Paul Kangas' Stocks In The News
Monday, June 05, 2006
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PAUL KANGAS: Wall Street opened with a bad case of the jitters as oil prices surged higher on that supply-disruption threat from Iran. The broad sell off in stocks continued throughout the morning with the Dow dropping 80 points by noon time and the NASDAQ losing about 12. The market went into free fall this afternoon after Fed Chief Bernanke`s warnings about a slowing economy and inflation. The Dow Industrial Average plunged 199.15 points ending at 11,048.72. The NASDAQ Composite tumbled 49.79 or 2.2. percent to end at 2169.62. Standard & Poor`s 500 down 22.93 at 1265.29. Over in the bond market, the 10-year note fell 8/32 to par and 25/32, putting the yield at 5.03 percent.
Most active New York exchange issue on 17.2 million shares, Lucent Tech (LU) losing $0.02.
And then Pfizer (PFE) with a $0.25 drop.
Elan Plc (ELN) down $2.46, even though the FDA approved the return of the company`s multiple sclerosis drug called Tisabre (ph) to market. It was suspended about a year ago on safety concerns. The return however, comes with many new restrictions that could limits its sales and I think that could hurt the stock and the stock of Elan`s partner, Biogen Idec which was down $2.32 a share.
Time Warner (TWX) an $0.08 loss.
Trizec Properties (TRZ) up $4.08. That deal from Brookfield and Blackstone is worth $29.01 per share.
Then we see General Electric (GE) down $0.44.
Same case with Commerce Bancorp (CBH), even though Commerce Bancorp today after the close was added to the Standard & Poor`s 500 Index replacing Englehard Corp.
ExxonMobil (XOM) down $1.60.
And then Texas Instrument (TXN) $0.90 drop.
Ford Motor Co (F) fell $0.15.
Disney (DIS) was the only gainer in the Dow 30 index, up $0.12.
Let`s have a look at some of the bigger losers in the Dow 30, Caterpillar (CAT), 3M (MMM), Boeing (BA), United Tech (UTX) and Altria Group (MO) all with significant losses today.
Standard Pacific (SPF) had a significant loss of $2.57. The company`s new home orders for the first two months of the second quarter, down about 41 percent. AG Edwards downgraded the stock from "buy" to "hold" and that had an impact on the whole housing sector today.
Here`s some stocks in the group, Beazer Homes (BZH), Centex (CTX), Lennar (LEN), Pulte Homes (PHM) and Ryland Group (RYL) all on the downside significantly.
Freeport McMoran Copper & Gold (FCX) off $4.83. The company`s Indonesian unit expects second quarter copper sales to fall 16 percent below its first estimates.
Newmont Mining (NEM) interesting, with a loss of $0.72, even though gold and the August contract in New York up $7.70 an ounce and Citigroup upgraded Newmont from "hold" to "buy," yet the stock down a bit.
Administaff (ASF) up $1.21. CS First Boston upgraded it from "neutral" to "out perform" on a price basis.
And then Medicis Pharmaceuticals (MRX) losing $2.56 after the FDA approved Allergen`s duvaderm (ph) wrinkles treatment, which will now compete with Medicis restyling wrinkle product. And Allergen stock was up $0.19 incidentally.
Big on the downside, WH Energy Services (WHQ), the oil field services firm downgraded by Deutsche Bank from "buy" to a "hold" on a price basis.
Google (GOOG) topped the active list on NASDAQ down $5.
Microsoft (MSFT) $0.26 drop. Apple Computer (AAPL) losing $1.66.
$0.25 loss in Intel (INTC).
Sandisk (SNDK) off $1.01.
And continuing this blizzard of minus signs, Cisco Systems (CSCO) off $0.56.
Amgen (AMGN) lost $1.70.
Yahoo! (YHOO) off $0.70.
Qualcomm (QCOM) $1.32 drop.
And tenth in volume, Comcast "A" (CMCSA) losing $0.91.
But a gainer, Laserscope (LSCP) up $9.24. American Medical Systems will acquire the company for $31 a share in cash.
And another gainer, Firstbank NW Corp (FBNW) up $3.57. Sterling Financial will acquire it for cash and stock worth almost $26 a share.
On the downside however, Onyx Pharmaceuticals (ONXX) losing $3. Late stage trials of the company`s kidney cancer treatment called Nexavar (ph) have failed to improve survival rates.
Those are the stocks in the new tonight.
