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Contributors: Douglas McIntyre Jon C. Ogg

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Monday, September 25, 2006

Market Wrap (Sept. 25, 2006)

DJIA 11,575.81; Up 67.71 (0.59%)
NASDAQ 2,249.07; Up 30.14 (1.36%)
S&P500 1,326.37; Up 11.59 (0.88%)
10YR-Bond 4.555%

Dallas Federal Reserve President Richard Fisher noted that inflation would be dampened by a slowing economy, and he said that while the housing and autos are weak the rest of the U.S. economy is going quite well. The market absorbed its first year-over-year housing price drop and cheered oil as Iran said its nuclear negotiations were coming alomg. The market also rose on weekend rumors that Osama Bin Laden had died from a water-borne illness.

Acorda (ACOR) ran an astonishing 282% for a near quadruple to close up at $8.50 after posting strong drug trial data in its Multiple Sclerosis treatment.

Time Warner (TWX) ran 2.2% to $18.13 after getting an upgrade from both Sanford Bernstein and from Morgan stanley.

Apple (AAPL) rose an extra 3.7% to $75.75 after ThinkEquity raised its price target to $100.00.

Qualcomm (QCOM) rose 2.1% to $38.67 after licensing its CDMA 3G technology in India.

Altria (MO) fell a sharp 6.3% to $77.06 after a judge certified a large group of suits over "Lights" as less damaging than regular cigarettes that could expose the company to another massive judgement in the billion of dollars. the fact that this may delay Kraft's (KFT) divestiture cause KFT to rise on hopes of lower dilution any time soon.

Walgreens (WAG) fell 5% to $44.47 after meeting its earnings expectations on an EPS basis.

Warrior Energy Services (WARR) rose a sharp 68% to close at $24.22 after it received a buyout offer.

Maritrans (TUG) rose more than 40% to $36.57 after it received a $37.50 cash buyout from Overseas Shipholdings (OSG); OSG fell only 1% to $60.11.

A group of 3 biotechs ran sharply on prostate cancer studies: Spectrum Pahrma (SPPI) rose 45% to $5.08; GPC Biotech AG (GPCB) rose 34% to $18.77; and Pharmion (PHRM) rose 20% to $21.61.

Educate (EEEE) rose 15% to $8.13 after getting a buyout from a private equity group.

DJO Inc (DJO) rose a sharp 9.4% to $41.85 after beating its earnings.

Ethen Allen (ETH) fell 4.6% to $35.01 after it slightly lowered its guidance on revenues.

Microsemi (MSCC) fell 14% to $19.59 after it lowered guidance.

FortuNet (FNET) fell a sharp 13% to $10.06 despite being awarded a certification from the Nevada Gaming Commission.

Cryptologic (CRYP) fell a sharp 11% to $23.93 after announcing it was reorganizing, cited a new CEO, and decided to move its HQ to Ireland.

Jon C. Ogg
September 25, 2006
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