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Contributors: Douglas McIntyre Jon C. Ogg

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Tuesday, October 17, 2006

Market Wrap (Oct. 17, 2006)

DJIA 11,950.02; Down 30.58 (0.26%)
NASDAQ 2,344.95; Down 18.89 (0.80%)
S&P500 1,364.05; Down 5.00 (0.37%)
10YR-Bond 4.778%

The markets decided to take a breather today. We saw near-record foreign inflow numbers for US securities, but the PPI showed a +0.6% on an ex-food and energy basis for September.

Before wrapping the day up, it should be noted that after-hours trading is quite mixed with IBM (IBM) up +5.6% at $91.85; Intel (INTC) up 2.6% at $21.45 from its -3.3% close. Motorola (MOT) is now -7.5% at $22.99 after its miss, and Yahoo! (YHOO) is down 2.5% more at $23.53.

Lear (LEA) closed up 15% at $28.34 after financier Carl Icahn invested $200 million in the company.

MetLife (MET) gained 0.5% to $57.42 after selling its Peter Cooper/Stuyvesant Town proprties in New York City for some $5.4 Billion.

The CBOT (BOT) gained a sharp 13% to $151.99 after the Chicago Mercantile Exchange (CME) agreed to acquire the company for roughly a 16% premium; CME closed up 2.6% at $516.50.

Icos (ICOS) rose over 15% to $31.50 after Eli Lilly agreed to acquire the company.

Broadwing (BWNG) rose 19% to $15.90 after Level 3 (LVLT) made a cash and stock offer to acquire the company; LVLT also rose 135 to $6.02.

Merrill Lynch (MER) rose 0.5% to $84.52 after handily beating earnings, but the Blackrock numbers were part of the reason for exceeding estimates.

Adtran (ADTN) fell over 7% to 23.49 after beating estimates, but guiding lower.

Lumera (LMRA) continued its run closing up 15% to $5.65 after its exponential gains from high-speed data test results yesterday.

Greenbrier Co's (GBX) rose a sharp 9% to $37.30 after beating their earnings expectations.

Sapient (SAPE) fell over 13% to close at $5.06 after it will miss estimates.

A.O.Smith (AOS) fell 11% at $38.91 after failing to hit all of its earnings targets.

Callaway Golf (ELY) fell over 10% to $12.61 after noting it would post a loss.

Werner (WERN) fell 7.4% to $18.62 after missing earnings targets.

Jon C. Ogg
October 17, 2006
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