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Oct. 11, 2010 --

  • -NYSE up 0.53 (+0.01%) to 7,478.95
  • -DJIA up 3.6 (+0.03%) to 11,010
  • -S&P 500 up 0.2 (+0.01%) to 1,165
  • -Nasdaq up 0.42 (+0.02%) to 2,402

GLOBAL SENTIMENT

  • Hang Seng up 1.15%
  • Nikkei down 0.99%
  • FTSE up 0.26%

UPSIDE MOVERS

(+) NOK begins shipping new smartphone.

(+) HRBN gets $24 per share offer to go private.

(+) LDK boosts revenue view.

(+) IMGN reports encouraging clinical data for Lorvotuzumab Mertansine, raises cash guidance.

(+) POT reportedly working on breakup plan to ward off BHP Billiton bid.

(+) SOLF inks new contract.

(+) EXEL inks deal with Bristol-Myers (NYSE:BMY).

(+) RVSN inks deal with Microsoft (NASDAQ:MSFT).

(+) BRCM upgraded.

(+) JAZZ says FDA declines fibromyalgia drug.

DOWNSIDE MOVERS

(-) ALXA tumbles as FDA says Adusuve not ready for approval.

(-) VQ cuts production.

(-) CKSW guides for revenue miss.

MARKET DIRECTION

Stocks were clinging to mild gains inside the final hour of trading Monday though moved slightly lower late, finishing essentially at the flat line. Cautious optimism for the Q3 earnings season and any potential Federal Reserve help for the economy supported Wall Street's continued advance. Deal news was also mildly supportive.

Action was relatively light, with the bond market and government closed for the Columbus Day holiday.

Investors will be looking to the Federal Reserve Open Market Committee meeting minutes which will be released at 2pm EST Tuesday. There is a growing sense among Fed observers that the central bank will announce additional monetary stimulus following relatively disappointing employment numbers released last week.

Gold closed at a fresh record high atop $1,350 an ounce. Oil closed down 0.5% at $82.21 a barrel.

The dollar gained against the euro and Japanese yen after steadily dropping in recent weeks against both. A weekend meeting of the International Monetary Fund and Group of 20 finance ministers failed to reach any new accords regarding recent currency moves.

Among individual movers:

Intel (NASDAQ:INTC) remained up modestly late; it reports Q3 earnings this week.

Microsoft Corp. (MSFT) gained after it unveiled nine phone handsets that will run the Windows Phone 7 and will be available during the holiday season in Europe, North American and the Asia-Pacific region, according to a statement from the company. The phones are being made by HTC Corp., Dell (NASDAQ:DELL), Samsung Electronics and LG Electronics. The software on the phone arranges activities into tiles that update with new information, Bloomberg reported.

Gymboree (NASDAQ:GYMB) jumped over 20% after private-equity firm Bain Capital agreed to acquire the children�s clothing retailer for $1.8 billion.

Chesapeake Energy Corp. (NYSE:CHK) rose over 1%, off earlier highs, after China's Cnooc Ltd. said it would acquire one-third of the company's Eagle Ford shale project in Texas.

DineEquity Inc (NYSE:DIN) is on the rise after it said it will sell 36 company-owned Applebee's Neighborhood Grill & Bar restaurants to Mid River Restaurants LLC for about $26 million after tax. The restaurant group which also operates IHOP expects the deal to close by the fourth quarter. The restaurants sold are based in Virginia, Missouri, and Illinois.

Source: Major Stock Averages End Near Flat