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From Briefing.com: Weekly Recap - Week ending 04-Dec-09

The major indices logged another winning week -- hitting fresh 2009 highs -- thanks to mostly broad-based buying interest. The week got off to a solid start on decreased concerns over Dubai's debt situation and ended on an upbeat note as the U.S. unemployment rate unexpectedly dropped.

Nine of the 10 sectors posted a gain, led by utilities (+3.9%), telecom (+2.4) and financials (+2.3%). Commodity-related stocks underperformed, with energy shedding 1.5% on the week.

With only one S&P 500 company reporting earnings, economic data was in full focus as investors awaited the November employment report.

The employment report was better-than-expected on all the major metrics. Employers shed 11,000 nonfarm payrolls in November, far less than the 125,000 median estimate. In addition, prior months were revised to show smaller drops. In turn, the unemployment rate declined to 10.0%, from a previous reading of 10.2%.

Although corporate news was on the slow side due to the lack of major earnings reports, there were some notable items as retailers reported same-store sales and another major bank moved to repay government bailout loans.

Overall same-store sales disappointed, resulting in retailers logging some of the biggest declines on the week. Of the 27 retailers that Briefing.com follows, 19 missed the consensus estimate and 16 posted negative numbers. Among the biggest losers on the week, Game Stop (GME) shed 15.8%, Abercrombie & Fitch (ANF) lost 9.7% and Macy's (M) fell 6.0%.

Separately, Bank of America (BAC) announced plans to repay $45 billion in TARP funds as it looks to find a new CEO. In commodity trading, the CRB Index had an active week, with movements exacerbated by sharp moves in the dollar.

Gold prices hit a record nominal high of $1226 per ounce, but ended the week at $1161 per ounce after plunging 4.6% on Friday as the dollar rallied following the better-than-expected jobs report.

Crude prices fell 0.5% on the week, coming under pressure following a bearish inventory reading.

 
 Index    Started Week  Ended Week  Change % Change  YTD % 
 DJIA	    10309.92	10388.90    78.98    0.8   18.4 
 Nasdaq	     2138.44	 2194.35    55.91    2.6   39.1 
 S&P 500	     1091.49	 1105.98    14.49    1.3   22.4 
 Russell 2000  577.21	  602.79    25.58    4.4   20.7

11:11AM LDK Solar confirms continuation of supply contract with Q-Cells (LDK) 9.15 +0.77 : Co announces that the two cos have reached an agreement to continue their supply contract for solar wafers from 2009 to 2018. The two cos resolved all differences of opinion over the interpretation of the agreement and neither side will pursue legal action. Q-Cells also agreed to no longer pursue measures to collect the bank guarantee. Joint business activities between the two cos remain unchanged. LDK Solar and Q-Cells have agreed to increase the flexibility of the delivery schedule. Flexible pricing based on market levels and Q-Cells' preferred customer status will apply for the entire remainder of the contract term. A portion of shipments scheduled in the years 2009-'11 have been postponed to the period 2012 to 2018. Q-Cells will receive around 20% in the current year and at least one third of the originally agreed volumes in '10 and '11. Q-Cells also has the option to increase these volumes if needed. The total delivery volume for the entire ten-year term of the contract remains unchanged at approximately 6 Giga Watts. In addition to the amendment, the parties have finalized an agreement to expand their cooperation in the areas of cell and module processing. Q-Cells will supply solar cells to LDK Solar on a tolling basis and LDK Solar will supply modules to Q-Cells on the same basis.

2:48AM Cisco receives second request from DOJ regarding proposed acquisition of TANDBERG (CSCO) 23.83 : Co announces that it has received a Request for Additional Information from the U.S. DOJ with respect to its previously announced proposed acquisition of TANDBERG. The request for information from the DOJ, often referred to as a "second request," is part of the regulatory process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Co continues to expect the transaction will close during the first half of CY10.

08:52 am Marvell Technology Group (MRVL)

Shares of Marvell Technology Group (MRVL 16.53) are surging ahead of Friday's opening bell after the company posted solid third quarter earnings and issued upside guidance for the fourth quarter.

Marvell reported third quarter earnings of $0.35 per share, excluding nonrecurring items, $0.08 better than the First Call consensus of $0.27.

Revenues rose 1.5% year-over-year to $803.1 million, easily topping the $770 million consensus.

CEO Dr. Sehat Sutardja said that "order momentum improved across all our addressable end-markets."

On its earnings conference call, Marvell issued upside guidance for the fourth quarter, saying that it expects earnings to range from $0.33 to $0.39 per share on revenues of $820 million to $850 million. The First Call consensus expects earnings of $0.27 per share on revenue of $779.57 million.

Shares of MRVL are 147.8% higher year-to-date and are about 8.3% higher in Friday's premarket action.