Paul Kangas' Stocks In The News
Monday, April 03, 2006
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JEFF YASTINE: With all that news and the start of the second quarter, institutions came to the table ready to buy. The Dow rocketed 120 points. The NASDAQ soared nearly 20 in the first hour of trading. Bond prices fell and oil prices rose to $66.74 a barrel. And in afternoon trading, those two factors, along with profit-taking pressures, eroded much of the Dow`s early gain. And the Dow closed up just 35 points to 11,144. The NASDAQ fell three to 2336, while the S&P 500 index added almost three points to close at 1297 and a fraction. Bond prices slipped despite a weaker-than- expected report on manufacturing activity from the Institute for Supply Management. And the 10-year note falling 4/32 to 97 5/32. The yield rising to a new multi-month high of 4.87 percent.
And there`s our reaction in Lucent Technologies (LU), a gain of $0.03. As you heard, Alcatel and Lucent linking up, giving Lucent shareholders just a bit over $3 a share and Alcatel stock about $1.7 billion in cost savings and more than 8,000 layoffs. Alcatel shares rose a little over 5 percent.
Ford Motor Co (F) dropping $0.19.
And there`s General Motors (GM) dropping $1.13, the big loser on the Dow today and as we mentioned, the trouble auto maker selling a big chunk of GMAC to shore up its finances.
EMC Corp (EMC) dropping $0.28.
And General Electric (GE) also losing a nickel, excuse me, down $0.09.
Then we have Time Warner (TWX) losing just a fraction.
Pfizer (PFE) gaining $0.20.
Motorola (MOT) up $0.41.
Advanced Micro Devices (AMD) up a fraction. Lehman Brothers cut the chip maker`s rating on concerns over a price war with Intel.
And then ExxonMobil (XOM) gaining $0.12 on slightly higher oil prices today.
Shares in Archer-Daniels Midland (ADM) climbed nearly 5 percent. The latest issue of "Baron`s" highlighting ADM and ethanol as a fuel additive in gasoline. AMD the top ethanol supplier expected to benefit from rising prices.
CSX Corp (CSX) jumping $1.71. Bear Stearns noting transportation services for coal should give second half results a boost at CSX.
And then we have Terex Corp (TEX) jumping over $7. The company makes crane and aerial platforms used in construction and it sees this year`s profits exceeding earlier estimates of $6 a share.
Then casino operator Aztar Corp (AZR) climbing $2.61. Ameristar casinos offering to buy the company for $42 a share, about $1.5 billion. Aztar received a $41 a share offer from Colony Capital, a private equity firm last week.
Then shares in Libbey Inc (LBY) shining up over $2. It`s the largest producer of glass tableware in North America and now wholly owns Mexico`s largest glass maker and it sees savings from that deal helping fiscal 2007 results.
In the minus column, Pope & Talbot (POP) chopped for $1.71 loss. A big fourth quarter loss and an independent auditor expressing doubt in the lumber company`s ability to continue as a going concern, not what you want to hear when you`re a shareholder.
Then over at the NASDAQ, Google (GOOG) dropping $0.30. The search engine now part of the S&P 500, priced 5.3 million news shares at $389.75.
Apple Computer (AAPL) dropping a fraction.
Microsoft (MSFT) gaining $0.35.
Intel (INTC) down $0.11.
Broadcom (BRCM) gaining $1.82.
Then we have Cisco Systems (CSCO) dropping $0.08.
Dell (DELL) with a fractional loss.
Amgen (AMGN) losing $0.87.
And a more than $2 loss for Sandisk (SNDK).
Qualcomm (QCOM) up a little over $0.50.
Inhibitex (INHX) sank $4.79. A huge drop for this biotech, its anti- infection drug aimed at low birth weight infants failed a late stage critical trial.
And then Incyte (INCY) tumbled more than $2. The drug firm said it would halt work on a formulation for DFC, an HIV drug, because of pancreatic inflammation in some patients in the clinical trials.
Mossimo (MOSS) up more than $2. The apparel firm being bought by Iconix Brand Group for $7.50 a share. Stockholders getting $4.25 of that in cash and the rest in Iconix stock.
And finally, Cortex Pharmaceuticals (COR) down $2.67. The FDA calling a halt to the clinical trial of the company`s key drug.
And those are the stocks in the news tonight.
