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Contributors: Douglas McIntyre Jon C. Ogg

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Tuesday, October 31, 2006

Market Wrap (Oct. 31, 2006)

DJIA 12,080.73; Down 5.77 (0.05%)
NASDAQ 2,366.71; Up 2.94 (0.12%)
S&P500 1,377.94; Up 0.01 (0.00%)
10YR-Bond 4.6060% ; Down 0.067
NYSE Volume 2,712,865,000
NASD Volume 1,888,631,000

The Conference Board said its October consumer fell to 105.4 from 105.9 the month before, and that was well under the 107.7 consensus estimate. The 10-year treaury was 6 basis points lower on the weak number and on concerns after Wal-Mart's weak sales numbers yesterday. Oil remained lower after doubts prevailed that OPEC will really cut any production.

Eastman Kodak (EK) traded up 2.7% to $24.39 after its losses narrowed to $37 million.

IBM (IBM) Rose 0.9% to $92.33 after it added $4 Billion to its share buybacks.

SiRNA (RNAI) essentially doubled with a 95% gain to $12.63 after Merck announced it would acquire the company for $1.1 Billion.

Martha Stewart (MSO) rose 4% to $21.05 after the media company posted narrower losses and higher revenue additions.

(UARM) Under Armour beat earnings, although its guidance was somewhat under what many were hoping for. UARM fell 0.8% to $46.35.

Biogen-Idec (BIIB) rose a sharp 8% to $47.60 after it beat earnings with $0.60 EPS vs $0.48 estimates.

(NVAX) Novovax traded up 9%to $4.47 after the CDC said it would evaluate its bird flu vaccine.

Proctor & Gamble (PG) fell 0.66% to $63.39 despite slightly beating bottom-line numbers. The street was cautious on its revenues and profit taking prevailed.

UAL (UAUA) fell 2% to $35.94 after its $190 million in net income was actually a tad lighter than expectations at $1.40 EPS vs $1.43e.

Hansen Natural (HANS) rose 1.3% even after it received a stock options inquiry regarding options from 1996 to the present.

IAC/Interactive (IACI) rose almost 4% to $30.98 after the company posted $0.35 EPS vs. $0.33 estimates.

Entrust (ENTU) rose 4.4% to $3.76 after winning a data protection pact from Expedia.

DivX, Inc. (DIVX) fell 10% to $22.84 after beating revenue projection, but profit taking hit the shares and valuations at well-over 10-times revenues.

Vonage (VG) actually beat revenue projections and gave a Q1 2008 for its first anticipated real profitable quarter; VG fell 7% to $6.88 after the bears won today's argument.

CBRL Group (CBRL) rose 2.8% to $43.91 after it agreed to sell its Logan's Roadhouse unit outright to a private equity venture rather than pursue an IPO as it had originally planned.

Maidenform Brands (MFB) rose 2.5% to $22.15 after it filed to sell 7.8 million shares for selling holders.

Qwest Communications (Q) fell 4.2% to $8.63 despite beating earnings expectations.

Trammel Crow (TCC) rose a large 24% to $48.75 after CB Richard Ellis agreed to acquire the company.

Cisco (CSCO) replaced Ciena (CIEN) on Goldman Sachs Conviction Buy List; CSCO rose 0.95% to $24.13 and CIEN fell 0.5% to $23.51.

Earnings tomorrow morning: CI, CLX, COL, DB, DVN, GRMN, MMC, MYL, PRU & TWX.
Wednesday we have weekly oil inventories at 10:30 AM EST.

Jon C. Ogg
October 31, 2006

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