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Monday, July 24, 2006

Market Wrap for July 24, 2006

Stock Tickers: AXP, MRK, SGP, IOTN, DELL, HAS, HCA, AMD, ATYT, FLSH, SNDK, SLAB, BIDU, LVS, MOT, TASR, UAUA

DJIA 11,051.05; Up 182.67 (+1.68%)
NASDAQ 2,061.84; Up 41.45 (+2.05%)
S&P500 1,260.91; Up 20.62 (+1.66%)
10YR-Bond 5.04%

American Express (AXP) initially rose after earnings, but closed only up 0.14% at $50.69 after the details in the numbers showed less enthusiastic results than the "$0.78 EPS vs $0.75e" based on declining earnings.

Merck (MRK) rose 4.2% to close at $38.94 after it beat earnings. Despite indicating that it now has over 14,000 lawsuits filed against it, it has now recovered to post-Vioxx withdrawal highs. Schering Plough (SGP) also rose 5.8% to close at $20.58 after beating its earnings.

Ionatron (IOTN) rose over 5% to close at $7.05 after securing another Army pact for laser studies.

Dell (DELL) rose over 4% to close at $20.77 after Citigroup raised their rating from a Hold to a Buy.

Google (GOOG) managed to close up 0.2% at $391.00 after insiders' share sale windowns opened, which allows them to cash in on certain percentages of their beloved and valued stock options.

Hasbro (HAS) rose 9% off its 52-week lows to close at $19.16 after beating its expectations.

HCA (HCA) closed up 3.2% at $49.42 after confirmation of the largest private equity deal to date, with a $51 cash buyout price.

AMD (AMD) fell 4% to close at $17.40 and ATI Tech (ATYT) rose 18% to close at $19.56 after AMD confirmed it would acquire ATYT.

M-Systems (FLSH) rose over 6% to close at $29.97 on word that SanDisk (SNDK) would either make an acqisition or take a stake in the company.

Silicon labs (SLAB) rose over 20% to close at $35.70 after it beat earnings expectations.

Shares of Chinese-Internet search portal Baidu.com (BIDU) rose 0.9% to close at $89.30 after disclosing the H-P would bundle direct access into its products in China.

Las Vegas Sands (LVS) rose about 5% to close at $68.28 after reports that it would double its initial investments into China and Macau.

Motorola (MOT) rose over 3.5% to close at $21.13 after announcing a $1.2 Billion accelerated share buyback plan.

UAL Corp (UAUA), the parent of United Airlines, rose a sharp 5% to close at $28.25 after posting substantially higher earnings above expectations.

The analyst call of the day was Marriman Curhan's call to arms for buyers to be aggressive in shares of Taser (TASR) ahead of earnings; TASR closed up 8.6% at $8.04.

Jon C. Ogg
July 24, 2006
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