November 2007 Archives

Closing Bell Report

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Optimism that the Fed will lower interest rates next month lifted the Dow 60 points to close at 13,372.  Nasdaq fell 7 points to 2661.

On the upside

SeaChange International (Nasdaq: SEAC) reversed year ago losses to post a third quarter profit as revenue rose to surpass expectations.

Shares of Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) surged as investors interpreted comments by Fed chief Ben Bernanke as indicative of an interest rate cut next month.

Shares of homebuilder D. R. Horton (NYSE: DHI) rose as the government nears an agreement with bankers to freeze the interest rate of subprime loans for up to seven years.

On the downside

Lululemon Athletica (Nasdaq: LULU) reported third quarter earnings that more than tripled as sales soared but the stock price fell.

Moody's Investor Service cited Global Cash Access' (NYSE: GCA) third quarter earnings delay for placing the company on review.

A Motley Fool article questioning Sirtiris Pharmaceuticals' (Nasdaq: SIRT) high valuation sent the stock price tumbling.

In the broad market, advanicng issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 768.

Mid-Day Report

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The markets pulled back from early morning highs as weak consumer spending dampened investor enthusiasm.  The Dow climbed 77 points to 13,389 while Nasdaq lost 2 points to 2666.

On the upside

Bear Stearns analyst Robert Peck expressed confidence that the Department of Justice will allow the merger between XM Satellite Radio (Nasdaq: XMSR) and Sirius Satellite Radio (Nasdaq: SIRI).

Shares of bond insurer Ambac Financial (NYSE: ABK) surged as the government nears a plan to assist subprime borrowers by freezing their low interest rates for up to seven years.

Optimism that the Treasury Department and banking executives will finalize a plan to assist subprime borrowers boosted shares of troubled mortgage lender Countrywide Financial (NYSE: CFC).

On the downside

The U. S. Marine Corp. will slash its order for bomb resistant transport vehicles from 3,700 to 2,400 sending shares of armored vehicle maker Force Protection (Nasdaq: FRPT) tumbling.

Mentor Graphics (Nasdaq: MENT) blamed weak sales and restructuring charges for swinging to a third quarter loss.

Although Brocade Communications Systems (Nasdaq: BRCD) posted sharply higher fourth quarter earnings, revenue fell short of expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 5 points to 771.

Opening Bell Report

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Remarks by Federal Reserve Chairman Ben Bernanke reinforced hopes of an interest rate cut pushing the major indices higher.  The Dow surged another 119 points to 13,431 while Nasdaq added 18 points to 2686.

On the upside

Ed Zander stepped down as CEO of Motorola (NYSE: MOT) while retaining the chairman position.  The cell phone maker was losing sales momentum over the past year.

Shares of Tiffany (NYSE: TIF) rose after the New York jewelry retailer reported profit that more than tripled while raising its outlook for the current quarter.

Subprime homeowners hoped for legislative relief to freeze interest rates before they adjust higher.  The financial services sector rebounded with shares of Wells Fargo (NYSE: WFC) climbing higher.

On the downside

Dell (Nasdaq: DELL) posted higher profits on cost-cutting and higher revenues, but the results missed analysts' expectations.

Investors sold off on Big Lots (NYSE: BIG) after the discount retailer lowered its profit and revenue targets for the current quarter due to declining same-store sales.

U.S. intelligence agencies may be trying to block 3Com's (Nasdaq: COMS) acquisition of a networking equipment company that includes a 20% stake in a China-based company.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 13 points to 779.

Closing Bell Report

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The markets closed modestly higher over news that the economy expanded more than expected in the third quarter.  The Dow climbed 22 points to 13,312 while Nasdaq gained 5 points to 2668.

On the upside

TiVo (Nasdaq: TIVO) narrowed third quarter losses as revenue rose amidst lower expenses.  Separately, the U. S. Patent and Trademark Office upheld the company's digital video recorder patent claims against EchoStar Communications.

MGI Pharma (Nasdaq: MOGN) retained the services of Lehman Brothers to explore strategic alternatives to increase shareholder value.

Fourth quarter earnings more than doubled for Atwood Oceanics (NYSE: ATW) to beat expectations as revenue surged.

On the downside

Bon-Ton Stores (Nasdaq: BONT) blamed unusually warm weather for widening third quarter losses and lowered its full year outlook.

Jo-Ann Stores (NYSE: JAS) reported higher third quarter earnings that surpassed expectations but the company lowered its guidance for fiscal 2008.

Principal Financial Group (NYSE: PFG) warned that fiscal 2008 results will fall short of expectations due to weak equity markets.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 766.

Mid-Day Report

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The markets pared its losses to trade above the flatline during the midday with the Dow gaining 18 points to 13,307 while Nasdaq added a point to 2664.

On the upside

Solarfun Power Holdings (Nasdaq: SOLF) beat expectations with third quarter earnings that nearly tripled as production increased to meet soaring demand.

Axcan Pharma (Nasdaq: AXCA) will be taken private in a $1.3 billion all cash deal.

Analysts upgraded Sigma Designs (Nasdaq: SIGM) after the chip maker reported sharply higher third quarter earnings.

On the downside

Men's Wearhouse (NYSE: MW) reported third quarter results that were in line with expecations while forecasting fourth quarter results below estimates prompting downgrades.

Analysts downgraded Rogers Communications (NYSE: RCI) after the Canadian government unveiled new auction rules that will increase competition.

Although Aeropostale (NYSE: ARO) reported higher earnings and revenue, sales fell short of expectations.

In the broad market, advancing issues were on par with decliners on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a fraction to 770.

Opening Bell Report

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Investors cashed in on profits from the two-day rally while remaining concerned about retail sales hampered by smaller profit margins. The Dow lost 42 points to 13,246 while Nasdaq lost 2 points to 2660.

On the upside

E-Trade Financial (Nasdaq: ETFC) raised $2.5 billion in cash from Citadel Investment Group selling off its entire portfolio of asset-backed securities for $800 million while taking a one-time $2.2 billion charge on the sale.

French drugmaker Sanofi-Aventis entered into a research and development deal with Regeneron (Nasdaq: REGN) paying $85 million upfront and agreed to invest up to $475 million over the next 5 years.

Analysts upgraded Dollar Tree Stores (Nasdaq: DLTR) which reported higher profits yesterday.

On the downside

Sears Holdings (Nasdaq: SHLD) reported near breakeven results as sales at its Sears and Kmart stores slipped while margins fell sharply.

Pep Boys - Manny, Moe & Jack (NYSE: PBY) continued to lose ground after the automative repair chain posted a wider loss and annoucing job cuts.

Conn's (Nasdaq: CONN) posted higher earnings and revenues, but missed analysts' estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 3 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 768.

Closing Bell Report

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A sharp drop in oil prices along with optimism that the Federal Reserve will lower interest rates next month sent the markets soaring to a higher close.  The Dow surged 331 points to 13,289 while Nasdaq leaped 82 points to 2663.

On the upside

PT Media Nusantara Citra will purchase a minimum 51% stake in Chinese mobile content provider Linktone(Nasdaq: LTON).

Beacon Roofing Supply (Nasdaq: BECN) reported fourth quarter results that were in line with expectations despite sluggishness in construction.

Citi Investment Research analyst Andrew Swanson initiated coverage of Savient Pharmaceuticals (Nasdaq: SVNT) with a Buy rating.

On the downside

Friedman Billings downgraded Advanta Corp. (Nasdaq: ADVNB).

Universal Technical Institute (NYSE: UTI) swung to a fourth quarter loss as undergraduate enrollment dropped.

Acorn International (NYSE: ATV) disappointed with third quarter revenue that fell short of expectations as competition increased.

In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by nearly 10 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 27 points to 770.

Mid-Day Report

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The major indexes extended their gains on hopes that the Federal Reserve may lower interest rates before the end of the year.  The Dow climbed 223 points to 13,181 while Nasdaq surged 57 points to 2638.

On the upside

Shares of Freddie Mac (NYSE: FRE) extended its gains as investors viewed the mortgage guarantor's capital plan in a favorable light.

Shares of Verigy (Nasdaq: VRGY) posted 4th quarter profits that handily beat estimates.  The company makes equipment to test computer chips.

Furniture maker Herman Miller (Nasdaq: MLHR) announced job cuts last quarter to cut costs and raised its quarterly guidance.

