In reaction to disappointing earnings/guidance: TGT -5.5%, LOW -3.9%… Select financials trading lower: RBS -8.2%, LYG -7.3%, AEG -6.7%, HIG -6.3%, ING -5.9%, CS -3.8%, MS -3.4%, GS -2.7%, WFC -2.5%, BCS -2.0%, JPM -1.7%, BAC -1.6%, HBC -1.2%, USB -1.1%… Select oil/gas related names showing modest weakness: PBR -2.6%, TOT -2.5%, E -1.3%, RDS.A -1.0%… Select solar names trading lower: STP -6.5% (target lowered to $25 at Jefferies & Co), FSLR -5.8%, YGE -4.3%, LDK -3.2%… Select fertilizer related names trading lower with weakness attributed to negative pricing commentary from tier 1 firm:CF -8.2%, IPI -6.6%, TRA -5.8%, MOS -3.2%, POT -2.5%, MON -1.5%, AGU -1.0%… Other news: UTHR -28.2% (Lilly licenses U.S. rights for Tadalafil PAH indication to United Therapeutics who will make an upfront payment of $150 mln to Lilly ), HD -6.7% (down in sympathy with LOW), BIDU -5.4% (still checking)… Analyst comments: FCX -6.1% (downgraded to Neutral at JPMorgan), DELL -6.1% (downgraded to Neutral at Merrill), WFR -5.5% (downgraded to Hold at Collins Stewart), MTL -5.2% (downgraded to Sell at Citigroup), DIS -3.9% (downgraded to Hold at Soleil), AA -3.9% (downgraded to Neutral at UBS), CP -3.5% (downgraded to Underperform at Merrill), SAP -2.9% (downgraded to Neutral at Merrill), FMS -1.4% (downgraded to Hold from Buy at Deutsche Bank).
In reaction to strong earnings/guidance: SID +1.5% (light volume)… Other news: GNW +40.1% ( announces filing for savings and loan holding co status), FNM +14.8% (Eddie Lampert reports new stake in Fannie Mae of 34 mln shares - CNBC), LVS +10.6% (discloses that it has removed going concern doubt), AMD +6.6% (Cramer makes positive comments on MadMoney),
General Motors Corporation (GM) +5.6% (Reuters reports the White House says it doesn’t want automakers to fail, believes aid should come from already appropriated loan program; also DJ reports General Motors sells out of Suzuki, raises $230 mln), ETN +3.4% (Warren Buffett adds new stake in Eaton of 2.9 mln shares), COP +2.3% (Warren Buffett hikes stake in ConocoPhillips to 84 mln shares at the end of Q3)… Analyst comments: Nokia Corporation (NOK) +2.5% (upgraded to Buy at Merrill and upgraded to Outperform at Bernstein).
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MarketWatch.com - Pre-Market Indications
Monday, November 17, 2008