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U.S. stock market report 1403 EST 03Nov2009-HSBC to cut 1,700 UK jobs ------------------------------------------------------------------------------

HSBC Holdings on Tuesday said it would cut more than 1,700 jobs in Britian, as it moves to cut costs.

Most of the cuts are due to a restructuring of branch network management and a consolidation of its collections and cards operations.

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U.S.-listed shares of HSBC fell 1.6 percent to $55.28 on Tuesday.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1343 ET 03Nov2009 Activision draws increased call activity ------------------------------------------------------------------------------

Shares of Activision Blizzard rose 1 cent to $10.38. In the options patch, there was a notable pickup in call volume, despite a significant drop in shares from the $12.50 range to $10.39 on news of trouble with Chinese regulators, said Trade Alert president Henry Schwartz. Online game firm NetEase.com, which won the license earlier this year to operate Activision's popular World of Warcraft game in China, has been ordered by a government regulator to shut down the game's commercial operations. Over the past four sessions, call open interest has grown by more than 20,000 contracts to 163,000, while at-the-money implied volatility rose about 20 points to 60 percent. The January $11 calls have been popular, with nearly 15,000 traded, most in the 70-cent range, and open interest growing from 1,600 to 14,000 contracts, he said. The company's earnings are expected on Thursday. Reuters Messaging: doris.frankel.reuters.com@reuters.net 1321 ET 03Nov2009 Union Pacific shrs, options surge after Berkshire-BNI offer ------------------------------------------------------------------------------

Union Pacific Corp shares rallied and its option volume surged after Warren Buffett's Berkshire Hathaway agreed to buy Burlington Northern in a deal that values the railroad company at $34 billion. UNP shares rose 6.76 percent to $58.78. Option activity was three times the average daily turnover with about 20,000 calls and 12,000 puts traded, according to Trade Alert. One top trade was a January 2010 $50-$70 risk reversal which appeared to be sold, 4,000 times. The investor collected 60 cents for the puts sold and the positions were tied to shares at $58.05, said WhatsTrading.com option strategist Frederic Ruffy. Speculation from the floor is that the risk reversal may be a closing trade based the current open interest in those respective strikes and the profit realized, said Joe Kinahan, chief derivatives strategist at TD Ameritrade. Meanwhile, the Nov $55 and $60 UNP calls were active with some buy-write sellers taking advantage of today's strength to collect premium, Ruffy added. Reuters Messaging: doris.frankel.reuters.com@reuters.net 1213 ET 03Nov2009-US STOCKS-Wall St pulled lower by semis, financials ------------------------------------------------------------------------------

U.S. stocks stumbled on Tuesday after Morgan Stanley downgraded the semiconductor sector and a shake-up at two big British banks prompted investors to sell financial shares.

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Reuters Messaging: caroline.valetkevitch.reuters.com@reuters.net 1146 ET 03Nov2009-Semi index may be nearing support level: analysts ------------------------------------------------------------------------------

A Morgan Stanley downgrade of the semiconductor sector pushed the semi index into negative territory on Tuesday, and some analysts speculated that the index could be nearing a key technical support level around 280.

The index fell 2.4 percent to 291 on Tuesday, and is down about 14 percent from a 2009 high reached in mid-October.

"The early October low in the semi index is the support area that counts. Taking that out would be significant," said Frank Gretz, market technician for Shields & Co in New York.

"There's been so much damage here that we could make a low and then drift for the rest of the year. I'm not optimistic that we'll get higher highs."

Morgan Stanley downgraded the industry, citing rising inventory levels. For details, see

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1102 ET 03Nov2009-DuPont sees U.S. recovery taking hold ------------------------------------------------------------------------------

DuPont Co on Tuesday said an economic recovery was beginning to take hold in the United States, and forecast 2010 profit growth in line with Wall Street estimates.

The chemicals maker said it was "well-positioned to outperform the rate at which the markets recover and improve" and forecast 2010 sales above the Wall Street consensus.

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Shares of the Dow component rose 1 percent to $32.59.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS

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