Pre Market Trading Gap News

U.S. equity futures are sharply lower and trading limit down this morning with the S&P futures -60 pts, DJIA futures -550 pts and Nasdaq futures -85 pts. The selloff comes after equity averages plunged around the world overnight, with Asian and European equity indices losing between 6-10%. Regular trading for U.S. futures will resume when U.S. exchanges open for trading at 9:30 E.T. To get an idea of pre-mkt trading while the futures are limit down, we’d note the SPY (S&P 500 SPDR) is currently -6.75% at 85.50 and the QQQQ (Nasdaq Powershares) -6.1% at 28.70. Safe haven assets such as govt bonds are bid up, with the US Treasury 30-year bond touching a record low yield of 3.8676% (according to Bloomberg), although Gold is lower, -$19 at $695.70. Crude oil is lower by $3.90 at ~$64 per barrel, with OPEC cutting production by 1.5 mln barrels per day, largely in line with expectations. There are major currency moves taking place as well, with the Japanese Yen up sharply and the British Pound sharply lower; the US dollar is up vs. the euro… The overnight selloff started in Asia and continued in Europe after the UK posted its first negative GDP figure in 16 years, with Q3 GDP dropping 0.5%. U.S. corporate news is relatively light this morning, although it has been reported that GE plans to use the Fed’s new short-term funding facility when it is launched on Monday… Performance among the major foreign markets stacks up as follows: Europe: FTSE (UK) -8.8%, CAC 40 (France) -8.4%, DAX (Germany) -8.6%, OMX (Sweden) -7.8%… Asia: Nikkei (Japan) -9.6%, Hang Seng (Hong Kong) -8.3%, Kospi (South Korea) -10.6%, Shanghai (China) -1.9%.

Gapping up: CLS +15.0%, HNSN +10.6%, SYNA +5.6%, HUN +5.0%, DDUP +4.5%, HITT +3.6%, KMP +2.8%, MPWR +1.6%…

Gapping down: DAI -17.0%, ING -16.1%, BCS -16.0%, HBC -15.4%, AIG -13.8%, SAP -13.2%, BP -13.1%, AEG -13.0%, FCX -12.4%, RDS.A -12.3%, SI -12.3%, NOK -11.7%, PHG -11.6%, MS -11.2%, TOT -11.0%, POT -10.9%, RTP -10.8%, VOD -10.7%, BAC -10.7%, C -9.8%, RIMM -9.1%, GS -8.9%, BHP -8.8%, SNY -8.2%, AZN -7.4%, AAPL -7.4%, MSFT -6.9%, GE -6.4%, WOOF -5.6%, POWI -5.4%, ABB -5.2%, JNPR -3.8%

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: AAI -20.3%, CNB -19.1%, ANAD -18.7%, ABB -14.9%, AMZN -13.7%, SNE -12.1%, ADCT -11.6% (also downgraded to Underweight at JPMorgan), ACL -11.4%, TEX -10.3%, LRCX -6.3% (also downgraded to Neutral at Credit Suisse), STX -6.3%, DAI -4.9%, PLD -4.7%, BDK -4.5%, NTRI -4.4%, BIDU -3.2%, CS -2.8%, BG -2.1%… Select financials trading lower: BCS -8.7%, AXA -7.9%, ING -7.9% (announces John Hele, Chief Financial Officer, will leave ING as of March 31 2009), STD -3.2%, BAC -2.5%, HBC -2.3%, GS -2.2%, JPM -1.4%, WFC -1.4%… Select oil/gas names showing weakness with crude trading lower: REP -4.9%, PBR -4.1%, TOT -3.0%, BP -2.7%… Select metals/mining names showing weakness with lower spot prices: BHP -8.5% (BHP said to face EU objections to RTP offer - Bloomberg.com), BBL -8.4%, MT -7.6% (Arcelor Mittal reviews $35 bln plan for growth - FT), GOLD -7.1%, RIO -6.4%, AEM -6.2%, ABX -4.8%, NEM -4.0%, GLD -3.2%, AUY -2.0%, AA -2.0%… Other news: CDNS -7.4% (announces accounting review and postpones release of Q3 financial results and webcast; reaffirms the expected third quarter 2008 results; also downgraded to Hold from Buy at Citigroup), EBAY -1.5% (trading down in sympathy with AMZN)… Analyst comments: PCU -7.8% (downgraded to Sell at Goldman - DJ), FRO -6.2% (downgraded to Underweight at JPMorgan), AKS -4.2% (initiated with Sell at BofA), FCX -4.2% (downgraded to Neutral at Goldman - DJ), BHI -1.4% (downgraded to Hold at Stern Agee).

