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Stock futures pointed to a modestly higher open Friday on better-than-expected housing data.

Nasdaq futures climbed 2 points vs. fair value, S&P 500 futures gained 4 points and Dow futures rose 33 points.

In economic news, the housing sector showed some signs of life. Housing starts in April rose 8.2% to an annualized rate of 1.032 million units, rebounding from a 17-year low in March. That was much better than the forecast for 940,000 units. Building permits climbed 4.9% to an annualized rate of 978,000, well above forecasts for 912,000 units.

Crude oil swelled above $127 a barrel on talks of increased Chinese demand.

The University of Michigan consumer sentiment index is due out at 10 a.m. EDT.

At noon EDT, Treasury Secretary Hank Paulson is slated to speak on the current housing and credit conditions.

Big early gainers include China Finance Online (), which surged 13% in the pre-open after it raised its Q1 outlook. The Chinese financial data firm sees sales in a range of $10.5 million to $10.8 million vs. views for $10.4 million. Net income is pegged at $4.5 million to $5 million compared to previous guidance of $3.7 million to $4 million.

BMC Software () gained 5% in the pre-market after it reported strong earnings and gave a rosy outlook. Late Thursday, the business software maker delivered fiscal Q4 profit of 63 cents a share, excluding items. That was up 57% from a year ago and 12 cents above views. Sales rose 11% to $466.9 million, also above views. BMC guided fiscal 2009 profit in a range of $2.10 to $2.20 a share vs. analysts estimates of $2.07.

Yahoo () signed a multi-year advertising deal with U.K.’s WPP Group. Yahoo also is close to penning an advertising pact with Google ().

Meanwhile, Yahoo Chairman Roy Bostock responded to a proposed proxy fight from billionaire stakeholder Carl Icahn, who has lobbied for a new board of directors after Yahoo spurned a buyout offer from Microsoft (). Bostock said Icahn’s position “reflects a significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board evaluated and responded to that proposal.” Shares of Yahoo edged lower in the pre-market.

Indexes posted moderate losses Wednesday in the face of earnings jitters, a weaker dollar and spiking oil prices.

The NYSE composite ended 0.8% lower while the Nasdaq slipped a full 1.1%, according to preliminary figures.

Transportation stocks were hit hard by oil prices and disappointing results from UPS (). The Dow transports fell 3.5%. UPS shares fell 2.74 to 70.57, contributing to the S&P 500’s 0.8% decline.

Boeing () rose 3.58 to 78.60 on the biggest volume jump among Dow components, despite announcing yet another delay for the launch of its 787 Dreamliner. The Dow lost 0.4%.

Small caps were under heavier selling, with the S&P 600 off 1.9%.

Trading rose on both exchanges, according to early readings. That would give the market a distribution day, the second since the March 20 follow-through.

The ratio of declining to advancing issues eased from 5-to-1 to 3-to-1 by the end of the session.

Energy and fertilizer stocks turned in some of the day’s best performances.

So did Russia-based steel producer Mechel (), which jumped 12.78 to 142.88 after announcing its $221 million purchase of Romanian steel maker Ductil Steel. Mechel shares are in buying range on a pullback to their 10-week moving average line.

Focus Media Holding () dropped 2.41 to 34.64. The China-based advertising firm has been digging deeper below its 10- and 40-week moving averages since February.

3:15 p.m. Update: Comeback Fades In Late Trading

By VINCENT MAO

Stocks hovered near their worst levels of the session late Wednesday. A rebound attempt just after the midday was short-lived after more bleak news in the financials.

At 2:46 p.m. EDT, the Nasdaq was down 1.4%, the S&P 500 1%, the NYSE composite 0.9% and the Dow 0.7%.

Turnover was tracking just about unchanged from yesterday’s levels at this time on the NYSE, but higher on the Nasdaq, putting the composite on pace for a distribution day.

