diff -Naur binutils-cs2008q1-126.orig/gas/config/tc-arm.c binutils-cs2008q1-126/gas/config/tc-arm.c
--- binutils-cs2008q1-126.orig/gas/config/tc-arm.c	2008-07-01 11:01:36.000000000 -0400
+++ binutils-cs2008q1-126/gas/config/tc-arm.c	2008-07-01 11:02:19.000000000 -0400
@@ -19420,6 +19420,17 @@
       || fixP->fx_r_type == BFD_RELOC_ARM_LDR_PC_G0)
     return 0;
 
+  /* MOVW/MOVT REL relocations have limited offsets, so keep the symbols.  */
+  if (fixP->fx_r_type == BFD_RELOC_ARM_MOVW
+      || fixP->fx_r_type == BFD_RELOC_ARM_MOVT
+      || fixP->fx_r_type == BFD_RELOC_ARM_MOVW_PCREL
+      || fixP->fx_r_type == BFD_RELOC_ARM_MOVT_PCREL
+      || fixP->fx_r_type == BFD_RELOC_ARM_THUMB_MOVW
+      || fixP->fx_r_type == BFD_RELOC_ARM_THUMB_MOVT
+      || fixP->fx_r_type == BFD_RELOC_ARM_THUMB_MOVW_PCREL
+      || fixP->fx_r_type == BFD_RELOC_ARM_THUMB_MOVT_PCREL)
+    return 0;
+
   return 1;
 }
 #endif /* defined (OBJ_ELF) || defined (OBJ_COFF) */
diff -Naur binutils-cs2008q1-126.orig/gas/testsuite/gas/arm/movw-local.d binutils-cs2008q1-126/gas/testsuite/gas/arm/movw-local.d
--- binutils-cs2008q1-126.orig/gas/testsuite/gas/arm/movw-local.d	1969-12-31 19:00:00.000000000 -0500
+++ binutils-cs2008q1-126/gas/testsuite/gas/arm/movw-local.d	2008-07-01 11:02:19.000000000 -0400
@@ -0,0 +1,16 @@
+#objdump: -dr --prefix-addresses --show-raw-insn
+#skip: *-*-*coff *-*-pe *-*-wince *-*-*aout* *-*-netbsd *-*-riscix*
+#name: MOVW/MOVT relocations against local symbols
+
+.*: +file format .*arm.*
+
+Disassembly of section .text:
+0[0-9a-f]+ <[^>]+> e3000000 	movw	r0, #0	; 0x0
+			0: R_ARM_MOVW_ABS_NC	bar
+0[0-9a-f]+ <[^>]+> e3400000 	movt	r0, #0	; 0x0
+			4: R_ARM_MOVT_ABS	bar
+0[0-9a-f]+ <[^>]+> f240 0000 	movw	r0, #0	; 0x0
+			8: R_ARM_THM_MOVW_ABS_NC	bar
+0[0-9a-f]+ <[^>]+> f2c0 0000 	movt	r0, #0	; 0x0
+			c: R_ARM_THM_MOVT_ABS	bar
+#...
diff -Naur binutils-cs2008q1-126.orig/gas/testsuite/gas/arm/movw-local.s binutils-cs2008q1-126/gas/testsuite/gas/arm/movw-local.s
--- binutils-cs2008q1-126.orig/gas/testsuite/gas/arm/movw-local.s	1969-12-31 19:00:00.000000000 -0500
+++ binutils-cs2008q1-126/gas/testsuite/gas/arm/movw-local.s	2008-07-01 11:02:19.000000000 -0400
@@ -0,0 +1,13 @@
+.arch armv7-a
+.text
+.syntax unified
+foo:
+movw r0, #:lower16: bar
+movt r0, #:upper16: bar
+.thumb
+movw r0, #:lower16: bar
+movt r0, #:upper16: bar
+
+.space 0x10000
+
+bar: