Stocks Finish Higher

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In other U.S. markets Thursday, the 10-year Treasury note was lower in price at 100-10/32 for yield of 3.96%, while the 30-year bond fell to 102-30/32 for a yield of 4.32%.

The dollar index, which plunged to an 83.10 low Thursday morning, was up 0.55 to 84.73 by evening. December gold futures fell $19.60 to $734.40 per ounce.

December West Texas Intermediate crude oil futures were down $2.17 to $65.33 per barrel.

Among Thursday's stocks in the news, Motorola (MOT) reported a third quarter loss from continuing operations of 18 cents per share, vs. 2 cents EPS one year earlier (both GAAP), on a 15% sales decline. Current results included net charges of 23 cents per share. The company sees EPS from continuing operations of 2 cents-4 cents in the fourth quarter and 5 cents-7 cents for all of 2008.

Deutsche Bank AG (DB) posted third-quarter EPS of €0.83, vs. €3.31 one year earlier. Mark-downs of €1.2 billion were recorded on leveraged loans and loan commitments, residential mortgage-backed securities, monoline insurers, commercial real estate and on available for sale positions. The company's Tier 1 capital ratio, reported under Basel II, was 10.3% vs. 9.3% at the end of the 2008 second quarter.

AstraZeneca (AZN) reported third-quarter core EPS of $1.32, vs. $1.04 one year earlier, on an 8.7% actual sales rise an a 3% rise at constant exchange rates. The company raised its 2008 core EPS target to reflect stronger operational and financial performance as well as additional currency benefit. It now sees $4.90-$5.05 core EPS.

BJ Services (BJS) posted third-quarter EPS of 57 cents, vs. 64 cents one year earlier, as higher operating expenses offset a 20% revenue rise. Wall Street was looking for 56 cents third-quarter EPS. The company says the recent drop in commodity prices, coupled with uncertainty in credit markets, will likely result in lower drilling activity during 2009. It expects drilling activity in North America to begin to decline during the 2009 first quarter, and anticipates moderate reductions in certain international markets; as a result, it expects first-quarter EPS of 48 cents-51 cents.

Alcatel-Lucent (ALU) posted third-quarter EPS of 3 cents, vs. a 16 cents loss per share one year earlier, on a 6.6% revenue drop. The company notes it achieved a positive cash flow from operating activities in the third quarter through reduction of operating working capital requirements. Alcatel-Lucent reiterates that 2008 revenue, expressed in current Euro rate, should be down in low to mid single-digit range.

Biogen Idec (BIIB) says in 8-K that relevant regulatory agencies were notified of a confirmed case of progressive multifocal leukoencephalopathy (PML) in a multiple sclerosis (MS) patient treated with Tysabri in the commercial setting in the United States.

Target Corp. (TGT) confirmed that Pershing Square has asked the company to consider the spin-off of a separate publicly-traded real estate investment trust (REIT) that would own substantially all of the land currently owned by the company. While Target has not yet reached a conclusion regarding the merits of these ideas, its analysis raises serious concerns on a number of important issues.

Foundry Networks (FDRY) and Brocade Communications Systems (BRCD) announced that they have reached an agreement in principle to amend the agreement and plan of merger previously announced on July 21, between the two companies relating to Brocade's proposed acquisition of Foundry. Under the agreement in principle, Foundry's shareholders would be entitled to receive $16.50 of cash for each share of Foundry common stock. The revised transaction would have an aggregate purchase price of about $2.6 billion.