It was another whipsaw session on the Street as stocks staged a late-day rally to pare early losses and finish deep in the green. The Dow climbed 165 points to close at 11,434.

The big surge came in response to word that Lehman Brothers, Inc. (LEH), the beleaguered investment bank, had entered into conversations with possible suitors after Moody’s Investors Services said the company needs to find a “stronger financial partner.” Lehman has been aggressively pursuing additional capital support as the company suffers from a portfolio of deteriorating assets and mounting losses.

Adding to the gloomy macro-level economic picture was the Commerce Department’s report that the national trade deficit grew to its highest level in 16 months in July, climbing 5.7% to $62.2 billion. The reading was worse than analyst projections of $58 billion, driving the deficit between imports and exports to its highest level since March of 2007.

The gap was fueled by higher oil prices, which accounted for $51.4 billion of the $230.3 billion of total imports, a clear indication that our domestic energy policy is a serious threat to the financial prosperity of this country.

Hurricane Ike unexpectedly strengthened and tripled in size as it spiraled through the Gulf of Mexico, pushing wholesale gasoline prices higher to between $4 and $5 per gallon, up from the previous range between $3 and $3.30. Ike is now on a direct path towards major coastal installations in Texas, where residents are being evacuated in anticipation of 100 mph winds and major storm surges.

And finally, the dollar advanced to a one-year high against the Euro as investors positioned themselves in anticipation of a slowdown in global growth.

The Focus List

The Focus List ended Thursday’s session 0.86% higher.

Accenture Ltd. (ACN) kept the Focus List from advancing further today as it logged in a loss of 4%, making it the biggest portfolio decliner for the day. It is uncertain why the stock sold off as it did.

The company made an announcement today that, if anything, should have helped ACN trade higher. The company announced that it signed a 10-year contract, worth $550 million, to provide finance, accounting and application development services for Bristol-Myers Squibb Co., a pharmaceutical name. Accenture added that the deal provides dedicated global IT and financial support services to Bristol-Myers Squibb to help achieve operational cost savings and flexibility.

We are watching ACN, looking for a reversal from recent declines. The stock remains in positive territory since being added to the Focus List.

One of today’s stronger Focus List performers was Praxair Inc. (PX), which gained 2.5% for the day.

The company said that its Praxair Electronics division announced a 15% price increase on tantalum products. Praxair explained that this action was implemented as a response to rapidly escalating raw material costs related to the mining and recycling of tantalum and tantalum ore. The company added that, in some circumstances, price adjustments may be higher or lower and that PX will be working with worldwide customers to expand tantalum recycling programs and other productivity measures in order to mitigate the effect of the price increase.

Thursday’s Focus List biggest gainers were Columbus Mckinnon Corp. (CMCO) and Fomento Economico Mexicano (FMX), each of which picked up 4% for the day.

CMCO is in the red since being added to the Focus List. We are watching it closely, looking for a reversal into positive territory.

FMX is trading higher since being added to the portfolio. We are expecting this one to keep climbing, especially considering the recent boost in the consensus estimate for this year and next. During the past week, analysts upped earnings estimates from $2.39 per share to $2.41 for the 2008 year and from $2.68 per share to $2.71 for 2009.

“PX2″ Free Stock Analysis: Buy? Sell? Hold?
Zacks Investment Research

Last 5 posts by Alex Kolb

• Tupperware Brands - Growth And Income - Zacks Rank Buy - November 25th, 2009
• American Express Company - Growth And Income - Zacks Rank Buy - November 24th, 2009
• Coach, Inc. - Growth And Income - Zacks Rank Buy - November 23rd, 2009
• Crane Co. - Growth And Income - Zacks Rank Buy - November 20th, 2009
• Gap Inc. - Growth And Income - Zacks Rank Buy - November 19th, 2009