Paul Kangas' Stocks In The News
Friday, June 09, 2006
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PAUL KANGAS: Wall Street opened with modest gains after most foreign markets rebounded. The tech sector led the early upturn after Texas Instruments boosted its earnings outlook. The Dow rose 30 points early on, while the NASDAQ gained 15 points. Against a backdrop of rising oil prices and pre-weekend investor caution, stocks spent the rest of the day in a downward spiral and the major indices all ended lower across the board. The Dow Industrial Average closed off 46.90 at 10,891.92. This week it rose only one time and lost 355.95 points overall. The NASDAQ Composite was off 10.26 today, ending at 2135.06. It dropped every day of this week and lost 84 1/3 points overall. The Standard & Poor`s 500 was down 5.63, closing at 1252.30 today. Over in the bond market, the 10-year note gained 5/32 to 101 4/32, putting the yield down to 4.98 percent.
Most active big board issue on 17 million shares was Texas Instruments (TXN) losing $1.04. This morning it traded as high as $31.49 after the company boosted its second quarter earnings and revenue outlook as I mentioned earlier.
GE (GE) down a half a dollar.
Pfizer (PFE) lost $0.33.
Qwest Communications (Q) a $0.09 drop.
And then Corning (GLW) moving up $0.53. The Needham brokerage upgraded Corning from "buy" to a "strong buy."
ExxonMobil (XOM) fell $0.77.
Lucent Tech (LU) edging up $0.02.
Walt Disney (DIS) a $0.54 loss.
Motorola (MOT) dropped $0.23.
And then Comp Vale Rio Doce (RIO) was up $0.40. This is a Brazilian mining company and Mark Mobius of the Templeton funds made some positive comments about it.
Coca-Cola (K) which is a Dow stock, up $0.16. Bear Stearns upgraded it from "peer perform" to "out perform" with a $48 a share target price for the stock.
Then we see National Semiconductor (NSM) edging up $0.58. JMP Securities upgraded it from "market perform" to "out perform" after the company reported fourth quarter earnings of $0.34 on a 23 percent rise in revenues. Merrill Lynch upgraded it from "neutral" to a "buy."
Royal Group Tech (RYG) up $3.28. Georgia Gulf, the chemical firm, will acquire Royal Group for $1.7 billion Canadian dollars. That works out to about $13 a share in Canadian money.
And Georgia Gulf (GGC) itself tumbled $4.26 on the news of that rather large acquisition.
Volt Info Sciences (VOL) up another $3.34. It gained just over $3 yesterday on strong second quarter earnings of $0.59, $0.23 better than the Street was expecting.
Then, Overseas Ship Holding Group (OSG) up $2.65. This company will buy back up to $300 million of its own stock.
Then we see Quiksilver (ZQK) which is a sportswear marketer. Second quarter earnings only $0.03, down from $0.28 last year, but that was in line with Street expectations and the company`s predicting 2006 earnings will be $0.87 to $0.88 a share. That`s about $0.12 better than the consensus on Wall Street.
Koppers Holdings (KOP) which makes treated wood products, was upgraded by Jeffries brokerage from "hold" to a "buy" and Jeffries boosted its 2006 earnings estimate from about $1.03 up to $1.20 a share.
Bristow Group (BRS), which provides helicopter services for the oil services industry, up $2.48. Fourth quarter earnings $0.75, way up from $0.56 last year. Revenues rose 18 percent.
And then Phillips-van Heusen (PVH) buttoning up a $1.12 gain after Prudential upgraded it from "neutral" to "over weight."
Volume leader on NASDAQ, Google (GOOG) down $6.73.
Followed by Apple Computer (AAPL) off $1.52.
Intel (INTC) was up a nickel. Intel is moving up the planned shipment date of a computer chip that will compete against one of rival Advanced Micro Devices. Officials say the Tulsa chip will come out on the third quarter, rather than the fourth as originally planned.
Microsoft (MSFT) down $0.19.
Cisco Systems (CSCO) an $0.08 gain, fifth in volume. Qualcomm (QCOM) down $1.01.
$0.65 drop in Broadcom (BRCM).
Sandisk (SNDK) off $0.68.
Hansen Natural (HANS) up $4.76. McDonald`s is testing some of its drinks.
And then Ebay (EBAY) down $0.64.
Major loser, Pozen Inc (POZN) tumbling $8.59. The FDA is asking the company for more safety information on its migraine drug called Traxima. It has to do that before any chance of an approval.
Those are the stocks in the news tonight.
