Looking For A Catalyst

Morning News of Note:

• TIVO TiVo confirms launching of TiVoCast (6.13 +0.07) Co announced the launch of TiVoCast, a new service which will deliver broadband video directly to the television sets of TiVo subscribers. The TiVoCast service turns Web video into television by bringing top broadband content now only available on the PC to the TV set. TiVo signs agreements with NBA and WNBA, The New York Times, Heavy, iVillage, and CNET to Deliver Broadband Programming Directly to the Television.
• YHOO Yahoo!: Gmarket stake bolsters strong position in Asia - Prudential (30.70 ) -Update- Prudential notes that YHOO announced it entered into an agreement to acquire a 10% stake in Gmarket, a leading e-commerce provider in Korea, from Oak Investment Partners. They note that Gmarket has been gaining share in e-commerce in Korea from eBay recently. Firm believes YHOO has the largest affiliate-search advertising network in Korea, but it does not have significant traction on its own website. They think this investment could be a first step in building a more meaningful business in Korea, which would be a nice complement to Yahoo!'s strength elsewhere in Asia.
• Gapping Down:
  ALOG -12% (reports AprQ, misses handily), HRLY -5.5% (Raymond James downgrade), COO -5.3% (reports AprQ), KNOT -5.2% (Greenberg red flags stock on CNBC), IFN -2.3%, ALA -1.9%... Mining stocks are weak on lower gold prices: GLG -6% (lowers gold production outlook), HMY -4.5%, AU -2.9%, BGO -2.8%, ABX -2.8%, SLV -2.4%, AAUK -2%, RTP -1.8%, GG -1.7%... Under $3: DSCO -19% (withdraws drug application), CRAY -14% (provides guidance, offers a wider range of possible results, shareholders approve reverse split).
• Gapping Up:
  MATK +10% (reports AprQ), HOM +8.9% (Sanders Morris upgrade; $15.50 tgt), IDWK +8.4% (receives volume order from tier-1 customer), CUP +7.8% (to receive offer today from PCU -- Globe and Mail), DNDN +4.4% (positive data on Provenge), MOVI +4% (same), PMTI +3.4% (Mad Money mention), AUY +3% (resumed with Outperform by BMO Nesbitt), FNSR +2.8%, PEIX +2.7% (Soleil initiates with $34 tgt), IFO +2.2% (rebounds after 21% drop yesterday), RIO +2%, HNT +1.6% (Pru upgrade), BIDU +1.3% (extends yesterday's 8% move), VOD +1.2%, GOOG +1% (RBC raises ests), Under $3: PPHM +9% (positive clinical data), PRGX +15%, ARTX +8%.
• SIA raises forecast for chip industry growth; worldwide semiconductor sales will grow by 9.8% in 2006
• SIRF SiRF Technology GPS Powers New Wireless Handheld From Fujitsu Siemens Computers (30.11 ) -Update-

Market Comments: The market is fairly flat at the open. With all of the Fed officials that have been speaking lately, it seems that most of their comments have been construed negatively by the market. Today, Greenspan is speaking, so let's see if the pattern holds.

What the market really needs is some catalyst to rally. YRCW raised its earnings estimates this morning, but it is pretty much only helping that stock. We could use some takeover news, some better economic reports, or some other datapoint that emboldens the bulls.

long SIRF