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CABLE WORLD STAFF
Gemstar-TV Guide International was recovering early Wednesday after warning Tuesday its product is developing more slowly than anticipated. The warning, and the lack of more detailed financial information in its earnings statement, prompted a downgrade from CIBC World Markets and a vicious selloff.
The broader markets also continued a rally from Tuesday, when optimism over the drawn-out presidential election sparked the Nasdaq Composite Index's 10th largest percentage gain ever. The Standard & Poor's 500 Index rose about 7 points in early trading Wednesday to 1,390, while the Nasdaq Composite Index posted a gain of 65.89, or 2%, to 3,204.16. Helping fuel gains were solid results from chipmaker Analog Devices.
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