U.S. MARKET AVERAGES

U.S. stock markets opened mixed on weakness in tech stocks, pressured by disappointing preliminary third-quarter results from computer giant Dell, down by 6.4%. The company released lowered earnings forecast on sales decrease as well as revenue outlook far below expectations. It also announced it would take a third-quarter charge of $450 million to restructure its consumer unit and replace some faulty PC circuits.

The Fed Reserve meeting outcome is also heavily weighing on investors’ minds. The central bank’s latest interest-rate announcement is due later in the afternoon with expectations of another 25-basis-point rate hike.

In the first hour of trading, the Dow Jones industrial average rose 12.09, or 0.12%. The Standard & Poor''s 500 index fell 1.40, or 0.12%, and the Nasdaq composite index fell 6.15, or 0.29%.

Bonds were unchanged, with the yield on the 10-year Treasury note at 4.55%.

The tech sector has declined about 1% on weaker computer hardware stocks, hurt by lowered third-quarter outlook from computer giant Dell (DELL: chart). Its 6% drop is enough to take the stock to a new 52-week low.The utility sector is a notable decliner, dragged by TXU (TXU: chart), which is down more than 4% on earnings report. The Dow Jones Utilities Index is currently down 1.2%.

The airline sector is expanding recent gains, edging higher by less than 1%. Internet stocks are showing modest gains as well.

On the earnings front, consumer goods retailer Procter & Gamble (PG: chart) reported Q3 income rise of 77 cents a share, vs. 70 cents a share a year ago on 8% revenue growth, beating estimates by a penny. Colgate-Palmolive (CL: chart), consumer products maker, released Q3 profit of 67 cents per share against 58 cents last year, in line with expectations. CMS Energy (CMS: chart), energy services company, posted Q3 loss of $1.21 a share, vs. a profit of 34 cents a year ago, despite a revenue growth.

In takeover news, defense contractor Lockheed Martin Corp. (LMT: chart) and three private equity firms are considering a bid for Computer Sciences Corp. (CSC: chart), a technical services provider, according to a report in the Wall Street Journal.

MOVERS AND SHAKERS

Computer maker Dell Inc. (DELL: chart) announced third-quarter earnings would come at the low end of the company’s estimates, while sales would be below analyst expectations. The company cited as a reason for this negative results the shortfall on weakness in its U.S. consumer and U.K. business operations. Dell''s revised forecast brought up downgrades from financial brokers Bear Stearns and UBS Investment. Rival Apple Computer Inc. (AAPL: chart) was also under pressure on Dell’s news. Dell stock lost 3.8%, while Apple stock was down 1%.

Consumer products company Procter & Gamble (PG: chart) presented profit results that came in slightly ahead of analyst estimates as unit volume rose 6% in the period. Rival household products maker Colgate-Palmolive Co (CL: chart) also reported strong results. Procter & Gamble stock added 1.2%, while Colgate-Palmolive stock gained 1.5%.

The Wall Street Journal reported that Lockheed Martin Corp. (LMT: chart) and three private-equity firms are focusing on an aquisition price of about $64-$65 a share for Computer Sciences Corp. (CSC: chart). Computer Sciences stock was up 15%.

ECONOMIC NEWS

Activity in the manufacturing sector expanded for the 28th consecutive month in October, according to a report from the Institute for Supply Management, although the pace of growth slowed from September. The pace of growth was still stronger than expected.

The ISM said that its purchasing managers index fell to 59.0 in October from 59.4 in September, with a reading above 50 indicating growth in the sector. Economists had expected the index to fall to 57.0.

The report showed that the new orders index slipped to 61.7 in October from 63.8 in September, while the production index came in at 62.0 in October compared to 63.1 in September.

At the same time, the report showed some improvement in employment in the sector, with the employment index rising to 55.0 in October from 53.1 in September.

The ISM said that the prices index surged up to 84.0 in October from 78.0 in September. The agency noted that 70 percent of supply executives reported paying higher prices in October.

INTERNATIONAL MARKETS NEWS

Asian-Pacific Benchmarks ended mostly higher, awaiting the U.S. Fed Reserve decision on interest rate, expected to be increased by a quarter of a percentage point to 4%. In Japan trading in stocks and convertible bonds was suspended because of a computer glitch, but when trading was resumed at mid-afternoon, the Nikkei jumped 1.9%, reaching a four-year peak. Other regional gainers were South Korea’s Kospi, up 2.7% and Hong Kong’s Hang Seng, up 1.3%. Shanghai closed down.