Paul Kangas' Stocks In The News
Monday, June 12, 2006
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PAUL KANGAS: Wall Street opened slightly higher in a rebound from last week`s losses, the worst in over a year. The Dow advanced 25 points early on, but it was cut short when the NASDAQ Composite didn`t follow suit. By noon, the Dow was off 25 points, while NASDAQ fell 22. The market grew weaker in the afternoon on caution ahead of a speech tonight by Fed chief Ben Bernanke. So once again, stocks closed at their lows of the session. The Dow Industrial Average fell 99.34 ending at 10,792.58. NASDAQ Composite off 43 3/4 at 2091.32. Standard & Poor`s 500 was down 15.90 ending at 1236.40. Over in the bond market, the 10-year note fell 1/32 to 101 3/32, putting the yield at 4.98 percent.
The most active New York exchange issue was Motorola (MOT) on 15.2 million shares, losing $0.93.
Followed by Corning (GLW) off $1.39. Ironically, Needham & Company brokerage Friday upgraded Corning from buy to a strong buy.
Then Texas Instruments (TXN) down $0.72 even though the company says its new chip making process will double the number produced on each wafer, will boost their speed and cut power consumption, all ahead of rival Intel.
Disney (DIS) down $0.43 on the rather disappointing receipts and of course that Citigroup downgrade from buy to hold didn`t help.
Lucent Tech (LU) a $0.03. That was fifth in big board volume.
Time Warner (TWX) lost $0.16.
Exxon Mobil (XOM) down $0.53.
General Electric (GE) a $0.20 loss.
Pfizer (PFE) a $0.24.
And Ford Motor Co (F) managed to gain $0.01. General Motors (GM) was up $0.43, traded as high as $26.35 earlier today. After the close Friday as we reported, Delphi said it made significant progress in cost-cutting talks with General Motors and the UAW.
Then we see Lehman Brothers (LEH) down $3.60 despite second quarter earnings of $1.69, $0.09 better than the Street consensus. The company was however rather cautious about the outlook. That hurt seemingly.
Houston Exploration (THX) up $3.32. Jana Partners, a hedge fund, is offering to buy all the shares it doesn`t already own for $62 each.
Then NRG Energy (NRG) up or down $3.93. Mirant has rescinded its $57.16 per share cash and stock buyout bid under pressure from its own shareholders who feel they could make more money if Mirant sold itself rather than try to buy NRG. Mirant stock was $0.07 today. Pacific Energy Partners (PPX) a $0.90 rise. Plains All American pipeline will acquire this company for about 3/4 of one of its units for each unit of Pacific Energy Partners and that works out to a value of around $34.50 per unit.
Zale (ZLC) closed up only $0.83, but traded as high as $27.75 in the morning after Signet Group of the United Kingdom confirmed that it held preliminary merger talks with Zale and Keybanc upgraded Zale stock from hold to buy, but then this afternoon, both companies said they`ve terminated those Talks and the stock went down.
Google (GOOG) topped the active list of $5.03.
And then Microsoft (MSFT) $0.21.
Apple Computer (AAPL) losing $2.24
Intel (INTC) a $0.30 loss.
Qualcomm (QCOM) fell $2.25. The company has filed a complaint alleging that Nokia has infringed on six Qualcomm patents.
Broadcom (BRCM) $0.26 gainer there.
Cisco Systems (CSCO) $0.49 loss.
Amgen (AMGN) fell $0.75. Hansen Natural (HANS) tumbling $9.75. The board has approved a four for one stock split. Of course Friday you might recall the stock was up nearly $5 on word that McDonald`s is test marketing some of its energy drinks.
Oracle (ORCL) tenth in volume, was down $0.22 a share.
Comverse Tech (CMVT) lost $3.09. The company is delaying the filing of its 10Q report to review its stock options granting practices.
And then over on the American Exchange, Infosonics (IFO) tumbling $6.84. The company restated its previously reported first quarter earnings of $0.22, down to only $0.15 a share as it reclassified its warrants from liability to equity warrants and that means some stock dilution.
Those are the stocks in the news tonight.
