Paul Kangas' Stocks In The News
Thursday, March 16, 2006
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PAUL KANGAS: That tiny rise in February consumer prices extended Wall Street`s rally into the third straight session this morning as investors` fears of inflation evaporated. Lower bond yields also helped the Dow gain 56 points just before noon, while the NASDAQ Composite was up five points. Weak semiconductor stocks and a comeback in oil prices turned the market mixed this afternoon, although the blue chips held up pretty well. The Dow Industrial Average still closed up 43 1/2 points at 11,253.24. The NASDAQ Composite ended down 12 1/4 points at 2299.56. Standard & Poor`s 500 up 2 1/3 points ending at 1305.33. Over in the bond market, the 10-year note was up 21/32 to 98 27/32, putting the yield at 4.65 percent.
Most active New York exchange issue on nearly 28 million shares, Qwest Communications (Q) moving up nicely, $0.22 gain there. Takeover speculation making the rounds, nothing specific, but some analysts say Verizon is a likely suitor.
And then Lucent Technology (LU) dropped a nickel. General Electric (GE) was down $0.04.
Conagra Foods (CAG) fell $0.91 and it traded as low as $18.90. Conagra is going to cut its quarterly dividend from $0.27 1/4 down to $0.18 a share. That`s a 34 percent drop and it`s part of the company`s restructuring move to help boost operating performance.
Motorola (MOT) a $0.22 gain there, fifth in big board volume.
Pfizer (PFE) gained a dime.
And Time Warner (TWX) down $0.08.
While Ford (F) Motor was up $0.08. Ford`s going to offer zero percent financing on hybrid cars in the states of California and Washington.
Wal-Mart Stores (WMT) up $1.04 Goldman Sachs made positive comments about Wal-Mart`s inventory control.
ExxonMobil (XOM) was up $0.62, tenth in big board volume.
Then we see Altria Group (MO), parent of Philip Morris edging up $0.03. The company boosted its 2006 earnings forecast by $0.40 to as much as $5.35.
And then Kraft Foods (KFT), which is still owned 87 percent by Altria, Kraft is going to sell its Milkbone pet snack unit to Del Monte Foods for a hefty $580 million.
Monsanto co (MON) rose $1.49. Merrill Lynch said the company`s corn seek orders are up 20 percent from a year ago. Merrill also sees Monsanto topping Wall Street earnings estimates for this year.
Bear Stearns Cos (BSC) another strong earnings report from an investment bank, but the stock down $0.94 but you could see it`s had a rise here recently. First quarter record earnings, $3.54, up from a Street estimate of $2.95 and way up from last year. But the company was also fined $250 million by the SEC for late (ph) mutual fund trading.
Barnes & Noble (BKS) up $4.18. Fourth quarter earnings $1.76, up from $1.56 last year and a penny better than the Street estimate.
American Italian Pasta (PLB) up $1.95. The company`s entered into a new $295 million five-year credit facility and the Piper Jaffray brokerage says that takes a lot of pressure off of that firm.
Penn Treat American (PTA) insurance company down $1.91. The company delayed its 2005 financial results pending results of an internal review of its current insurance claims.
Winnebago Industries (WGO) fell $3.04. Second quarter earnings tumbling to $0.23 from $0.37 last year. Revenues fell 14 percent. The company cites slower motor home demand.
And finally, Input/Output (IO) up $1.31. Fourth quarter earnings of $0.19 versus a loss of $0.03 a share last year. Revenues doubled in that period of time.
Google (GOOG) topped the active list and that was down $5.73. The company said its purchase of a 5 percent stake in Time Warner`s AOL unit should close in the second quarter of this year.
Microsoft (MSFT) $0.09 drop.
Apple Computer (AAPL) fell $1.92.
Intel (INTC) $0.27 loss.
Research in Motion (RIMM) down $2.96 after a few days on the upside.
Qualcomm (QCOM) gained $0.06.
Cisco Systems (CSCO) $0.19 drop there.
Oracle (ORCL) $0.26 gain.
Sear Holdings (SHLD) which had great earnings out yesterday, up $6.15.
JDS Uniphase (JDSU), tenth in volume, down $0.07 a share.
Iridex (IRIX) up $1.71. Jeffries brokerage began coverage with a "buy" and a $17 a share target. The company provides laser treatments for eye and skin problems.
And then the chip stock, Kulicke & Soffa Industries (KLIC) down $2.29, lost 20 percent of its value after the company said it sees lower third quarter revenues than second quarter revenues.
Those are the stocks in the news tonight.
