Pre-Open Movers 9/26: Financials Trashed As WaMu (WM) Fails, Bailout Plan Stalls (WB, NCC, C)

September 26, 2008 9:27 AM EDT

StreetInsider.com Pre-Open Movers:

Washington Mutual (NYSE: WM) 90% LOWER; The Office of Thrift Supervision announced that $307 billion thrift Washington Mutual (NYSE: WM) was placed into receivership with the FDIC and certain assets, including deposits and branches, were subsequently acquired by JP Morgan (NYSE: JPM). The regulators said insufficient liquidity put WaMu in an unsafe operating condition. WaMu is now the largest bank failure in U.S. history.

Fannie Mae (NYSE: FNM) 30% LOWER; Continued volatility as bailout plan held up

Wachovia (NYSE: WB) 25% LOWER; Selling due to the failure of WaMu, bailout plan held up.

Freddie Mac (NYSE: FRE) 24% LOWER; Continued volatility as bailout plan held up

National City (NYSE: NCC) 20% LOWER; Selling due to the failure of WaMu, bailout plan held up.

Research In Motion Limited (Nasdaq: RIMM) 20% LOWER; reports Q2 EPS of $0.86, 1 cent lower than the analyst estimate of $0.87. Revenues for the quarter were $2.58 billion, versus the consensus of $2.6 billion. Sees Q3 EPS of $0.89-$0.97, versus the consensus of $0.98 and sales of $2.95-$3.1 billion, versus the consensus of $2.94 billion.

American Reprographics Company (NYSE: ARP) 15% LOWER; lowers FY08 sales guidance from $720-$760 million to $700-$710 million, versus the consensus of $723.33 million. EPS guidance for the year lowered from $1.52-$1.60 to $1.36-$1.40, versus the Street estimate of $1.53. The Company noted that the current upheaval in financial markets will further aggravate lending restrictions and force more construction project delays and cancellations, which will impact the Company's revenues in the short term. Credit availability for private projects is a key driver of the non-residential construction market.

Fifth Third Bancorp (Nasdaq: FITB) 14% LOWER; Selling due to the failure of WaMu, bailout plan held up.

Morgan Stanley (NYSE: MS) 13% LOWER; Continued volatility as bailout plan held up

Regions Financial Corp. (NYSE: RF) 10% LOWER; Selling due to the failure of WaMu, bailout plan held up.

CF Industries Holdings, Inc. (NYSE: CF) 7% LOWER; Citi downgrades to Hold

TIBCO Software (Nasdaq: TIBX) 7% HIGHER; reports Q3 EPS of $0.11, 3 cents better than the analyst estimate of $0.08. Revenues for the quarter were $162.3 million, versus the consensus of $154.75 million.

Terra Industries Inc. (NYSE: TRA) 6% LOWER; Citi downgrades to Hold

Agrium Inc. (NYSE: AGU) 6% LOWER; Citi downgrades to Hold

Citigroup (NYSE: C) 6% LOWER; Selling due to the failure of WaMu, bailout plan held up.

McDonald's (NYSE: MCD) 2% HIGHER; Declared a quarterly cash dividend of $0.50 per share of common stock payable on December 15, 2008 to shareholders of record at the close of business on December 1. This represents a 33% increase, bringing the quarterly dividend payout to more than $550 million.

Oceaneering International Inc. (NYSE: OII) 1% HIGHER; will replace Cypress Semiconductor Corp. (NYSE: CY) in the S&P MidCap 400

Related Categories

Special Reports

Stocks Mentioned

Related Entities

• UBS
• JPMorgan
• Citi
• Morgan Stanley
• Wachovia
• Standard & Poor's
• Dividend

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?