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The market is opening on a strong note this morning, with takeover chatter hinting that Alocoa (AA) might get a bid. Also, MMM announced a record buyback, and GM got a strong upgrade from Merrill Lynch (MER) this morning.

Oil is getting a small bounce, and helping the energy stocks. Bond yields are flat, with the 10-year yield at 4.80%. Bernanke testifies tomorrow, and some are worried that he will present a more hawkish picture of inflation.

Steel stocks are also getting another boost this morning as well, likely on further takeover speculation for that group as well. The materials sector is leading the action this morning, while brokers are slow out of the gate.

In other news and notes:

• North Korea accepts aid-for-disarmament plan
• BHP Billiton and Rio Tinto both eyeing Alcoa as target
• Belgian court says Google violated copyright law
• 3M upgraded to Buy from Hold at Soleil
• Anadigics tgt raised to $14 from $10.50 at Roth Capital
• Cynosure beats by $0.05, beats on revs
• UTHR initiated with a Buy at Brean Murray- tgt $65
• Time Warner Cable becomes a public company
• More than 1 bln Wi-Fi chips to ship in 2012 - EE Times

long GOOG

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