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Contributors: Douglas McIntyre Jon C. Ogg

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Tuesday, August 29, 2006

US Market Wrap (Aug. 29, 2006)

DJIA 11,369.94; Up 17.93 (0.16%)
NASDAQ 2,172.30; Up 11.60 (0.54%)
S&P500 1,304.28; Up 2.50 (0.19%)
10YR-Bond 4.783%

The markets started out weaker after a slow negative reaction to August Consumer Confidence coming in under the 100 parity mark, signalling more of a thud than a soft landing for the economy ahead. The minutes from the last FOMC meeting showed that the Fed was cognizant that continued rate hikes could harm the economy, but they also tried to telegraph that a pause in rate hikes did not translate to a definite end.

Microsoft (MSFT) fell 0.5% to $25.81 after "leaked" pricing came out on Windows Vista.

eBay (EBAY) rose another 5.5% to $27.21 on strong volume a day after its non-US advertising pact with Google.

SGX Pharma (SGXP) lost a stunning 41% to close at $2.71 after halting its key Phase II/III trials for AML.

Despite announcing a $3 Billion share buyback, Boeing (BA) gave up 1.2% to close at $73.81 as the street felt this was either wasteful or was not going to really occur.

Apple (AAPL) closed down another 0.75% to $66.48 after a free music download business from Universal may be coming.

ViroPharma (VPHM) rose 12.8% to close at $12.60 after announcing quite positive data on its Hepatitis C trials.

Rite Aid (RAD) rose another 0.9% to $4.30 after offering in-line guidance.

Armor Holdings (AH) rose 1.3% to $52.52 after getting an additional $73 million armored Humvee order.

CBRL Group (CBRL) rose 4.5% to $37.26 after posting stronger August sales at its core stores.

NVIDIA (NVDA) rose 4.6% to $28.66 after Pacific Growth started it as a Buy.

Brinker International (EAT) rose 4.7% to $38.56 after it announced a $450 million share buyback plan.

Time Warner (TWX) rose 0.6% to $16.54 on word that it has received bids for its AOL unit in Germany.

InfoSpace (INSP) fell 0.4% to close at $21.91 after an analyst at WRHambrecht initiated the company with a "Sell" rating, although the company was lucky because they had been down as low as $20.82 after the negative call.

Jon C. ogg
August 29, 2006

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