Premarket roundup: Defense contracting, Lamar

Among the premarket stories for Wednesday, Sept. 10, from AP Financial News:

WASHINGTON (AP) _ A Senate committee hearing was scheduled for Wednesday on alleged wrongdoing at the Defense Department's unit that audits major defense contracts. The hearing follows a recent report that found auditors skewed reviews in favor of some major defense contractors.

NEW YORK (AP) _ An analyst downgraded Lamar Advertising Co. and slashed its price target Wednesday due to worries about an ongoing advertising slowdown.

NATCHEZ, Miss (AP) _ Callon Petroleum Co. will evacuate all of its workers from three deep water fields in the Gulf of Mexico, with Hurricane Ike entering the warm waters of the Gulf Wednesday.

NEW YORK (AP) _ A Keefe, Bruyette & Woods analyst downgraded the shares of a handful of large-cap banks on Wednesday, saying recent valuations do not reflect the ongoing challenges in the sector.

DALLAS (AP) _ Natural gas company Crosstex Energy said despite limited damage, Hurricane Gustav may have a negative impact of as much as $8 million in the third quarter.

NEW YORK (AP) _ Keefe, Bruyette & Woods analyst Robert Hughes on Wednesday downgraded the shares of Valley National Bancorp to "Underperform" from "Market Perform," due to a recent rally in the stock price.