STOCKS NEWS US-Factory activity hits 28-year low: ISM

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U.S. stock market report [.N] 1023 ET 02Jan2009-Factory activity hits 28-year low: ISM ------------------------------------------------------------------------------

U.S. factory activity slid to a 28-year low on Friday, according to an industry report by the Institute for Supply Management. [ID:nWEN2173]

The ISM's index of national factory activity fell to 32.4, compared with the Reuters Estimate of 35.5 and the November reading of 36.2. Any reading below 50 represents contraction.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1009 ET 02Jan2009-Fitch upgrades Wachovia after deal closes ------------------------------------------------------------------------------

Fitch Ratings raised its view on Wachovia Corp to "AA" from "A-plus" after Wells Fargo closed its acquisition of the bank and assumed its debt. Wells Fargo's rating was affirmed at "AA." [ID:nN02356786]

Following the Wednesday close, Wells Fargo now has one of the largest deposit bases in the country.

Wells Fargo shares slid 2.6 percent to $28.72. 0944 ET 02Jan2009-Nov semiconductor sales down 10 pct: SIA ------------------------------------------------------------------------------

Global semiconductor sales fell almost 10 percent in November, hurt by the economic slowdown, according to the Semiconductor Industry Association (SIA). Sales slid to $20.8 billion from $23.1 billion in November 2007. For the first 11 months of 2008, sales were up 0.2 percent.