DJIA 12,156.77; Up 51.22 (0.42%)NASDAQ 2,375.88; Up 9.93 (0.42%)S&P 500 1,382.84; Up 3.06 (0.22%)10YR-Bond 4.659% Down 0.05NYSE Volume 2,673,233,000NASD Volume 2,065,302,000We had another strong day, sinaling that voters didn’t stop being investors on election day. The federal reserve said that September borrowing fell 0.6% in September aftera 4.6% increase in August, but the actual number was a $1.2 Billion fall-off in activity.Despite fears of voting machine fraud, hacks, and problems, Diebold (DBD) managed to gain another 1% to close at $45.49.Toll Brothers (TOL) lowered guidance and said there was no impending rapid turnaround on the immediate horizon, but with most bad news priced in to homebuilder stocks the shares closed down only $0.01 at $28.04.D.R.Horton (DHI) fell 2% to $22.43 after Merrill Lynch cut its ratinsg down to a Sell.Boeing (BA) rose 5.4% to $84.85 as FedEx decided to cancel its Airbus A380 planes over delays in favor of Boeing 777’s.Adolor (ADLR) fell another 5.2% to $7.29 the day after the FDA requested more data for its bowel disorder drug.Microsoft (MSFT) rose 0.4% to $28.95 after it signed TV and movie distributor deals for downloading via Xbox live with Viacom, Paramount, Time Warner, and others.Jet Blue (JBLU) rose 5.3% to $13.09 after Raymond James raised its rating to Outperform. Southwest Air (LUV) was also raised to Overweight, so LUV rose 2.7% to $15.34.Targeted Genetics (TGEN) rose 34.9% to $2.90 after Biogen-Idec raised its stake in the company.Rural Cellular (RCCC) rose 22% to $11.61 after posting narrower losses than expected.Headwaters (HW) fell amost 15% to $21.47 after on lower earnings, despite the numbers being above expectations.NorTel (NT) fell 10.88% to $2.13 after declaring a 1-10 reverse stock split after losses narrowed on above plan revenues.Despite beating earnings expectations, Anadarko Petroleum (APC) fell 2.1% to $47.33.E*Trade (ET) rose 1.6% to $23.64 after Prudential started it with an Overweight rating and showed it was more favorable than Ameritrade (AMTD).Krsipy Kreme (KKD) rose another 6.5% to $10.21 after Jim Cramer on last night’s MAD MONEY said the analyst that raised it at Prudential was not only not conflicted, but he was a class act.Cyberonics (CYBX) fell 0.37% to $18.64 after the company received a request from the SEC over for more data on information releases.Jon C. OggNovember 7, 2006
Market Wrap (Nov. 7, 2006)
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.
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