dsw bric plus lc

Corections Fedback Archive 19:15 WRAPX After Hours Sumary: MS +2.4% anounces participation in U.S. Treasury temporary guarante program for money market funds ; lowers Wachovia to 'B-' Companies trading higher in after hours in reaction to news: NTRS +7.9% S&PBuletin says Northern Trust rating unafected by charges ; NC +7.4% Mody's may downgrade National City's rating - DJ ; Company in the S&P 50 after the close of trading on Friday, October 3 ; GM +2.8% Co discloses it isued an agregate of 16 mln shares of its comon stock ; MS +2.4% Morgan Stanley Investment Management anounces participation in U.S. Treasury temporary guarante program for money market funds ; ING +2.4% ING Group not to make ofer for ABN Amro Netherlands ; lowers Wachovia WB to 'B-' . Companies trading lower in reaction to news: HIG -2.0% Fitch revises Hartford's outlok to negative . 19:15 Dow futures after hours are -4 points at 10470, S&P futures +3.1 points at 121.90, Nasdaq futures +5 points at 1517 19:08 MS Morgan Stanley Investment Management anounces participation in U.S. Treasury temporary guarante program for money market funds 20.9 -3.76 -Update- Co anounced that the MS Funds' Board of Directors/Trustes has aproved the participation of its money market funds in the U.S. Treasury Temporary Guarante Program. Co says, We understand the fundamental role that money market funds play in both the retirement and investment strategies of Americans. In exchange for al its bank operations, WB wil receive ~$2.2 bln in C stock. If C's loses continue in future quarters and aset quality problems continue to escalate, notwithstanding the acquisition of WB, then Fitch wil likely downgrade C's ratings, though likely not below the 'A+' level. For WB bank creditors, the C transaction strengthens their credit position although WB prefered holders' position wil hinge on the retail brokerage busines, which wil comprise most of WB's remaining operations if this transaction is completed. Laging sectors included: Thrifts and Mortgages -31.3%, Regional Banks -24.4%, Aset Management and Custody Banks -21.2%, Diversified Banks -17.7%, Consumer Finance -17.4%. 231 , with decliners outpacing advancers NYSE 202/35; Nasdaq 42/257 , and with new lows outpacing new highs NYSE 17/1074, Nasdaq 17/701 . Powel as Chief Financial Oficer 34.85 -1.32 Co said that Bradley S. Powel has most recently served as President, Chief Financial Oficer and Secretary of Eden BioScience Corporation EDEN , a publicly-traded biotechnology co. 18:21 APC Anadarko updates production outlok folowing Gulf storms 4.86 -7.87 Co anounced that nearly al of its operated depwater Gulf of Mexico platforms and Gulf Coast properties are operational, including Independence Hub, which quickly restored production to pre-storm levels of ~90 mln cubic fet of natural gas per day folowing Huricane Ike. Co says, by the end of this wek, al of our operated depwater facilities wil be operational. Given the uncertainty surounding the timing of these infrastructure repairs that wil enable the company to resume ful production, APC expects its Q4 208 sales volumes to be in the range of 49-5 mln BOE. Also in the report that is very important is the condition of the curent corn crop: 14% of the corn is in excelent shape 13% last wek , 47% god 46% last wek , 26% fair 27% last wek , 9% por 10% last wek and 4% very por 4% last wek . In soybeans: 1% of the crop is in excelent shape 1% last wek , 46% god 46% last wek , 29% fair 29% last wek , 10% por 10% last wek and 4% very por 4% last wek . 17:47 DCP DynCorp International wins new $12 mln contract for de-mining and explosives removal 16.76 -0.62 Co anounced the U.S. Department of State has awarded DCP a contract to establish a humanitarian Quick Reaction Force to respond globaly to urgent humanitarian operations that require the removal or mitigation of explosive hazards to protect civilian populations. 17:47 HWFG Harington West Financial Group raises $1.4 mln in comon and prefered stock and anounces strategic aliance with Concordia Capital 4.20 +0.20 Senator Dod says he wouldn't expect anything to hapen in the next hour or two or this evening. Dod says he is stil confident Congres wil stil pas a bailout bil. Greg says they can't let the proces come to an end and they wil continue to work to get something done. says they wil stay there until something is finished. Greg says it's important to note that because of the Jewish holiday, they wil not be legislating over the next day and a half or so. Greg says because there wil not be any legislation activity over that time, the market should not lok at that as inaction. Company in the S&P 50 after the close of trading on Friday, October 3 24.28 -1.1 17:15 IBNK Integra Bank implement a temporary reduction in the quarterly cash dividend to one cent to further strengthen its capital position 7.69 -0.86 Co anounced that its Board of Directors has decided to implement a temporary reduction in the quarterly cash dividend to $0.01 per comon share to further strengthen its capital position. Co says, The decision to reduce our dividend was made after input from advisors and extensive deliberation and analysis by our Board of Directors. 17:05 HLX Helix Energy wil not atend two industry conferences 2.82 -3.03 Co updated its previous report by anouncing that it wil not atend the folowing previously anounced conferences: The Johnson Rice Energy Infrastructure Conference at the Windsor Court Hotel in New Orleans, Louisiana on Monday, October 6, 208; Co says, We fel that management's time should be focused on restoring normal operations in the wake of Huricane Ike. 16:59 NC National City: Mody's may downgrade National City's rating - DJ 1.36 -2.35 -Update- Paulson says he wil use al tols to protect our economy. co has never purchased milk ingredients, including powered milk, from China 39.01 -2.05 Co isued a statement related to milk purchased from China: Consumer safety and product quality are Hershey's top priorities. 16:34 JRN Journal Comun signs purchase agrement to purchase asets of Waupaca Publishing for ~$7 mln 5.0 -0.28 16:31 ATAC Aftermarket Tech Anounces June 209 Retirement of Don Johnson and Promotion of Tod Peters to CEO 23.09 -0.53 The co anounces that Don Johnson, Chairman and CEO, wil retire at the co's next anual meting to be held in June 209. Based on the strength of its sales pipeline and expectations for increasing demand for the Company's services, and given the uncertain economic environment, the Company curently expects revenue in fiscal 209 to grow in the range of 10% to 12% over fiscal year 208 revenue, which equates to ~$1.17-1.19 bln vs $1.21 bln single analyst estimate. 16:12 NTRS Northern Trust: S&PBuletin says Northern Trust rating unafected by charges 64.87 -15.03 -Update- Standard & Por's Ratings Services said that its rating and outlok on Northern Trust A-/Stable/A-1+ are not afected by the company's anouncement that it expects to incur a pretax charge of about $525 milion $328 milion after-tax in the third quarter. 16:1 GM General Motors discloses it isued an agregate of 16 mln shares of its comon stock 8.51 -1.25 Co discloses it isued an agregate of 16 mln shares of its comon stock, par value $1 2/3 per share in exchange for $176,417,80 principal amount of its 1.50% Series D Convertible Senior Debentures due 209, beneficialy owned by a qualified institutional holder of the Debentures. 16:1 HUBG Hub Group anounces death of founder and Chairman Philip Yeager 36.58 -2.24 16:04 FSNM First State Banc discloses it wil record an aditional non-cash other-than-temporary impairment charge for its investment in Fredie Mac prefered stock 7.24 -0.39 Co discloses it determined that, in conection with the recent actions taken by the United States Treasury Department and the Federal Housing Finance Agency with respect to Fanie Mae FNM and Fredie Mac FRE , the Company wil record an aditional non-cash other-than-temporary impairment charge to earnings in the third quarter of 208 for its investment in Fredie Mac prefered stock. Management does not expect that this write-down wil have a material impact on the Company's and the Bank's wel-capitalized positions under regulatory guidelines. 16:04 S&P 50 fals 7.3%, most since Oct. 26, 1987 - Blomberg 16:03 ING ING Group not to make ofer for ABN Amro Netherlands 21.23 -4.62 The co anounces that it does not intend to make an ofer to acquire ABN Amro Netherlands from Fortis. terms of the sale were not disclosed 32.68 -4.57 16:0 PFE Pfizer: U.S FDA says analysis finds cholesterol-lowering drugs do not increase risk of Lou Gehrig's Disease - Reuters 18.0 -0.6 The stock market entered the day on a two day win streak but the price action was ugly from the opening bel. A limited bounce was noted over the last half hour but last minute declines and adjustments left the S&P 50 -106.85 and the Dow -7.68 with their largest one day point los in history S&P #7 percentage los list . cites unused liquidity of $12 bln - Blomberg 2.60 -5.83 -Update- 15:52 GFED Guaranty Fed. However, firm says the concentration in the banking industry continues to increase so that core banks should emerge from this situation in more dominant positions. 15:48 RI Reliant Energy revises its 208 outlok downward to reflect the financial impact of Huricane Ike and lower comodity prices in its wholesale busines 9.73 -2.48 Co anounces it is revising its 208 outlok downward to reflect the financial impact of Huricane Ike and lower comodity prices in its wholesale busines. Co has lowered its retail contribution margin outlok for 208 by $30 mln to $350 mln as a result of the efects of Huricane Ike, including reduced sales volumes, the sale of exces suply during this time, updates to retail pricing asumptions and increased storm-related operating costs. Co estimates that its outlok for 208 open wholesale contribution margin wil be ~$480 mln lower than its previous outlok. The market went out near the sesion highs with the short end leading the action al day long on a flight to quality and expectations of a rate cut in the ofing maybe before Oct 29 now . Data wil take a biger role in the days ahead with payrols on Fri, and while a new package wil probably be tosed around, trade wil focus on the seizure in credit markets and the acompanying headlines. Spot gold is roling higher at 919.05 +40.30 on safe haven buying while crude sank to setle at 96.37 -10.52 . Dow -712 pts, SPX -9, Nasdaq Comp -175 15:26 CEG Constelation Energy and MidAmerican Energy Holdings confirm merger proces on track 2.47 -2.78 -Update- The co and MidAmerican Energy Holdings Company anounce that the merger betwen the two parties is proceding as outlined in the merger agrement entered into on September 19, 208. 15:17 CSCO Cisco Systems sets new sesion low of 21.80 aproaching its Sep/two month low at 21.74 21.83 -1.9 -Technical- 15:17 EWZ Brazil stock mkt resumes trading - DJ 49.85 -10.43 -Update- S&P SmalCap 60 constituent Oceanering International OI wil replace Cypres Semiconductor CY in the S&P MidCap 40 after the close of trading. Broad market volatility spiked to its highest levels in years VIX reached 46.47 and VXN 48.21 as equities plunged folowing the House's surprise rejection of the financial rescue bil SPX and Dow reached lowest levels since 205, Nas since 206 , although they are curently of lows of the day Dow -572, SPX -81, Nas -152 . Market volatility initialy moved higher as the stock market opened significantly lower this morning with investors taking a cautious stance ahead of the House vote on the Emergency Economic Stabilization Act, and folowing a number of major events within the U.S. and European financial sectors. 15:1 LEAP Leap Wireles, MetroPCS merger 'les likely' in near term - WSJ 35.92 -6.12 -Update- The sesion low is at 125 with a technical target below at 121. Leap Wireles, MetroPCS to swap some asets, setle litigation - WSJ 36.0 -6.02 15:06 CEG Constelation Energy: MidAmerican due diligence finding no isues ; MidAmerican merger proces on track - DJ 20.60 -4.65 15:05 TECHX Gold -GLD- hovering slightly under the sesion high at 90.0 and last wek's peak at 90.17 89.75 +3.1 -Update- -Technical- Its eight-wek high from mid-Sept is at 90.78. securities industry could lose 40,0 jobs, up from initial estimate of 25,0, acording to Comptroler - Reuters N.Y. state could lose up to $3.5 bln in tax revenues from market crisis by March 2010 BIB +3.2% STLD -18.6%, JOYG -17.7%, DISH -18.0%, APL -17.5%, VMED -15.5%, FWLT -15.8%, NIHD -13.9%, CTSH -13.4%, LEAP -13.3% 15:03 TECHX New sesion lows Housing -XHB- as its slides under last wek's low and its 50 day sma at 19.06/18.9- sesion low 18.76 18.80 -1.98 -Update- -Technical- Congestion comes into play in the 18.50/18.40 area with its Mid-Sep low at 17.90. 