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Friday, September 29, 2006

Market Wrap (Sept. 29., 2006)

DJIA 11,679.07; Down 39.38 (0.34%)
NASDAQ 2,258.43; Down 11.59 (0.51%)
S&P500 1,335.85; Down 3.30 (0.25%)
10YR- Bond 4.633%

Today was the end of the quarter, and it felt like the big fund mark-ups and window dressings took place earlier in the week. We had flat economic numbers that didn't show a runaway inflation with +0.3% income, +0.1% spending, core PCE +0.2%, core PCE yr/yr was +2.5%. The Chicago purchasing managers index was 62.1, making the weak Philly Fed reading early this week irrelevant. University of Michigan Confidence Reading was 85.4, which is compiled by students and has been referred to as the country club housewives' confidence index.

Research in Motion (RIMM) blew past numbers and raised guidance, so shareholders blew off its statement that internal options investigations would lower past earnings. RIMM closed up 19% at $102.65.

An article where president Bush pledged to increase alternative fuels spending caused rallies in small alternatives: Capston (CPST) +12% at $1.40; Quantum Fuels (QTWW) +14 %at $1.98; and Active Power (ACPW) +27% at $2.50.

Bare Escentuals (BARE) priced its IPO at $22.00, well above the $15 to $17 range; it closed at $27.15.

Shutterfly (SFLY) priced its IPO at the top of its range at $15.00; it closed up at $15.55.

H-P (HPQ) rose 2% after Mark Hurd alleved fears on Capitol Hill that the company was rotten to the core.

Dell (DELL) fell 0.5% to $22.84 after adding another 100,000 laptop batteries to its recall.

Labopharm (DDSS) lost 22%to close at $5.65 after the FDA did not give it an approval.

Sanders Morris Harris (SMHG) fell 11.7% to close at $12.51 after it had to price its 5 million share secondary well under current market prices.

Advanta (ADVNB) fell 1.8% to $36.90 despite rumors that Citigroup may be interested in the $1 Billion company.

Acorda Therapeutics (ACOR) rose over 5% to $9.15 on the day after Piper Jaffray raised its rating to an Outperform. ACOR had over a 300% rise this week on its MS studies.

AZZ Inc (AZZ) rose 14% to $36.50 after beating earnings handily and raising guidance.

Thai Fund (TTF) rose almost 5% to $9.90 on hopes out of Thailand.

Have a great weekend!!!!

24/7 Wall St.

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