Schaeffer's S&P 500 Index Hot Stocks Features Mylan Laboratories, Parametric Technology, Snap-on, Amazon.com, and Corning.

CINCINNATI -- Among the stocks featured in the July 26 edition of Schaeffer's S&P 500 Index Hot Stocks are Mylan Laboratories (NYSE:MYL), Parametric Technology (NASDAQ:PMTC), Snap-on (NYSE:SNA), Amazon.com (NASDAQ:AMZN), and Corning (NYSE:GLW). Schaeffer's S&P 500 Index Hot Stocks is just one of the many free market commentaries written every day at www.SchaeffersResearch.com - the home of Bernie Schaeffer and Schaeffer's Investment Research. For additional information about this report or to have it delivered to you free via email every day click on the following link. http://www.schaeffersresearch.com/redirect.aspx?CODE=PRSHS12M&PAGE=1

Schaeffer's S&P 500 Index Hot Stocks for Wednesday, July 26, 2006:

A daily feature available on SchaeffersResearch.com is the "SPX Hot Stocks" column. Each afternoon, we will provide a list of the day's top-20 performing stocks in the S&P 500 Index (SPX - 1,272.40) as well as the bottom-20 names. Featured along with this table will be news that is moving some of the securities, including a look at Compuware.

NOTE: Stocks trading under $5 per share have been eliminated from this listing of the top-20 and bottom-20 performing stocks.

U.S. stocks are slightly higher this afternoon, after the Fed's survey of economic conditions showed that the country underlined the inflationary impact of higher energy costs. However, a number of regions reported a decline in the overall rate of growth in their economies. Disappointing earnings have put a bit of a cap on the upside momentum; these reports will be dealt with momentarily. Currently, the SPX is slightly higher, as 57 percent of its components are in positive territory.

Leading the way on the SPX this afternoon is Mylan Laboratories (NYSE:MYL), which posted first-quarter earnings of 37 cents per share (ex-items). The drugmaker also posted revenue of $356.1 million; both figures handily trounced the consensus estimates. Despite the better-than-expected results, Merrill Lynch downgraded the company to "neutral" from "buy." The brokerage attributed the downgrade to a cautious outlook on the generic-drug environment. MYL was up as much as 14 percent earlier today, but has settled back to a gain of nearly nine percent.

Next up on the SPX earnings parade is Parametric Technology (NASDAQ:PMTC). The company posted third-quarter, non-GAAP earnings of 26 cents per share. The company's revenue increased to $216.7 million. Both of these figures topped the respective Street forecast. PMTC also forecast ex-items earnings between 26 and 30 cents per share for the fourth quarter; the consensus expects 29 cents per share. Currently, PMTC is slightly more than eight percent higher.

Still in the realm of earnings, we have Snap-on (NYSE:SNA), which is more than six percent higher after posting earnings of 60 cents per share. The company's adjusted earnings topped the consensus estimate. SNA also announced that its sales increased 5.4 percent to $624.4 million, thanks to franchisee sales.

Checking out this morning's Opening View, written by Ed Stenson, I had little doubt as to what company would prop up the rest of the SPX. Amazon.com (NASDAQ:AMZN) has lost nearly 22 percent this afternoon after announcing that its second-quarter profit came in less than half that of last year's same-quarter earnings. AMZN posted second-quarter earnings of five cents per share, missing the consensus estimate by two cents per share. While sales rose more than expected, AMZN's profitability was hurt by its shipping promotions, allowing customers to get items delivered for a fixed low cost.

Yesterday, Corning (NYSE:GLW) announced that its second-quarter, ex-items earnings came in at 26 cents per share. The results topped the Street's forecast by one cent per share. Turning an eye to the next quarter, GLW forecast earnings between 22 and 26 cents per share and revenue between $1.26 billion and $1.33 billion. The consensus estimate stands at 28 cents per share on revenue of $1.41 billion. This lower-than-expected forecast didn't go over well with investors, as GLW is more than 14 percent lower on the day.

Click the following link to see a Chart of the SPX 500 Index's Top-20 Percentage Gainers: http://www.schaeffersresearch.com/wire?ID=17004

Click the following link to see a Chart of the SPX 500 Index's Top-20 Percentage Losers: http://www.schaeffersresearch.com/wire?ID=17004

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Schaeffer's Investment Research, founded by Bernie Schaeffer in 1981, is a financial information and trading resources company. It publishes Bernie Schaeffer's Option Advisor, the nation's leading options subscription newsletter. The firm's contrarian approach focuses on stocks with technical and fundamental trends that run counter to investor expectations. The firm's website, http://www.SchaeffersResearch.com, is recognized as one of the leading information sources for stock and options traders and was cited as the top options website by both Forbes and Barron's. Click here for more details about Schaeffer's trading methodology: http://www.SchaeffersResearch.com/method.