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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• Deutsche Bank
• Goldman Sachs
• Citi
• Morgan Stanley
• Wachovia
• ThinkPanmure
• Dividend

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