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Monday, August 28, 2006

Market Wrap (Aug. 28, 2006)

DJIA 11,352.01; Up 67.96 (0.60%)
NASDAQ 2,160.70; Up 20.41 (0.95%)
S&P500 1,301.79; Up 6.70 (0.52%)
10YR-Bond 4.797%

Intel (INTC) rose 2.5% to $19.39 after FBR raised it to an outperform, and on what may be an imminent restructuring.

Charming Shoppes (CHRS) rose over 9% to $12.99 after it was announced Friday thatthey would replace GTECH in the S&P Mid Cap 400 Index.

Adeza Biomedical (ADZA) fell 3% to $15.26 on cautious FDA comments about it pre-term birth drug, although the stock had been down almost 10% at one point today.

Unilever (UL) rose almost 1% to $23.90 after selling its EU frozen foods business.

eBay (EBAY) rose 1.6% to $25.72 after announcing they signed an advertising pact with Google (GOOG); GOOG rose 2% to $380.98.

Avanex (AVNX) rose a sharp 14% to $1.88 after lifting its preliminary revenue numbers.

Anadigics (ANAD) rose 16% to $6.99 after a weekend report in Barron's called it "tasty" for investors.

Cendant (CD) lived up to its recent pattern of trading down another 2.5% to $1.92 on no real new news, but it had been down over 5%.

Energy Partners Limited (EPL) rose 32% to $24.40 after a higher bid surfaced, and its old merger partner Stone Energy (SGY) fell almost 7% to $44.35.

Valero (VLO) fell a steady 3.1% to $60.45 on strong volume after Hurricane Ernesto was downgraded over Cuba and is now on a path to miss the entire Gulf of Mexico energy complex.

First Cash Financial (FCFS) rose 8% to $19.23 after an upgrade and after the company raised guidance after making a small acquisition.

Kinder Morgan (KMI) rose 2.5% to $104.21 after the company approved the going-private management-led buyout, although this was expected and not new news.

Jon C. Ogg
August 28, 2006
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