$heff's $tation of $tocks & $olid DD

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4:55PM Vonage announces waiver of financing condition under its tender offer (VG) 0.77 -0.01 : Co announced that it has waived the financing condition of its tender offer, thus taking one more step toward completing the refinancing of its outstanding 5.0% Senior Unsecured Convertible Notes due 2010. As previously announced on October 20, 2008, Vonage has signed definitive agreements for a new financing. Vonage currently expects to use the proceeds from this financing to purchase the Notes upon the expiration of the tender offer, which will occur at noon, New York City time, on November 3, 2008, unless further extended or earlier terminated. The receipt of financing was a condition to the tender offer, and Vonage is now amending the tender offer to waive that condition.

4:45PM Thoratec issues worldwide medical device correction of HeartMate II Left Ventricular Assist System (THOR) 25.04 -1.11 : Co is initiating a worldwide medical device correction of all serial numbers of the HeartMate II Left Ventricular Assist Systems (HM II LVAS) having Catalogue No. 1355 or 102139, which have been distributed since the beginning of clinical studies in November 2003. Over time, wear and fatigue of the percutaneous lead connecting the HeartMate II LVAS blood pump with the System Controller may result in damage that could interrupt pump function, require reoperation to replace the pump and potentially result in serious injury or death. The estimated probability of the need for pump replacement due to percutaneous lead damage is 1.3% at 12 months, 6.5% at 24 months and 11.4% at 36 months. Patients who are currently being supported by a HeartMate II LVAS should contact their doctors, who can assess the wear and fatigue of the percutaneous lead as well as provide proper instruction on management and care of the lead. Thoratec is voluntarily issuing an Urgent Medical Device Correction notice after confirming 27 reports where wear and fatigue to the percutaneous lead necessitated pump replacement. These reports occurred over five years of clinical experience with 1,972 implants. All patients who have undergone a replacement of the HeartMate II pump survived the operation and were alive at least 30 days postoperatively. In five cases, pump replacement was not feasible and the patients expired. The affected systems were distributed to 153 hospitals and distributors throughout the United States, Europe, Canada and other countries.

4:01PM Seabright Insurance Holdings authorized to begin trading on New York Stock Exchange moving from a NASDAQ listing (SEAB) 9.83 -0.24 :

4:00PM NiSource: Court grants preliminary approval of settlement in Gas Royalty Case (NI) 12.55 -0.41 : The co announces that the West Virginia Circuit Court for Roane County, W.Va., has granted preliminary approval of the establishment of a settlement fund of $380 million in the case of the Estate of Garrison G. Tawney et. al. vs. Columbia Natural Resources, et. al. The settlement is subject to final approval by the Court, following a fairness hearing currently scheduled for Nov. 22, 2008. Class members may object to or opt-out of the settlement. NiSource's share of the prospective settlement fund would be $338.8 million.

3:53PM American Intl provides update on Federal Reserve borrowings (AIG) 1.73 -0.37 : The co provides detail of its usage of the two-year, $85 Billion Revolving Credit Facility and the separate $37.8 Billion Securities Lending Agreement arranged with the Federal Reserve Bank of New York. As of October 22, 2008, AIG had outstanding borrowings of $72 billion under the $85 billion credit facility. AIG is using the funds from this facility primarily for collateral obligations related to the AIG Financial Products credit default swap portfolio and for general corporate purposes. In addition, AIG subsidiaries had received $18 billion in cash collateral in exchange for third-party investment grade fixed income securities borrowed by the New York Fed under AIG's Securities Lending program. This arrangement, under which the New York Fed can borrow up to $37.8 billion in securities, provides liquidity to the Securities Lending program while providing enhanced credit protection to the NY Fed by giving them possession of third-party investment grade fixed income securities.

