U.S. stock futures were mixed Tuesday morning following more negative news out of the financial sector: J.P. Morgan announced a $1.5 billion write-down, UBS a loss, while Wachovia and Morgan Stanley are dealing with auction rate securities. However, oil futures declined further to near $113 a barrel, offsetting financial sector woes and pushing stock futures higher. Russia halted its attacks on Georgia, signaling a cease-fire could come near.
[Update 9:09: Seems lower oil wasn't enough to offset financials' concerns and futures now indicate stocks could start flat to lower.]

JPMorgan Chase (NYSE: JPM) said in a filing with the Securities and Exchange Commission that it suffered more substantial third-quarter losses related to the hard-hit mortgage sector than it did in the second quarter and had to take a $1.5 billion write-off on mortgage-backed securities and loans.

UBS AG (NYSE: UBS), one of the hardest hit banks in the subprime mortgage crisis, said Tuesday that it had further losses and writedowns of $5.1 billion during the second quarter of 2008.

Morgan Stanley (NYSE: MS) said late Monday that it will offer to buy back up to $4.5 billion of auction-rate securities from retail clients, following similar announcements from rivals. The broker also said it will make whole any losses suffered by retail clients who bought auction-rate securities through the firm and try to provide liquidity solutions for institutional investors.

Wachovia (NYSE: WB) said Monday it plans to cut 600 more jobs than it previously expected as it works to reduce expenses in the face of staggering losses tied to mortgage debt. It also revised lower its second-quarter loss by $500 million pretax due to auction rate securities settlements.

Napster Inc. (NASDAQ: NAPS) shares traded 10% lower in after-hours Monday following the report of its quarterly results. Net losses widened and revenue dipped. The company beat on earnings missed on both earnings and revenue. [At 8:12 a.m. NAPS shares traded 2.7% higher.]

LDK Solar (NYSE: LDK) shares, on the other hand, are trading over 19% higher in premarket at $40. The solar wafer manufacturer reported earnings after the close Monday, beating estimates and raising guidance.

General Motors Corp. (NYSE: GM) is releasing new, more fuel-efficient versions of its full-size pickup trucks and sport utility vehicles later this fall. The XFE -- or extra fuel economy -- versions of the 2009 truck and SUV models will get one mile per gallon more in both city and highway fuel economy than non-XFE versions.

McDonald's (NYSE: MCD) could start the session lower after a downgrade to Neutral by UBS.
AMR Corp. (NYSE: AMR), on the other hand, is trading about 3.8% higher in premarket following an upgrade from Underweight to Overweight by a JP Morgan analyst who thinks profits are likely to resume in 2009 due to the recent drop in oil prices.

The San Francisco Chronicle writes about Apple (NASDAQ: AAPL) 3G iPhone saying that while it is a great gadget, it is one of the worst mobile phones. The reason is because of the bad reception due to the 3G network. The writer often turns off the 3G connection and relies on the EDGE technology.