DJIA 12,251.71; Up 33.70 (0.28%)NASDAQ 2,442.75; Up 12.09 (0.50%)S&P500 1,396.57; Up 3.35 (0.24%)10YR-Bond 4.615%; Up 0.047NYSE Volume 2,857,269,000NASD Volume 2,074,955,000US Airways (LCC) rose some 16.75% to $59.46 after it made an offer to acquire Delta Airlines for some $8 Billion in stock and debt. Other airlines traded up in response to a consolidating industry: UAUA traded up 9% to $39.99, CAL traded up 12.6% to $43.21, AAI traded up 16% to $12.82, and JBLU traded up 7.4% to $15.13.Emergent BioSolutions (EBS) was another dismal IPO that traded as a broken deal. It priced at $12.50, under the range and closed down even lower at $11.70.Comverse Tech (CMVT) gave up a sharp 14% to $17.69 after the company disclosed accounting irregularities and problems on revenue recognition back to 2002, and that is after its ongoing options SNAFU.CDC Corp (CHINA) traded up 10% to $7.80 after it outperformed earnings estimates.Embrex (EMBX) traded up39% to $16.64 after Pfizer’s animal health unit acquired the company for $17 per share.Trimeris (TRMS) rose 20% to $12.03 after the company realigned its focus on its HIV drug Fuzeon.e-Future Information (EFUT) finally fell 31% to $29.89 after several days or parabolic gains after its recent thin volume IPO.Tripos (TRPS) was the largest percentage loser by falling 60% to $0.62 after posting a loss and selling its discovery research unit.SunTrust Banks (STI) rose 1.3% to $80.26 after the company announced a planned succession to its CEO, partly on thought that it could be acquired.Grainger (GWW) rose 3.5% to $73.57 after it raised the guidance range to where the mid-point was above consensus estimates for fiscal 2007.Prudential (PRU) rose 1.8% to $81.00 the day after it allocated $3 Billion to share buybacks.Corel (CREL) fell 0.9% to $12.84 after Entrust (ENTU) filed a copyright infringement suit against the company.StemCells (STEM) rose 5% to $3.34 after it was announced that the company performed its first neural stem cell transplant.Vanda Pharma (VNDA) rose a sharp 52% to $14.90 after it posted positive insomnia treatment results for jet setters and those with infrequent sleep issues.Sify Ltd. (SIFY) fell 2.2% to $9.47 after its CFO was leaving to pursue other interests.Jon C. OggNovember 15, 2006
Market Wrap (Nov. 15, 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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