Ashtead - Building on Powerful Rental Growth!

Good evening everone.

Applied Signal Technologies Stocks end mixed as Dow hits record

NEW YORK (AFX) - The Dow Jones industrial average reached another record
close on Tuesday as investors largely looked past economic and earnings reports
that had stirred concerns about the health of the economy. The Standard & Poor's 500 also rose, but the Nasdaq fell.

Blue chips managed the gains despite a government report that inflation at
the wholesale level saw its biggest jump in more than 30 years in November as
gas prices inched higher.

Many investors were also uneasy after the stock market in Thailand plunged
Tuesday following announcement of controls on foreign investment by the Thai
government. The government backed off some of the restrictions after Thailand's
benchmark SET Index fell 14.8 percent and touched off concerns about a repeat of the economic crisis that rattled Asia in 1997.

"People are fundamentally optimistic and that's containing the downside risk
for the present," said Stuart Schweitzer, global markets strategist at JPMorgan
Asset & Wealth Management.

The Dow rose 30.05, or 0.24 percent, to 12,471.32. The finish eclipsed the
last record close of 12,445.52, which came Friday. The Dow also set a new
trading high of 12,491.91; previously it was 12,490.70.

The S&P 500 index rose 3.07, or 0.22 percent, to 1,425.55, while the Nasdaq
composite index fell 6.02, or 0.25 percent, to 2,429.55.

Bonds were little moved, with the yield on the benchmark 10-year Treasury
note flat at 4.59 percent from late Monday. The dollar was lower against other
major currencies, while gold prices rose.

"I think fundamentally the economy seems on track for a safe landing in
2007, but with some unsettling bumps along the way," Schweitzer said.

Markets displayed little reaction to comments by Dallas Federal Reserve
President Robert W. Fisher, who said in a speech Tuesday that inflation remains
troublesome for the economy and that an increase in interest rates could be
warranted.

The central bank has left short-term interest rates unchanged at its last
four meetings, interrupting a string of 17 straight increases that began in
2004. Investors have been hoping for a rate cut as they try to determine whether the Fed can cool the economy without pushing it into recession.

Seemingly at odds with recent inflation reports, the Labor Department said
Tuesday that the Producer Price Index, a measure of inflation at the wholesale
level, jumped 2 percent in November. While an increase had been expected
following two months of declines, the rise far outstripped the 0.5 percent
increase analysts had been expecting. The core PPI figure, which excludes often
volatile energy and food prices, rose 1.3 percent.

"The PPI is a reminder that there may be a two-way inflation risk in the
near-term," Schweitzer said. "That creates the specter of some uncomfortable
moments for some investors who might have looked for an early Fed ease."

In other economic news, the Commerce Department said construction of homes
and apartments increased by 6.7 percent in November but also that applications
for permits to build homes declined for the 10th straight month.

Bryan Piskorowski, market analyst at Wachovia Securities, said the PPI
report and an upbeat reading last week on the level of inflation at the consumer level raised questions about how corporate profits will hold up.

"It could have some negative implications for corporate profits in the sense
that somebody has to get squeezed here," he said. He noted Wall Street had
already generally expected profits would be lower next year.

In corporate news, Morgan Stanley Inc. posted a stronger-than-expected
fiscal fourth quarter profit and announced plans to spin off its Discover credit card business. The stock rose $1.33 to $81.70.

Circuit City Stores Inc. swung to a loss in its fiscal third quarter after
sharp discounts on flat-panel televisions and computer equipment ate into profit margins. The company, which lowered its full-year sales forecast, fell $3.75, or 16.5 percent, to $19.01.

Applied Signal Technology Inc. fell $2.29, or 14.6 percent, to $13.45 after
the digital security company's fiscal fourth-quarter earnings fell short of Wall Street's expectation.

Oracle Corp. was down 81 cents, or 4.5 percent, at $17.10 after its fiscal
second-quarter profit met expectations but investors questioned the software
maker's plan to grow through acquisitions.

Syntroleum Corp. jumped $1.29, or 46 percent, to $4.10 after the synthetic
fuel processor signed an agreement with Kuwait Foreign Petroleum Exploration Co. to join in development of a gas-to-liquids facility in Papua New Guinea.

After the end of trading Tuesday, Harrah's Entertainment Inc., the world's
largest casino company, said its board accepted a buyout offer from private
equity groups worth $17.1 billion.

The Russell 2000 index of smaller companies rose 0.08, or 0.01 percent, to
782.10.

Advancing issues outnumbered decliners by about 6 to 5 on the New York Stock
Exchange, where volume came to 1.57 billion shares compared with 1.45 billion
traded Monday.

Overseas, Japan's Nikkei stock average fell 1.09 percent. Britain's FTSE 100
closed down 0.70 percent, Germany's DAX index fell 0.66 percent, and France's
CAC-40 was down 0.82 percent.