The Dow Gains 10 Points, Nasdaq Adds 11
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The Dow gained 9.84 points to close at 11,097.87, the Nasdaq added 11.33 points to close at 2,069.04 and the S&P 500 added 1.47 points to close at 1,268.21. An early morning rally ended close to the flat line after the Middle East called for a cease fire. The Dow was up over 100 points, but fell after 2pm. Investors will be eyeing the PPI and Core PPI data at 8:30 AM tomorrow morning.
Volume was modest with 1.4 billion shares trading on the NYSE and 1.53 billion shares on the NASDAQ. Advancers topped decliners by a margin of 18:15 on the NYSE and 17:13 on the Nasdaq.
In individual stories, Rotech Healthcare Inc. (NASDAQ: ROHI) ended 27.4% higher after the Company responded to an FDA warning letter - Philip L. Carter, President and Chief Executive Officer, commented that, "Assuming that the lower reimbursement rates for compounded budesonide that we previously announced remain unchanged and that all of our patients currently taking compounded products were switched today to drugs that are commercially available, we estimate that such conversion would result in an increase in Medicare reimbursement and projected annual gross revenue of approximately $60 million and an increase in projected annual pretax profit of up to approximately $10 million. We are preparing our formal response to the warning letter and remain committed to working with the FDA to resolve this matter." Micronetics, Inc. (NASDAQ: NOIZ) fell 26.7% after reporting Q1 EPS of $0.11 compared to $0.07 for the same quarter in 2005. (Net income for the quarter ended June 30, 2006 includes $100,196 in non-cash stock-based compensation expense, net of income taxes, or $0.02 per diluted share, resulting from the application of SFAS 123� beginning April 1, 2006)
Tomorrow, traders will be looking for economic data on PPI and Core PPI (8:30AM EST), NY Empire State Index (8:30AM EST), and Foreign Purchases (9:00AM EST).
Volume was modest with 1.4 billion shares trading on the NYSE and 1.53 billion shares on the NASDAQ. Advancers topped decliners by a margin of 18:15 on the NYSE and 17:13 on the Nasdaq.
In individual stories, Rotech Healthcare Inc. (NASDAQ: ROHI) ended 27.4% higher after the Company responded to an FDA warning letter - Philip L. Carter, President and Chief Executive Officer, commented that, "Assuming that the lower reimbursement rates for compounded budesonide that we previously announced remain unchanged and that all of our patients currently taking compounded products were switched today to drugs that are commercially available, we estimate that such conversion would result in an increase in Medicare reimbursement and projected annual gross revenue of approximately $60 million and an increase in projected annual pretax profit of up to approximately $10 million. We are preparing our formal response to the warning letter and remain committed to working with the FDA to resolve this matter." Micronetics, Inc. (NASDAQ: NOIZ) fell 26.7% after reporting Q1 EPS of $0.11 compared to $0.07 for the same quarter in 2005. (Net income for the quarter ended June 30, 2006 includes $100,196 in non-cash stock-based compensation expense, net of income taxes, or $0.02 per diluted share, resulting from the application of SFAS 123� beginning April 1, 2006)
Tomorrow, traders will be looking for economic data on PPI and Core PPI (8:30AM EST), NY Empire State Index (8:30AM EST), and Foreign Purchases (9:00AM EST).
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