We talked about Crocs (CROX) during yesterday's MidnightTrader Pro webinar. Another great quarter and another slam dunk for an after-hours buy. We know from historical reactions - as reported in the Earnings Notebook coverage - that this stock consistently adds significantly to gains the next day following earnings related after-hours gains.

After the close yesterday, Crocs (CROX) reported Q1 revs of $198.5 mln, ahead of the Thomson First Call consensus of $197 mln. Non-GAAP EPS was $0.09 per share, a penny shy of the Street view.

For the year, the company expects revenue growth between 15% and 20% over 2007 levels. Ex a charge, EPS is seen in the range of $1.70 to $1.80 per share. The Street is at 19% revenue growth and earnings of $1.60 per share.

For Q2, the company guided for revenue to increase about 10% to 15% over Q2 last year. Ex a charge, EPS is seen in the range of $0.45 to $0.50 per share. The Street is at 12% revenue growth and EPS of $0.43 per share.

All looked good here last night and still does ahead of the open. Now the question is how far CROX will rise today. Again, using history as a guide, traders can expect a 10-12% additional gain in today's regular session from the after-hours close. If you let it run, you might consider a tight stop to pretect these lofty gains.

Google (GOOG) shares have been on a strait upward trajectory since it's earnings annoucment a couple weeks ago. What else could propel the stock back to the $700 range you ask? Try a failed Microsoft (MSFT) bid for Yahoo (YHOO). With Google already light years ahead of both companies combined in online search and related products, the failed combination results in a tremendously weakened competitive landscape for Google.

Yahoo executives passed on a $33 a share offer from the PC softward giant, a roughly $5 billion increase from its previous offer. The company was looking for something in the $37 range.

Following our earlier coverage of buying activity in Google this morning thorugh our premium service, early traders in the pre-market this morning are viewing the news correctly (in our view) and getting positioned ahead of the opening bell.

Google last traded at $604, well above its $581.29 close on Friday.

By the way, Yahoo is setting up for a nice pre-market short trade. Use the Event Window tool within the subscriber section to see how Yahoo has reacted to similar news in the past.

Not surprisingly, shares of Digital River (DRIV) have added significantly to the earnings related gains posted after-hours last night. Yesterday after the close the company reported Q1 revs of $103.6 mln, better than the Thomson First Call consensus of $99 mln. Non-GAAP earnings were $0.50 per share, a penny better than expectations.

For Q2, co. sees revs of $91 mln and EPS of $0.33 per share, vs. the Street view of $91 mln in revs and earnings of $0.38 per share.

For the full year 2008, co. sees revs of $401 mln and earnings of $1.89 per share, vs. the analyst consensus of $395 mln in revs and earnings of $1.90 per share.

As we reported in yesterday's Earnings Notebook report, shares of DRIV have a tendency to extend after-hours gains or losses the next day following earnings announcements. Today being no different than what we've seen in the past, the stock has doubled the gains from last night into the pre-market session this morning. Over the last three quarters, DRIV has significantly widened its evening, earnings-driven share move during the next day's regular session.

On Jan. 31, 2008, the stock fell 11.2% during evening trading after DRIV issues disappointing guidance. The stock tumbled 18.2% the next day.

On Oct. 25, 2007, the stock gained 7.5% during evening trading after the company meets with Q3 EPS and beats with revenue. The gain was 11.4% the next day.

On July 26, 2007, DRIV dipped 0.8% in night trade after about meeting Q2 expectations but forecasting Q3 to fall below Street views. Shares fell further the next day to close the regular session down 4.6%.

Shares last traded at $36.25 ahead of the open. Best way to play this is to take profits on the opening surge and keep a tight trailing stop to preserve the gains should the surge falter in the opening minutes.

After the closing bell yesterday, NetLogic (NETL) reported Q1 revenue of $34.2 mln, matching the Thomson First Call consensus. Non-GAAP earnings were $0.38 per share, a nickel better than the Street view. 

The stock has put up five wider next-day share moves following its last seven quarterly earnings-driven evening moves. Clearly, a strong performer on similar earnings news in the past.

Traders may want to look at the $29.20- $29.50 area as a buy entry price in the pre-market session to take advatange of likely additional gains in today's regular session. Using history as a guide, we have seen this stock increase gains or losses from the after-hours to the following regular session pretty consistantly.

On Jan. 29, the stock finished just firmer, up 0.4%, after the company meets with Q4 results. The stock jumped 10.5% the next day.

On Oct. 24, 2007, NETL declined 6.5% in after-hours trade after beating on Q3 earnings expectations and posting revenue in line with estimates. The declines went deeper south to 15.7% by the close of the Oct. 25 regular session.

On July 24, 2007, the stock gained 4.7% in evening trading after reporting just ahead of the Street view. The stock reversed to close down 0.8% the next day.

