Paul Kangas' Stocks In The News
Tuesday, May 09, 2006
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JEFF YASTINE: Gold prices may have soared, but the major indexes remained range bound ahead of tomorrow`s Fed meeting. Buying in the major industrial stocks like Alcoa and General Motors helped boost the Dow through the 11,600 level and keep it there. The NASDAQ, weighed down by Dell`s profit warning we told you about last night, remained in the red. So the Dow closed up 55 1/4 points at 11,639.77, now within 84 points of its all-time high set back in January of 2000. The NASDAQ fell 6 3/4 points to 2338 1/4 and the S&P 500 rising a half a point to 1325.14. And in the bond market, the 10-year note falling 3/32 to 95 7/32, the yield at 5.13 percent. And today it`s Lucent Tech (LU) heading the list, slipping $0.11. UnitedHealth Group (UNH) losing $1.28. Back of America cutting its price target on the stock, thinking it`s overvalued. The SEC of course probing executives who reap billions of dollars in gains from the controversial timing of stock options.
Ford Motor Co (F) gaining $0.20.
And then General Motors (GM) gaining $2.25. Deutsche Bank upgraded the stock after GM revised its first quarter outlook last night to a profit from a loss and today GM Chairman and CEO Rick Waggoner said resolving the labor issues at Delphi Corporation and preventing a strike there was now the auto maker`s number one priority.
Motorola (MOT) gained $0.32.
Now we look at Time Warner (TWX)
which held steady. Layoffs at the company`s AOL unit are starting. They`re cutting about 7 percent of the workforce, mostly at customer support centers.
Wachovia (WB) losing $0.81. Two brokerages downgrading that stock after Wachovia`s $81 a share buyout offer for Golden West financial.
And Disney (DIS) rising that much. After the bell, the entertainment giant reporting a 12 percent gain in quarterly profits, earnings at $0.37 a share. That was $0.06 above estimates and the TV and theme park units did very well, although the film unit had a sharp drop in profits.
Pfizer (PFE) losing a fraction.
Archer-Daniels Midland (ADM) gaining $2 even. A new high for that stock and amid growing interest in ethanol.
And then we look at Newmont Mining (NEM) where investors who had the gold bug certainly smiling as the price of gold eclipsed $700 an ounce and Newmont part of that action.
And here`s a quick run down of some of the others, Barrick Gold (ABX) rising nearly $1.
Freeport-McMoran C&G (FCX) and Gold Fields Ltd (GFI) doing the best of the bunch.
Streettracks Gold (GLD) the exchange traded fund, also doing very nicely as well. RTI Intl Metals (RTI) soaring over $8.50 after landing a 10-year contract to supply titanium sheets to Airbus in a deal worth $800 million.
And US Airways Group (LCC) taking flight, rising over $4. The air carrier posting a profit of $0.05 versus a huge loss a year ago and that on sharply higher revenues.
On the downside, shares in Sunrise Senior Living (SRZ) dropping almost $7 or nearly 18 percent. The company`s delaying its first quarter results while it does an accounting review of some of its properties.
Let`s look at the NASDAQ where Google (GOOG) gained a little over $14.
And there`s the reaction on Dell (DELL) tumbling $1.23 or nearly 5 percent following its profit warning last night.
And then Microsoft (MSFT) dipped $0.11.
And there`s Cisco Systems (CSCO) ending off $0.08 and as we told you at the top of the show, it did report better than expected profits. The shares declined slightly after hours.
Apple Computer (AAPL) losing $0.86.
Then we have Intel (INTC) falling $0.21.
Hansen Natural (HANS) gaining more than $24. It struck a deal, a distribution pact with Anheuser-Busch and also reported great first quarter profit. That stock`s up nearly 200 percent just in this year alone.
Sandisk (SNDK) falling $1.35.
Ebay (EBAY) gaining $0.50.
Research in Motion (RIMM) gained a little over $1.
And then finally Glenayre Technologies (GEMS) sliding over $2. SpringNextel cutting the company from its line up of potential voice mail vendors. The messaging service provider also reporting a huge third quarter loss of $0.10 a share.
Those are our stocks in the news tonight.