Gapping Up

In reaction to strong earnings/guidance: RHD +61.8%, SPAR +38.1% (light volume), SSCC +36.8%, FFIV +12.2%, CTXS +10.2%, LVLT +9.8%, WIRE +8.2%, NE +7.9%, SYT +6.6%, DOW +5.6%, ELN +5.5%, JBLU +5.0%, AMGN +4.3%, BMY +3.3%, GSIC +3.2% (also upgraded to Buy at Stifel Nicolaus), POT +2.8%, DO +2.8%, AXYS +2.7%, PSSI +2.4%, NOV +2.1%, UPS +1.9%… M&A news: JUPM +83.3% (to be acquired by Getty Images for $96 mln in cash).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: LOGI -17.6%, CE -13.7%, JAVA -13.5%, FITB -11.0%, TLAB -11.0%, WU -10.7% (light volume), MICC -10.3%, TXN -9.3% (also downgraded to Hold at Deutsche Bank), ALV -8.7%, PUK -5.7%, SNDK -2.9%… M&A news: ACGY -4.1% (announces co held discussions with Subsea 7 in relation to a possible merger; the discussions have now been terminated)… Select oil/gas related names showing weakness with lower spot prices: SSL -12.4%, BP -7.0%, TOT -6.2%, RDS.A -4.6%, XOM -2.9%, CVX -2.3%… Select drybulk shippers trading lower as Baltic index drops 4.6%: NM -7.9% (downgraded to Neutral at BofA), DRYS -5.1%, TBSI -4.3% (downgraded to Neutral at Banc of America)… Select metals/mining names showing weakness with lower spot prices: BBL -8.4%, RIO -8.0%, MT -7.8%, AUY -6.1%, BHP -5.1%, GFI -5.1%, RTP -4.7%, AU -4.6%, GLD -3.5%, GOLD -2.7%… Other news: WPPGY -9.6% (still checking for anything specific), ABK -7.1% (Bond insurers seek to tap into $700 bln plan - FT), SAP -6.2% (Oracle told by judge to offer to settle with SAP - Reuters), HBC -4.6% (still checking), ING -3.6% (pulling back from yesterday’s 15%+ move), F -3.4% (Tracinda to reduce F holdings, will Focus on Gaming & Hospitality and Oil & Gas Industries), AZN -2.9% (still checking)… Select tech related names trading lower following TXN results: IFX -8.9%, ERIC -8.6%, STM -7.4%, ALU -6.8%, NOK -4.3%… Analyst comments: C -4.2% (restarted with a Sell at Goldman- added to Conviction Sell list- Bloomberg), NRG -2.6% (downgraded to Hold at Jefferies), DUK -2.3% (downgraded to Underperform at Merrill), EXC -1.3% (downgraded to Hold at Jefferies).

Gapping Up

In reaction to strong earnings/guidance: GBL +15.0%, JDAS +9.1%, COH +7.4%, AXP +6.8%, MMM +4.5%, PFE +4.3%, FRX +4.1%, PTV +3.7% (light volume), BIIB +2.3%, CAT +1.5%… Other news: TMA +16.3% (still checking for anything specific), LINE +12.3% (Cramer makes positive comments on MadMoney), LGF +8.0% (Carl Icahn discloses 9.17% stake in 13D filing; had discussions with the CEO and Vice Chairman), MGM +4.8% (Tracinda to focus on Gaming & Hospitality and Oil & Gas industries), HK +3.9% (provides Q3 operational update; Haynesville Shale activities move forward), MA +1.9% (up in sympathy with AXP), BDX +1.3% (Cramer makes positive comments on MadMoney).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: ELOS -12.2%, MAT -4.2%… M&A news: HLTH -23.1% (HLTH Corp and WebMD Health announce termination of merger agreement), EXC -2.8% (Exelon offers to acquire NRG Energy in all-stock transaction valued at $26.43/share)… Other news: VE -22.3% (cuts investment and cash flow outlook - FT), SSCC -8.7% (announces permanent closure of Pontiac Pulp Mill), AMAG -6.1% (receives complete response letter from FDA for Ferumoxytol; co believes it can address the issues raised by the FDA in a timely manner), MT -2.5% (still checking)… Analyst comments: PRU -7.9% (downgraded to Sell from Neutral at Goldman- DJ), MET -2.0% (downgraded to Neutral from Buy at Goldman- DJ)

