Paul Kangas' Stocks In The News
Friday, August 11, 2006
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PAUL KANGAS: Wall Street opened lower on those stronger-than-expected retail sales, which as you heard rekindled concerns of another Fed rate hike. A rebound in oil prices was another negative which sent the Dow off 45 points at the outset of trading, while the NASDAQ Composite fell 15 points. The blue chips slumped to an 80-point plus loss this afternoon, as buyers were scarce ahead of the weekend, but a bit of late buying helped trim the losses. The Dow Industrial Average closed down 36.34 at 11,088.03. It rose only once this week, posting an overall decline of 152 1/3 points. The NASDAQ Composite was off 14.03 at 2057.71 today. This week it also rose just one time and had a net loss of 27.34 points. Standard & Poor`s 500 down 5.07 points ending at 1266.74 today. In the bond market, the 10-year note fell 9/32 to 99 7/32, putting the yield at 4.98 percent.
The most active issue on the New York exchange, 22.6 million shares, was Bristol Myers Squibb (BMY) losing $0.59, traded as low as $20.08. A New Jersey man pleaded guilty to leaking secret information from his grand jury duty about Bristol Myers 2005 accounting fraud. He told friends and brokers about it and they sold stock short on that insider information and made money on it illegally.
EMC Corp (EMC) up $0.21.
Ford Motor Co (F) a $0.02 loss.
Analog Devices (ADI) plunging $5.17. It did report higher third quarter earnings of $0.39, up from $0.33 a year ago, but the company sees fourth quarter earnings falling to $0.33 to $0.34 and the Street is looking for $0.48.
Sprint Nextel (S) down $0.15. That was fifth in big board volume.
ExxonMobil (XOM) down $0.36. The company today declared force majeure on its oil shipments from Alaska`s Prudhoe Bay field because of the partial shutdown of BP`s oil pipeline. Bisys Group (BSG) plunging $2.66. The president and the CEO Russell Creighton has resigned and Merrill Lynch downgraded the stock from "buy" to just a "neutral" rating.
American Intl Group (AIG) which had good earnings out yesterday, up $1.25.
Corning (GLW) rose $0.56, tenth in volume.
Lucent Tech (LU) down $0.02.
The airlines which were narrowly mixed yesterday got hit today all the way. AMR (AMR), British Air (BAB), Continental Air (CAL), UAL Corp (UAUA) and U.S. Airways (LCC), not only because of higher oil prices, but because of fears of a slowdown in the economy.
Inco Ltd (N) up $2.50. A Brazilian mining company has now joined the bidding for Inco, offering $85 a share Canadian. The two other companies that have been bidding were both up too.
Phelps Dodge (PD) and Teck Cominco (TCK) both rising on the news strangely enough.
Intrawest (IDR) up $7.67. This company owns Mammoth, Stratton and Whistler ski resorts. It`s going to be acquired by Fortress Investment Group for $35 a share in cash.
Bally Total Fitness (BFT) out of shape today, off $1.19. The company reported soft new memberships. The CEO resigned and the company`s now going to have to explore financing alternatives, gave up on trying to sell the company.
The Mills (MLS), real estate investment trust plunging $6.68. The company delayed its second quarter financial report but said errors in it would cut shareholders` equity by as much as $315 million. Bank America downgraded the stock from "neutral" to a "sell."
New issue today, Evercore Partners (EVR), this is a private equity boutique, 3.9 million shares offered at $21. It opened at $25. The high of the day, $26.10, backed off a little bit, still had a very good first day of trading.
There you see Apple Computer (AAPL) topping the active list down $0.42. You heard about the company delaying its financials.
Google (GOOG) lost $5.70. Cisco Systems (CSCO) $0.02 loss.
Intel (INTC) off $0.34.
Microsoft (MSFT) dropped $0.03, fifth in dollar volume on NASDAQ.
Nvidia (NVDA) down $0.76. It`s delaying its quarterly results because of stock option irregularities.
Dell (DELL) up $0.08.
Juniper Networks (JNPR) you guessed it, down $0.70. It`s going to restate results due to stock option problems.
Amgen (AMGN) $0.51 loss there.
And Research in Motion (RIMM), tenth in volume, down $0.26.
Parlux Fragrances (PARL), a perfume company, plunging $3.38. The company has delayed filing its financials and it expects much lower results than first estimated.
And then over on the American exchange, Metretek Tech (MEK) which is involved in energy technology, second quarter earnings jumped to $0.25 from $0.07 a year ago, but the company cut its full year guidance from as much as a $1 a share down to $0.80 a share at best.
And those are the stocks in the news tonight.
