US Stock Market Wrap (DEC 4, 2006)
DJIA 12,283.85; Up 89.72 (0.74%)NASDAQ 2,448.39; Up 35.18 (1.46%)S&P500 1,409.12; Up 12.41 (0.89%)10YR-Bond 4.433% Up 0.008NYSE Volume 2,723,529,000NASDAQ Volume 1,942,218,000 Pfizer (PFE) was the biggest stock today after they unexpectedly halted late stage…
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DJIA 12,283.85; Up 89.72 (0.74%)
NASDAQ 2,448.39; Up 35.18 (1.46%)
S&P500 1,409.12; Up 12.41 (0.89%)
10YR-Bond 4.433% Up 0.008
NYSE Volume 2,723,529,000
NASDAQ Volume 1,942,218,000
Pfizer (PFE) was the biggest stock today after they unexpectedly halted late stage trials of its new cholesterol drug because of a higher death risk. PFE fell 10.6% to $24.90, but the DJIA component traded 288 million shares.
Onyxx Pharma (ONXX) fell a sharp 30% to $12.18 after its cancer drug (already approved for kidney cancer) failed to meet endpoints for skin cancer studies.
Mellon Financial (MEL) rose as it is being acquired in a merger of equals with Bank of New York (BK); both rose as BK rose 12% to $39.75 and MEL rose 7% to $42.78.
LSI Logic (LSI) fell 13% to $9.12 (on 52 million shares) after announcing it was doing a leveraged acquisition in all stock for Agere (AGR); AGR rose 8.5% to $19.30.
Station Casinos (STN) rose 22% to $84.90 after an $82 buyout from an investment group led by CEO Fertitta.
Landstar (LSTR) fell 5% to $42.14 after lowering guidance from weaker orders.
Openwave (OPWV) rose 8% to $8.95 after it filed its financials and disclosed $182M in charges over options.
Allegheny Tech (ATI) rose 6.7% to $93.92 to another high close after Cramer said this stock has along way to go.
Novellus (NVLS) rose 0.4% to $32.45 after narrowly raising estimates.
Baidu.com (BIDU) rose 3% to $114.88 after the WSJ said the company may compete against Yahoo and Google in Japan.
IBM (IBM) rose 2.5% after the cover of Barron’s featured it as about to really move.
Dell (DELL) fell another 1.5% after an analyst report in barron’s indicated that DELL had met earnings many times through options and warrants manipulations.
Jon C. Ogg
December 4, 2006
Contact [email protected] for any questions or corrections.
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.