Pre-Open Movers 9/19: Financials In Rocket-Mode On Mortgage Plan and Short Selling Ban

September 19, 2008 9:28 AM EDT

StreetInsider.com Pre-Open Movers:

Washington Mutual Inc. (NYSE: WM) 52% HIGHER; aggressive U.S. government plan to deal with the mortgage crisis and the SEC temporary ban on short selling of financial stocks. In addition, reports this morning suggest Citi (NYSE: C) group or another larger bank could buy WaMu.

Morgan Stanley (NYSE: MS) 47% HIGHER; aggressive U.S. government plan to deal with the mortgage crisis and the SEC temporary ban on short selling of financial stocks. The credit-default swaps on Morgan Stanley are also falling.

Merrill Lynch (NYSE: MER) 33% HIGHER; aggressive U.S. government plan to deal with the mortgage crisis and the SEC temporary ban on short selling of financial stocks.

Goldman Sachs Group Inc. (NYSE: GS) 31% HIGHER; aggressive U.S. government plan to deal with the mortgage crisis and the SEC temporary ban on short selling of financial stocks. The credit-default swaps on Goldman Sachs are also falling.

Citigroup Inc. (NYSE: C) 30% HIGHER; aggressive U.S. government plan to deal with the mortgage crisis and the SEC temporary ban on short selling of financial stocks.

Bank of America Corporation (NYSE: BAC) 25% HIGHER; aggressive U.S. government plan to deal with the mortgage crisis and the SEC temporary ban on short selling of financial stocks.

State Street Corp. (NYSE: STT) 17% HIGHER; aggressive U.S. government plan to deal with the mortgage crisis and the SEC temporary ban on short selling of financial stocks. In addition, the U.S. Treasury Department today announced the establishment of a temporary guaranty program for the U.S. money market mutual fund industry. For the next year, the U.S. Treasury will insure the holdings of any publicly offered eligible money market mutual fund – both retail and institutional – that pays a fee to participate in the program.

Bank of New York Mellon (NYSE: BK) 15% HIGHER; aggressive U.S. government plan to deal with the mortgage crisis and the SEC temporary ban on short selling of financial stocks. In addition, the U.S. Treasury Department today announced the establishment of a temporary guaranty program for the U.S. money market mutual fund industry. For the next year, the U.S. Treasury will insure the holdings of any publicly offered eligible money market mutual fund – both retail and institutional – that pays a fee to participate in the program.

Capital One (NYSE: COF) 12% HIGHER; aggressive U.S. government plan to deal with the mortgage crisis and the SEC temporary ban on short selling of financial stocks.

IHS Inc. (NYSE: IHS) 7% LOWER; signed a definitive agreement to acquire Global Insight, Inc. for $200 million. The transaction will be completed with approximately 60% cash and 40% IHS common stock.

Oracle (Nasdaq: ORCL) 5.6% HIGHER; reports Q1 EPS of $0.29, ex-items, 2 cents better than the analyst estimate of $0.27. Revenues for the quarter were $5.3 billion, versus the consensus of $5.42 billion.

Texas Instruments Incorporated (NYSE: TXN) 2% HIGHER; announced that it plans to raise its quarterly cash dividend 10% to $0.11 per share, resulting in annual dividend payments of $0.44 per share.

NVIDIA Corporation (Nasdaq: NVDA) 1.4% HIGHER; expects to eliminate approximately 360 positions worldwide, or about 6.5% of the Company's global workforce. The reduction is expected to be completed by the end of Q309. The Company expects to record restructuring-related charges of approximately $7-$10 million in Q309 in connection with the reduction.

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