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Thursday, October 05, 2006

Market Wrap (Oct. 5, 2006)

DJIA 11,866.69; Up 16.08 (0.14%)
NASDAQ 2,306.34; Up 15.39 (0.67%)
S&P500 1,353.22; Up 3.00 (0.22%)
10YR-Bond 4.608%

The European Central Bank hiked its overnight equivalent rates to 3.25% and signalled it may need to hike further. It didn't matter to US investors. Abbey Joseph Cohen of Goldman Sachs issued an 8% higher forecast for the S&P 500 Index out 1 year to the end of Q3 2007.

Energy patch names closed up on the day with the Oil Services HOLDRs (OIH) closing up 2.5% at $125.65 and Exxon Mobil (XOM) closing up 1% at $67.32.

Ikanos Communications (IKAN) fell a sharp 29% after it warned its earnings would miss.

Marriott (MAR) rose 6.5% after the company posted an earnings drop thatr was not as bad as expected.

Starbucks (SBUX) closed up 7.5% at $38.69 after the company said s-s-s were +6%, and making Cramer feel omniscient.

Goodyear Tire & Rubber (GT) fell 0.3% to $14.24 after its union workers went on strike.

Boeing (BA) closed down 0.4% at $83.62 on profit taking after Airbus' CEO was quoted as saying that Boeing had a 10 year jump on them.

Shares of (MAMA) rose 42% to $1.94 after chat room traders started discussing the ties to AOL's new OpenRide. The first real tie was actually a Red Herring back on October 3, so it wasn't really new.

Wal-Mart (WMT) fell after it rewleased disappointing sales and ramping up its drug offerings sooner.

Did anyone notice Berkshire Hathaway (BRK/A) actually traded at $100,000.00 although it closed at $98,995.00.

Apple (AAPL) managed to close down only 0.7% at $74.83 after the company disclosed that Steve Jobs knew of backdating occasions but didnt personally profit and didn't know about accounting implications.

Acorda (ACOR) rose another 29% to $13.57 after raising cash.

Novatel Wireless (NVTL) closed flat at $9.45 despite raising its internal targets.

Best Buy (BBY) rose 0.4% to $56.85 after saying it would launch an online music store offering with SanDisk's (SNDK) MP3 player; SNDK closed down 1.4% to $55.58.

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