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Contributors: Douglas McIntyre Jon C. Ogg

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Wednesday, November 15, 2006

Market Wrap (Nov. 15, 2006)

DJIA 12,251.71; Up 33.70 (0.28%)
NASDAQ 2,442.75; Up 12.09 (0.50%)
S&P500 1,396.57; Up 3.35 (0.24%)
10YR-Bond 4.615%; Up 0.047
NYSE Volume 2,857,269,000
NASD Volume 2,074,955,000

US Airways (LCC) rose some 16.75% to $59.46 after it made an offer to acquire Delta Airlines for some $8 Billion in stock and debt. Other airlines traded up in response to a consolidating industry: UAUA traded up 9% to $39.99, CAL traded up 12.6% to $43.21, AAI traded up 16% to $12.82, and JBLU traded up 7.4% to $15.13.

Emergent BioSolutions (EBS) was another dismal IPO that traded as a broken deal. It priced at $12.50, under the range and closed down even lower at $11.70.

Comverse Tech (CMVT) gave up a sharp 14% to $17.69 after the company disclosed accounting irregularities and problems on revenue recognition back to 2002, and that is after its ongoing options SNAFU.

CDC Corp (CHINA) traded up 10% to $7.80 after it outperformed earnings estimates.

Embrex (EMBX) traded up39% to $16.64 after Pfizer’s animal health unit acquired the company for $17 per share.

Trimeris (TRMS) rose 20% to $12.03 after the company realigned its focus on its HIV drug Fuzeon.

e-Future Information (EFUT) finally fell 31% to $29.89 after several days or parabolic gains after its recent thin volume IPO.

Tripos (TRPS) was the largest percentage loser by falling 60% to $0.62 after posting a loss and selling its discovery research unit.

SunTrust Banks (STI) rose 1.3% to $80.26 after the company announced a planned succession to its CEO, partly on thought that it could be acquired.

Grainger (GWW) rose 3.5% to $73.57 after it raised the guidance range to where the mid-point was above consensus estimates for fiscal 2007.

Prudential (PRU) rose 1.8% to $81.00 the day after it allocated $3 Billion to share buybacks.

Corel (CREL) fell 0.9% to $12.84 after Entrust (ENTU) filed a copyright infringement suit against the company.

StemCells (STEM) rose 5% to $3.34 after it was announced that the company performed its first neural stem cell transplant.

Vanda Pharma (VNDA) rose a sharp 52% to $14.90 after it posted positive insomnia treatment results for jet setters and those with infrequent sleep issues.

Sify Ltd. (SIFY) fell 2.2% to $9.47 after its CFO was leaving to pursue other interests.

Jon C. Ogg
November 15, 2006
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