Expect Margin Calls.....

Market will undoubtedly face some selling pressure between 11 am and Noon today....

Keep an Eye on Gold and Silver....

Silver started selling off last Thursday...a fall in gold would be a key sign of a shift of money looking for bargains in stocks....

Analyst Upgrades and Downgrades....

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Tuesday morning.


AECOM Technology Corp. (NYSE: ACM) Reiterated Buy with $33 target at Argus.
American International Group, Inc. (NYSE: AIG) Raised to Market Perform at KBW.
Berkshire Hathaway Inc. (NYSE: BRK-A) Raised to Overweight at Barclays.
Boston Scientific (NYSE: BSX) Raised to Outperform as Bull of the Day at Zacks.
CBS Corp. (NYSE: CBS) Raised to Buy with $31 target at Argus.
First Solar Inc. (NASDAQ: FSLR) Maintained Buy but cut target to $140 at Argus.
Humana Inc. (NYSE: HUM) Raised to Buy at Goldman Sachs.
McDonald’s Corporation (NYSE: MCD) Raised to Conviction Buy List at Goldman Sachs.
Merck & Co. Inc. (NYSE: MRK) Raised to Buy at Jefferies.
Pfizer Inc. (NYSE: PFE) Raised to Buy at Goldman Sachs.
PPG Industries, Inc. (NYSE: PPG) Reiterated Buy as Value at Zacks.
StanCorp Financial Group (NYSE: SFG) Cut to Underperform as Bear of the Day at Zacks.
Tyco International Ltd. (NYSE: TYC) Raised to Buy at Goldman Sachs.
Wells Fargo & Company (NYSE: WFC) Raised to Outperform at FBR.
Wynn Resorts Ltd. (NASDAQ: WYNN) Raised to Hold at Citigroup

All Eyes on the Fed....

The FOMC is due to meet today amid calls for the Fed to take action over slowing growth, especially after yesterday's stock plunge. However, with interest rates at zero to 0.25% for nearly three years and $2.3T of bond buying not spurring growth, there doesn't appear to be a huge amount the Fed can do. One option would be to replace shorter-term securities with longer maturities to reduce rates on longer-term debt. And if the Fed is considering QE3, it's not expected to announce it today.

Bring Back the Uptick Rule!!!!

With the Uptick Rule in place, shorting the market was much more difficult.  The SEC completely dropped the ball by allowing these ETF companies talk them into getting rid of the rule.  The result...a casino with no protection on the downside.

Medicis cuts outlook.....

Medicis Pharmaceutical Corp. (MRX). The company posted second-quarter profit in line with estimates and cut its full-year outlook. Medicis cut full-year earnings to $2.25-$2.56 a share from earlier view of $2.45-$2.60 a share. April-June net income fell to $28.8 million, or 43 cents a share, from $36.5 million, or 56 cents a share, a year ago.

Carrizo Oil and Gas Profit Doubles....

Carrizo Oil & Gas Inc (CRZO). The natural gas-focused energy company’s second-quarter profit rose more than fourfold helped by higher production and increase in oil prices, and said it expects 2011 production to be at par or above its prior view. Net income rose to $7.7 million, or 20 cents a share, from $1.8 million, or 5 cents a share, a year ago.

Fossil Q2 profit beats Street, but Guides Lower...

The company which sells its namesake brand as well as Michael Kors and Armani quarterly profit beat market estimates on increased sales of its watches and leather products, but the watchmaker forecast a third-quarter profit below expectations.

Fossil trading at $78 premarket down from a close of $93.  Fossil was IBD's number 2 rated stock.

Dish Network Q2 profit misses on subscriber losses

The second-largest U.S. satellite TV provider’s quarterly profit fell short of market estimates as the satellite-TV provider lost subscribers, hurt by increased competition.

Direct TV and Verizon's FIOS taking a toll on DISH.....

Futures have reversed overnight....

At 11 pm last night, the Dow Futures were down 280 points....as I write this Dow Futures are up 108 points....

Market Breadth from Yesterday....

This is about as ugly as it gets....Check out the New Lows on the NYSE (1,306).  I have been keeping track of Market Stats for 15 years, and have never seen anything close to that.  Selling volume suggests that yesterday was a complete panic selloff. 

