U.S. judge rules against Qualcomm in 3G chip dispute »

LOS ANGELES: A federal judge in California ruled on Monday that wireless chip maker Qualcomm must immediately stop selling third-generation, or 3G, WCDMA cellular chips that infringe on Broadcom patents. U.S. District Judge James Selna ruled however, that Qualcomm can keep selling through January 2009 some chips with designs that infringe three patents held by rival Broadcom. Qualcomm also is restricted to selling only cellular chips it was offering as of May 29, 2007, when a Santa Ana, California...

The main indexes turned up abruptly at noon and drove higher, taking back every stitch of lost ground and closing with gains.

The NYSE and Nasdaq both ended up 0.8%. The S&P 500 was up 0.6% and the Dow 0.5%. The small-cap S&P 600 jumped 1.6%, based on preliminary figures.

Volume rose across the board, the first time the major indexes rose on higher volume since Wednesday.

Oil prices also turned sharply near midday, settling down 14 cents at $90.49 a barrel, after rising as high as $92.88.

A number of energy stocks rose. Range Resources () jumped 2.44 to 47.19 after Standard & Poor’s announced the company would be added to the S&P 500 index beginning Thursday. The blip left the stock just below a 48.07 buy point on a high handle above an eight- week cup-shaped base.

Elsewhere, First Solar () vaulted 15.13 to 247.10. The move reversed Monday’s 8% loss, and left the solar component maker just below recent highs.

Credicorp () jumped 2.04 to 78.33 on big volume. The Peru-based credit lender and insurer has edged higher, past the 77.86 buy point after rebounding from its 10-week line. It is now etching new highs on tall volume.

Companhia Siderurgica () gained 3.19 to 80.40 after announcing it would spend $5.3 billion over the next six years to boost iron-ore output. The move bumped the Brazil-based steel producer up off its 50-day moving average, putting it just below the 80.75 buy point on a pullback to its 50-day line.

On the downside, Indonesian wireless service provider PT Indosat () dropped 1.23 to 45.50. The move drove the stock to close beneath its 50-day moving average in heavy volume, well below highs notched on Nov. 14.

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3 p.m. EST update: Stocks Head Higher, Recoup Earlier Losses

BY MARIE BEERENS

The stock market turned for the better in late afternoon, after retreating below yesterday’s lows.

The Nasdaq advanced 0.7%. The NYSE was up 0.6%, the S&P 500 and the Dow gained 0.5% at around 3 p.m. EST.

Volume was running higher on both the NYSE and the Nasdaq, putting the market on a more positive tone. Breadth improved sharply, as winners overtook decliners by roughly a 3-to-2 ratio.

Stanley () rose 0.90 to 30.66, trying to overtake its 50-day moving average in heavy trade. The provider of business process outsourcing and logistics to the government plunged below the 50-day line on Monday.

HMS Holdings () jumped 2.20, or 8%, to 28 in double its usual turnover. The company provides cost containment, reimbursements and benefits coordination to government health-care programs.

Millicom International Cellular () gained 2.41 to 107.20 on above-average volume. The Luxemburg-based wireless service provider is trying to regain its 50-day support.

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1 p.m. EST update: Stocks Surrender Initial Gains; Volume Rises

By Alan R. Elliott

A fast start faltered into losses midday Tuesday, as cautious earnings outlooks left investors wary of further economic slowing.

The NYSE composite slipped to a 0.1% loss and the Nasdaq was down 0.4% at 12:52 p.m. EST. The S&P 500 and the Dow were both down 0.3%. Volume had turned positive on both sides, up 10% on the NYSE and 14% on the Nasdaq.

Decliners overtook advancing stocks, and were leading at a 3-to-2 rate on both exchanges. But 61% of IBD’s 197 industry groups held even or registered gains.

Goldman Sachs () and Best Buy () both reported better-than-expected Q4 results. But a thread of caution in their outlooks was apparently enough to send investors scurrying. Goldman was down 9.26 to 199.37. Best Buy was down 1.15 to 49.99 after winking as low as 48.77 in morning trading.

Other than that, damage to leading stocks remained minimal. Most stocks seeing heavy-volume selling carried comparatively weak fundamentals or were already well into consolidations.

Factset Research () dumped 4.17 to 58.50 after landing squarely on analysts’ views for its fiscal Q1, but offering Q2 guidance slightly below forecasts. The move drove the financial data service provider down 8%, putting it well below both its 50-day and 200-day moving averages.

Wimm-Bill-Dann () tacked on 3.16 to 119.51. The Russian dairy and juice producer is sticking close to support at its 50-day moving average line, in its fifth week of a possible base.

Huron Consulting Group () added 2.03 to 76.29 after Stifel Nicolaus initiated coverage with a buy rating and an 87 price target. The stock is in its eighth week of a possible base, after a massive-volume sell-off early in November killed an earlier breakout.

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11:15 a.m. EST Update: Stocks Ease After Initial Spurt: Volume Mixed

By Alan R. Elliott

Indexes wobbled but held most of their early gains, helped by an infusion of capital by England’s central bank and better-than-expected Q4 results by investment banker Goldman Sachs.