Declining stocks led advancers by 5-to-2 on the NYSE and by nearly 3-to-1 on the Nasdaq. The put-call volume ratio spiked above 1.0, a sign of heightened fear among investors.

Goldman Sachs () and Morgan Stanley () dropped 3% each on news that their amount of riskier assets increased as a percentage of total assets from the prior quarter.

Merrill Lynch () fell 0.55 to 46.25. It was off session lows of 45.51. According to CNBC, the company may write down as much as $6.5 billion in the current quarter. But the write-downs are not entirely tied to subprime investments. Merrill reports Q1 earnings on April 17. Analysts are expecting a loss of $1.69 a share.

Oil stocks continued to push ahead as crude swelled to $112.21 a barrel.

SandRidge Energy () gained 1.54 to a record high of 41.66 in fast trade. Shares of the oil and gas producer came public in November at 26 each. The company’s sales growth ranged from 71% to 78% in the prior four quarters. But its profit growth has been a mixed bag.

National Oilwell Varco () gained 2 to 69.83 on brisk volume. The maker of oil and gas equipment continued to push ahead after finding support at its 200-day moving average Tuesday. It reports earnings on April 30.

1:15 p.m. Update: Volume Picks Up As Losses Deepen

BY VINCENT MAO

Stocks piled on losses in midday trade Wednesday on worries over corporate profits and record-high oil prices.

At 12:46 p.m. EDT, the Nasdaq dropped 1.1%, the S&P 500 0.8%, the NYSE composite 0.7% and the Dow 0.6%.

Volume was now tracking higher across the board. Decliners outpaced advancers by just over 2-to-1 on both exchanges.

May crude swelled $2.80 to $111.30 a barrel after the Energy Information Administration reported a larger-than-expected drop in supplies. Earlier, oil touched a high of $111.43.

Airlines and other transportation groups backpedaled. Oil-related and gold groups gained.

Layne Christensen () tumbled 3.05, or 7%, to 40.93 in heavy trade. Morgan Joseph cut the provider of drilling and construction services to hold from buy on valuation. On Tuesday, Layne leapt 22% after it posted Q4 earnings well ahead of views.

Syngenta () gave up 1.66 to 59.22 in fast trade. The Swiss maker of crop protection products is pulling back after ramping out of a pullback to its 10-week moving average on heavy volume last week.

On the upside, Atwood Oceanics () ascended 3.69 to 100.78 in fast trade. The offshore drilling contractor is now just 1% past a 99.81 buy point of a deep handle. In a sign of strength, the stock’s Relative Strength line is already at a new high ahead of price.

Apache () rallied 3.41 to a record high of 133.41. That puts the oil and gas giant 11% past a 120.66 buy point from a pullback to its 10-week moving average. The firm’s profit growth accelerated from 6% to 79% in the past two quarters. Growth is slated to ramp up 93% in the current quarter. UBS reiterated a buy rating on the stock.

11:15 a.m. Update: Indexes Hold To Lows As Volume Turns Mixed

By ALAN R. ELLIOTT

Weak economic data and reports of further airline flight cancellations for safety inspections tamped down market confidence Wednesday morning.

The NYSE composite had lost 0.3%, and the Nasdaq was off 0.6% at 10:54 a.m. EDT.

Transportation issues weighed heavily on both exchanges, with the Dow transports down 1.9%. Small and midcaps slipped ahead of big caps. The S&P 600 edged 0.5% lower vs. a 0.2% loss for the S&P 500 and a 0.1% decline on the Dow. Utilities and insurance segments showed strength and the NYSE’s energy index added 1.2%.

Volume turned mixed, up slightly on the Nasdaq and somewhat lower on the NYSE.

Red ink girdled the globe, with markets trading lower around the world.

The Shanghai composite ripped 5.5% lower, primarily on concerns that the government was set to tighten monetary liquidity and further boost the yuan in order to to rein in inflation. Hong Kong markets rode the mainland market’s coattails, with the Hang Seng index slipping 1.5%. Tokyo’s Nikkei 225 dipped 1.1%, hit by economic worries and a sell-off of real estate stocks.

