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Is there anything worse than running out of the house at 5:30am, in the pitch black, only to find your new car is DEAD. Huh? How can that be? It seems the valet last night moved the settings on my headlights so that they didn't automatically turn off. Ugh. So after waiting for a jump, I didn't even make it to the office before the open.

A quick scan tells me that CSCO is getting a nice boost, and pulling some other stocks like BRCM along with it. Energy stocks are all higher as crude lifts above $60. Financials look mostly weak.

I have to jump in a bit to get on the URBN conference call, but the reaction in the stock fits in with what I have been saying that the stock is already pricing in all of the negatives, and will soon begin to discount the growth and profitability still ahead for the company in 2007 and beyond. With the stock up +10% this morning, the process has already begun.

In other news and notes:

• MMM to sell its pharma business
• URBN reports in-line EPS; stock gaps higher
• HANS delays earnings due to options investigation
• BWLD profiled in IBD
• VIA CFO to leave at end of 2006
• QCOM being investigated in Japan
• TWX prices debt offering
• Trade balance comes in lower than expected (-$64.3B)

long QCOM, URBN

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