On the downside

Dress Barn (Nasdaq: DBRN) warned that the 2008 outlook for the specialty women's retailers may be negatively impacted by warm weather and cautious consumer spending.

Central Garden & Pet (Nasdaq: CENT) posted a 4th quarter loss due to a drop in sales in both its garden and pet divisions.

Marvell Technology Group (Nasdaq: MRVL) posted a smaller loss than expected, but investors continued to worry about research and other operating costs.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 19 points to 762.

Opening Bell Report

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Hints of an interest rate cut lifted the markets higher with the Dow surging nearly 200 points to 13,150.  Nasdaq jumped 44 points to 2625.

On the upside

Citigroup (NYSE: C) led the financial services sector which continued to rebound on hopes of an interest rate cut.

Shares of Freddie Mac (NYSE: FRE) rose after the lender's sale of $6 billion in preferred stock triggered lower than expected debt protection costs.

An analyst upgraded online retailer Overstock.com (Nasdaq: OSTK) on valuation and its growth prospects.

On the downside

Shares of Bidz.com (Nasdaq: BIDZ) continued to lose ground due to a disappointing outlook.

Sonic Solutions (Nasdaq: SNIC) announced that it would missed 3rd quarter targets on lower revenues due to consumer uncertainty about DVD standards.

Shares of Semtech (Nasdaq: SMTC) fell despite the semiconductor maker posting profits that more than doubled on high demand for its analog and mixed-signal semiconductors.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 12 points to 756.

Closing Bell Report

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The markets surged to close sharply higher over news that Citigroup secured a $7.5 billion investment from the Abu Dhabi Investment Authority.  The Dow leaped 215 points to 12,958 while Nasdaq soared 40 points to 2581.

On the upside

Tenet Healthcare (NYSE: THC) signed a two year contract allowing UnitedHealth (NYSE: UNH) members access to Tenet's acute care hospitals.

Barclays (NYSE: BCS) reaffirmed its earnings outlook.

Higher revenue lifted fourth quarter earnings for Datawatch (Nasdaq: DWCH) to beat expectations.

On the downside

Even though Bidz.com (Nasdaq: BIDZ) reported a 78% surge in holiday sales over the Thanksgiving weekend, the online jewelry auctioneer forecast revenue at the low end of estimates.

Fourth quarter earnings for AECOM Technology (NYSE: ACM) rose to beat expectations but the professional and technical support services provider disappointed with fiscal 2008 results that were merely in line with estimates.

Concerns that Ambac Financial (NYSE: ABK) must raise more capital to maintain its credit rating sent shares of the bond insurer tumbling.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 743.

Mid-Day Report

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Falling oil prices lifted the markets higher during the midday with the Dow soaring 237 points to 12,981.  Nasdaq jumped 40 points to 2581.

On the upside

AspenBio Pharma (Nasdaq: APPY) is pursuing regulatory approval to sell its appendicitis blood test AppyScore.

Directed Electronics (Nasdaq: DEIX) extended and enhanced its distribution agreement with Sirius Satellite Radio.

Punk Ziegel & Co. analyst Richard Bove upgraded Regions Financial (NYSE: RF) saying that earnings should rise in 2008 as well as 2009.

On the downside

Bare Escentuals (Nasdaq: BARE) announced that Diane Miles, its president of wholesale and international sales, resigned to pursue other interests.

Arbitron (NYSE: ARB) will delay the introduction of a new electronic radio audience measurement system in nine key cities after broadcaster protested that the data was not reliable.

Canadian Natural Resources (NYSE:CNQ) cited a new royalty system n the Province of Alberta as well as low commodity prices for forecasting lower natural gas production next year.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 744.

Opening Bell Report

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A rebound in the financial services sector lifted the markets at the opening bell with the Dow climbed 79 points to 12,823.  Nasdaq leaped 22 points to 2563.

On the upside

Activision (Nasdaq: ATVI) raised its outlook for the 3rd quarter and 2008 due to strong sales of its Guitar Hero III video game.

Staples (Nasdaq: SPLS) posted a decline in profits and lower same-store sales versus year-ago levels, but the results beat expectations due to improved margins.

An analyst upgraded shares of Intel (Nasdaq: INTC) citing strong demand in the PC market through 2008.

On the downside

Shares of Genesco (NYSE: GCO), which is trying to close a merger with Finish Line (Nasdaq: FINL), fell after it received a subpoena from federal prosecutors to investigate fraud.  An investment bank accused the shoe and hat retailer of providing faulty financial information.

The oil sector pulled back as oil prices eased.  Shares of Chevron (NYSE: CVX) slipped despite an analyst upgrade.

Facing more mortgage-related losses, Citigroup (NYSE:C) received a badly-needed $7.5 billion cash infusion.  The stock quickly gave up some of its earlier gains.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 6 points to 741.

Closing Bell Report

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Despite strong retail sales at the start of the holiday shopping season, the markets plunged over continued credit concerns.  The Dow plummeted 237 points to 12,743 while Nasdaq skidded 56 points to 2541.

On the upside

American Technology Research analyst Andrew Huang wrote that Cree (Nasdaq: CREE) has the best technology in the LED industry.

James River Coal (Nasdaq: JRCC) signed agreements to ship coal at an average price of $54.76 next year, up from an average price of $47.14 in the third quarter.

Morgan Stanley analyst David Wilson (Nasdaq: PEIX) cited high ethanol prices and falling ethanol stock prices for recommending the purchase of ethanol stocks.

On the downside

InterDigital  (Nasdaq: IDCC) warned that fourth quarter revenue will fall to miss expectations due to a softening Japanese market.

CNBC reported that Citigroup (NYSE: C) may lay off up to 45,000 employees after suffering mortgage losses of several billion dollars.

Senator Charles Schumer wrote a letter to the government sponsored Federal Home Loan Bank asking the agency to review loans made to mortgage lender Countrywide Financial (NYSE: CFC).

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 20 points to 735.

Mid-Day Report

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The markets traded mixed during the midday as credit concerns tempered reports of upbeat holiday sales.  The Dow rose 23 points to 13,003 while Nasdaq slipped 2 points to 2595.

On the upside

Fuwei Films (Nasdaq: FFHL) elected three new directors to its board.

SkillSoft (Nasdaq: SKIL) reported third quarter earnings that surpassed expectations as revenue rose.

Excel Maritime Carriers' (NYSE: EXM) CEO will join the chief executives of two other drybulk shipping firms to discuss industry trends.

On the downside

In order to protect itself from further mortgage defaults, Franklin Bank (Nasdaq: FBTX) will increase its loan loss reserves by another $20 million.

Friedman Billings Ramsey downgraded First Marblehead (NYSE: FMD) over concerns that The Education Resources Institute's ability to cover student loan losses is limited.

Medivation (Nasdaq: MDVN) reported a loss for the third quarter.

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 7  on the NYSE and by more than 8 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 751.

Opening Bell Report

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The markets opened modestly higher following a strong start to the holiday shopping season as online retailers braced for Cyber Monday.   The Dow rose 44 points to 13,025 while Nasdaq added 13 points to 2609.

On the upside

Electronics giant Philips offered $2.7 billion to buy The Genlyte Group (Nasdaq: GLYT), a manufacturer of lighting fixtures.

Shares of Hawaii-based Hoku Scientific (Nasdaq: HOKU) leaped after the company signed an 8-year contract to develop photovoltaic cells for a Chinese solar power company.

Shares of Garmin (Nasdaq: GRMN) climbed on reports that retail outlets were selling out the company's navigation gadgets over the holiday shopping weekend.

On the downside

Analysts downgraded the construction sector.  shares of Centex Corporation (NYSE: CTX) and Ryland Group (NYSE: RYL) fell sharply.

Shares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) lost ground on analyst downgrades as the government-backed mortgage guarantors continued to grapple with mortgage-related losses.

Consumer products maker Newell Rubbermaid (NYSE: NWL) lowered its sales guidance for the current quarter due to slow office product sales.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 3  on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 756.

Closing Bell Report

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Bargain hunters lifted the markets to a sharply higher close as the holiday shopping season began.  The Dow jumped 181 points to 12,981 while Nasdaq soared 34 points to 2597.

On the upside

Earlier this week, Bidz.com (Nasdaq: BIDZ) gave COO Claudia Liu exercised options for 55,000 common shares.

Susquehanna Financial initiated coverage of eTelecare Global Solutions (Nasdaq: ETEL) with a positive rating.

Scottish Re Group (NYSE: SCT) named Samir Shah to the position of executive vice president and chief risk officer effective December 26, 2007.

On the downside

EVCI Career Colleges (Nasdaq: EVCI) narrowed third quarter losses but reported lower enrollment at its Interboro Institute.

Redwood Trust (NYSE: RWT) president and co-founder Doug Hansen will retire at the end of the year.

Nu Horizons Electronics (Nasdaq: NUHC) filed amended earnings reports for fiscal 2007 as well as amended reports for the first quarter of 2008.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by more than 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 15 points to 755.

Mid-Day Report

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The markets surged during the midday in anticipation of brisk sales Black Friday.  The Dow leaped 121 points to 12,920 while Nasdaq soared 23 points to 2585.

On the upside

E-Trade (Nasdaq: ETFC) gave up some of its earlier gains but continued to trade up over take-over speculation.

Shares of Apple (Nasdaq: AAPL) rose in anticipation of brisk sales on Black Friday.

J. P. Morgan's (NYSE: JPM) JPMorgan Asset Management Infrastructure Investments and Colonial First State Global Asset Management of Commonwealth Bank of Australia purchased United Utilities' electricity distribution assets.

On the downside

Shares of McClatchy (NYSE: MNI) continued to fall over concerns that the housing slump will adversely affect advertising revenue.

Although City Telecom (Nasdaq: CTEL) reversed year ago losses to report a profit for fiscal 2007 as margins expanded and subscriptions increased, the stock price fell.

SatCon Technology (Nasdaq: SATC) reported a loss for the quarter.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 8 points to 748.

Opening Bell Report

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Retailers reported brisk foot traffic to open the holiday shopping season.  Meanwhile, investors looked for bargains among blue chip stocks as the Dow surged 116 points to 12,915.  Nasdaq added 18 points to 2581.

On the upside

Retailers prepared for a slower shopping season with numerous pre-dawn store openings and door specials.  Shares of Circuit City Stores (NYSE: CC) and Target (NYSE: TGT) climbed.

According to a CNBC report, E-Trade Financial (Nasdaq: ETFC) was reportedly being shopped to rivals Charles Schwab and TD Ameritrade.

Shares of Petrochina (NYSE: PTR) rose after analysts upgraded the stock on valuation.

On the downside

Shares of Trina Solar (NYSE: TSL) fell for a 2nd day in a row after the Chinese solar cell maker posted profits that missed estimates.

The software sector lagged with shares of Microsoft (Nasdaq: MSFT) and Salesforce.com (NYSE: CRM) losing ground.

Shares of Home Solutions of America (Nasdaq: HSOA) hit a multi-year low on news of a possible Nasdaq delisting after the home restoration service firm failed to submit its quarterly filing.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 9 points to 749.

Closing Bell Report

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Concerns about the economy sent the markets tumbling in the late afternoon to close sharply lower before the start of the holiday shopping season with the Dow plummeting 211 points to 12,799.  Nasdaq plunged 35 points to 2562.

On the upside

News that stem cells may be developed from skin cells rather than embryos lifted shares of StemCells (Nasdaq: STEM).

Although New York & Co. (NYSE: NWY) swung to a third quarter loss, revenue rose to surpass expectations.

Capstead Mortgage (NYSE: CMO) raised nearly $81 million in its offering of 8 million shares of common stock.

On the downside

SunTrust Robinson Humphrey downgraded Stein Mart (Nasdaq: SMRT) saying that intense promotions by competitors will hurt earnings.

Lehman Brothers downgraded ITC Holdings (NYSE: ITC) after a Minnesota judged recommended that the Minnesota Public Utilities Commission not approve ITC's acquisition of certain Alliant Energy assets.

Shares of LDK Solar (NYSE: LDK) plunged after rival Trina Solar reported disappointing earnings.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 740.

Mid-Day Report

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The markets trimmed its losses during the midday but continued to languish in negative territory with the Dow falling 67 points to 12,943.  Nasdaq tumbled 14 points to 2583.

On the upside

ValueVision (Nasdaq: VVTV) engaged the services of Alvarez & Marsal to review its business practices and has launched a search for a new chief executive after widening third quarter losses.

Par Pharmaceutical (NYSE: PRX) reported higher first quarter earnings, reversed year ago losses to post a profit for the second quarter and lifted its full year outlook.  The generic drug maker delayed its financial reports because it had to restate prior results.

Bernstein upgraded Electronic Data Systems (NYSE: EDS).

On the downside

Morgan Joseph analyst Dean Haskell downgraded Jamba (Nasdaq: JMBA) after the smoothie chain announced that store growth in 2008 will be slowed due to economic pressures.

Although Patterson (Nasdaq: PDCO) reported higher second quarter earnings, the results fell short of expectations and the dental and veterinary supply company trimmed its full year guidance.

A sharp drop in new home construction weighed down shares of Pulte Homes (NYSE: PHM).

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 742.

Opening Bell Report

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The markets opened lower ahead of the Thanksgiving holiday as investors continued to worry about the slowdown in the housing market.  The Dow dropped to 12,895, down 116 points while Nasdaq tumbled 27 points to 2569.

On the upside

Farm equipment maker Deere & Company (NYSE: DE) posted higher profits that beat estimates as worldwide demand helped to offset slow U.S. sales.

Ikon Office Solutions (NYSE: IKN) announced plans to buy back $500 million of its common stock through a modified Dutch auction.

China Precision Steel (Nasdaq: CPSL) reported revenues that more than doubled and higher earnings while boosting its outlook for 2008.

On the downside

The volume of mortgage applications declined last week.  Shares of beleaguered Countrywide Financial (NYSE: CFC) lost ground along with the financial services sector.

Shares of eHealth (Nasdaq: EHTH) fell after the online insurance agency and portal provider was downgraded by an analyst.

Shares of Trina Solar (NYSE: TSL) tumbled after the Chinese solar cell maker posted profits that missed expectations.  Analysts attributed the miss to higher staffing costs.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by a margin of nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 743.

Closing Bell Report

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Despite record crude oil prices that surged to close at $98.03 a barrel, the markets closed higher after the Federal Reserve forecast moderate inflation next year.  The Dow climbed 52 points to 13,010 while Nasdaq added 3 points to 2597.

On the upside

Shares of human resources software provider SuccessFactors (Nasdaq: SFSF) soared on its first trading day.

Sears Holdings (Nasdaq: SHLD) expressed interest in possibly acquiring Restoration Hardware (Nasdaq: RSTO).

Barnes & Noble (NYSE: BKS) reversed year ago losses to report a profit for the third quarter as sales rose and lifted its full year outlook.

On the downside

While Noah Education (NYSE: NED) reported higher first quarter earnings, increased expenses weighed down margins.

Zarlink Semiconductor (NYSE: ZL) blamed eroding demand in the telecommunications sector for lowering its third quarter guidance.

BMO Capital Markets analyst Michael Vinciquerra said in a client note that E-Trade's (Nasdaq: ETFC) competitors are planning to lure away the online brokers' customers.

In the broad market, advancing issues were on par with deliners on the NYSE while decliners outpaced advancers by a margin of 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost a point to 749.

Mid-Day Report

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Sharp losses by Freddie Mac weighed down the markets during the midday with the Dow dropping 51 points to 12,907.  Nasdaq lost 14 points to 2580.

On the upside

Second quarter earnings for Blue Coat Systems (Nasdaq: BCSI) more than doubled to beat expectations as sales surged.

Concur Technologies (Nasdaq: CNQR) reported fourth quarter earnings that quadrupled as customer growth exceeded expectations prompting the company to forecast first quarter results above estimates.

Barron's said that the stock price of Sasol (NYSE: SSL) could jump as much as 40% if crude oil prices remain high.

On the downside

Although higher revenue lifted third quarter earnings for Focus Media (Nasdaq: FMCN), shares of the Chinese advertising company plunged as margins slipped.

RBC Capital Markets analyst Mark Sue blamed slow wireless spending for lowering his earnings estimate and price target for LM Ericsson (Nasdaq: ERIC) while the telecommunications equipment maker warned that fourth quarter results will come in at the low end of its forecast.

Shares of Fannie Mae (NYSE: FNM) plummeted after Freddie Mac (NYSE: FRE) reported a $2 billion quarterly loss.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 742.

Opening Bell Report

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Tech stocks lifted the markets as investors set aside economic concerns to snap up bargains.  The Dow surged 118 points to 13,077 while Nasdaq soared 34 points to 2627.

