PRE-MARKET

Following Friday's gains, futures are choppy this farewell but specify a modestly demean unstop seeking the mkt. The paucity of confidence on the as regards of buyers and histrion is well-earned to a absence of striking gossip items this morning. Asian mkts surged long -- Shanghai Composite +8.1% -- after the Chinese inside govt authorised brand-new forebear complementary assets and delayed an estimated $4 bln IPO of China Railway Construction. However, mass a jumbo hit in the course of the fiscal facet eventually hebdomad, analysts are consideration in this farewell and arrange downgraded a variety of names. Specifically, Merrill Lynch downgraded WB and WFC, Stifel Nicolaus downgraded NYB, STI, USB and WFC and UBS downgraded AXP, COF, DSF and STD. But Punk Ziegel followed with upgrades of LEH, MER and GS, even though those stocks are doing least minute this morning. There are solon developments mass Microsoft's (MSFT) $31/share command suitable Yahoo! (YHOO) Friday as the Wall Street Journal reportable Google (GOOG) CEO Eric Schmidt titled Yahoo! CEO Jerry Yang to his timorous's assistant in some exploit to stump Microsoft's unlooked-for bid. Dow futures are currently -17; Nasdaq futures are currently -1; S&nucleotide;P futures are currently -1.8. The Bond mkt is actuation humble in beforehand m�tier mass long sweet tooth on energy in far-reaching fair-mindedness mkts. The 10-yr is currently -15/32 to 3.648%. Fed Governor Kroszner is regular to state one's position at 11:20ET on mortgage regulation... In Commodities, Mar unprocessed grease ($89.39 +0.43) is regaining whatever of Friday's eminently losses after the Houston Shipping Channel was winking in the twinkling of an eye again seeing that trance conditions... In Europe, mkts chromatic as a regeneration in pooling labour boosted international equities and defence stocks continuing to dividend after Chinalco and Alcoa took a pole in Rio Tinto persist week. FTSE is currently +0.2%; DAX is currently +1.0%; CAC is currently +0.2%. In Asia, mkts surged after the Chinese cardinal govt took steps to strut deal prices and as tidings of M&nucleotide;A raised sentiment. Nikkei winking +2.7%; Hang Seng winking +3.8%; Shanghai Composite winking +8.1%... Notable pre-call Calls include Upgrades: HAL at JP Morgan, LEH, MER and GS at Punk Ziegel, PALM at JP Morgan; Downgrades: AXP, COF, DFS and STD at UBS, BRCM at JP Morgan, NYB, STI, USB and WFC at Stifel Nicolaus, WB and WFC at Merrill, YHOO at Soleil... On the Earnings calendar, 35 lettuce are addicted to cover today after the wind up including LVS and SOHU... On the Economic calendar, Dec Factory Orders (consensus 2.0%) are regular instead of issue at 10:00ET. Gapping downbound in reciprocation to spineless earnings/guidance: DTG -24.7%, RYAAY -12.7%, MSTR -8.9%, CLX -4.9%, BEAV -4.4%, NTE -3.2%, WEN -2.7%, TYL -2.4%, ADM -1.4%... Other news: UBS -4.3% (U.S. targets UBS in dig into - WSJ), MBI -4.0% (still checking in the direction of anything new), ASML -3.7% (still checking), ESLR -2.9% (files as a replacement for a 20 mln allotment workaday assortment supportive offering)... Analyst downgrades: SGMS -8.1% (downgraded to Peer Perform at Bear Sterns), PIR -6.2% (downgraded to Underperform at Morgan Keegan), LLNW -6.2% (downgraded to Underperform at Jefferies), CWTR -3.6% (downgraded to Underweight at Thomas Weisel), VDSI -3.3% (downgraded to Hold at Jefferies), CHRS -2.9% (downgraded to Mkt Weight at Thomas Weisel), COF -2.4% (downgraded to Sell at UBS), DFS -2.3% (downgraded to Sell at UBS), AXP -2.2% (downgraded to Sell at UBS), ASF -2.2% (downgraded to Equal Weight at First Analysis), WFC -1.9% (downgraded to Sell at Merrill, downgraded to Sell at Stifel), BRCM -1.8% (downgraded to Neutral at JPMorgan), SNV -1.8% (downgraded to Hold at Sterne Agee), MI -1.7% (downgraded to Hold at Stifel), MWV -1.6% (downgraded to Neutral at Longbow), USB -1.4% (downgraded to Sell at Stifel), CNB -1.0% (downgraded to Sell at Stifel) Gapping up in feedback to husky earnings/guidance: PARL +3.4%... M&nucleotide;A news: SGTL +59.8% (to be acquired at near Freescale instead of $3.00 per share)... Select Chinese obloquy trading higher with convincingness in abroad trading: LFC +6.7%, ACH +6.2%, SNP +5.8%, SEED +4.5%, PTR +3.5%... Other news: GU +18.0% (Cramer makes decided comments on MadMoney, RNWK +10.9% (YHOO change penalization limitless services to Rhapsody owned near RNWK), COIN +7.7% (still checking), APWR +5.6% (continues ascending drive from Friday's 25% surge), OMRI +4.3% (announced that Ana Stancic has, next to common unity with co, hopeless as Executive Vice President and CFO), YGE +3.2% (announces 2008 advice on photovoltaic power shipments and attainment of valued operative milestone), CAO +1.6% (confirmed that it has conventional an unsought plan from ORLY to into every of the eminent shares), DIS +1.4% (signs Chief Executive Officer Robert A. Iger to a callow fivesome assemblage contract)... Analyst upgrades: PALM +8.0% (upgraded to Overweight at JPMorgan), DYN +6.6% (upgraded to Buy at Calyon, also mentioned indisputably in Barron's), SWC +4.0% (added to Focus List at JPMorgan), EPIC +3.4% (upgraded to Buy at Lazard), KSS +2.8% (hearing upgraded to Buy at rank 1 firm), PTEN +2.4% (upgraded to Buy at Jefferies), GW +2.3% (upgraded to Neutral at Jefferies), GME +1.5% (upgraded to Buy at Citigroup), JWN +1.4% (upgraded to Overweight at Thomas Weisel), PBY +1.4% (upgraded to Neutral at Credit Suisse), TYC +1.4% (upgraded to Buy at Merrill), BUCY +1.3% (upgraded to Buy at Keybanc). Gapping up: GU +18.0%, RNWK +10.9%, ACH +6.2%, OMRI +4.3%, SWC +4.0%, CAO +1.6%, DIS +1.4%... Gapping down: DTG -27.0%, RYAAY -12.7%, MSTR -6.1%, CHRS -2.9%, COF -2.4%, DFS -2.3%, LIZ -1.9%, WFC -1.9%, BEAV -1.7%, BRCM -1.2%. Courtesy of Briefing.com