2.50 to $2.60 per share on revenue of $555.0 million to $565.0 million. The current consensus earnings estimate is $2.54 per share on revenue of $546.3 million for the year ending November 30, 2011.


Darden Restaurants Reaffirms
Darden Restaurants, Inc. (DRI) said it continues to expect fiscal 2011 earnings of $3.26 to $3.35 per share. The current consensus earnings estimate is $3.32 per share for the year ending May 31, 2011.


eBay Guides to High-end of Previous Range
eBay, Inc. (EBAY) said it expects third quarter results to be at the high-end of its previous guidance range of earnings of $0.35 to $0.37 per share and revenue of $2.13 billion to $2.18 billion. The current consensus earnings estimate is $0.37 per share on revenue of $2.18 billion for the quarter ending September 30, 2010.


Adobe Systems Guides Revenue Below Estimates
Adobe Systems, Inc. (ADBE) said it expects fourth quarter earnings of $0.48 to $0.54 per share on revenue of $950.0 million to $1.00 billion. The current consensus estimate is earnings of $0.53 per share on revenue of $1.03 billion.


Textron Reaffirms Above Estimates
Textron, Inc. (TXT) said it continues to expect 2010 earnings of $0.55 to $0.65 per share. The current consensus earnings estimate is $0.44 per share for the year ending December 31, 2010.


Davita Guides In-line
Davita Inc. (DVA) said it expects third quarter earnings of $1.11 to $1.14 per share. The current consensus earnings estimate is $1.13 per share for the quarter ending September 30, 2010.

PMC-Sierra Guides Lower
PMC-Sierra, Inc. (PMCS) said it now expects third quarter revenue of $161.0 million to $163.0 million. The company's previous guidance was revenue of $169.0 million to $177.0 million and the current consensus estimate is revenue of $173.5 million for the quarter ending September 30, 2010.


Skyworks Solutions Raises Guidance
Skyworks Solutions, Inc. (SWKS) said it expects fourth quarter earnings of approximately $0.40 per share on revenue of approximately $310.0 million. The company's previous guidance was earnings of approximately $0.37 per share on revenue of $300.0 million and the current consensus earnings estimate is $0.37 per share on revenue of $299.2 million for the quarter ending September 30, 2010.


ConAgra Foods Lowers Guidance
ConAgra Foods, Inc. (CAG) said it now expects fiscal 2011 earnings of $1.83 to $1.87 per share. The company's previous guidance was earnings of $1.88 to $1.91 per share and the current consensus earnings estimate is $1.90 per share for the year ending May 31, 2011.


Volcano Lowers Earnings Guidance
Volcano Corp. (VOLC) said it now expects 2010 earnings of $0.02 to $0.04 per share and continues to expect revenue of $286.0 million to $290.0 million. The comnpany's previous guidance was earnings of $0.05 to $0.10 per share and the current consensus earnings estimate is $0.11 per share on revenue of $290.4 million for the year ending December 31, 2010.


Exar Guides Below Estimates
Exar Corp. (EXAR) said it expects second quarter revenue of $36.0 million to $36.5 million. The current consensus estimate is revenue of $41.3 million for the quarter ending September 30, 2010.

Top Small Cap Gainers: 17th September 2010

Company name	Symbol	Market cap	Quote change (%)	Last price	Volume
Chelsea Therapeutics International Ltd.	CHTP	203.41M	22.82	5.06	7.77M
Mindspeed Technologies, Inc.	MSPD	280.39M	16.13	8.71	1.85M
Kenneth Cole Productions	KCP	302.19M	14.73	16.59	816,092.00
Rediff.com India Limited (ADR)	REDF	119.56M	14.57	4.09	1.36M
Universal Travel Group	UTA	92.13M	14.32	4.63	2.09M
Mueller Water Products, Inc.	MWA	469.88M	11.76	3.04	4.27M
The First Marblehead Corporation	FMD	240.82M	11.68	2.39	504,105.00

Daily News: Arena Pharmaceuticals, Johnson & Johnson, Novell, Rimm, Apple, Google

• FDA panel rejects Arena's diet drug. An FDA advisory panel dealt Arena Pharmaceuticals (ARNA) a heavy blow, rejecting its proposed obesity drug, lorcaserin, on concerns the drug didn't work well and carried potential safety problems. The FDA will make a final decision on the drug on Oct. 22, and will likely follow the panel's recommendation. To make matters worse, Arena may face investor lawsuits for failing to disclose the drug caused cancer in rats, information which was only revealed in briefing documents prepared by the FDA this week. Pharmaceutical firms have been drawn to the potential blockbuster profits of weight-loss drugs, but have struggled to get FDA clearance; earlier this week, an advisory panel split 8-8 on whether to approve a diet drug from Abbott Laboratories (ABT), and Vivus' (VVUS) drug was rejected by the panel in July. Shares of rival Orexigen (OREX), which also has a diet drug under review, rose 38% yesterday; shares of Arena dropped 42% in after-hours trading.
• J&J moves to buy out Crucell. Johnson & Johnson (JNJ) announced it's in advanced talks to buy the shares of Crucell (CRXL) it doesn't already own for around €1.75B ($2.3B) in cash, or €24.75/share. The offer is a 58% premium to Crucell's closing price yesterday in Amsterdam. Full control of the Dutch company, in which J&J currently holds an 18% stake, would strengthen J&J's ability to discover, make and sell vaccines, while Crucell would benefit from J&J's experience in developing and marketing pharmaceutical products. Premarket: CRXL +54% (7:00 ET).
• Couche-Tard goes hostile. Alimentation Couche-Tard (ANCUF.PK) is making a hostile $38.50/share bid for Casey's General Stores (CASY), after its buyout offer of the same amount was rejected last week. To win over investors, Couche-Tard issued an open letter to Casey's shareholders reminding them that 7-Eleven, which has held discussions with Casey's, hasn't made a formal offer and may not come through. Couche-Tard also said it's willing to raise its price. Casey's will hold its annual meeting next week, and Couche-Tard has nominated eight directors to replace Casey's board.
• Tech firms near settlements. Some of the biggest technology firms in the U.S. are in advanced talks with the Department of Justice to avoid an antitrust suit over whether the companies colluded on wages and agreed not to steal employees from one another. The talks are still fluid, sources said, but there's a strong incentive for both sides to settle before the case goes to trial, as the Justice Department may have a hard time proving its case while tech firms are wary of even chancing a government win, which could expose them to a wave of lawsuits from private investors. The companies include such heavyweights as Google (GOOG), Apple (AAPL), Adobe (ADBE), Intuit (INTU) and Disney's (DIS) Pixar.
• Novell in talks to sell itself. Novell (NOVL) is reportedly in advanced talks to sell its Linux operating system business to VMware (VMW) and to sell some or all of its remaining assets, including its NetWare network operating system, to private equity firm Attachmate. Though negotiations are in a late stage, they are being slowed by several factors, including disagreement between Novell and VMware on the valuation of the Linux business and determining how to divide Novell's sales force and patents.
• Warren to set up consumer protection agency. Elizabeth Warren has accepted the job of setting up the Consumer Financial Protection Bureau, declaring the time for financial "tricks and traps" is over. Warren will set up the agency but not run it once it's established; this workaround allowed Obama to sidestep the congressional confirmation process, as Republicans could have tried to block Warren's nomination.
• RBS to start Chinese securities firm. Royal Bank of Scotland (RBS) has reportedly reached a deal to start a Chinese securities firm, after signing a memorandum of understanding with a local partner and filing for approval from the China Securities Regulatory Commission. The deal isn't final and RBS' partner couldn't be identified. However, sources say it's likely the deal will go forward, allowing RBS to manage domestic equity sales in China and boost its returns.
• Mixed news from RIM. Research In Motion (RIMM) beat earnings expectations yesterday (see details below), but the news wasn't all good. Despite growth in quarterly profit and revenue, the company added fewer new subscribers than it had expected, a sign of the tough competition BlackBerry faces from Apple (AAPL) and devices based on Google's (GOOG) Android operating software. Co-CEO Jim Balsillie said subscriber growth was also hurt by concerns local service might be disrupted in places like India and the United Arab Emirates over security issues. RIM is hoping to see stronger sales and subscriber gains in Q3, when its new Torch model rolls out in more markets, but analysts warn initial sales of the device have been weak.
• U.S. poverty climbs to 15-year high. The recession pushed more families below the poverty line in 2009, raising the U.S. poverty rate to 14.3% from 13.2%, according to a Census Bureau report released yesterday. The fact that the country's poverty rate is now at a 15-year high, and unemployment near a 26-year high, will likely intensify the ongoing debate among lawmakers about the effectiveness of increased spending to reduce unemployment.
• Countrywide case to go to trial. The SEC received court approval to take former Countrywide CEO Angelo Mozilo and two other former Countrywide executives to trial. The SEC has accused Mozilo and the other two executives of failing to disclose the true state of Countrywide's deteriorating mortgage portfolio, and the case is one of the highest profile enforcement actions to come out of the recent financial crisis.
• BOJ under growing pressure to act. The Bank of Japan, a notoriously conservative central bank, took the unusual step yesterday of allowing the estimated $21B generated by the government's intervention in currency markets to remain in the banking system. Usually, the money generated by an intervention is taken out by a central bank through daily money market operations; the decision to leave the money untouched essentially gives Japan's economy another boost. However, pressure is increasing on the bank to take further action and bolder steps to reinvigorate Japanese growth

