The Dow Gains 86 Points, Nasdaq Adds 27

The Dow adds 85.76 points to close at 13,639.48, the Nasdaq gained 27.30 points to close at 2,626.71, and the S&P 500 adds 10.13 points to close at 1,532.91. Oil climbed $0.35 to close at $68.00.

Volume was heavy with 3.47 billion shares trading on the NYSE and 2.55 billion trading on the Nasdaq. Advancers topped Decliner by a margin of 25:7 on the NYSE and 20:10 on the Nasdaq.

In individual stories, Penn National Gaming (Nasdaq: PENN) gained 21.5% after the Company announced it has entered into a definitive agreement to be acquired by certain funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG) and Centerbridge Partners LP in an all-cash transaction valued at approximately $8.9 billion, including the planned repayment of approximately $2.8 billion of Penn National's outstanding debt. $67 per share.

Build-A-Bear Workshop (NYSE: BBW) fell 23.3% today after the Company said that based on its net sales results for the ten week period ended June 9, 2007, it now expects earnings per diluted share for the second quarter (the 13 weeks ending June 30, 2007) to be in the range of $0.07 to $0.10. The company had previously said that it had expected to report second quarter earnings per diluted share of $0.15 to $0.19. (Consensus is $0.19). Based upon the revised second quarter guidance, the company now expects its full year earnings per diluted share to be in the range of $1.55 to $1.65. The company had previously provided guidance in a range of $1.65 to $1.75. (Consensus is $1.69)

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