Stocks to watch....

Apple Inc. (AAPL). The iPhone-maker said on Saturday its App Store reached landmark 10 billion downloads, further underlining the lead of the company in mobile online software battle, a counter on front page of the store showed.

Halliburton Co. (HAL). The world's second-largest oilfield services, on Monday reported higher fourth-quarter profit as drilling activity in its North American market remained strong. The company said its net profit rose to $605 million, or 66 cents per share, from $243 million, or 27 cents per share, a year earlier.

Premarket Movers.....

Gainers

Clinical Data Inc.’s (CLDA 25.00, +9.97, +66.33%)   shares rallied 44% after the company’s antidepressant received approval Friday from the U.S. Food and Drug Administration.

Genoptix Inc. (GXDX 24.88, +5.12, +25.91%) shares rose 26% after Swiss drug maker Novartis AG (NVS 56.70, +0.28, +0.50%) said it would buy the cancer-diagnostic specialist for $470 million.


Nvidia Corp.  (NVDA 23.05, +0.83, +3.74%) shares added 5% after Barron’s said the chip maker’s stock might rise as much as 80% in the next year.

Smurfit-Stone Container Corp. (SSCC 35.10, +7.58, +27.54%) shares climbed 27% after Rock-Tenn Co. (RKT 60.17, +2.99, +5.23%) said it would buy the container-board producer for $3.5 billion.


Decliners


RadioShack Corp. (RSH 16.09, -1.52, -8.63%) shares fell 12% after the consumer-electronics retailer said Chief Executive Officer Julian Day would step down in May. Read more about RadioShack.

World Wrestling Entertainment Inc. (WWE 11.95, -1.55, -11.48%) shares lost 11% after the producer of wrestling matches late Friday projected fourth-quarter earnings below expectations.

Oracle breaks higher....

GE looks to breakout on positive earnings...

General Electric Co. (GE). The company on Friday said profit rose 51 percent, topping Wall Street's expectations, helped by lower loss rates at its finance arm and an unexpected 1 percent rise in revenue. The largest U.S. conglomerate said on Friday fourth-quarter net income came to $4.5 billion, or 42 cents per share, up from $3 billion, or 28 cents per share, a year earlier.

Capital One beats estimates...

Capital One Financial Corp. (COF). The company’s fourth-quarter profit rose 85 percent to $697 million, beating estimates, as losses on bad loans fell and consumers slowly started to take out new loans. The company said it earned $1.52 per share. That compared with a year-ago profit of $376 million, or 83 cents per share.

BAC continues to report losses...

Bank of America Corp. (BAC). The largest bank by assets, reported a second straight quarter loss, driven by a $2 billion writedown of its mortgage business. The bank posted fourth-quarter net loss of $1.57 billion, or 16 cents a share, compared with a loss of $5.2 billion, or 60 cents a share, a year earlier.

ISRG surges...

Intuitive Surgical Inc. (ISRG). The company on Thursday reported far better-than-expected fourth-quarter profit on strong demand for its da Vinci surgical robots and an increase in procedures using the high priced systems. The company said net profit rose 56 percent to $121.2 million, or $3.02 per share, from $77.5 million, or $1.95 per share, a year ago. The company forecast 2011 revenue growth of 16 percent to 20 percent and procedure growth of 25 percent to 28 percent.

Google blows past estimates....

Google Inc. (GOOG). The company’s co-founder Larry Page will take over as CEO from Eric Schmidt, a surprise move to make the company more nimble at a time when competition heats up with fast-growing rivals like Facebook. The news came as Google reported fourth-quarter earnings and revenue that blew past expectations. Net income, excluding items, of $8.75 a share outstripped Wall Street's average forecast of $8.10. Net revenue, excluding fees paid to partner websites, was $6.37 billion.

Skyworks continues to roll....

Skyworks Solutions Inc. (SWKS). The cellphone chipmaker on Thursday reported better-than-expected first-quarter results and forecast second-quarter above market estimates on firm demand for smartphones, tablets and a shift to 4G. The company reported net income of $60.9 million, or 32 cents a share, from $28 million, or 16 cents a share, a year ago. The company forecast second-quarter earnings of 38 cents to 40 cents a share, excluding items, on revenue of $310 million to $320 million.