On the upside

Hewlett-Packard (NYSE: HPQ) posted profits that beat estimates yesterday as the computer and printer maker announced plans to buy back $8 billion in stock.

D.R. Horton (NYSE: DHI) posted a loss and wrote down inventory of homes and land options.  However, the results were better than analysts' expectations.

Nordstrom (NYSE: JWN) bagged a higher than expected profit in the 3rd quarter that helped to offset lower guidance for the holiday shopping season.

On the downside

Target (NYSE: TGT) posted a smaller profit and missed estimates.  Shares of the discount retailer fell despite authorizing a $10 billion stock buyback program.

Freddie Mac (NYSE: FRE) reported a $2 billion loss in the 3rd quarter which included $1.2 billion in reserves to cover bad home loans.  Analysts warned that the mortgage guarantor may need to raise funds in order to shore up its balance sheet.

China-based Giant Interactive Group (NYSE: GA) posted higher online game revenues and profits, but costs also rose sharply.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by a margin of nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 6 points to 756.

Closing Bell Report

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Goldman Sachs' downgrade of Citigroup sparked concerns of further turmoil in the banking sector sending the markets tumbling to a sharply lower close.  The Dow plummeted 218 points to close at 12,958 while Nasdaq plunged 44 points to 2593.

On the upside

Hilltop Holdings, which already owns a 6.8% stake in Downey Financial (NYSE: DSL), is considering purchasing the savings and loan.

EnerSys (NYSE: ENS) CEO John D. Craig, CFO Michael T. Philion and executive vice president Richard W. Zuidema all exercised options to purchase common stock in the company.

Cooper Tire & Rubber (NYSE: CTB) will repurchase up to $100 million worth of common stock.

On the downside

Golar LNG (Nasdaq: GLNG) completed a private placement of 3.2 million new shares of common stock for approximately $77.5 million.

Pacific Ethanol (Nasdaq: PEIX) reported a wider than expected loss last week.

BluePheonix Solutions (Nasdaq: BPHX) will sell 2 million shares of common stock in order to raise $35 million.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by a margin of more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 19 points to 750.

Mid-Day Report

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The markets extended its losses during the midday with the Dow plunging 189 points to 12,988.  Nasdaq skidded 41 points to 2597.

On the upside

Indian herbal healthcare products company Plethico Pharmaceuticals offered nearly $81 million to acquire Natrol (Nasdaq: NTOL).

Celgene will purchase Pharmion (Nasdaq: PHRM) in a cash and stock deal valued at approximately $2.9 billion.

Quanex (NYSE: NX) will sell its Vehicular Products business to Gerdau S. A. for nearly $1.7 billion and spin off the remainder of its business.

On the downside

UBS sued Finish Line and Genesco (NYSE: GCO) to be released from its obligation to fund Finish Line's $1.5 billion purchase of Genesco.

Tween Brands (NYSE: TWB) blamed higher costs and disappointing sales for reporting lower third quarter earnings and trimming its fourth quarter outlook.

Shares of Countrywide (NYSE: CFC) continued to fall over concerns of further mortgage defaults.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by a margin of more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 17 points to 752.

Opening Bell Report

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Analysts downgraded the banking sector on continued exposure to significant loan losses.  The Dow lost 75 points to 13,100 while Nasdaq fell 12 points to 2624.

On the upside

An analyst fueled speculation that satellite TV operator EchoStar (Nasdaq: DISH) may be acquired due to its low valuation.

An upbeat analyst day lifted shares of Qualcomm (Nasdaq: QCOM) despite lingering patent battles.

Micrel (Nasdaq: MCRL) entered the solar market signing a mult-million dollar deal to produce solar cells.

On the downside

Lowe's (NYSE: LOW) posted lower 3rd quarter profits which beat expectations.  However, the home improvement retailer indicated that a persistent housing slump would cut into its full-year outlook.

The Campbell Soup Company (NYSE: CPB) posted lower earnings due to higher ingredient and advertising costs.

A Goldman Sachs downgrade of Citigroup (NYSE: C) warned of $8 to $11 billion in write-downs for the current quarter.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by a margin of nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 10 points to 759.

Closing Bell Report

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Despite a drop in industrial production and rising oil prices, the markets closed higher with the Dow climbing 67 points to 13,177.  Nasdaq gained 19 points to 2637.

On the upside

Rubicon Technology (Nasdaq: RBCN) stock surged on its first day of trading.

Analysts cited Suntech Power's (NYSE: STP) impressive third quarter earnings and bullish production forecast for lifting their price targets for the solar panel maker.

Japan Post Network selected Aflac (NYSE: AFL) as the sole provider of cancer insurance for Japan's post office network.

On the downside

While Chordiant Software (Nasdaq: CHRD) subsidiary swung to a fourth quarter profit, the business software maker provided a disappointing 2008 outlook.

YRC Worldwide (Nasdaq: YRCW) acknowledged that the trucking market is experiencing weakness and will continue to slump.

Piper Jaffrey initiated coverage of China Digital TV Holding (NYSE: STV) with a Buy rating but the stock price plunged.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 both on the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 770.

Mid-Day Report

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The markets traded higher during the midday even as industrial production fell and oil prices rose.  The Dow climbed 51 points to 13,161 while Nasdaq gained 13 points to 2631.

On the upside

Pfizer (NYSE: PFE) offered $164 million to acquire Coley Pharmaceutical (Nasdaq: COLY).

Although Jack in the Box (NYSE: JBX) reported lower fourth quarter earnings, the results surpassed expectations.

Tyco Electronics (NYSE: TEL) beat fourth quarter estimates and said that the company expects international sales to continue growing.

On the downside

Acacia Research's (Nasdaq: ACTG) subsidiary Computer Accerleration lost a patent case filed against Microsoft (Nasdaq: MSFT).

The9 Ltd. (Nasdaq: NCTY) blamed surging operating expenses for a drop in third quarter earnings that fell short of expectations.

Shares of Infineon Technologies (NYSE: IFX) continued to fall after widening fourth quarter losses as revenue dropped.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 6 points to 765.

Opening Bell Report

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The markets opened mixed as falling industrial production reinforced the notion of a slowing economy.  The Dow edged up 12 points to 13,122 while Nasdaq lost 13 points to 2605.

On the upside

Garmin (Nasdaq: GRMN) withdrew its offer to buy Tele Atlas for $3.3 billion.  Instead, the personal navigation device maker struck a deal with Navteq.

Agilent Technologies (NYSE: A) posted higher profits boosted by strong sales of its bio-analysis products.

Salesforce  (Nasdaq: CRM) reported higher earnings as the online customer relations management software provider continued to add users at a brisk rate.

On the downside

FedEx (NYSE: FDX) lowered its profit outlook due to higher fuel costs cutting into margins and a slowing freight market.

Shares of Franklin Credit Management (Nasdaq: FCMC) tumbled after it announced the possibility of insolvency and suspended the funding of new loans.

Virgin Mobile USA  (NYSE: VM) posted higher revenues and expected a solid holiday sales season, but losses widened.

In the broad market, advancing issues edged out decliners by a margin of 10 to 9 on the NYSE, but were outpaced by a margin of 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks eased 2 points to 768.

Closing Bell Report

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Concerns about a disappointing holiday shopping season sent the markets tumbling to a lower close with the Dow plunging 121 points to 13,110.  Nasdaq plummeted 26 points to 2619.

On the upside

Virtual Radiologic (Nasdaq: VRAD) made its market debut by soaring 22%.

Although fourth quarter earnings for Charlotte Russe (Nasdaq: CHIC) fell, the results beat expectations.

LDK Solar (NYSE: LDK) forecast fourth quarter results in line with expectations while reassuring investors that business remained strong.

On the downside

Global Cash Access Holdings (NYSE: GCA) will delay its quarterly report while conducting a confidential internal investigation.

The Office of Federal Housing Enterprise Oversight said that Fannie Mae (NYSE: FNM) is not in full compliance with regulations.

Billionaire investor George Soros purchased 1.8 million shares of Countrywide Financial (NYSE: CFC).

In the broad market, declining issues outpaced advancers by a margin of 11 to 3 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 772.

Mid-Day Report

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The markets slipped into negative territory during the midday over rising energy prices and higher jobless claims.  The Dow lost 8 points to 13,223 while Nasdaq dropped 9 points to 2635.

On the upside

Local.com (Nasdaq: LOCM) signed five contracts to license its geography based web search technology.

