Paul Kangas' Stocks In The News
Wednesday, June 14, 2006
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PAUL KANGAS: Wall Street staged a solid rally this morning as investors pretty much ignored those consumer inflation numbers. Instead, they decided seven straight broad market declines discounted most any bad news. At midday, the Dow was up 67 points. NASDAQ rose 12. The Fed`s beige book report on the economy sat well with investors, helping to trigger a blue chip buying spree late in the day which broke the market`s long losing streak. The Dow Jones Industrial Average closed up 110.75 points at 10,816.92. NASDAQ Composite gained 13.5 to 2,086 even. Standard & Poor`s 500 rose 6 1/3 points ending at 1,230.04. Over in the bond market, the 10- year note tumbled 24/32 to par and 14/32, putting the yield up at 5.07 percent.
Most active big board issue on 22.1 million shares, Lucent Tech (LU) heading a penny lower.
And then a new issue, Verasun Energy (VSE) 18 1/2 million share IPO priced at a higher than expected $23 a share. This firm is a South Dakota- based corn ethanol producer of some 230 million gallons yearly, second only to Archer Daniels Midland. The stock opened at 28, had a high of $30.30, backed off just a little bit, very successful debt.
Citigroup (C) down $0.41.
Bank of America (BAC) up $0.43. The financial sector weak on the prospect of higher interest rates.
Pfizer (PFE) an $0.08 gainer. That was fifth in big board volume.
There you see it, General Electric (GE) rising $0.17.
ExxonMobil (XOM) a $0.96 rise.
EMC Corp (EMC) gained $0.20.
Advanced Micro Devices (AMD) up $0.67. Goldman Sachs upgraded AMD from "under perform" to "in line."
Ishares Japan (EWJ), tenth in volume, gained $0.31.
Bayer (BAY), the big German pharmaceutical, $3.07 gain. Merck of Germany is offering its 41 1/2 million shares of Schering AG to Bayer for a price of 89 euros per share. Investors seemed to like the idea.
Harley-Davidson (HDI) up $2.17. The Piper Jaffray brokerage noted that 28 out of 30 Harley dealerships surveyed are meeting or exceeding sales expectations at the moment.
Southwestern Energy (SWN) up $3.25. The company announced a sharp rise in June growth production from its Fayetteville oil shale operations.
Then E*trade financial (ET) down $1.24. Companies made daily average revenue trades fell 3 percent and client total assets fell 5 percent from April to May.
Luxottica Group (LUX), which makes eyeglasses, up $1.39. Standard & Poor`s euro market scope said the company may revise 2006 profits upward. Also the company`s boosting its dividend by 26 percent.
And Teleflex (TFX) down $4.66. The company sees second quarter earnings substantially below year ago and it cut its 2006 forecast for earnings from as much as $4.12 a share down to $3.80 a share at best.
Google (GOOG) topped the active list down $2.14.
Intel (INTC) up $0.61. Goldman Sachs upgraded Intel from "in line" to "out perform."
Microsoft (MSFT) $0.37 rise.
Apple Computer (AAPL) down $0.72. Creative Technology Limited is accusing Apple of patent infringement.
Qualcomm (QCOM), fifth in volume, was up $1.41.
$0.25 gain in Cisco Systems (CSCO).
Amgen (AMGN) $0.41 rise there.
Dell (DELL) dropped $0.03.
And so did Yahoo! (YHOO). Broadcom (BRCM), tenth in dollar volume, was up $0.86.
Somanetics (SMTS) up $3.14. The company`s in patient monitoring system and it had nearly a doubling in second quarter earnings, $0.15 versus $0.08 a year ago and revenues soared 45 percent.
Over on the American exchange, Terremark Worldwide (TWW), which operates Internet exchange point facilities, had a fourth quarter loss of $0.50 a share. The Street was expecting a loss of only $0.11. Also the Mariman Kurham (ph) brokerage downgraded it from "buy" to "neutral."
Those are the stocks in the news tonight.
