( Updated with news on Delta, E*Trade, Tenet and Eli Lilly.)

NEW YORK ( TheStreet) -- Here are the top stock market headlines for the morning of Monday, September 14, 2009.

Monday's Early Headlines

  • Obama to Speak About Financial Markets on Lehman Anniversary - President Obama will appear at Federal Hall on Wall Street at midday Monday, set to outline his plan to unwind government involvement in the financial sector. Obama will also deliver remarks on regulation and will urge greater oversight globally. The speech comes on the anniversary of Lehman Brothers' collapse and Bank of America's (BAC - Get Report) takeover of Merrill Lynch.
  • J&J Seeks to Cut $100M from Elan Deal. - The Wall Street Journal reports that Johnson & Johnson (JNJ - Get Report) is negotiating to reduce the price of a previously announced $1.5 billion deal with Elan (ELN), according to people familiar with the matter. J&J is attempting to knock at least $100 million off of the $1 billion in cash it agreed to pay, the report said. Earlier this month, a federal judge that part of the deal breached a partnership between the Elan and Biogen Idec (BIIB)
  • China Pushes Back on Trade Tariffs. - President Obama on Friday approved new tariffs on all car and light truck tires coming into the U.S. from China, which Beijing called protectionist and a violation of global trade rules. The Commerce Ministry, however, denied that the move was protectionist.
  • Sprint Shares Soar on Takeover Chatter. - London's Sunday Telegraph reports that Deutsche Telekom (DT) is mulling a multi-billion bid for Sprint Nextel (S - Get Report), with an offer expected in the next few weeks. It's important to remember than Sprint has often been the focus of takeover talk. More than a year ago, it was rumored that Deutsche Telekom would acquire Sprint and merge it with its T-Mobile unit. In July 2008, reports that SK Telecom (SKM) was working on a deal to purchase Sprint ignited shares.
  • Delta Sees Higher Margins, Funding for Pension Plans. - In a regulatory filing, Delta Air Lines (DAL - Get Report) said its 2010 funding requirement for its defined benefit pension plans, which have been frozen for future accruals, is estimated to increase by $450 million as compared to 2009. The increase in required funding is due primarily to the decline in the investment markets in 2008, which negatively affected the value of pension assets, the company said. On the positive side, Delta projected third-quarter margins to increase thanks to lower-than-expected fuel costs.
  • E*Trade Jumps on Upgrade. - Citigroup analyst Keith Walsh upgraded E*Trade Financial (ETFC) to buy from hold and raised his 12-month price target to $2.30 from $1.50, citing the recent capital raising moves and a recent debt exchange as reasons concerns have eased. Walsh also the possibility exists for a deal between E*Trade and competitors TD Ameritrade (AMTD) and Charles Schwab (SCHW).
  • Tenet Raises Outlook. - Early Monday Tenet Healthcare (THC) upped its forecast for adjusted earnings before interest, taxes, depreciation and amortization for 2009 to between $900 million to $950 million. In August, the hospital operator had forecast a range of between $810 million to $875 million. In a statement, CEO Trevor Fetter said that typically sluggish results during the late summer months were "stronger than anticipated" through August.
  • Eli Lilly to Reduce Headcount, Confirms Forecast - Before the start of trading Eli Lilly (LLY) unveiled a new restructuring plan that will reduce its workforce count to 35,000 by the end of 2011 from about 40,000. The company also confirmed its previously-issued guidance for full-year earnings of $4.14 to $4.24 a share, and adjusted earnings of $4.20 to $4.30 a share.

Monday's Earnings Roundup

  • Shares of Sycamore Networks (SCMR) reported an adjusted fiscal fourth-quarter loss of 2 cents a share, a penny better than the Thomson Reuters consensus estimate. Revenue rose 14% from a year ago to $17.2 million, also ahead of forecasts.