US Stock Market Wrap (DEC 19, 2006)
DJIA 12,471.32; Up 30.05 (0.24%)NASDAQ 2,429.55 Down 6.02 (0.25%)S&P500 1,425.52 Up 3.04 (0.21%)10YR-Bond 4.599% Up 0.012NYSE Volume 2,602,513,000NASD Volume 1,922,578,000 PPI….Schme….Schpee..Schie….Don’t be spooked by inflation was the message of the…
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DJIA 12,471.32; Up 30.05 (0.24%)
NASDAQ 2,429.55 Down 6.02 (0.25%)
S&P500 1,425.52 Up 3.04 (0.21%)
10YR-Bond 4.599% Up 0.012
NYSE Volume 2,602,513,000
NASD Volume 1,922,578,000
PPI….Schme….Schpee..Schie….Don’t be spooked by inflation was the message of the day. If Thailand causing a mini-Asian Contagion was going to jeer US investors you would have never known it.
Circuit City (CC) fell 16.5% to $19.01 after missing estimates with a loss instead of a gain. If it sounds like Best Buy, the guys on the street sure didn’t know how to account for it.
Endeavor Acquisition (EDA) rose 15% to $8.70 after the company is acquiring American Apparel.
Northfield Labs (NFLD) fell 20% to $11.66 after concerns that the FDA won’t allow its blood substitute product.
Morgan Stanley (MS) rose 1.7% to $81.70 after beating earnings, but the Discovery Card unit spin-off was the real bonus.
Biogen-Idec (BIIB) fell 1.4% to $49.52 (had been -5%) after reports of 2 deaths from its Rituxan in a non-approved usage for Lupus.
Ford (F) rose 2% to $7.18 after Morgan Stanley raised the rating to Overweight, although Cramer called this flawed research.
Pfizer (PFE) rose 1.5% to $26.20 after naming its new CEO as Chairman and increasing the dividend.
Syntroleum (SYNM) soared 45% to $4.10 after a successful B-52 engine test for its fuel.
UST (UST) rose almost 2% to $57.94 after hiking its dividend and maintaining its buyback plan.
Hovnanian (HOV) fell 2% to $34.56 after forecasting a weak 2007 and a premium forward earnings multiple.
Gmarket (GMKT) rose 14% to $23.47 after Cramer said it was the ebay of Korea and beating them on that front and even noted it was cheap.
Melco PBL (MPEL) rose 13% to $21.55 in its IPO debut on 52+ million shares after its IPO scorched Wall Street as another hot casino operator play in Macau.
Jon C. Ogg
December 19, 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.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
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.