3:46PM Earnings Preview for the week of Oct 27th- 31st: : Of the hundreds of companies reporting earnings the week of Oct 27th- 31st some of the bigger names include: Monday: ACV, BEAV, FPL, PENN, SOHU, TDW, CF, BWLD, PCL, UCTT, VRTX, and WMS... Tuesday: AMED, BP, BYD, FORM, FDP, HEP, SEPR, TASR, X, TUES, VLO, WHR, APOL, CPHD, DRIV, FALC, FMC, MTW, RFMD, SWIR, STM, WBSN... Wednesday: ANR, CMCSA, GRMN, GLF, HERO, K, NEM, NBL, ODP, PX, PG, S, SPR, TSO, WPI, ZBRA, BBB, CDR, CLF, CME, FSLR, ICO, SIRF, SYMC, and V... Thursday: ALU, AZN, AVP, ABX, CBS, CL, CVS, XOM, EXPE, RAIL, MOT, MYL, TRW, ULBI, WWY, and WYN, AKAM, CQB, CSTR, DEPO, DIVX, BOOM, ERTS, GPRO, KLAC, MEE, MFE, SGMS, FIRE, JAVA, WBMD, and WYNN... Friday: EYE, AXL, B, BKC, CVX, CLX, KBR, NYX, and SMG.

3:36PM Conference/Events Calendar for the week of October 27-31th: : Events of interest for the week of, October 27-31, include: Monday: AVID 2008 Investor Day; WMT Analyst Meeting; AVNR, MBRX, CYTX, ANDS, HALO at BIOCOM Annual Investor Conf... Tuesday: DPZ Analyst Meeting; PFE Analyst and Investor Meeting; PFWD Analyst Day Meeting; PLL Analyst Meeting; WMT Analyst Meeting; BITI, HIL, POOL, POL, GPX, OLN, TUNE at Sidoti & Company, LLC Emerging; Growth Institutional Investor Forum; BMY, CADX, VICL, EPCT, ISIS at BIOCOM Investor Conf; SASR, SMTB, FNBN, PBNY, SNBC at American Bankers Association Community Bank Investor Conf; TCX at Sidoti & Company, LLC Emerging Growth Institutional Investor Forum... Wednesday: KCI 2008 Analyst Day; ED, RRC, APC at Platts Appalachian Gas Conf; CEL, CYCC, RPTP, ELXR, GENR, MNOV at 7th Annual BIO Investor Forum; MRCY 9th Annual Investor Conf; Fed Policy Announcement... Thursday: WAG Analyst Meeting; ALNY, ATHX, PIP, RGN, CYTR at 7th Annual BIO Investor Forum; NFG, SE at Platts Appalachian Gas Conf; SPLS 2008 Analyst and Investor Conf... Friday: AMRA, ONTY, DEPO, PPHM, CLDN, ISTA at 7th Annual BIO Investor Forum.

3:28PM Omrix Biopharmaceuticals announces patient enrollment will resume in Fibrin Pad U.S. Phase II Clinical Trial in mild to moderate bleeding (OMRI) 13.84 +0.67 : The co announces that the Fibrin Pad U.S. Phase II clinical trial in mild to moderate bleeding will resume patient enrollment and continue with no modifications. On October 9, 2008, the Company announced that the U.S. Phase II clinical trial had been suspended in order to investigate an incident of post-operative bleeding. This event met the stopping rules, as outlined in the clinical trial protocol. Per the clinical trial protocol, upon the suspension of the study, a Data Safety Monitoring Board, or DSMB, reviewed the data related to the event. The DSMB has concluded their investigation and authorized the trial to recommence.

3:02PM Major averages continue their late-day rally, trade to their best levels of the day... Dow -110, S&P -12, Naz -20 :

2:35PM NYMEX Energy Closing Prices: Dec crude closed -3.54 to $64.30; Nov natural gas closed -0.181 to $6.238; Nov RBOB gasoline closed -0.1038 to $1.4730; Nov heating oil closed -0.0777 to $1.9520 :

2:03PM Equity averages pull back from afternoon highs in recent trade, Dow gives up about 200 pts in past 40 minutes : Dow is now -434, SPX -47, Nasdaq -68.

2:01PM Royal Caribbean announces end to fuel supplement (RCL) 15.14 -0.96 : Co announces that the company's fuel supplement will no longer apply to new Royal Caribbean International, Celebrity Cruises and Azamara Cruises bookings made on or after November 10, 2008, anywhere in the world, for sailings that depart on or after January 1, 2010. This decision takes into consideration the recent reductions in global fuel prices. For 2009 sailings and 2010 sailings booked before November 10, 2008, the co will determine on a quarterly basis whether fuel supplements will be refunded. Refunds, in the form of an onboard credit, will be provided if the closing price of West Texas Intermediate fuel is $65 or less, at the closing time of the New York Mercantile Exchange, two weeks prior to the beginning of the upcoming calendar quarter. When those conditions are met, an onboard credit will be provided to all guests on sailings that begin during the upcoming calendar quarter.