Fuqi International (Nasdaq: FUQI) reported third quarter earnings that nearly tripled as revenue surged.

Craig Hallum Capital analyst George Sutton upgraded Sothesby (NYSE: BID) saying that demand for art remained strong.

On the downside

Piper Jaffray downgraded Sierra Wireless (Nasdaq: SWIR).

NovaStar Financial (NYSE: NFI) reported losses of nearly $600 million for the third quarter, warned that it may file for bankruptcy and said that the company may be delisted from the New York Stock Exchange.

Superior Offshore International (Nasdaq: DEEP) reported lower third quarter earnings.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 9 points to 774.

Opening Bell Report

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The markets opened mixed as investors remained concerned about inflation and higher jobless claims.  The Dow slipped 7 points to 13,223 while Nasdaq held steady at 2644.

On the upside

Semiconductor equipment maker Applied Materials (Nasdaq: AMAT) announced lower profits, but the results beat expectations.

Intel (Nasdaq: INTC) announced that it would raised its dividend for the 1st quarter of 2008.

Ralcorp Holdings (NYSE: RAH) will issue $1.65 billion in stock and assume $950 million in debt to acquire cereal brands from Kraft Foods (NYSE: KFT).

On the downside

J.C. Penney (NYSE: JCP) blamed weak same-store sales for a slight decline in overall revenues while slashing its outlook for the holiday season.

Shares of Sina (Nasdaq: SINA) tumbled after the Chinese Internet company posted higher profits against declining mobile service sales.

Shares of BEA Systems (Nasdaq: BEAS) lost ground after comments from Oracle's CEO indicated that a new bid for the software company would be unlikely.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 3 points to 779.

Closing Bell Report

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Slow retail sales along with concerns of further write downs sent the markets down to a lower close with the Dow tumbling 76 points to 13,231.  Nasdaq plunged 29 points to 2644.

On the upside

Innodata Isogen (Nasdaq: INOD) reversed year ago losses to post a third quarter profit as revenue surged.

Speculation that Clearwire (Nasdaq: CLWR) may be acquired lifted shares of the wireless broadband provider.

McDermott International's (NYSE: MDR) subsidiary Babcock & Wilcox will provide a boiler and selective catalytic reduction system for Basin Electric Power's power plant in Wyoming.

On the downside

Basin Water (Nasdaq: BWTR) blamed a $4.7 million projected losses charge for widening third quarter losses.

While KHD Humboldt Wedag International (NYSE: KHD) reported higher third quarter earnings, revenue fell far short of expectations.

Goldman Sachs downgraded GateHouse Media (NYSE: GHS) after the newspaper publisher reported third quarter earnings that missed expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 782.

Mid-Day Report

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Slow retail sales weighed down the markets during the midday with the Dow falling 11 points to 13,296.  Nasdaq dropped 9 points to 2665.

On the upside

Improved margins lifted third quarter earnings for Canadian Solar (Nasdaq: CSIQ) to beat expectations prompting the company to boost its full year outlook.

Third quarter earnings for MetroPCS (NYSE: PCS) nearly doubled due to the addition of 114,000 subscribers.

Suntech Power Holdings (NYSE: STP) signed two agreements for silicon wafer supplies.

On the downside

Daktronics (Nasdaq: DAKT) blamed a supply chain problem for missing second quarter expectations and warned that third quarter results will fall short of estimates.

Fourth quarter earnings for MedCath (Nasdaq: MDTH) plunged after the company changed an accounting method and sold some of its interest in one hospital.  The hospital operator also warned that fiscal 2008 revenue will drop.

Bois d'Arc Energy (NYSE: BDE) decided not to sell the company and instead will repurchase up to $100 million of common stock.

In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 785.

Opening Bell Report

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The markets opened higher as investors mulled over the latest combination of modest wholesale inflation numbers and slow retail sales.  The Dow added 25 points to 13,332 while Nasdaq rose 4 points to 2677.

On the upside

Bear Stearns (NYSE: BSC) wrote down another $1.1 billion in subprime-related losses, but investors were hopeful that the latest move would stabilize the investment bank's portfolio.

Shares of E-Trade (Nasdaq: ETFC) continued to rebound on rumors that it may be acquired by a large banking institution.

Baidu.com (Nasdaq: BIDU) whose shares had been experiencing volatile price swings was upgraded by an analyst for its discounted valuation.

On the downside

Mylan (NYSE: MYL) announced the placement of $4.1 billion in debt to acquire Merck.

Cerberus Capital Management and United Rentals (NYSE: URI) extended the deadline for its debt tender offer to November 16 selling $2.55 billion in high-yield notes to fund the acquisition of the equipment rental company.

Greek drybulk shipper Excel Maritime Carriers (NYSE: EXM) reported profits that doubled, but failed to meet analysts' estimates.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 792.

Closing Bell Report

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The Dow leaped nearly 320 points to lift the markets to a higher close after Goldman Sachs reassured investors that it will not write off any more losses.  The blue chip index closed at 13,307 while Nasdaq leaped 90 points to 2674.

On the upside

A surge in international sales boosted third quarter earnings for Fossil (Nasdaq: FOSL).  The watch maker also forecast full year results ahead of expectations.

Bidz.com (Nasdaq: BIDZ) reported third quarter earnings that more than tripled and forecast full year results above expectations.

Diana Shipping (NYSE: DSX) received its new $110 million dry bulk carrier which increases its fleet size to 17 vessels.

On the downside

As part of a restructuring plan, Nastech Pharmaceutical (Nasdaq: NSTK) will focus on Phase 2 clinical trials and establish its subsidiary MDRNA as an independent company.

Assisted Living Concepts (NYSE: ALC) disappointed with third quarter revenue that missed expectations.

In order to finance its acquistion of generic drug maker Merck KGaA, Mylan (NYSE: MYL) must place $4.1 billion in debt.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 10 points to 777.

Mid-Day Report

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Reassurances from Goldman Sachs lifted the markets higher during the midday with the Dow soaring 132 points to 13,119 while Nasdaq jumped 40 points to 2624.

On the upside

Rumors that E-Trade (Nasdaq: ETFC) may be sold lifted shares of the online broker.

Shares of GigaMedia (Nasdaq: GIGM) surged ahead of its earnings release tomorrow.

VMware (NYSE: VMW) introduced its second generation VMware Server 2 virtualization software.

On the downside

Despite a surge in sales, Akeena Solar (Nasdaq: AKNS) widened third quarter losses as margins fell.

Pilgrim's Pride (NYSE: PPC) reversed year ago losses to report a profit for the fourth quarter but results missed expectations.

Although WuXi PharmaTech (NYSE: WX) posted strong third quarter profit that more than tripled, the stock price tumbled.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 10 points to 777.

Opening Bell Report

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The markets opened higher after Wal-Mart posted revenues and earnings that beat expectations.  The Dow surged 110 points to 13,097 while Nasdaq jumped 35 points to 2619

On the upside

Wal-Mart Stores (NYSE: WMT) reported improving sales trends for household and apparel products and emphasized its doorbuster sales to attract foot traffic ahead of the holiday shopping season.

Watch and accessory maker Fossil (Nasdaq: FOSL) posted higher revenues that beat estimates while boosting its full-year outlook.

Orbitz Worldwide (NYSE: OWW) posted revenues that beat targets and expected weakness in the U.S. market to be offset by international growth.

On the downside

Home Depot (NYSE: HD) posted a larger than expected decline in revenues as the slow housing market continued to weigh on the home improvement retail chain.

Superconductor Technologies (Nasdsaq: SCON) reported lower revenues and a loss as its clients tightened spending.

Adobe Systems (Nasdaq: ADBE) announced that its CEO was stepping down by the end of the year.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 10 points to 777.

Closing Bell Report

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Despite falling oil prices, the markets closed lower over concerns about the continuing credit crisis.  The Dow tumbled 55 points to 12,988 while Nasdaq plunged 44 points to 2584.

On the upside

Southwest Airlines (NYSE: LUV) created a new Business Select class and will add two Saturday flights from Pittsburgh to Florida.

Levitt Corp. (NYSE: LEV) filed for Chapter 11 banktruptcy protection after reporting steep third quarter losses.

Falling oil prices lifted shares of Delta Air Lines (NYSE: DAL).

On the downside

Concerns that Congress will pass the energy bill without renewable energy initiatives sent shares of Yingli Green Energy Holding (NYSE: YGE) tumbling.

Shares of Trina Solar (NYSE: TSL) plummeted over concerns that Congress will pass the energy bill without including solar incentives.

Citigroup downgraded McDermott International (NYSE: MDR).

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 767.

Mid-Day Report

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Falling oil prices lifted the markets higher during the midday with the Dow soaring 113 points to 13,156.  Nasdaq gained 13 points to 2641.

On the upside

Analysts cited Vasco Data Security's (Nasdaq: VDSI) valuation for upgrading the network security products maker.

Despite a federal investigation of WellCare Health Plans (NYSE: WCG), the stock price rose as bargain hunters swooped in.

A New York Times article (NYSE: C) reported that Citigroup joined two other banks to establish a $75 billion backup fund.

On the downside

Concerns that Congress will pass the energy bill without solar incentives sent shares of SunPower (Nasdaq: SPWR) tumbling.

Shares of First Solar (Nasdaq: FSLR) plummeted over concerns that Congress will pass the energy bill without including solar incentives.

Sanford Bernstein & Co. analyst Jeff Evenson downgraded Juniper Networks (Nasdaq: JNPR).

In the broad market, advancing issues barely edged out out decliners by a slim margin on the NYSE while advancers outpaced decliners by a margin of more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 6 points to 778.

Opening Bell Report

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The markets opened mixed as investors continued to worry about loan losses in the financial services sector.  Meanwhile, oil prices fell as OPEC members were reportedly considering a hike in output.  The Dow rose 40 points to 13,082 while Nasdaq held steady at 2627.

On the upside

Shares of Cognos (Nasdaq: COGN) surged after IBM offered $5 billion in cash to buy the business intelligence software and service provider.

Satellite communications company Globecomm Systems (Nasdaq: GCOM) was awarded a government contract and raised its revenue and earnings guidance.

Shares of Intuit (Nasdaq: INTU) rose ahead of its 1st quarter results.  Last week, the tax and personal finance software provider hired a new CFO.

On the downside

Shares of E-Trade Financial (Nasdaq: ETFC) lost half their value after the company raised the possibility of a large writedown in mortgage-backed securities.  Analysts downgraded the stock on bankruptcy concerns.

EchoStar Communications (Nasdaq: DISH) reported a high churn rate of customers for its satellite television service.

Momentum stocks, such as Baidu.com (Nasdaq: BIDU), were slammed by another round of profit-taking.

In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE and by a margin of 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 774.

Closing Bell Report

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Further losses in the financial sector sent the markets reeling to close sharply lower with the Dow plummeting 224 points to 13,043.  Nasdaq skidded 68 points to 2628.

On the upside

Shares of American Public Education (Nasdaq: APEI) surged on its first day of trading.

Old Republic International acquired a 15% stake in competitor PMI Group (NYSE: PMI) as well as an 11% stake in MGIC Investment (NYSE: MTG).

Trans World Entertainment (Nasdaq: TWMC) CEO Robert J. Higgins offered $5 per share to take the company private.

On the downside

Although JA Solar (Nasdaq: JASO) posted higher third quarter earnings that surpassed expectations and raised its full year outlook, analysts were concerned about shrinking margins in the fourth quarter.

Allscripts Healthcare Solutions (Nasdaq: MDRX) disappointed with third quarter earnings that fell short of expectations and warned that full year results will miss estimates as well.

Citadel Broadcasting (NYSE: CDL) blamed a significant accounting charge for swinging to a third quarter loss.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by a margin of nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 9 points to 772.

Mid-Day Report

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Wachovia's warning of a $1.1 billion writedown for October sparked concerns about further losses in the financial sector sending the markets tumbling during the midday.  The Dow plummeted 170 points to 13,096 while Nasdaq plunged 58 points to 2638.

On the upside

Caris & Co. upgraded Hutchinson Technology (NYSE: HTCH) after the company reported sharply higher fourth quarter earnings.

Citi Investment Research analyst Heather L. Hunt said that a credit rating agency review of Ambac Financial (NYSE: ABK) will reveal that the bond insurer is in better financial health than investors perceive.

Higher licensing revenue and increased product sales lifted fourth quarter earnings for Dolby Laboratories (NYSE: DLB) to beat expectations by a wide margin.

On the downside

Leap Wireless (Nasdaq: LEAP) must restate financial results from 2004 through the second quarter of 2007 due to operating expense and revenue reporting errors.

ABX Air (Nasdaq: ABXA) notified major client DHL that it is in default of two commercial agreements.  DHL is disputing certain reimbursement charges and has withheld payments to the air cargo services provider.

Webush Morgan downgrded World Fuel Services (NYSE: INT) after the company reported lower third quarter earnings due to an impairment charge.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by a margin of more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 769.

Opening Bell Report

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The sell-off in tech stocks continued in earnest as investors worried about reduced spending by financial services firms.  The Dow dropped more than 100 points to 13,155 while Nasdaq lost 40 points to 2655.

On the upside

Merck (NYSE: MRK) settled thousands of lawsuits related to its painkiller Vioxx drug for $4.85 billion.  Investors appeared relieved as the stock edged up.

Applied Materials (Nasdaq: AMAT) bucked the trend amid the sell-off in tech stocks as analysts upgraded the stock for the upside in its solar equipment business.

Priceline (Nasdaq: PCLN) posted revenues and earnings that beat expectations as analysts upgraded the online travel company.

On the downside

Clearwire (Nasdaq: CLWR) and Sprint Nextel (NYSE: S) called off its joint venture to build a nationwide WiFi network.

Qualcomm (Nasdaq: QCOM) warned that it may miss projections due to competition from rival maker of chips for mobile handsets.

Financial services firms continued to sell off on rumors of more loan losses and massive writedowns as well as reports that the market for second mortgages is nonexistant.  Shares of Washington Mutual (NYSE: WM) fell again and may test multi-year lows.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by a margin of 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 14 points to 766.

Closing Bell Report

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Sluggish retail sales and comments by Fed chief Bernanke that business growth will slow sent the markets down to a lower close with the Dow falling 34 points to 13,266.  Nasdaq plummeted 53 points to 2696.

On the upside

Upbeat earnings from First Solar lifted shares of Evergreen Solar (Nasdaq: ESLR).

Although King Pharmaceuticals (NYSE: KG) swung to a third quarter loss due to special charges, the results beat expecations by 7 cents.

Fremont General (NYSE: FMT) reported lower third quarter earnings but it was the first quarterly profit for 2007.

On the downside

Industrial Enterprises America (Nasdaq: IEAM) CFO Jorge Yepes has been suspended while the company reviews possible policy and procedure violations.

Kenexa (Nasdaq: KNXA) reported higher third quarter earnings but sales fell short of expectations and the human resources services provider cut its full year outlook.

Concerns that VMware (NYSE: VMW) will lose its dominance of the virtualization solutions market sent the stock price tumbling.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks added 5 points to 781.

Mid-Day Report

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Comments by Federal Reserve Chairman Ben Bernanke that business growth will slow sent the markets tumbling during the midday with the Dow dropping 94 points to 13,206.  Nasdaq plunged 49 points to 2700.

On the upside

Brazilian oil company Petrobras (NYSE: PBR) announced the discovery of a light oil reserve with up to 8 billion barrels of oil.

Although preproduction and restructuring expenses helped Energy Conversion Devices (Nasdaq: ENER) widen first quarter losses, revenue surged to surpass expectations.

Friedman Billings Ramsey analyst James Kumpel upgraded HLTH Corp. (Nasdaq: HLTH) over recent price declines.

On the downside

Hansen Natural (Nasdaq: HANS) disappointed with third quarter revenue and income that fell short of expectations.

NetEase (Nasdaq: NTES) blamed strong competition for a drop in third quarter earnings that missed estimates.

October same store sales for Limited Brands (NYSE: LTD) tumbled 6% as high food and gas prices tempered consumer spending for apparel.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 776.

Opening Bell Report

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The markets opened lower on worries over sluggish retail sales.  The Dow lost 73 points to 13,226 while Nasdaq tumbled 32 points to 2716.

On the upside

Private equity firm Catterton Partners offered $267 million to buy specialty home furnishings retailer Restoration Hardware (Nasdaq: RSTO).

Solar modules maker First Solar (Nasdaq: FSLR) posted revenues that tripled and a 3rd quarter profit handily beating expectations.

True Religion Apparel (Nasdaq: TRLG) reported higher sales on strong demand for its premium denim and apparel products at its new store openings.