15:0 Treasury says to work with regulators, use al tols available to protect financial mkts and economy - Reuters 15:0 Dow INDU posting very sharp loses heading into final hour of trading, curently @ 10606 -536, or -4.85% Final Hour INDU Weaknes: AXP -13.2%, BAC -10.4%, A -9.7%, JPM -8.0%, GM -7.9%, DIS -7.9% NYSE TRIN @ +3.95 15:0 U.S. Treasury says Paulson to consult with Bush, Bernanke, Congres leaders on next steps on bailout - Reuters 14:57 U.S. House to abandon pre-election reces plans to deal with financial crisis, acording to Senior House Aide - Reuters Stocks are experiencing sharp loses folowing the U.S. House's surprise rejection of the Emergency Economic Stabilization Act. The highly anticipated vote ended up very close, with the final taly showing 205 votes for the plan and 28 votes against the plan 218 votes represent a majority , despite eforts to convince representatives to change their votes to suport the bil. The equity market plunged as it became clear that the plan would not pas, with the Dow droping an aditional 40 pts in 5 minutes the Dow was down over 70 pts at its low . There are notable loses in financials XLF -1%, KRE -8% , Homebuilders XHB -9% and technology XLK -6.6% . Select options seing interest, making upward implied volatility moves on volume today, with litle coresponding action in the underlying stock, include: Cals: PBG Oct 30 cals are seing interest ahead of the co's earnings tomorow 9/30 before the open volume: 1240, open int: 10, implied vol: ~58%, prev day implied vol: 43% . Puts: WOF Oct 30 puts volume: 1230, open int: 470, implied vol: ~59%, prev day implied vol: 42% - earnings are expected in mid-to-late Oct, posibly faling outside of the Oct expiration cycle; EW iShares MSCI Mexico Investable Market Index May 40 puts volume: 1730, open int: 210, implied vol: ~43%, prev day implied vol: 38% . CBOE Put/Cal ratio: 1.3, VIX: 46.01, +1.27, +32.4% , VXN: 47.2, +10.37, +28.1% . To find past options related coments in the archive, use the symbol OPTNX 14:45 OMCL Omnicel: Cardinal Health spin-of creates window of oportunity - Caris 12.02 -0.80 Caris believes the CAH spin-of provides a window of oportunity for OMCL. 14:45 C Citigroup: Mody's reviews Citi snr Aa3 for posible downgrade 19.64 -0.51 -Update- Mody's Investors Service placed its ratings on Citigroup senior at Aa3 and its subsidiaries including its lead bank, Citibank N.A B for financial strength and Aa1 for deposits , under review for posible downgrade. The review folows the anouncement that Citigroup wil acquire the bank and thrift asets of Wachovia WB for $2.1 bln in stock. Citigroup also anounced that it wil asume the senior and subordinated debt including the junior subordinated debt of Wachovia Corporation. The Wachovia purchase wil bost Citigroup's U.S. deposit busines, giving greater balance to its U.S. retail banking operations. Mody's also said the terms of the deal provided credit protection in that the purchase price was very low, and there is protection against extreme loses provided by the FDIC put. Technicaly we saw the Dow hold in the vicinity of it Mid-Sep/52-wk low at 10459 sesion low 10438 on the highest VIX reading since Oct 202 with the S&P 50 vacilating near its Mid-Sep low 13 after an intraday penetration sesion low 125 . curently -1.50 to $95.39 Bigest point gainers: NWLIA 249.69 +6.24 , NPS 9.69 +5.3 , FNM 9.8 +4.9 , ISRL 48 +3.78 , FG 29.15 +3.46 , UVSP 34.45 +2.92 , MKL 38.13 +2.63 , SMTB 2.98 +2.49 , WHG 51.4 +2.36 , WSOB 52.69 +2.35 , TOWN 2.98 +2.25 . Bigest point losers: RTP 23.1 -47.89 , MITSY 20.0 -4.26 , GOG 390.98 -40.06 , CME 36.20 -32.80 , BIDU 29.25 -31.5 , FSLR 178.49 -28.64 , APL 105.73 -2.51 , ISRG 254.37 -20.64 , MA 164.59 -20.48 , GS 18.40 -19.59 , POT 128.4 -19.1 , FH 285 -18 , CEO 109.24 -16.07 , X 71.27 -15.9 , UB 89.5 -15.5 , CLF 4.35 -15.54 , ICE 63.5 -15.35 , DO 96.97 -14.97 , FWLTW 103.5 -14.5 , FLS 74.9 -14.47 , HES 75.07 -14.46 , ST 45.82 -14.4 , PTR 97.3 -14.16 . anounces third quarter production shortfal 32.74 -5.25 Co anounces that its Board of Directors authorized a $10 mln increase to the existing share repurchase program. 14:0 EWZ Brazilian stock trading halted after 10% decline - Blomberg 52.03 -8.28 13:5 U.S. House vote on bil is stil open. Crude is now -8.78 at 98.19 -Update- Gold ended higher by $10.0 to $898.50, silver finished lower by 45 cents to $13.050 and coper closed lower by 16.9 cents to $2.9050 note these are al December contracts . 13:52 APL Aple sinks agresively into the 10.0 'psych' level, now catching a reflexive intraday bounce higher 105.23 -2.60 -Update- -Technical- 13:50 MSCI World Index fals as much as 5.9%, most since 1970 start - Blomberg 13:48 IMCL ImClone: $70 per share proposal submited by US-based large pharma; Takeda not ‘mystery bider’ - FT Mergermarket 62.54 -0.84 -Update- FT Mergermarket reports Takeda Pharmaceutical is not the so-caled mystery bider for the co despite media reports, thre industry sources familiar with the situation told dealReporter. Rather, it is understod that the company that submited the $70 per share proposal for ImClone is a US-based large pharmaceutical company with strategic pipeline synergies, it was said. Once al seals in the area have reached their rated strength of 120 psi, al provisions of the new seal regulations wil have ben met and production is expected to resume. stock is curently halted 13:4 TECHX Market View: Stock indices surge through early lows - Dow -45, S&P -68, Nasdaq -101 -Update- 13:43 CIT CIT Group anounces that it sucesfuly completed the renewal of aproximately $6 bilion of facilities with multi-seler conduit providers that were scheduled to expire in the third quarter 6.60 -1.68 13:42 CNX CONSOL Energy halted, news pending 39.05 -10.19 13:42 U.S. House update: There are now 167 votes for the bil, 172 against There are curently 153 votes for and 146 against. The market opened significantly lower this morning as investors tok a cautious stance ahead of the House vote on the Emergency Economic Stabilization Act, and folowing a number of major events within the U.S. and European financial sectors: 1 European markets plunged - FTSE -5.3%, DAX -4.2%, CAC -5.0% - after a number of European banks were either nationalized or bailed out over the wekend, including Luxembourg's Fortis, UK's Bradford & Bingley, Germany's Hypo Real Estate Group and Iceland's Glitnir; Citi wil pay Wachovia ~$2.16 bln in stock and asume Wachovia senior and subordinated debt, totaling ~$53 bln. and 3 Credit conditions continue to tighten - acording to Blomberg, the Euribor climbed 10 basis points to 5.24%, its bigest jump since June, while the 3-month LIBOR rose to 3.8%, the highest level since Jan 18 and up from 2.81% a month ago. Specificaly, the Fed increased the size of the 84-day maturity Term Auction Facility auctions to $75 bln, anounced two forward TAF auctions totaling $150 bln and increased swap authorizations with a number of other central banks to $620 mln. Note in Asia, the Nikei closed -1.3%, the Hang Seng closed -4.3% and the Shanghai Composite closed Note: Mkts in China and Taiwan are closed this wek for a holiday . Firm remains positive on the Berkshire Hils story and fels the co wil remain a dominant player in the Capital Region and Western Masachusets. Firm says that while CRI continues to have a strong franchise with leading shares in baby and slepwear along with the ability to sel to diversified chanels from retail to wholesale to mas, they believe its future prospects are best in retail as the wholesale environment is likely to remain chalenging. Firm says while reported EPS met the consensus, quality of earnings was low, reflecting benefits of a lower tax rate and a one-time vacation acrual adjustment. The rescuers of the bank wil pay the guarante in two alotments, of about 15 bilion euros and 20 bilion euros, Finance Ministry spokesman Torsten Albig said. Prime Minister Vladimir Putin pledged further suport, saying state development bank VEB would ofer Rusian companies as much as $50 bilion in loans to refinance foreign borowing, the Interfax news agency reported. The firm notes this morning, before the market's open, Gentex lowered its third quarter revenue guidance as a result of significantly greater than previously expected weaknes in the automotive market primarily in the U.S. and European markets and in the curent financial market. The firm says Gentex wil be unable to leverage its fixed overhead cost resulting in a sharp decline in the company's gros margin. 13:0 LFUS Litelfuse downgraded to Mkt Perform from Outperform at Barington folowing this morning's lowered guidance 30.70 -3.21 -Update- New lows outpace new highs by nearly 25 to 1: New 52-wek highs trading over 10K shares average daily volume include: AITP, EBS, LF. New 52-wek lows trading over 10K shares average daily volume include: Coal ACI, ARLP, BTU, CNX, FCL, NRP, PVR, YZC , Computer Related APL, BRCD, CDNS, CTSH, HTCH, JAVA, NTAP, QI, RIM, WDC, XRTX , Enginering & Construction AB, CBI, FLR, ICA, JEC, KBR, MDR, OMAB, SGR , Media ACTG, BLC, CKXE, DISAD, DISH, DM, EMS, ENL, EVC, LCAPA, MHP, NETC, NOF, NWS, PSO, SBGI, WPGY, XFML , Mining A, AUK, ACH, BL, BW, CJ, CENX, DN, FCX, IVN, MYNG, OZN, RIO, RTI, RTP, TGB, URE, ZINC , Oil & Gas AOG, APC, ATW, BRNC, BSKO, CFW, CHK, CMZ, CXG, DNR, EPEX, EQT, GSX, HTE, LNG, MRO, NBL, NFX, NXY, PAPO, PIN, RDC, STR, TLM, VTG , Oil & Gas Services ACGY, BJS, BOLT, CKH, CLB, EXH, GLBL, HLX, MIND, OI, OMNI, TRMA, UDRL, WFT, WG, WSCE , Semiconductors AMD, ANAD, ASML, ASYT, AUTH, CNXT, ENTG, FCS, IFX, ISIL, LSC, MRVL, OIM, PLAB, SIMO, SMI, SPRD, SPSN, TER, UCT, VRGY, VSEA, WFR , Shiping DHT, DRYS, DSX, EGLE, ESEA, EXM, FRE, GMR, GNK, KEX, NM, OCNF, PRGN, SW, TBSI, TK , Software BMC, CHINA, ERTS, FALC, FIS, INFA, INFY, PFMS, RX, SAY, SPS, THQI, WIT , Stel AKS, ATI, CRS, GB, GNA, NUE, RS, SCHN, SID, STLD, SUTR, TX, X and Telecomunications AWYI, CSE, GSAT, ICOG, IDT, MOBL, NT, PGSW, SWIR, VMED . Relative Sector Strength has ben noted in Comodity/Energy OIH, XLE, KOL, SLX , along with Transports TRAN/IYT and Semi SMH. Crude is now -8.50 at 98.39 Wedbush says that given dificult macro environment and folowing August sales results, they expect mixed Sept sales trends from retailers wil wrap up a muted back-to-schol season. 12:24 BEZ Baldor Electric expects diluted EPS in Q3 to be similar to that of Q3 207 27.60 -3.56 Note Q3 207 EPS were $0.53 and Q3 208 EPS consensus is $0.61 12:2 C Citigroup: S&P puts Citigroup 'A-/A-1+' ratings on CreditWatch negative 20.25 +0.1 -Update- Standard & Por's Ratings Services said that it placed its ratings on Citigroup, including the 'A-/A-1+' counterparty credit rating, and the 'A/A-1+' counterparty credit ratings on its bank afiliates, on CreditWatch with negative implications. believes anouncement shows co moving toward more balance shet focused busines model 23.83 -0.49 Friedman Bilings reiterates their Underperform rating and $19 price target folowing anouncements by the co that its bank wil record loses related to Lehman and Washington Mutual securities. While the loses are not material from an earnings or capital standpoint, firm believes this anouncement highlights the fact that Schwab is moving toward a more balance-shet-focused busines model, which should result in a lower rating from the markets over time, in firm's opinion. Firm is lowering their 3Q08 est to $0.24 from $0.28 consensus $0.27 to reflect the charge anounced today and are lowering their GAP and operating ests for CY 208 to $1.04 and $1.06 from $1.08 and $1.09 consensus $1.09 , respectively. Fed says 79.9% stake in AIG has potential to provide substantial return to American people - Reuters 3.0 -0.15 -Update- The Dow is down 2.3% to 108, the S&P is down 3.6% to 169, and the Nasdaq is down 4.4% to 208. NASDAQ 903 mln, vs 876 mln avg , decliners outpacing advancers NYSE advancers/decliners 154/2637, NASDAQ advancers/decliners 538/239 , and with new lows outpacing new highs NYSE new highs/new lows 0/30, Nasdaq new highs/new lows 1/161 . 12:14 IAG IAMGOLD anounces positive results expected in Ecuador's constitutional referendum 5.53 -0.3 Co provides an update on Ecuador's constitutional referendum which includes the mandate to form a new policy for mining development. Co continues to progres its 10% owned, 3.5 mln ounce Quimsacocha Gold Project, located in Ecuador and wil complete a final Feasibility Study by the second half of 209. 12:04 USGS reports 7.3 magnitude quake at Kermadec Islands, New Zealand 12:01 BSY British Sky Brdcst ordered to cut ITV stake - Guardian Unlimited 29.27 -2.27 -Update- Guardian Unlimited reports BSkyB has ben ordered to sel the majority of its controversial 17.9% stake in ITV in a move expected to lead to a takeover batle for the UK's largest comercial broadcaster. 