Hewlett-Packard is reportedly planning to cut as many as 30,000 jobs. Tech sector sinks ahead of Facebook IPO.

J.P. Morgan Chase & Co. falls more than 4% after a report of further derivatives losses. Sector is further pressured by grim economic data.

NEW YORK (MarketWatch) -- U.S. financial stocks were mixed in early trading with few standouts absent J.P. Morgan Chase & Co. and Legg Mason Inc. . Morgan fell 2.5% after a New York Times' report said the firm has posted another 50% loss in four days on a soured derivatives position revealed last week. Legg shares rose 2.2% after a Citigroup upgrade. Citi lifted the shares to buy from neutral. In the broader arena, the Financial Select Sector SPDR ETF , which tracks the financial stocks in the S&P 500 , fell 0.8%.

European stocks struggled on Wednesday to shake off the fallout from political impasse in Greece.

Shares of asset manager lead S&P 500 on plans to refinance $1.25 billion in debt and buy back $1 billion in shares. Financial sector falls following FOMC minutes even with strong housing market data and better than expected industrial production figures.

Federal Reserve officials aren’t confident enough in recent economic indicators to upgrade their description of the economy as “several” say more easing could be needed if momentum slows, according to minutes released by the central bank Wednesday.

--CEO thinks regulators would be willing to consider wireless industry mergers --Sprint is focused on $5 billion network upgrade project --CEO would consider a takeover opportunity if the timing was right For Sprint Nextel Corp. S, now isn't the time for a merger. "Clearly, the time is not ideal based upon where our shares are currently trading," said Chief Executive Dan Hesse on a conference call with analysts on Wednesday.

Among the companies whose shares are making notable moves in Wednesday's session are Pan American Silver Corp. (PAAS), Centerra Gold Inc. (CG.T), Ivanhoe Mines Ltd. (IVN) and Inmet Mining Corp. (IMN.T).

NEW YORK -(MarketWatch)- T-Mobile USA will pare 900 jobs, its second round of cuts in two months, following 10 consecutive quarters of contract user losses, even as some rivals are boosting their customer rolls.

Williams Financial Group raises its rating on Meritage Homes Corporation (NYSE: MTH) from Hold to Buy and raises its price target from ...

Bank of America has published a research report on AmBev (NYSE: ABV) and has upgraded the company from Neutral to Buy after competitors of the company were raided buy Sao Paulo, Brazil state tax officials.

In the report, Bank of America writes, "We are raising our rating from Neutral to Buy, following reports that AmBev's largest rival, Petrópolis, and several ...

Williams Financial Group reiterates its Buy rating on Lennar Corporation (NYSE: LEN) and raises its price target from $28 to $35.

Williams Financial Group says, "With the beginnings of what looks to be a turn in the housing ...

Ladenburg Thalmann has published a research report on AMAG Pharmaceuticals (NASDAQ: AMAG) and has upgraded the company from Neutral to Buy based on valuation.

In the report, Ladenburg Thalmann writes, "In essence, despite our view that Feraheme does not represent ...

Listed below are today's Top Upgrades at Benzinga:

KeyBanc Capital Markets Upgrades G&K Services (NASDAQ: GKSR) to Buy:

KeyBanc Capital Markets says, "We have become more favorable toward GKSR primarily due to our view that the Company has a significant cost takeout catalyst that could alone produce operating margin expansion of at least 200-250 bps over the next two to three years. Moreover, in the current macro environment that is demonstrating non-linear improvement in job creation (the primary driver for the uniform rental names) we prefer GKSR's shares due to our view that imminent efficiency gains should drive earnings growth, regardless of the pace of recovery in employment."

Brean Murray Carret Upgrades Ctrip.com (NASDAQ: CTRP) to Hold:

Brean Murray Carret comments, "We upgrade CTRP shares from Sell to Hold, as the stock has reached our previous target price with the recent sell‐off. On the fundamental side, we have become incrementally more positive, as 1Q results + 2Q guidance seem to indicate that CTRP is stabilizing at a new revenue growth run rate of 15%‐20% with ~30% non GAAP operating margin, the base scenario the market has been looking for, in our view. With management reiterating its stable margin outlook in 2012 (vs. two consecutive cuts from the two previous quarters), we expect improving sentiment from the market and investor ...

KeyBanc Capital Markets raises its rating on G&K Services (NASDAQ: GKSR) from Hold to Buy and introduces a $37 price target on shares.

KeyBanc Capital Markets says, "We have become more favorable toward GKSR primarily due to our view ...

Brean Murray Carret raises its rating on Ctrip.com International (NASDAQ: CTRP) from Sell to Hold and suspends its price target of $19 on shares.

Brean Murray Carret comments, "We upgrade CTRP shares from Sell to Hold, as the stock has reached our previous target price ...

Morgan Stanley upgrades its rating on Millennial Media (NYSE: MM) from Equal-weight to Overweight and establishes a price target of $17 on shares.

Morgan ...

Deutsche Bank raises its rating on Acadia Healthcare (NASDAQ: ACHC) from Hold to Buy and increases its price target from $15 to $19.

Deutsche Bank comments, "Our stance upon initiation of coverage (Jan 2012) was simple: growth will be good but ...

According to Piper Jaffray, Citi Trends (NASDAQ: CTRN) is upgraded to Neutral.

Piper Jaffray said that it is upgrading shares of ...