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
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
posted by douglas mcintyre at 4:44 PM
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