Gapping Down
In reaction to disappointing earnings/guidance: XING -20.1%, CALM -15.6%, WAG -3.8%… Select financial related names showing weakness: WB -90.3% (Citigroup to acquire banking operations of Wachovia), NCC -25.9%, RBS -21.6% (tumbles in the UK because of its perceived links to the stricken European bank Fortis - Guardian Unlimited), CORS -20.0%, AIB -19.6%, LYG -18.9%, UBS -14.9%, CS -13.7%, AEG -11.4% (has EUR125 mln gross exposure to Washington Mutual - DJ), ING -11.1%, IBN -10.9%, MS -9.1%, C -5.2% (Citigroup to acquire banking operations of Wachovia), JPM -5.2%, WFC -3.8%, GS -3.6%, AIG -3.5% (will issue a new series of Convertible Participating Serial Preferred Stock, FT reports AIG looks to sell 15 units), ABK -2.9%, BAC -2.9%… Select oil/gas names stocks showing weakness with crude lower: BP -5.8%, RDS.A -5.6%, TOT -5.6%… Select mining names trading lower: MT -8.6%, BHP -8.1%, RTP -7.7%, RIO -5.0%… Other news: NOK -6.3% (still checking for anything specific), LLY -3.9% (announced the FDA did not complete its review for the prasugrel new drug application)… Analyst comments: AAPL -6.2% (downgraded to Equal Weight at Morgan Stanley and downgraded to Sector Perform at RBC), FCX -4.7% (downgraded to Hold from Buy at Deutsche Securities), CDE -4.5% (downgraded to Sell from Hold at Deutsche Securities).
Gapping Up
Select airlines showing strength with crude lower: LCC +4.9%, UAUA +4.7%, DAL +3.8%, CAL +3.0%… Other news: FNM +20.8% and FRE +12.5% (showing strength with progress on the $700 bln troubled asset agreement), PPC +9.9% (announces definitive written agreement with lenders on temporary covenant waiver), IMCL +4.1% (may have talks to announce - WSJ).
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