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Wednesday, September 13, 2006

Market Wrap (Sept. 13, 2006)

DJIA 11,543.32; Up 45.23 (0.39%)
NASDAQ 2,227.67; Up 11.85 (0.53%)
S&P500 1,318.07; Up 4.96 (0.38%)
10YR-Bond 4.765%

Today started out as a mixed bag on Wall Street. The markets started slow, then caught some bids, and managed to close up again. That isn’t bad considering the recent re-interest in what is supposed to be a bad month, particularly since this was the first up day in the oil markets. The head of Saudi’s ARAMCO also said he thinks that only 18% of the world’s oil supplies have been tapped.

The big mover today was perhaps the big mighty Google (GOOG). Last night Jim Cramer on MAD MONEY said he thought the big GOOG was very cheap and he would aggressively acquire the stock. He even noted that it was worth $500.00. Shares of GOOG rose 3.7%, or $14.67, to close at $406.57.

Cramer gave a late day BUY Recommendation on Time Warner (TWX) as well, but it still closed lower by 0.3% at $16.98.

Lehman (LEH) rose 3% to close at $70.05 after it posted slightly higher income over street expectations.

As oil rose, so did the Oil Service HOLDRs (OIH) with shares closing up over 3% at $128.60.

Ford (F) rose 1.4% as the company plans more expense cuts from its worker salaries, and possibly from Cramer saying it was going to $10 to $12 last night.

Univision (UVN) gave back 0.9% to close at $35.05 after Bear Stearns downgraded the company.

Apple (AAPL) rose 2% to $74.20 one day after it big product announcements, but Micron (MU) is apparently not going to benefit from the deal. MU fell 2.5% to $18.00.

KFX (KFX) fell a whopping 18% to $11.60 after it released negative test results at the FirstEnergy facility. You can expect Asensio to be out slamming them over this tomorrow if he hasn’t already. The shares were later halted.

Shares of gap Inc. (GPS) rose 2.3% to $17.48 to about a two-month high after Lehman raised its rating to an Overweight and gave it a $21.00 price target. It traded 12.5 million shares, double its normal activity.

Shares of Merck (MRK) also fell another 2.5% to $41.09 as a truly independent report showed that the risks of Vioxx were evident much faster than 18 months as the company had shown.

International Coal (ICO) gave up a whopping 13.5% to close at $4.78 after it lowered guidance and lowered production targets. It is still having a hard time recovering from its market and from its mining accidents.

Hewlett-Packard (HPQ) fell 1.5% to $36.37 after the California Attorney General said he has enough evidence for criminal indictments based on their recent shenanigans.

Marvell Tech (MRVL) fell over 2% to $18.92 after it received a non-compliance letter from NASDAQ.

Energy Conversion Devices (ENER) rose 12% to $37.20 after it posted a much narrower loss than expected on higher revenues.

Wynn Resorts (WYNN) fell almost 3% to $73.91 despite its debt upgrades from Moody’s and S&P.

Jon C. Ogg
September 13, 2006
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