On the downside

Anglo-Australian mining giant BHP Billiton (NYSE: BHP) offered $110 billion to take over Rio Tinto, but was initially rebuffed.

Cisco Systems (Nasdaq: CSCO) reported higher earning and revenues, but analysts downgraded the networking equipment bellwether due to its exposure to financial services firms that may cut back in capital spending.

Sotheby's (NYSE: BID) completed an auction with numerous pieces of artwork left unsold.  Analysts slashed their guidance for the company as disappointed investors sold off on the stock.

In the broad market, advancing issues outpaced decliners by a slim margin on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks fell 2 points to 773.

Closing Bell Report

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The markets closed sharply lower as the value of the dollar fell further.  The Dow skidded 361 points to 13,300 while Nasdaq plunged 76 points to 2749.

On the upside

Shares of Chinese digital airport advertising network company AirMedia (Nasdaq: AMCN) surged on its first day of trading.

Brean Murray, Carret & Co. cited China Finance Online's (Nasdaq: JRJC) strong growth outlook for upgrading the company.

Although Assured Guaranty (NYSE: AGO) swung to a third quarter loss, the results surpassed expectations.

On the downside

Capital One (NYSE: COF) blamed increasing credit card delinquencies and rising mortgage defaults for raising its credit losses forecast prompting a downgrade.

CompuCredit (Nasdaq: CCRT) reported lower third quarter earnings that fell short of expectations prompting JMP Securities to downgrade the stock.

Acme Packet (Nasdaq: APKT) blamed a higher tax rate for third quarter earnings that dropped.

In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 1 on the NYSE and by a margin of more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 26 points to 776.

Mid-Day Report

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A sinking dollar sent the markets tumbling during the midday with the Dow plunging 133 points to 13,528.  Nasdaq dropped 27 points to 2798.

On the upside

PeopleSupport (Nasdaq: PSPT) reported sharply higher third quarter earnings on growth from both established clients as well as newer clients.

An increase in trading volume lifted first quarter earnings for Broadridge Financial Solutions (NYSE: BR) to beat expectations prompting the company to lift its full year forecast.

Total SA (NYSE: TOT) posted higher third quarter income due to record oil prices.

On the downside

Jefferies & Co. downgraded Veraz Networks (Nasdaq: VRAZ) after the IP softswitch and media gateway solutions provider reported third quarter results below expectations.

Proctor & Gamble (Nasdaq: NSTK) ended its partnership with Nastech Pharmaceutical to develop and market the osteoporosis nasal spray treatment teriparatide.

MasTec (NYSE: MTZ) blamed a significant litigation charge for widening third quarter losses and forecast fourth quarter results below estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by a margin of 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 13 points to 789.

Opening Bell Report

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The markets opened lower as the dollar fell on word that China may invest into euro currency-based holdings.  The Dow tumbled more than 100 points to 13,557 while Nasdaq lost 15 points to 2809.

On the upside

Shares of Blue Nile (Nasdaq: NILE) jumped after the online jewelry retailer posted sharply higher profits that beat estimates and raised its full-year profit and revenue targets.

Biotechnology company Onyx Pharmaceuticals (Nasdaq: ONXX) posted a small profit as joint sales of its anti-cancer drug with Bayer more than doubled.

China Finance Online (Nasdaq: JRJC) was upgraded by an analyst at Brean Murray.

On the downside

General Motors (NYSE: GM) posted a $39 billion loss due to a noncash charge related to deferred tax credits as well as mortgage-related losses at its financial services arm.  The automaker also reported actual losses from its North American operations.

Washington Mutual (NYSE: WM) warned that it sees more loan losses through 2008.

Shares of Strayer Education (Nasdaq: STRA) sagged as analysts were mixed about prospects at the for-profit education provider.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by a margin of 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 793.

Closing Bell Report

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Despite soaring oil prices, the markets closed higher as investors went bargain hunting.  The Dow surged 118 points to 13,661 while Nasdaq leaped 30 points to 2825.

On the upside

Strong revenue growth (NYSE: GES) prompted Guess to lift its full year outlook.

Analysts interpreted the Federal Communications Commission's request for more data about the proposed merger between XM Satellite Radio (Nasdaq: XMSR) and Sirius Satellite Radio (Nasdaq: SIRI) as a sign that an approval is near.

Third quarter earnings for Valassis Communications (NYSE: VCI) more than doubled to surpass expectations.

On the downside

BioLase Technology CEO Jeffrey W. Jones (Nasdaq: BLTI) resigned after the widened third quarter losses.

Emageon (Nasdaq: EMAG) blamed disappointing sales for widening third quarter losses and lowered its full year outlook.

J. P. Morgan analyst Paul Coster said that although Novatel (Nasdaq: NVTL) reversed year ago losses to post a profit for the third quarter, he expects sales to drop next year.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 9 to 7on Nasdaq.  The Russell 2000 which tracks small cap stocks soared 11 points to 802.

Mid-Day Report

|
 

The markets traded modestly higher during the midday even as oil prices spiked over supply concerns.  The Dow gained 43 points to 13,586 while Nasdaq added 3 points to 2799.

On the upside

DivX (Nasdaq: DIVX) reported lower third quarter earnings but the results beat expectations and the company lifted its full year revenue outlook.

Rising revenue helped Tenet Healthcare (NYSE: THC) to narrow third quarter losses.

IStar Financial (NYSE: SFI) reported higher third quarter revenue due to its acquistion of Fremont General and increased its quarterly dividend from 82.5 cents per share to 87 cents per share.

On the downside

The Food and Drug Administration denied approval for Momenta Pharmaceuticals' (Nasdaq: MNTA) blood clotting treatment enoxaparin.

Cognizant Technology Solutions (Nasdaq: CTSH) reported higher third quarter earnings that beat expectations but the company forecast fourth quarter revenue below estimates.

Although Cooper Tire & Rubber (NYSE: CTB) swung to a third quarter profit, the revenue fell short of expectations.

In the broad market, advancing issues barely edged out decliners by a slim margin on the NYSE while decliners outpaced advancers by more than 9 to 7on Nasdaq.  The Russell 2000 which tracks small cap stocks lost 2 points to 789.

Opening Bell Report

|

The markets opened higher, but investors remained wary about rising oil prices and the ongoing credit crunch.  The Dow rose 46 points to 13,589 while Nasdaq added 9 points to 2807.

On the upside

Shares of Archer Daniels Midland (NYSE: ADM) rose after the agribusiness giant posted higher profits.

Solar cell maker First Solar (Nasdaq: FSLR) signed a supply agreement expected to generate about $1 billion in sales.

Nortal Networks (NYSE: NT) returned to profitability as the Canadaian telecom equipment maker boosted margins against lower revenues.

On the downside

Molson Coors Brewing (NYSE: TAP) posted lower profits for the 3rd quarter due to costs associated with a brewery closure and weak sales in Britain.

Hong Kong investors snapped up shares of Alibaba.com which tripled in value on its first day of trading.  The e-commerce portal is 39% owned by Yahoo (Nasdaq: YHOO).

Sun Microsystems (Nasdaq: JAVA) posted a small profit mostly due to cost-cutting measures.  However, revenue results missed targets.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by a margin of 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 790.

Closing Bell Report

|

The markets closed lower as Citigroup announced the resignation of its CEO and warned of additional losses.   The Dow tumbled 52 points to 13,543 while Nasdaq dropped 15 points to 2795.

On the upside

Strong merchandise licensing revenue boosted third quarter earnings for Marvel Entertainment (NYSE: MVL) to beat estimates by a wide margin.

Alfa Corp. (Nasdaq: ALFA) will go private in a deal valued at approximately $840 million.

Multi-Fineline Electronix (Nasdaq: MFLX) reported higher fourth quarter earnings that surpassed expectations as revenue surged.

On the downside

Gevity HR (Nasdaq: GVHR) blamed client attrition for sharply lower third quarter earnings and forecast fourth quarter results below expectations.

The Fraud Discovery Institute issued a report criticizing Herbalife (NYSE: HLF) for using a banned business model in China.

Analysts cited PetroChina's (NYSE: PTR) $1 trillion market capitalization for downgrading the oil and natural gas company.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 7 points to 790.

Mid-Day Report

|

Despite stronger than expected growth in the service sector in October, the markets tumbled during the midday over continued losses in the mortgage industry.   The Dow dropped 59 points to 13,536 while Nasdaq fell 16 points to 2795.

