STOCKS NEWS US-Wells Fargo sells $10.65 bln shares to exit TARP

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0952 EST 15Dec2009
Wells Fargo sells $10.65 bln shares to exit TARP

Wells Fargo & Co sold $10.65 billion in stock on Tuesday, raising funds to help repay a $25 billion bailout received from the U.S. government last year.

The shares sold at $25 each, about 2 percent below Wells Fargo's closing share price of $25.49 on Monday.

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0946 EST 15Dec2009
Array surges on partnership with Amgen

Shares of Array BioPharma Inc surged on Tuesday, a day after the company inked a partnership deal with Amgen Inc. The partnership is for the development and marketing of its Type 2 diabetes drug.

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Array shares advanced 23.6 percent to $2.78 while Amgen was down 1.1 percent to $56.27.

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0938 EST 15Dec2009
Markets open lower on inflation concerns

Wall Street fell at the open on Tuesday on news that producer prices rose more than expected, igniting fears of inflationary pressures, and a gauge of manufacturing activity in New York state unexpectedly plunged in December.

The Dow Jones Industrial average was down 35.14 points, or 0.33 percent, at 10,465.91. The Standard & Poor's 500 Index fell 4.78 points, or 0.43 percent, at 1,109.33. The Nasdaq Composite Index dropped 8.38 points, or 0.38 percent, at 2,203.72.

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0923 EST 15Dec2009
Crude oil rises, ending long slide

January crude futures rose on Tuesday, following nine straight days of declines, as markets look to storage data and dollar movements for further directions. The nine-day fall was the longest continuous decline in eight years. For details, see

The contract was up 0.9 percent to $70.13 per barrel.

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0920 EST 15Dec2009
Industrial production rises 0.8 pct in November

U.S. industrial output rose firmly in November as the manufacturing sector extended a recovery that economists hope will help turn around the ailing labor market.

Production climbed 0.8 percent, the Federal Reserve said on Tuesday, well above forecasts for a 0.5 percent gain. The strides were powered in part by the automotive sector, and came despite a sharp drop in utility output.

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0912 EST 15Dec2009-BofA
Merrill upgrades three U.S. REITs

Bank of America-Merill Lynch on Tuesday raised its rating on U.S. real estate investment trusts AvalonBay Communities Inc and Senior Housing Properties Trust to 'buy,' citing their attractive operating markets and strong acquisition strategies.

Separately, the firm also lifted its rating on Equity LifeStyle Properties to 'neutral,' and said the lifestyle property-focused REIT's revenue streams were more stable than previously anticipated.

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0855 EST 15Dec2009
Best Buy shares fall after comments on margins

Shares of Best Buy Co Inc fell on Tuesday, after the company said gross margins in the fourth quarter would be lower than expected. The electronics retailer also reported a third-quarter profit ahead of consensus.

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The stock was down 4.5 percent to $43.31 before the bell.

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