The Dow Falls 15 Points, Nasdaq Drops 7

The Dow fell 15.69 points today to close at 12,845.78, the Nasdaq dropped 7.76 points to close at 2,451.07 and the S&P 500 added 4.57 points to close at 1,411.27. Wall Street traders were heard cheering the last few minutes of the day after the Dow came roaring back from being down almost 340 points to close down only 15.

Volume was heavy on the NYSE with 2.98 billion shares traded and 3.37 billion shares traded on the Nasdaq. Decliners topped Advancers on the NYSE by a margin of 20:13 and 17:14 on the Nasdaq.

In individual stories, Lamson & Sessions (NYSE: LMS) gained 31.4% after Thomas & Betts Corp (NYSE: TNB) signed a definitive agreement to acquire Lamson & Sessions in an all-cash transaction valued at $27.00 per share or approximately $450 million. The company has committed debt financing to fund the transaction. Subject to the satisfaction of customary closing conditions and the approval of Lamson & Sessions' shareholders, the transaction is expected to close in late 2007. Sharper Image (Nasdaq: SHRP) lost 32% on speculation and after the close, issued the following press release: In response to a speculative article published today in which the reporter suggests that Sharper Image may settle a class action suit for a hypothetical and arbitrary $900 million, the Company said: Sharper Image did not participate in this article nor does it know where the reporter got this hypothetical and arbitrary figure. Furthermore, Sharper Image does not have an expert validating or testifying to this in court. "Sharper Image has adequate funding to execute its operating and strategic plans. Sharper Image recently expanded its existing revolving credit facility and is currently finalizing its term loan.

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