STOCKS NEWS US-Value of Dow Chemical JV cut by 8 percent

 Stocks on the move [HOT-RTRS] Real-Time Equity news [E U]

 U.S. stock market report [.N]
1340 ET 01Dec2008-Value of Dow Chemical JV cut by 8 percent
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 The value of a planned joint venture between Dow Chemical (DOW.N) and
Kuwait Petroleum Corp has been cut by more than 8 percent in light of a sharp
slowdown in global demand.

 The venture, K-Dow Petrochemicals, was designed to make chemicals used in a
variety of products. The value was cut to $17.4 billion from $19 billion. [ID:
nL1460639]

 Dow Chemical shares were flat, trading up 8 cents at $18.63.

 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1328 ET 01Dec2008-NBER: U.S. entered recession in December 2007
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 According to the National Bureau of Economic Research, the U.S. economy
slipped into recession in December 2007. The members of the NBER's business
cycle dating committee Friday decided that the 73-month economic expansion had
ended. [ID:nWAT010588]

 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1205 ET 01Dec2008-Citigroup down, to buy highway division
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 Shares of Citigroup (C.N) tumbled on Monday after Sacyr Vallenhermoso said
it would sell its highway business to a private equity fund controlled by the
troubled bank for $10.22 billion. The sale will transfer 5.013 billion euro of
debt to Citigroup Infrastructure Investors. [ID:nL1239320]

 The stock, a Dow component, shed 12 percent to $7.30.

 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1201 ET 01Dec2008-Meat co's down after Pilgrim files for bankruptcy
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 Shares of meat companies fell on Monday after Pilgrim's Price (PPC.N) filed
for Chapter 11 bankruptcy, claiming $3.75 billion in assets and $2.72 billion
in debts as of Sept. 27. [ID:nWEN1142]

 Pilgrim's Pride shares last traded at 63 cents, down 45 percent from their
opening price of $1.15. Among other meat companies, Smithfield Foods (SFD.N)
slid 4.6 percent to $6.50 and Tyson Foods (TSN.N) was off 3 percent to $6.52.

 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1154 ET-01Dec2008 Players snap up Ford calls as automaker weighs Volvo sale
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 Call options on Ford Motor Co (F.N) picked up steam for the second straight
trading session. The automaker's shares rose 2.23 percent to $2.75 after
hitting a high of $3 on news that Ford was reviewing options for Volvo and
could sell the luxury Swedish car brand. On Friday, the Dec $2.50 and Jan $3
Ford call options saw an uptick in activity. On Monday morning, another 51,000
Ford calls have traded vs. 6,403 puts, double the normal combined daily volume,
according to Trade Alert. Investors have been snapping up Dec $3 and Dec $4
calls, said WhatsTrading.com strategist Frederic Ruffy. Ford and the other two
Detroit automakers face a deadline to submit stepped-up restructuring plans to
Congress in an effort to win support for a $25 billion rescue plan.

Reuters Messaging: doris.frankel.reuters.com@reuters.net
1142 ET 01Dec2008-Firm sees another quarter of volatility
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 DA Davidson Monday said that market would remain "very volatile" for at
least another quarter, or until investors see positive results from a variety
of moves made by the Federal Reserve and the U.S. Treasury to stabilize the
markets. The firm said that with market indices now 10 percent above the
cyclical lows last week, "many investors may feel more confident that the worst
is over for the decline in stock prices and begin to seek to selectively
bargain hunt among wonderful companies now trading at 10-year or more valuation
lows."

 DA Davidson cautioned against being too optimistic, saying that economic
news "likely will get much worse in coming months than we are reading about
today."

 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1125 ET 01Dec2008-U.S. traded Mechel shares fall on downgrade
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 U.S traded shares of Mechel (MTL.N) fell nearly 24 percent Monday after
Credit Suisse cut its rating on the stock to neutral from outperform and
lowered its price target to $12 from $27.

 The Dow Jones U.S. Iron and Steel .DJUSST index was down more than 10
percent to 137.85. Among the components, Nucor (NUE.N) fell 8.6 percent to
$32.62, U.S. Steel (X.N) slid over 11 percent to $27.02 and Steel Dynamics
(STLD.O) dropped more than 13 percent to $7.15.

 Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net