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U.S. stock market report 1640 ET 19Nov2009-AFTER THE BELL-Dell shares fall ------------------------------------------------------------------------------

Shares of Dell fell 6.6 percent after the bell on Thursday after it reported results.

Shares were down at $14.82 after closing at $15.87.

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Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net 1623 ET 19Nov2009-US STOCKS-Tech shares lead Wall Street's decline ------------------------------------------------------------------------------

U.S. stocks lost ground on Thursday as semiconductors dragged tech shares lower after a brokerage's bearish view of the industry and doubts about the strength of the economic recovery cut the appetite for risk.

The Dow Jones industrial average dropped 93.71 points, or 0.90 percent, to close unofficially at 10,332.60. The Standard & Poor's 500 Index fell 14.90 points, or 1.34 percent, to finish unofficially at 1,094.90. The Nasdaq Composite Index lost 36.32 points, or 1.66 percent, to close unofficially at 2,156.82.

Reuters Messaging: angela.moon.reuters.com@reuters.net 1613 ET 19Nov2009-King Pharmaceuticals draws active call options ------------------------------------------------------------------------------

Shares of King Pharmaceuticals Inc gained 5.1 percent to end at $11.76, a new high for the year. Bullish option investors took to the November and December contracts to exchange call options on the stock. One trader maintained a bullish stance on King Pharmaceuticals by inducing a calendar roll, said Andrew Wilkinson, senior market analyst at Interactive Brokers Group in a note to clients. It appears the investor, who originally purchased 2,000 calls at the November $12.5 strike for 35 cents apiece on October 14, sold the calls for just one nickel per contract in order to reestablish a 2,000-lot long call position at the December $12.5 for 20 cents each. The stock must rally at least 5 percent over the current high before the December $12.5 strike calls land in-the-money, he said.

At least 2,800 calls were picked up for the December $12.5 strike for an average premium of 28 cents apiece on Thursday for the stock. Call-buying traders break even if King Pharmaceuticals shares rise to $12.78 by expiration next month.

Reuters Messaging: angela.moon.reuters.com@reuters.net 1549 ET 19Nov2009--Time Warner's AOL to cut one-third of work force ------------------------------------------------------------------------------

Time Warner Inc shares fell 1.6 percent to $32.30 after AOL announced its plans to cut one-third of its work force, or about 2,500 jobs. The plans was part of its efforts to trim some $300 million in annual costs as part of the Internet company's planned spin-off from Time Warner. The struggling Web pioneer, which is now focused primarily on advertising-supported content, said that it would start with a volunteer buyout program and move on to involuntary layoffs if enough workers do not step up. AOL said the layoffs would result in restructuring charges of up to $200 million, which it announced last week. It said that substantially all the charges would be incurred from the date of the spin-off through the first half of 2010.

Reuters Messaging: angela.moon.reuters.com@reuters.net 1411 ET 19Nov2009-E*Trade draws bearish risk reversal- analyst -----------------------------------------------------------------------------

Shares of E*Trade Financial Corp dipped 2.4 percent to $1.65 in afternoon trading on Thursday. The stock gained more than 9 percent to $1.69 after the bell on Wednesday, buoyed by comments from Ameritrade Holding Corp's Chief Executive on deal prospects involving E*Trade.

In options market, a bearish risk reversal in the January 2011 contract indicated long-term pessimistic sentiment on the online brokerage firm, said Andrew Wilkinson, senior market analyst at Interactive Brokers Group in a note to clients. One bearish investor established a risk reversal by selling 10,000 calls at the January 2011 $2.5 strike for 30 cents premium apiece, spread against the purchase of 10,000 puts at the same strike for $1.14 each. The trader may amass profits if the stock declines beneath the break-even share price of $1.66 by expiration, he said.

Reuters Messaging: angela.moon.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS

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