Deutsche Bank

Can We Expect More of the Same?

Stocks rose for a fourth straight day on Friday, capping off a strong week of gains. The reason for the move up in front of the G-20 meeting and Ben Bernanke’s appearance on T.V. was really more of the same; there is a growing feeling that we’ve seen the worst of the credit crisis and as such, we may have also seen the worst in terms of the discounting to the downside in the stock market.

With the banks having led the way down into the abyss, the fact that Citi’s Chairman Richard Parsons on Friday said that the bank’s capital levels are strong and that it would not need further government assistance was really the main story. I know that we’ve been pounding away at this, but if the very banks that traders worried would need to be nationalized are now making ...

StreetInsider.com Morning Movers:

Kodiak Oil & Gas (NYSE: KOG) 30% LOWER; reports Q4 loss of $0.37, which may not compare to the analyst estimate of ($0.03).

CV Therapeutics, Inc. (Nasdaq: CVTX) 28% HIGHER; Gilead Sciences, Inc. (Nasdaq: GILD) and CV Therapeutics announced the signing of a definitive agreement pursuant to which Gilead will acquire CV Therapeutics for $20.00 per share in cash through a tender offer and second step merger. MORE

Steel Dynamics, Inc. (Nasdaq: STLD) 20% LOWER; lowers its Q1 EPS
guidance from a gain of $0.05-$0.10 to a loss of $0.40-$0.45, versus
the consensus of $0.10. Click here for the full report.

XOMA Ltd. (Nasdaq: XOMA) 14% LOWER; reports Q4 EPS of $0.07, which may
not compare to the analyst estimate of ($0.01). Revenues for the
quarter were $36.9 million, versus the consensus of $30.54 million. The
company will not provide ...

UPGRADES:
Wachovia and JPMorgan upgrade Gaylord Entertainment (NYSE: GET) to Outperform and Neutral, respectively. Click here to see color on the Wachovia upgrade.

Goldman Sachs upgrades Dr Pepper Snapple (NYSE: DPS) from Neutral to Buy, citing valuation after recent sell-off.

Credit Suisse upgrades Barclays (NYSE: BCS) from ...

Genentech (NYSE: DNA) : Roche announced on July 21 the offer to buy the balance of 44% of DNA it does ...

StreetInsider.com Morning Movers:

National City Corporation (NYSE: NCC) 23% LOWER; Fitch downgrade

Arcelor Mittal (NYSE: MT) 13% LOWER; Deutsche Bank downgrade

OSI Pharmaceuticals (Nasdaq: OSIP) 11% LOWER; Genentech, Inc. (NYSE: DNA) and OSI Pharmaceuticals announced that a randomized Phase III study (BeTa Lung) evaluating Avastin in combination with Tarceva in patients with advanced non-small cell lung cancer whose disease had progressed following platinum-based chemotherapy did not meet its primary endpoint of improving overall survival compared to Tarceva in combination with placebo.

Citigroup Inc. (NYSE: C) 7% LOWER; Battles Wells Fargo for Wachovia