I am 100% sure that it is not Cloverfield 2, but i could be wrong. SlashFilm recently reported that Abrams is collaborating with screenwriter David Seltzer on this upcoming "earthquake disaster" film. Matt Reeves was not mentioned in the article, but neither was any other director. Abrams is also keeping details on this film under wraps for reasons nobody has discovered yet. Ok, so it just might be a sequel to Cloverfield.
Here's the link:
http://www.slashfilm.com/2008/08/12/jj-abramss-earthquake-disaster-movie...

-Twitch.XXV