1:58 Lehman reaches agrement to sel its Neuberger Berman unit to private-equity cos Bain Cap and Helman & Friedman for $2.15 bln - WSJ 1:47 European Markets Closing Prices: FTSE: 4832.9 -25.6 -5.0%, DAX: 5818.0 -245.5 -4.1%, CAC: 3976.0 -187.4 -4.5% 1:46 GOG Gogle breaks through 40 suport level 398.50 -32.50 -Technical- 1:43 BONDX Of the Highs. could afect Alergan and Mentor - Lazard 25.0 -0.67 Lazard says that Ipsen anounced that the scheduled PDUFA date for Dysport is today, but also said the FDA has run behind on some PDUFA dates and it is unclear if this date wil hold. Firm says Dysport is Ipsen's Botulinum Toxin Type A which is curently seking a label for cervical dystonia in the U.S. The firm says if Dysport is aproved, they believe MNT may trade up a few dolars and Alergan AGN may trade of a bit and also notes that they do not have any method to estimate whether the FDA wil aprove Dysport today. Firm says regardles, they expect, and they believe more investors expect, that both Medicis's MTX Reloxin and Mentor's Puretox wil eventualy be aproved. MRX wil sel Ipsen's Botulinum Toxin Type A, under the name Reloxin, for cosmetic uses in the U.S. Firm expects a PDUFA date for Reloxin baring any delays to ocur in 1H09. 1:35 TECHX Market View: S&P puls back toward intraday suport at 16 in front of the early low at 164 16.74 -46 -Update- -Technical- 1:29 AGEN Antigenics anounces the FDA grants permision for export of Antigenics' Oncophage to Rusia 1.63 +0.08 1:28 C Citigroup Conference Cal on WB 20.83 +0.69 -Update- Ses $3 bln pretax charge on FDIC los protection pact. says capital ratios wil remain strong. says wil be more than 10% acretive in 209 and expect deal to be even more acretive going forward. says loses are caped.C says insurance buying up front cuts of the tail risk. ~71% of total asets on a pro forma basis.Bok Value after purchase acounting is aprox $1 bln . expect markdown los in card to be $2 bln.Total credit cost wil be $9-10 bln in Q3 compared to $7 bln in Q2, mostly due to loan los preserves; 1:26 PMFG Perles Manufacturing upgraded to Buy at Dougherty - tgt is $21 15.95 0.0 Dougherty upgraded PMFG to Buy from Neutral, and establishes a $21 tgt saying they believe PMFG's curent valuation discounts their previous concerns and ofers atractive apreciation potential. Firm says they believe that a major global infrastructure building cycle is underway over the next decade, or two and says this investment wil ocur in power generation, gas transmision/procesing, refining and petrochemicals, al of which are facing stricter environmental regulations. Firm also says this burgeoning global demand requires the building of thousands of electric power and hydrocarbon procesing facilities representing hundreds of bilions of dolars of investments and the abatement of grenhouse gases and other polutants wil continue to represent a lucrative market for companies such as PMFG. Equities are under significant presure this morning with a number of major events taking place within the financial sector both in the U.S. and Europe - most notably WB's banking operations being taken over by Citigroup, and European regulators staging a series of interventions to stabilize a number of European banks. The combination of these events has resulted in a worldwide sel of in stocks S&P 50 -3.5%, UK's FTSE -4.6%, France's CAC 40 -4.4%, Germany's DAX -3.8%, Japan's Nikei -1.2%, Hong Kong's Hang Seng -4.3% , tighter credit conditions increased Libor rates, widening spreads and increased volatility VIX & VXN +14% . In a deal facilitated by the FDIC and other regulatory agencies, Citi wil pay Wachovia ~$2.16 bln in stock and asume Wachovia senior and subordinated debt, totaling ~$53 bln. The FDIC stated that Wachovia did not fail and the co wil remain a publicly traded institution, although the market cap has ben significantly reduced. 1:13 CBRX Columbia Labs downgraded to Above Average at Caris - tgt reduced to $8 2.47 -0.9 -Update- Caris downgraded CBRX to Above Average from Buy, and cut its tgt to $8 from $1 noting the co anounced this morning that its vaginaly delivered lidocaine product mised its primary endpoint in a Phase I study for the treatment of primary dysmenorhea menstrual cramps . open int of 470, pushing implied vol up around 14 points to ~56% - earnings are expected in mid-to-late Oct, posibly faling outside of the Oct expiration cycle; open int of 1490, pushing implied vol up around 4 points to ~54% - earnings are expected in late Oct; open int of 380, pushing implied vol up around 3 points to ~64% - earnings are confirmed on 10/2. open int of 20.5K, pushing implied vol down around 10 points to ~109% - earnings are expected in early Nov. CBOE Put/Cal ratio: 1.31, VIX: 39.58, +4.84, +13.9% , VXN: 41.50, +4.65, +12.6% . To find past options related coments in the archive, use the symbol OPTNX 1:05 PCOP Pharmacopeia downgraded to Market Perform at Rodman & Renshaw 1.47 -0.50 Rodman & Renshaw downgraded to Market Perform from Market Outperform, removes its price tgt previous price tgt was $9 tgt . Also, the firm notes, Contingent Value Rights CVRs , curently valued at an aditional $15 mln, wil be paid to PCOP shareholders in the event that LGND agres to partner lead compound PS43540 DARA by 201. 10:47 NC National City is far beter capitalized than Wachovia and other large U.S. banks - Reuters 1.63 -2.07 -Update- Reuters reports that NC says its tier 1 capital ratio is the highest of al large U.S. banks at 1.1%. 10:46 SLF Sun Life anounces efective October 14, 208, Jon Boscia wil join as President, Sun Life Financial 35.04 -0.86 10:40 TEL Tyco Electronics: Hearing downgraded intraday at tier 1 firm 26.39 -0.98 -Update- 10:39 LFUS Litelfuse: Hearing downgraded intraday at tier 1 firm 30.62 -3.29 -Update- The blue chip index has ben the best performer on a relative basis thus far today as it held above last wek's low at 10753 sesion low 10790 . Short term resistance is at 10920/10930 with a more important zone to take out and hold above at 10970/10980 - AIG +3.4%, GM +0.7%, JNJ +0.5%, PG +0.2%. 10:35 V Visa slips to sesion lows as it eyes a test of its Sep momentum low of 58.38 just below 58.58 -3.46 -Technical- 10:30 IDEV Indevus Pharm tgt raised to $9 before the open at JMP 3.18 -0.3 -Update- Before the open, JMP raised their IDEV tgt to $9 fom $4 and reiterated their Market Outperform noting that IDEV anounced Friday that it has reached an agrement with the FDA regarding NDA filing for NEBIDO Phase I, male hypogonadism . Separately, the firm says, IDEV anounced a colaboration for development of Pagoclone Phase I, stutering with Teva Pharmaceutical TEVA - $46.03 . Gold- GLD +1.6%, US Dolar- UP +0.80%, Bonds- BND +0.70% Coal- KOL -12.3%, Solar Power- KWT -1.5%, Stel- SLX -10.2%, Metals/Mining- XME -9.9%, Regional Banks- RKH -8.6%, Comercial Banks KBE -8.1%, Gas- UGA -7.5%, Wind Energy- FAN -8.4%, Oil HLDRS- OIH -6.7% 10:27 TECHX Stock indices lift of lows, relative sector strength vs S&P noted in Housing XHB, Transports TRAN/IYT, Finance XLF/RKH -Update- -Technical- 10:25 NC National City drops more than half as market wonders who's next - Reuters.com 1.73 -1.98 -Update- Reuters.com reports the co droped more than half on Monday as investors wondered which regional bank might ned a merger partner as the sector sufered what analysts caled a depening crisis of confidence. There are a number of regional banks which may ned help, either because of the weakening mortgage market or simply because of the weakening economy, said Michael Sheldon, chief market strategist, RDM Financial Group. 10:21 COMDX Crude oil drops back below the $10 mark to fresh lows, now -6.95 at 9.93 10:20 TECHX Oil Service HOLDRs-OIH- atempting to stabilize after aproaching 52-wk low from mid-Sept at 14.18- sesion low 14.82 146.46 -1.16 -Update- -Technical- 10:20 ELX Emulex initiated before the open with a Market Underperform at JMP - $10 tgt 10.84 -0.35 Before the open, JMP initiated ELX with an Market Underperform and a $10 tgt saying they are modeling $0.18 for the September quarter F1Q09 on revenue of $10.0 milion; Though the firm believe that ELX's valuation is neutral, with expected negative growth and the potential of declining margins with Brocade BRCD - $5.78 entering the market, they believe the stock wil underperform the market over the near term. 10:19 CEPH Cephalon concludes al outstanding federal and state government investigations into the co's sales and promotional practices 78.72 -1.15 Co anounces it has finalized a previously anounced agrement in principle with the U.S. Atorney's Ofice for the Eastern District of Pensylvania, the U.S. Department of Justice and various other federal agencies. 10:18 TECHX Semi HOLDRs -SMH - continues to weigh on laging Nasdaq, tests 52-wk close low 24.58 -1.27 -Update- -Technical- The SMH has droped as low at 24.53 as its test its 52-wk close low from Mid-Sep at 24.51. 10:17 MSCI al-country world index loses 4.3%, most since 197 - Blomberg 10:15 TECHX New sesion low for Finance SPDR -XLF- at 19.84 leaving its slightly above last wk's low at 19.73 19.8 -1.51 -Update- -Technical- Intraday suports below if this is taken out are at 19.5 and the 19.30/19.24 area. 10:1 ARBA Ariba downgrade details 13.08 -2.04 As mentioned at 8:35ET, Cowen downgraded ARBA to Neutral from Outperform saying the firm remain fans of the story, and although the stock is only moderately expensive on traditional multiples 5.3x subs revs and 1.2x the traditional busines , they are concerned that consensus expectations for organic bokings growth, the best measure of the health of the busines, are agresive. The firm says it is also important to note that the Sept Q is a seasonaly weak 4Q atypical for enterprise software and wil reflect the last ful quarter of growth bosted by the Procuri acquisition. 10:1 TWO Take-Two upgraded to Outperform at Cowen & Co, pre-market 15.28 -0.8 Before the markets open, Cowen & Co upgrades TWO to Outperform from Neutral. 10:06 TECHX Sectors outpacing the S&P as the index atempts to stabilize- Housing XHB, Retail RTH, Energy XLE/OIH -Update- -Technical- 10:02 ECONX Federal Reserve and other central banks anounce further cordinated actions to expand significantly the capacity to provide U.S. dolar liquidity In response to continued strains in short-term funding markets, central banks today are anouncing further cordinated actions to expand significantly the capacity to provide U.S. dolar liquidity. We wil continue to adapt these liquidity facilities as necesary and wil kep them in place as long as circumstances require. Actions by the Federal Reserve include: 1 an increase in the size of the 84-day maturity Term Auction Facility TAF auctions to $75 bln per auction from $25 bln begining with the October 6 auction, 2 two forward TAF auctions totaling $150 bln that wil be conducted in November to provide term funding over year-end, and 3 an increase in swap authorization limits with the Bank of Canada, Bank of England, Bank of Japan, Danmarks Nationalbank National Bank of Denmark , European Central Bank ECB , Norges Bank Bank of Norway , Reserve Bank of Australia, Sveriges Riksbank Bank of Sweden , and Swis National Bank to a total of $620 bln, from $290 bln previously. By comiting to provide a very large quantity of term funding, the Federal Reserve actions should reasure financial market participants that financing wil be available against god colateral, lesening concerns about funding and rolover risk. 84-Day Maturity TAF Auctions The increase to $75 bln per auction wil triple the suply of 84-day maturity credit to $25 bln from $75 bln. The total amount of TAF credit available in the 28-day and 84-day auction cycles wil double to $30 bln from $150 bln. Forward TAF Auctions The forward TAF auctions are a new program designed to provide reasurance to market participants that term funding wil be available over year-end. Foreign Exchange Swap Lines: The Federal Open Market Comite FOMC has authorized a $30 bln expansion of its temporary reciprocal curency arangements swap lines . This increased capacity wil be available to provide funding for U.S. dolar liquidity operations by the other central banks. These larger facilities wil now suport the provision of U.S. dolar liquidity in amounts of up to $30 bln by the Bank of Canada, $80 bln by the Bank of England, $120 bln by the Bank of Japan, $15 bln by Danmarks Nationalbank, $240 bln by the ECB, $15 bln by the Norges Bank, $30 bln by the Reserve Bank of Australia, $30 bln by the Sveriges Riksbank, and $60 bln by the Swis National Bank. The increase in the amount of foreign exchange swap authorization limits wil enable many central banks to increase the amount of dolar funding that they can provide in their home markets. says they are increasing the total size of the 84-day TAF auctions to $25 bln up from $75 bln begining Oct. 6 GM +1.1%, JNJ +0.40% AXP -8.5%, A -7.1%, CAT -4.8%, BAC -4.3%, IBM -4.2% 10:0 ECB says swap with Fed doubled to $240 bln; wil last through April 30, 209 09:59 TECHX Market View: Nasdaq Comp tests/lifts slight of its 52-wk close low from Mid-Sep at 2098 - sesion low 2097.8 2107 -75 -Update- -Technical- Noted the Sep/52-wk close low at 2098 in the 09:45 update and have sen a minor lift of this low. 09:58 OPTNX VXN Nasdaq Volatility Index edges to new multi-year high of 40.92 09:56 TECHX Market View: Seling pace picks up with stock indices runing through numerous suports - Dow -31, S&P -4, Nasdaq -83 -Update- -Technical- The S&P low is at 169 which is near a congestive suport at 170. This has ben left deliberately vague probably god news . 