Futures suggest a flat open as a drop in oil is offset somewhat by negative news out of the financial sector. UBS (UBS) reported its fourth straight quarterly loss and is separating its business divisions which could imply certain units are up for sale. JPMorgan (JPM) disclosed in a regulatory filing that trading conditions have deteriorated compared to Q2, noting that spreads on mortgage-backed securities have widened, causing bigger losses. Morgan Stanley wants to repurchase $4.5 billion in auction rate securities, but New York Attorney General said the move is "too little, too late," according to the wires.
Gapping Up: FLR, FOSL, KG, SQNM, UAUA, LDK on earnings and upgrade, select solar names in sympathy (CSIQ, SOLF, YGE)
Gapping Down: SD, JASO, TRAK, ZOLT, Slight down ticks in broker sector JPM, GS, MER, LEH
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