Paul Kangas' Stocks In The News
Wednesday, June 28, 2006
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PAUL KANGAS: Well, stock prices made some substantial gains early today thanks tobuyers who felt yesterday`s steep sell off was overdone. At the outset of trading, the Dow advanced 24 points while the NASDAQ was up three. The market went into a mid-session lull as oil prices rose and Fed-watch caution sent traders to the sidelines. But the tech sector gave stocks a late boost and the market ended on a positive close. The Dow Industrial Average closed up 48.82 at 10,973.56. The NASDAQ Composite was up 11.59 at 2111.84. Standard & Poor`s 500 up 6.80 at 1246 even. Over in the bond market, the 10-year note fell 10/32 to 99 2/32, lifting the yield to exactly 5 1/4 percent.
Most active New York exchange issue on 12.3 million shares, Home Depot (HD) down $0.21.
And then J. Crew Group (JCG) closing with a gain of $5.55, 18.8 million shares offered at $20. The high was $25.74. It opened at $25.05, a good first day.
Vivo Participacoes (VIV), this is a Brazilian cell phone company. Bear Stearns removed the stock from its focus list due to disappointing earnings and earnings guidance.
ExxonMobil (XOM) on the higher oil prices, gained $1.47.
Motorola (MOT) $0.37 drop, fifth in big board volume.
Then Time Warner (TWX) $0.14 gain there.
Chesapeake Energy (CHK) up $0.65.
General Electric (GE) a nickel gain.
Nokia (NOK) was down $0.46. Texas Instrument (TXN), tenth in volume, down $0.69.
Wells Fargo & Co (WFC) up $1.11. The company announced a two for one stock split. It`ll boost its quarterly dividend from $0.52 to $0.56 on the pre-split shares and it`s going to buy back up to 25 million of its own shares.
Then we see Nike (NKE) which was down $3.91, after the close yesterday, as we reported, the company came in with earnings of $1.39 per share and that was a penny below the Street`s estimate and the company sees flat first quarter results.
Wendy`s Intl (WEN) was down $1.33. The company sees second quarter earnings below year ago levels because of early retirement program charges. It did confirm however it`ll spin off to shareholders its 160 million shares of Tim Horton.
Bayer Ag (BAY) up $1.09. Bear Stearns reinstated an "outperform" rating, saying the stock is too low, given the quality of the company`s drug pipeline.
Bausch & Lomb (BOL) was up $2.40. A study has found the company`s lens solution was indeed used by most of those who got serious fungal eye infections in Singapore, but the majority of those cases involve poor lens hygiene to begin with.
HB Fuller Co (FUL), this is the chemicals company, down $7.49. The second quarter earnings were higher, $0.68 versus last year`s $0.56, but a penny below the Street estimate and the company`s 2006 full year forecast is below the Wall Street consensus.
Park Electrochemical (PKE) down $3.07. First quarter earnings, $0.44, well up from $0.27 a year ago, but $0.03 below the Street consensus.
Minerals Tech (MTX) fell $2.16. The company sees second quarter earnings below first quarter level of $0.64 a share, largely because of higher energy and raw material costs.
And Warner Music Group (WMG) was up $0.88. Now the company has rejected EMI Group`s $31 a share sweetened buyout bid but its counter bid for EMI Group has also been rejected. They don`t like each other.
Apple Computer (AAPL) topped the active list, down $1.41.
And then Google (GOOG) a $3.79 gain.
Microsoft (MSFT) $0.30 rise. Intel (INTC) $0.61 gain.
Marvel Tech Group (MRVL) down another $1.82, was off over $7 yesterday on news it`s buying Intel`s hand held communications chip business for $600 million. Today, Friedman Billings brokerage cut its price target from $75 down to $51 a share.
Cisco Systems (CSCO) $0.08 gain.
$0.78 rise in Qualcomm (QCOM).
Yahoo! (YHOO) $0.41 advance.
Broadcom (BRCM) was down $0.51.
Tenth in volume Comcast A (CMCSA) rose $0.83.
Rambus (RMBS) down $2.58. Improper dates on some of the company`s stock option grants may force financial restatements.
And Penford (PENX) up $2.09. The company is expanding its ethanol production to meet growing demand for the fuel.
Those are the stocks in the news tonight.
