NUE downgraded to Sector Underperformer from Sector Performer@CIBC
CIBC believes there may be a correction in steel prices over the summer based on a seasonal slowdown in demand and potential Chinese exports. Note the firm also downgraded GNA to Sector Performer.

IMCL: Remain positive about Erbitux prospects, maintain Buy@SBSH
Citigroup believes investors should be ready to re-focus on fundamentals following the recent sell-off. They are positive on Erbitux’s prospects based on the potential for favorable physician reviews of overall survival in FLEX at ASCO 2008.

Chinese steel makers threaten a boycott of Rio Tinto-WSJ
Chinese steelmakers may boycott Rio Tinto (RTP) because they say Rio Tino is limiting lower-priced contract-supplied iron ore to force buyers to pay higher spot market prices, reports the Wall Street Journal. The China Iron & Steel Association is talking with Chinese steel mills and iron-ore traders. Rio Tinto says it’s honoring all contracts and sees the proposed boycott as part of price negotiations.

Fast Money position recap- First Moves- Guy likes C, Tim likes NIHD, Pete likes SSL, Jeff likes DOG.
Macke Owns (INTC), (EMC), (DIS), (MSFT); Adami Owns (BTU), (C), (GS), (INTC), (MSFT), (NUE), (AGU); Najarian Owns (AAPL), (HPQ), (NOK), (TSO), (XLF); Najarian Owns (C) Calls, (MSFT) Calls, ; Seymour Owns (AAPL), (BX), (CSCO), (INTC), (MER), (TSO); Seygem Asset Management Owns (PKX), (FMX), (NIHD), (SSL), Gazprom.

This morning I will be focusing on the shippers and energy plays. GS higher oil call should put some fire under the energy plays. Watching NOV, OIH, RIG, DO, OII, NE, NBL, X, coal plays, NG plays, E&P plays, DRYS, EXM, GNK, DSX, TBSI. Keeping an eye on the leading indicators, XLF, brokers, 4 Horsemen, IWM, TRINs, VIX. Focus on the positives, look for plays with a high probability of success and seek the zone. Great Luck and great trading!