Paul Kangas' Stocks In The News
Tuesday, April 04, 2006
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JEFF YASTINE: The Dow climbed about 80 points in the opening hours. Also helping, dovish comments on inflation in speeches made by a couple of Federal Reserve governors. The NASDAQ likewise managed a 12-point gain by midday and both indexes remained in the green over the remainder of the session. The Dow rising nearly 59 points to close at 11,203 and the NASDAQ Composite climbing 8 2/3 points at 2345. And finally, the S&P 500 rising over eight as well to finish at 1305, nearly 1306. And bond prices ended mixed. The 10-year note falling one tick to 97 5/32 and putting the yield at 4.87 percent.
And topping our list Lucent Tech (LU) dropping $0.04. An analyst at BMO Nesbitt likes the Alcatel buyout and set a price target of $3.40 a share for Lucent stock.
Ford Motor Co (F) dipping $0.09.
General Electric (GE) gaining a penny. GE`s energy financial unit is buying a power plant in Linden, New Jersey for an undisclosed amount, but the seller is Goldman Sachs which bought the plant three years ago for $1 billion.
Time Warner (TWX) gaining $0.04.
General Motors (GM) dropping $0.61. Wall Street remains concerned about GM despite the sale of GMAC yesterday. An analyst at Credit Suisse said that quote, the bottom line cash benefit of that deal is not quite a rosy as the headlines would suggest. Prudential`s analyst cut it his earnings and price targets on General Motors shares.
EMC Corp (EMC) gaining $0.36.
And Citigroup (C) advancing $0.80. As you heard, regulators at the Federal Reserve saying the company has improved its financial controls and they lifted that year old ban on major acquisitions.
Pfizer (PFE) slipping a touch.
Meanwhile, ExxonMobil (XOM) gaining $0.77.
Boston Scientific (BSX) losing $0.49.
3M Co (MMM) climbing over $1. The conglomerate wants to sell its branded drug operations and it`s hired Goldman Sachs for that job.
Merck & Co (MRK) picked up $0.07. The drug maker said sales of its cholesterol drug Zocor are off to a strong start this year and it boosted first quarter guidance.
Shares in Computer Sciences (CSC) getting a nice boost. It hired Goldman Sachs as well to consider its strategic options, including a sale of the company. The company is also looking to eliminate up to 5,000 jobs, mostly in Europe for cost savings.
Intl Paper (IP) tacking on $0.18. IP is selling over five million acres of U.S. timberland for just over $6 billion. The proceeds will be used to fund its ongoing restructuring efforts.
And then shares in Too Inc (TOO) jumping more than 2. The retailer forecast a 6 to 7 percent jump in same store sales. That`s more than double earlier sales estimates. Management also lifting its profit forecast.
Then on to Enterra Energy Trust (ENT). This is a Canadian gas and oil supplier, rebounding sharply over 2 1/2. The firm named a new chairman and says it will maintain its current dividend. The shares have fallen about 33 percent in the past three weeks. The company said it could not account for a reason why.
And then shares in CSS Industries (CSS) bagged for a loss of over 3. A profit warning here as the company moves to correct some manufacturing problems in its gift wrap operations.
Then on to the NASDAQ where Google (GOOG) surged over $14 to an eight- week high. "PC" magazine says Google is exploring a music and TV download service, which will go head to head with Apple`s iTunes. Google also reports first quarter results in about three weeks.
Then there`s the look at Apple Computer (APPL) which fell $1.48. Lehman Brothers cutting its price target to $73 a share.
Intel (INTC) slipping a nickel.
Microsoft (MSFT) gained $0.08.
Broadcom (BRCM) down a little over $0.50.
And then we have Cisco Systems (CSCO) losing $0.03.
Qualcomm (QCOM) advancing a bit there.
Amgen (AMGN) gaining $0.14.
$1.67 rise for Sandisk (SNDK).
And Nvidia (NVDA) advancing over 2 1/2.
Then Powerwave Technologies (PWAV) sliding nearly 3. The cell phone components maker cutting its revenue, first revenue guidance. An analyst at CIBC thinks Cingular may have shifted spending and that would account for that revenue shortfall.
And then Checkpoint Software (CHKP) falling over $1. It cut full year and first quarter revenue targets.
And then we have Matrixx Initiatives (MTXX) skidding over $4. The company makes cold and allergy medications including the branded Zicam and then we have the Federal Trade Commission investigating its advertising practices.
And those are our stocks in the news tonight.
