SPX back above its 200-day average

Morning News of Note:

• CMCSK S TWX: Cable Systems Plan Advanced Cellular Service Cable-TV companies are preparing to launch cellular-phone service with features they hope will top those offered by traditional wireless carriers -- a move that could further roil the telecommunications industry. A consortium of the country's largest cable operators -- including Comcast Corp., Time Warner Inc.'s cable division and Cox Communications Inc. -- announced it will sell cellphone service that runs over the wireless network of Sprint Nextel Corp. (Full Story) WSJ
• MSFT GOOG: New Microsoft Services Will Rely on Online Ads Windows, Office to Go 'Live' With Enhancements Aimed To Tap a Swelling Market Microsoft is creating online services coupled with its two major software lines, Windows and Office, which are designed to help the software maker tap into the swelling market for Internet advertising. The new offerings are an attempt by Microsoft to tie its biggest software franchises to the rich pool of online advertising that has fueled the growth of companies like Google, the Web-search giant. Microsoft has built its fortunes on licensing its software to corporate customers and selling it preinstalled on personal computers. (Full Story) WSJ
• RIMM NOK PALM MOT: A New Crop of Gadgets Challenge the BlackBerry Motorola, Nokia, Palm Plan Sleek, Speedy Devices; Progress on Attachments It's war on the BlackBerry. For years, competitors have tried to crack the dominance of that little wireless email gadget that seems to be lurking in pockets, brief cases and handbags of busy professionals everywhere. So far, its maker, Research In Motion Ltd., or RIM, has managed to fend off most rivals by focusing on security, reliability, good battery life and other basic functions. But competitors are redoubling their efforts to challenge the Blackberry, introducing an array of devices with beefed-up features. (Full Story) WSJ
• TWX: TW WILL INCREASE ITS SHARE BUYBACK Look for Time Warner to make news today beyond its quarterly earnings, as investors expect the media giant to announce an increase in its share buyback plan — a measure aimed squarely at shareholder critic Carl Icahn. Icahn, the corporate raider-turned-shareholder-activist who has teamed with a group of hedge funds and demanded changes from Time Warner management, has suggested the company buy back $20 billion of stock in a bid to boost shareholder value. (Full Story) NY Post

Market Comments: The market held this morning's test of the 200-day average, and now we need to see it make a run above its overhead 50-day. I think that could spark some additional short covering.

SYMC is getting taken apart on lackluster earnings, weak guidance, and the departure of its CFO. Ouch. Former short-squeeze candidante HANS got a big upgrade from Citi and a $72 price target. That has the stock up 10% to a new high. And ELOS continues to run on the huge upside reported from competitor CUTR last night. Retailers also holding thier own.

long CMCSK, ELOS, HANS, MOT, SYMC, TWX