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Pre-market movers: GS, DAL, LEH

Goldman Sachs (NYSE: GS) is up 5% on better-than-expected earnings.

Lehman Brothers (NYSE: LEH) is up over 12% on a belief that the brokerage may not be in as much trouble as was rumored.

Northwest Air (NYSE: NWA) is off on concerns that its merger with Delta (NYSE: DAL) is dead.

Nuvelo (NASDAQ: NUVO) is down over 40% on news it will fire 40% of its employess.

Douglas A. McIntyre is an editor at 247WallSt.com.

MOST NOTEWORTHY: The Mosaic Company (MOS), LivePerson (LPSN) and three U.S. refiners were today's noteworthy downgrades:

Stephens downgraded shares of LivePerson Inc (NASDAQ: LPSN) to EqualWeight from Overweight citing execution risk associated with the Kasamba.com acquisition.

Citigroup cut shares of Sunoco Inc (NYSE: SUN) to Hold from Buy and Tesoro Corp (NYSE: TSO) and Valero Energy Corp (NYSE: VLO) to Sell from Hold based on valuation...

OTHER DOWNGRADES:

Bear Stearns cut Ventana Medical Systems (NASDAQ: VMSI) to Peer Perform from Outperform.

Nuvelo Inc (NASDAQ: NUVO) was cut to Market Perform from Outperform at William Blair.

Keefe Bruyette downgraded shares of Cowen Group (NASDAQ: COWN) to Market Perform from Outperform.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: The Small Cap BioTech sector top today's small list of initiations.

The Bank of America initiated five companies within the Small Cap BioTech sector:
Myriad Genetics, Inc. (NASDAQ:MYGN), Array BioPharma, Inc. (NASDAQ:ARRY), Nuvelo, Inc. (NASDAQ:NUVO) and Keryx BioPharmaceuticals Inc (NASDAQ:KERX) with Buy ratings
and Dendreon Corp (NASDAQ:DNDN) with a Neutral rating.

OTHER INITIATIONS:

Fiserv, Inc. (NASDAQ:FISV) was resumed with a Market Perform at Wachovia on valuation
and Century Casinos, Inc. (NASDAQ:CNTY) was initiated with a Hold at Morgan Joseph on valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).