Insightful analysis and commentary for the US and global equity investor
Contributors: Douglas McIntyre Jon C. Ogg

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Tuesday, October 24, 2006

Market Wrap (Oct. 24, 2006)

DJIA 12,128.92; Up 12.01 (0.10%)
NASDAQ 2,345.02; Down 10.54 (0.45%)
S&P500 1,377.36; Up 0.34 (0.02%)
10YR-Bond 4.824%

The markets managed to close up again, and still over the 12,100.00 mark. First, please forgive any gaps in "Market Wrap" coverage, because it is literally possible to do a novella each day when it is earnings season. We will likely be covering the top 10 to 15 movers on earnings and on other organic news each day during earnings season.

BP Plc (BP) rose 0.6% to $68.29 despite its earnings posting a 3% decline from last year.

Coach (COH) rose a sharp 7.9% to $39.21 after beating earnings expectations and giving good body language for the holiday season.

Martha Stewart (MSO) rose over 4% to $21.51 as talk continued that it could go private.

Clear Channel (CCU) closed up 1.3% at $32.20 after CNBC's David Faber reported that the Mays family may be more open to an LBO now than in the past.

Lumera (LMRA) had been up another 12% on short squeeze talks, but closed up 4% after sellers came in.

Lucent (LU) rose 6.4% after beating earnings and even merger partner Alcatel (ALA) rose 7.1% along with it after missing estimates but saying it was taking market share from Huawei and others.

The PowerShares Listed Private Equity Index ETF (PSP) rose $0.10 to $25.10 on its debut to trading, but traders need to be aware it only has a 0.703 coefficient ratio to teh S&P 500,

DuPont (DD) rose some 1.2% to $46.00 after it posted higher earnings than plan because it managed energy costs.

Jet Blue (JBLU) rose 4.7% to $11.67 after it essentially broke-even, although the net result was -$500,000.00 on a net basis.

Lockheed Martin (LMT) rose 1% to $89.11 fater beating its earnings expectations.

Texas Instruments (TXN) fell 4.2% to $30.52 despite a record quarter, mainly because its outlook was cautious.

Level 3 (LVLT) managed to close down only 2% at $5.66 after posting lighter revenues and earnings, but it may have been a lack of the street calculating the Software Spectrum unit sale. It had been down 5%.

Smith International (SII) rose 4.2% to $39.83 after beating earnings, taking up oil service and driller names after a weak quarter. Halliburton (HAL) also rose again by

Cisco Systems (CSCO) gave back 0.37% to $24.34 as reports of insider selling surfaced.

Netflix (NFLX) rose 18.6% to $27.37 after beating earnings yesterday and slightly raising targets, muting fears that the company would slow its growth.

Amgen (AMGN) rose 2.1% to $74.94 after the biotech behemoth beat earnings estimates last night.

Jon C. Ogg
October 24, 2006

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