DJIA 12,106.11; Down 70.43 (0.58%)Nasdaq 2,376.01; Down 8.93 (0.37%)S&P500 1,378.79; Down 6.93 (0.50%)10YR-Bond 4.633%NYSE Volume 2,965,996,000NASD Volume 2,337,245,000When is a $64.3 Billion Trade Deficit for any single month considered good news? When it is about 7% lower than the August reading of $69 Billion because of lower oil prices is when. Our trade deficit with China alone was $23 Billion. Weekly jobless claims fell 20,000 this week to 308,000. We also now look like we officially have a democratic-led Congress now that the last senate race has been tallied.Cisco (CSCO) ruled the roost today. After it beat earnings and raised guidance the shares rose 6.5% to $26.72.Congratulations go out to KBW Inc, (KBW). Its IPO of 6.8 million shares went out at a $21.00 pricing, but it opened at $26.00, and closed at $26.90.Canadian Solar (CSIQ) rose to a close of $15.63 after it priced its 7.7 million share IPO at $15.00 per share.3M (MMM) sold 3 of its pharaceutical operation for $2.1 Billion in 3 transactions, but its shares actually slid 0.65% to $78.90.As oil prices went up and after Cramer annointed ExxonMobile (XOM), XOM rose 1.1% to $74.63 and the Oil Service HOLDRs (OIH) fell 0.1% to $139.75.Time Warner (TWX) rose 0.97% to $19.83 after pricing $5 Billion in debt securities with funds to be used as refinancing funds and for stock buybacks.NewsCorp (NWS) rose 0.9% to $22.06 after it beat earnings.Viacom (VIA) fell 3.1% to $38.43 after it posted lower earnings on movie results.Perrigo (PRGO) fell 5.6% to $17.00 after it had 11 million viles of acetomenophine recalled because of small metal scraps inside.Pfizer (PFE) fell almost 3% to $25.85 on fears that the company would be barred for presenting Lipitor successor data next week.J.C.Penney (JCP) rose 2% to $79.75 after better than expected earnings.Harley Davidson (HOG) only fell 1% to $71.45, despite the fact that it was downgraded at R.W.Baird and A.G.Edwards in seperate calls this morning.Deutsche Bank (DB) only fell 0.3% to $125.84 despite the brokerage arm of it getting kicked out of the hertz IPO today because of an employee sending improper emails to 175 institutional clients a week ahead of the offering.Lennar (LEN) fell 1% to $44.79 after its Chairman died yesterday.Qualcomm (QCOM) fell 4% to $34.83 after having some fair trade investigations surface in Japan.Urban Outfitters (URBN) rose a sharp 13% to $21.53 after the retailer earnings were not as bad as expected.Jupiter Media (JUPM) fell a sharp 36% to $5.83 after missing earnings expectations and taking downgrades.IMAX (IMAX) also fell another 30% to $3.38 after it posted a wide loss and as the company has gobe directionless. We are actually re-looking back at the company after having picked it as a BAIT SHOP member and been up substantially before telling investors to take profits and run because of valuation.Fox Hollow (FOXH) fell 19% to $28.90 after its guidance was weak and after downgrades today.Essex Corp (KEYW) rose 18% to $23.55 after Northrup Grumman acquired the company for its homeland defense portfolio.Goodyear Tire (GT) rose 15% to $17.54 after it beat lowered earnings expectations.Jon C. OggNovember 9, 2006
Market Wrap (Nov. 9, 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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