09:46 APL Aple chalenging its mid-207 and Feb 208 lows near 15.40 15.39 -12.72 -Update- 09:46 ATK Aliant Tech awarded $10.4 mln Phase 1 contract to design and demonstrate the M982E1 excalibur precision engagement projectile 94.96 -1.27 Co anounces that it has ben awarded a $10.4 milion contract for the first phase of a 48-month Excalibur Ib system design and development program from the U.S. Army, Picatiny Arsenal, New Jersey. The breakdown of the open has quickly brought a congestive suport zone at 2130/2120 into play sesion low 2124 . Second, Clinical and Medical Products has matured and can stand on its own as a publicly traded company and third, co believes this aproach wil deliver the maximum value customers and shareholders over time to more focused management that is closer to its customers. 09:41 COV Covidien: New restructuring program lowers costs, ads further EPS flexibility - Lerink Swan 53.67 -1.24 -Update- Lerink Swan notes this morning, as COV prepares to start its FY209 Sept FY-end , the co is anouncing its second major restructuring program. 09:40 TRGL Toreador Royalty: 209-2010 should be an active period for exploration results - Stanford 9.69 -0.30 Stanford says that in the Dec quarter, TRGL should resume exploratory activities, which had ben promising prior to a period of intensely negative developments at the SASB gas field in the Western Black Sea. 09:37 CBRX Columbia Labs: Rodman & Renshaw says no significant diference was observed in terms of average patient-asesed pain intensity betwen the Lidocaine and placebo groups 2.65 -0.81 -Update- Rodman & Renshaw says that this morning CBRX anounced results from its 70-patient Phase I Trial of Vaginaly-administered Lidocaine for Dysmenorhea. 09:36 AMLN Amylin Pharms: Recent Liraglutide data highlights importance of Byeta LAR aproval - Lerink Swan 20.59 -0.18 Lerink Swan says that last wek, Novo Nordisk published more detailed results from the liraglutide Phase I developmental program. Overal, the data from the LEAD 3 and LEAD 6 studies are consistent with what has ben published before - namely, that liraglutide QD might be slightly more efective and beter tolerated than Byeta BID. Firm says the recent anouncement that liraglutide aproval wil be considered by an FDA advisory panel next March has likely delayed liraglutide by at least two months to May 209. 09:3 MTZ MasTec: Friedman Bilings believes AT&T/DTV agrement positive for Mas Tec 13.51 -0.02 Friedman Bilings says that late Friday, T anounced it wil resel DTV's satelite service co-branded with T's U-verse TV ofering, starting on Feb 1, 208. This reversal should increase MTZ's DirecTV rev going forward, which in 2Q08 acounted for $107 mln or 35% of total rev . 09:30 MCD McDonald's: Credit crunch takes bite out of McDonald's - AdAge 63.20 AdAge reports the banking crisis is threatening to take a rather surprising hostage: McDonald's big-budget cofe rolout. They ned the capital to franticaly build cofe bars in the chain's 14,0 locations for what was planed to And although it won't derail the launch altogether, it is likely to delay it nearly into sumer - hardly optimal timing for a hot-beverage introduction. 09:25 LY Eli Lily: No news is bad news - Caris 46.82 -Update- Caris notes LY anounced on Sept 26, 208, that the FDA had not completed its review of Efient prasugrel and that the agency would ned an unspecified amount of time to make a final decision on the drug. Firm says in the near term, VLTR expects to se very strong strength in its notebok segment as it benefits from the ramp of new design wins with customers such as Sony, Lenovo, and recently anounced Del, on Intel's Montevina/Centrino 2 platform. C to raise $10 bln, cut dividend to $0.16 0.93 -Update- Citi C anounces it has reached an agrement-in-principle to acquire al of the banking subsidiaries of Wachovia, creating the largest U.S. bank by total deposits. Under the terms of the agrement-in-principle, Citi wil pay Wachovia ~$2.16 bln in stock and asume Wachovia senior and subordinated debt, totaling ~$53 bln. Citi wil acquire more than $70 bln of asets of Wachovia's banking subsidiaries, and related liabilities. curent dividend of $0.32 per share , efective imediately, to maintain the company's strong capital position. 09:2 C Citigroup to cut quarterly dividend to $0.16, raise $10 bln in comon equity - DJ 20.15 -Update- Briefing.com Note: Co's curent dividend is $0.32 per quarter. 09:2 WB Wachovia confirms bank subsidiary divestitures to Citigroup 10.0 -Update- The co anounces intentions to sel its retail bank, corporate and investment bank and wealth management busineses to Citigroup. Wachovia Corporation wil remain a public company with two main operating subsidiaries: Wachovia Securities, the nation's third largest brokerage firm, and Evergren Aset Management, a leading provider of aset management services. The firm says the co should grow even if market share is maintained. 09:20 MS Morgan Stanley: Mitsubishi UFJ Financial Group to invest $9 bln in Morgan Stanley 24.75 Mitsubishi UFJ Financial Group MTU and Morgan Stanley anounced that the two companies have reached a definitive agrement under which MUFG is investing $9 bln in equity in Morgan Stanley for a 21% interest in the company on a fuly diluted basis. MUFG wil acquire 9.9% of Morgan Stanley's comon stock on a primary basis at a price of $25.25 per share, for a total of $3 bln. MUFG wil also acquire $6 bln of perpetual non-cumulative convertible prefered stock with a 10% dividend and a conversion price of $31.25 per share. 09:20 MCBC Macatawa Bank Corporation takes steps to maintain its financial strength 9.13 The co anounces that it is taking several steps to maintain its financial strength. In light of continued soft economic conditions in West Michigan, the Holand, Michigan-based comunity bank wil take $15.0 milion in loan los provisions and $878,0 in loses on foreclosed properties. says les than one-quarter of a percent of its investment portfolio was exposed to LEH 18.41 Co anounced preliminary net los estimates for Huricanes Gustav and Ike. The Company's preliminary los estimates, pretax and net of reinsurance and reinstatement premium, related to Huricane Ike range from aproximately $165 mln to $235 mln, of which $65 mln to $85 mln is atributable to insurance and $10 mln to $150 mln to reinsurance. 09:18 APL Aple Slides After Morgan Stanley Predicts 10% Drop - Blomberg.com 128.24 -Update- Analyst Kathryn Huberty cut her price target 35 percent to $15 today. Slowing iPhone and Mac orders wil hurt the Cupertino, California-based company, New York-based Huberty said in a note. Aple wil have to cut prices to compete this holiday season, weighing on earnings, Huberty said Guardian Unlimited reports the Icelandic government has seized control of one of the nation's bigest banks, Glitnir, the latest victim of the crisis griping the world's financial markets. implementation several weks away RBC says the Troubled Aset Relief Program wil be funded in thre tranches; imediately with $250 bln, folowed by $10 bln and finaly with $350 bln subject to Congresional disaproval . 09:17 S Sprint’s iDEN network atracts private equity interest, sources say - FT Mergermarket 6.93 FT Mergermarket reports the co has atracted private equity interest to its iDEN network, two industry sources and two analysts told mergermarket. One industry source who is folowing the situation said the interested private equity firms could have included Altel's owners TPG Capital and GS Capital Partners, and an analyst claiming knowledge of the situation said former Nextel CEO Tim Donahue had paired with one of the firms. tgt lowered to $14 1.38 RBC Capital Mkts downgrades VDSI to Underperform from Sector Perform and lowers their tgt to $14 from $15 saying checks indicate further deterioration in the macro environment that chalenges management guidance and investor expectations. The firm says companies are lowering IT budgets for year-end and taking a defensive aproach to their 209 operating plan. tgt lowered to $7 5.7 RBC Capital Mkts downgrades SNWL to Sector Perform from Outperform and lowers their tgt to $7 from $8 saying checks indicates further deterioration in the macro environment that chalenges management guidance and investor expectations. As a result, the company expects that lower revenue estimates wil adversely afect Adjusted EPS for both the third quarter and ful-year 208. Virtual Radiologic is now expecting ful-year 208 revenue ranging from $102 milion to $104 milion vs $109.50 mln First Cal consensus, Adjusted EBITDA from $17.5 milion to $19.2 milion, and Adjusted EPS from $0.46 to $0.52, before the impact of establishing actuarial reserves in the captive insurance company, amy not be comparable vs $0.72 First Cal consensus. The company also anounced that it wil continue repurchasing shares under its previously anounced share repurchase program. Select financial related names showing weaknes: WB -90.3% Citigroup to acquire banking operations of Wachovia , NC -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 -1.4% has EUR125 mln gros exposure to Washington Mutual - DJ , ING -1.1%, 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% wil isue a new series of Convertible Participating Serial Prefered Stock, FT reports AIG loks to sel 15 units , ABK -2.9%, BAC -2.9%. Other news: NOK -6.3% stil checking for anything specific , LY -3.9% anounced the FDA did not complete its review for the prasugrel new drug aplication . Analyst coments: APL -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 Sel from Hold at Deutsche Securities . tgt lowered to $35 36.03 RBC Capital Mkts downgrades DRIV to Sector Perform from Outperform and lowers their tgt to $35 from $47 saying they believe the macro environment continues to weigh on the consumer and has progresed faster than management's guidance. Despite a strengthening consumer electronics busines the firm believes customers are more cautious in their site launches, which is delaying revenue to Digital River and wil likely have a significant afect on operating margins and EPS. Nokia also checking it out - Tech Crunch 7.63 Tech Crunch reports cel phone manufacturers are gearing up for a major Android push. 09:1 WBSN Websense downgraded to Hold from Buy at Deutsche Securities 23.85 09:10 SPRT SuportSoft downgraded to Hold from Buy at Deutsche Securities 3.13 09:10 CTXS Citrix Systems downgraded to Hold from Buy at Deutsche Securities 28.02 Futures are trading sharply lower this morning as investors remain cautious on a tentative $70 bln rescue package for the financial system and as the turmoil in the banking system spread to Europe over the wekend se below . The govt could get at $250 bln imediately, $10 bln more if the president certified it was necesary, and the last $350 bln with a separate certification - and subject to a congresional resolution of disaproval. Separately, the FDIC anounced this morning that Citigroup C wil acquire the banking operations of Wachovia WB . Citi wil acquire the bulk of Wachovia's asets and liabilities, including five depository institutions and asume senior and subordinated debt of Wachovia Corp, while Wachovia Corp wil continue to own AG Edwards and Evergren. Citigroup wil absorb up to $42 bln of loses on a $312 bln pol of loans. The FDIC wil absorb loses beyond that, as Citigroup has granted the FDIC $12 bln in prefered stock and warants to compensate the it for bearing this risk. The Bond mkt is bid as the rescue plan heads to a vote, while the list of victims in the financial sector increases UK's B&B, Europe's Fortis, Wachovia . 09:08 DVAX Dynavax Technologies anounces $17 mln contract from NIH 1.24 -0.04 Co anounces it has ben awarded a 5-yr, $17 mln contract to develop its advanced imunostimulatory sequences technology using Tol-Like Receptor 9 agonists as vacine adjuvants. 