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Market Preview: The Bulls Finally Blink (Correct)

Other companies reporting before the open include BankAtlantic Bancorp (BBX), Bon-Ton Stores (BONT) Brown-Forman (BF.B), Canadian Solar (CSIQ), Children's Place (PLCE), Express Inc. (EXPR), Fresh Market (TFM), Hovnanian Enterprises (HOV), Maidenform Brands (MFB), Superconductor Technologies (SCON), and Verso Paper (VRS).

The late roster features Alamo Group (ALG), Coca-Cola Bottling (COKE), Coldwater Creek (CWTR), H&R Block (HRB), Heelys (HLYS), Hot Topic (HOTT), Jamba (JMBA), Korn/Ferry International (KFY), Men's Wearhouse (MW), Pall Corp. (PLL), Sequenom (SQNM).

Wednesday's economic calendar features the Mortgage Bankers Association's weekly application activity index at 7 a.m. ET; the ADP employment change report for February at 8:15 a.m. ET; the revised reads on productivity and unit labor costs for the fourth quarter at 8:30 a.m. ET; weekly crude inventories at 10:30 a.m. ET; and consumer credit for January at 2:00 p.m. ET.

The ADP report should get the most attention ahead of Friday's February employment change report, and the consensus is for an increase of 218,000. Ian Shepherdson, chief U.S. economist at High Frequency Economics, said a 200K reading from ADP would likely translate to a rise of close to 250,000 in non-farm payrolls on Friday.

And finally, Tuesday must feel like one of those days the music died they sing about for investors in Pandora (P - Get Report), which dropped more than 20% in heavy after-hours action after the streaming music company surprised Wall Street with a wider than expected loss.

The company also dashed hopes that it would be profitable in the current fiscal year, forecasting a non-GAAP loss of 11 to 16 cents a share on revenue of $410 million to $420 million. The current average estimate of analysts polled by Thomson Reuters is for earnings of a penny per share on revenue of $418.3 million.

The stock was last quoted at $11.14, down 22%, on volume of more than 3 million, according to Nasdaq.com. At that level, the shares are trading 30% below their mid-June IPO pricing at $16 per share.

The winner in extended trades was Discovery Laboratories (P - Get Report), which soared on news that it's received marketing approval for Surfaxin, a preventive treatment of respiratory distress syndrome in high-risk premature infants.

Discovery Labs, whose stock hit a new 52-week high of $4.57 in Tuesday's regular session, expects to be able to make the drug commercially available in the United States later this year. The shares soared as high as $6.85 in late trades, and were last quoted up more than 35% at $5.14 on volume of 2.4 million.

-- Written by Michael Baron in New York.



>To contact the writer of this article, click here: Michael Baron.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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