- nomination to be made Monday
- Bill Richardson to be named Commerce Secretary

Salesforce.com inc [CRM]
- Guides Q4 EPS $0.06-0.07 v $0.07e, R $284M v $290Me
- Guides FY10 Revenues $1.35-1.36B v $1.36Be

The New York Times Co [NYT]
- Payable Dec 15, record Dec 1

Gap Inc [GPS]
- Guides FY08 EPS $1.30-1.35 v $1.33e
- CEO: "While we expect the challenging economic environment to continue, we’ll focus on offering our customers an engaging store experience and products at the right value proposition to stand out this holiday season."

- The suspension will help servicers implement the Streamlined Modification Program recently announced by Freddie Mac, Fannie Mae, the Federal Housing Finance Agency (FHFA), HOPE Now and 27 mortgage servicers.
- The temporary suspension is also expected to give servicers more time to help borrowers avoid foreclosure.
- The plan is expected to target about 6K borrowers with foreclosure sales scheduled between Nov 26 and Jan 9.
- This year, Freddie Mac expects to approve 84K workouts for the estimated 140K who are delinquent on Freddie Mac-owned mortgages.
- The Fannie Mae plan will target 10K borrowers.

Novellus Systems Inc [NVLS]
- CEO: May have additional charges not included in guidance, situation got worse in last week
- Prior Q4 expectations at Rev $200-245M, orders -15% to +5%

Foot Locker Inc [FL]
- Guides FY08 EPS $0.50-$0.63 v $0.82e

Boeing Co [BA]
- Cutting discretionary spending

General Growth Properties [GGP]
- In connection with this extension, the purchase price of each right issued under the Rights Agreement was changed from $148 to $105. As a result, the holder of each right is entitled to purchase one-third of one one-thousandth of a share of the Company's Series A Junior Participating Preferred Stock for $105, subject to the provisions of the agreement. No other terms of the Rights Agreement were modified.
- Adam Metz, interim chief executive officer of General Growth, stated, "The extension and amendment of our Rights Agreement is part of the effort by the board to protect and maximize the value of our stockholders' investment in the Company and helps to ensure that the Company's ongoing strategic evaluation is allowed to proceed in an orderly manner."

Citigroup Inc [C]
- Partners could include Goldman Sachs, Morgan Stanley and State Street
- Options include selling components of the firm, including Smith Barney Retail Brokerage, Credit Card Unit
- Follow Up: WSJ also reported that Citigroup is exploring options and that the process was in early stages; WSJ noted that the options including selling parts of the firm or selling the bank outright; Citigroup's board scheduled to have a formal meeting on Friday.
- Back on 10/26, the FT reported that in Sept Goldman's CEO called Citigroup's CEO to discuss a merger following a tentative suggestion of the regulatory authorities, but Citigroup's CEO rejected the proposal at once.
- Also on 10/16, the NYT DealBook reported that in the past Citigroup sought a merger with Morgan Stanley

- Sees limited influence from further rate cuts
- Largest market uncertainties already resolved
- Deflation would make housing contracts more expensive, can be avoided if Fed "does its job"
- US consumer very pessimistic and will be a drag on growth for the next few quarters.
- Q4 US GDP could be sharply negative.
- Injections to US banks under TARP has helped stabilize situation
- Automaker bailout an issue for Congress
- Fed absolutely has enough policy firepower.

- Will not loosen regulations against hedge funds any further
- Abrupt moves in currencies undesirable

Google Inc [GOOG]
- Cites decline in consumer and Business purchasing and its impact on search engine marketing, pick volume is under pressure

- No revisions
- Note: Series began back in April 1998

- Strong indications that interest rates were justified
- New staff forecasts could show inflation within 2% target by end of 2009/early 2010
- Does not see any prospects for deflation
- If Euro-Zone 2009 inflation not too low, it would permit expansion of monetary policy
- Economic recovery beginning in H2 2009, return to "Substantial" growth in 2010
- Must expect significant worsening in labor market in 2009 and disturbing developments for growth and employment
- Gravest financial crisis since 1945
- Interest rates must reflect if both economic and inflationary expectations stay down
- Inherent danger in oil price surge in 2010 due to economic expansion
- Expects China to prefer more stable currency regime
- Sees first signs of stabilization in financial crisis but real economic crisis is worsening; could feed back into crisis
- Sees deterioration of credit situation in Euro-Zone
- Weaker USD is no help to Euro-Zone, but does tame inflationary expectations
- Fundamentals suggest a firmer USD would not be a long-term issue
- Recent wage deals are positive for inflation outlook
- Says size of room to act must be discussed Dec 4

