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Contributors: Douglas McIntyre Jon C. Ogg

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Thursday, November 09, 2006

Market Wrap (Nov. 9, 2006)

DJIA 12,106.11; Down 70.43 (0.58%)
Nasdaq 2,376.01; Down 8.93 (0.37%)
S&P500 1,378.79; Down 6.93 (0.50%)
10YR-Bond 4.633%
NYSE Volume 2,965,996,000
NASD Volume 2,337,245,000

When is a $64.3 Billion Trade Deficit for any single month considered good news? When it is about 7% lower than the August reading of $69 Billion because of lower oil prices is when. Our trade deficit with China alone was $23 Billion. Weekly jobless claims fell 20,000 this week to 308,000. We also now look like we officially have a democratic-led Congress now that the last senate race has been tallied.

Cisco (CSCO) ruled the roost today. After it beat earnings and raised guidance the shares rose 6.5% to $26.72.

Congratulations go out to KBW Inc, (KBW). Its IPO of 6.8 million shares went out at a $21.00 pricing, but it opened at $26.00, and closed at $26.90.

Canadian Solar (CSIQ) rose to a close of $15.63 after it priced its 7.7 million share IPO at $15.00 per share.

3M (MMM) sold 3 of its pharaceutical operation for $2.1 Billion in 3 transactions, but its shares actually slid 0.65% to $78.90.

As oil prices went up and after Cramer annointed ExxonMobile (XOM), XOM rose 1.1% to $74.63 and the Oil Service HOLDRs (OIH) fell 0.1% to $139.75.

Time Warner (TWX) rose 0.97% to $19.83 after pricing $5 Billion in debt securities with funds to be used as refinancing funds and for stock buybacks.

NewsCorp (NWS) rose 0.9% to $22.06 after it beat earnings.

Viacom (VIA) fell 3.1% to $38.43 after it posted lower earnings on movie results.

Perrigo (PRGO) fell 5.6% to $17.00 after it had 11 million viles of acetomenophine recalled because of small metal scraps inside.

Pfizer (PFE) fell almost 3% to $25.85 on fears that the company would be barred for presenting Lipitor successor data next week.

J.C.Penney (JCP) rose 2% to $79.75 after better than expected earnings.

Harley Davidson (HOG) only fell 1% to $71.45, despite the fact that it was downgraded at R.W.Baird and A.G.Edwards in seperate calls this morning.

Deutsche Bank (DB) only fell 0.3% to $125.84 despite the brokerage arm of it getting kicked out of the hertz IPO today because of an employee sending improper emails to 175 institutional clients a week ahead of the offering.

Lennar (LEN) fell 1% to $44.79 after its Chairman died yesterday.

Qualcomm (QCOM) fell 4% to $34.83 after having some fair trade investigations surface in Japan.

Urban Outfitters (URBN) rose a sharp 13% to $21.53 after the retailer earnings were not as bad as expected.

Jupiter Media (JUPM) fell a sharp 36% to $5.83 after missing earnings expectations and taking downgrades.

IMAX (IMAX) also fell another 30% to $3.38 after it posted a wide loss and as the company has gobe directionless. We are actually re-looking back at the company after having picked it as a BAIT SHOP member and been up substantially before telling investors to take profits and run because of valuation.

Fox Hollow (FOXH) fell 19% to $28.90 after its guidance was weak and after downgrades today.

Essex Corp (KEYW) rose 18% to $23.55 after Northrup Grumman acquired the company for its homeland defense portfolio.

Goodyear Tire (GT) rose 15% to $17.54 after it beat lowered earnings expectations.

Jon C. Ogg
November 9, 2006

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