Stocks in Europe and the U.K. took a less severe slip, buoyed by energy stocks and soft trading ahead of an interest rate decision by the Bank of England. London’s FTSE 100 nipped just a fraction lower. The CAC-40 in Paris shaved off 0.3% and the DAX in Frankfurt was down 0.4%.

Inventories data showed a higher-than-expected 1.1% gain in February, indicating wholesaler sales continued to slow. The increase followed a revised 1.3% gain for January, and suggested wholesalers were likely to place fewer orders as on-hand supplies built against slowing sales.

Oil inventories declined 3.1 million barrels, their first down week since February and only their second lower reading this year. Gasoline inventories slipped for a fourth week, down by 3.4 million barrels. Refinery activity also picked up, with capacity inching above 83%, its highest level since February. May crude futures turned and rose 83 cents to $109.33 a barrel.

Decliners led advancing stocks by about 3-to-2 on both exchanges, but most leading stocks were managed to dodge the downside.

Transocean () limited the S&P 500’s dip, adding 4.06 to 147.91. The company announced it would report Q1 results May 7. Analysts expect earnings growth to slow from triple digits to 33%. The company topped Q4 views by 33%. Shares on April 4 cleared a 145.07 buy point on a cup-with-handle base.

Solar energy component maker First Solar () troweled on another 6.29 to 278.28. The stock is holding near highs, 18% above a 236.67 buy point after an April 1 breakout from a cup-with-handle base.

10:15 a.m. Update: Stocks Fall In Light Trade

By VINCENT MAO

Gains from a higher open quickly faded Wednesday, as stocks fell into negative territory.

At 9:55 a.m. EDT, the Nasdaq lost 0.4%. The S&P 500 and NYSE composite were each down 0.3%. The Dow eased only 0.1%, thanks to support from shares of Boeing (), which cruised up 4%.

Volume was tracking lower across the board.

Greenbrier Companies () gapped down and lost 0.72 to 25.71 . The railcar maker reported Q2 earnings of 9 cents a share, well below views of 33 cents. Profit was hurt by a charges related to a plant closing.

Aluminum Corp. of China () dropped 2.11, or 5%, to 41.49 and sliced its 50-day moving average. The stock had been trying to recover from a 64% correction from its October peak.

On the upside, fertilizer makers continued to pile up gains.

CF Industries Holdings () moved up 4.59 to a new peak of 135.61. The company has delivered triple-digit profit grow for the past three quarters. Another is expected in the current period.

Potash Corp. of Saskatchewan () rallied 2.85 to 179.91, also a new high. It reports Q1 results on April 24. Analysts see profit more than doubling to $1.47 a share on sales of nearly $1.7 billion.

Elsewhere, GrafTech International () gapped up and rallied 1.58 to 18.60 in fast trade. Oppenheimer & Co. upgraded the maker of carbon and graphite products to outperform from perform and set a target price of 24.

9:15 a.m. Update: Stocks Poised For Mildly Higher Open

By VINCENT MAO

Stock futures pointed to a slightly higher open Wednesday despite worries about corporate earnings. Nasdaq futures rose 2 points vs. fair value, S&P 500 futures edged up a fraction of a point and Dow futures climbed 20 points.

UPS () dropped 4% in the pre-market after it cut its Q1 outlook. Citing decreased volume, higher fuel costs and a weak economy, the world’s largest shipping firm said late Tuesday that it now expects first-quarter profit of 86 cents or 87 cents a share. That’s down from a prior range of 94 cents to 98 cents and below views of 93 cents.

UPS group mate FedEx () slipped 1% in the pre-open.