On April 26, 2007, shares marched up 8.7% in evening trading after reporting about in line with Q1. The gain was more than halved to 3.5% the next day.

On Jan. 24, 2007, the stock gained 2.5% in the evening hours after as EPS is reported ahead though revs miss. The stock was up 9.1% the next day.

On Oct, 25, 2006, the stock dropped 10.1% after the bell after reporting in line. The loss fattened to 22.4% the next day.

On July 26, 2006, shares fell 5.9% in the evening hours following a report of mostly in line results. The stock fell 9.1% the next day.

Despite what appears to be lofty levels for this stock ahead of the opening bell, shares of Sohu.com (SOHU) are likely to rise further in regular session trading. Using history as a guide, the stock tends to increase gains in the regular session following earnings related price gains in the pre-market. 

The stock rose to a high of $71.25 in the pre-market session this morning following the company's better than extected Q1 earnings report. The company reports Q1 revs of $84.8 mln, well ahead of the Thomson First Call consensus of $69 mln. Non-GAAP earnings were $0.64, well ahead of expectations of $0.37.

For Q2, co. sees revs between $93 and $96 mln, better than expectations of $77 mln.

The stock looks attractive in the $70's ahead of the opening bell for aggressive traders.

Google (GOOG) spells relief for the tech sector as it is surging higher follwoing its earnings report after the bell this evening.

Google reports Q1 revenue, ex Traffic Acquisition Costs, of $3.7 bln, better than the Thomson First Call consensus of $3.6 bln. Non-GAAP EPS was $4.84 per share, better than Street estimates of $4.52 per share.

It's up, up and away for the tech sector tonight and tomorrow. Don't wait till the open to pick up your favorite tech stock. As for Google, take a look at the MidnightTrader Forecast Report to get some insight on how to play it tonight.

The sellers are dominant in active pre-open trading on the heels of an earnings report from mega blue chip General Electric (GE).

As reported by MidnightTrader.com a few minutes ago:

GE reports Q1 EPS of $0.44 per share, below Street expectations of $0.51 pe share. Revenue was $42.2 bln, worse than the Street view of $43.6 bln.
The company lowered its full year EPS guidance to a range of $2.20 to $2.30 per share, below the Street view of $2.43 per share.

Q2 EPS is seen at $0.53 to $0.55 per share, vs. expectations of $0.58 per share.

Traders have sold off shares in early trading to $32.60, a level not seen since June, 2006. Using history as a guide, it may be time to take advantage of the fear. GE is recently favoring a narrowing trend between the sessions, cutting back its pre-market earnings-driven percentage performance in the following regular session in three of the last four quarters.

On Jan. 18, 2008, GE advanced 2.3% in pre-market trade after meeting Q4 expectations and maintaining its 2008 guidance largely in line with the Street view. The stock added to its upside in the following regular session, gaining 3.3% by the closing bell.

On Oct. 12, 2007, GE lost 1.5% in pre-market trade after the company met Q3 earnings expectations, beat on sales and guided for its Q4 and full year earnings in line with the Street view. The stock saw its declines reverse slightly during the regular session, closing out that day's trade down 1.3%.

On July 13, 2007, GE advanced 1.6% in pre-market trade after the company beat by a penny on earnings and set forward guidance in line with expectations. It narrowed its upside in that day's regular session, rising 1.2%.

On April 13, 2007, GE gained 1.1% in pre-market activity after reporting quarterly results that matched estimates and setting its outlook in a range that straddled the Street view. The stock saw its upside cut back between the regular session bells as GE ended the day with a 0.5% gain.

It isn't easy going long with so much negative sentiment out there, but therein lies the reward.

Broad based selling in the retail sector ahead of the opening bell this morning is likely to be a drag on the Dow throughout today's trading session.

The weaker than expected results from Bed Bath and Beyond (BBBY) after the close Wednesday ignited the selling with additional enthusiasm to the downside being generated by poor same store sales results from other leading retailers in this morning's pre-market:

J.C. Penney (JCP) March Comp Store Sales Decrease 12.3% - Off 1% in Light Pre-Market Trade.

Kohl's (KSS) March Comp Store Sales Decreased 15.5%, Guides Q1 EPS Below Street - Stock Down 3%.

Target's (TGT) March Comp Store Sales Decreased 4.4% - Stock Off 2% in First Light-Volume Pre-Market Matches.

American Eagle's (AEO) March Same Store Sales Decrease 12%, Cuts Earnings Outlook - Down 4% in Pre-Bell.

Bed Bath & Beyond declined 5.6% (at 27.80) in Wednesday's after-hours session after missing Q4 revenue expectations and setting its forward earnings guidance below the Street consensus.