STOCKS NEWS US-Garmin shares reverse course, fall after results

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0952 EST 04Nov2009
Garmin shares reverse course, fall after results

Shares in No. 1 U.S. navigation device maker Garmin fell 1.9 percent to $30.81 on Wednesday, reversing strong gains in premarket trade after the company posted a surprise rise in quarterly profit as demand improved and the fall in prices of its goods slowed. For more, see

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0941 EST 04Nov2009
Markets open higher ahead of Fed statement

U.S. stocks opened higher on Wednesday, ahead of the Federal Reserve's statement on interest rates and the economy, and after several companies reported quarterly results that beat expectations.

A weaker U.S. dollar also boosted commodity stocks.

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The Dow Jones industrial average was up 76.78 points, or 0.79 percent, at 9,848.69. The Standard & Poor's 500 Index added 8.84 points, or 0.85 percent, at 1,054.25. The Nasdaq Composite Index rose 12.65 points, or 0.61 percent, at 2,069.97.

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0913 EST 04Nov2009
Citigroup lifts price target on MasterCard

Citigroup lifted its price target on MasterCard Inc by 20 percent to $250 from $209 on Wednesday, a day after the company's quarterly results.

On Tuesday, MasterCard reported adjusted third-quarter earnings that beat expectations and sales that rose from the prior year.

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Shares of MasterCard rose 2.3 percent to $224.

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0859 EST 04Nov2009
Lazard downgrades eight retailers

Lazard Capital Markets downgraded eight U.S. retailers on Wednesday, citing the group's outperformance since March.

The retail, apparel and footwear stocks have risen 180 percent since March, while the S&P 500 index is up 55 percent in the same period, the brokerage said, adding that the stocks are now discounting a significant earnings recovery.

American Eagle Outfitters Inc and Guess? Inc were both downgraded to 'hold' from 'buy,' while luxury retailer Saks Inc was cut to 'sell.'

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0848 EST 04Nov2009
GenVec shares rise after FDA move on cancer drug

Shares of GenVec Inc rallied on Wednesday after the company said its experimental cancer drug had been given an orphan drug designation from the Food and Drug Administration.

The drug is being developed to treat locally advanced pancreatic cancer by stimulating the production of TNF-alpha -- an immune system protein with anti-cancer effects.

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The stock advanced 15 percent to 91 cents.

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0826 EST 04Nov2009-Private sector cuts 203,000 jobs in Oct
ADP

U.S. private employers shed 203,000 jobs in October, according to a report by a private employment service on Wednesday, fewer than a revised 227,000 jobs lost in September.

The median of estimates from economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for decline of 190,000 private-sector jobs last month.

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