FormFactor () stumbled 8% in the pre-market following a number of negative developments. Due to weakness in the DRAM memory market, the chip equipment maker lowered its Q1 forecasts. FormFactor expects losses to extend beyond it previous range of 15 cents a share to 25 cents. Revenue is pegged at $65 million to $66 vs. a prior outlook of $70 million to $80 million. It also will slash about 12% off its work force.

On the bright side, Citigroup () rose 2% in the pre-market on news that it might be close to selling $12 billion of leveraged loans and bonds to a consortium of investors. According to reports, the sale would to be private equity firms Apollo Group, Blackstone Group () and TPG at slightly below 90 cents on the dollar. Citigroup reports earnings April 18. It’s expected to lose 95 cents a share.

Boeing () gained 2% in the pre-market despite news of another delay for its 787 Dreamliners. Citing slower-than-anticipated completion of work, the Dow component pushed back the delivery of its new plane to the third quarter of 2009 instead of the first.

Data on February wholesale inventories will be out at 10 a.m. EDT. A 0.5% rise is expected.

Crude oil eased 25 cents to $108.25 ahead of the weekly energy inventories report at 10:30 a.m. EDT.

Worsening production woes in Nigeria and Britain took crude oil to new record highs before it pared gains to close higher Monday. Metals prices also rose.

In agricultural markets, U.S. corn futures hit record highs and wheat rose as well, while soybeans fell.

Other food-based commodities saw mixed fortunes, with U.S. arabica coffee up and cocoa and sugar down.

The Reuters-Jefferies CRB index of 19 commodity futures climbed a modest 0.4%.

Crude oil aside, commodities were reacting to a slightly weaker dollar amid speculation that the Federal Reserve may cut interest rates this week to prop up the economy.

Investors in financial markets are broadly expecting the Fed to cut benchmark borrowing rates by a quarter-point Wednesday, as some analysts think America still faces threats of recession from a festering credit crisis.

In oil, U.S. crude settled up 23 cents at $118.75 a barrel after hitting a record $119.93 the second time in a week that it came just short of the $120 mark eyed by bulls.

London Brent crude settled up 40 cents at $116.74.

Crude prices have surged more than 400% since 2002 and are up almost 25% since the start of the year, as global supplies struggle to keep pace with rising demand in emerging economies such as China.

The latest run-up is mainly due to problems in Nigeria and Britain, which have taken down nearly 2 million barrels per day of oil output in the Atlantic Basin.

In Britain, the 700,000 bpd Forties North Sea crude oil pipeline remained closed Monday due to a strike at the 210,000 bpd Grangemouth refinery over pensions.

The rally in oil helped U.S. gold futures for June delivery settle up $5.80 at $895.50 an ounce on the Comex division of the New York Mercantile Exchange.

Among industrial metals, copper prices closed slightly higher Monday, helped by a nearly two-week-long strike at Chile’s Codelco, the world’s largest copper producer.

Comex’s most-active copper futures for May settled up 2.00 cents, or 0.51%, at $3.9355 per pound in New York, after trading between $3.8970 and $3.9500.

Copper for delivery in three months on the London Metal Exchange closed up $75 at $8,650 a metric ton. It had hit a three-week low of $8,370 on Friday.

The front May corn contract settled up 22 3/4 cents at $6.00 per bushel on the Chicago Board of Trade. New-crop futures for December delivery climbed 23 1/2 cents to settle at $6.30 1/4.

Stocks packed on more losses going into the final hour of Friday’s session and were on pace to end the week with losses.

At 2:40 p.m. EDT, the Nasdaq swooned 2.4%, Dow 1.9%, S&P 500 1.8%. They all pierced their 50-day moving averages. The NYSE composite dropped 1.5%. It was holding above its 50-day line by a hair.

Volume continued to track lower across the board, suggesting that institutional investors weren’t selling in large amounts.

Still, selling was broad. Only fertilizer, agricultural and tobacco groups were higher.

The put-call volume ratio spiked to 1.2, indicating elevated levels of investor fear.

