Paul Kangas' Stocks In The News
Wednesday, August 09, 2006
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PAUL KANGAS: Wall Street opened broadly higher on last night`s better than expected earnings from Cisco and those solid results from Disney this morning. A drop in oil prices also helped the Dow rise 45 points at the outset of trading while the NASDAQ Composite gained 25 points. A rebound in the price of oil and profit taking in the tech sector undermined the market this afternoon, sending most of the major stock indices to losses at the final bell. The Dow Industrial Average closed off 97.41 at 11,076.18. NASDAQ Composite off a little over a half point at 2,060.28. Standard & Poor`s 500 Index lost 5.53 ending at 1,265.95. Over in the bond market, the 10-year note lost 4/32 to 101 13/32, putting the yield at 4.94 percent.
Big board volume leader on 28.4 million shares, Time Warner (TWX) losing $0.35.
Followed by Sprint Nextel (S) up $0.27.
Bristol Myers Squibb (BMY) dropped $0.09.
Pfizer (PFE) $0.23 gain there, fifth in volume. Lucent Tech (LU) edged $0.06 higher.
ExxonMobil (XOM) rising $0.02.
And Ford Motor Co (F) down $0.04.
This is a new issue, Qimonda (QI) Qimonda I believe it`s pronounced. It`s a German memory chip maker, 42 million American depository shares were offered in an IPO priced at $13 a share, opened at $13.50, the high of the day $13.86, backtracked a little, but still up from the offering price.
AT&T (T) was down $0.47.
And then Disney (DIS), tenth in volume, was a $0.15 loser, even though the stock traded as high as $30.03 after that 40 percent jump in earnings. And Standard & Poor`s did repeat a "buy" on Disney stock today.
Seagate Technology (STX) down $0.75. The company out with fourth quarter results only a penny in earnings, versus $0.55 a year ago. The hard disk drive maker said that that did include $146 million in charges related to its acquisition of Maxtor (ph) Corporation.
Then we see Saxon Capital (SAX) up $2.87. Second quarter earnings out early today, $0.17, up from last year`s $0.14 and then it turned out Morgan Stanley will acquire the company for $706 million. That turns out to $14.10 a share for Saxon stock.
Banta (BN), printing company, up $12.01. The company got a $46 a share cash acquisition proposal from Cenvea Incorporated, but Banta says it is not for sale.
Hospira (HSP) down $7.55. The specialty drug firm said second quarter earnings fell to $0.43 from $0.53 a year ago, $0.13 incidentally, below the Street consensus.
Watson Pharmaceuticals (WPI) moved up $1.45. Second quarter earnings were lower, $0.27 versus last year`s $0.35, but that was $0.02 above the Wall Street consensus.
Oxford Industries (OXM) in the apparel business, up $6.28. Fourth quarter earnings edged up to $1.02 from $0.96 last year and the company will buy back up to a million of its own shares.
Countrywide Financial (CFC) losing $3.23. The company`s July mortgage loan funding dropped 19 percent from a year ago because of slow home sales. A lot of the housing stocks weak on that news today. Hillenbrands Industries (HB) up $4.70. This company serves the health and funeral industries. Third quarter earnings rose to $0.83 from $0.61 last year and that was $0.10 above the Wall Street estimate.
FTD Group (FTD) up $1.88. This company of course in the flower delivery business and fourth quarter earnings bloomed to $0.30 a share from $0.18 last year. Revenues up 15 percent. Standard & Poor`s repeated a "strong buy."
And then Charles River Labs (CRL) which is a drug discovery firm, up $4.43. Second quarter earnings $0.57, up from $0.55 a year ago and $0.04 above the Wall Street estimate.
Cisco Systems (CSCO) topped the active list up $2.49. After the close yesterday as we reported, fourth quarter earnings $0.30, $0.02 above the Street estimate and today Standard & Poor`s and Citgroup both repeated "buys."
Apple Computer (AAPL) down $1.19.
Google (GOOG) fell $4.06.
Microsoft (MSFT) a dime gain.
Intel (INTC) $0.04 rise there, fifth in dollar volume.
Oracle (ORCL) was up $0.15.
Broadcom (BRCM) $1.56 gain. The Karis (ph) brokerage upgraded Broadcom from "above average" to a "buy."
Qualcomm (QCOM) $0.33 drop.
Dell (DELL) down $0.45.
Tenth in volume was Starbucks (SBUX) losing $0.79 a share.
And those are the stocks in the news tonight.
