STOCKS NEWS US-Baird downgrades 6 semiconductor companies

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U.S. stock market report [.N]
1302 ET 05Dec2008-Baird downgrades 6 semiconductor companies
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Robert W. Baird downgraded six U.S. chipmakers' stocks on Friday,
forecasting a decline of nearly 40 percent in their fourth-quarter and
first-quarter revenue. The firm also said it doesn't expect the company to
recover the loss in 2009. [ID:nBNG405070]

The firm downgraded both Analog Devices (ADI.N) and Texas Instruments
(TXN.N) to "underperform" from "neutral" and cut Altera Corp (ALTR.O),
Fairchild Semiconductor (FCS.N), GSI Technology (GSIT.O) and Lattice
Semiconductor (LSCC.O) to "neutral" from "outperform."

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1256 ET 05Dec2008-GM down, Ford up on 2nd day of exec testimony
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Shares of General Motors (GM.N) fell on Friday while Ford Motor (F.N) rose
as the chief executives of Detroit's Big Three auto companies began a second
day of testimony on Capital Hill. [ID:nN05451338]

GM, a Dow component, slid 3.4 percent to $3.98. But Ford's stock gained 1.8
percent to $2.71.

On Friday, GM also said it was cutting shifts at three North American
assembly plants in response to declining demand, in a move that will lay off
almost 2,000 union-represented factory workers. [ID:nN05412605]
1249 ET 05Dec2008-Wall St sinks as job losses mount, Boeing drags
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U.S. stocks fell on Friday as a loss of more than half-a-million jobs last
month heightened fears that the worst financial crisis since the 1930s is
becoming even more severe.

Investors, fearful that the job losses will cause consumers to cut back
spending and make the profit outlook more dire, sold stocks more broadly, but
the energy sector was the biggest casualty.

Investors were also on edge about the fate of the U.S. auto industry.

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Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net
1147 ET 05Dec2008-Albany Molecular falls after downgrade
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Jefferies & Co Friday downgraded the stock of Albany Molecular Research Inc
(AMRI.O) to "underperform" from "hold," saying the company would be hurt as
smaller biotech companies scale back on research and development projects. For
details, see [ID: nBNG405040]

Shares of Albany tumbled 13 percent to $8.96 on Friday.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1134 ET-05Dec2008 Traders grab Hartford calls betting on more near-term gains
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Option traders scooped up bullish call options in Hartford Financial
Services Group Inc (HIG.N), reflecting optimism about the insurance sector
after the company raised its 2008 profit forecast and said it had strong
capital to withstand further deterioration in the equity markets. Its shares
surged 59.92 percent to $11.53 near midday. According to Trade Alert, about
48,000 calls and 12,000 puts traded in Hartford, three times the normal
combined volume.

"The December calls dominate the trade, as they should, given the shot on a
pop next week, which clearly falls within December expiry," Optionmonster.com
founder Jon Najarian said in comments on the website.

The demand for Hartford options sent its December volatility to 180
percent, up from the implied median volatility of 125 percent as investors
brace for more share swings.

Reuters Messaging: doris.frankel.reuters.com@reuters.net
1127 ET 05Dec2008-Brown-Forman's stock surges after Q2, higher outlook
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Shares of alcoholic beverage company Brown-Forman (BFb.N) rallied on Friday
after it reported second-quarter earnings that beat expectations and raised its
2009 earnings outlook. The company said its results were helped by higher sales
of its flagship brand, Tennessee whiskey Jack Daniel's. [ID:nN05442701]

Brown-Forman's Class B stock gained 7 percent to $46.97. Among other
beverage companies, Boston Beer (SAM.N) was up 1.2 percent at $29.69, while
Molson Coors (TAP.N) fell 1.4 percent to $39.50.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1103 ET 05Dec2008-Berry Petroleum's stock falls on downgrade
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Shares of Berry Petroleum (BRY.N) tumbled on Friday after Morgan Keegan
downgraded the stock to a "market perform" from an "outperform," citing
lower-trending oil prices and high debt levels that would likely discourage
investors. The firm also cut its ratings on shares of Gasco Energy (GSX.A) to
"underperform" and Bill Barrett Corp (BBG.N) to a "market perform."

Berry Petroleum shares fell 23 percent to $6.76. Gasco Energy slid 7.3
percent to 38 cents, while Bill Barrett shares dropped 11.4 percent to $15.41.

Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net))
1057 ET 05Dec2008-Obama: Economy will get worse before it gets better
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President-elect Barack Obama said on Friday that the economic crisis was
likely to get worse before it gets better, as he called for a stimulus plan
designed to create jobs over the next two years.

"There are no quick or easy fixes to this crisis, which has been many years
in the making," Obama said. [ID:nN05443876]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net