Paul Kangas' Stocks In The News
Friday, February 24, 2006
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PAUL KANGAS: Well, stocks headed lower on that Saudi news. A sharp 10.2 percent tumble in January durable goods orders also contributed to a 32 point loss in the Dow and a two point drop in the NASDAQ Composite by late morning. A modest recovery in the tech sector helped the blue chips trim their losses this afternoon, but normal pre-weekend caution resulted in a mixed closing. The Dow Industrial Average came in with a loss of 7.37 at 11,061.85. In this four-day trading week, it rose once, fell three times, had a net loss of 53.47 points. The NASDAQ Composite closed up 7.72 at 2287.04 today. This week, it rose twice and fell twice and gained 4.68 points overall. The Standard & Poor`s 500 Index up 1.64, closing at 1289.43 today. Over in the bond market, the 10n-year note fell 4/23, 4/32 I should said to 99 13/32 putting the yield at 4.58 percent.
The most active issue on the big board was Dana Corp (DCN), the auto parts maker, trading 23.2 million shares and it lost 52 percent of its value with that loss of $1.64. "Wall Street Journal" today reported the company retained Miller Buckfire (ph) and Company, a restructuring specialist and on top of that, both Moody`s and Standard & Poor`s downgraded the company`s debt ratings.
There you see Time Warner (TWX) showing no change.
And then a new issue today, Grupo Aeroportuario (PAC), this is a Mexican airport operator, 29 million American depository receipts offered at $21 each. They opened at $30. That was the high of the day and then it backed down a little bit, still flying high from the debut price today.
Nortel Networks (NT) was up $0.18.
EMC Corp (EMC) $0.23 rise. That was fifth in volume.
Then Pfizer (PFE) gaining $0.23.
General Electric (GE) fell $0.12.
Lucent Technology (LU) down $0.02.
Bank of America (BAC) $0.35 gain.
ExxonMobil (XOM) in those higher oil prices up $0.59 a share.
Nordstrom (JWN) the big department store chain, down $1.82. Fourth quarter earnings were higher, $0.69 versus last year`s $0.50, but the company sees first quarter earnings falling to only $0.39 to $0.44. The Street estimate is $0.45. Today Deutsche Bank brokerage downgraded the stock to just a "hold" rating.
Another big department store chain, Kohl`s (KSS) did well, up $2.35. Fourth quarter earnings jumped to $1.08 versus $0.92 a year ago, a penny above the Street estimate. Sales up 14 percent. Standard & Poor`s repeated a "strong buy" on the stock today.
Then a big gain in LandAmerica Financial Group (LFG), this is a title insurance company. Fourth quarter earnings came in at $3.40 a share, up from $2.09 a year ago and revenues were up 17 percent.
IntercontinentalExchange (ICE) up $4.60. This is the global futures exchange. It just went public this past November at 26, so it`s really had a good run of it. Fourth quarter income was $14.9 million, up from $4.8 million a year ago and Morgan Stanley today upgraded it from "equal weight" to "over weight."
Quanex (NX) did well, up $3.44. First quarter earnings came in at $1.25, up from $1.10 last year. The company also announced a three for two stock split and will boost the quarterly dividend from $0.15 1/2 to $0.18 a share.
H&R Block (HRB) down $2.18. Third quarter earnings last year were $0.28, this year only $0.09 and the company cut its 2006 earnings guidance from about $2 a share down to $1.65 to $1.85. The company cited among other problems, computer glitches in its system.
Syniverse Holding (SVR) down $6 and this company provides technical services for wireless communication, sees lower than expected 2006 revenues of about $335 million. Raymond James financial brokerage downgraded the stock from "buy" to just "market perform."
And Westwood One (WON), the big radio network, down $2.65. Fourth quarter earnings fell to $0.27 from $0.31 a year ago. Revenues declined 3 percent.
Google (GOOG) topped the active list on NASDAQ, losing $0.67.
There you see Research in Motion (RIMM) up $4.52, no injunction against the Blackberry operations today. The stock traded incidentally as high $78.38.
Intel (INTC) $0.07 gainer.
Apple Computer (AAPL) down $0.29.
Microsoft (MSFT) $0.03 drop, fifth in dollar volume.
Then Marvell Technology (MRVL) down $0.53.
Cisco Systems (CSCO) edged up $0.13.
Dell (DELL) a $0.03 rise.
Applied Materials (AMAT) down $0.26.
And Netease.com (NTES) up $10.60. This is the Chinese Internet company. Fourth quarter earnings $0.96, $0.08 above the Wall Street estimate. Company`s upbeat about the future.
And Western Silver (WTZ) on the American Exchange, jumped $4.62. Glama Gold will acquire it for about 2/3 of a share of Glama for each share of Western and it`s worth a deal somewhere around $21 to $22 a share for Western Silver Holders.
Those are the stocks in the news tonight.