09:07 ICON Iconix Brand anounces definitive agrement to purchase the home brand, Waverly 13.06 Co anounces that it has entered into a definitive agrement to purchase the Waverly brand from Nexcen Brands, NEXC . Notable exposures to these troubled financial institutions, it is estimated that each, Infosys INFY and Satyam SAY , earn about 2% of their total revenues from AIG and Meril Lynch, while Wipro's WIT exposure to Lehman Brothers is estimated to be about half a per cent. 09:06 LOJN LoJack: Kington Files US$269M Claim Against LoJack 6.87 Kington Holdings Ltd Kington anounced today that it has filed a counterclaim in procedings with the American Arbitration Asociation against LoJack Equipment Ireland Ltd LoJack Ireland , a subsidiary of LoJack Corporation LOJN , a provider of recovery systems for stolen vehicles. 09:05 Lazard says that directly or indirectly, the turmoil in the financial services industry afects most technology stocks Lazard says credit for capital-intensive technology companies may be reduced or revenues may be lowered due to a reduction in financial services-related I.T. In general, firm believes that more stringent lending terms wil negatively impact capitalintensive companies SNDK, MU, SPSN, QI that rely on outside financing for high-cost manufacturing tols and fabs. est total damages of $2.4 mln 14.80 Co previously anounced on Sept 15, 208, the preliminary ests of damage caused by Huricane Ike that struck the Co's biodiesel refinery located in Houston, Texas on Sept 12-13, 208, after les than sixty days of initiating operations. 09:02 EFJI EFJ anounces it has received an order valued at $1.9 mln from a state and local customer to provide its Project 25 compliant radios and acesories 1.14 09:01 OTIV On Track Inovations names Tanir Horn-Wekselman Chief Financial Oficer 3.10 Co anounces the apointment of Tanir Horn-Wekselman as Chief Financial Oficer. 09:0 IMCL Imclone anounces the large Pharma company that had made an ofer to acquire ImClone at $70 per share, has informed them they wil either make a proposal, or withdraw 63.38 -Update- Co anounces that the large Pharma company that had made an ofer to acquire ImClone at $70 per share, subject to due diligence, but not financing, has informed ImClone that by 1:59 pm on Wednesday, October 1, 208, they wil either make a proposal, that is no longer subject to due diligence, or withdraw. As has ben mutualy agred, if they withdraw and negotiations have thus ben ended, the name of the company wil be disclosed. 09:0 RICK Rick's Cabaret's Board increases stock buyback authorization to $5 milion from $50k 10.23 09:0 LY Eli Lily: FDA grants Lily's ALIMTA Pemetrexed for Injection third U.S. aproval 46.82 -Update- The co anounces it received aproval from the FDA for the use of ALIMTA pemetrexed for injection , in combination with cisplatin, in the first-line treatment of localy-advanced and metastatic non-smal cel lung cancer, for patients with nonsquamous histology. 08:59 CNTF China Techfaith Wireles anounces $10 mln share repurchase program 1.10 The decision to initiate the share repurchase program reflects our continued comitment to increase shareholder value and our belief that the curent ADS price level does not reflect our curent potential value. 08:59 QLGC QLogic initiated with a Mkt Outperform at JMP Securities 16.19 08:58 KBH KB Home: Pursuing new strategy to adres industry weaknes - Argus 21.56 Argus notes KBH has reduced its comunity count and begun ofering smaler, lower-priced homes with les content in an efort to cope with faling home prices. their previous los forecast of $0.47 per share consensus FY08 $8.48 ; 08:57 VRAD Virtual Radiologic trading halted - news pending 1.74 08:57 HOLX Hologic initiated with a Hold at Colins Stewart 20.0 08:56 CLS Celestica: Overexposed in at-risk sectors - Argus 6.80 Argus says that despite CLS' strong year-to-date outperformance, there is increasing concern that the financial crisis wil impact the technology industry and its manufacturing cos. 08:5 RBS Royal Bank of Scotland tumbles in the UK - Guardian Unlimited 3.9 Guardian Unlimited reports RBS shares were down more than 20% at one point as al major banks sufered loses this morning, folowing the nationalization of buy-to-let lender Bradford & Bingley. 08:51 BPHX Blue Phoenix signs multi-milion dolar modernization project with large U.S. financial institution 3.52 The co anounces that it has signed a major new modernization project to migrate 4GL and COBOL aplications to Java for one of the leading financial institutions in the United States. proposal regarding mark-to-market provides a respite, not a solution - FBR Friedman Bilings ays that while they expect initial investor reaction to be positive regarding what they believe should be iminent pasage of the $70 bln Trouble Aset Relief Program, firm views the proposal as having only a modest, short-term benefit for their comunity and regional bank coverage universe. sels 2.4 mln shares at $6.50/share 6.08 Co anounces that it has entered into definitive agrements to sel an agregate of 2.4 milion shares of its comon stock at a purchase price of $6.50 per share for an agregate $15.6 milion financing under its previously anounced shelf registration statement. Eficacy Capital and the other institutional purchaser wil each receive a Purchase Option alowing Eficacy Capital to purchase from the Company up to $7.5 milion of aditional shares and the other institutional purchaser to purchase from the Company up to $2.5 milion of aditional shares of the Company's Comon Stock at the greater of the fair market value of the Company's shares at the time of exercise or $7.80 per share. Eficacy Capital and the other institutional purchaser wil also receive a Right of First Ofer on certain future sales of the Company's securities up to their pro rata ownership in the Company. Aditionaly, Eficacy Capital's Standstil Agrement with Repros wil be modified to permit Eficacy Capital to own up to 40% of the Company's outstanding shares of stock, along with the Company's Rights Agrement, and to permit Eficacy Capital to designate two directors of the Company's Board of Directors. 08:45 C Citigroup gives up its early gains as it stages a sharp reversal to fresh premarket lows, now trading at 18.74 20.15 -Update- -Technical- 08:43 ZION Zions Bancorp initiated with a Buy at Noble Financial 43.98 Noble Financial initiates ZION with a Buy saying the demographics of western states in franchise are among best/fastest growers in nation. The firm says credit quality isues apear manageable for both securities and residential construction/land loans 9% of total loans . 08:43 ACGL Arch Capital anounces it expects Q3 pre-tax earnings to be negatively impacted by Huricanes 73.40 Co anounced that it expects pre-tax earnings for the 208 third quarter to be negatively impacted by the efects of Huricanes Gustav and Ike in the range of $105 milion to $180 milion, net of reinsurance and reinstatement premiums. 08:43 NTRS Northern Trust told clients of its security lending busines that they stand to lose a god chunk of change - NY Post 79.90 -Update- NY Post reports the co told clients of its security lending busines that they stand to lose a god chunk of change. The ful extent of the loses wil depend on whether clients rush to take their money out - thereby forcing a fire sale of iliquid asets - or agre to wait until the dust setles, the oficial said in the cal, which was intended for clients only. The co said it rushed to retrieve loaned asets after Lehman went under, securing 70%. The co has ben working to buy back the remaining 30%, the oficial said. 08:43 SOV Sovereign Banc upgraded to Buy from Neutral at Janey Mntgmy Scot 8.37 08:43 WAL Western Aliance Bancorp initiated with a Buy at Noble Financial 15.64 Noble Financial initiates WAL with a Buy saying they believe the co is positioned to buy distresed asets and failed banks, and pick up employes from failed/troubled banks. This leaves third quarter real PCE at a disapointing level relative to the second quarter, and could lead to downward revisions to third quarter real GDP although it was already recognized that August was a weak month for spending . Declining payrols are often sen as a key factor in income, although in fact the monthly percentage declines in the number of employed is smal relative to the hourly wage gains raises . 08:42 WABC Westamerica Banc initiated with a Hold at Noble Financial 57.1 08:41 UMPQ Umpqua Holdings initiated with a Hold at Noble Financial 16.61 08:41 UCBH UCBH Holdings initiated with a Hold at Noble Financial 6.81 Wedbush is lowering ests below consensus on many cos firm covers as they believe that the seling environment for enterprise software could remain chalenging for the next few months. While firm is not expecting a precipitous decline in software spending like they saw in 201-202, firm is expecting a modest negative impact from the myriad external factors that are afecting their financial markets curently. Other news: FNM +20.8% and FRE +12.5% showing strength with progres on the $70 bln troubled aset agrement , PC +9.9% anounces definitive writen agrement with lenders on temporary covenant waiver , IMCL +4.1% may have talks to anounce - WSJ . 08:38 BSY British Sky Brdcst: Tribunal to rule on BSkyB’s ITV stake - FT 31.54 FT reports the latest episode in the long-runing drama of ITV wil be writen on Monday when the Competition Apeals Tribunal rules on what should hapen to British Sky Broadcasting's 17.9% stake in the company. As hardware pricing inevitably declines, it wil be dificult for the co to deliver greater than single digit comps going forward. Firm believes that concerns about slowing comps led to the conclusion that video game sales wil stal, significantly presuring GameStop's share price. Firm believes that curent valuation is compeling as they expect the co to deliver earnings leverage in FY09 and FY10 as margins continue to expand. 08:36 WB Wachovia slips below the $1.0 mark, now at $0.87 in pre-mkt trading 10.0 -Update- 08:35 ARBA Ariba downgraded to Neutral from Outperform at Cowen & Co 15.12 08:34 S&P futures vs fair value: -19.20. The FDIC entered a los sharing arangement, where Citi wil absorb up to $42 bilion of loses on a $312 bilion pol of loans, with the FDIC absorbing loses beyond the $42 bilion. In economic news, personal income rose 0.5% consensus +0.2% in August and spending was flat consensus +0.2% . Excluding energy and fod prices, PCE rose 0.2% consensus +0.2% . 08:34 CM CIBC upgraded to Sector Perform from Underperform at RBC Capital Mkts 60.90 08:34 FHC Female Health: USAID expands Female Condom order to 10 mln units 3.0 Co anounced that it has received an order from John Snow, Inc., which implements the USAID Deliver Project, for the delivery of up to 10 mln female condoms for the United States Agency for International Development USAID suported programs. 08:3 FCX Freport-McMoRan downgraded to Hold from Buy at Deutsche Securities 63.82 08:32 CDE Coeur d'Alene Mines downgraded to Sel from Hold at Deutsche Securities 1.78 08:32 ADY American Dairy increases production output 9.5 The co anounces it has substantialy increased its production output and customer suport to met consumer demand for reliable, high quality, premium infant formula products. 08:31 WPI Watson Pharm anounces positive data for RAPAFLO, its investigational product for BPH 28.80 Co anounces that investigators presented eficacy and safety data on silodosin, its investigational treatment for benign prostatic hyperplasia BPH, or prostate enlargement . 08:31 CLNE Clean Energy Fuels ads CNG fueling stations at major airports in Atlanta, GA and Oklahoma City, OK 16.38 The co wil own, operate and suply fuel for new compresed natural gas CNG public aces stations to suport airport operations in Atlanta and Oklahoma City. Located on airport property, the new facility wil serve - in adition to CNG-powered airport transit and shutle vehicles - a growing number of CNG flets in the area. 08:30 DLIA Delia s enters into agrement to sel CS brand for $102 mln 2.50 Co anounces that it has entered into an agrement to sel the asets related to its CS brand to Fot Locker FL . In conection with this transaction, dELiA s entered into separate agrements with Aloy ALOY pursuant to which dELiA s agred to acquire from Aloy certain intelectual property asets used specificaly in the CS busines which wil be transfered to Fot Locker at closing and to purchase specified media services from Aloy, for agregate consideration of ~$9 milion. 08:30 ECONX August PCE Core m/m +0.2% vs +0.2% consensus, y/y +2.6% vs +2.4% consensus 08:30 CBY Cadbury Schwepes says Chinese-made products questionable - AP 43.34 AP reports the co said that tests have cast doubt on the safety of its Chinese-made products and ordered a recal, the latest foreign company afected by China's tainted milk scandal. tgt $1 8.01 Nedham initiates ARST with a Buy and price target of $1 saying the company has had suces in its core target market of event management for security, with the market drivers of compliance for Sarbanes-Oxley, HIPA, PCI and other regulatory standards. The firm says their view is that ARST's target market is broader than security event management, and should include the systems management market as a whole. 