StreetInsider.com Morning Movers 9/30: Regional Banks Rally After Yesterday's Sell-Off (SOV, NCC, FITB, RF)

September 30, 2008 9:29 AM EDT

StreetInsider.com Morning Movers:

Huntsman Corp. (NYSE: HUN) 56% HIGHER; announced the decision of the Delaware Court of Chancery to enter judgment in favor of Huntsman Corporation denying all declarations sought by Apollo Management, L.P. and Hexion Specialty Chemicals, Inc. in their suit requesting that the Chancery Court excuse Hexion from its obligation to consummate the pending transaction.

Sovereign Bancorp (NYSE: SOV) 21% HIGHER; Bounces after dropping 72% yesterday on fears after the fall of Wachovia. There was also at least two upgrades this morning.

National City Corporation (NYSE: NCC) 37% HIGHER; Bounces after dropping 26% yesterday on fears after the fall of Wachovia.

Genworth Financial, Inc. (NYSE: GNW) 18% LOWER; is examining a number of strategic alternatives regarding its U.S. Mortgage Insurance business, including a possible spin-off, to determine the optimal course for Genworth, its customers and shareholders.

Fifth Third Bancorp (NASDAQ: FITB) 12% HIGHER; Bounces after dropping 44% yesterday on fears after the fall of Wachovia.

Regions Financial (NYSE: RF) 5% HIGHER; Bounces after dropping 41% yesterday on fears after the fall of Wachovia.

Wells Fargo (NYSE: WFC) 5% HIGHER; Baird upgrades to Neutral

Research In Motion Ltd. (NASDAQ: RIMM) 4.5% HIGHER; Upgrade by JPM Securities

Dr. Pepper Snapple Group Inc. (NYSE: DPS) 4% HIGHER; will replace Wm. Wrigley Jr. Company (NYSE: WWY) in the S&P 500 after the close of trading on Friday, October 3. Wrigley is being acquired by Mars Inc. in a deal expected to be completed before the market opens on Monday, October 6, pending final approvals.

Reliant Energy (NYSE: RRI) 3% LOWER; Wachovia downgrades to Market Perform. In addition, Calyon downgrades to Neutral

Intel Corporation (NASDAQ: INTC) 2.8% HIGHER; Piper Jaffray upgrades to Buy

Apple Inc. (NASDAQ: AAPL) 2% HIGHER; positive comments from analysts after yesterday's 18% sell-off

Conexant Systems, Inc. (NASDAQ: CNXT) INDICATED HIGHER; announced that core operating income and core net income for the fourth quarter will exceed its previous guidance. The company expects fourth fiscal quarter revenues to be within the range provided in July, which was $120 million to $125 million. The consensus is $122.3 million.

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Stocks Mentioned

Related Entities

• Piper Jaffray
• Wachovia
• Calyon Securities
• Robert W Baird
• Standard & Poor's
• Apollo Management

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