Index: gcc/cse.c
===================================================================
--- gcc/cse.c.orig	2009-11-20 13:05:39.000000000 +0100
+++ gcc/cse.c	2009-11-20 13:05:57.000000000 +0100
@@ -6712,7 +6712,8 @@ invalidate_skipped_set (dest, set, data)
 	 a BLKmode or nonscalar memory reference or a reference to a
 	 variable address.  */
       && (MEM_IN_STRUCT_P (dest) || GET_MODE (dest) == BLKmode
-	  || cse_rtx_varies_p (XEXP (dest, 0), 0)))
+	  || cse_rtx_varies_p (XEXP (dest, 0), 0))
+      && !MEM_EXPR (dest))
     {
       invalidate_memory ();
       return;