08:25 C Citigroup to sel Japanese cal center worth $2 bln, acording to source - WSJ 20.15 08:25 PCS MetroPCS: Leap Wireles and MetroPCS Comunications enter into national roaming agrement and spectrum exchange agrement and setle litigation 13.90 Leap Wireles LEAP and MetroPCS anounced that they have entered into a national roaming agrement and an agrement to exchange wireles spectrum, and have setled al outstanding litigation betwen them. Auto makers wil report September sales on Wednesday, and the pace of new-vehicle deliveries is expected to remain at a 15-year low. 08:2 CTXS Citrix Systems downgraded to Sector Perform from Outperform at RBC Capital Mkts 28.02 08:21 CMG Chipotle Mexican Gril: Morgan Kegan triming 209 EPS projection 58.82 Morgan Kegan is further lowering their FY09 EPS ests for CMG folowing their initial revisions to both FY08 and FY09 after the co pre-released Q308 earnings results. FY09 $2.8, $1.572 bln . In the meantime, the list of victims increased with UK's B&B and Europe's Fortis draged under, while Wachovia is geting bought by Citigroup Blomberg . 08:20 PFBC Prefered Bank initiated with a Hold at Noble Financial 1.28 08:18 PACW PacWest Bancorp initiated with a Hold at Noble Financial 29.79 08:18 PCBC Pacific Capital Bancorp initiated with a Buy at Noble Financial; tgt $26 20.7 Noble Financial initiates PCBC with a Buy and price target of $26 saying they believe the Tax refund busines deserves a discount for risk, but believe nearly 40% discount is to step at present. The firm says the Core bank in transition to more comercial banking/wealth management and to greater eficiency and they do not expected to have to raise dilutive capital or cut its dividend. 08:18 WB Wachovia: Details of Citigroup acquisition of WB banking operations 10.0 -Update- The FDIC anounces that Citigroup C wil acquire the banking operations of Wachovia Corporation; For Wachovia customers, today's action wil ensure seamles continuity of service from their bank and ful protection for al of their deposits. There wil be no interuption in services and bank customers should expect busines as usual. wil absorb up to $42 bln of loses on a $312 bln pol of loans. WB is trading at ~$1.90 in pre-mkt trading 08:17 U.S. moves ahead on loans to develop fuel-eficient cars - WSJ WSJ reports the U.S. Congres moved Saturday to provide $25 bilion in low-interest loans to the auto industry as part of an initiative to acelerate the development of fuel-eficient vehicles. The loan program was aproved as part of a 207 energy bil requiring vehicles to have an average fuel economy of 35 miles a galon by 2020 - a 40% increase over the previous standard. F, GM 08:17 FTBK Frontier Fincl initiated with a Hold at Noble Financial 15.16 Noble Financial initiates FTBK with a Hold saying residential construction/land loans acount for 39% of total loans; 08:16 WB Wachovia drops to $2.0 on report that Citigroup wil buy banking operations 10.0 -Update- 08:16 CHIC Charlote Ruse: Wedbush cuts FY09 EPS below consensus 1.4 Wedbush says that based on indications of mixed trafic trends and the heightened promotional environment that could dilute CHIC's value mesaging, they believe the co could continue to face disapointing trends during the upcoming holiday seling season. $0.3 LY is likely achievable, firm is reducing their F209 EPS est to $1.23 from $1.40 consensus $1.24 . 08:15 EWBC East West Banc initiated with a Hold at Noble Financial 15.21 Noble Financial initiates EWBC with a Hold saying East West has thus far done the best job of Chinese-American banks in balancing short-term and long-term growth. 08:14 WB Wachovia: Citigroup to acquire banking operations of Wachovia - Blomberg 10.0 -Update- Blomberg reports the FDIC says Wachovia did not fail, FDIC to absorb loses beyond $42 bln. C 08:14 CVBF CVB Financial initiated with a Hold at Noble Financial 13.96 Noble Financial initiates CVBF with a Hold saying they regard CVB Financial as wel-run bank with excelent credit quality, but uncertain growth prospects. WSJ reports many of the defense industry's most important programs wil start the new fiscal year next wek with higher budgets, thanks to a quickly hashed-out bundle of bils expected to be sent to President George W. 08:13 LY Eli Lily: Major U.S. Prasugrel delay sems unlikely but timing uncertain and label critical - 46.82 Lerink Swan notes that LY/Daichi Sankyo's anouncement on Friday that FDA's review would continue beyond the 9/26 PDUFA date is not surprising and firm expects the stock to be down modestly ~$1/shr this morning given lack of clarity. Firm believes that FDA is working to aprove the drug but they expect prasugrel wil be aproved with a restrictive label, substantial post-marketing comitments, and no 5 mg dose - limiting its market opt'y. WSJ reports U.S. rice-industry oficials are stil trying to get a handle on how much rice wil be lost due to huricanes Gustav and Ike, but analysts and industry oficials say the storms may have wiped out more than 5% of the U.S. crop. 08:09 MS Morgan Stanley, MUFG near deal - WSJ 24.75 WSJ reports Morgan Stanley and Mitsubishi UFJ Financial Group MTU are moving closer to sealing a deal whereby Japan's bigest bank by market cap wil buy a 20% stake in the Wal Stret firm, people familiar with the situation said. Firm believes volatile Sept sales wil likely put the finishing touches on an already ugly third quarter. FY09 $0.63, $1.09 bln . 08:08 MWRK Mothers Work anounces promotion of Ed Krel to Chief Executive Oficer 13.75 Co anounces that Dan Mathias wil retire as the co's Chief Executive Oficer on September 30, 208. Mr. Mathias wil continue to serve as a director of the Company and serve as non- executive Chairman of the Board, and wil remain available to management in an advisory capacity through September 30, 2012. Rebeca Mathias, the Company's President and Chief Creative Oficer, wil continue in her curent capacity and wil report to Mr. Krel. Upon closing of these two transactions, the Company's position in the CRB wil aproximate 42,0 net acres, which is unchanged relative to the Company's curent position. Despite the lost production, the Company expects its third quarter production to be in the mid-range of its previously provided guidance of 6.4 - 6.6 Bcfe. Tough times are forcing people to make tough choices - delaying doctor visits and prescription use. 08:04 GY GenCorp anounces chief financial oficer, Yasmin Seyal, has left the Company and is pursuing other interests 7.09 Co anounces that its chief financial oficer, Yasmin Seyal, has left the Company and is pursuing other interests. 08:02 CPBY China Information Security Technology enters into share purchase agrement to acquire 10% of the equity of Shenzhen Zhongtian Technology Development 4.68 Co anounces that it entered into a Share Purchase Agrement with Wide Peace International Investments Limited, a British Virgin Islands company, whereby it wil purchase of Kwong Tai International Technology Limited, a Hong Kong company, and its wholy-owned Chinese subsidiary, Shenzhen Zhongtian Technology Development for a purchase price of $16.5 mln. The acquisition is expected to close on or before October 31, 208 and wil be acretive towards 209 earnings. 08:02 PAX Prospect Acquisition anounces trust investment details 9.01 The co anounces details related to its asets being held in trust. 08:01 LNC Lincoln National discloses its investment in the securities of WaMu 49.0 Co discloses that its investment in the securities of WaMu WM at September 25, 208 was ~$84 mln, at GAP amortized cost, of which $13 mln was senior debt, $5 mln was subordinated debt and $16 mln was prefered stock. 08:01 SATC SatCon Tech anounces sale of its electronics and motors divisions 2.10 Co anounces the sale of its Electronics and Motors divisions for cash proceds of $5.6 mln as part of its overal strategic restructuring plan. The asets of Satcon's Electronics division are being sold to Spectrum Microwave, a subsidiary of Spectrum Control SPEC . revs $14.6 bln vs $14.67 bln First Cal consensus WSJ reports investors are relieved that Washington is trying to ease the financial crisis, but they aren't persuaded it wil mean an end to the bear market in stocks. To get that kind of return from stocks given curent prices, says Jack Ablin, chief investment oficer at Haris Private Bank, you would have to asume profit gains of 12% or more a year, based on curent ratios of prices to earnings. 07:59 URBN Urban Outfiters downgraded to Market Weight from Overweight at Thomas Weisel 34.94 07:59 Stelmakers se demand fal sharply, prices decline - WSJ WSJ reports stelmakers in the U.S. are experiencing a sharp pulback from buyers who are spoked by the credit crisis and a slowdown in automobile and construction markets, causing inventories to rise and prices on some key products to drop 10%. The instability of financial markets and the general slowdown in the comercial building sector are cause for concern in coming quarters, said George Stoe, chief operating oficer for Worthington Industries. Demand for rebar stel, often used to build roads, bridges and ofice buildings, has falen dramaticaly in the U.S. because some projects are being delayed or put on hold amid the uncertainty in financial markets, stelmakers said. 07:59 OEPNX Stelmakers se demand fal sharply, prices decline - WSJ WSJ reports stelmakers in the U.S. are experiencing a sharp pulback from buyers who are spoked by the credit crisis and a slowdown in automobile and construction markets, causing inventories to rise and prices on some key products to drop 10%. The instability of financial markets and the general slowdown in the comercial building sector are cause for concern in coming quarters, said George Stoe, chief operating oficer for Worthington Industries. Demand for rebar stel, often used to build roads, bridges and ofice buildings, has falen dramaticaly in the U.S. because some projects are being delayed or put on hold amid the uncertainty in financial markets, stelmakers said. 07:59 OEPNX Stelmakers se demand fal sharply, prices decline - WSJ WSJ reports stelmakers in the U.S. are experiencing a sharp pulback from buyers who are spoked by the credit crisis and a slowdown in automobile and construction markets, causing inventories to rise and prices on some key products to drop 10%. The instability of financial markets and the general slowdown in the comercial building sector are cause for concern in coming quarters, said George Stoe, chief operating oficer for Worthington Industries. Demand for rebar stel, often used to build roads, bridges and ofice buildings, has falen dramaticaly in the U.S. because some projects are being delayed or put on hold amid the uncertainty in financial markets, stelmakers said. withdraws its previous fiscal 209 financial outlok 1.37 Reports Q2 Aug los of $1.0 per share, ex-items $0.04 beter than the First Cal consensus of $1.04 ; The German government and a group of private banks wil provide a €35 bilion $50.24 bilion rescue package for Hypo Real Estate, a person familiar with the situation said. The first-los tranche of €14 bilion wil be asumed 60% by private banks while the government wil asume 40%. The lower house of parliament's budget comite wil met Tuesday for a special meting, the person said. 07:56 WB Wachovia: Citigroup nears a deal for Wachovia - NY Times 10.0 NY Times reports Citigroup C is near a deal for Wachovia, a move that that would concentrate power within the nation's banking industry in the hands of a few giant lenders, The New York Times's Eric Dash and Andrew Ros Sorkin reported Monday morning. Wels Fargo WFC , which had also ben in talks with Wachovia, could also revive its bid. The firm says the co has ben proactively managing their liquidity position and with over 4 mln household customers and 1,40 branches has a strong base of core deposits. Other oportunistic investors, though, say they likely wil stick to the sidelines for now. 07:52 GNTX Gentex lowers Q3 revenue guidance 16.90 Co anounced that it has revised its prior estimate for top line growth for the third quarter ended September 30, 208. In the Company's second quarter news release on July 2, 208, the Company had estimated that its top line growth for the third quarter of 208 and balance of the year would be aproximately ten percent higher than the revenues reported for those same periods in 207, based on the mid-July light vehicle production forecast of CSM Worldwide. Based on those items and porer economic conditions, the Company now believes that its revenues in the third quarter of 208 wil decline by aproximately five percent compared with the same period last year equates to ~$154 mln vs $174.47 mln First Cal consensus . In adition, due to the significant downturn in the equities markets, the Company now expects that the realized gains/loses on the sale of equity investments wil be aproximately $4 milion lower than the second quarter of 208. Firm believes the co wil reafirm if not slightly raise 208 EPS guidance and initiate 209 EPS guidance in line with their expectation of 8% EPS growth to $2.06. 