Source: Seeking Alpha

Top Small Cap Gainers: 15th September

Company name	Symbol	Market cap	Quote change (%)	Last price	Volume
Fuqi International, Inc.	FUQI	172.68M	24.01	6.25	2.35M
Neutral Tandem Inc.	TNDM	403.81M	17.16	12.22	1.84M
Geokinetics Inc.	GOK	120.33M	15.84	6.80	297,957.00
Golden Minerals Company	AUMN	110.37M	15.53	11.90	387,082.00
FormFactor, Inc.	FORM	437.25M	14.62	8.70	2.45M
OPNET Technologies, Inc.	OPNT	402.76M	12.14	18.75	589,113.00
Uranium Energy Corp.	UEC	189.50M	11.83	3.12	2.33M

Daily News: Boeing, Citigroup, Arena Pharmaceuticals, BHP, BP, AIG

• Yen plummets on Japanese intervention. The yen tumbled from a 15-year high against the dollar after Japanese monetary authorities intervened in international currency markets for the first time since 2004. Finance Minister Yoshihiko Noda said the country unilaterally sold yen "to check excessive volatility in currency markets," with media reports suggesting Japan's intervention may have exceeded ¥100B ($1.2B). Comments from officials suggest this is a "strong conviction" intervention that could be followed by more action as needed, with 82 yen per dollar appearing to be the line of defense. The yen is -2.8% to 85.40 yen/dollar (6:00 ET), after reaching a high of 82.88 earlier today. Nikkei +2.3%.
• Boeing likely to lose WTO ruling. The WTO is expected to rule against Boeing (BA) today, finding it received some illegal subsidies from the U.S. The preliminary, confidential finding will come more than a year after the WTO ruled against Airbus in a similar case, and officials may feel pressure to prove that a new ruling against Boeing is just as severe as the one meted out to its European rival.
• Suit against Citi finds solid ground. Terra Firma scored an initial victory as a U.S. judge ruled its lawsuit against Citigroup (C) over EMI Group will go to trial. Terra Firma, a British private-equity fund, is suing Citigroup on claims one of its executives misrepresented to Terra Firma that Cerberus Capital Management had made a higher, competing bid for EMI in the final days before an auction for the recording company in May 2007. As a result, Terra Firma said it paid an inflated price for the company.
• FDA stymies Big Pharma ambitions on diet pills. Shares of Arena Pharmaceuticals (ARNA) plunged nearly 40% yesterday after the FDA cited safety issues with lorcaserin, Arena's proposed obesity drug. An FDA panel will meet tomorrow to consider the drug, while a panel meeting today will discuss whether to call for the removal of Meridia, a separate weight-loss pill sold by Abbott Laboratories (ABT) which has been linked to heart problems. The diet drug field had once seemed like it would become a major money-maker for pharmaceutical firms, but the FDA has repeatedly sidelined these drugs because of their side effects; an FDA panel refused to recommend approval for Vivus' (VVUS) Qnexa drug in July, and is in the middle of reviewing Orexigen's (OREX) Contrave.
