Paul Kangas' Stocks In The News
Monday, March 27, 2006
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JEFF YASTINE: YASTINE: Stocks were treading water today as investors kept their powder dry ahead of tomorrow`s interest rate decision by the Fed. The Dow lost about 50 points through the morning session, as an early one percent decline in Johnson & Johnson shares weighed on the industrial average. Software, chip and networking stocks helped keep the NASDAQ marginally positive. The Dow trimmed the worst of its losses, but still ended in the red with the Dow closing down nearly 30 points at 11,250. The NASDAQ Composite rising 2 3/4 points to end at 2315 1/2 and the S&P 500 falling 1 1/3 points to 1301. Over in the bond market, quiet trading ahead of tomorrow`s Fed announcement. The 10-year note falling 8/32 to 98 12/32, the yield at 4.71 percent.
And starting things off, Lucent Tech (LU) gaining $0.02. Alcatel`s board meets Thursday to discuss that possible merger with Lucent. Also an analyst at Lehman Brothers upgraded Lucent and the other network equipment stocks, saying they will benefit from new spending by the major telecom providers.
Nortel Networks (NT) dipping a fraction, also mentioned as a possible buyout candidate by some.
Pfizer (PFE) losing $0.21.
Time Warner (TWX) dropping $0.07.
EMC Corp (EMC) losing a dime.
Motorola (MOT) falling $0.16.
And so did General Electric (GE).
Ford Motor Co (F) dropping $0.04.
Bank of America (BAC) losing $0.08.
And Citigroup (C) dropping $0.17.
Here`s a look at Johnson & Johnson (JNJ) falling $0.45. The FDA approving a new dosing regimen for Amgen`s new anemia product or it`s not exactly new, but that spells yet more competition for Johnson & Johnson with its own anemia drug Procrit.
Then we have Phelps Dodge (PD) rising $1.47, thanks to a bullish call from Citigroup on the precious metal producers. Analysts upgrading Phelps Dodge in the belief that the sector, especially nickel and copper producers, will see significant growth due to tight supplies.
And a quick rundown of some of the other mining companies up today in sympathy, Alcoa (AA) and Alcan (AL) rising over 1 percent.
Freeport-McMoran Copper & Gold (FCX) gaining nearly 5 percent.
Inco Ltd (N) was also up nicely.
And Newmont Mining (NEM) gaining $1.06. New York gold rose nearly $7 to $567 per ounce today so that stock also doing nicely.
Shares in Esterline Technologies (ESL) picking up $1.64. An analyst at Keybanc says the company should benefit nicely from a strong commercial aerospace market.
Then we move on to Toll brothers (TOL) which rose $0.95. It`s off 40 percent from its highs of last year, but Wachovia`s analyst thinks the worst of the housing slowdown news is now behind and it should be a good value from here.
Moving on to Todd Shipyards (TOD) climbing $1.75. The company declaring a one time cash dividend of $4 a share and also raising its quarterly dividend by 50 percent.
On the downside, Buckeye Technologies (BKI) tumbling $1.30. It`s cutting its profit estimates as start up costs for a new cotton plant (ph) in Brazil cut into early projections.
Then we have CSK Auto (CAO) falling $1.26. The company`s audit committee found some accounting errors. CSK now says it will have to restate financial results for the last couple of years and fiscal fourth quarter results have also been delayed while the company investigates further.
Stryker (SYK) falling $2.67. JPMorgan downgraded that stock along with a competitor, Zimmer, noting an ongoing slowdown in sales of artificial joints to hospitals.
Then onto the NASDAQ, where Google (GOOG) rose nearly $4.
Apple Computer (AAPL) falling $0.45. After the close, Apple said Steve Jobs has given up nearly half his stake in Apple to satisfy tax obligations on 10 million restricted shares invested this month.
No change in Microsoft (MSFT).
Intel (INTC) gaining a little bit today.
Cisco Systems (CSCO) up $0.33.
Then we have Broadcom (BRCM) dipping a fraction.
Oracle (ORCL) gaining a nickel.
And then we have Yahoo! (YHOO) falling $0.32.
Dell (DELL) and Sun Micro (SUNW) were both up a fraction as well.
Encysive Pharmaceuticals (ENCY) tumbling $4. Investors had been hoping for quick approval from the FDA on Encysive`s pulmonary arterial hypertension drug, but it appears that more clinical trials, more clinical studies, rather, will be needed first.
Cal-Maine Foods (CALM) gaining $1.56. Profits there tripling from year ago levels.
Then on to Dexcom (DXCM) jumped $1.39. The FDA approving the use of the company`s electronic continuous monitoring device for people with diabetes.
And then finally Five Star Quality Care (FVE) falling almost $1. The company selling seven million more shares of stock. Investors concerned about dilution to the existing 20 million shares already outstanding.
And those are our stocks in the news tonight.
