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Wednesday, August 30, 2006

Market Wrap (August 30, 2006)

DJIA 11,382.91; Up 12.97 (0.11%)
NASDAQ 2,185.73; Up 13.43 (0.62%)
S&P500 1,304.27; Down 0.01 (0.00%)
10YR-Bond 4.763%

You wouldn't have known we had a GDP revised number by the market trading today as most of the "A-Team" traders and investors are out in the Hamptons and in other places. Oil prices also fell another $0.36 per barrel to $69.35 as a rise in oil inventories gave hopes that prices could come down. M

BCE (BCE) rose 0.5% to $25.10 after the Globe & Mail reported it will do an IPO for its satellite unit instead of an outright sale.

Altria (MO) rose 1.1% to $84.48 after the company hiked its dividend, and Kraft (KFT) rose 0.75% to $33.69 after MO did not outline plans to divest the remaining 87% of the stock.

Merck (MRK) rose 0.1% to $40.83 after a federal judge threw out a $50 million award in New Orleans.

CostCo Wholesale (COST) fell 4% to $47.17 after the company lowered guidance because of higher-end items and electronics margins.

eBay (EBAY) rose another 4.5% to $1.23.

Apple (AAPL) rose 0.7% to $66.93 after Google's CEO Eric Schmidt joined the Apple Board of Directors.

Priceline.com (PCLN) fell 3% to $32.66 as Stifel Nicolaus cut the rating from a Buy to a Hold; and Travelzoo (TZOO) fell 11.8% to $31.16 as the same analyst cut the rating of Hold down to a sell.

ADC Telecom (ADCT) fell 7% to $13.67 after missing lowered EPS and lowering guidance again.

Micros Systems (MCRS) rose a sharp 20.5% to $46.35 after beating earnings expectations.

AnorMED (AOM) rose a massive 95% to $9.84 after Genzyme offered to acquire the the company in a rebuffed attempt declined by AnorMED; GENZ closed down 0.6% at $66.28.

Embraer (ERJ) ADR's rose 7% to $38.70 after winning a 100 jet order out of China.

Jon C. Ogg
August 30, 2006
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