07:45 ECB to ofer banks extra cash through end of year - Blomberg.com Blomberg.com reports the European Central Bank said it wil make aditional funds available to banks through the end of the year in special' auctions to ease tensions on euro-region money markets. The Frankfurt-based ECB said it wil loan banks extra cash today for 38 days. The special term refinancing operation wil be renewed at least until beyond the end of the year,' it said in a statement. The world's largest central banks are injecting liquidity into money markets as more than $50 bln in writedowns and loses tied to the U.S. mortgage market prompt banks to stockpile cash to met their own funding neds. The ECB said it wil continue to ster liquidity towards balanced conditions in a way which is consistent with its objective to kep very short-term rates close to the minimum bid rate' of 4.25%. Today's auction wil be conducted at a variable rate with no pre-set amount, the ECB said. We are stil on track with our manufacturing transfers and other cost savings programs, but the curent automotive weaknes and slowing electronic sales wil cause ful year earnings per share before restructuring charges to be wel below our previous guidance. stock is halted 07:39 APL Aple: Japanese iPhone 3G sales beter than reported - ApleInsider 128.24 ApleInsider reports despite a widely publicized report that sugested iPhone sales in Japan were les than half of initial expectations, independent data shows that sales are right in line with expectations in a market that is often dificult for Western companies to enter. some of the more notable positions include: Global Ship Lease GSL ; CSX CSX : Citigroup discloses 5.4% stake in 13G filing. 07:37 MDCO The Medicines Co: Cangrelor could benefit from prasugrel delay and label limitations/risk map - Lerink Swan 23.31 Lerink Swan believes Cangrelor could benefit from Prasugrel delay or non-aproval, since either result holds back an acute use competitor and limits options for bridging to chronic treatment to just Plavix, which MDCO is studying in Phase I. 07:31 XING Qiao Xing's Chairman plans to purchase up to $10 mln worth of co shares 2.69 The co anounces that its Chairman and CEO, Mr. Wu Rui Lin plans to purchase up to an agregate of $10 milion worth of shares of Qiao the co. The purchases wil be made from time to time on the open market through Nasdaq Stock Market at prevailing market prices, in negotiated transactions of the market, in block trades or pursuant to a 10b5-1 plan. From the Company level, more measures wil be considered to increase the value of the Company. 07:31 TRH Transatlantic Hldngs anounces a Special Comite of its independent directors is evaluating proposals received from AIG relating to posible transactions involving, AIG's 59% stock interest in TRH 53.64 Co anounces a Special Comite of its independent directors is evaluating proposals received from American International Group AIG relating to the posible disposition of, or other transactions involving, AIG's 59% comon stock interest in the co as wel as any related busines combination transactions involving the co's outstanding shares. There can be no asurance as to whether or when AIG wil dispose of al or any portion of its interest in the co or whether or when the Company wil engage in any transaction. Co also reiterated its previous guidance that its revenue for the year ending December 31, 208 is expected to increase more than 10% to ~$40 mln vs $38.50 mln First Cal consensus. 07:30 Iraq signs bln-dolar power deals with GE, Siemens - Reuters.com Reuters.com reports Iraq has signed preliminary deals worth bilions of dolars with General Electric Co and Siemens for equipment to almost double electricity generation capacity, an energy oficial said. He declined to say how much Iraq would pay GE for the equipment, but said each megawat would cost betwen $70,0 and $80,0. 07:28 Bank of China says open to Wal Stret buys - Reuters.com Reuters.com reports Bank of China is open to buying into U.S. banks in the wake of the global financial crisis, a senior executive said. 07:23 AEG AEGON has EUR125 mln gros exposure to Washington Mutual - DJ 10.48 DJ reports the co said that it has a EUR125-milion gros exposure to Washington Mutual through fixed-income instruments, but aded it doesn't hold comon equity in the U.S. lender as of Sept. Aegon said that any efect of credit loses on its exces capital and net income wil be substantialy lower as a result of a variety of factors, including taxes and recovery values. 07:2 NOK Nokia is in the advanced stages of discusions for the potential sale of its security apliances busines to a financial investor 19.68 The co anounces that it plans to cease developing or marketing its own behind-the-firewal busines mobility solutions. Finaly, we asigned a recovery rating of '5' to the company's unsecured debt, indicating that lenders can expect a modest recovery 10%-30% in the event of a payment default se list . The operating performance of the company's core portfolio remains solid, and General Growth has raised significant funds since the begining of the year for debt refinancings including a $1.75 bilion secured term loan $1.5 bilion funded to date and $80 milion in equity . The firm says their intermediate-term investment theme is to avoid consumer stocks and risk by overweighting lower priced and reasonably positioned T, CTL and EQ as wel as those companies benefiting from competition - TNDM and RST. 07:1 PC Pilgrim's Pride anounces definitive writen agrement with lenders on temporary covenant waiver 3.5 Co anounces that on September 26, 208, it sucesfuly completed a definitive writen agrement with its lenders to temporarily waive the fixed-charge coverage ratio covenant under its credit facilities through October 28, 208. 07:10 DGIT DG FastChanel: Meriman says fedback from ad agencies sugest widespread adoption of HD comercials by end of 209 2.73 Meriman says that based on fedback from ad agencies at the Advertising Wek conference last wek, they believe that adoption of HD comercials wil be faster than both what firm and the consensus anticipate. SD format , DG FastChanel's rev growth could materialy exced FY09 expectations. 07:09 NTRS Northern Trust anounces thre actions to suport clients in light of the curent turbulent market conditions 79.90 Co anounces thre actions to suport clients in light of the curent turbulent market conditions. With today's actions, we are puting Northern Trust's financial strength to work for our clients during extraordinarily chalenging market conditions, The co expects to incur pre-tax charges of aprox $525 mln $328 mln after-tax or $1.46 per share in the third quarter in conection with these thre actions. The co wil increase the suport provided for certain cash investment funds previously covered through capital suport agrements as anounced February 2, 208, and amended July 15, 208 and wil ad one aditional fund to this coverage. The capital suport levels provided by Northern Trust wil increase in agregate by $321 mln, to a maximum capital contribution of $50 mln. The co expects to incur a pre-tax charge of aprox $290 mln $181 mln after-tax or $.80 per share in the third quarter in conection with this action. Cash investment funds impacted by this enhanced suport include: Northern Institutional Funds Diversified Asets Portfolio, Prime Obligations Portfolio and Liquid Asets Portfolio, as wel as Northern Funds Money Market Fund, al of which are registered money market funds; The co wil also wil take certain actions to provide suport for securities lending clients whose cash colateral is invested in five constant dolar, comingled investment pols negatively impacted by recent market events. The co expects to incur a pre-tax charge of aprox $150 mln $94 mln after-tax or $.42 per share in the third quarter in conection with this action. Northern Trust also anounced today that it wil put in place a program ofering to purchase certain iliquid auction rate securities that were purchased through Northern Trust for Personal Financial Services clients under investment discretion or that were acquired by PFS clients from Northern Trust's afiliated broker/dealer. The co expects to incur a pre-tax charge of aprox $85 mln $53 mln after-tax or $.24 per share in the third quarter in conection with this action. anticipated to be acretive to earnings in 208 21.87 Co anounced it has purchased substantialy al of the operating asets of Azurite Services Company, Inc., Azurite Leasing Company, LC and Frestone Disposal, L.P. momentum continues - Roth 24.06 Roth believes positive momentum has continued into Q3 for OSI and have a favorable outlok on the quarter to include bokings and earnings. Firm has lowered their EPS for 208 to $1.47 without the $0.09 gain in the second quarter and now forecast 209 EPS to be $2.16 consensus FY08 $1.5, FY09 $2.1 . Firm's intermediate-term investment theme is to avoid consumer stocks and risk by overweighting lower priced and reasonably positioned T, CTL and EQ as wel as those companies benefiting from competition - TNDM and RST. reafirms FY09 and 1Q09 EPS guidance 49.84 The co anounces that it plans for a tax-fre spin-of of its clinical and medical products busineses as a separate public company that wil be led by curent vice chairman and med-tech industry veteran David Schloterbeck. Kery Clark wil continue to lead Cardinal Health through the spin-of and then wil retire from the company. 07:03 ABI FDA selects Aplied Biosystems to provide mas spectrometry instrument systems for fod contaminant testing 34.94 Co anounces the FDA has purchased seven of the co's 40 QTRAP Systems for the analysis of potential harmful pesticides in the U.S. fod suply. Kirk, Chairman of Clinical Data's Board of Directors, with respect to the private placement of 1,514,92 shares of newly isued comon stock priced at the closing price of $16.4 per share as of September 26, 208, plus $0.0625 per share, and warants to purchase an aditional 757,461 shares of comon stock at $16.4 per share, for a total purchase price of aproximately $25 milion. 07:0 COV Covidien anounces restructuring program 54.91 The co anounces that it would implement a restructuring program begining in fiscal 209 to improve its cost structure and to deliver improved operational growth. The restructuring program, which includes projects in al four busines segments and at corporate, wil result in the Company incuring pre-tax charges of aproximately $20 milion begining in the first quarter of fiscal 209. Santander buys branches - Blomberg.com Blomberg.com reports Bradford & Bingley, the U.K.'s bigest lender to landlords, was seized by the government after the credit crisis shut of funding and competitors refused to buy mortgage loans that customers are strugling to repay. Banco Santander STD , Spain's bigest lender, wil pay 612 mln pounds $1.1 bln for Bradford & Bingley's 197 branches and 20 bln pounds of deposits, the bank said today in a statement. 06:51 TSP Telesp Part Adr upgraded to Buy from Neutral at Goldman-DJ 23.90 06:49 Pound, Euro tumble against dolar as governments bail out banks - Blomberg.com Blomberg.com reports the British pound fel the most against the dolar in 15 years and the euro weakened after European governments bailed out banks and investors lost confidence in the region's financial institutions. 06:40 Money-market rates rise as bank rescues stoke lending concern - Blomberg.com Blomberg.com reports the cost of borowing in euros for thre months soared to a record after the bailout of Belgium's Fortis and seizure of U.K. mortgage lender Bradford & Bingley depened concern more financial institutions wil colapse, prompting banks to hoard cash. The ECB said today it wil make aditional funds available to banks through the end of the year in special' auctions. Hong Kong shares fel 4.3% on Monday, sliding to near two-year lows as investors of-loaded property stocks on a mortgage rate hike and job cuts at HSBC HBC . Reuters, Busines Standard Upgrades: KeyBanc upgrades BorgWarner BWA 32.46 to Buy from Hold and sets a $46 tgt, as they believe that robust demand for the co's products wil continue to drive revenue growth and margin expansion, resulting in double-digit EPS growth. Downgrades: Meriman downgrades Bankrate RATE 39.12 to Neutral from Buy, based on concerns about display advertising trends industry-wide, the co's above-average exposure to the financial vertical, and shares that trade in-line with pers. Citigroup downgrades Starwod Hotels & Resorts HOT 30.27 , Sunstone Hotel Investors SHO 14.04 and Host Hotels & Resorts HST 13.95 to Hold from Buy, as they fel tighter credit could result in a more dificult economic environment for the cos than previously anticipated. 