The NYSE composite was up 0.4% and the Nasdaq 0.2% at 10:53 a.m. EST. The S&P 500 gained 0.3% and the Dow 0.2%. Volume ran lower on the NYSE, slightly higher on the Nasdaq.

Advancing issues led decliners by about 3-to-2 on both exchanges.

Dry-bulk shipper DryShips () rose 2.97 to 75.15. The Greek-based fleet operator said Monday that it planned to acquire a 30% stake in Norway-based offshore drilling contractor Ocean Rig for about $405 million. DryShips is in its seventh week below its 10-week moving average, and well below its late-October highs.

JA Solar () climbed 1.41 to 69.48 after announcing it had extended its wafer supply agreement with ReneSola. The China-based maker of solar power systems is just below a 72.16 buy point on a pullback to its 50-day moving average.

Online jewelry retailer Blue Nile () was up 1.82 at 66.42. The stock is in its first week below its 200-day moving average.

Mercadolibre () fell 2.60 to 57.73. The Latin American online marketplace logged a huge-volume, gap-up gain Friday. It gave back a piece of that 15% surge in a high-volume decline on Monday.

Computer touchpad maker Synaptics () slipped 2.65 to 43.94. It continued a four-session losing streak that is pushing the stock toward its 200-day moving average.

10:15 a.m. Update: Indexes Surge In Early Trading

By Alan R. Elliott and Vincent Mao

Stocks busted out of the gate Tuesday, but they have pulled back a bit.

At 10:01 a.m. EST, the NYSE composite jumped 1%. The Nasdaq, S&P 500 and small-cap S&P 600 picked up 0.7% each. And the Dow rose 0.6%.

Volume was tracking higher on both exchanges in the early going.

Oil stocks rallied, helped by crude futures’ gain of $1.73 to $92.36 a barrel.

Atwood Oceanics () jumped 4.63 to 90.36. The puts the oil drilling and development specialist’s stock just below recent highs after two sessions of pullbacks.

Waste Industries USA () gapped up, surging 6.01, or 20%, to 35.70 in brisk trading. The company accepted a $544 million bid to go private. The buyout is from an investor group led by Waste Industries’ founder and chairman.

HDFC Bank () spurted up 4.62 to 125.13. The move lifted India based lender back above its 50-day moving average after tumbling from highs over the past two weeks.

Millicom International Cellular () popped 6.40 to 111.19. The 6% gain lifted shares just above their 50-day moving average, but well below recent highs.

On the downside, Garmin () slipped further south of its 50-day moving average. Shares tumbled 2.12 to 99.70 The GPS device maker is working on the eight week of a new base, but has seen some heavy distribution.

Oil and gas producer TEL Offshore Trust () dropped 1.11 to 18.68. The slip dunked the stock below its 50-day moving average, where it had clung to support after two session of high volume selling this month.

9:15 a.m. Update: Stocks Poised For Solid Open

By Vincent Mao

Stock futures pointed to a strong open Tuesday, as equities look to rebound from recent losses. Nasdaq futures gained 22 points vs. fair value, S&P 500 futures rose 11 points and Dow futures climbed 85 points.

The European Central Bank overnight loaned out $501 billion as it offered unlimited two-week funds at a fixed rate. Money rates, which have been at multi-year highs, retreated. Stock futures rallied on that news.

Results from Monday’s Fed auction will be out Wednesday.

Housing starts fell 3.7% to an annual rate of 1.19 million units, slightly above economists’ estimates. Building permits, a gauge of future activity, slipped 1.5% to a 14-year low of 1.15 million. But that was in line with estimates.

Adobe Systems () late Monday reported a 48% rise in Q4 earnings and a 34% increase in sales. Its outlook was solid. Adobe boosted its stock buyback by 30 million shares to a total of 50 million. Deutsche Bank raised the stock to buy from hold. Shares were indicated only slightly higher.

Best Buy () rallied 2% in pre-open trade. The nation’s biggest electronics retailer delivered fiscal Q3 earnings and sales ahead of views. It also lifted its full-year 2008 outlook to $3.10 to $3.20 a share, up from $3 to $3.15. And sales are pegged at about $40 billion. Analysts expected $3.12 a share on sales of $39.81 billion.

Goldman Sachs () gained 3% in the preopen. The investment bank delivered fourth-quarter profit ahead of views. Goldman cited strong results in its advisory and investment banking segments.

Group mate Morgan Stanley () reports tomorrow and Bear Stearns () on Thursday.

Range Resources () jumped 5% in the premarket. The oil and gas producer is joining the S&P 500 index after the close of trading Thursday.

« TIGER ATTACK VICTIMS USED SLINGSHOT ON TIGER

December 31, 2007 — SAN FRANCISCO - Two brothers who were injured when a tiger attacked them at the San Francisco Zoo had slingshots on them at the time, a source said. An empty vodka bottle was also found in a car used by Amritpal Dhaliwal, 19, and his brother, Kulbir, 23, on the day of the mauling, which left 17-year-old Carlos Sousa Jr. dead, according to the source. The discoveries could be an indication that the brothers may have taunted the 350-pound Siberian tiger before...