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Wednesday, September 27, 2006

Market Wrap (Sept. 27, 2006)

DJIA 11,689.24; Up 19.85 (0.17%)
NASDAQ 2,263.39; Up 2.05 (0.09%)
S&P500 1,336.59; Up 0.25 (0.02%)
10YR-Bond 4.594%

Oil was a wild day and the market digested mixed news about good consumers and bad consumers. Stocks saw profit taking as oil prices rebounded. An increase in new home sales had helped investors shrug off a weak durable goods report earlier in the session.

ExxonMobil (XOM) closed up 1% at $67.13, but had been down at $66.14 at one point today.

DivX (DIVX) rose a large just three days after its IPO because Jim Cramer said it was mispriced and could be the next Akamai opportunity.

Genentech (DNA) also rose 4.6% to $83.34 and Walgreens (WAG) rose 0.3% to $45.26 on Cramer's comments from last night.

Time Warner (TWX) closed down $0.01 because of very late day selling to close at $18.59 on some 58 million shares.

Hewlett-Packard (HPQ) fell 0.8% to $35.39 after its chief legal counsel left the company and on word that Moody's had placed the "review for a credit upgrade" decision on hold due to its ongoing woes.

Amgen (AMGN) rose 1.9% to close at $72.14 at the very end of the day as the FDA approved its advanced colorectal cancer treatment; Imclone for 2% to $28.75 on this news as it may compete against Erbitux.

Frontier Oil (FTO) rose 3.4% to $27.06 after Bank of America raised the sector to a Buy and after Seven Eleven dumped Venezuela's CITGO as its fuel supplier for calling President Bush the Devil. FTO is said to be one of the suppliers that will get the business.

Red hat (RHAT) choked up and fell 23% to $20.21 on more than 62 million shares after it gave an earnings warning last night.

GM (GM) rose some 2.7% to $32.28 after word that it was seeking some $7 Billion from Carlos Ghosn for it to enter a partnership. Ford (F) fell 4.8% to $8.00.

Bearing Point (BE) fell 8% to $7.78 as it will miss a filing date and is in default of its credit pacts.

Acorda (ACOR) gave back a large amount of its two day exponential profits by falling some 18%, or $2.00, to close at $9.00.

Jon C. Ogg
September 27, 2006
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