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Tuesday, September 19, 2006

Market Wrap (Sept. 19, 2006)

DJIA 11,540.91; Down 14.09 (0.12%)
NASDAQ 2,222.37; Down 13.38 (0.60%)
S&P500 1,318.31; Down 2.87 (0.22%)
10YR-Bond 4.737%

Today had been a flat to only slightly down day on weak economic activity maybe signaling more of a slowdown than a soft landing scenario. Then late in the morning we had word of a coup in Thailand that brought back bad market memories of the 1997 Thai Baht devaluation that led to the 1998 Asian meltdown. We are also only 1 day ahead of the Federal Reserve decision on rates. This snapped a 7 day rally in the NASDAQ, but the markets all recovered sharply at the end of the day.

There are a couple of direct investment vehicles that can played for Thai trading. The Thai Fund (TTF) closed odwn 3.8% at $8.65 and the Thai Capital Fund (TF) closed down 4.4% at $9.70.

Yahoo! (YHOO) added fuel to the fire by saying that revenues would come in at the lower-end of prior expectations. YHOO fell 11% to $25.75; but this sent other digital/ad plays significantly lower as well with Google (GOOG) down 2.6% at $403.81, IAC/Interactive (IACI) down 1.5% at $27.97, ValueClick (VCLK) down 3.3% at $16.65, and even the Internet HOLDRs (HHH) closed own 4.6% at $47.11.

Introgen (INGN) rose 4.9% to $4.50 after a report showing it worked well with avastin in models of lung cancer.

Maxim Integrated (MXIM) fell 4.8% to $29.84 after lowering guidance.

DaimlerChrysler (DCX) actually rose 0.2% to $49.29 after it cut production targets.

Napster (NAPS) rose a sharp 13% to $4.01 after it hired UBS to review strategic alternatives.

Microsoft (MSFT) rose 0.25% to $26.86 after releasing a beta of its answer to YouTube, although this really looks like a me too product.

Disney (DIS) rose 1.3% to $30.47 after a it released its version of an audio/video player.

Sirius Satellite Radio (SIRI) fell 6% to $3.86 after the New York Post ran rumors that shock-jock Howard Stern may be leaving for a terrestrial radio contract.

Arctic Cat (ACAT) fell 3.5% to $16.19 after it announced a recall of some 50,000 snowmobiles.

Symbol Tech (SBL) rose only 0.5% to $14.75 after it has already priced in the $15.00 buyout price offered by Motorola in yesterday's trading.

Imclone (IMCL) fell 4.4% to $29.16 after a court ruling went against the company that invalidated the rights to its Erbitux patent as the court ruled in favor of an outside research group. IMCL was lucky as it was down over 10% pre-market.

Juniper Networks (JNPR) rose 2% to $15.91 after a financing and reseller pact with IBM was expanded.

Hansen Natural (HANS) rose almost 6% to $35.19 after it implemented the Anheuser-Busch wholesale distribution in key markets.

Autozone (AZO) rose 4.8% to $98.67 after it beat earnings expectations with $2.96 EPS vs $2.80 estimates.

ImageWare Systems (IW) rose 26% to $1.75 after a guest on CNBC showed its biometric software as a real potnetial second or third tier winner in the government biometric arena.

Akamai (AKAM) fell 2% to $45.47 after Piper Jaffray cut the hi-flyer to a "Market Perform" on valuations.

Time warner Inc. (TWX) rose 1.45% to $17.39 on positive comments at the Goldman Sachs conference and it closed well above its 200 day moving average.

Jon C. Ogg
September 19, 2006
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