hexion specialty chemicals inc

• Hexion Specialty Chemicals, Inc. announced today that late last night Hexion received correspondence from counsel to affiliates of Credit Suisse (NYSE: CS) and Deutsche Bank (NYSE: DB) stating that the banks do not believe that the solvency opinion of American Appraisal Associates and the solvency certificate of Huntsman Corporation's (NYSE: HUN) Chief Financial Officer meet the condition of the commitment letter, and stated that as a result the banks do not plan to fund the proposed closing of the merger scheduled for this morning.

Sovereign Bancorp (NYSE: SOV) 71.7% HIGHER; Bounces after dropping 72% yesterday on fears after the fall of Wachovia.

Also, the stock was upgraded at Fox-Pitt to Outperform and at Sandler O'Neill to Hold. Huntsman Corp. (NYSE: HUN) 60.1% HIGHER; announced the decision of the Delaware Court of Chancery to enter judgment in favor of Huntsman Corporation denying all declarations sought by Apollo Management, L.P. and Hexion Specialty Chemicals, Inc.

StreetInsider.com Morning Movers: Huntsman Corp. (NYSE: HUN) 56% HIGHER; announced the decision of the Delaware Court of Chancery to enter judgment in favor of Huntsman Corporation denying all declarations sought by Apollo Management, L.P. and Hexion Specialty Chemicals, Inc. in their suit requesting that the Chancery Court excuse Hexion from its obligation to consummate the pending transaction.

Sovereign Bancorp (NYSE: SOV) 21% HIGHER; Bounces after dropping 72% yesterday on fears after the fall of Wachovia.

There was also at least two upgrades this morning.

Hexion Specialty Chemicals Inc. said Wednesday it no longer thinks that will be able to acquire fellow chemicals maker Huntsman Corp. because of the deterioration of Huntsman's finances.

Huntsman shares fell nearly 38 percent.