Paul Kangas' Stocks In The News
Wednesday, May 17, 2006
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JEFF YASTINE: The Dow is still up about 3 percent for the year, but today`s sell-off put the NASDAQ in the red by about 2 percent. The Dow`s best performers in recent months, stocks like Exxon, Dupont, 3M and Boeing all down by 2 to 3 percent today. And going into the final hour of trading, the Dow was off by nearly 250 points. Both indexes saw a couple of attempts to rally, but each was met with more selling. So the Dow falling 214.25 points to 11,205.61. And the NASDAQ Composite dropping 33 1/3 points to 2,195.8. And the S&P 500 sliding 21.75 points to finish at 1,270.32. In the bond market, the 10-year note falling 12/32 to 99 26/32 and the yield lifted to 5.15 percent.
First we have Lucent Tech (LU) dropping $0.09.
But then Hewlett-Packard (HPQ) rising $1.05. This was the only gainer on the Dow industrials today with its better than expected profit report issued last night. HP wants to save more money up to $1 billion a year by consolidating some of its overseas data centers. Time Warner (TWX) losing $0.09.
Home Depot (HD) dropping $0.44. Analysts not happy that the chain yesterday said it will not report same store sales data any more. They worry that it could hide broader weakness in the company`s core retailing operations.
Pfizer (PFE) losing $0.63.
ExxonMobil (XOM) part of a weak energy group today, sliding $1.78, off about 7 percent from its all time high set in late April.
General Electric (GE) losing $0.37.
EMC Corp (EMC) also a loser for today.
News Corp "A (NWSa) dropping $0.16.
Citigroup (C) losing $0.71.
Then we have General Motors (GM) sliding $1.07. The chief accounting officer and the financial controller at GM are both departing. GM will eventually combine those two jobs into one position. Also the UAW voted to authorize a strike at GM`s bankrupt parts supplier Delphi, although Delphi`s board says it`s still hopeful for a labor agreement.
And a rundown of some of the Dow`s biggest losers, Alcoa (AA), Boeing (BA), Caterpillar (CAT), 3M Co (MMM), United Tech (UTX). These are some of the biggest gainers since the start of the year. Boeing shares are still up more than 20 percent for the year, although the rest now have single digit gains so far for 2006.
Circuit City Stores (CC) rising $0.52. The company says it`s restructuring numbers are starting to pay off thanks to a new management team and big sales of flat screen TVs expected to help the company turn a small profit in the first quarter.
Brady Corp (BRC) surging nearly $4. This company makes ID labeling products. Third quarter earnings rose 21 percent on record sales and executives raised their full year forecast as well.
Zale Corp (ZLC) rising $1.26. The jewelry chain reporting better than expected profits for the third quarter. It`s still dealing though with an ongoing SEC accounting investigation.
On the downside, Bancolombia S.A. Adr (CIB) plunging nearly $3.50. An arbitration board in Colombia ruling that this bank must pay $25 million to a businessman who claims he was shortchanged when Bancolombia was created through a merger eight years ago.
Now looking at the NASDAQ, Google (GOOG) a gain of a little over $3.
Microsoft (MSFT) dropping a fraction.
Apple Computer (AAPL) rising by that much.
Intel (INTC) slipping $0.40, hit its lowest price since May 2003.
Yahoo! (YHOO) losing $0.86. It unveiled a new advertising Internet ad system at an analyst meeting today in San Francisco, but the company doesn`t see financial benefits this year.
Cisco Systems (CSCO) slipping a fraction.
Qualcomm (QCOM) losing $1.29.
Applied Materials (AMAT) down nearly $1.
Broadcom (BRCM) with a gain of a little over $1.
Ebay (EBAY) dropping $0.77.
Then we have Penson Worldwide (PNSN) jumping $2.50. This is an IPO. It provides technology and services for the finance industry.
Finally, Charming Shoppes (CHRS) ending off $1.06. Its Lane Bryant and Catherine store chains helped the company to a 7 percent profit gain, but the company gave a more cautious outlook for the remainder of the year. That brought down the stock.
Those are the stocks in the news tonight.
