>>> US Gapping up

Gapping up

In reaction to strong earnings/guidance: CLNT +20.6%, CAAS +3% (light volume), IOC +2.5% (ticking higher), .

M&A related: BIOF +46.5% (receives proposal for a possible transaction), JNJ +0.6% (Johnson & Johnson announces acceptance of binding offer from The Carlyle Group (CG) to acquire Ortho-Clinical Diagnostics ), SYMC +0.1% (Bloomberg discusses that a breakup may be best thing for SYMC investors).

Select metals/mining stocks trading higher: SVM +5.5%, RIO +1.4%, AG +1.3%, GOLD +0.9%.

A few solar related names showing strength: SOL +4%, YGE +2.3%, CSIQ +2.2%, FSLR+1.1% ( is near mining supply deal with Australia, according to reports), SPWR +0.5%.

Other news: BODY +20.8% (modestly rebounding), MNGA +18.5% (MagneGas and FutureEnergy Sign JV to advance combustion and fuel technologies), HALO +9% (announces that consistent 1 Trial Of Hylenex Recombinant met primary endpoint), INSY +7.8% (Insys Therapeutics Completes Three-for-Two Stock Split Through Stock Dividend), DDR +7.2% (Barron's profiles positive view),AMD +5.7% (still checking), INO +5.5% ( positive comments on Mad Money), LM +5.5% (still checking), CYTR +5% (receives orphan medicinal product designation from the European Commission for Aldoxorubicin in soft tissue sarcoma), BIIB +2.7% (receives FDA approval for ALPROLIX), ING +2.4% (intends to resume dividend payments over the financial year 2015; target pay-out ratio >40%), AMGN +2.1% (reports new detailed data from three Phase 3 pivotal studies show investigational cholesterol-lowering medicine Evolocumab significantly reduced LDL cholesterol By 55-66%), EXAS +1.9% (despite Barron's profiles cautious view), NVS +1.7% ( PARADIGM-HF trial of Novartis' LCZ696 for chronic heart failure closes early based on strength of interim results), FINL+1.7% ( positive comments on Mad Money), AMED +1.2% (announces care center closures and consolidations), AAPL +0.8% (Apple wants $2 bln from Samsung (SSNLF) in latent patent fight, according to reports ), TSLA +0.7% (following 60 Minutes interviews TSLA's Elon Musk). NFLX +0.7% (Barron's profiles positive view), C +0.5% (was hurt by negligent auditing in stress tests, according to reports), C +0.5% (Barron's profiles positive view), GE +0.6% (plans Japan solar plant investment, according to reports), TWTR +0.6% (Twitter ban in Turkey has been overturned), MDT +1.6% (Medtronic's CoreValve System results superior to open-heart surgery at one year in U.S. pivotal trial; Melody Transcatheter Pulmonary Valve shows positive clinical outcomes in real-world study).

Analyst comments: SINA +3.1% (upgraded to Outperform from Sector Perform at Pacific Crest), DEG +2.9% ( upgraded to Overweight from Neutral at JP Morgan), XONE +2.2% (light volume; ExOne upgraded to Buy from Hold at BB&T Capital Mkts), LULU +2.1% (upgraded to Outperform from Neutral at Wedbush), CVA +2% ( upgraded to Strong Buy from Outperform at Raymond James),BIDU +1.7% ( ests raised at Pacific Crest following China trip), BIG +1.6% (upgraded to Buy from Hold at KeyBanc Capital Mkts), VOYA +1.4% ( upgraded to Buy from Neutral at Goldman), VIPS +1.4% (upgraded to Buy from Neutral at Goldman), MCC +1.3% ( upgraded to Outperform from Neutral at Credit Suisse; downgraded to Market Perform from Outperform at Wells Fargo), SAN+1.2% ( upgraded to Hold from Sell at Deutsche Bank), PNRA +1.1% (upgraded to Outperform from Neutral at Wedbush), EIX +0.7% (upgraded to Buy from Neutral at UBS; tgt raised to $60 from $57), TRV +0.3% ( upgraded to Neutral from Sell at Guggenheim),

