Paul Kangas' Stocks In The News
Friday, July 21, 2006
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JEFF YASTINE: Dell`s profit warning put investors in a selling mood across the board this morning with the Dow dropping about 75 points in the first hour of trading, overwhelming positive earnings reports from Caterpillar this morning and Microsoft last night. At midday, the NASDAQ was off 11. And with the situation in the Middle East remaining tense, buyers were few and far between. So the Dow closing down 59 3/4 points at 10868.38 today. This week, the index rose in three out of five sessions for an overall gain of 129.03 points. The NASDAQ Composite falling just over 19 points to 2020.39 today. And like the Dow, the NASDAQ also rose in three sessions this week, but it fell nearly 17 points overall and the S&P 500 ended off nearly 9 points at 1240.29. And in the bond market, the 10-year note falling 4/32 to 100 20/32 with the yield at 5.05 percent.
topping our list, Halliburton Co (HAL) down $2.64, nearly $3. The company missed estimates by a penny because of its Kellogg Brown and Root division which received less contract work for the U.S. military in Iraq. Plans are also under way to spin off the company to Halliburton shareholders as a dividend and not as an IPO as initially planned.
Pfizer (PFE) picking up $0.12 on its upbeat outlook.
And there`s Advance Micro Devices (AMD) dropping a little over $3. Analysts sounding the alarm as the price war with Intel and Intel`s new product line up could spell trouble for AMD in the months ahead.
General Electric (GE) dropping $0.27.
And Lucent Tech (LU) dipping a nickel.
ExxonMobil (XOM) falling $0.32.
And then EMC Corp (EMC) dropping $0.13.
Ford Motor Co (F) rising $0.09. Several analysts cut their ratings on the stock, but the shares rose anyway despite yesterday`s surprise quarterly loss.
And Hewlett-Packard (HWQ) dropping $1.28 in reaction to Dell`s gloomy forecast.
Bank of America (BAC) rising $0.49. The stock is up about 4 percent this week. On Wednesday, it reported a record $5.5 billion in profits.
Caterpillar (CAT) falling $0.73. The heavy equipment maker logging a profit of $1.52 a share in the second quarter. It was a dime above estimates. The company raised guidance for continued growth abroad, but the stock fell anyway. Capital One Financial (COF) plunging over $8. Second quarter earnings fell 12 percent. More U.S. customers are paying their credit bills on time, so Capital One reaped fewer late fees. Also the company expected to write down losses from credit insolvencies in the UK.
And that news did not bode well for Capital One`s pending merger with North Fork Bancorp (NFB). That stock tumbled nearly $2 despite posting stronger than expected profits.
Arch Coal (ACI) losing $2, about $2.25. Profits were way above last year`s levels, but the worry these days is on weakening prices in the coal market. Peabody Energy suffered a similar result yesterday.
And on the upside, Johnson Controls (JCI) setting a high, thanks to upbeat comments from several analysts who consider the stock attractive at these levels. They think the company`s restructuring effort will work out.
Now onto the NASDAQ where Google (GOOG) rose about $3. The stock managing to buck the downward trend in tech stocks on the back of its better than expected earnings report last night. Several analysts have now set a price target for the stock of about $500 a share.
Microsoft (MSFT) gaining $1 and change. The software giant made it official. It will come out with a competitor to Apple`s iPod music device. The Zune (ph) device will hit store shelves later this year.
And then there`s the reaction in Dell (DELL) stock, falling $2.19. Dell`s latest profit warning tanking the stock. The last time it traded this low was in October 2001.
Apple Computer (AAPL) advancing $0.22. Apple`s CFO dropping hints recently that the company may be working on an iPod-based cell phone.
And then Intel (INTC) edging up a fraction. It will debut new chips in the next two weeks. Analysts say it could give Intel some pricing power and help boost revenues.
Amgen (AMGN) jumping $2.23. Investors liking the biotech`s numbers for the quarter, $1.05 a share were the earnings. It topped estimates by $0.11.
And then on to Broadcom (BRCM) falling $3.24. This chip maker getting shellacked after it warned that third quarter sales would be lower than estimates.
Cisco Systems (CSCO) dropping $0.42.
Yahoo! (YHOO) picking up $0.62. And Qualcomm (QCOM) losing $1.42.
PMC Sierra (PMCS) sliding $1.84. It issued a revenue warning to the third quarter and a new three-year low for the stock.
Petroleum Development (PETD) surging nearly $6. The energy firm selling part of an oil least to Marathon Oil for $354 million.
And then Laureate Education (LAUR) soaring almost $8. Earnings were sharply above estimates and it raised its full year earnings guidance, said enrollments for both its bricks and mortar and online sections looked great, double digit increments and it`s confident of 25 percent annual earnings growth over the next five years.
Those are the stocks in the news tonight.
