MidnightTrader Earnings Play: UBS

UBS (UBS | Quote | Chart | News | PowerRating) closed down 4.2% at 23.07, just narrower than the pre-market decline to 23 after the stock was cut to Neutral from Outperform by Credit Suisse.

In six analyst actions on this issue, including today, the stock narrowed or reversed its pre-market move in the following regular session three times and widened three times.

UBS has seen its analyst-driven pre-market movement widen in the following regular session following three of the last five rating changes MidnightTrader has tracked.

6/19/08 Pre-Market: -4.5% at 23; 6/19/08 Regular Session: -4.2% at 23.07 - Credit Suisse cut to Neutral from Outperform.

4/7/08 Pre-Market: +5%; 4/7/08 Regular Session: +3.6% - Merrill Lynch upgraded to Buy from Neutral.

1/31/08 Pre-Market: -8%; 1/31/08 Regular Session: -2% - JPMorgan raised to Overweight from Neutral.

12/17/07 Pre-Market: -2.2%; 12/17/07 Regular Session: -2.6% - CIBC cut to Sector Underperform from Sector Perform.

12/11/07 Pre-Market: -4%; 12/11/07 Regular Session: -5% - Bear Stearns cut to Outperform from Market Perform.

11/28/07 Pre-Market: +3.5%; 11/28/07 Regular Session: +6.7% - Credit Suisse upgraded to Outperform from Neutral.

Brooks McFeely is widely regarded as the leading expert on extended-hours trading. He is a Managing Partner for Brochet Capital Partners, LP and the founder of Midnight Trader, Inc. (www.midnighttrader.com), the leading provider of pre-market and after-hours trading analysis and news to retail and institutional investors.