Narrowly Mixed Finish For Stocks

4:11 PM, Oct 20, 2011 --

• NYSE up 33.74 (+0.5%) to 7,274
• DJIA up 37 (+0.3%) to 11,541
• S&P 500 up 5 (+0.5%) to 1,215
• Nasdaq down 5 (-0.2%) to 2,598

GLOBAL SENTIMENT

• Nikkei down 1%
• Hang Seng down 1.7%.
• Shanghai Composite down 1.9%.
• FTSE-100 down 0.4%.
• DAX-30 down 0.7%.

UPSIDE MOVERS

(+) TZOO beats with Q3 results.

(+) RVBD continues evening jump that followed upbeat earnings.

(+) FITB earnings beat.

(+) ERIC earnings beat.

(+) LUV earnings beat.

(+) YOKU upgraded.

(+) WDC downgraded.

DOWNSIDE MOVERS

(-) LLY meets with EPS, guides in line.

(-) EBAY continues evening fall that followed EPS in line, disappointing guidance.

(-) WYNN continues evening fall that followed mixed results.

(-) CRUS continues evening decline that followed weak earnings, revenue guidance.

(-) BIDU downgraded.

MARKET DIRECTION

Stocks end mixed after a session in which major averages twisted between gains and losses. European debt uncertainty dragged on the averages initially, overshadowing positive economic data. Late in the day, a pledge for coordinated meetings from France and Germany on a debt fix ahead of group meetings this weekend sparked a U.S. stock recovery.

A positive development on the European debt front is behind the move.

In a joint statement, EU heavyweights France and Germany said they would meet Saturday night ahead of the EU summit on Sunday, with the aim of providing a "comprehensive and ambitious response to the current crisis in the euro area," including a revamped bailout fund and plans to strengthen European bank capital, according to news reports.

They'll follow that meeting with another one no later than Wednesday at which they will finalize their agreement, according to the statement.

News reports earlier in the day said Germany and France remain divided on certain issues.

On the U.S. economic front, the U.S. Federal Reserve's Philly Fed index rose to 8.7 in October from negative 17.5 last month, MarketWatch noted in a report on the data. Economists had expected a negative 10 reading, the report said.

Also, the Labor Department said initial jobless claims fell by 6,000 to 403,000 in the week ended Oct. 15. Initial claims from two weeks ago were revised up to 409,000 from an original reading of 404,000, however. The average of new claims over the past four weeks, seen as a more accurate gauge of labor trends, fell by 6,250 to 403,000, the lowest since mid-April.

U.S. economic news helped cement those early mild futures gains, though brought little fresh hope for aggressive labor market improvement.

In other company news:

Abbott Laboratories (ABT) firmed on a Bloomberg report that the breakup of the drug maker into two separate firms will result in a $54 billion target for acquisitive drug makers. A Jefferies Group analyst noted that Merck & Co. (MRK), Roche (RHHBY) and Bayer (BAYRY) are potentially interested parties.

Shares of Apple (AAPL) fell after the company reported that it held down costs for its iPhone 4S even as it made several design improvements, such as the capacity to be used with multiple wireless systems. The report cited an assessment from industry research firm IHS iSuppli.

Shares of Neoprobe (NEOP) jumped after it announced that its New Drug Application for Lymphoseek has been accepted for review by the U.S. Food and Drug Administration. Neoprobe submitted the Lymphoseek NDA last month.

Cisco (CSCO) fell after it today announced its intent to acquire privately-held BNI Video. Under the terms of the agreement, Cisco will pay $99 million in cash and retention-based incentives in exchange for all shares of BNI Video. The acquisition is subject to various standard closing conditions and is expected to be complete in the second quarter of Cisco's fiscal year 2012.

Shares of The New York Times Co. (NYT) rose after the media company reported Q3 EPS, excluding items, of $0.05 per share, ahead of the analyst consensus of $0.04 per share on Thomson Reuters. However, revenue came in at $537.2 million, below expectations of $541 million.

--Shares of Philip Morris (PM) rose after the company issued its third quarter report. The company said Q3 EPS were $1.37, ahead of analyst expectations of $1.24. Revenue rose 26.4% from the year ago period to $8.36 billion, comfortably beating estimates of $7.57 billion. The company also says it sees FY11 EPS of $4.75-4.80, higher than estimates of $4.74.

--Shares of Nokia (NOK) firmed after the mobile phone company reported a $93.1 million Q3 loss, which was less than analysts had expected, The New York Times reports. Chief Executive Stephen Elop said despite the result, the firm's sales execution and inventory situation had improved, the report said.