(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.
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.
East West Bancorp ( EWBC) said Wednesday it has repaid $306.5 million of preferred stock issued to the U.S. Treasury, completing its exit from the TARP Capital Purchase Program. The bank holding company said it used available cash to clear its bailout tab, and make a final $1.8 million dividend payment. Shares of the company are rising 2.2%, or 43 cents, to $20 in premarket trading.
Pfizer's animal health unit says it will acquire Synbiotics, a provider of laboratory diagnostic products for the animal health care industry. The acquisition is expected to close later this week. Pfizer shares are up 0.28%, or 5 cents, to $17.65 in premarket trading.
Impax Laboratories ( IPXL) announced yesterday that the U.S. Food and Drug Administration has granted the company final approval for the generic version of Doryx, a drug used to treat bacterial infection, in 75 and 100 milligram tablets. Shares of the company are up 0.15%, or 3 cents, to $20.54 in premarket trading.
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