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THURSDAY NOVEMBER 20 2008 CLICK     HERE TO SEE ECONOMIC         CALENDAR BELOW

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Standard & Poor's Announces Changes to U.S. Indices
S&P SmallCap 600 constituent Southern Union (SUG) will replace Avis Budget Group (CAR) in the S&P MidCap 400, and The GEO Group (GEO) will replace Southern Union in the S&P SmallCap 600. S&P SmallCap 600 constituent ManTech International (MANT) will replace Media General (MEG) in the S&P MidCap 400, and Axsys Technologies (AXYS) will replace ManTech International in the S&P SmallCap 600. As of today's close, Avis Budget Group and Media General had market capitalizations of ~$50 mln and $68 mln respectively, ranking them 400th and 399th in the index. Capella Education (CPLA) will replace Photronics (PLAB), Hittite Microwave (HITT) will replace Sunrise Senior Living Inc. (NYSE:SRZ), Interwoven (IWOV) will replace CPI (CPY), and Oil States International (OIS) will replace Select Comfort (SCSS) in the S&P SmallCap 600. As of today's close, Photronics, Sunrise Senior Living,

Economic
08:30 Initial Claims
10:00 Leading Indicators (Oct.): -0.6% cons.
10:00 Philadelphia Fed (Nov.): -30.0 cons

Jobless Claims
[Consensus]
 [Bullet] 8:30 ET 
Leading Indicators
[Report]
 [Bullet] 10:00 ET 
Philadelphia Fed Survey
[Report]
 [Bullet] 10:00 ET 
EIA Natural Gas Report
 [Bullet] 10:35 ET

TOP FINANCIAL NEWS

BUSINESS NEWS

After Hours Summary
 HST +2.0% (outlook revised to negative on worsening revenue expectations at S&P)

Companies trading higher in after hours in reaction to earnings
 COIN +10.3%; GYMB +4.7%, INTU +1.0%...   
Companies trading higher in after hours in reaction to news
: ABK +47.4% (commutes ~$3.5 bln of CDO exposure for cash settlement of $1 bln); HST +2.0% (outlook revised to negative on worsening revenue expectations at S&P); SUG +2.0% (Southern Union (SUG) will replace Avis Budget Group (CAR) in the S&P MidCap 400); DISCA +1.7% (CFO bought 40K shares at $12.46-12.99 on 11/18); AKAM +1.1% (to take cost cutting measures to support continued investment in key areas)...  Companies trading lower in after hours in reaction to news: PAY -9.5% (sees Q4 EPS and revs below consensus).

Earnings

Before: AGYS, STST, BKS, BONT, BRC, CTR, PLCE, DKS, EJ, FRE, GME, GCO, GRB, GSIG, HP, ITWO, IDEV, IUSA, LTXX, LULU, MPR, NWY, PTRY, PDCO, PERY, PPC, SBH, SCHS, SCVL, SSI, SMRT, STP, SCMR, BKE, TDG, WTSLA

After: ARAY, ARUN, ADSK, BRCD, JRJC, CHRD, CPWM, DELL, DDS, DITC, FL, GPS, HIBB, HRAY, JCG, CRM, ZUMZ

Events

AFFY Analyst Day

INWK Investor Day

AKAM Analyst Meeting

COL, CW, LMT, SAI, SXE at Credit Suisse Group Aerospace & Defense Conf.

VRTX, IDIX, VPHM, ANDS at Needham & Company Infectious Disease Conf.

COHR, JNPR, SUPX, ARTG, AXTI, SMTL at UBS Global Technology & Services Conf.

BLL, VCI, BAS, CEM at Bank of America Credit Conf.

BBX to Host Investor Luncheon Meeting in Naples, Florida

CPNO, EROC, PSE, HLND, PVR at RBC Capital Markets MLP Conf.

T, STM, ASML, ERIC at Morgan Stanley Global Consumer & Retail Conf.

 

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3 Yr Note Settlement
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Weekly Bill Settlement
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Equity Settlement
11 -20 -2008
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11 -21 -2008
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11 -24 -2008
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11 -25 -2008
Equity Settlement
11 -26 -2008

the market

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BUSINESS WEEK MARKET ANALYSIS

 By Paul Cherney

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