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Contributors: Douglas McIntyre Jon C. Ogg

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Friday, October 27, 2006

Market Wrap (Oct, 27, 2006)

DJIA 12,090.26; Down 73.40 (0.60%)
NASDAQ 2,350.62; Down 28.48 (1.20%)
S&P500 1,377.34; Down 11.74 (0.85%)
10YR-Bond 4.6750%
NYSE Volume 2,405,400,000
NASD Volume 2,186,806,000

The market was a bit weak early on the weak first look at the GDP reading of only 1.6% for Q3, compared to 2.0% estimates. Goldman Sachs killed chip stocks and the NASDAQ after their chip analayst in Asia issued a report saying that motherboard demand and orders may be falling off of a cliff.

On the Goldman report Intel (INTC) fell 3% to $21.10 and AMD (AMD) fell 2.9% to $20.86, Broadcom (BRCM) fell only 0.6% to $29.19, SanDisk (SNDK) fell 4% to $48.08, and the Semiconductor HOLDRs (SMH) fell 2.55% to $33.50.

Chevron (CVX) gained 0.27% to $67.68 after beating earnings, but had been up over $68.00 at new highs earlier in the session. The Oil Service HOLDRs (OIH) fell 2.4% to $134.77. (TSCM) fell another 9.8% to $9.36 after Avondale downgraded the shares today.

Krispy Kreme (KKD) rose 6% to $9.80 after Prudential started it with an Outperform rating.

Optium Corporation (OPTM) rose 12% to $19.60 after its IPO debut.

Rinker Group (RIN) rose 33% to $71.10 on a takeover offer from Cemex (CX), and CX fell 4.5% to $30.55.

Vertex (VRTX) closed up 17.6% at $40.66 after posting positive trial results regarding its hepatitis C drug.

Microsoft (MSFT) managed to hang on to close down only $0.01 lower at $28.34 after its earnings yesterday.

Sun Microsystems (SUNW) gained another 2.6% to $5.50 and put in new recent highs after it beat earnings again.

Red Hat (RHAT) gained 5% to $15.63 after it announced another share buyback after losing so much yesterday because it will now have Oracle competing against it.

Charter Communications (CHTR) rose another 8% to $2.29 after yesterday's rise.

XM Satellite (XMSR) rose almost 13% on the day to $11.94.

3Com (COMS) rose another 3.3% to $4.89 after more reports that private equity bids for its H-3C joint venture with Huawei may be in the $1.5 to $2.0 Billion range.
Netgear (NTGR) rose 16% to $27.48 after it beat earnings.

Mannatech (MTEX) closed down 16% at $14.94 on word of an Attorney General probe in Texas.

Celestica (CLS) closed down some 13%at $10.16 after its Q4 outlook was tepid.

Have a great weekend!!!!!

Jon C. Ogg

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