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Current DateTime: 08:41:29 26 Nov 2009
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Current DateTime: 08:41:30 26 Nov 2009
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Current DateTime: 08:41:30 26 Nov 2009
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Current DateTime: 08:41:30 26 Nov 2009
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By: Cindy Perman, CNBC.com | 10 Apr 2008 | 03:02 PM ET
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Stocks advanced Thursday, helped by an upgrade on the chip sector and increased forecasts from two Dow components.

Intel shares [INTC  Loading...      ()   ] jumped about 4 percent, buoying all three major indexes, after Banc of America Securities upgraded its rating on the semiconductor sector, saying a modest inventory buildup had eased.

The tech-heavy Nasdaq also got a boost after J.P. Morgan raised its outlook for Apple [AAPL  Loading...      ()   ] earnings, saying stronger-than-expected MacBook shipments will offset softer iPhone and iPod sales.

Major U.S. Indexes
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Blue chips advanced after DuPont [DD  Loading...      ()   ] and Wal-Mart [WMT  Loading...      ()   ] -- both Dow components -- raised their guidance and jobless claims came in better than expected.

Chemical maker DuPont raised its profit outlook this morning, saying strong growth in its agriculture businesses and emerging markets should help offset weakness in U.S. housing and automotive markets. The company now expects first-quarter earnings of $1.29 a share, up from its previous range of $1.14 to $1.19 a share.

Retailers largely reported dismal same-store sales, with discount chains Wal-Mart and Costco being the exception.

Wal-Mart Stores raised estimates for its first quarter, citing expense controls and fewer markdowns. The company now expects earnings between 74 and 76 cents a share, up from its prior range of 70 to 74 cents a share. The discount-retail giant said its March same-stores sales excluding fuel rose 0.7 percent, in-line with the company's expectations; including fuel, such sales increased 1.1 percent.

Wholesale-warehouse club Costco [COST  Loading...      ()   ] said sales at stores open at least a year rose 7 percent in March, topping analysts' expectations of just 5.9 percent.

Wal-Mart's hipper rival, Target [TGT  Loading...      ()   ], reported a bigger-than-expected 4.4 precent decline in same-store sales, the latest in a string of disappointing results from the chain.

Specialty chains and department stores continued to struggle. Even upscale retailers are feeling the pinch, with Nordstrom [JWN  Loading...      ()   ] and Saks [SKS  Loading...      ()   ] posting declines of 9.1 percent and 2.9 percent, respectively, both of which were bigger decliners than expected.

However, high-end jeweler Tiffany [TIF  Loading...      ()   ] said it expects a second half recovery in U.S. stores and is mulling expansion.

Regardless of good or bad reports, most retail stocks advanced Thursday, which traders told CNBC was due to the fact that the sector was one of the most heavily shorted and the stocks haven't come off much from January lows, so the downside is limited.

The market buzz started early today, with news that Rupert Murdoch has joined in the battle for Yahoo [YHOO  Loading...      ()   ]. News Corp. [NWS  Loading...      ()   ] is apparently in talks with Microsoft [MSFT  Loading...      ()   ] to make a joint bid for Yahoo, according to people involved in the discussions. The combination, which would join Yahoo, Microsoft’s MSN and News Corporation’s MySpace, would create a behemoth that would upend the Internet landscape.

A day earlier, the angle of this Silicon Valley soap opera was that Yahoo was in talks to carry Web-search advertising from Google [GOOG  Loading...      ()   ] as part of a broader outsourcing deal. And, Legg Mason -- a major Yahoo shareholder -- was said to be on deck and ready to support Yahoo's campaign for independence should Microsoft lower its bid.

Despite all the twists and turns, Wall Street largely believes that Microsoft will prevail.

Underlying the market's upswing today was a low hum of concern about the global financial industry ahead of earnings from major U.S. banks next week. Expected to report are JPMorgan [JPM  Loading...      ()   ] on Wednesday, Merrill Lynch [MER  Loading...      ()   ] on Thursday and Citigroup [C  Loading...      ()   ] on Friday.

Lehman Brothers [MSFT  Loading...      ()   ] said in a regulatory filing that it had liquidated three poorly performing funds and put the $1 billion in assets on its balance sheets. Shares of the investment bank were off 2.8 percent in premarket trading.

In economic news, jobless claims fell by 53,000 -- more than double of what was expected -- last week. The U.S. trade deficit unexpectedly rose for a second straight month in February, hitting $62.3 billion as a jump in imports of foreign-made cars offset the first decline in oil imports in a year.

The Bank of England cut UK interest rates by a quarter percentage point to 5 percent, while the European Central Bank held interest rates at 4 percent. While other central banks are able to cut interest rates to promote economic growth, the ECB's hands are tied: A mandate required it to focus solely on price stability.

Meanwhile, Treasury Secretary Henry Paulson said the U.S. economy has "turned down sharply" and that there are still risks from the housing and finance sectors. A commitment by Fannie Mae [FNM  Loading...      ()   ] and Freddie Mac [FRE  Loading...      ()   ] to raise additional capital is critical to efforts to help the ailing mortgage market, Paulson said in remarks to the Council of Institutional Investors.

This Week:

THURSDAY: Retailers' same-store sales reports; Bernanke speaks about President's Working Group; U.S. budget; Earnings from Genentech
FRIDAY: Import prices; consumer sentiment; GE earnings; G7 finance chiefs meet in Washington

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