US Stock Market Wrap (MAR 23, 2007)
DJIA 12,481.01; Up 19.87 (0.16%)NASDAQ 2,456.18; Up 4.44 (0.18%)S&P500 1,436.11; Up 1.57 (0.11%)10YR-Bond 4.613%; Up 0.024NYSE Volume 2,606,201,000NASD Volume 1,615,797,000 CMGI (CMGI) traded…
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DJIA 12,481.01; Up 19.87 (0.16%)
NASDAQ 2,456.18; Up 4.44 (0.18%)
S&P500 1,436.11; Up 1.57 (0.11%)
10YR-Bond 4.613%; Up 0.024
NYSE Volume 2,606,201,000
NASD Volume 1,615,797,000
CMGI (CMGI) traded over 51 million shares as small cap cult stock traders just can’t get enough of this one. +0.9% to $2.20.
Amgen (AMGN) and Genentech (DNA) hammered; AMGN stopped a drug trial and DNA hit over the coming quarter guidance. Imclone (IMCL) traded up big after the Amgen dropped trial as they compete. AMGN -4% to $58.02; DNA -3/2% to $82.56; IMCL +13% to $38.50.
Dendreon (DNDN) traded up big again on much stronger volume ahead of next week’s FDA review. +13% to $4.47; options active.
Omnivision (OVTI) traded up after TheStreet.com noted that Eastman Kodak (EK) may be interested in acquiring it. +10.6% to $13.35.
China YouTV (CYTV) gave back lots after more skeptics emerged. I received many notes and have seen many notes saying they were a scam. I was very cautious on this one yesterday because of the name, the OTC, the 300% gain, and the fact that it was started for basically $130,000 in China this March in a joint-venture. -33% to $1.49.
Palm (PALM) managed to close up on lackluster earnings numbers (slightly ahead) even though there was no merger as had been hoped. Go figure. +2% to $18.10.
Vonage (VG) fell sharply after the company had a permanent injunction ruling against it in the Verizon case. VG -25.9% to $3.00 on 9.8 million shares.
Kraft (KFT) rose on being added to the S&P 500 Index. +0.45% to $32.00 on 10.4 million shares.
Jabil (JBL) traded down on its earnings guidance under estimates. JBL -10.7% to $22.26.
Orient Express (OEH) traded up as it has been a takeover rumor this week. +3.4% to $60.60.
Hana Bio (HNAB) fell sharply on a resubmission to the FDA. -35% to $2.41.
Glu Mobile (GLUU) fell a day after its IPO, traders are skeptical as everything is licensed. -6% to $11.51.
Jon C. Ogg
March 23, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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.
