Stocks Erase Large Early Gains

Stocks are trading higher, but have given up most of the early gains. Before the bell, stocks futures surged on news that the Federal Reserve, Bank of Canada, Bank of England, European Central Bank, and Swiss National Bank had taken steps to add liquidity to the markets (full story).

Shares of Sallie Mae (SLM | Quote | Chart | News | PowerRating) plunged to a 52-week low after the company cut its outlook, and said its buyout proposal was rejected (read more).

There was more grin news in the banking sector with Bank of America (BAC | Quote | Chart | News | PowerRating) announcing $3.3 billion in Q4 losses, due to larger write-downs on CDOs.

Coca-Cola Enterprises (CCE | Quote | Chart | News | PowerRating) raised its full-year outlook for 2007, and provided guidance for FY08 in-line with expectations (read more).

Robert Welding, the President and CEO of Federal Signal (FSS | Quote | Chart | News | PowerRating) resigned. The company named James Goodwin interim president and CEO (read more).