Morning Movers 10/10: Morgan Stanley (MS) Slammed Again on Liquidity Fears, Moody's Downgrade; Wachovia (WB) Up

October 10, 2008 9:35 AM EDT

StreetInsider.com Morning Movers:

Morgan Stanley (NYSE: MS) 29% LOWER; Moody's places on review for downgrade. Concerns about liquidity.

Imation Corp. (NYSE: IMN) 22% LOWER; sees Q3 revenue of approximately $525 million, below the consensus of $601.5 million.

Brinker International Inc. (NYSE: EAT) 21% LOWER; estimates EPS, before special items and excluding Macaroni Grill, of $0.19 to $0.20 for Q1. The Wall Street consensus is $0.32.

Wachovia (NYSE: WB) 19% HIGHER; Citi (NYSE: C) reached no agreement with Wells Fargo (NYSE: WFC) following several days of discussions about matters related to Wachovia. The dramatic differences in the parties' transaction structures and their views of the risks involved made it impossible to reach a mutually acceptable agreement.

Goldman Sachs (NYSE: GS) 19% LOWER; Down in sympathy with Morgan Stanley

American International Group, Inc. (NYSE: AIG) 15% LOWER; Continued weakness

Macy's, Inc. (NYSE: M) 9% LOWER; said its same store sales for the fall could now be down 3%-6%. Macy's lowers FY08 EPS view to $1.30-$1.50 from $1.70-$1.85, the consensus is for EPS of $1.76.

Freeport-McMoRan (NYSE: FCX) 8% LOWER; Commodity stocks continue under pressure, downgrade

Prudential Financial Inc. (NYSE: PRU) 5.8% LOWER; Continued weakness

General Electric (NYSE: GE) 4% LOWER; General Electric (NYSE: GE) reports Q3 earnings of $0.45 per share, in-line with estimates. Revenues rose 11% to $47.23 billion, versus the consensus of $47.34 billion. GE said it will maintain dividend at $1.24 per share through 2009. CEO Jeff Immelt said, "We are on track to meet our September 25 revised guidance for the full year, adjusted for dilution."

Intel Corporation (Nasdaq: INTC) 4% LOWER; ThinkPanmure downgrades to Sell

Mastercard Incorporated (NYSE: MA) 4% LOWER; Deutsche Bank downgrade

Deckers Outdoor (NASDAQ: DECK) 3% HIGHER; said third quarter 2008 sales to be approximately $195 million, versus the consensus of $175 million. Deckers expects to also exceed its previously issued third quarter 2008 diluted earnings per share growth target of 12%.

Cytec Industries Inc. (NYSE: CYT) 3.5% LOWER; is reducing its outlook for full year 2008 diluted earnings per share after adjusting for special items to a range of $3.75 to $3.85 per share, down from the prior guidance of $4.15 to $4.35 per share. (Consensus is $4.27)

Biogen Idec (NASDAQ: BIIB) 1% LOWER; announced today that its Phase II trial of baminercept in rheumatoid arthritis (RA) patients who have had an inadequate response to conventional therapy with a disease-modifying antirheumatic drug did not meet its primary endpoint.


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AIG 25.08

+7.00 +38.72%
Volume: 438,629
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BIIB 45.00

-1.77 -3.78%
Volume: 5,113,072
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C 26.20

+23.23 +782.15%
Volume: 448,666
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CYT 29.82

+10.71 +56.04%
Volume: 438,834
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DECK 68.29

-3.30 -4.61%
Volume: 390,241
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EAT 28.74

+10.70 +59.31%
Volume: 442,809
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FCX 29.87

-20.70 -40.93%
Volume: 446,558
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GE 29.96

+18.18 +154.33%
Volume: 447,244
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GS 29.82

-117.50 -79.76%
Volume: 440,937
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IMN 7.40

-0.68 -8.42%
Volume: 219,252
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INTC 16.72

-0.32 -1.88%
Volume: 54,945,439
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M 26.38

+14.64 +124.70%
Volume: 452,221
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MA 25.11

-140.73 -84.86%
Volume: 436,932
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MS 25.05

-3.31 -11.67%
Volume: 449,330
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PRU 27.48

-9.72 -26.13%
Volume: 448,241
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WB 5.54

+0.00 +0.00%
Volume: 79,673,174
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WFC 29.98

+5.84 +24.19%
Volume: 432,484
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