• China worried about BHP's Potash bid. China's Ministry of Commerce expressed concern over BHP Billiton's (BHP) $39B hostile bid for Potash (POT), suggesting it could negatively impact both the global potash industry and China's domestic industry. The ministry said it would open an anti-monopoly probe of the bid if a formal application is submitted.
• BP's spotty safety record prompts North Sea concerns. BP's (BP) safety standards have come under increased scrutiny since the Gulf spill, and the results have been less than satisfactory. According to documents obtained by the Financial Times, all but one of BP’s five North Sea installations inspected in 2009 were cited for failure to comply with emergency regulations on oil spills, including failure to provide offshore operators with adequate regular training or information on how to respond to an incident. The reports raise additional questions about BP's ability to manage a disaster in the area, and lend weight to calls for a moratorium on deepwater drilling in the North Sea. Premarket: BP -1.4% (7:00 ET).
• AIG considers Taiwan listing for Nan Shan. AIG (AIG) has reportedly had informal contact with Taiwan's Financial Supervisory Commission as it considers its options for Nan Shan Life, and may either put Nan Shan back on sale, list it in Taiwan or continue to run the unit itself. Regulators had rejected AIG's planned $2.2B sale of the unit.
• SEC probes "spiky" trading. The SEC is reportedly investigating three recent trading days when the number of buy and sell orders in the stock market jumped dramatically. The probe of these traffic spikes reflects the growing concern among regulators that excessive "noise" is disrupting the marketplace.

Source: Seeking Alpha

Top Small Cap Gainers: 13th Sept 2010

Company name	Symbol	Market cap	Quote change (%)	Last price	Volume
GTSI Corp.	GTSI	67.76M	36.05	7.05	336,594.00
XenoPort, Inc.	XNPT	231.02M	21.94	7.56	1.57M
RXi Pharmaceuticals Corporation	RXII	48.87M	17.70	2.66	1.37M
Synta Pharmaceuticals Corp.	SNTA	150.83M	17.35	3.72	442,330.00
Nova Measuring Instruments Ltd.	NVMI	105.28M	13.58	5.27	440,524.00
Neuralstem, Inc.	CUR	107.66M	13.04	2.34	396,529.00
Celldex Therapeutics, Inc.	CLDX	125.63M	12.89	3.94	1.24M
Rare Element Resources Ltd.	REE	201.70M	12.54	6.28	1.29M
Wave Systems Corp.	WAVX	202.88M	11.56	2.51	555,924.00
Sangamo Biosciences, Inc.	SGMO	160.91M	11.25	3.56	395,380.00
Sonde Resources Corp.	SOQ	202.48M	10.92	3.25	480,537.00
VirnetX Holding Corporation	VHC	529.50M	10.60	11.16	2.24M
The McClatchy Company	MNI	283.95M	10.56	3.35	1.66M
Meru Networks, Inc.	MERU	267.18M	10.10	16.79	296,866.00