Paul Kangas' Stocks In The News
Tuesday, June 13, 2006
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PAUL KANGAS: At the start of the session on Wall Street today, an overdue technical rebound lifted the Dow 37 points and the NASDAQ 10 points early on. But then traders took another look at those wholesale inflation and retail sales numbers and wiped out the gains. By late morning, the blue chips were off 33 points. Trading turned very choppy this afternoon with investor confusion over the economy`s health. All this led to the seventh straight broadly lower close. Dow Industrial Average ended down 86.44 points at 10,706.14. The NASDAQ Composite lost 18.85 to 2,072.47. Standard & Poor`s 500 down 12.71 at 1,223.69. Over in the bond market, the 10-year note rose 4/32 to 101 7/32, putting the yield at 4.97 percent.
Most active New York issue on 21.4 million shares, Lucent Tech (LU) losing $0.11.
Followed by General Electric (GE) $0.14 drop there.
ExxonMobil (XOM) on the drop in oil prices, fell $1.43.
Major loser, Jabil Circuit (JBL) tumbling $7.11, traded as low as $23.13 after the company predicted lower than expected third quarter earnings of $0.33 to $0.37 a share. Previously, it said $0.47 a share. Meanwhile, Baird and Company brokerage downgraded it from "outperform" to "neutral." Earnings results incidentally are due out a week from tomorrow for Jabil.
Pfizer (PFE) $0.25 loss. That was fifth in big board volume.
Citigroup (C) fell $1.12. The financial services sector very weak today.
Time Warner (TWX) down $0.26.
Bank of America (BAC) another weak financial off $1.34.
Motorola (MOT) bucked the trend with a $0.07 gain.
EMC Corp (EMC) tenth in volume was down $0.03 a share.
Merck & co (MRK) managed to move up $0.29. A study shows the company`s proposed diabetes drug called Jenuvia cut blood sugar and had fewer side effects than similar competing drugs, so a little gain for Merck for a change.
Goldman Sachs Group (GS) tumbling $5.75. Second quarter earnings excluding one-time items $4.78, $0.50 better than the Street estimate. But the company`s cautious on the outlook and that sent the whole financial services sector down.
Let`s look at some other major brokers, Bear Stearns (BSC) off $8.30.
And then losses exceeding $2 a share for Lehman Brothers (LEH), Merrill Lynch (MER)
and Morgan Stanley (MS).
Maverick Tube (MVK) on the other hand, one of the big gainers, the big gainer of the day, up nearly $17 a share. Luxembourg-based steel pipe make Tenaris will acquire Maverick for $65 a share in cash. Tenaris stock was up $1.03 to $32.53 a share.
Lamson & Sessions (LMS), the company makes electronic products, up $3.42. The company boosted its second quarter revenue growth forecast to a plus 29 to 31 percent, said earnings should be around $0.80 to $0.83 a share.
Ametek (AME) up $2.38. The company makes electronic instruments and Keybanc brokerage upgraded it from "buy" to an "aggressive buy."
On the downside, Western Digital (WDC) fell $1.42. The company notes demand is soft and pricing lower than expected for its products in the current quarter and Goldman Sachs made some cautious comments about Western Digital`s outlook.
Dean Foods Co (DF) bucking the trend, up $1.35. Prudential upgraded it from "neutral" to "over weight."
And Advanced Micro Devices (AMD) losing $1.24. Prudential cut earnings estimates and also cut its price target on AMD from $65 all the way down to $45 a share on concern over a possible price war with Intel.
And then finally we see the gold tracking stock streetTRACKS Gold (GLD)tumbling $4.11. New York August gold as you saw earlier, down $44.50 an ounce to $566.80. The gold stocks however were not hit that hard, most of them large fractional losers.
Google (GOOG) topped the active list bucking the trend, up nearly $5.
Microsoft (MSFT) $0.20 drop. Apple Computer (AAPL) moved up $1.33. The Needham brokerage upgraded Apple from "hold" to "buy" on optimism that Window operating system users will soon by able to use Mac products.
Intel (INTC) a $0.26 gainer.
Qualcomm (QCOM) $0.65 rise. That was fifth in dollar volume.
Cisco Systems (CSCO) fell $0.12.
Amgen (AMGN) a nickel gain.
Dell (DELL) $0.21 rise.
Broadcom (BRCM) up $0.15.
And then Sears Holdings (SHLD) on the weak retailing group, down $6.92.
Diodes (DIOD) up $4.94. The company gave an upbeat forecast on its second quarter revenues.
And then Herley Industries (HRLY), which is in microwave equipment, had a terrible day, off $5.19. Some of the company`s units were banned from new government contracts because of alleged overcharging.
And then DexCom (DXCM) off $2.86. The medical devices company was downgraded by the Cowan and Company brokerage from "outperform" to just "neutral."
Those are the stocks in the news tonight.
