Paul Kangas' Stocks In The News
Wednesday, July 19, 2006
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JEFF YASTINE: Wall Street`s bulls sharpened their horns and short sellers ran for cover after reading the Fed chairman`s prepared statement. As Suzanne mentioned, it hit the wires a half hour into the session and the fireworks started. The Dow was up 150 points at noontime, with marketbreadth just enormous. Five stocks were up for every one down. The major indexes saw a second burst of buying in early afternoon, with tech stocks finally getting some interest from buyers. So the Dow wound up the day surging 212.19 points at 11,011.42. And the NASDAQ Composite jumped 37 1/2 points to 2,080.71 and the S&P 500 soaring 23 points to end at 1,259.81.
And starting things off, Lucent Tech (LU) gaining $0.04.
Pfizer (PFE) picked up $0.72.
And JPMorgan Chase (JPM) gaining $2.34. The firm saw earnings more than triple amid strong growth in its credit card unit and investment banking fees reached a record $1.4 billion. Executives warn though that losses from consumer credit card defaults could worsen in coming quarters.
General Electric (GE) tacking on $0.42.
And Ford Motor Co (F) losing $0.11.
Then we have Bank of America (BAC) climbing $1.33. Net income reached a record $5.5 billion, marking the first time ever that Bank of America topped Citigroup in quarterly net income.
Motorola (MOT) rising $0.37. The cell phone giant says a near 50 percent jump in second quarter profits with revenues rising 29 percent to almost $11 billion.
ExxonMobil (XOM) gaining a nickel. Oil prices falling again today, losing $0.88 to $72.66 a barrel.
Citigroup (C) gained $0.70.
And EMC Corp (EMC) off $0.19.
Then big blue IBM (IBM) having a big day, up nearly $2. Last night`s improved earnings pushing the stock higher. Analysts at S&P and Citigroup repeated their "buy" recommendations on the stock.
And a peek at some of the other Dow standouts, Boeing (BA) announcing more orders for the 787 today.
Caterpillar (CAT) and United Tech (UTX) each up over 2 percent.
And of course helping the Dow quite a bit, UnitedHealth Group (UNH) rising more than $2. Quarterly profits topped estimates, rising 26 percent on strong revenue growth. And what`s this, a home builder stock up for the day? Well, Ryland Group (RYL) with a decent gain of $2.73. Orders tumbled nearly 40 percent, but second quarter profits actually came in better than expected thanks to sales of some of its land assets and of course, it helped that Wall Street`s back to thinking that Fed Chairman Bernanke will soon pause on interest rates and that helped all the home builders today.
Beazer Homes (BZH), Centex (CTX), KB Home (KBH), Lennar (LEN), all up over 3 percent for the day.
And some bottom fishing on St. Jude Medical (STJ), the stock down over 30 percent since the beginning of the year, gained nearly $2 today, profits jumping 40 percent and the second quarter sales rose about 15 percent.
Then shares of Southwest Air (LUV) climbed $1.30. Profits more than doubled during the second quarter, helped by higher ticket prices and fewer available seats. The carrier said soaring fuel costs will continue to be a problem.
And a glance at some of the other high flyers in that sector, AMR (AMR), parent of American Airlines, rising $0.26. Earnings in their latest period nearly quadrupled from a year ago on the same factors.
Continental Air (CAL), United UAL Corp (UAUA) also faring nicely.
And on the downside, Cit Group (CIT) falling more than four. The New York-based finance company posting flat second quarter profits of $1.16 a share.
Now onto the NASDAQ, Yahoo! (YHOO) tumbling over $7 in the wake of its disappointing revenues last night. Its project Panama (ph) paid search (ph) software, which was supposed to help it better compete with Google, will be delayed and the brokerages all downgraded the shares. Some analysts think Yahoo!`s loss is Google`s gain.
But Google (GOOG) shares were down anyway, sliding over $4.
And then Apple Computer (AAPL) gaining $1.20. Its earnings came in $0.10 above estimates. IPod sales fell for a second quarter in a row, but its Macintosh sales were better than expected and the stock rose after hours.
Microsoft (MSFT) up $0.66.
And there`s Intel (INTC) rising $0.28. In regular trading, it beat estimates but neither (ph) weaker demand and stronger competition, it wasdown slightly after hours.
Then on to Cisco Systems (CSCO) picking up $0.12.
Qualcomm (QCOM) losing $0.67.
Oracle (ORCL) with a gain of $0.35.
Ebay (EBAY) dropping $0.66. Earnings at the online auction firm matched analyst estimates but it raised its listing fees and says it`s buying back $2 billion in stock. The share were off about $1 after hours.
Then Amgen (AMGN) up $0.38.
Illumina (ILMN) soaring over $8. It makes genetic screening devices. Earnings came to $0.14 a share, compared to a big loss last year. Revenues more doubled. The company raised its profit forecast significantly.
Digitas (DTAS) plunged nearly $3. It issued a revenue and profit warning for the second half of the year.
And then Rambus (RMBS) with a similar loss. A company audit found evidence of backdating of stock options. It`ll have to restate its financial results back to 2003.
And finally, ADC Telecom (ADCT) falling $1.84 and as ADC Telecom cut its 2006 forecast citing weaker sales of copper and fiber optic networking products.
And one minor correction on the quote we gave you for Marriott, it closed at $36.92.
Those are the stocks in the news tonight.
