Paul Kangas' Stocks In The News
Monday, May 08, 2006
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JEFF YASTINE: A lackluster day of trading on Wall Street though as the Dow did still manage to close at a marginal new six year high. The Dow made an early stand to the 11,600 mark before retreating. But by midday it was flat as investors opted to sit on the sidelines ahead of Wednesday`s Federal Reserve meeting. The NASDAQ went nowhere all day as well. So the Dow eventually finished up 6.8 points to 11,584.54, squeaking out a new six-year record close. The NASDAQ rising nearly 2.5 points to 2344.99. And the S&P 500 falling about a point to 1324.66. In the bond market, the 10-year note falling 3/32 to 95 9/32, with the yield at 5.12 percent.
Lucent Tech (LU) gaining two pennies.
And Disney (DIS) losing $0.32. Published reports say Disney will be ending its decade-old promotional tie in program with McDonalds, meaning no more Disney cartoon figures included in your kids` happy meals. Obesity in children, one reported issue for Disney executives. Another is marketing costs and the scheduling of films.
Time Warner (TWX) dropping a penny.
Wachovia (WB), the reaction there, losing nearly $4 and as you heard, Wachovia will buy Golden West Financial for $81 a share. Some analysts think Wachovia may be paying too much.
And of course on the opposite side of that, Golden West Financial (GDW) shares surging over $4 and something Global West interest in selling is a sign of potential problems with the housing bubble and home mortgages. But Golden West founder says quote, that`s a bunch of garbage.
Pfizer (PFE) rising $0.14.
And then we have UnitedHealth Group (UNH) losing $1.31.
Boston Scientific (BSX) up a fraction.
And then Inco Ltd (N) shares gained a little over $8. Inco, the subject of a hostile takeover by Techcominco (ph) which is offering $70.60 a share in U.S. dollars. But there`s one condition, Inco has to cancel its bid to acquire a third company, Falconbridge in a deal that was proposed last year. Inco says its board will review Techcominco`s proposal.
And then Ford Motor (F) gaining four pennies.
And then Coca-Cola Co (KO) rising $0.66 to its highest price since September. "Barron`s" mentioned it as a undervalued stock, also one of Coke`s directors, financier Herb Allen, bought $18 million worth of stock in a vote of confidence about the company`s direction.
Fisher Scientific Intl (FSH) jumped a little over $2. Thermal Electron has agree to acquire the Scientific equipment wholesaler for about $77 a share. The combined companies will be renamed as Thermo Fisher Scientific. Shares in Thermal Electron fell $0.89.
On the earnings front Park Electrochemical (PKE) rising $2.64, fourth quarter profits more than doubled from year ago levels to $0.54 a share.
And then investors in Entercom Communications (ETM) dancing to the radio broadcaster`s stronger than expected quarterly profit. Those came in about $0.04 better than estimates.
And over at American Vanguard (AVD), it sank about $6.50. The west coast specialty products firm with a 21 percent drop in quarterly profits results hurt by higher freight costs.
Then let`s look (ph) at United Industrial (UIC) which loses nearly $14. First quarter profits skidded lower and came in also about $0.04 below estimates. Over at the NASDAQ, Intel (INTC) gaining $0.60. It has come out with a new brand name for its newest line of microchips. It`s calling them core two duo.
Google (GOOG) gaining about a half a dollar.
Microsoft (MSFT) down a fraction.
Ebay (EBAY) to a new one-year low, losing $1.07.
Apple Computer (AAPL) unchanged on the day.
Cisco Systems (CSCO) rising a touch today.
Dell (DELL) with a gain of $0.75, but off about 6 percent after hours on that profit warning we told you about.
Amgen (AMGN) gaining nearly $1.
Yahoo! (YHOO) with a gain of $0.21.
And Sandisk (SNDK) gaining a little over $2.
And then finally we have Emmis Communications (EMMS) which surged nearly $3. The CEO wants to buy the company outright and he`s going for $15.25 a share each in cash. That`s what he`ll pay to take the company private.
Those are our stocks in the news tonight.