Gapping Up

In reaction to strong earnings/guidance: ERIC +18.4%, WFT +7.9% (light volume), HAL +6.2%, CHL +2.0%… M&A news: PSUN +20.2% (Adrenalina proposes to acquire PacSun for $4.50/share), NRG +21.6% (Exelon offers to acquire NRG Energy in all-stock transaction valued at $26.43/share)… Select financial names showing strength: ING +11.6% (The Netherlands to provide $13 bln to the ING Groep - NY Times), BCS +9.5%, AIG +8.1%, ETFC +6.8%, MS +3.3%, BAC +3.3%, GS +1.9%… Select oil/gas related names trading higher with a number of analyst upgrades and higher spot prices: Oppenheimer upgraded the sector and a number of individual names including BP +8.8%, TSO +8.1%, VLO +4.9%, APA +3.8%, COP +3.8%, EOG +2.3%, XOM +1.6%; other names trading higher include: CHK +8.5%, TOT +7.9%, RDS.A +6.2%, RIG +3.3% (upgraded to Overweight at Morgan Stanley)… Select solar names showing strength: YGE +10.8% (upgraded to Buy at Goldman-DJ), LDK +7.0% (signs seven-year wafer supply contract), ESLR +4.8%, CSIQ +4.2%, FSLR +3.0%, TSL +2.1% (upgraded to Neutral from Sell at Goldman- DJ)… Select metals/mining names showing strength with higher spot prices: MTL +6.8%, RTP +6.0%, AUY +5.8%, GOLD +2.8%, GLD +2.1%… Bond insurers trading higher after NY Insurance Commissioner Dinallo appeared on CNBC this morning discussing the idea of using a portion of the TARP on bond insurers: ABK +11.7%, MBI +5.3%… Other news: EMKR +14.9% (Emcore mentioned positively in Barron’s), SNE +10.8% (up in sympathy with ERIC), NOK +6.4% (still checking), MRK +1.5% (Cramer makes positive comments on MadMoney)… Analyst comments: AMAT +3.8% (upgraded to Buy at Goldman-DJ), KFT +3.4% (upgraded to Buy at UBS),SPWRA +2.4% (upgraded to Hold at Societe Generale), PFE +2.0% (upgraded to Overweight at Barclays).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: ESLR -12.1% (also downgraded to Hold at Wedbush Morgan), LEG -11.1%, FHN -11.1%, SYK -3.2%, SONC -3.1% (light volume), TPX -1.3%, CMA -1.1%, ISRG -1.0%… Select financial related names trading lower: ING -24.2% (has record drop on speculation firm needs to raise capital - Bloomberg.com), AIG -9.9% (names David L. Herzog Executive Vice President and Chief Financial Officer; also will be canceling more than 160 conferences and events following a meeting with NY AG), LYG -9.8%, IBN -9.6%, AXA -9.5%, BCS -8.2%, BAC -2.7%, GS -2.1%… Select metals/mining names showing weakness: MT -9.6% (considering 15% cut in global steel output; in response to weaker global steel demand - WSJ), RTP -7.7%, BHP -7.2%, BBL -6.7%, AEM -6.0%, AAUK -5.3%… Select oil/gas names trading lower: STO -5.2%, BP -4.9% (downgraded to Neutral at Goldman - DJ), TOT -3.8%… Other news: CGV -12.0% and SI -7.6% (still checking for anything specific), GE -2.1% (GATX drops bid for GE rail unit, according to sources - Reuters.com)… Analyst comments: SPWRA -5.9% (downgraded to Sell at Citigroup), FCX -2.3% (downgraded to Sector Perform from Outperform at RBC Capital Mkts).

Gapping Up

In reaction to strong earnings/guidance: AMD +10.0%, GOOG +8.2%, CVBF +3.9% (light volume), IBM +1.9%, GILD +1.5%, SLB +1.1%… M&A news: UST +1.4% (Altria’s proposed acquisition of UST Passes U.S. regulatory review)… Other news: BX +6.8% (still checking for anything specific), NDAQ +5.9% (will replace DDS in the S&P 500), ABK +5.3% (AMBAC Fincl, bond insurers to present Treasury with plan - Bloomberg.com), SNY +4.0% (still checking), CRK +2.5% (will replace ETM in the S&P MidCap 400), BIDU +2.5% (up in sympathy with GOOG)… Analyst comments: ESRX +1.4% (upgraded to Overweight from Market Weight at Thomas Weisel).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: UFPI -20.9%, CIT -10.3% (also Moody’s reviews Cit’s ratings for possible downgrade), EBAY -4.1% (also downgraded to Neutral at JPMorgan and downgraded to Neutral from Buy at Piper Jaffray), TXT -4.5%… Other news: PUK -14.8% and BCS -9.3% (still checking for anything specific), AMZN -4.8% (down in sympathy with EBAY).

