Paul Kangas' Stocks In The News
Friday, July 14, 2006
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PAUL KANGAS: Wall Street headed sharply lower this morning for the third straight session as oil prices spiked to new highs on reports of increasing hostilities in the Middle East. Selling was also prompted by those anemic June retail sales and the drop in consumer sentiment. At midday, the Dow was down 115 points, NASDAQ off 20. The sell-off finally attracted some very cautious bargain hunting late in the afternoon, but the market still ended broadly lower. The Dow Industrial Average closed down 106.94 points at 10,739.35. It rose twice this week, fell three times, had a net decline of 351.32 points or 3.2 percent. The NASDAQ Composite lost 16 3/4 to 2,037.35 today. This week it rose just once, fell four times, posting an overall loss of 92.71 points or nearly 4 1/2 percent. Standard & Poor`s 500 Index fell 6.09 points, ending at 1,236.20 today. Over in the bond market, the 10-year note ended unchanged at par and 14/32 with the yield at 5.07 percent.
Big board volume leader on nearly 30 million shares, EMC (EMC) down $0.15. Twelve was the number for this company today. Second quarter earnings $0.12, same as last year`s $0.12 and it sees third quarter earnings coming in at, you guessed it, $0.12.
Lucent Technology (LU) down $0.07.
Then General Electric (GE) off $0.56, even though those earnings of $0.47 in the second quarter were right in line with Street estimates.
Pfizer (PFE) $0.46 drop.
Time Warner (TWX) lost a dime, fifth in big board volume.
Wal-Mart (WMT) stores losing $1.11. Yesterday as you recall, Merrill Lynch downgraded it from "buy" to "neutral." Let`s have a look at some of the other bigger losers in the Dow.
Boeing (BA) off $2.34.
Almost $1 loss in Honeywell (HON).
And United Tech (UTX) off $2.62.
ExxonMobil (XOM) up $0.83 on those record high oil prices.
Corning (GLW) making a nice rebound after recent weakness.
Ford Motor (F) down $0.18, cut its dividend yesterday.
Nortel Networks (NT) a $0.02 loss, tenth in big board volume.
DR Horton (DHI), the home builder, off $1.66. The company`s new sales orders for the third quarter down 4.4 percent and the company cut its third quarter full year earnings estimates, had quite an impact on a lot of other home building stocks.
Beazer (BZH) down $2.13.
Centex, (CTX), KB Home (KBH) and Ryland Group (RYL) all lost more than $1 per share today, very weak group.
Deere & Co. (DE) tumbling $2.38. CS First Boston removed it from its focus list because of weak June sales of farm equipment.
Then a good gainer, Forest Laboratories (FRX) up $6. A U.S. district court has determined the company`s U.S. patent for an anti-depressant called Lexapro is valid, enforceable and is infringing or being infringed by Ivax (ph), Teva`s proposed generic version of it. Jefferies upgraded the stock of course from "hold" to "buy."
Then another good gain, Kinetic Concepts (KCI) up $3.50. That`s on optimism the company will win a patent dispute regarding its wound closure technology.
Big loser, Chemed Corporation (CHE) tumbling $10.35. The company sees second quarter earnings of $0.48 a share, $0.06 below the Street estimate and said Medicare billing limitations could hurt 2006 earnings overall.
Borders Group (BGP) off a fraction. The company sees second quarter loss of $0.28 to $0.32 versus its previous loss estimate of only $0.10 to $0.20. Meanwhile, Deutsche Bank cut it from "buy" to "hold."
Gerber Scientific (GRB) losing $1.05. The company filed to delay its 10K report because it will have to restate the previous two years of its financials to correct errors.
And finally, another loser, Allegheny Technologies (ATI) off $2.54. Longbow Research downgraded the stock from "buy" to "neutral," citing slackening demand for titanium because of Airbus construction delays.
Google (GOOG) topped the active list on NASDAQ, off $5.33.
Apple Computer (AAPL) off $1.58. UBS cut fourth quarter earnings estimate on Apple.
Then Microsoft (MSFT) a $0.03 gain.
Intel (INTC) $0.15 gain.
Petco Animal Supply (PETC) up $8.44. As you heard, two private equity firms are going to acquire it for $29 a share in cash.
Cisco Systems (CSCO), $0.08 loss.
Broadcom (BRCM) moved up $0.24.
Sandisk (SNDK) losing $2.15.
Dell (DELL) $0.20 gainer.
Tenth in volume eBay (EBAY) down $1 per share.
Rocky Shoes and Boots (RCKY) tripped up for a $9.57 loss. The footwear maker warned that it`ll have a second quarter loss of $0.05 to $0.10 a share. The Street was looking for earnings of $0.45 a share, quite a difference.
And those are our stocks in the news tonight.
