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Contributors: Douglas McIntyre Jon C. Ogg

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Wednesday, October 25, 2006

Market Wrap (Oct. 25, 2006)

DJIA 12,134.68; Up 6.80 (0.06%)
NASDAQ 2,356.59; Up 11.75 (0.50%)
S&P500 1,382.22; Up 4.84 (0.35%)
10YR-Bond 4.775%

Today didn't feel like a Fed day. The FOMC did not make any rate changes, but still took the "inflation is still at the higher-end of our range." Existing home sales posted yet another lower level, making six months now. (AMZN) was a real winner of the big-caps trading Up 12% to $37.68 after beating earnings and guiding to a level the street liked, even though the nay-sayers still came out in full force.

GM (GM) fell 4% to $34.71 after posting a smaller loss after you back out tax gains and items from GMAC's finance operations. DaimlerChrysler stock conversely rose 4.5% to $54.68.

Level 3 (LVLT) fell 4.7% to $5.39 after pricing $600 million in notes.

GateHouse Media (GHS) priced its IPO at $18.00 and was so well received it rose to $21.17; and this whole time you thought newspapers were dead.

Eagle Rock Energy (EROC) gave a poor IPO. It priced its offering at $19.00, already at the low-end of the range, and then falling down to $18.00.

Ikanos (IKAN) fell 6.6% to $7.58 after its CEO left the company.

Apple (AAPL) closed up 0.8% at $81.68 despite more articles about iPod and iTunes hacks.

Applied Digital (ADSX) rose a sharp 31% after getting an implantable chip patent for the Digital Angel.

Lifecell (LIFC) fell a sharp 25% to $23.83 after it lowered guidance.

Altria (MO) gained 2,8% to $82.10 after beating earnings and setting January as the KFT spin-off date.

Corning (GLW) fell 8.8% to $21.10 after it was downgraded to Neutral at UBS.

KLA-Tencor (KLAC) rose 8% to $49.59 after beating earnings.

Seagate Tech (STX) rose 6% to $22.43 after the street was more than comfortable with its earnings.

Semiconductor buying today fuelled the Semiconductor HOLDRs (SMH) up 2.1% to $34.04.

F P L Group (FPL) rose 3.3% to $49.77 after its Constellation deal was terminated.

Forest Labs (FRX) fell another 2.7% to $48.08 after halting its stroke trial. Where is Billy Squier whan you need him?

Novatel Wireless (NVTL) fell 9.1% to $8,43 after the street shrugged over its earnings.

(SWK) Stanley Works fell almost 7% to $47.98 after it warned.

Jon C. Ogg
October 25, 2006

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