Gapping Up

In reaction to strong earnings/guidance: CNTF +41.2%, QEPC +20.2% (light volume), BTU +15.5%, CCK +10.1%, STLD +9.1%, UNH +8.4%, NOK +3.9%, XLNX +2.5%… Select gold related names trading modestly higher: AU +7.1%, GOLD +4.6%, GFI +4.1%… Other news: CS +14.8% and UBS +7.4%(Switzerland to inject capital into UBS; Credit Suisse raises 10 bln francs - WSJ), PCX +11.4% and ACI +9.7% (up in sympathy with BTU), LVS +9.7% (rebounding from yesterday’s 20%+decline), IFX +9.2% (still checking for anything specific)… Analyst comments: SHPGY +4.4% and SNY +1.5% (upgraded to Buy at Merrill).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: LLTC -15.8%, DAL -4.8%, STT -4.7%, SCHW -4.6%, ASML -4.3%, JNY -4.1%, JPM -1.8%, WFC -1.2%… Select financial related stocks trading lower: KEY -11.9%, ING -9.4%, GS -6.8%, C -5.7% (Citi’s rally ignores data like losses - WSJ), MS -3.6%, AIG -3.6%, DB -3.3%, BAC -2.3%, CIT -1.8% (announces $0.10 quarterly dividend and intention to sell approx. $8 mln of common equity)… Select metals/mining names showing weakness: AAUK -12.4%, RTP -8.9% (says long term outlook for co remains positive despite the upheavals in global markets; Chinese economy is pausing for breath), BBL -8.8%, BHP -7.8%, FCX -7.2%, RIO -6.5%, MT -5.0%… Select drybulk shippers trading lower: EXM -10.3%, FRO -6.3%, DRYS -6.2%, DSX -2.8%… Other news: UN -4.7% and UL -3.3% (still checking for anything specific), NOK -3.3% (still checking)… Analyst comments: EBAY (downgraded to Underperform at Merrill), STM (downgraded to Underperform at Merrill), DELL (downgraded to Neutral at JPMorgan)

Gapping Up

In reaction to strong earnings/guidance: TSL +7.1%, KO +6.8%, ALTR +5.8%, DNA +3.9% (also upgraded to Buy at Piper and upgraded to Buy from Hold at Citigroup), INTC +3.0%… Other news: LYG +7.4% (checking for anything specific)… Analyst comments: LVS +7.2% (upgraded to Overweight at Weisel), BYD +4.2% (upgraded to Overweight at Weisel), AAPL +2.0% (upgraded to Overweight at JPMorgan), WYNN +1.4% (upgraded to Overweight at Weisel), CRM +1.1% (upgraded to Buy at Soleil).

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Get your weimar wheel barrels ready for bread

Excellent exposure of the hyper inflationary problems we are facing in the united states. Peter Shiff and Glenn Beck discuss the similarities of the present U.S. economy to the german weimar republic that resulted in the collapse of germany's currency. Also covered for the first time on main stream media: MARTIAL LAW!

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: RACK -9.7%, JCI -8.6%, PEP -4.1%, WYNN -2.2%… Other news: RBS -33.1% and LYG -13.6% (checking for anything specific)… Analyst comments: GSIC -2.3% (downgraded to Perform at Oppenheimer).

Gapping Up

In reaction to strong earnings/guidance: XL +20.5%, MXIM +7.1%, HERO +6.3%, JBHT +6.1%, JNJ +3.7%, PKX +1.5%… M&A news: IMCL +2.7% (Lilly commences cash tender offer for ImClone Systems at $70/share), SOV +1.9% (Banco Santander, S.A. to acquire Sovereign Bancorp for ~$1.9 bln)… Select financial related stocks showing continued strength with the U.S. Govt set to buy preferred equity stakes in top financial institutions: MS +18.8%, ABK +17.5%, DB +13.0%, GNW +12.3%, RF +12.0%, BAC +10.3%, AIG +10.1% (Maurice Greenberg outlines a proposal for certain changes to AIG funding in letter to the Board), NCC +9.6%, GS +9.0%, C +8.9%, UBS +7.9%, MER +7.8%, BCS +7.2%, MBI +2.7%,… Select oil/gas related names showing strength with crude higher: STO +6.7%, E +6.6%, TOT +6.0%, CVX +3.3%… Select metals/mining names showing strength with higher spot prices: AKS +12.7%, GOLD +10.2%, X +9.6%, RTP +5.4%, BHP +4.1%… Other news: F +19.6% (checking for anything specific), GM +11.4% (says bankruptcy not an option - Reuters.com), TSL +10.4% (still checking), ALU +10.0% (shares rise on possible sale of Thales stake - Bloomberg.com), TRN +8.0% (Cramer makes positive comments on MadMoney), CHK +7.9% (Cramer makes positive comments on MadMoney)… Analyst comments: FSLR +6.3% (upgraded to Market Perform at Friedman Billings), V +5.3% (upgraded to Outperform from Market Perform at Morgan Keegan), MA +4.3% (upgraded to Outperform at Morgan Keegan), RIMM +4.1% (upgraded to Hold at Needham), NOK +4.0% (upgraded to Hold at Societe Generale - Bloomberg), BX +3.4% (upgraded to Hold at Jefferies).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: NWY -19.8% (also downgraded to Neutral at Suntrust and downgraded to Hold at Brean Murray), PHG -7.8%… Other news: RBS -17.2% and LYG -4.2% (both tumbled again as investors fretted that moves by the govt to take stakes in the cos would limit returns; also Bloomberg.com reports LYG cut terms of HBOS offer, plans to raise 17 bln pounds.