Varian Medical Systems () gapped down and lost its 50-day moving average. Shares tumbled 2.92, or 6%, to 47.39 in huge volume. But it was off session lows of 45.76. The maker of radiotherapy and X-ray products slumped along with other medical systems makers.

Herbalife () gapped down and shed 3.35, or 7%, to 45.25 in heavy trading. The nutrition and weight-management firm cleared a 46.14 buy point March 7, but is now more than 7% below that.

Gainers were scarce.

SandRidge Energy () rose 0.57 to 44.13. It slipped from a record high of 45.31 earlier in the day. Still, the oil and gas producer is on pace for its biggest weekly price gain since coming public in November.

1:15 p.m. Update: Indexes Extend Losses, But Volume Eases

By VINCENT MAO

Stocks slumped to new session lows by midday Friday, as efforts to stop the bleeding gave way.

At 12:44 p.m. EDT, the Nasdaq tumbled 1.8% and NYSE composite 1.2%. The Dow and S&P 500 dropped 1.4% each. All major indexes were retreating toward their 50-day moving averages.

Volume was now tracking lower across the board, after being mixed earlier.

Declining stocks led advancers by roughly 3-to-1 across the board.

Technology stocks were among the weakest, after a big day Thursday.

Foundry Networks () guided Q1 earnings and sales well below analysts’ estimates. Shares were down 5%, but have reversed.

Western Digital () dropped 2.26, or 8%, to 27.60 and pierced its 50-day moving average. Goldman Sachs cut the hard drive maker’s price target to 33 from 36.

Goldman also downgraded fellow hard drive maker Seagate Technology () to neutral and removed it from its “America’s Buy List.” Shares dropped 4%.

Fertilizer makers bucked the sell-off, however.

Terra Industries () rallied 2.48 to 44.78 and regained its 50-day line. Last week, the maker of nitrogen products found support at its 40-week line.

CF Industries () climbed 1.66 to a new peak of 138.76. It cleared a six-week cup base on Monday. The maker of phosphate and nitrogen fertilizer has delivered triple-digit profit growth in the past three quarters. Another one is expected in the current period.

Agrium () tacked on 1.06 to 72.81 in brisk trade. The stock appears to be working on a base-on-base pattern.

11:15 a.m. Update: Nasdaq Leads Downside As Techs Reverse Off Thursday Rally

By ALAN R. ELLIOTT

Indexes remained near their morning lows after a slide in consumer confidence and bad news from General Electric’s financial segment launched a gap-down opening Friday.

The Nasdaq had skidded 1.2%, the NYSE held to a 0.8% loss at 10:53 a.m. EDT. Small caps led the downside, with the S&P 600 off 1.3%. The S&P 500 slid 0.9%. General Electric (), IBM () and Apple (), which combined represent more than 5% of the S&P 500, all posted hefty, heavy-volume losses. The Dow industrials marked a 1% decline, led by heavy losses by GE, Three M () and United Technologies ().

Markets across Asia moved higher. Hong Kong’s Hang Seng index surged 2% to a two-month high, led by the banking sector after a series of Q1 earnings upgrades. The Shanghai composite locked in a modest 0.6% gain, but enough to ace the index’s first weekly gain since February. In Tokyo, the Nikkei 225 jumped 2.9% to nail its fourth-straight weekly gain after retailers forecast a strong year.

Stocks in Europe and the U.K. backtracked, led by banks and by a 3.3% drop by German conglomerate Siemens. Frankfurt’s DAX index skidded 1.5%. The FTSE 100 in London scored a 1.2% loss and the CAC-40 in Paris ended down 1.3%.

Leading stocks, which had managed to avoid much of the downside earlier in the week, saw some selling pressure Friday morning.

Russian steel maker Mechel () dropped 6.51, more than 4%, to 144.99. The fast-growing consolidator had just cleared a 142.75 buy point on a pullback to its 10-week line. Friday morning’s slip was its biggest decline since March.

