Investing

Top 10 Mid-Day Movers (MAY 9, 2007)

Stock Tickers: CSCO, DNDN, CMGI, IBM, ISIS, RTP, FWLT, MVSN, TXN, ERTS

So far this is turning out to be an interesting day, despite what looks to be very mixed and dull markets ahead of a Fed meeting announcement.  Did you notice how this is the “least covered” Federal Reserve meeting by the media today in several years?

There are quite a few active stocks despite the market and despite the Fed.  This is not the actual top-10 most actives or the top-10 most changed, but these are the ones we wanted to focus on:

Dendreon (DNDN) shares murdered by 60% to $7.10-ish after the FDA sends back an “approvable letter” with a request for more information on Provenge for the treatment of late-stage prostate cancer.

Cisco Systems (CSCO) is now down over 6% at $26.55 mid-day and we’ve already seen 90 million shares change hands.  Their numbers were fine even if Wall Street wanted more, but the mere hint of discussing North American businesses looking at a slower cap-ex environment will do that.

CMGI (CMGI) is up more than 2% at $2.44, and getting closer to its recent highs.

IBM (IBM) is hardly active considering the “Goldman Sachs upgrade to a Buy.”  Shares are up 0.7% on 4.3 million shares at $104.00, and while that is actually a new recent high it’s probably one of the upgrades that went out yesterday.

Isis Pharmaceuticals (ISIS) is up almost 4% after Bristol-Myers Squibb signed a cardiovascular pact with the company.

Foster Wheeler (FWLT) is up more than 17% on what was nothing short of a spectacular earnings blowout.  Expect Cramer to be out touting this one today or tonight.

Macrovision (MVSN) shares are up 16% to $27.85 after beating earnings and raising guidance.

Electronic Arts (ERTS) shares are down on the following quarter guidance, even though the 2008 guidance is solid.  It has to be hard to trust even them when they have to compete in calendar Q4 against the upcoming Halo 3 and the Grand Theft Auto releases.  Shares are down 4% at $50.70.

Texas Instruments (TXN) shares are trading up 4% at $36.60 on analyst meeting commentary.

Rio Tinto (RTP) shares are trading up 12% at $297.50 on persistent merger mania driving rumors and reports that BHP Billiton is interested.  This is even with Rio Tinto saying they are unaware of such interest.

Jon C. Ogg
May 9, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.