Gapping Up

Select financial related names rebounding: MS +32.2% (Mitsubishi UFJ Financial Group confirms closing of $9 bln equity investment in Morgan Stanley), NCC +31.0%, ABK +30.6%, GNW +28.6%, KEY +25.2%, AIG +24.9%, IBN +19.1% (climbs by a record after saying it has funds - Bloomberg.com), UBS +18.3%, RDN +18.0%, BAC +12.1% (upgraded to Buy at Stifel Nicolaus), WB +11.7% (Federal Reserve Board approves Wells Fargo’s application to merge with Wachovia), SOV +11.5% (Santander nears Sovereign deal - WSJ), C +11.5%, GS +9.3%, STI +7.1% (upgraded to Market Perform at Keefe Bruyette)… Select metals/mining names showing strength: AU +18.3%, GOLD +13.3%, MT +13.2%, SLW +12.3%, AUY +8.3%, SLV +5.6%… Select solar stocks trading higher: YGE +16.2%, ESLR +13.7%, STP +13.3%, CSIQ +10.3%, LDK +9.5%, FSLR +9.0%, JASO +8.9%, EMKR +6.9%… Other news: F +28.1% (considers sale of Mazda stake - WSJ), GM +20.4% (had talks with Chrysler - WSJ), IFX +16.4% (still checking), AA +15.6% (still checking for anything specific), AMD +10.2% (confirms DoJ has closed its Antitrust Investigation of the graphics industry with no action), ABT +6.3% (announces new $5 billion share repurchase program)… Analyst comments: LVS +10.3% (upgraded to Neutral from Underperform at Merrill), MGM +7.1% (upgraded to Neutral from Underperform at Merrill), AAPL +6.3% (hearing upgraded at Bernstein), CSCO +3.6% (upgraded to Outperform from Market Perform at JMP), XOM +3.4% (upgraded to Buy at Goldman - DJ), ANN +2.5% (upgraded to Neutral at Goldman - DJ).

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BBC Report Tesla Electric Car

Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance/same store sales: MW -10.7% (also target cut to $17 at Wedbush), RT -9.1% (also downgraded to Neutral from Outperform at Credit Suisse), CHRD -7.5%, ANF -4.9%, TJX -4.0%… M&A news: LDG -1.6% (Walgreen withdraws proposal to acquire Longs Drug Stores)… Select metals/mining stocks pulling back with lower spot prices: HMY -6.2%, GOLD -4.3%, GG -4.2%, ABX -3.2%, AUY -2.7%, AEM -2.6%, GLD -2.2%, NEM -2.0%… Other news: CS -8.8% (could post Q3 loss - Reuters.com), IFX -6.5% (checking for anything specific), MET -1.1% (prices public offering of common stock at $26.50)

Gapping Up

In reaction to strong earnings/guidance: IBM +5.2%… Select financial names rebounding: NCC +21.1% (in talks with a number of banks about a possible sale - WSJ), SOV +7.9%, LYG +6.8%, ABK +6.7%, AIG +6.0%, DB +5.3%, C +3.9%, BAC +1.8% (upgraded to Outperform at Baird), RBS +1.6% (WSJ reports the fact that the U.K. government is doing a bailout should remove fears that a large London bank could fail)… Other news: HUN +43.2% (Hexion Specialty Chemicals announces capital contribution from Apollo Management), IVAN +14.8% (Energy Ecuador signs contract with state oil company Petroecuador to develop Ecuador’s Pungarayacu heavy-oil field), AAUK +7.0% (still checking), NOK +4.8% (still checking), QSFT +2.3% (announces appointment of CEO; Intention to repurchase up to $400 mln of common stock).

