Wall Street: Thurs mid-session

13 April 2012

STOCKS hovered around the unchanged mark in choppy trading as investors kept their guard ahead of Friday's closely watched employment report for September.

Reports earlier this morning showed the number of Americans lining up to claim jobless benefits rose in the latest week, while manufacturers' new orders fell sharply in August.

Wall Street is now turning its focus to the crucial September employment report due on Friday, hoping for any sign that the ailing job market is on the mend.

Major market gauges wobbled near unchanged after a rally of more than 2% on Wednesday. The technology-laced Nasdaq Composite Index added 4 points, or 0.24%, to 1,836. The blue-chip Dow Jones industrial average rose 23 points, or 0.25%, to 9,492. The broad Standard & Poor's 500 Index gained 1 point, or 0.17%, to 1,019.

The market sank last week on a batch of mixed economic data, but stocks jumped on Wednesday after a manufacturing report landed better than many investors had feared.

Network computer maker Sun Microsystems lost 8 cents, or 2.5%, to $3.17 and ranked as the most active on the Nasdaq. Merrill Lynch analyst Steve Milunovich said in note to clients that the company must cut spending and narrow its product focus or face the threat of being acquired.

Comverse Technology, which mainly supplies voice mail software to cell phone companies, leaped $1.40, or 9.3%, to $16.43. Lehman raised its rating on Comverse to 'overweight' from 'equal weight', saying a recent decline in its shares may offer an opportunity for investors. Network equipment maker UTStarcom jumped $2.96, or 9.3%, to $34.87. The company raised its forecast for revenue and earnings for the third quarter and full-year 2003 due to better-than-expected business in China.

Software maker NetIQ fell $1.70, or 13.7%, to $10.72, Credit Suisse First Boston cut its rating on the company to 'underperform' from 'outperform.'

Satellite communications company KVH Industries tumbled $1.04, or 4.1%, to $24.16. The company said it would post between 'break-even to a modest loss' in the third quarter and that the company will reap only 'modest profit' for the fourth quarter.

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