Equities Update: Mixed Finish

4:16 PM, Nov 3, 2009 --

• NYSE up 27.75 (0.4%) to 6,812.69.
• DJIA down 17.5 (0.2%) to 9,772.
• S&P 500 up 2.5 (0.2%) to 1,045.
• Nasdaq up 8.12 (0.4%) to 2,057.

GLOBAL SENTIMENT

• Hang Seng down 1.76%
• Nikkei down 2.31%
• FTSE down 1.20%

UPSIDE MOVERS

(+) BNI sold to Berkshire Hathaway.

(+) LNY agrees to be acquired by CEO for $14.75 a share.

(+) MEDW reports better-than-expected Q1 results.

(+) OSK beats Street views on Q4.

(+) DDRX sold to Peet's Coffee.

(+) BLT tops Q3 estimates, sees year sales in line with views.

(+) HLF Q3 adjusted EPS 85c, expects Q4 above analyst mean.

(+) LJPC fails to get stockholder votes to dissolve company.

DOWNSIDE MOVERS

(-) IBCP to be replaced in S&P SmallCap 600.

(-) CKEC swings to Q3 loss, sales miss expectations.

(-) TPGI to sell up to 25 million shares, posts Q3 loss 43c a share.

(-) NSTC misses Q3 estimate.

(-) WST sees FY EPS below Street view.

MARKET DIRECTION

The Dow Jones Industrial Average lagged the other indexes but still finished in the upper end of the day's range, down around 0.2%. The Nasdaq ends up 0.4%. The S&P 500 closes up 0.2%. Stocks salvaged a much better-than-expected session than early indicators implied.

While economic recovery doubts sunk stocks to start the week and early Tuesday, investors drew some comfort from billionaire investor Warren Buffett's decision to pay $100 a share for Burlington Northern Santa Fe (BNI)- a huge bet on the U.S. economic recovery. The deal sent shares of Burlington soaring and lifted other transportation stocks.

Higher commodity prices also put some luster on industrial and materials stocks. Crude oil closed up 1.2% at $79.06 a barrel. Gold hit a new high at $1,087 an ounce after Indian central bank made purchases.

Still, stocks slumped overall as investors continue to be worried about the economic recovery ahead of a two-day U.S. Federal Open Market Committee monetary policy meeting. No move is expected yet but financial markets look for the Fed to possibly begin laying the groundwork for tighter rates, especially after the Australian central bank raised its target for the second time in a month. Investors are also awaiting Friday's jobs report.

Shares pared some early declines after factory goods orders came in better than expected.

U.S. September factory orders increased a seasonally adjusted 0.9% on gains in machinery, autos, defense goods and chemicals, the Commerce Department estimated Tuesday. Factory orders have risen in five of the past six months, but are down 13.9% in the first nine months of 2009 compared with the same period a year ago. Economists surveyed by MarketWatch.com had expected a 0.6% increase.

Auto sales were mixed: GM's October sales rose 4.7%; Ford's (F) were up 2.5%; Chrysler fell 30%.

J&J (JNJ) was a decliner and justified some of the market's jitters. It's cutting up to 7% of its workforce.

European banking shares mostly fell amid restructuring news and weighed on financial shares overall.

Among post-bell earnings: PXD, CCI, DRIV, FCH, HIG, KFT, OKE, WBMD.