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Pre market trading gap news

Gapping Down

In reaction to disappointing earnings/guidance/same store sales: JCP -9.6%, NTGR -8.7%, TISI -8.5%, COST -6.5%, MET -5.1%, MON -4.2%, JWN -4.1%, AA -3.1%… Select financial names showing continued weakness: BAC -18.2% (announces pricing of common stock of $22 per share), MER -15.0%, WB -7.6%, ABK -5.8%, AIG -4.3%, WFC -3.6%, MS -3.0%, C -2.7% (scales back wholesale mortgage business - WSJ; also Tata Consultancy Services to acquire Citigroup Global Services for $505 mln), GS -2.6%… Other news: TELOZ -51.7% (announces hurricane damage to properties), STEI -29.5% (Service Corp withdraws proposal for Stewart Enterprises), RIO -8.6% and ACH -8.1% (still checking for anything specific)… Analyst comments: RNWK -5.9% (downgraded to Sell at Piper), X -3.9% (downgraded to Equal Weight at Morgan Stanley), TM -3.6% (downgraded to Sell at Citigroup), T -1.9% (downgraded to Sector Perform from Outperform at RBC Capital Mkts), GM -1.5% (downgraded to Hold at Citigroup),

Gapping Up

In reaction to strong earnings/guidance: ZZ +12.3% (light volume), LDK +11.5%, YUM +4.1%… Select European financial names rebounding following coordinated rate cut: RBS +35.6%, LYG +22.4%, UBS +8.2%, BCS +3.6%… Select metals/mining names showing strength with higher spot prices: GOLD +20.7% (upgraded to Buy at Citigroup), HMY +12.9%, GFI +11.2%, DROOY +9.3%, LMC +8.9%, AAUK +6.3%, SLV +4.5%, GLD +3.8%… Select solar names showing strength following LDK results: SOL +12.2%, JASO +9.5%, YGE +8.5%, STP +3.8%, CSIQ +3.3%, FSLR +1.4%… Other news: YRCW +12.9% (expects to have positive free cash flow in both Q3 and Q4 with significant debt reduction for the year), FDRY +7.9% (Brocade announces $1.1 billion term loan funding for acquisition of Foundry Networks), ASML +7.0% (still checking), LEN +3.4% (cuts dividend by 75% to $0.04), BP +2.2% (still checking), HSY +1.3% (Cramer makes positive comments on MadMoney)… Analyst comments: CELG +2.0% (upgraded to Outperform at Cowen).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: BAC -8.1% (also commences offering of ~$10 bln of common stock and lowers dividend), ITW -4.7%… Select financial stocks showing weakness following BAC results and continued weakness overseas: RBS -24.7% (stock plunged in overseas trading on reports they are seeking funding from the British Govt, but co reportedly said later that it did not make request to govt for capital), AIB -11.7%, BCS -8.8%, DB -6.1% (has no plans to raise equity capital - DJ), MER -5.0%… Select solar stocks trading lower following analyst downgrades of select names: FSLR -14.8% (downgraded to Sell from Buy at Goldman- DJ), SPWRA -11.8% (downgraded to Sell from Buy at Goldman- DJ), CSIQ -7.9%, JASO -7.9%, ESLR -6.8%, STP -6.7%, SOL -6.5%, LDK -6.5%, YGE -5.0%… Other news: SAP -11.5% (extends slide as analysts lower estimates on sales figures - Bloomberg.com), MT -10.2% (headlines on Bloomberg from yesterday say MT says steel users are destocking, taking wait and see approach), PSPT -4.2% (announces receipt of request to delay closing of merger transaction up to October 31, 2008)… Analyst comments: CRM -6.7% (downgraded to Hold at Roth Capital).

