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).
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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