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4:10 PM, Oct 22, 2010 --

  • DJIA down 14.01 (-0.13%) to 11,132.56
  • S&P 500 up 2.82 (+0.24%) to 1,183.08
  • Nasdaq up 19.72 (+0.80%) to 2,479.39


GLOBAL SENTIMENT

  • Hang Seng down 0.56%
  • Nikkei up 0.54%
  • FTSE down 0.29%


UPSIDE MOVERS

(+) AMZN posts better-than-expected results.

(+) SNDK continues evening gain after Q3 beat.

(+) BIDU bounces from evening declines; beats with Q3 results, guides for revenue beat.

(+) RVBD continues evening gain that followed earnings beat; at least one analyst upgrade this morning.

DOWNSIDE MOVERS

(-) BUCY misses with Q3 results.

(-) CAT making acquisition, downgraded.

(-) VZ down despite Q3 beat.

(-) AXP drops despite topping Q3 expectations.

MARKET DIRECTION

Mostly better-than-expected quarterly results from the likes of Amazon.com (NASDAQ:AMZN) and Baidu (NASDAQ:BIDU) supported the tech-heavy Nasdaq in Friday's trade, but the DJIA and S&P 500 failed to find much upside support as the two indices ended near flat to lower. Dow components American Express (NYSE:AXP) and Verizon (NYSE:VZ) each topped expectations, but it wasn't enough to lift the index out of the red.

Looking out to next week, earnings season marches on as Amgen (NASDAQ:AMGN) and Texas Instruments (NASDAQ:TXN) are among companies posting results Monday. On Tuesday, traders will see financials from Bristol Myers (NYSE:BMY) and Ford Motor (NYSE:F). Deutsche Bank (NYSE:DB), Procter & Gamble (NYSE:PG), SAP (NYSE:SAP) and Visa (NYSE:V) are due with results on Wednesday, followed by 3M (NYSE:MMM), Microsoft (NASDAQ:MSFT) and Motorola (MOT) on Thursday. Newell Rubbermaid (NYSE:NWL) and Nasdaq (NASDAQ:NDAQ) will release results on Friday.

On the economic front, existing home sales will be distributed on Monday, followed by the Case-Shiller 20-city Index and consumer confidence on Tuesday. Durable orders, new home sales and crude inventories are due on Wednesday. Initial claims are slated for release Thursday followed by GDP, Chicago PMI and Michigan sentiment on Friday.

In company news today, American International Group Inc (NYSE:AIG) edged higher after the IPO of its Asian unit, AIA Group Ltd, raised a record $17.8 billion on the Hong Kong Stock Exchange. AIG sold 7.03 billion shares in AIA, which marks a 58% stake in the company. The AIA shares will be trading in Hong Kong on Oct. 29.

Hewlett-Packard Co. (NYSE:HPQ) launched a tablet computer that runs Microsoft Windows and is targeted at business customers, Reuters reports. The $799 tablet, called the slate, reportedly attempts to replicate the experience on a PC in a tablet form, the report says. The $799 price is more expensive than the lowest version of Apple's (NASDAQ:AAPL) iPad tablet, which launched earlier this year.

In the latest earnings news:

--Baidu.com Inc (BIDU) gained on Nasdaq after the Chinese Internet group reported third quarter results that beat expectations and a number of brokerages raised their price targets for the company.

--Chipotle Mexican Grill (NYSE:CMG) soared after the restaurant group reported strong third quarter results.

--Schlumberger (NYSE:SLB) climbed after it said Q3 sales were $6.85 billion and adjusted EPS were $0.71. Analysts had expected EPS of $0.70, adjusted.

--SanDisk Corp. (NASDAQ:SNDK) was higher after the company beat Q3 earnings estimates because of a jump in revenue and better margins.

Oil finished higher as labor union strikes in France increased demand for imported fuel. After a day of volatile trading, gold ended lower as investors await the conclusion of the G-20 finance ministers' meeting amid concerns about trade imbalances and currency markets.

Brent crude for December delivery closed up $1.19, or 1.45% at $83.02 a barrel on the New York Mercantile Exchange.

In other energy futures, heating oil was up 2 cents to $2.24 a gallon while natural gas fell 0.9%, to $3.39 per million British thermal units.

Gold was effectively flat at $1,326.00 an ounce. In other metal futures, silver was up 0.4% to $23.23 a troy ounce while copper rose 0.4% to $3.80 a pound.

Source: Tech Leads Nasdaq Higher, S&P Coasts, Dow Drops, But Week Squeaks Out Third Consecutive Gain