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Thursday, August 31, 2006

Market Wrap August 31, 2006

The Dow was down .02% to 11,381.15. Nasdaq was off .09% to 2,183.75. The S&P was off .04% to 1,303.81.

The big action was in the telecom equipment sector and in M&A.

JDS Uniphase was pounded on poor guidance. The stock traded a breathtaking 130.2 million shares and was down 13.7% to $2.27.

JDSU competitor Ciena also gave disappointing guidance and announced a 1-for-7 reverse split. The stock dropped 8.4% to $3.95 on 70.6 million share.

Most big techs were off in a range from just under 1% to 2% including Intel, Sun, and Dell.

On the M&A front, GoldCorp's plan purchase of Glamis Gold sent the stocks in opposite directions. GoldCorp was off 9.2% to $27.66, and Glamis rose 18.7% to $46.12.

Few of the most actives on the NYSE were up. Pfizer, GE, Corning, Motorola and Qwest were all off modestly.

Douglas A. McIntyre

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