Intuitive Surgical () dropped 13.01 to 340.86. The robotic surgical equipment maker’s shares had jumped Thursday on comments by analysts and initiation of coverage by Lazard Capital. The stock is less than 2% above the 335.10 buy point on a handle of a cup-with-handle base.

Upside stocks included Solar Power (), which jumped 2.98 to 90.17 as its continued to shape a low handle on a cup-shaped base begun in December.

Pipeline operator Atlas America () gapped up and added 3.17 to 66.83 after an upgrade to outperform by Friedman, Billings, Ramsey. The stock broke above a high-handle buy point of 63.71 on April 4 and is etching new highs on strong volume.

10:15 a.m. Update: Stocks Slide Out Of The Gate

By VINCENT MAO

Stocks tumbled out of the gate Friday on as the recent credit crisis took its toll on General Electric.

At 10:06 a.m. EDT, the Nasdaq dropped 1.5% and the Dow 1.3%. The S&P 500 and NYSE composite both fell 1.2%.

Volume was tracking mixed, with NYSE higher and Nasdaq lower.

In economic news, the University of Michigan consumer sentiment index slid to 63.2 in April vs. estimates of 69. That’s the lowest since March of 1982.

Many financials were under pressure, but saw only moderate losses.

American Express () and Merrill Lynch () dropped 2% each. Goldman Sachs () and Lehman Bros. () lost 1% a piece.

On the upside, Fastenal () gapped up and gained 2.12, or 5%, to 49.87 in brisk trade. The maker of nuts and bolts said its Q1 earnings jumped 28% to 46 cents a share, 3 cents ahead of views. Sales climbed 16% to $566.2 million, also above views.

Continental Resources () gained 0.97 to 36.56 in fast trade. The oil and gas producer reports results on May 8. Analysts see profit surging 140% to 48 cents a share on sales of $210.8 million. Shares touched an all-time high in Thursday’s session, but finished near session lows.

9:15 a.m. Update: Stocks Set To Tumble On GE News

Stock futures signaled a vastly lower open Friday, as disappointing news from General Electric weighed. Nasdaq futures dropped 24 points vs. fair value, S&P 500 lost 15 points and Dow futures gave up 110 points.

In economic news, import prices jumped 2.8% in March, fueled by rising energy prices. Export prices rose 1.5%.

The dollar lost ground against the yen and the euro.

Later at 10 a.m. EDT, the preliminary read on the Michigan consumer sentiment index for April will be out. A dip to 69 from 69.5 is expected.

General Electric () tumbled 10% in the pre-market after it reported disappointing Q1 results and cut its outlook. The conglomerate posted earnings from continuing operations of 44 cents a share, down from 48 cents in the year-ago period and 7 cents below views. The Dow component had met or topped profit estimates for the past nine periods. Sales rose 8% $42.24 billion, below expectations of $43.68 billion. General Electric cited weakness in its financial services unit.

“Demand for our global infrastructure business remained strong, but our financial services businesses were challenged by a slowing U.S. economy and difficult capital markets,” said Chairman and CEO Jeff Immelt said in a press release.

Looking ahead, the company pegged second-quarter earnings at 53 cents to 55 cents a share vs. views of 58 cents. And it trimmed its full-year outlook to $2.20 and $2.30 a share, that’s also below estimates of $2.43.

General Motors (), another Dow stock, fell 2% in the pre-open on news of a potential strike at three of its Michigan plants.

Meanwhile, Genentech () was downgraded to market weight from overweight at Thomas Weisel. Late Thursday, the biotech firm reported a 14% rise in Q1 profit, beating views. But its sales growth slowed for the fourth straight quarter to 8%, missing views. Shares fell 2% in the pre-open

And, there is more trouble among airlines. Frontier Airlines () plunged 77% in the pre-open, as it filed for Chapter 11 bankruptcy protection. It became the fourth carrier to do so in recent weeks, joining ATA Airlines, Skybus and Aloha Airgroup. Frontier, however, plans to continue operations.

