Insightful analysis and commentary for the US and global equity investor
Contributors: Douglas McIntyre Jon C. Ogg

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Friday, November 03, 2006

Market Wrap (Nov. 3, 2006)

DJIA 11,986.04; Down 32.50 (0.27%)
NASD 2,330.79; Down 3.23 (0.14%)
S&P 500 1,364.30; Down 3.04 (0.22%)
10YR-Bond 4.715%; Up 0.119
NYSE Volume 2,393,008,000
NASD Volume 1,829,823,000

Today was actually the 6th straight day of DJIA losses. What a difference a week makes. The jobs report of only 4.4% unemployment, and the government revised job creations higher for the last 2 months.

Wal-Mart (WMT) announced price cuts in electronics that were far too deep to be profitable. It hurt Best Buy (BBY) 1% down and Circuit City (CC) 0.6% down and even WMT fell 1.57% to $47.53.

AT&T (T) fell 0.88% to $33.72 after the FCC delayed its review with BellSouth (BLS) another time.

Apollo Group (APOL) fell another 2.7% to $35.02 after its CFO resigned and after placing another executive on leave over options issues.

Higher oil prices on fears about Nigeria attacks. Exxon (XOM) rose 1.35% to $72.15 and Oil Service HOLDRs (OIH) rose 3.2% to $135.85.

Video gamers had a good day. Electronic Arts (ERTS) beat earning sand raised guidance, making ERTS rise more than 11% to $59.24. THQ Interactive (THQI) was up most of the day after beating earnings, but tepid guidance made it close down 0.33% to $30.00. GameStop (GME) rose 6.4% to $53.52.

Neurocrine Bio (NBIX) fell a sharp 30% to $7.72 after it delayed Indiplon studies to the point that they do not expect FDA review until Summer 2008.

Whole Foods (WFMI) fell 23% to $46.26 after it met estimates but gave very conservative guidance for 2007.

Stellent (STEL) gained 26% to $13.40 after Oracle announced it was acquiring the company.

ORBCOMM (ORBC) priced its IPO at $11.00, but closed down at $7.75. Smells like the old Vonage deal.

JDS Uniphase (JDSU/JDSUD) gained 16% to $16.58 after beating earnings targets.

Gateway (GTW) closed flat, despite manageing to post positive earnings after a gain.

Westermn Digital (WDC) rose 5.2% to $18.94 after beating earnings expectations.

Aquantive (AQNT) fell 20% after it met earnings targets but posted light revenues and guided revenues down for the next quarter.

Have great weekend. Don't forget the elections are next week.

Jon C. Ogg
Nov. 3, 2006
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