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U.S. stock market report 1148 ET 1Sept2009-Factory job growth no returning soon: ISM's Ore ------------------------------------------------------------------------------

U.S. manufacturers will not add jobs significantly in the near term despite higher demand reviving production, the Institute for Supply Management said on Tuesday.

Manufacturing job growth will not occur "any time soon," even as the sector showed expansion in August for the first time in more than 1-1/2 years, said Norbert Ore, chairman of ISM manufacturing business survey committee.

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Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1143 ET 1Sept2009-Lockheed: stable defense budgets are vital ------------------------------------------------------------------------------

Lockheed Martin Corp Chief Executive Robert Stevens welcomed a call by Defense Secretary Robert Gates for steady, modest growth in defense budgets, saying that would help industry plan better and improve its performance.

Stevens told Reuters by telephone on Tuesday that steady budgets were particularly important for the $300 billion F-35 fighter, the Pentagon's largest weapons program.

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Shares of Lockheed were up 0.6 percent to $75.46.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1133 ET 1Sept2009-American Axle shares sink after downgrade ------------------------------------------------------------------------------

Shares of American Axle & Manufacturing fell on Tuesday, after the company was downgraded to "hold" from "buy" at Deutsche Bank.

The firm cited valuation and said that with the company's recent agreement with General Motors, the catalyst for an upgrade on the stock had passed.

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Shares fell 7.1 percent to $5.74.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1123 ET 1Sept2009-Chevron accuses judge of misconduct in case ------------------------------------------------------------------------------

Chevron Corp has accused the judge in a $27 billion environmental damage case in Ecuador of misconduct and being involved in a bribery scheme that Chevron said appears to involve Ecuador's government.

The U.S. oil company said in a statement on Monday that it would seek disqualification of Judge Juan Nunez after providing Ecuadorean and U.S. authorities with secretly recorded video of Nunez talking of ruling against Chevron later this year.

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Shares of Chevron, a Dow component, fell 1.5 percent to $68.85.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1113 ET 1Sept2009-Eaton buys remaining stake in Micro Innovation ------------------------------------------------------------------------------

Eaton Corp said on Tuesday it has paid an unspecified sum for the remaining 50 percent stake in Swiss-based Micro Innovation Holding AG that it did not already own.

Micro Innovation makes operator terminals, such as touch screens, used to control production equipment, and other industrial control devices.

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Shares of Eaton slid 0.4 percent to $53.77.

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

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