Paul Kangas' Stocks In The News
Wednesday, June 07, 2006
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PAUL KANGAS: Wall Street spiked higher this morning as buyers looked for bargains after two days of steep losses. That sharp decline in oil prices was another plus. So the Dow stair-stepped its way to a 63-point gain by noon and the NASDAQ was up 19. But the market turned abruptly lower when the early rally did not impress buyers and those Greenspan comments on energy spooked investors. The Dow Industrial Average came in with a closing loss of 71 1/4 points at 10,930.90. The NASDAQ Composite fell almost 11 points to 2,151.80, while the Standard & Poor`s 500 Index 7.70 to 1,256.15. Over in the bond market, the 10-year note fell 6/32 to par and 25/32, putting the yield at 5.03 percent.
The most active New York exchange issue on 24.4 million shares was EMC Corp (EMC) losing $0.23. The company sees 2006 revenues at the low end of its previous forecast.
Lucent Tech (LU) dropped $0.02.
And then Corning (GLW) down $2.10. Standard & Poor`s says the drop in Corning stock is probably tied to AU Uptronics (ph) reporting that its May LCD sales fell 1 1/2 percent from April levels. Corning provides glass for AU`s LCDs.
General Electric (GE) off $0.15.
ExxonMobil (XOM) on the lower prices, off $1.55, fifth in big board volume.
Then Pfizer (PFE) gaining $0.07.
Nortel Networks (NT) a $0.06 loss.
Time Warner (TWX) dropped $0.02.
Disney (DIS) up $0.12.
Tenth in volume, Qwest Comm (Q) a $0.04 gain.
Dupont Co (DD) down $1.08. Deutsche Bank lowered its opinion of the U.S. chemical group from over weight to equal weight and specifically downgraded Dupont stock from buy to hold and did the same for a number of stocks in the chemical sector like Dow Chemical (DOW) and Chemtura (CEM) just fractionally lower. But Spartech (SEH) and Westlake Chemical WLK) losses well over $1.
Kraft Foods (KFT) fell $0.68. Prudential downgraded it from neutral to under weight citing fundamental underlying problems in the packaged food industry.
Then we see L-3 Communications (LLL) holding, jumping $3.44, traded as high as $78.97. Its chairman and co-founder and CEO Frank Lanza died, but analysts speculate the loss of his leadership could make the company vulnerable to a takeover and up went the stock today.
DSW (DSW) the big shoe retailer, up $2.50 a share. First quarter earnings jumped to $0.40 from $0.25 a year ago and that was $0.05 better than the Street consensus. Intl Coal Group (ICO) fell $1.40, about 16 1/2 percent drop. A variety of problems in the first half caused the company to now cut its 2006 earnings guidance from as high as $0.53 a share, all the way down to $0.15 to $0.21 a share.
Veritas DGC (VTS) which provides seismic data down $6.25, even though after the close yesterday third quarter earnings came in at $0.84, well above $0.52 a year ago. Revenues jumped 35 percent, but you can see the stock`s had quite a rise so it was vulnerable to profit taking even on good news.
La-Z-Boy (LZB) down $1.84. Fourth quarter loss of $0.20 reported today. That`s versus earnings of $0.40 a year ago. Sales dropped 10 percent. Raymond James financial downgraded it from strong buy to just an out perform rating.
Google (GOOG) topped the NASDAQ`s most active list, down $3.48.
Followed by Intel (INTC) $0.40 drop there.
Microsoft (MSFT) dropped $0.09.
Apple Computer (AAPL) losing $1.16.
And Broadcom (BRCM) fell $1.25, fifth in dollar volume.
Cisco Systems (CSCO) a $0.26 loss.
Sandisk (SNDK) down $1.47.
A gainer, Sears Holdings (SHLD) up $1.93. Baidu.com (BIDU) fell $2.20.
And Qualcomm (QCOM) a $0.69 loss.
New issue today on NASDAQ, Loop Net (LOOP) which is a commercial real estate website operator. Six million shares offered at 12, opened at $14.75, the high $15.75, backed off a bit but still had a good first day of trading.
Ace Cash Express (AACE) up $3.59. A management group led by the CEO wants to buy the company out. As a matter of fact, it has accepted a $30 a share buyout bid.
And finally Analogic Co (ALOG), third quarter earnings $0.18, well below the Street estimate of $0.41.
Those are the stocks in the news tonight.
