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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