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Stock futures show mixed results

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Stock futures are showing mixed results this morning as S&P futures (sp02m) edge lower by 0.10 points at 1,072.90 and NASDAQ futures trade down 0.50 points at 1,197.00. Dow futures are attempting to hold some gains, trading up 4.0 points at 9,990.00.

Software maker Peregrine Systems (NASDAQ:PRGN) $2.57 is the most actively traded at $0.95 (-63% from Friday's close) after the company said it had launched an internal investigation into its accounting practices, and announced the resignation of its chairman and chief executive, as well as its financial officer.

Also active are shares of Express Scripts (NASDAQ:ESRX) $51.25, as the stock jumps to $56.50 (+10.2% from Friday's close) after Banc of America says it is their understanding that ESRX received word late Friday that it is not a target of the investigation by the U.S. Attorney's office in Boston that led to its recent subpoena. B of A is expecting the stock to recover strongly from their dramatic sell-off on Thursday and Friday.

Shares of Autodesk (NASDAQ:ADSK) $17.31 were halted for pre- market trading earlier this morning when the company reduced Q1 outlook to a range of $0.14-$0.16 a share on revenues of $227- $229 million. The current Q1 consensus estimate for the period were $0.23 a share on revenues of $241.7 million. ADSK said business in Asia fell below expectations. Once resumed for trading, shares of ADSK were hit to the downside at $13.43 (-22% from Friday's close).

TRW and Northrop enter confidentiality agreement

Aerospace/Defense contractor Northrop Grumman (NYSE:NOC) $122.38 announced that it has entered into a confidentiality agreement with TRW Inc. (NYSE:TRW) $55.00 on terms that are acceptable to both companies. As a result, NOC expects to commence its due diligence process shortly.

Jeff Bailey
Senior Market Technician
Option Investor

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