Paul Kangas' Stocks In The News
Monday, June 26, 2006
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PAUL KANGAS: Some of Wall Street`s popular indices showed double digit growth early today as all that takeover and merger activity inspired the bulls. After an hour of trading, the Dow posted a 28 point gain; NASDAQ was up 13. A surprise jump in May new home sales about which we`ll have details shortly, helped stocks this afternoon as did a drop in oil prices. The result was a higher close. The Dow Industrial Average ended up 56.19 points at 11,045.28. The NASDAQ Composite was up 12.20 ending at 2133.67. Standard & Poor`s 500 Index gained 6.06 to close at 1250.56. Over in the bond market, the 10-year note fell 3/32 to 99 5/32, lifting the yield to 5.24 percent.
Most active New York exchange issue on 22.2 million shares, Boston Scientific (BSX) closing down $1.20 after trading as low as $16.76. The company would retrieve certain of its pacemakers and defibrillators from its sales force and hospital inventory, citing possible defects.
Pfizer (PFE) moving up $0.37 on news it`s selling its consumer health products division to JNJ.
Phelps Dodge (PD) plunging $6.72. It`s going to have to come up with a lot of money for the Falconbridge and Inco acquisitions.
Let`s have a look at those two stocks and see how they fared, very well, thank you, Inco ltd (N) up $5.95 and a $2.50 gain for Falconbridge (FAL).
Then we see Sprint Nextel (S) with a $0.13 loss.
Time Warner (TWX) gained $0.20. That was fifth in big board volume.
General Electric (GE) gained a nickel.
Kerr McGee (KMG), which is being taken over by Anadarko, up $0.57.
Johnson & Johnson (JNJ) itself fell $1.11. Anadarko Petroleum (APC) down $1.28.
And Zimmer Holdings (ZMH) a major casualty off $4.33. The Justice Department subpoenaed the company for documents related to the investigation of possible Federal criminal law violations involving the manufacture and sale of orthopedic implant devices. Standard & Poor`s downgraded Zimmer stock from "buy" to a "strong sell."
Let`s have a look at some other stocks in the orthopedic area, Biomet (BMET) lost $1.80.
Then Striker (SYK) down $2.68 on that news.
Walgreen co (WAG) moved up $0.49. Third quarter earnings $0.46, up from $0.40 a year ago and $0.02 better than the Wall Street consensus.
Lennar (LEN), the home builder, up $1.11. Second quarter earnings an even $2 a share, up from $1.48 and $0.13 above the Street estimate. Revenues soared 56 percent but the company cut 2006 earnings guidance from about $9.25 to as low as $8 a share on possible slowdown.
Bunge ltd (BG) down $3.44. The company sees poor second quarter results coming in just at about break even, citing farmer protests in Brazil. Bunge has cut its 2006 earnings guidance from a high of $4.25 to $3.67 a share at best. Prudential cut its price target down to $48 a share.
Then Prestige Brand Holdings (PBH) down $1.57. This company sells Comet cleanser and Spic N Span, things like that and its president and CEO resigned after less than three months on the job.
Kindred Healthcare (KNK) down $1 - up $1.72. Wachovia Securities upgraded it from "under perform" to a "market perform."
Google (GOOG) topped the active list with a $0.67 loss, $0.64 loss.
$0.32 gain in Microsoft (MSFT).
$0.16 rise in Apple Computer (AAPL).
Intel (INTC) gained $0.28.
Qualcomm (QCOM) $0.59 rise, fifth in volume.
Oracle (ORCL) was down $0.23.
While Sirius Satellite Radio (SIRI) gained $0.23. Sirius` CEO Mel Karmazin said he`d like to acquire rival XM Satellite, but admits there would be regulatory issues. Also Barbara Walters plans to do a weekly two- hour talk program for Sirius Satellite.
A penny loss in Cisco Systems (CSCO).
Yahoo! (YHOO) up $0.18.
And eBay (EBAY), tenth in volume, was down $0.28.
Redback Networks (RBAK) off $2.31. Canaccord Adams brokerage downgraded it from "buy" to "hold" on doubts the company can sustain the revenue of growth that it showed over the past two quarters.
And finally, a big percentage gainer, Somera Communications
(SMRA) rising $2.16. It`s going to be acquired by Telmar Network Technology for $4.60 a share in cash.
Those are the stocks in the news tonight.
