Market Wrap (Nov. 22, 2006)….1 hour before close

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Market prices as of 3:10 PM EST

DJIA    12,321.91; Up 0.32 (0.00%)
NASDAQ    2,466.55; Up 11.71 (0.48%)
S&P500    1,405.86; Up 3.05 (0.22%)
10YR-Bond    4.5680%; Down 0.01%
NYSE Volume    1,836,650,000
NASD Volume    1,299,031,000

Bonds closed early at 2:00 PM EST ahead of Thanksgiving, but we stock jockeys had a full day (even though we are out of here an hour early).

Kirk Kerkorian’s exit from GM (GM) and into MGM Mirage acted as a sell autos and buy gamblig trade today:  GM fell 4.6% to $31.10 (2:57PM) and MGM rose 9.8% to $53.81 (2:58PM).

Dell Inc (DELL) managed to avoid the death penalty after sneakily beating earnings estimates yesterday.  DELL shares were up 9.7% at $27.22 (2:59 PM).

Time Warner (TWX) rose 0.6% to $20.81 (at 3:00 PM) as the NYSE showed its short interest in the name had ticked down marginally.

BJ’s Wholesale (BJ) shares were up 11% at $32.95 (3:02) after its CEO stepped down over poor sales at the company.

J Crew rose more than 10% to $40.27 (3:02 PM) after beating earnings after yesterday’s close.

SAIC Inc. (SAI) managed to rise 0.2% to $19.30 despit all analysts initiating coverage as hold and market perform ratings, although it gapped down 1% originally.

Pep Boys (PBY) rose 1.5% to $13.60 (3:05 PM) after Pirate Capital increased its stake in the lagging auto parts seller.

Cyberonics (CYBX) rose more than 5% to $26.02 (3:06) after Cramer last night said it could be an acquisition target now thet the goofy CEO Skip Cummins has resigned over options.

One day ahead of Thanksgiving, the largest plays for turkey were actually up. Pilgrim’s Pride (PPC) shares were up 1.4% at $25.25 (3:07 PM) and Tyson Foods (TSN) shares were up 0.7% at $15.62.

OK, gobble gobble!  Happy Thanksgiving to all!

Jon C. Ogg
November 22, 2006