Paul Kangas' Stock In The News
Thursday, April 06, 2006
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JEFF YASTINE: Those disappointments among the retailers were reflected somewhat in the broader averages today. The Dow dropped 70 points for the morning session on weakness in Wal-Mart, also Merck and the banking stocks. Then just like yesterday, an afternoon rally broke out, helping the NASDAQ make up its 12 point deficit. But with tomorrow`s March employment report on the horizon, traders then moved to the sidelines. So the down dropped 23 points to 11,216 1/2 and the NASDAQ Composite falling over a point to, excuse me, gaining a little bit over a point to end at 2361. Then the S&P 500 climbed back 2 1/2 to close at 1309 and a fraction. And Treasury prices headed lower today on fears the March jobs report will show unexpected strength. The 10-year note falling 14/32 to 96 28/32 and the yield at 4.91 percent. That`s a four-year high.
Starting things off, Lucent Tech (LU) gaining $0.03. It topped the most actives. It is suing Microsoft, claiming the Xbox 360 gaming system infringes on a patent which Lucent holds.
Time Warner (TWX) dropping $0.11.
Pfizer (PFE) losing $0.08.
And Merck & Co (MRK) dropping $1.15. The stock down sharply after yesterday`s latest Vioxx jury decision. The punitive damages portion of that New Jersey trial began today.
Motorola (MOT) gaining $0.48.
And then here`s a new issue, Goodman Global (GGL) with its IPO priced at 18 and touched $20.70 before backing off. It`s a maker of heating and air conditioning systems.
Nortel Networks (NT) gaining $0.14.
General Electric (GE) up a nickel.
And Boston Scientific (BSX) rising $0.24. The medical device maker`s acquisition of Guidant can now move forward after the company reached a deal with the Federal Trade Commission over antitrust issues.
And then ExxonMobil (XOM) dropping $0.07 today.
3M Co (MMM), those shares rising nearly $4. The company raised its first quarter forecast for sales and profits and it sees strength pretty much across the board over its range of products.
Then Lehman Brothers (LEH) in with a nice gain. It rose over 2 1/2. The company`s board of directors approving a two for one stock split for shareholders.
And Newmont Mining (NEM) climbing $0.82. New York gold settling at a 25 year high, rising a little over $7 to $599.70 and it did touch an intraday high of $600 an ounce.
Now here we have Novelis (NVL) jumping over $3. Don`t get this confused with the NASDAQ chip making stock with a similar name. Novelis is a maker of rolled aluminum products. The CEO says they`re focused on paying down their high debt levels, but they`re also seeking leeway with lenders while they restate last year`s financials.
And then there`s Martha Stewart Living Omnimedia (MSO) shares posting a huge gain of $2.35 on word with that design pact with Macy`s that we told you about just a moment ago.
And then Brush Engineered Materials (BW) rising nearly 3. Earlier in the week, the company raised its first quarter guidance on strong demand across most of its markets.
And then finally Spectrum Brands (SPC), the big loser of the day, tumbling about $6. This is a profit warning. The company used to be the old Rayovac battery maker before a merger last year. Spectrum is cutting its second quarter profit outlook because of weaker battery sales and Standard & Poor`s cut its credit rating on the company`s bonds.
A look at the NASDAQ where Apple Computer (AAPL) led the list, adding over $4. Bear Stearns says it thinks that the concerns about iPod sale slowdowns are overblown and thinks they should top second quarter Street estimates.
Here`s Google (GOOG) rising a little over $3. The city of San Francisco hiring Google and Earthlink to develop its free citywide wi-fi service.
Cisco Systems (CSCO) losing about a half a dollar.
Microsoft (MSFT) down $0.18.
Sandisk (SNDK) up $0.90.
And then there`s Intel (INTC) down a dime.
Yahoo! (YHOO) gaining $0.68.
Amgen (AMGN) down a little over $1.
Sirius Satellite (SIRI) up $0.37.
And Bed Bath & Beyond (BBBY) gaining $2.50. The home furnishings retailer posting stronger than expected fourth quarter profits. Earnings coming in $0.02 above analysts projections.
And finally a look at some other retailers faring on the day on the NASDAQ, American Eagle Outfitters (AEOS), Bebe Stores (BEBE) and Costco Wholesale (COST) all posting decent gains thanks to solid growth in March same store sales.
Those are our stocks in the news tonight.
