Morning Movers 12/22: Grey Wolf (GW) Sinks Ahead of Merger Vote; GM (GM) Down After Analyst Says Stock Is Worthless
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StreetInsider.com Morning Movers:
Grey Wolf Inc. (NYSE: GW) 44% LOWER; falls ahead of shareholder vote on merger with Precision Drilling Trust (NYSE: PDS).
General Motors Corporation (NYSE: GM) 12% LOWER; Credit Suisse downgraded GM from Neutral to Underperform and cut the price target to $1, saying the U.S. bailout will mean the complete or near-complete elimination of the existing GM equity. The firm cut their price target from $2 to $1.
SINA Corporation (Nasdaq: SINA) 12% LOWER; to acquire substantially all of the assets of Focus Media's (Nasdaq: FMCN) digital out-of-home advertising networks, including LCD display network, poster frame network and in-store network.
Palm, Inc. (NASDAQ: PALM) 11% HIGHER; announced that Elevation Partners has agreed to make an additional $100 million equity investment in Palm.
Standard Pacific Corp. (NYSE: SPF) 10% HIGHER; Announces Preliminary Discussions with TOUSA, Inc.
Manpower Inc. (NYSE: MAN) 9% LOWER; announced that due to continued declines in the global labor markets and changes in foreign currencies, it is withdrawing its revenue and earnings guidance for the fourth quarter of 2008.
Monsanto Co. (NYSE: MON) 7% LOWER; Goldman downgrade
Prudential Financial Inc. (NYSE: PRU) 5% LOWER; FBR downgrade
Walgreen's (NYSE: WAG) 5% LOWER; reports Q3 EPS of $0.41, 5 cents below the analyst estimate of $0.46. Revenue for the quarter was $14.9 million, versus the consensus of $15.08 million. Walgreen's cutting new store openings further.
Potash Corp (NYSE: POT) 4% LOWER; Goldman downgrade
Nucor Corporation (NYSE: NUE) 3.5% HIGHER; Deutsche Bank upgrades to Buy
United States Steel Corp. (NYSE: X) 3% LOWER; Deutsche Bank downgrades to Hold
Toyota Motor (NYSE: TM) 3% LOWER; cut its guidance again as Toyota now projects its first operating loss ever operating loss for fiscal year through March on slowing demand. Toyota's is projecting an operating loss $1.66 billion for the fiscal year ending March 2009. This will be Toyota's first such loss since it began reporting operating figures in 1941.
Huntsman Corp. (NYSE: HUN) 3% HIGHER; Receives $325 Million Payment From Hexion
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Comments
GM Downgrade by CREDIT SUISSE
This down grade comes from a company with over -58% for the year. I downgrade them. I also wonder how much money they recieved from the bailout.
GM stock
Who was the analyst that downgraded GM stock?
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The analyst said GM stock was worthless?
Dean on Dec 22, 2008 11:22 PMThis is funny when the company he works for yearly return was -58.00 I would say Credit Suisse is worthless. Who would listen to one of their analysts