DJIA 12,136.45; Up 14.74 (0.12%)
NASDAQ 2,412.61; Up 6.69 (0.28%)
S&P500 1,386.72; Up 4.82 (0.35%)
10YR-Bond 4.5090%; Down 0.029%
NYSE Volume 2,586,610,000
NASD Volume 1,936,522,000
Fed chairman Ben Bernanke gave a speech today and still said, “A failure of inflation to moderate as expected would be especially troublesome.” This was after Durable Goods posted a 1.6% drop on an ex-transportation basis. Homebuilding saw its largest investment drop in 15 years because of high housing inventories.
Palm (PALM) fell almost 8% to $14.15 to make it the party-pooper in tech after issuing an earnings warning yesterday after the close.
Nokia (NOK/ADR) also fell 1% to $20.09 after lowering its margin and growth forecasts slightly for 2007.
Constellation Brands (STZ) also rose 1% to $27.77 after Cramer saaid it would be the winner from red wine sales as it has been able to pass on price hikes.
Harrah’s (HET) rose another 2.5% to $78.46 after CNBC’s David Faber reported a higher bid was being being investigated by Penn (PENN) and a Bain/Cerberus private equity group as a competing bid.
Penn National Gaming (PENN) fell 2.5% to $38.16 after concerns it would over leverage for Harrah’s.
Dollar General (DG) rose another 5% to $16.71 after more talk that LBO firms are looking at the cheap dollar store stock as it had gotten to as low as 7.5 times EBITDA.
Google (GOOG) recaptured $4.75 of its $20.00 losses yesterday to close up at $489.50 after noting it was going to be making YouTube video available via Verizon (VZ) V-Cast.
Applebee’s (APPB) fell 0.2% to $22.52 after posting NOV s-s-s of -3.1%.
Boeing (BA) closed up 0.6% at $87.94 after it scored another $5 Billion order out of Germany, yet another blow to Airbus.
Stratos Lightwave (STLW) rose 4.8% too $7.34 after posting positive income instead of a loss on an EPS basis.
Cumulus Media (CMLS) fell almost 4% to $10.09 after Citigroup cut its rating to a Sell.
United natural Foods (UNFI) fell 3% to $34.89 after B of A trimmed its rating to Neutral.
Under Armour (UARM) fell 3.4% to $46.65 as Morgan Stanley warned about the name being part of an apparel bubble, but Jim Cramer said this was hogwash.
Cost plus (CPWM) fell 2.2% to $11.12 despite amnnouncing a $52 million property sale.
Jon C. Ogg
November 28, 2006
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