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Thursday, October 19, 2006

Market Wrap (Oct. 19, 2006)

The DJIA went back over 12,000 again and this time it stayed there. The Philly Fed failed to rattle the markets like before. Oil prices closed up 1.5% after the Saudis noted for an oil production cut.

After-hours: Google (GOOG) up over 5% on strong numbers. Broadcom (BRCM) was up initially, but down 1% on only 1% revenue growth forecast. SanDisk (SNDK) now down 9% on margins getting squeezed. SiRF (SIRF) now up 6% on higher revenues.

The Oil Service HOLDRs (OIH) closed up 3.4% at $132.85. Exxon Mobil (XOM) closed up 0.8% at $69.73 and valero (VLO) closed up 1.5% at $52.94.

eBay (EBAY) closed up 7% after beating earnings expectations; and the lower guidance was well tollerated.

Apple (AAPL) closed up almost 6% at$78.99 after beating earnings, and that was with conservative guidance.

During normal hours many bank stocks fell on earnings: Citigroup (C) -0.6% at $49.87, Washington Mutual (WM) -3% at $42.35, and J.P.Morgan -0.7% at $46.87.

Ryland (RYL) closed up 4% at $45.42 after beating earnings and putting FY2006 guidance ahead of the street.

Nokia (NOK) fell 2.5% to $19.35 after falling short of earnings estimates. Ericsson (ERIC) beat earnings, so it rose 3.8% to $36.91.

SAP (SAP) failed to impress the street with earnings and it closed down 3.3% at $50.06.

AMD (AMD) closed down 13% at $21.01 after yesterday's disappointing earnings.

Dell (DELL) stumbled some 6% at $23.12 after both gartner and IDC confirmed that H-P (HPQ) is now the number 1 PC shipper in the world for Q3.

Despite Pfizer (PFE) beating earnings and announcing buybacks and cost cuts, the next two years look weak; it closed down 1.5% at $27.68.

Susser Holdings (SUSS) gained 8% after its IPO debut on strong demand for the convenience store operators.

GE (GE) fell 0.8% to $35.28 after it announced it was shedding jobs at its NBC unit.

Bankrate.com (RATE) closed up almost 3% at $30.96 after Cramer said Yahoo! should acquire it.

Wal-Mart (WMT) gained 0.3% to $48.49 after announcing it would trump toy stores by slashing toy and game prices as a loss leader to get buyers in and after announcing it would start its prescription drug plan in 14 more states.

Jon C.Ogg
October 19, 2006
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