1:56PM Foundry Ntwks announces adjournment of special shareholder meeting until October 29, 2008 (FDRY) 13.17 -3.92 : Co announces that, given recent developments related to the transaction, its special meeting of stockholders scheduled to be held today, Friday, October 24, 2008, has been adjourned until Wednesday, October 29, 2008 at 4:00 pm PDT. At that meeting, a stockholder vote to adopt the Agreement and Plan of Merger previously announced on July 21, 2008 between Foundry Networks and Brocade Communications Systems (BRCD) will take place.

1:33PM COMEX Metals Closing Prices: Dec gold closed +16.30 to $731.00; Dec silver closed -0.220 to $9.280; Dec copper closed -0.1180 to $1.6865 :

1:29PM PNC Bank: Fitch says PNC Financial/National City transaction positive for NCC's Ratings; PNC affirmed (PNC) 58.54 +1.66 : PNC Financial Services' definitive agreement to acquire National City (NCC) has significant positive implications for NCC creditors. Fitch has placed the ratings of NCC and it subsidiaries on Rating Watch Positive, including the 'BBB+'/'A-' long-term Issuer Default Ratings at the holding company and bank, respectively. The Rating Watch Positive reflects Fitch's expectation that NCC's ratings will be aligned with those of PNC at closing. Separately, Fitch has affirmed PNC's ratings including its IDRs at 'A+/F1' on the announcement. PNC's Rating Outlook remains Stable... While NCC has been weakened by the credit crisis, PNC has maintained relatively solid performance. The transaction expands PNC's footprint into several Midwestern states contiguous to its existing footprint, and also adds a presence in Florida. Although PNC is not immune from the asset quality pressures facing the banking industry, PNC has fared better than many of its peers. While every merger has integration risks, PNC's track record with previous acquisitions has been solid.

1:22PM Huntsman obtains solvency opinion for Hexion merger (HUN) 11.05 -0.28 : Co announces it has received a written opinion from American Appraisal, a leading valuation firm, which has concluded that the company to be formed from the pending merger of Hexion Specialty Chemicals and Huntsman Corporation would be solvent. Specifically, American Appraisal found that the combined Hexion-Huntsman company would satisfy all of the solvency tests commonly used in transactions of this nature. Huntsman expects to request an updated solvency opinion from American Appraisal for delivery on the closing date, to satisfy the condition contained in Hexion's agreement with affiliates of Credit Suisse and Deutsche Bank.

1:08PM UBS AG: Fitch downgrades UBS to 'A+', affirms short-term 'F1+'; outlook stable (UBS) 13.02 -1.08 : Fitch views positively the October 16 announcement that UBS' illiquid assets will be moved off-balance sheet for a one-off charge. However, Fitch remains concerned about the medium-term earnings outlook for the investment banking division in these challenging market conditions. Fitch also notes the structural issues that UBS must still work through following its over-exposure to the US mortgage market and acknowledges uncertainty over future trend in net new money flows in the group's wealth management divisions. Consequently, Fitch has downgraded UBS AG's and its wholly-owned subsidiary UBS Limited's Long-term Issuer Default ratings to 'A+' from 'AA-'. In addition, the rating Outlooks are now Stable. UBS's Individual rating is downgraded to 'B/C' from 'B'. The Stable Outlooks and affirmation of the Short-term IDRs reflect Fitch's belief that the measures taken to de-risk and recapitalise the bank should enable UBS to draw a line under the problems that have taken their toll over the past 15 months. Nevertheless, management faces challenges in reshaping the investment bank and delivering stable and sustainable earnings in difficult market conditions with a refocused, lower-risk strategy.

12:47PM Barr Pharma confirms patent challenge of Oxytrol (BRL) 59.20 -1.72 : Co confirms that its subsidiary, Barr Laboratories, has initiated a challenge of the patents listed by Watson Laboratories, Inc. in connection with its Oxytrol (oxybutynin transdermal system). The Company believes it is the first to file an Abbreviated New Drug Application with the U.S. Food & Drug Administration for the product.