- No revisions

- Lowest PMI since record began in 1996

- No revisions

- Downward pressure on economy increasing rapidly
- Cites deepening financial crisis and spreading to Asia
- Note: This is the sixth downgrade on its economic view this year and Japanese Gov't added that the next cut in assessment may be only a matter of time.

- Significant cuts now would force swift normalization later; says after crisis is over, rates will have to rise "quicker than before."
- Sees 'remarkable' decline in inflationary pressure.
- Banks should not fear using govt rescue fund; fears for stigma for using fund are unjustified.
- Note: Comments in line with his Nov 17th comments.

Canadian Solar Inc. [CSIQ]
- Guides Q4 Revenues $70-85M v $270.1Me
- Cuts FY08 Rev to $650-750M v $901.9Me (previous $850-970M v $908.9Me)
- Reiterates FY09 Shipments guidance of 500-550 MW
- On the basis of Q4 expectations the Company is reverting to May guidance for FY 2008
- CEO: Given the uncertainty of project and customers' financing coupled with softening solar market demand in Europe and USA at the year-end, the Company has shifted its short-term operational emphasis to preserving cash and minimizing risk from the credit environment. Based on this adjustment, Q4 shipments are estimated to be approximately 20 - 25 MW. This will result in revenues of approximately $70M to $85M. Accordingly, the Company is returning to its previously stated May annual revenue estimate of $650-750M.

- Exports were up 21.2% in Apr to Oct period
- Could see up to 500K in job losses in export sector over 5 month period
- Note: Oct data is the first set of data in the post Lehman Brothers bankruptcy and the credit crisis implications in its aftermath

- German economic outlook to improve once Government measures take effect.

J.M. Smucker Co [SJM]
- Reaffirms FY09 EPS $3.45-3.50 v $3.47e, R $3.8-4.0B v $3.85Be as given on 8/14/08

- Q3 US retail market $635M v $535M (+19% y/y)
- Q3 Special markets $208.2M v $172.7M (+21% y/y)

JPMorgan Chase and Co [JPM]

- Expects 10-year yields to decline to 2.75% by H2 of 2009 and to climb above 3.6% by the end of Q4 of 2009
- Sees 2009 US unemployment at 9.0% v 8.5% prior
- Sees aftertax economic profits at -25% v -20% prior in 2009
- Reiterates its Nov 7th view that FOMC will cut by 50bps by year end

- Reminder: Back on Nov 7th, Goldman Sachs analyst lowered its near-term GDP forecast for US, and saw real Q4 GDP at -3.5% and at -2.0% in Q1 2009

Ann Taylor Stores Corp [ANN]
- Given the volatility and uncertainty heading into the fourth quarter, the Company is not providing earnings per share guidance for the fourth quarter or the full year of fiscal 2008 at this time.
- Q3 Gross margin 48.8% v 56.1% y/y

- The Company indicated that it currently expects the weakness in consumer spending to persist through the fourth quarter and, as a result, it expects its fourth quarter top-line performance to be consistent with the trends experienced towards the latter part of the third quarter.
- Furthermore, the Company indicated that it expects the competitive environment to remain highly promotional and, coupled with a fourth quarter receipt plan that did not anticipate the magnitude of the current softness, it expects gross margin to remain under significant pressure.

Wal-Mart Stores Inc [WMT]
- The board also approved the promotion of Eduardo Castro-Wright, 53, to vice chairman of Wal-Mart Stores, Inc., effective immediately.
- CEO elect: Wal-Mart is very well positioned in today's economy, growing market share and returns, and is more relevant to its customers than ever. Our strategy is sound and our management team is extremely capable. I am confident we will continue to deliver value to our shareholders, increase opportunity for our over 2M associates, and help our 180M customers around the world save money and live better.