Paul Kangas' Stocks In The News
Wednesday, May 03, 2006PAUL KANGAS: Investors ran out of gas this morning, as concerns about higher interest rates were rekindled by strong reports on new factory orders and service industry activity. A disappointing outlook from Procter & Gamble was another negative. At noontime, the Dow was off 44 points; NASDAQ down seven. That $2 per barrel tumble in oil prices helped stocks trim their losses this afternoon. So the Dow Industrial Average closed off just a modest 16.17 points at 11,400.28. The NASDAQ Composite was down 5.87 at 2,303.97. Standard & Poor`s 500 Index fell 5.36 points to 1,307.85. Over in the bond market, the 10-year note fell 8/32 to 95 2/32, putting the yield at 5.15 percent.
Most active New York exchange issue on 21 1/2 million shares, Time Warner (TWX) down $0.20. First quarter earnings excluding one time items, $0.20, up from $0.17 last year and in line with expectations. But the company had a shortfall on revenues due to subscriber losses at its AOL unit.
Lucent Technologies (LU) dropped $0.04.
And then Procter & Gamble (PG) a Dow stock, off $1.89, traded as low as $55.20. Third quarter earnings at P&G, $0.63, versus $0.59 last year, $0.02 above the Street estimate. But the company`s forecasting fourth quarter earnings falling to $0.52 to $0.54 and that`s $0.02 to $0.03 below the Street consensus.
Ford Motor Co (F) off $0.13.
UnitedHealth Group (UNH) off $1.97. That`s down in sympathy with Cigna`s results which will be coming up shortly. A lot of the health insurers were weak.
General Electric (GE) an $0.08 drop.
And then Pfizer (PFE) lost a penny.
ExxonMobil (XOM) in the lower oil prices, dropped $0.90.
Aetna (AET) another health insurer, down $2.60.
And Motorola (MOT) moved up $0.65, tenth in volume.
Cigna (CI) down $15.50 or almost 15 percent. That was the low of the day on the close incidentally. First quarter earnings dropped to $2.11 from $2.24 last year. That was $0.23 better than the Street estimate, but revenues fell 5 1/2 percent and the company`s medical cost ratio worsened and that turned a lot of investors away.
Clorox Co (CLX) down $2.92. Third quarter earnings fell to $0.72 from $0.75 a year ago and the chairman and CEO plans to retire.
Bausch & Lomb (BOL) off $4.78. The U.S. Centers for Disease Control confirm there are more cases of eye infections possibly linked to this company`s contact lens solution.
Symbol Technologies (SBL) moving up $1.60. First quarter earnings more than doubled to $0.10 from $0.04 last year. The company sees second quarter rising to $0.11 to $0.12 a share.
And Brinks Co (BCO) had a good day, up $5.53. First quarter earnings jumped to $0.42 versus $0.19 last year. Revenues were up a satisfactory 10 percent.
Plantronics (PLT), the maker of headsets, down $10.79. The company said fourth quarter earnings were $0.43, down from $0.51 last year and that`s despite a 40 percent jump in revenues. The company sees first quarter earnings falling all the way to $0.22 to $0.29. The Baird brokerage downgraded the stock from "outperform" to "neutral," rough day for Plantronics.
CB Richard Ellis Group (CBG) up $2.52. First quarter earnings jumped to $0.48 from $0.19 last year. Revenues rose 26 percent and the company`s board of directors approved a three for one stock split.
Nu Skin Enterprises (NUS) down $1.77. First quarter earnings fell to $0.14 from $0.25 a year ago. Revenues fell about 8 percent. Those earnings were a penny below the Street estimate incidentally.
NASDAQ`s most active, Microsoft (MSFT) down $0.84.
Followed by Google (GOOG) with a $0.63 loss.
Apple Computer (AAPL) down $0.48.
Intel (INTC) fell $0.33.
Adobe Systems (ADBE) off $3.29. The company is forecasting that second quarter earnings will be at the lower end of its guidance and that hurt the stock.
Qualcomm (QCOM) $0.69 gain there.
Then PDL Biopharmaceuticals (PDLI) tumbling $6.49. First quarter earnings came in at $0.02 versus break even last year, but the Street was not looking for $0.02 in earnings. The Street was looking for $0.14, hence the big loss in the stock.
Yahoo! (YHOO) up $0.32.
Cisco Systems (CSCO) gained a dime.
And then tenth in dollar volume was Dell (DELL) losing $0.11 a share.
Advanced Digital Info (ADIC) up $3.60, nice gain of 43 1/2 percent. Quantum Corp. will acquire this company for $12.25 per share in cash.
And then on the downside, NPS Pharmaceuticals (NPSP) tumbling $3.22, losing almost 40 percent of its value on news that the FDA is seeking additional tests on the company`s osteoporosis drug called Preox.
And those are the stocks in the news tonight.
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