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4:29 PM, Sep 8, 2010 --

  • DJIA up 46 (+0.5%) to 10,387
  • S&P 500 up 7 (+0.6%) to 1,099
  • Nasdaq up 20 (+0.9%) to 2,229


GLOBAL SENTIMENT

  • Hang Seng down 1.46%
  • Nikkei down -2.18%
  • FTSE up 0.41%


UPSIDE MOVERS

(+) TUNE sold to Zoran (ZRAN) for $2.92 per share.

(+) ZGEN continues evening jump on news it's been sold for $9.75 a
share to BMY.

(+) SFD swings to Q1 profit, sales shy.

(+) BP gets credit rating upgrade, issues spill report.

(+) JASO inks supply agreements.

(+) MGM upgraded.

(+) SPLS upgraded.

(+) SKH settles class-action suit.

(+) HTM gets Enbridge investment.

(+) COST upgraded.

(+) NTWK results top year-ago levels.

(+) MAPP issues results in Levadex trial.

(+) HRB downgraded.

(+) CIEN beats with results.

DOWNSIDE MOVERS

(-) JTX beats loss estimate, sales miss.

(-) BAX downgraded.

(-) SLAB guides for Q3 below Street view.

(-) TLB with EPS, misses with revenue and issues mixed guidance.

(-) XING gets acquisition offer.

(-) SUTR gains despite warning for Q4.

(-) NAV swings to profit that beats.

MARKET DIRECTION


Stocks ended broadly higher as investors shake off yesterday's concerns after news about mortgage rates and a successful Portuguese government bond offering lessened concern a bit over sovereign debt problems for European banks.

Stocks retained gains though moved off higher levels reached earlier in the day after a Federal Reserve survey showed that slower growth spread to more regions in August.

The Federal Reserve's latest "Beige Book" report offering anecdotal economic evidence from the bank's 12 districts showed the economy lost strength in late summer as factory production weakened in areas of the East Coast and Midwest.

Economic activity was mixed or slowed in five areas -- New York, Philadelphia, Richmond, Atlanta and Chicago. Activity elsewhere was described as modest or pointed to positive developments, the AP said. In the Fed's previous survey in late July, only two regions -- Atlanta and Chicago -- had reported slower growth.

Mortgage rates turned higher last week, coming off their lowest levels in half a century, causing home loan applications to fall slightly, according to the Mortgage Bankers Association. Applications fell 1.5% from a week earlier. Applications to refinance home loans fell 3.1%, the first drop in six weeks. Loans to buy homes, however, rose 6.3% to the highest level since May. The numbers are adjusted for seasonal factors. Refinanced loans still dominated activity, making up about about 82% of all home loan applications, down from nearly 83% a week earlier.

Meanwhile, the Portuguese government sold 661 million euros ($839 million) of three-year debt and 378 million euros of 10-year bonds, news reports said. The three-year debt saw an average yield of 4.086%, up from 3.597% in an auction of the same issue in June, Bloomberg reported.

In company news, Sanofi-Aventis (SNY) Chief Executive Officer Chris Viehbacher said to investors that he isn't getting feedback from Genzyme (GENZ) management over his firm's offer of $18.5 billion, according to a Bloomberg report, citing people who attended the meeting. Genzyme investors had been looking for at least $80 a share, the report said.

Microsoft Corp. (MSFT) said it will sell its Kinetict motion-sensing device for the Xbox 360 video-game console in Japan on Nov. 20, reports Bloomberg. Microsoft is looking to the Kinect to narrow the space between Sony (SNE) and Nintendo (OTCPK:NTDOY) in game console sales in Japan, the report said.

BP Plc (BP) shares are higher as the company issued a report that blamed its own engineers for the fatal drilling-rig explosion that triggered the Gulf of Mexico oil spill and that its partners, Halliburton (HAL) and Transocean (RIG), share the blame, Bloomberg reported. The report released this morning cited at least eight errors of judgement and equipment failures that allowed natural gas to erupt from the well 40 miles off the Louisiana coast, the report said.

Skilled Healthcare Group Inc. (SKH) is up after it reported settling a four-year-old lawsuit by agreeing to pay $50 million. Skilled could have had to pay as much as $671 million in damages after a California jury in July ruled that Skilled violated state health and safety codes regarding the ratio of nurses to patients, according to Dow Jones Newswires.

Green Mountain Coffee Roasters (GMCR) is higher after it said late Tuesday it will raise prices on all K-Cup portion packs for its Keurig Single Cup brewing system sold in North America. The increase will occur across all sales channels and will be effective beginning October 11. Consumers could expect to see a purchase price increase of approximately 10% to 15% over the next several months as a result.

IMAX (IMAX) is up after it says it expanded its agreement with China Film Group Corporation with the installation of two additional IMAX systems. The first system is scheduled for installation in the city of Shenzhen, and is expected to open in 2011. The second system is scheduled for installation in the city of Ningbo, and is expected to open in 2012.

British Airways (OTC:BAIRY) and AMR Corp. (AMR), parent of American Airlines, will start a joint venture next month on flights across the Atlantic, Bloomberg reported. The two carriers are slated to align their frequent-flier programs as soon as the venture starts.

Navistar International Corp.(NAV) is down after the truck builder reduced its revenue outlook for the fiscal year. The company had, however, reported third quarter results that beat analysts' expectations. The company projects revenue to reach $12 billion for the fiscal year ending Oct. 31, down from its earlier estimate of $13.2 billion to $13.7 billion.

Talbots (TLB) is lower after it missed its fiscal Q2 revenue estimates and cuts its revenue guidance on the year. The company reported Q2 EPS of 14 cents topping analysts' consensus view for 5 cents, but revenue of $301 million fell short of analyst's consensus for $315 million. The company guided for full-year EPS of 84 cents to 92 cents -- topping analysts' average 83-cent estimate -- compared with a prior call for 75 cents to 83 cents.

Tyco (TYC) is higher after it says its Board authorized a new program to purchase up to $1 billion of the company's common stock.

Source: Stocks Take Back Some of Tuesday's Loss