>>> Needham posts its top media picks for 2014 - P, RATE, CBS

Needham posts its top media picks for 2014 - P, RATE, CBS

Needham notes P is down 25% since March 5th (vs S&P down 1%). Pandora is firm's top pick for 2014 as firm expects upside to be driven by income statement overdelivery, multiple expansion, and new revenue stream optionality. RATE is down 20% since Feb 18th (vs S&P up 1%). Firm recommends purchase at these levels owing to: 1) credit card revenue momentum, including new slotting fees, plus 80% profit margins; (2) insurance business stable and pricing improving; among other factors. CBS is firm's top pick in our old-economy coverage, owing to upside from: 1) $220mm of political advertising revenue (its estimate) in FY14; 2) retransmission and reverse compensation revenue momentum; among other factors.

>>> Facebook: Did Facebook overpay for Oculus?; Needham says no

Facebook: Did Facebook overpay for Oculus?; Needham says no

Needham argues that FB didn't overpay, based on: When FB bought Instagram for $1B in 2012, investors believed FB had overpaid. But as teen usage of FB has waned, Instagram's has grown, allowing FB's valuation to rise (despite little rev from Instagram); FB paid $400 mln in cash for Oculus Rift, plus 23 mln shares (i.e., $1.5B) of FB stock plus an additional $300 mln earn-out in cash and stock if certain metrics are achieved over time. With FB valued at 13x sales, we'd prefer FB to issue more shares (less cash), from a valuation viewpoint; Press reported that several co's had tried to buy Oculus, demanding a premium price to get the deal done quickly, similar to WhatsApp. Oculus gives FB an answer to GOOG glass.

>>> BlackBerry upgraded to Hold at Needham

BlackBerry upgraded to Hold at Needham
Needham upgrades BBRY to Hold from Underperform on the strength and competence of the company's new management team and the possibility of an upside surprise in BlackBerry sales later this year. John Chen, the new CEO, seems to have brought adult supervision to the company. Firm sees potential for a meaningful upgrade cycle in the co's installed base later this year when BlackBerry introduces its new "Classic" business smartphone. Firm is raising its fiscal 2015 estimate from a loss of $3.85 to a loss of $1.75.

>>> US Early premarket gappers

Early premarket gappers

Gapping up: BIOF +46.5%, CRIS +23.6%, BODY +20.8%, CLNT +20.6%, GIG +19.8%, AMGN +18%, DDR +7.2%, AMD +5.7%, INO +5.5%, LM +5.5%, CYTR +5%, ODP +3.6%, CAAS +3%, BIIB +2.7%, ING +2.4%, CSIQ +2.2%, EXAS +1.9%, NVS +1.7%, FINL +1.7%, RIO +1.4%, AMED +1.2%, FSLR +1.1%, AAPL +0.8%, TSLA +0.7%, NFLX +0.7%

Gapping down: PRAN -44.2%, MNKD -8.9%, MX -3.6%, TPLM -2.5%, BBRY -1.9%, GM -1.2%, GSK -0.7%

Oppenheimer - Time Warner Cable: Charter (CHTR) challenges CMCSA/TWC deal in pro

Time Warner Cable: Charter (CHTR) challenges CMCSA/TWC deal in proxy fight

Oppenheimer notes Charter (CHTR) is soliciting proxies from TWC shareholders in opposition to the proposed CMCSA merger. The co is urging shareholders to reject the proposed merger primarily on the grounds of higher regulatory risk, subscriber divestitures, as well as the decline in the value of CMCSA stock since the merger announcement. OPCO: This looks like a case of sour grapes on Charter's part, whose offer would still be ~10% below that of Comcast's even accounting for the 13% decline in CMCSA shares over the past few weeks. In any case, the recent pullback in CMCSA shares has been industry-wide and more related to investor concern regarding fiber overbuilds as opposed to anything specifically related to the CMCSA/TWC merger, in their view. They continue to see regulatory risk as manageable and don't expect CHTR to be successful in its challenge of the deal.