Premarket roundup: Gartner, Wachovia

By Associated Press
September 9, 2008 | Comments (0)

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Among the premarket activity stories for Tuesday, Sept. 9, from AP Financial News:

NEW YORK (AP) _ A JPMorgan analyst downgraded technology research and analysis company Gartner Inc. to "Neutral" from "Overweight" Tuesday amid concern over a potential deceleration in information technology-related investments in the coming quarters.

NEW YORK (AP) _ Wachovia Corp. shares were downgraded to "Underperform" by Merrill Lynch & Co. on Tuesday, one day after the bank named a former Carlyle Group executive as its finance chief.

CHARLOTTE, N.C. (AP) _ A William Blair & Co. analyst cut his third-quarter earnings estimate on Morgan Stanley Tuesday, saying the investment bank continues to face challenges in the current credit environment.

NEW YORK (AP) _ Several analysts maintained a positive outlook for generic drug developer Mylan Inc. Tuesday, saying its decision to retain a specialty unit already factored into the stock price.

NEW YORK (AP) _ Jefferies & Co. reiterated a "Buy" rating for industrial gas supplier Praxair Inc. Tuesday, citing a strong project backlog.

CHICAGO (AP) _ Shares of Reynolds American Inc. will likely see heavy trading Tuesday after the nation's second largest tobacco company announced plans to lay off hundreds of workers while changing its menthol cigarette portfolio.

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