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U.S. stock market report 1351 ET 27Nov2009 RTRS-US STOCKS-Wall St slides on Dubai worries -------------------------------------------------------------------------------

U.S. stocks fell more than 1 percent in a truncated session on Friday as a possible debt default by a Dubai state-owned conglomerate led to fresh concerns about the global financial system.

The sell-off was broad, with selling concentrated mainly in the financial and commodity-linked sectors as investors trimmed positions in areas of the market most sensitive to economic uncertainty.

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Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net 1239 ET 27Nov2009 Ultra short materials ETF draws call option activity ------------------------------------------------------------------------------

Shares of the ProShares UltraShort Basic Materials Fund rose 4.28 percent to $9.01. The exchange-traded fund, which doubles down on the inverse of the DJ Basic Materials Index, appeared to have drawn a bullish option position on expectations of extended share price gains by next April.

For the second time this week, players on Friday focused on the April $12 call strike. As noted on Wednesday, open interest in the contract rose by 14,500 to 29,150 contracts after a block of 13,860 lots traded ask-side for $1.05 on Tuesday, said WhatsTrading.com option strategist Frederic Ruffy. He noticed that on Friday, a block of 28,000 contracts traded in the $12 call strike above the asking price at $1.20. While it is possible the trade was a closing position -- liquidating almost the entire open interest -- it seems more likely the player accumulated a bullish position in the bearish fund, he said.

Open interest data on Monday should indicate whether today's trade was opening or closing, he said.

Reuters Messaging: doris.frankel.reuters.com@reuters.net 1218 ET 27Nov2009 Option player gives vote of confidence in Smucker-analyst ------------------------------------------------------------------------------

J.M. Smucker Co shares have recently broken out to a new high, and at least one big investor is confident it will hold the gains, said optionMonster analyst David Russell in comments in the firm's Web site. OptionMonster's tracking programs detected unusual selling of the December $60 puts, which traded 1,603 times against open interest of 1,554 contracts. Most of the trades were priced for $2.20 to $2.50. Smucker shares fell 8 cents to $58.68 near midday. Smucker, best known for its peanut butter and jelly, this month posted higher-than-expected quarterly results, driven by strong margins at its Folgers coffee business, and raised its full-year profit view. By writing in-the-money puts, investors earn a large premium they will be able to keep if the shares recover. Even if the shares does not rebound above $60, the put sellers will not face losses unless the stock falls below about $57.70, Russell said. The trades pushed overall option volume to nearly double the norm, according to Trade Alert.

Reuters Messaging: doris.frankel.reuters.com@reuters.net 1133 ET 27Nov2009-Wall Street trims losses on dollar, commodities ------------------------------------------------------------------------------

U.S. stocks pared losses on Friday as the U.S. dollar gave up earlier gains and global commodity prices regained ground, tempering concerns about a possible debt default at a Dubai state-owned conglomerate.