DJIA 12,226.73; Up 90.28 (0.74%)
NASDAQ 2,432.23; Up 19.62 (0.81%)
S&P500 1,399.35; Up 12.63 (0.91%)
10YR-Bond 4.521% Up 0.012
NYSE Volume 2,732,627,000
NASD Volume 1,870,362,000
Q3 GDP was revised from an initial estimate of 1.6% growth to 2.2% (compared to 1.8% estimates). Today is a mixed bag in the markets, despite the major averages rising. The Fed’s Beige Book indicated that consumer spending is increasing and that most districts are cautiously optimistic on holiday sales after the economy has improved a bit since October.
The New York Times (NYT) had a very strong day rising 7.5% to $24.76 as CNBC’s Charlie Gasparino said that Hank Greenberg may try to acquire the entire company.
Home Depot (HD) also rose 1.5% to $37.61 after CNBC’s Charlie Gasparino commented that private equity firm KKR had crunched numbers to look at acquiring the $77 Billion home improvement and building supply behemoth.
3Com (COMS) fell 10% to $4.02 after it acquired the remaining 49% stake in its venture with Huawei; mainly because this wipes out their cash and their history of going-it-alone stinks.
Pfizer (PFE) rose $0.02 to $27.07 after announcing it would shed 25% of its drug sales workforce.
Dollar General (DG) fell 6% to $15.70 after no bid emerged after the rumors were out yesterday.
Tiffany’s (TIF) rose 6% to $38.21 after beating earnings and raising guidance for the fiscal year.
GRUPO AEROPORTUARIO (OMAB), today’s IPO of the Mexican airport operator, priced at $18.00 and closed considerably higher at $20.85 after numerous look at this as a very protected business operation.
Microsoft (MSFT) rose 0.6%, or $0.18, to $29.57 after it offered 13-15% sales growth targets for 2007 and noting it would be more aggressive on share buybacks.
Bon-Ton (BONT) rose 16% to $37.68 after retail sales there exceeded estimates.
Dress Barn (DBRN) also rose a sharp 19% to $24.46 after strong sales numbers.
Chicos (CHS) rose 4% to $24.09 after it profits fell but they were in-line and the company did not warn nor did it post a negative s-s-s number.
Ford Motor (F) rose $0.01 to $8.16 after noting that some 38,000 workers were taking early buyouts and after the company said losses in 2007 would keep a dividend out of the picture.
SanDisk (SNDK) fell 2.3% to $43.73 after Merrill Lynch said NAND inventory levels were increasing and maintained a neutral sidelines stance until the shares go lower.
Jon C. Ogg
November 29, 2006
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