US Market Wrap (Nov. 20, 2006)

Investing

Published: November 20, 2006 4:19 pm

DJIA 12,316.54; Down 26.02 (0.21%)
NASDAQ 2,452.72; Up 6.86 (0.28%)
S&P500 1,400.50; Down 0.70 (0.05%)
10YR-Bond 4.595% Down 0.012
NYSE Volume 2,505,710,000
NASD Volume 1,697,476,000

Japan acted as lid today, with the NIKKEI falling over 400 points today.

After Red Hat’s (RHAT) silly move from NASDAQ to NYSE, the RHAT shares fell over 1% to

Equity Office Property (EOP), the largest REIT around under Sam Zell, received a buyout from Blackstone private equity valued at soem 36 Billion after a $16.5 Billion debt assumption. This largest LBO ever cause EOP shares to rise 7.7% to $48.14.

CoTherix (CTRX) rose almost 20% to $13.42 as Actelion is acquiring the DNA/RNA drug target company for $13.50 per share.

Research-in-Motion (RIMM) rose 2.8% to $137.41 after Merrill Lynch raised its buy rating target to a higher $165 per share, making it the hifghest price target of the bulge bracket research firm targets out there.

NASDAQ (NDAQ) rose 3% to $37.71 after the London Stock Exchange brushed off attempts of the exchange to buy the rest of it that it doesn’t own.

SanDisk (SNDK) rose 3.4% to $48.73 after it closed the FLSH buyout and after some were speculating that an LBO could come the way of SNDK.

Charles Schwab (SCHW) rose 2% to $18.94 after selling its USTrust operations for $3.3 Billion to Bank of America (BAC); SCHW will record a $1 Billion gain; Bac was essentiall flat at =$0.05 to $54.90 as of the close.

Phelps Dodge (PD) rose 26% to $120.47 after Freeport McMoran made a leveraged acquisition of the company.

Oregon Steel (OS) rose 8% to $63.77 after Russia’s Evraz made an offer to acquire the company.

DJ Orthopedics (DJO) rose 1.9% to $45.27 after Cramer said its knee braces were a huge expansion opportunity to avoid knee surgeries.

After the US FDA finally allowed silicone breast implants back on the market in the US, Allergan (AGN) rose 7.8% to $121.32 and Mentor (MNT) rose 10.9% to $52.78.

News Corp (NWS) fell 1% as it was going ahead with plans to print an OJ Simpson book, before it finally caved in to public pressure to not run the book.

Jon C. Ogg
November 20, 2006

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