The Dow Adds 51 Points, Nasdaq Gains 10

The Dow added 51.22 points today to close at 12156.77, the Nasdaq added 9.93 points to close at 2,375.88 and the S&P 500 added 3.06 points to close at 1,382.84. Oil fell $1.09 to close at $58.93 a barrel.

Trading volume was modest with 2.77 billion shares trading on the NYSE and 2.17 billion on the Nasdaq. Advancers topped Decliners by a margin of 18:14 on the NYSE, and 16:14 on the Nasdaq.

In individual stories, Targeted Genetics (NASDAQ: TGEN) gained 34.9% after announcing that it has entered into a newly amended agreement with Biogen Idec, Inc. (NASDAQ: BIIB) to restructure repayment of $8.15 million of debt. Under the terms of this amendment, Biogen Idec has agreed to convert $5.65 million of debt into 1 million shares of Targeted Genetics common stock. Targeted Genetics will pay $500,000 of the remaining debt immediately and the remaining $2 million in debt will be paid according to a new repayment schedule. As a result of the restructured relationship, Biogen Idec's equity holdings in Targeted Genetics will increase to 19.9% of the total outstanding common stock. Technical Olympic USA (NYSE: TOA) fell 35.1% after announcing that, in response to demand for payment under certain limited guaranties provided by TOUSA in connection with the financing of the Transeastern Joint Venture, it has informed Deutsche Bank Trust Company America, the administrative agent for the lenders, that it does not believe that its obligations pursuant to the Guarantees have been triggered. TOUSA has formally disputed the assertion and is in discussions with the Administrative Agent and the lenders concerning this situation. TOUSA also announced today that it expects to file a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission ("SEC"), in order to extend the filing due date for its Quarterly Report on Form 10-Q for the third quarter ended September 30, 2006.

Tomorrow, investors will be looking for earnings reports from Barr Pharma (NYSE: BRL), Bradley Pharma (NYSE: BDY), Cablevision (NYSE: CVC), DirecTV (NYSE: DTV), Federated Dept Stores (NYSE: FD), Polo (NYSE: RL) and Sirius Satellite (Nasdaq: SIRI). Traders will be looking economic data on Oil inventories at 10:30AM EST.

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