06:08 GSL Soros Fund Management discloses 20.15% ownership of Global Ship Lease in Schedule 13D 6.3 06:07 GS Goldman seks to buy up to $50 bln in asets - Financial Times 137.9 Financial Times reports Goldman Sachs GS is seking to acquire up to $50 bln in asets from ailing US banks as part of its push into comercial banking, Goldman executives say. 06:05 AIG AIG loks to sel 15 units - Financial Times 3.15 Financial Times reports AIG AIG is considering seling more than 15 busineses, including its aircraft leasing unit, a stake in a large US reinsurer and bilions of dolars in properties in an efort to repay a $85 bln government loan and secure its future as an independent co. People close to the situation said AIG wanted crucial busineses such as its international life insurance unit and its US pension busineses to be at the core of the new AIG . 06:02 GS Goldman Sachs faults NY Times story on AIG risk - Reuters 137.9 Reuters reports Goldman Sachs GS rejected as seriously misleading a published report on Sunday that said the bank had as much as $20 bln of exposure to AIG AIG . Although we have said many times on the record that our exposure to AIG was, and is, not material, the reporter chose to pursue a story line which sugests, by inuendo, that is not the case, he said in an e-mailed statement. 05:56 PG Companies to play defense in downturn - WSJ 68.84 The Wal Stret Journal reports history doesn't suport such confident predictions that Procter & Gamble PG is imune to recesions. During the recesion of 1979-82 and the downturn about a decade later, P&G lost significant market share in key categories including laundry detergent, diapers and cleaning products, says consultant and industry veteran Burt Flickinger I. P&G is no retailer or advertising-focused media co that wil se wild swings in profitability if a dep recesion sets in. The Wal Stret Journal reports AT&T T is switching its satelite-TV provider to to DirecTV DTV , ditching satelite rival Dish Network DISH . 05:43 IMCL ImClone may have talks to anounce - WSJ 63.38 The Wal Stret Journal reports ImClone IMCL is expected to anounce on Monday that it is continuing talks to sel itself to a major pharmaceutical concern for a price in the range of $6.1 bln, acording to people familiar with the mater. The co, which last wek rejected an unsolicited ofer from Bristol-Myers Squib BMY to acquire it for $5.4 bln, or $62 per share, is expected to anounce a deadline by which it hopes to have a deal with its other suitor. One person involved in the discusions said that more than one co had expresed interest in exploring a transaction with ImClone folowing Bristol's unsolicited July bid. These parties included both Pfizer and Eli Lily LY , the person said. Fortis said Monday it wil sel most of the ABN Amro asets it acquired for 24 bln euros last year as part of a consortium that included the Royal Bank of Scotland RBS and Spain's Banco Santander STD . Fortis said it expected to write down 5 bln euros of evaporated value in ABN, lost tax credits and loses on its derivatives portfolio. The bank aded it expects further impairments on the remainder of the structured credit portfolio - CDOs it owns but didn't create - but didn't say how big that portfolio is or how large the impairments wil be. 05:32 WFC Wels Fargo eyes Wachovia - WSJ 37.31 The Wal Stret Journal reports Wachovia WB was in advanced discusions Sunday night to sel itself to Wels Fargo WFC , acording to people familiar with the situation. Wachovia was also holding talks with Citigroup C , but by late evening Wels Fargo apeared to be the prefered bider. WSJ: Wels Fargo WFC eyes Wachovia WB . Companies to play defense in downturn PG . 04:16 WX WuXi PharmaTech anounces it wil no longer pursue a 50-50 joint venture with Covance 15.68 Co anounces that it wil no longer pursue a 50-50 joint venture with Covance CVD 91.93 to provide preclinical contract research services in China. 01:17 Lawmakers, White House agre on $70 bln bailout - AP Congresional leaders and the White House agred Sunday to a $70 bln rescue of the ailing financial industry after lawmakers insisted on sharing spending controls with the Bush administration. President Bush caled the vote a dificult one for lawmakers but said he is confident Congres wil pas it. Boehner, R-Ohio, the House minority leader, said he was urging every member whose conscience wil alow them to suport this to back it, but oficials in both parties expected the vote to be a nail-biter. 01:10 SBUX Starbucks mentioned positively in Baron's 14.96 Baron's reports investors may be to dismisive of Starbucks SBUX , especialy in view of Starbucks' history of inovation and growth. Chapman thinks the co wil benefit from the recent decline in oil and gasoline prices, among other things. If Starbucks earns $0.95 a share this year - again, the midpoint of management's range - and can increase earnings by 20% in fiscal '10 and '1, it would earn $1.37, Latef's Chapman notes. Aplying a p/e multiple of 17 - a modest discount to the co's growth rate - would yield a stock price of 23 a share, 50% above today's price, he says. SBUX asumes its new products and promotions wil bost same-store sales growth into the mid-single digits, while, on the cost side, some big expenses wil decline. Berkley's valuation curently is in line with those of larger P&C companies such as Chub CB , Alstate AL and Travelers TRV . - Semiconductor Manufacturing International SMI reiterates its revenue guidance for Q308; 23 , with decliners outpacing advancers NYSE 141/29; Nasdaq 120/1678 , and with new lows outpacing new highs NYSE 6/27, Nasdaq 13/207 . says they would say to the House they would not object to puting their insurance provision in the package as an option. Schumer says they don't believe the insurance provision would work, says Paulson also said it would not work. Schumer says at this point, right now, the just ofered this to the House, so they wil be waiting for a response. 17:53 PRS Primus Guaranty coments on Standard and Por's ratings anouncement and Washington Mutual exposure 2.79 -0.50 Co comented on Standard & Por's Rating Services S&P placement of Primus Financial Products, LC PRS on negative watch. The co anticipates that, as a result of a WM bankruptcy credit event, it wil have to make cash setlement payments to its counterparties on these transactions, les recoveries. The company does not anticipate that Primus Financial wil have to make cash setlement payments on its bespoke tranche transactions as a result of a WM credit event. 17:51 BLK BlackRock lets Meril use shares in repo deals with Fed - DJ 201.01 +9.65 -Update- 17:43 ODP Ofice Depot anounces new credit facility 5.82 +0.02 Co anounced that it has entered into a new $1.25 bln aset-based credit facility. The facility wil be secured by the co's inventory, acounts receivable, cash and depository acounts, and wil replace the curent $1.0 bln revolving credit agrement. 17:36 AIG American Intl wil isue a new series of Convertible Participating Serial Prefered Stock 3.15 +0.13 -Update- On September 23, 208, American International Group, Inc. Under the agrement, AIG wil isue a new series of Convertible Participating Serial Prefered Stock to a trust that wil hold the Prefered Stock for the benefit of the United States Treasury. The isuance of the Prefered Stock, which wil be convertible into Comon Stock of AIG folowing a special shareholders meting to amend AIG's restated certificate of incorporation, would normaly require aproval of shareholders acording to the Shareholder Aproval Policy of the New York Stock Exchange the NYSE . 17:3 Standard & Por’s Anounces Changes to U.S. Indices Washington Mutual Wa5M wil be removed from the S&P 50 index after the close of trading on Monday, September 29. FLS , Flowserve wil be replaced by S&P SmalCap 60 constituent UGI UGI , and UGI Corp. wil be replaced by Taleo TLEO , al after the close of trading on Wednesday, October 1. 17:32 DE Dere files a mixed securities shelf in an S3 5.3 -2.15 17:27 NXG Northgate Minerals anounced new thre-year colective agrement ratified at Northgate's Stawel Gold Mine 1.46 -0.04 Co anounce that a new thre-year employe colective agrement the Agrement has ben ratified by the Employe Colective, comprised of the 15 production and maintenance employes at the Stawel Gold Mine located in Victoria, Australia. 17:19 WB Wachovia has entered into preliminary discusions with a handful of potential suitors, including Banco Santander of Spain, Wels Fargo and Citigroup, acording to a person familiar with the situation - WSJ 10.0 -3.70 -Update- The WSJ reports that Wachovia WB has entered into preliminary discusions with a handful of potential suitors, including Banco Santander SA of Spain STD , Wels Fargo WFC and Citigroup C , acording to a person familiar with the situation. WB oficials don't believe they ned to rush into a deal, and the bank isn't feling any liquidity presures, a person familiar with the company said. says related amendment would cut par value of comon stock - Blomberg 3.15 +0.13 16:41 IMOS Chipmos Technology lowers Q3 revs guidance 1.98 +0.07 IMOS anounced that the received repurchase requests for 3.375% Convertible Senior Notes due 201 the Notes from holders of the Notes in the agregate total principal amount of US$78.7 mln during the window period of repurchase right exercise from August 29, 208 until 5:0 p.m., London time, on September 2, 208. The co had originaly expected Q3 208 revenue to be flat to down 6% compared to Q2 of 208 revenue of NT$4,817.1 mln or US$158.7 mln, with 2.5% to 5.5% of gros margin on a consolidated basis for Q3 of 208. The co now expects revenue in Q3 of 208 to be down 6-12% compared to Q2 of 208 based on the exchange rate of NT$30.36 against US$1.0 as of Jun. 30, 208, with -0.5% to 3.0% of gros margin on a consolidated basis for the third quarter of 208. The co wil kep focus on improving its balance shet during down cycle through CB repurchase and debt ratio reduction. Also says Congres wil not leave Washington until a bil is pased, and they wil work throughout the wekend - CNBC 16:3 PBR Petrobras Brasileiro funds oil in Santos Basin BM-S-40 block - DJ 46.56 -1.76 -Update- 16:32 MTH Meritage Homes wins jury verdict of $1 mln in trial against former division President Greg Hancock 25.54 +0.57 Co was awarded $1 milion yesterday, in a unanimous jury verdict in Federal District Court in Phoenix. 16:31 IMOS now expects revenue in the third quarter of 208 to be down 6% to 12% compared to the second quarter of 208, down from flat to down 6% 16:19 PBR Petrobras Brasileiro finds oil in Santos Basin BM-S-40 block - DJ 46.56 -1.76 16:13 MNI McClatchy anounces amendment to its credit agrement 4.50 +0.25 The co anounces that it has entered into an amendment to its $1.175 bilion bank credit facility. total amortized cost of the investments represents 0.5% of the total invested asets 9.04 -0.07 Co discloses information in response to inquiries about American Equity Investment Life Holding Company's exposure to certain investments in securities isued by the Federal National Mortgage Asociation FNM , the Federal Home Loan Mortgage Corporation FRE , Lehman Brothers Holdings LEH and its afiliates, Washington Mutual WM and American International Group AIG and its afiliates. 16:04 MDP Meredith names Joseph Ceryanec VP/Chief Financial Oficer 29.12 +0.57 16:02 NC NACO Industries discloses its subsidiary wil reduce the work force 97.98 +0.81 Co discloses that for the last few months it has sen a significant reduction in demand in the European forklift truck market. 16:02 XING Qiao Xing reports Q2 revs $74.3 mln vs $162.48 mln First Cal single analyst est 2.69 +0.03 Co is only reporting its second quarter operating results because a third party valuation is curently being conducted for the purposes of acounting for the $70 milion convertible notes isued by our major subsidiary, Qiao Xing Mobile Comunication QXM , on May 15, 208. 16:0 WB Wachovia in preliminary talks with Citi - NY Times Dealbok 9.21 -4.15 -Update- NY Times Dealbok reports Wachovia has begun preliminary talks with Citigroup C about a potential merger, people briefed on the mater said Friday afternon.
dsw bric plus lc
Tags: dsw bric plus lc
| Some Articles: dsw bric plus lc | Original post: dsw bric plus lc | Technorati tag: dsw bric plus lc | Virgilio tag: dsw bric plus lc