Mobile Telesystems (MBT, news, chart, volatility) is down 98 cents to $24.48 after Morgan Stanley downgraded MBT and Vimpel Comms to Equal Weight from Overweight. The company was also mentioned in a Morningstar report titled “Our Biggest Mistakes of 2008“:

“…the Russian economy is heavily dependent on the price of oil and gas, and political instability, a war in Georgia, and currency devaluation have all added significant risk to this otherwise solid business. We were late in raising our uncertainty rating to extreme in recognition of the economic and political uncertainty, though we still think Mobile TeleSystems is worth more than twice its current trading price.”

In the options market, volume in MBT is running two times the usual, with Feb 22.5 puts leading the order flow. 100 percent of today’s 2,280 contracts have traded ask-side.