Bank of Ireland (NYSE: IRE) is trading down close to 5% at $3.04 in pre-market trading over fresh Irish bank concerns after S&P warned that Ireland could be cut yet again.  Allied Irish Banks plc (NYSE: AIB) is also down with it by 3.4% at $1.41 but on lighter trading volume.

Brocade Communications Systems, Inc. (NASDAQ: BRCD) is indicated a tad lower after yesterday’s IBM-Blade server news, mainly as one more possibility that Brocade does not have the wide line-up of suitors as many investors have hoped in the latest wave of tech consolidations.  Shares are down at $6.06 versus a $6.10 close on Monday, which might not seem like much until you look that it hit above $6.30 in two of the last five trading sessions.

DryShips Inc. (NASDAQ: DRYS) is trading higher this morning after one of its units has received a letter of award from an American exploration company; shares are up 7.6% at $4.81 on over 1 million shares in the pre-market.

O2Micro International Ltd. (NASDAQ: OIIM) just fell almost 10% to $5.19 in light volume after an earnings warning after an inventory adjustment.  The firm now sees Q3 revenues down 10% to 15% from Q2.  Its 52-week trading range is $4.01 to $7.90.

Pacific Ethanol, Inc. (NASDAQ: PEIX) is trading higher after it signed definitive agreements to Raise $53.5 million to purchase a 20% interest in plants and also to retire corporate debt.  Shares are up 14% at $1.23 on active trading and its 52-week range is $0.35 to $2.75.

Sterling Financial Corporation (NASDAQ: STSA) is surging on news that its regulators, the FDIC and Washington Department of Financial Institutions, have “terminated a cease and desist order put in place in October 2009 with Sterling Savings Bank.”  Shares are up 31% at $0.79 on about 30,000 shares; average volume is only 400,000 shares and the 52-week range is $0.43 to $2.15.

Walgreen Company (NYSE: WAG) is trading higher after posting an 8% rise in income that beat earnings estimates.  Shares are trading up 7% at $32.50 on over 350,000 shares versus a 52-week range of $26.26 to $40.69.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Bed Bath & Beyond (NASDAQ: BBBY) Cut to Neutral at SunTrust Robinson Humphrey.
BB&T (NYSE: BBT) Cut to Underperform at KBW.
First Horizon National (NYSE: FHN) Cut to Underperform at KBW.
Liberty Media Capital (NASDAQ: LCAPA) Raised to Buy at Deutsche Bank.
O2 Micro (NASDAQ: OIIM) Cut to Underweight at Morgan Stanley.
Regions Financial (NYSE: RF) Cut to Market Perform at KBW.
SunTrust (NYSE: STI) Raised to Outperform at KBW.
Universal Health (NYSE: UHS) Raised to Outperform at Credit Suisse.

Jon C. Ogg

• AU Optronics Corp. (NYSE: AUO) stock rose over prior lows but still looking weak after continued weakness.
• CVR Energy, Inc. (NYSE: CVI) yet again.
• eDiets.com (NASDAQ: DIET) preliminary earnings showing economics win over the need to lose weight and live healthy.
• Entropic Communications (NASDAQ: ENTR) downgraded at Piper Jaffray a week ahead of earnings.
• Fresh Del Monte Produce Inc. (NYSE: FDP) down 14% after earnings miss.
• Global Industries Ltd. (NASDAQ: GLBL)…….. offshore oil & gas on lows?
• O2Micro International Ltd. (NASDAQ: OIIM) down another 8%; now down over 2/3 from highs.
• PC Connection Inc. (NASDAQ: PCCC) profit fell 12% and sees revenue flat in Q3; direct PC/IT marketing must not work for all.
• Sony Corp. (NYSE: SNE) dismal earnings got them to 52-week lows.
• Tennant Co. (NYSE: TNC) profit drop, weak guidance.. wow, even in cleaning solutions get weak.
• Trident Microsystems Inc. (NASDAQ: TRID) disappointing earnings and at least 2 downgrades; shares down 26% late; now down 80% from highs.
• Zoran Corp. (NASDAQ: ZRAN) weak outlook and five downgrades… chips are used in DVD players, home theater systems and other electronics, cited economic weakness and a slowdown in consumer spending. Go figure.

The market may have risen huge today, but that doesn’t mean there aren’t many losers when the economy is still in the tank.

Jon C. Ogg
July 29, 2008

• Annaly Mortgage (NYSE: NLY) cut to Hold at Citigroup.
• CommScope (NYSE: CTV) Raised to Buy from Neutral at UBS.
• Endo Pharmaceuticals Cut to Neutral at R.W. Baird.
• First Solar (NASDAQ: FSLR) cut to Perform at Oppenheimer
• Hovnanian (NYSE: HOV) cut to Sell at UBS.
• Jones Apparel (NYSE: JNY) Raised to Buy from Hold at Lazard.
• O2Micro (NASDAQ: OIIM) raised to Buy at Piper Jaffray.
• PharmaNet Development (NASDAQ: PDGI) downgraded to Hold at Jefferies; downgraded to Neutral at R.W. Baird.
• Visa (NYSE: V) Started as Equal-weight at Lehman Brothers.
• YUM! Brands (NYSE: YUM) cut to Neutral at UBS.

Jon C. Ogg
May 1, 2008