His entire statement makes few references to Reid and the tacit endorsement is being seen by pundits as an indictment of the perceived "radicalness" of Sharron Angle rather than any meaningful support for Reid, who's had his fair share of gaffes this campaign season. Here's a snippet of Raggio's endorsement (full text can be found here):
Following the primary, I indicated that I would keep my powder dry and evaluate the two candidates, Senator Reid and Sharron Angle, as the campaign unfolded.
Only one of these candidates has sought my endorsement, Senator Harry Reid. I haven't heard from Sharron Angle or talked with her since long before she decided to run against me for State Senate two years ago. After losing to me in a primary, during which she ran a very negative campaign and distorted my record, referred to me as a liar and a RINO, I never heard one word from her, or a concession, or an offer of support. Instead, she lent aid and comfort to an effort to recall me as State Senator.