Gapping Up

Select metals/mining names showing strength with higher spot prices and slightly weaker dollar: GFI +9.3%, GOLD +8.3%, SLV +6.6%, SLW +6.5%, AU +5.7%, AEM +3.0%, GLD +2.7%, AUY +2.5%… Select oil/gas names rebounding with early strength in crude: TOT +2.5%, E +2.5%, RDS.A +1.5%… Select financial related names rebounding: NCC +10.9%, FRE +10.6%, AIG +8.5%, FNM +7.0%, ABK +6.6%… Other news: AMD +30.0% (to spin off manufacturing to new venture - WSJ), ROYL +15.7% (announces it has discovered natural gas in its Andrus Island East well in the Sacramento Basin of California), COIN +12.8% (announces initial sale of organic fertilizer to Matosantos for Puerto Rico market)… Analyst comments: JRCC +3.6% (initiated with Buy at Jefferies), FCX +2.5% (upgraded to Outperform at Friedman Billings).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: XIDE -2.8% (light volume), EBAY -1.8% (also reaches agreement to acquire Bill Me Later for ~$820 mln in cash and ~$125 mln worth of outstanding options)… Select financial names showing weakness: NCC -20.8% (Fitch has downgraded NCC and its subsidiary, National City Bank’s, long and short-term Issuer Default Ratings), UCBH -18.0%, RBS -16.7%, SOV -13.5%, AIG -12.2% (Moody’s downgrades AIG (senior to A3); ratings remain under review), FRE -11.4%, FNM -10.4%, ABK -10.4% (releases selected monthly data for August; cost of 5-yr credit default protection against Ambac Assurance default declined 900 bps from June), BCS -6.3%, C -6.0% (granted emergency injunctive relief extending exclusivity agreement between Citi and Wachovia), BAC -4.8%, UBS -4.5% (ests cut at Oppenheimer), JPM -4.0%, WB -3.4% (granted emergency injunctive relief extending exclusivity agreement between Citi and Wachovia), WFC -2.8%… Select solar stocks trading lower: CSIQ -10.9%, ESLR -9.1%, STP -8.7%, LDK -6.8%, JASO -6.2%, FSLR -5.9%, YGE -4.7%… Select tech-related stocks showing weakness: RIMM -4.2%, AAPL -4.0%, ORCL -2.5%, DELL -2.4%, GOOG -2.3%, SNDK -1.0%… Other news: POT -8.7% (still checking), SI -7.3% (still checking for anything specific), AAUK -6.2% and RTP -4.7% (dropped ~10% in overseas trading)… Analyst comments: MT -9.3% (downgraded to Hold at Deutsche Bank), SPF -7.1% (downgraded to Underweight at JPMorgan), FLEX -6.8% (downgraded to Hold at Collins Stewart), KO -2.8% (downgraded to Hold at Deutsche Bank).

Gapping Up

In reaction to strong earnings/guidance: FEED +5.8%… M&A news: IMCL +5.3% (confirms it will be acquired by Lilly for $70/share)… Select gold related stocks showing strength with higher spot prices: AUY +7.1%, ABX +4.3%, AEM +4.1%, SLV +3.3%, GLD +2.7%, NEM +1.6%, GOLD +1.1%… Other news: ARIA +7.2% (announces favorable ruling permitting immediate appeal of district court findings on NF-(kappa)B patent in Amgen litigation), UIS +6.5% (Steel Partners II LP reports a 5.4% stake in the co in a 13D).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: PENN -9.5% (also downgraded to Hold at Deutsche Bank), MRVC -7.8%, LWSN -6.4% (also downgraded to Neutral at Amtech), ABMD -5.9%… Other news: MGA -17.7% (announces that Russian Machines’ participation in arrangements with the Stronach Trust has terminated), C -12.2% (was in talks with Wachovia prior to today’s WB/WFC merger announcement), ALU -4.5% (still checking), SAP -3.3% (falls after Goldman Sachs cuts share price estimate - Bloomberg.com), DEO -1.7% (still checking), LRY -1.0% (announces pricing of its 4.75 mln share common stock secondary offering at $33/share - DJ)… Analyst comments: ADBE -2.0% (downgraded to Sell at UBS), CMI -1.9% (downgraded to Market Perform at Wachovia), WAG -1.3% (downgraded to Equal Weight at Morgan Stanley), STLD -1.2% (downgraded to Underperform at Merrill).

