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Contributors: Douglas McIntyre Jon C. Ogg

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Wednesday, July 26, 2006

Market Wrap for July 26, 2006

DJIA 11,102.51; Down 1.20 (0.01%)
NASDAQ 2,070.46; Down 3.44 (0.17%)
S&P500 1,268.40; Down 0.48 (0.04%)
10YR-Bond 5.036%

The beige Book sort of showed a Fed that was close to being done, and with an economy that was still partially left intact. That was just what the market wanted to hear and kept us from going too deep into the red for closing levels. Today was almost all about the earnings and guidance. If we posted all of the summaries you would be reading until tomorrow, so we just scooped a few different stories for the close.

We had a tale of two GPS-ies today. Both Trimble Navigation (TRMB) and SiRF (SIRF) looked ok on the earnings, but SIRF fell over 20% to close at $19.69 on weaker than planned guidance and TRMB rose 7.7% to close at $46.33 after beating expectations.

RF Micro Devices (RFMD) rose a sharp 7.3% to close at $6.40 after its ernings.

ConocoPhillips (COP) rose 1.7% to $68.60 after it posted even higher earnings than the street was expecting.

Norfolk Southern (NSC) led the transports much lower again after missing results; NSC fell 8,5% to $41.40. UPS (UPS) fell for a second day after it poor guidance yesterday closing down 5.5% to $67.83.

General Motors (GM) rose a sharp 4.3% to $32.00 after posting earnings over $2.00 per share after gains.

Panera (PNRA) fell 12% to $51.93 after it reported earnings and said a delay in pizza would impact the top line.

Under Armour (UARM) fell 1.9% to $40.67 after beating estimates and raising guidance, but the "whisper" number watchers wanted more.

Amazon.com (AMZN) fell a whopping 21% to $26.26 after it failed to meet EPS expectations yesterday, despite the good revenue guidance.

Black & Decker (BDK) posted a horrible day falling after it lowered earnings expectations; BDK closed down 6.8% at $71.15.

Flextronics (FLEX) actually rose about 6.5% to close at $11.29 after showing not all EMS, or dubbed outsourced manufacturers, have earnings issues; FLEX beat both revenues and EPS targets.

Sun Micro (SUNW) rose over 4% to close at $4.27 after it actually exceeded estimates on a non-GAAP basis and beat revenue expectations.

Internet banking pure-play NetBank (NTBK) fell over 11% to $5.69 after forecasting wider losses than plan, and after losing more accounts. That puts it at yet another year low for a closing price as investors don't want a bank that loses money even if it is close to book value and even if it is an Internet bank.

NON-EARNINGS NEWS

HCA (HCA) rose 0.7% to $49.60 after reports surfaced signaling that private equity giant Blackstone may be interested in competing against Bain and management in a buyout.

Google (GOOG) fell almost 1% to close at $385.50 after saying it would start showing advertisers when it suspected click fraud.

Amgen (AMGN) managed to close up almost 3% at $69.61 after Jim Cramer and TheStreet.com said this name looks good.

Encysive (ENCY) gained 7.8% after being the biggest loser of Tuesday.

Jon C. Ogg
July 26, 2006
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