U.S. MARKET AVERAGES

Stocks were little changed at opening hours Wednesday with traders digesting Tuesday’s rally, following the latest FOMC meeting which signaled that the U.S. rate-hike cycle is close to an end. Profit taking was limited by a decline in oil futures which fell after Russia and Ukraine resolved their gas pricing conflict.

Tech stocks advanced on Google which was upgraded at Bear Stearns. The company is expected to unveil a $200 computer that won't use the Microsoft Corp. operating system and be sold in Wal-Mart Stores Inc.

Shares of drugmakers Pfizer Inc., Schering-Plough Corp. and Merck & Co. are expected to rise as presentations are expected from all three at a Morgan Stanley conference.

Automakers General Motors Corp., Ford Motor Co. and DaimlerChrysler AG also will be in the spotlight on the release of December auto sales, expected later in the session.

Both Citigroup and J.P. Morgan downgraded shares of Engelhard Corp. following BASF''s offer to buy the company for $4.9 billion.

J.P. Morgan upgraded forest products company Weyerhaeuser Co. to neutral from underweight, citing valuation.

In the first hour of trading, the Dow Jones industrial average fell 3.28, or 0.03 percent, to 10,844.13. The Dow rose 129.91, or 1.21%. The Standard & Poor''s 500 index fell 0.50, or 0.04%, and the Nasdaq composite index rose 4.13, or 0.18%.

Bonds fell, with the yield on the 10-year Treasury note rising to 4.38% from 4.37% late Tuesday.

MOVERS AND SHAKERS

Bear Stearns upgraded Google (GOOG: chart) to outperform from peer perform, citing confidence in the Internet search company''s long-term fundamentals and the burgeoning ''Google ecosystem'', which Analyst Robert Peck uses to describe Google''s growing interactive business community. Peck also raised his 2006 stock price target to $550 from $360. The stock rose 2.1%.

Greenbrier Cos (GBX: chart), manufacturer of railroad freight cars, reported Q1 net earnings of 51 cents a share, up from 35 cents a year ago, despite quarterly revenue decline, beating analyst estimate of 37 cents a share. The company''s quarterly margin advanced to $32.9 million from $24.8 million. Greenbrier also set a full-year profit target range of $2.30 to $2.45 a share. The stock gained 6.1%.

Lowe's (LOW: chart) fell 1.4% after it was downgraded at J.P. Morgan to neutral from overweight, citing a slowdown in home sales.

ECONOMIC NEWS

Wednesday morning, the Department of Commerce released its report on factory orders in the month of November, showing that orders rose slightly more than economists had been expecting.

The report showed that new orders for manufactured goods rose 2.5 percent in November following a downwardly revised increase of 1.7 percent in October.

Economists had expected orders to increase by 2.4 percent compared to the 2.2 percent increase originally reported for October.

The increase in factory orders reflected a 4.4 percent increase in orders for durable goods as well as a 0.4 percent increase in orders for non-durable goods.

The report also showed that shipments of manufactured goods rose 0.2 percent in November after rising 0.7 percent in October.

Inventories of manufactured goods also rose, increasing by 0.2 percent in November following a 0.6 percent increase in October.