Gapping Up

In reaction to strong earnings/guidance: GPN +9.1% (also upgraded to Neutral from Negative at Susquehanna Financial)… M&A news: WB +66.2% and WFC +3.1% (Wachovia, Wells Fargo agree to merge)… Select financial related stocks rebounding: NCC +19.1%, SOV +12.4%, LYG +11.0%, ABK +10.4%, RF +9.7%, BCS +7.9%, AIG +7.7% (to refocus as worldwide property and casualty company with continuing presence in foreign life), HIG +7.3%, DB +5.9%, PRU +5.7%, GNW +5.2%, CS +5.0%, ETFC +4.0%, MS +2.5%… Other news: GGP +14.1% (announces interim CFO and dividend suspension), CPST +7.8% (announces the signing of a new Distributor Agreement with Toan Thang for oil & gas applications and market segments in Vietnam), S +4.7% (gets interest from NI Holdings and PE firms for Nextel unit - WSJ), LINE +3.3% (Cramer makes positive comments on MadMoney), UL +2.5% (FT reports investors in Unilever are set to push the group to reinvent the way it operates), PBT +1.7% (Cramer makes positive comments on MadMoney)… Analyst comments: MET +3.7% (upgraded to Outperform at Keefe Bruyette), CSX +2.7% (upgraded to Overweight at JPMorgan), COST +1.7% (upgraded to Buy at Goldman - DJ).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: MOS -20.0% (also downgraded to Underperform at Merrill), SMSC -13.5%, MAR -10.1%… Select fertilizer/ag names showing weakness following MOS results and analyst downgrades: POT -12.5%, IPI -10.6%, CF -10.3% and TRA -9.5% (all downgraded to Underperform at Merrill); AGU -8.9% (to buy-back 7.9 mln shares through a normal course issuer bid), SYT -8.4%, MON -6.6%… Select metals/mining names showing weakness with lower spot prices and strength in dollar: BHP -5.6%, SLV -5.1%, AU -4.8%, MT -4.5%, RTP -4.4%, GFI -4.0%, HMY -4.0%, AUY -3.6%, NEM -3.3%, GOLD -2.6%, AEM -2.4%, GLD -1.9%… Other news: GE -4.1% (it was reported that stock sale may be offered at $22.25-$22.50, below than $24.50 closing price), WRI -3.8% (announces launch of 2.3 mln common share offering)… Analyst comments: CGV -8.5% (downgraded to Neutral at Merrill), LVS -7.6% (downgraded to Equal Weight at Morgan Stanley), AKAM -7.1% (downgraded to Sell from Neutral at Goldman- DJ), WYNN -4.0% (downgraded to Equal Weight at Morgan Stanley), KLAC -3.2% (downgraded to Underperform at RBC), EBAY -2.9% (downgraded to Equal Weight at Morgan Stanley), AA -2.2% (downgraded to Neutral at Goldman - DJ), HBC -2.0% (downgraded to Market Perform at Keefe Bruyette), JNPR -2.0% (downgraded to Market Perform at Morgan Keegan), HPQ -1.4% (downgraded to Add at Calyon)

Gapping Up

In reaction to strong earnings/guidance: BLUD +2.6%, UBS +2.2% (also upgraded to Buy at Deutsche Bank)… Select financial related names showing strength following Senate bill and UBS guidance: NCC +14.9% (declares quarterly dividend of $0.01/share, unchanged from prior dividend), SLM +11.0%, ABK +10.3%, RF +10.1%, AIG +6.8% (prepares large asset sale - FT), SOV +6.0% (upgraded to Market Perform at Friedman Billings), FRE +5.8%, ETFC +4.6%, STT +4.4%, PMI +4.1%, WB +3.4%… Other news: KBR +10.8% (Cramer makes positive comments on MadMoney), CEG +9.5% (EDF looks to trump Buffett’s bid for CEG - FT), RYAAY +8.2% (still checking), STP +1.5% (announces initiatives to expand share of U.S. solar market), BMY +1.5% (U.S. Food & Drug Administration approved the use of REYATAZ boosted with Ritonavir, combination therapy, for previously untreated HIV-1 infected adult patients)… Analyst comments: ASML +2.1% (upgraded to Neutral at Goldman - DJ).

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Pre Market Trading Gap News

Gapping Down

In reaction to disappointing earnings/guidance: XRTX -5.1% (also downgraded to Sell at Calyon and downgraded to Buy at Needham)… Select financial related stocks showing weakness: WB -5.7%, AEG -5.1%, DB -3.6%, UBS -3.4%… Other news: BSX -7.3% (announces patent judgement; judge awarded JNJ damages in the amount of $406,670,987 and pre-judgment interest in the amount of $296,140,867), FCFS -1.7% (to discontinue Auto Master operations; associated with this decision, a non-cash charge of up to ~$1.75 per share will be reported in Q3)… Analyst comments: IR -3.8% (downgraded to Hold from Buy at Citigroup).

Gapping Up

In reaction to strong earnings/guidance: LNDC +1.5%… Select solar stocks ticking higher with reports that the Senate’s version of bailout plan includes $17 bln in tax credits for alternative energy, including solar: SOLF +3.6%, YGE +3.4%, CSIQ +2.4%, ESLR +2.4%, FSLR +1.5%… Other news: FRPT +26.5% (files outstanding SEC documents; reports significantly improved profitability for first half of fiscal 2008), TMA +24.6% (announces revised consideration for and further extension of the exchange offer; and the termination of the escrow), AGM +22.0% (raises $65 mln in capital through the issuance of senior preferred shares and appoints Michael Gerber as acting President and CEO), NCC +17.1% (still checking for anything specific), LYG +12.7% (Bloomberg.com reports Brown expresses confidence in deal between LYG and HBOS), RTP +5.0% (Australia’s ACCC won’t oppose BHP bid for Rio - WSJ), GOOG +3.4% (Nasdaq cancels “erroneous” trades in last-second sell-off), BHP +2.0% (Australia’s ACCC won’t oppose BHP bid for Rio - WSJ), MWIV +1.8% (will replace Photon Dynamics in the S&P SmallCap 600 after the close of trading on October 2).

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