Paul Kangas' Stocks In The News
Wednesday, August 30, 2006
|
|
|
|
PAUL KANGAS: Unimpressed by the upward revision in gross domestic product, Wall Street opened slightly lower, but then stocks reversed course on that jump in crude and gasoline inventories. Just before noon, the Dow posted a 26-point gain and the NASDAQ was up 12 points. The blue chips eased in mid-session, but then bounced back after a well-received five-year Treasury note auction pushed interest rates lower. So the Dow Industrial Average closed up 12.97 at 11,382.91. The NASDAQ Composite was up 13.43 ending at 2185.73. Standard & Poor`s 500 Index lost a mere .01 to end at 1304.27. Over in the bond market, the 10-year note rose 7/32 to par and 30/32, putting the yield down to 4.76 percent.
Most active big board issue on 14.3 million shares was ExxonMobil (XOM) down $1.11 on that weak energy group. It seems like Wall Street`s analytical corps is turning somewhat bearish on the energy sector as the summer driving season nears its close. Bearish comments today from analysts at AG Edwards and Bear Stearns.
Motorola (MOT) $0.42 gain.
Lucent Tech (LU) edged up $0.08. A French investment advisory firm called Proxy Invest is telling shareholders of Lucent to reject the merger with Alcatel.
Pfizer (PFE) $0.13 gain.
Ford Motor Co (F) edged a penny higher, fifth in big board volume.
Then EMC Corp (EMC) up $0.21.
Sprint Nextel (S) $0.12 gain.
Citigroup (C) moved up $0.26.
Corning (GLW) a $0.64 rise.
And another weak energy stock, Conocophillips (COP) off $1.19, tenth in big board volume.
Altria Group (MO), parent of Phillips Morris, up $0.89. The company will boost its quarterly dividend 7 1/2 percent. It`ll go from $0.80 to $0.86 each quarter. And there were a number of analysts who thought that boost would be a bit bigger than that.
Procter & Gamble (PG) moved up $0.55. UBS financial boosted its price target from $70 to $73 a share and also increased its 2007 earnings estimate by $0.04 a share.
Then Public Service Enterprise Group (PEG) dropping $2.32 after Excelon Corp. said it`s going to take a third quarter charge of $55 million related to the probability it will not complete its merger with Public Service Enterprise. Excelon stock was down $0.18 at $60.12.
CBOT Holdings (BOT) up $4.09. Yesterday, the Chicago Board of Tradehad its highest daily volume in its history, over 6.5 million contracts in one day.
Systemax (SYX) up $1.98. The personal computer marketer had a big jump in first quarter earnings, $0.48 versus only $0.07 last year. Revenues up nearly 7 percent during the period.
Dycom Industries (DY) up $1.69. The engineering and construction firm had a turnaround, fourth quarter earnings of $0.25 versus a loss of that much last year. Revenues rose 3 1/2 percent.
Then the Brazilian aircraft manufacturer, Embraer (ERJ) up $2.44. The company will sell 100 of its airplanes to HNA Group. That`s China`s fourth largest airline. The price tag, $2.7 billion.
Emulex (ELX) up $1.15. It`s going to acquire Sierra Logic for about $180 million. Standard & Poor`s repeated a "strong buy" on Emulex.
And other weak oil, Marathon Oil (MRO) was downgraded by AG Edwards from "buy" to just a "hold."
Apple Computer (AAPL) topped the active list, moving up $0.48. Apple confirmed that Google`s CEO, Eric Schmidt (ph) has been elected to the board of Apple Computer.
Google (GOOG) itself up $1.80.
Intel (INTC) $0.16 gain.
Costco Wholesale (COST) down $2.07. The company warned its fourth quarter earnings will be about $0.68 to $0.71, well below its previous guidance of $0.77 a share.
Ebay (EBAY) moved up $1.28. That was fifth in dollar volume.
Cisco Systems (CSCO) a penny loss.
$1.77 gain in Sandisk (SNDK).
Microsoft (MSFT) dropped $0.04.
A half dollar gain in Dell (DELL).
And Broadcom (BCOM), tenth in volume, up $1.10.
Then Anormed (AOM) on the American Exchange up $4.88, look at that gain percentage wise. The company rejected Genzyme`s $8.55 a share bid sonow Genzyme is going to - this company`s shareholders in a tender offer at that same price.
Those are the stocks in the news tonight.