On the upside

Gramercy Capital will pay $3.4 billion in cash and stock to acquire American Financial Realty Trust (NYSE: AFR).

The Wall Street Journal reported that the investigation of WellCare Health Plans (NYSE: WCG) involved inflated mental health care costs.  Several analysts commented that the alleged practices were not very significant and upgraded the health insurer.

IAC/InterActive (Nasdaq: IACI) will split into five separate publicly traded businesses.  IAC will retain 30 businesses while spinninig off HSN, Ticketmaster, Interval and LendingTree.

On the downside

Novacea (Nasdaq: NOVC) halted late stage clinical trials of its prostate cancer treatment Asentar after more patients died than those using a standard medication.

Mentor Graphics (Nasdaq: MENT) blamed a large setback in orders for warning of a third quarter loss.

After reporting disappointing sales for the third quarter, plastic shoe maker Crocs (Nasdaq: CROX) annnounced a stock repurchase plan to buy back 1 million shares.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 790.

Opening Bell Report

|

The markets opened lower after Citigroup warned of additional losses and its CEO stepped down.   The Dow fell 48 points to 13,546 while Nasdaq lost 6 points to 2803.

On the upside

Shares of American International Group (NYSE: AIG) rose after a shareholder group announced that it wanted the world's largest insurer to explore strategic options.

Analysts upgraded Google (Nasdaq: GOOG) on hopes that its mobile phone strategy can help the search engine company maintain its high growth rate.

CNBC reported that Time Warner CEO (NYSE: TWX) Richard Parsons may be replaced by the company's COO.

On the downside

Citigroup (NYSE: C) expected at least $8 billion in write-offs due to the ongoing subprime loan crisis.

Vertex Pharmaceuticals (NYSE: VRTX) shares were downgraded by analysts on competitive concerns against its hepatitis C drug candidate.

China Petroleum and Chemicals (NYSE: SNP) were among the China-related companies in a sell-off after the Hong Kong and Chinese markets tumbled in overnight trading.  Diesel shortages and price controls were reportedly choking profits for oil refiners.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on the NYSE and by a margin of more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 8 points to 789.

Closing Bell Report

|

An upbeat jobs report lifted the markets to a modestly higher close with the Dow gaining 27 points to 13,595.  Nasdaq climbed 16 points to 2810.

On the upside

Shares of Neutral Tandem (Nasdaq: TNDM) surged on its first day of trading.

Fewer costs and higher revenue helped Radisys (Nasdaq: RSYS) narrow third quarter losses.  The embedded computer systems company forecast fourth quarter results ahead of expectations.

A special committee composed of members of WellCare Health Plans' (NYSE: WCG) Board of Directors will review issues being investigated by federal and state agencies.

On the downside

Moody's data indicated that credit derivative traders are treating Ambac Financial's (NYSE: ABK) bonds as junk status despite the bond insurer's "Aa1" rating.

Oil States International (NYSE: OIS) disappointed with third quarter earnings that fell short of expectations and forecast fourth quarter results below estimates.

Insight Enterprises (NYSE: NSIT) blamed higher costs for a sharp drop in third quarter earnings.

In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 798.

Mid-Day Report

|

The markets traded mixed during the midday as a strong jobs report tempered news of rising oil prices.  The Dow dropped 45 points to 13,523 while Nasdaq added a fraction to 2795.

On the upside

Synaptics (Nasdaq: SYNA) reported first quarter earnings that nearly tripled as revenue surged.

ThinkEquity Partners analyst Jonathan Hoopes (Nasdaq: ESLR) upgraded Evergreen Solar saying that its wafer cutting technology producers superior quality silicon wafers.

USEC (NYSE: USU) posted third quarter earnings that more than tripled as margins improved.

On the downside

Clinical information management system provider QMed (Nasdaq: QMED) is considering seeking bankruptcy protection after failing to raise sufficient capital to support operations.

Silicon Image (Nasdaq: SIMG) blamed higher expenses for a sharp drop in third quarter earnings and forecast disappointing fourth quarter as well as full year results.

DaVita (NYSE: DVA) was downgraded after reporting lower third quarter income that fell a penny short of expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by a margin of 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 793.

Opening Bell Report

|

The markets open lower as investors continued to worry about corporate earnings and higher oil prices.   The Dow fell 53 points to 13,514 while Nasdaq lost 4 points to 2790.

On the upside

Western Digital (NYSE: WDC) posted lower profits due to a one-time tax charge, but the results beat analysts' expectations.

IT technology provider Stanley (NYSE: SXE) posted sharply higher revenues and earnings due to strong sales to the U.S. military.

Tessera Technologies (Nasdaq: TSRA) announced higher revenues and earnings that beat targets while boosting its outlook for optical chip sales.

On the downside

Shares of Nationwide Financial Services (NYSE: NFS) fell after the company posted lower earnings due to investment losses in the stock market

Coinstar (Nasdaq: CSTR) posted sharply higher earnings, but revenues for the coin-counting machine operator barely rose.

Las Vegas Sands (NYSE: LVS) swung to a 4th quarter losses due to costs associated with the Macau location and a lower occupancy rate to allow for staff training as well as losses from gambling operations.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by a margin of 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 790.

Closing Bell Report

|

A slowdown in consumer spending along with concerns that yesterday's rate cut will be the Fed's last sent the markets skidding to a close with the Dow plummeting 362 points to 13,568.  Nasdaq plunged 64 points to 2795.

On the upside

Generex Biotechnology's (Nasdaq: GNBT) non-injectable insulin product Oral-lyn was approved for use in India.

Bare Escentuals (Nasdaq: BARE) reported third quarter earnings that more than doubled as revenue surged.

Hornbeck Offshore Services (NYSE: HOS) impressed with third quarter earnings that rose to beat expectations by a wide margin.

On the downside

China Precious Steel (Nasdaq: CPSL) will sell 7.1 million shares of common stock to raise $47.9 million.

Shares of bond insurer Ambac Financial (NYSE: ABK) continued to fall as credit concerns intensified. 

Concerns that mortgage defaults will continue to rise sent shares of bond insurer MBIA (NYSE: MBI) tumbling.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 1 on the NYSE and by a margin of more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 33 points to 795.

Mid-Day Report

|

Surging oil prices along with slowing consumer spending sent the markets into a tailspin during the midday with the Dow plummeting 197points to 13,733.  Nasdaq plunged 36 points to 2823.

On the upside

Plexus (Nasdaq: PLXS) posted fourth quarter earnings that surpassed expectations and forecast double digit growth for the next year.

First quarter earnings for Perrigo (Nasdaq: PRGO) more than doubled due to robust sales of products aimed at helping smokers quit smoking.

Southwestern Energy (NYSE: SWN) posted higher third quarter earnings.

On the downside

Although Crocs (Nasdaq: CROX) reported sharply higher third quarter earnings, the footwear maker forecast disappointing full year results.

Analyst downgraded Smith Micro Software (Nasdaq: SMSI) after the company posted sharply lower third quarter earnings. 

Vanda Pharmaceuticals (Nasdaq: VNDA) will offer $100 million in convertible debt.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by a margin of more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 20 points to 808.

Opening Bell Report

|

Rising oil prices, slowing consumer spending and disappointing corporate earnings triggered a sell-off despite yesterday's interest rate cut by the Federal Reserve Bank.  The Dow plummeted more than 225 points to 13,704 while Nasdaq dropped 41 points to 2817.

On the upside

Shares of United Therapeutics (Nasdaq: UTHR) rallied after the biotech firm reported a jump in hypertension drug sales and profits that surpassed expectations.

Disability insurer Unum Group (NYSE: UNM) raised its 2007 profit outlook while the company nearly completed a review of denied claims.

Westwood One (NYSE: WON) posted lower revenues and profits, but the radio and TV broadcaster noted a stable audience and an improved profit outlook for 2007.

On the downside

Shares of Exxon Mobil (NYSE: XOM) fell after the world's largest oil company posted its 2nd consecutive decline in quarterly profits.

Citigroup (NYSE: C) was downgraded by analysts on worries that the credit crunch may continue to impact its lending business.

Heavy equipment maker Manitowoc (NYSE: MTW) reaffirmed its profit outlook for 2007, but investors took profit on its shares which had been trading at record highs.

In the broad market, declining issues outpaced advancers by a margin of more than 8 to 1 on the NYSE and by a margin of 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 21 points to 806.

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