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Contributors: Douglas McIntyre Jon C. Ogg

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Tuesday, September 12, 2006

Market Wrap (Sept. 12, 2006)

DJIA 11,498.09; Up 101.25 (0.89%)
NASDAQ 2,215.82; Up 42.57 (1.96%)
S&P500 1,313.12; Up 13.58 (1.04%)
10YR-Bond 4.773%

We had a foiled attack on our embassy in Syria today and our trade deficit rose to a record $68 Billion because of high oil prices. The NASDAQ and S&P put in new near-term highs, and some people warn every year that September is often a horrible month for equities. Oil fell another3% to under $64/barrel.

Apple (AAPL) was one of the most watched stocks today and rose 0.18% to $72.63 on releasing the details of its new iPod features and pricing, plus its new iTV, and downloadable games and movies formats.

Goldman Sachs (GS) beat earnings expectations and traded up over $7.00 to $158.29.

McDonalds (MCD) rose 2.9% to $38.20 on stronger than expected store sales for August.

Bristol-Myers Squibb (BMY) rose 3.9% to $24.32 after they finally fired that CEO Dolan and the general counsel.

Hewlett-Packard (HPQ) rose 1.5% to $36.92 after Patricia Dunn left the company because of the board leak information and all the scandal over tapping peoples phone records.

Home Depot (HD) rose 4.5% to $36.66 on market chatter that Eddie Lampert had accumulated shares in the struggling home improvement pig, but it may just be that the street was hoping the board saw what happened at HPQ and at BMY when they get rid of a poorly respected head of the company.

Tech stocks continued their march forward, with the Semiconductor HOLDRs (SMH) being up 2.8% to $34.57. The Oil Service HOLDRs (OIH) continued their slide by falling another 0.75% to $124.85.

While some questioned Best Buy (BBY) about guidance and while it opened negative on the day, the company rose a large 9.1% to $52.14 as investors realized the company was actually doing well and was running lean.

Univision (UVN) rose another after reports continued that Televisa is still considering a counterbid for the company.

VeriSign (VRSN) rose 5.5% to $20.79 as the company sold a majority stake of its Jamba mobile unit to NewsCorp as part of a joint venture for $188 million.

Gannett (GCI) fell 1.8% to on reports that it posted lower ad sales yet again.

NTL Holdings (NTLI) fell 1.3% to $26.55 after NASDAQ sent it a non-compliance notice.

Also an investment advisory and closed-end fund manager Calamos (CLMS) rose 7.7% to $28.15 as it showed that its assets under management in August rose some 7%.

Cisco (CSCO) lovers have to be happy as that stock put in a new two-year-high on strong volume, closing up 2.1% at $22.65 as investors just can’t get enough of the name.

Jon C. Ogg
September 12, 2006
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