Paul Kangas' Stocks In The News
Tuesday, June 27, 2006
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PAUL KANGAS: But it was sellers who brought prices down on Wall Street this morning, on that drop in existing home sales and a rise in the price of oil. The major negative, however, was probably the scarcity of buyers ahead of the Fed`s two-day policy meeting. At 1:00 p.m. the Dow posted a 90-point loss. NASDAQ was off 26 points. The sell off deepened this afternoon as the tech sector lost support, undermining the NASDAQ market. So the Dow Jones Industrial Average closed off 120.54 points at 10,924.74. The NASDAQ down 33.42 at 2100.25. Standard & Poor`s 500 Index fell 11.36 ending at 1239.20. Over in the bond market, the 10-year note rose 9/32 to 99 12/32, putting the yield down to 5.21 percent.
Most active big board issue on 17.1 million shares, Boston Scientific (BSX) down $0.41. The company yesterday said it`s recalling over 22,000 pacemakers and defibrillators due to possible malfunctions. Interestingly late today, rival Medtronics said its product used different components than Boston Scientific and they shouldn`t have problems, but nevertheless Medtronic stock fell $1.04 a share.
Then came General Motors (GM) down $1.85. You heard the news and of course today, Standard & Poor`s said despite all of the workers who accepted the company`s accelerated attrition offer, S&P may still cut GM`s debt rating. Today S&P did repeat a "sell" on GM stock.
Consol Energy (CNX) down a penny. It became the newest member of the Standard & Poor`s 500 index after the close today.
ExxonMobil (XOM) on those higher oil prices up $0.83.
Lucent Tech (LU) dropped $0.08, fifth in big board volume.
Univision Comm (UVN), there you see it, up $1.97. That private equity group`s offer is worth $36.25 per share.
General Electric (GE) a $0.33 drop.
Time Warner (TWX) fell $0.19.
Pfizer (PFE) $0.21 loss.
And Tribune Co (TRB) moved up $1.57. The company will buy in 45 million common shares at a price of $32.50 as a result of its debt tender auction.
Dupont Co (DD), a Dow stock, down $1.16. Vivendi sold its 16.4 million shares or 1.8 percent stake in Dupont. It received those shares when it merged with Seagram`s incidentally.
Then we see Nike Inc (NKE) a $0.60 loss in regular weight (ph) trading. After the close, Nike reported fourth quarter earnings of $1.39 a share. That was a penny below the Street and Nike went on to say it sees flat first quarter earnings. In after hours trading, Nike stock dropped (ph) to as low as $82 a share.
Universal Compression (UCO) up $5.28. The company filed for an initial public offering for its natural gas compression services business. It`ll be 5.5 million shares of common units. The proceeds could be used to pay down debt.
Then Houston Exploration co (THX) up $1.90. The company has retained Lehman Brothers to explore strategic alternatives which could include the sale of the company. However, Houston said Jana Partners unsolicited buyout bid is not in the best interests of its shareholders. Maximus (MMS) plunging $6.21. A health care contract the company had with Accenture for the state of Texas will result in a third quarter loss of $0.55 to $0.60 a share. Wall Street was expecting earnings of $0.49 a share.
Marvell Technology Group (MRVL) down $7.76. The company is going to acquire Intel`s handheld communications chip business and it`s going to pay $600 million. Apparently, investors thought that might be a bit much.
Google (GOOG) down $1.90.
Microsoft (MSFT) a $0.04 gain.
Apple Computer (AAPL) was down $1.56.
Intel (INTC) a $0.23 drop, fifth in volume.
Cisco Systems (CSCO) fell $0.30.
Followed by Ebay (EBAY) with a loss of $1.47.
Qualcomm (QCOM) down $1.40.
Oracle (ORCL) dropped $0.17.
And Broadcom (BRCM) down $1.55 in the sea of negative signs.
Then let`s see, we have a couple of other stocks on NASDAQ like Take Two Interactive Software (TTWO) down $2.02. The company received a Manhattan attorney`s office subpoena for information as to who planted improper sexual material on the company`s popular Grand Theft Auto video game. That`s an interesting story.
Republic Bancorp (RBNC) up $1.88. Citizens banking will acquire this company for $13.86 a share in cash and stock.
And Hector Communications (HCT) on the American Exchange, was up $5.54. Three Minnesota telephone companies are going to acquire Hector for a price of $36.40 per share.
And those are the stocks in the news tonight.
