Paul Kangas Stocks In The News
Wednesday, March 29, 2006
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JEFF YASTINE: That encouraging outlook for second quarter earnings was more than enough to lure bullish investors back to the market today. The Dow jumped to a quick 40 point gain, shaking off yesterday`s loss and today`s higher oil prices. At noontime, the Dow was up 60. The NASDAQ continued to build its gains, rising to a 40 point gain at 2:00 p.m. before profit- taking whittled off a little from both indexes into the close with the Dow closing up 61 points at 11,215 and a fraction. The NASDAQ Composite rising 33 to a five-year high of 2337 and the S&P 500 advancing a little over 9 points to 1302. And in the bond market, more selling for U.S. Treasuries, the 10-year note falling 4/32 to 97 19/32, putting the yield at 4.81 percent, its highest interest rate since June 2004.
And today we have Luc - excuse me, Time Warner (TWX) gaining an nickel, usually it`s Lucent. Time Warning gaining a nickel. Google says it has officially signed off on its plans to take a 5 percent stake in America Online for $1 billion.
Pfizer (PFE) dropping $0.16.
No change in Lucent Tech (LU).
General Electric (GE) advancing $0.33.
And Motorola (MOT) gaining $0.84.
Then we have ExxonMobil (XOM) which picked up $0.33 with oil prices rising a little bit more today.
Accenture Ltd (ACN) sliding nearly $2. The IT services firm running into problems fulfilling a contract with Britain`s public health care system, so Accenture is taking a $450 million charge to cover losses in the second quarter. That gave a big hair cut to the company`s profits. They`re down 67 percent from year ago levels.
There`s Ford Motor Co (F) rising $0.13.
EMC Corp (EMC) gaining a quarter.
And Qwest Communications (Q) dropping $0.14.
Then we move onto Boeing (BA), the Dow`s largest gainer of the day. It rose $1.67. General Electric`s aircraft leasing unit wants to buy up to 37, 37s and expects to get delivery of those in 2008, has an option to purchase 30 more.
3M Company (MMM) another blue chip standout gaining more than $1. Upbeat comments from an analyst at Merrill Lynch who likes the conglomerates growth prospects overseas.
But then we have Caterpillar (CAT) taking a hit. It`s been a good performer this quarter, but today falling $1.20. An analyst at UBS believes Caterpillar sales will soon begin to slow as the economy cools in the second half of the year.
Investors taking Maytag (MYG) for a spin. It rose over $4. As you heard earlier, the Justice Department approving Whirlpool`s acquisition of Maytag for $21 a share. Whirlpool surged over $6 on that news.
Lear Corp (LEA) up $1.54. The troubled auto parts supplier getting $800 million financing deal. Lear also suspending its dividend. Standard & Poor`s cut Lear`s credit rating even deeper into junk bond territory today.
Another high flyer, IHS (IHS) up $1.50 after posting solid first quarter results. Piper Jaffray upgraded that stock.
And then Impac Mortgage (IMH) rose $1.13. The real estate investment trust board raising its quarterly dividend by 25 percent.
In the minus column, Calgon Carbon (CCC) tumbled over $2. The sanitation company reported a huge fourth quarter loss amid weak equipment sales.
Then on to the NASDAQ where Google (GOOG) surged nearly $18. Just about every mutual fund that tracks or mimics the S&P 500 index is beginning to accumulate Google shares as it gets added to the S&P 500 at the close of trading on Friday.
Apple Computer (AAPL) advancing $3.62. The stock advancing as something Microsoft`s ongoing problems with Windows Vista could benefit Apple.
There`s Intel (INTC) rising a fraction.
Microsoft (MSFT) rising $0.12. The European Union regulators say Windows Vista violates antitrust laws because it limits consumers` ability to choose other provider`s software.
Cisco Systems (CSCO) climbing $0.24.
And we have Broadcom (BRCM) which gained $1.44.
Sun Micro (SUNW) getting an upgrade from Morgan Stanley today.
Level 3 Communications (LVLT) advancing as well.
Yahoo! (YHOO) gaining $0.17.
And more than $1 gain for Qualcomm (QCOM).
TD Ameritrade Holding (AMTD) rising nearly $2. The brokerage says it sees second quarter earnings exceeding the high end of previous guidance.
Then on to Capital Title Group (CTGI) jumping $1.71. It`ll be acquired by LandAmerica financial for $8 a share in cash and stock.
And then finally Intevac (IVAC) rising more than $3. They make gear for manufacturing computer hard drives and Intevac says it`s received enough orders to achieve its 2006 revenue target.
And those are our stocks in the news tonight.
