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Contributors: Douglas McIntyre Jon C. Ogg

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Tuesday, August 22, 2006

Market Wrap (August 22, 2006)

DJIA 11,339.84; Down 5.21 (0.05%)
NASDAQ 2,150.02; Up 2.27 (0.11%)
S&P500 1,298.81; Up 1.29 (0.10%)
10YR-Bond 4.811%

Fed comments from Chicago Fed Governor Michael Moskow made hawkish comments sent the steady averages south after about 1PM EST. We also got a quasi-response from Iran who said they would respond with a different proposal value. In truth, this was another thin-volume day and something you should get used to until after Labor day.

Toll Brothers (TOL) rose 1.3% at $25.10 after beating lowered numbers and even though it lowered guidance it was above where the street was.

Harmon (HAR) fell over 4% to $81.05 as the company disappointed, and the New CEO is already leaving after a short tenure.

Deutsche Telekom (DT) AADR's rose 0.25% to $14.74 as the company is still gobbling up the most spectrum in the FCC WiMax aquction. It has won over $4 Billion so far in spectrum.

The analyst call of the day goes to Bear Stearns' analyst upgrade of XM Satellite (XMSR) as it rose 20% to $13.52 after the firm raised it from Underperform to Outperform.

Devon Energy (DVN) rose over 3% again to $63.00 as Cramer said call option activity is saying something must be going on with it.

Shares of Wyeth (WYE) rose over 2% to $47.54 after the FDA said a pending review would now not be necessary for it to issue an approval decision in October.

Weyerhaeuser (WY) rose 5% to $59.98 on hopes that it would be acquired.

International Paper (IP) rose 0.5% to $35.00 after it sold a Brazilian unit for some $415 million.

Rambus (RMBS) fell over 10% to $11.18 as its filing deadline approaches.

Gold Kist (GKIS) rose another 4.7% to $19.92 a day after it ran so much from an acquisition offer.

Sprint NexTel (S) fell 0.9% to $16.06 after the COO left the company in what was likely a forced-exit.

AMD (AMD) rose 6.4% to $24.90 after saying it was targeting 40% of the server market by 2009 and after receiving an upgrade.

Gateway (GTW) rose another 12% to $1.72 one day after an activist shareholder announced a stake and an attempt to push the company for value.

Huirco (HURC) rose 13% to $25.88 after beating earnings expectations.

Mills Corp (MLS) rose 15% to $19.28 after receiving financing for its Xanadu shopping complex financing.

Jon C. Ogg
August 22, 2006

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