AMR Corp. () dropped 3% on word that its American Airlines unit cancelled another 570 flights.

Stocks are down in early trading Wednesday on earnings and home sales data.

At 10:05 a.m. ET, the Nasdaq tumbled 1.1%, S&P 500 0.7% and Dow 0.5%.

Equities pared some losses, but fell back toward session lows on news that existing home sales fell 8% in September to 5.04 million units. That was the lowest level in eight years and below economists’ expectations.

Millicom International Cellular () pulled back 2.80 to 102.40. On Tuesday, the emerging markets wireless operator surged 21% and broke out of a cup-with-handle pattern on strong earnings.

MEMC Electronic Materials () dropped 1.82 to 61.27. The maker of wafers to the semiconductor and solar power industry reports earnings on Thursday. Analysts expect profit of 80 cents a share and sales of $477.5 million.

On the upside, Genzyme () jumped 2%. Before the open, the biotech reported Q3 earnings of 90 cents a share, up 23% from a year ago and three cents above views. Sales climbed 19% to $960.2 million. It pegged 2008 earnings at $4 a share, or ahead of views of $3.89.

Phase Forward () rallied 2 points, or 10% to 21.60 in fast trade. Late Tuesday, the provider of data solutions to the medical industry reported earnings ex items of 16 cents a share, up 45% from a year earlier, beating views. It also raised its full-year outlook to 58-59 cents a share from 55-57 cents. Analysts expected 57 cents.

9:15 a.m. ET Update: Gloomy Earnings Point To Bad Futures

By Ed Carson

After soaring Tue. on Apple’s earnings and RIM’s China deal, techs and Merrill Lynch are set to lead the market lower at the open today due to a slew of disappointing results.

Nasdaq futures are 19.43 points below fair value. The S&P 500 is down 8.59 points and the Dow is 66.23 points lower.

All the euphoria from Tue.’s regular-session gain faded almost as soon as the closing bell stopped ringing.

Amazon () is down 10% in the premarket, wiping out Tue.’s 10% surge to a new high. After the close, the e-commerce giant said Q3 profit rose 280%, beating views, while sales growth accelerated to 41%, the best in more than 3 years. But profit margins unexpectedly declined.

Merrill Lynch () is down 2% ahead of the open, at the lowest level since June 2006. The brokerage today announced $7.9 bil in Q3 writedowns for subprime debt and related CDOs, surpassing all other Wall St. banks’ credit crunch hits. Merrill had warned earlier in Oct. of a big loss and $4.5 bil in writedowns. Shares had been heading lower in recent days amid rumors that actual results would be worse than that.

Trimble Navigation () fell 13% before the bell. The navigation systems maker edged past Q3 profit views late Tue. But sales were a little short.

Several chipmakers are looking ugly this morning.

Broadcom () is down 14% in the premarket after missing profit views. High R&D costs hit margins, and the communications chipmaker expects costs to keep rising.

Wireless chipmaker Anadigics () is down 20% after missing profit views and guiding lower.

Altera () beat Q3 profit views, but sales of the programmable chipmaker fell short. Its sales outlook was weak too. Shares are indicated 11% lower.

Networking firms aren’t having much luck either. Juniper Networks () is trading down 5% in the premarket. Juniper said late Tue. that Q3 profit rose 22% to 22 cents a share ex items, a penny over forecasts. Sales grew 28% to $735 mil, also over views. But investors didn’t like the fact that costs rose faster than sales. Juniper expects to beat Q4 sales views, but only meet on profit.

Meanwhile, Riverbed Technologies () tumbled 21% before the open. The maker of hardware and software to speed up wide-area networks met profit views late Tue. as sales doubled to $63 mil. Riverbed had surged nearly 400% since coming public at $9.8 a share in Sept. 2006.