(Premarket story updated with Goldman Sachs and Morgan Stanley news, as well as share price information.)
NEW YORK ( TheStreet) -- Yesterday Calyon Securities analyst Mike Mayo lowered his estimates for Goldman Sachs (GS) and Morgan Stanley (MS) on worries about the weakness in rates products. Mayo lowered his fourth-quarter earnings estimate for Morgan Stanley to 40 cents per share from 61 cents, while decreasing his expectation for Goldman to $3.75 per share from $4.20.
Morgan Stanley is down 0.07%, or 2 cents, to $27.26, while Goldman Sachs is dropping 0.08%, or 13 cents, to $167.50 in premarket trading.
Qiao Xing Universal Resources (XING) announced yesterday that it posted pictures of a newly acquired mine online and that it plans to launch a new Web site in early January.
"We are making continuous efforts to enhance our transparency and improve communications with investors to convey the exciting developments within our company," Qiao Xing chairman and CEO Ruilin Wu said. "As part of these efforts, we are also considering an on-site visit in the spring of 2011 in Chifeng, where most of our mining businesses are located."Shares of the company are climbing 9.59%, or 26 cents, to $2.97 in premarket trading.
JPMorgan Chase (JPM) and Barclays (BARC) said they will not oppose MBIA's (MBI) plan to split its municipal bond insurance business from its structured finance operations. U.S. bond insurer MBIA is receiving opposition from over a dozen major banks including Citigroup (C) and Morgan Stanley. MBIA shares are down 0.01%, or 1 cents, to $10.35 in premarket trading.
Endo Pharmaceuticals (ENDP) received regulatory approval from the Food and Drug Administration for its Fortesta gel product for the treatment of men with low testosterone. Endo expects to launch the product in the U.S. in early 2011. Shares of the company are up 6.47%, or $2.28, to $37.50 in premarket trading.
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