Paul Kangas' Stocks in the News
Monday, September 11, 2006
|
|
|
|
PAUL KANGAS: There was room for Wall Street to head lower this morning. That`s because the basic and precious metals were down sharply on concerns the slowing global economy would reduce demand. After 90 minutes of trading, the Dow posted a 46-point loss, NASDAQ was down 16. Stocks rebounded after St. Louis Federal Reserve Bank President Poole said the economy isn`t fragile, it`s robust. So the Dow Industrial Average ended up 4.73 at 11,396.84. NASDAQ Composite up 7.46 ending at 2173.25. Standard & Poor`s 500 gained was up just a fraction at 1299.54. Over in the bond market, the 10-year note fell 7/32 to par and 18/32, putting the yield at 4.80 percent. Most active big board issue on 21.4 million shares was Freescale Semiconductor (FSL) jumping $6.61. This is a spin off from Motorola back in July of 2004 and now, two private equity groups reportedly are bidding to buy the company for somewhere around $16 billion.
ExxonMobil (XOM) heading up the very weak energy group after oil dropped significantly.
And then Lucent Tech (LU) with a $0.04 gain.
Chevron (CVX) very weak today, down $2.22.
Nortel Networks (NT), fifth in volume, was up $0.12 a share. Motorola (MOT), $0.27 gain there.
Valero Energy (VLO) in that weak group, down $0.91.
Ford Motor (F) dropped $0.06.
But GE (GE) bucked the trend with a $0.42 gain.
And ConocoPhillips (COP), tenth in volume, was down $1.52 in the weak energy group.
It wasn`t just the energy stocks weak, the basic metals companies like Alcoa (AA) down $1.52.
And let`s have a look at the big copper producer, namely Phelps Dodge (PD) tumbling $7.04. The fear is that a global slowdown in economies could reduce the demand for their various metals and of course the precious metals were very weak today.
Newmont Mining (NEM) down $2.62. New York December gold dropped $20 an ounce and traded down almost 28 at one stage, so it did have a late recovery.
But let`s have a look at some of the other major gold stocks and they were all down significantly Anglo Gold (AU), Barrick (ABX), Freeport McMoran (FCX) and of course the exchange traded fund, streetTRACKS Gold (GLD) down $2.14.
NS Group (NSS), let`s find a winner in the group and here`s the big one. This is a steel products firm. They make pipelines and things like that, up $18.16. IPSCO Incorporated, another steel pipe maker, will acquire the company for $66 a share in cash. That`s almost $1.5 billion. IPSCO stock was down $6 to $87.20.
Telus (TU) up $7.88. This is the Canadian telecom firm and it`s going to convert into an income trust. Its annual pay out would rise from the current $1.10 per share Canadian to about $4 per share Canadian, quite an increase.
Genentech (DNA) fell $3.74. The FDA is requesting more information on the company`s cancer drug Abestin before it`ll approve it for the treatment of breast cancer.
Then we see Resmed (RMD) off $1.76. The company treats sleep disorders. Wachovia downgraded it from "out perform" to "market perform." And Newell Rubbermaid (NWL) up $1.64. It plans to sell its Little Tikes business unit to MGA Entertainment and figures that`ll have a fourth quarter gain of $15 to $25 million.
Apple Computer (AAPL) topped the NASDAQ actives, down $0.02.
But Google (GOOG) did well, up $6.24. RBC Capital made some positive comments.
Microsoft (MSFT) $0.31 gain.
Dell (DELL) its down $0.46, traded as low as $20.52.
Intel (INTC) a nickel loss. That was fifth in dollar volume.
Sandisk (SNDK) up $0.22.
Cisco Systems (CSCO) a $0.21 gain.
Oracle (ORCL) up $0.38.
Qualcomm (QCOM) $0.27 rise.
And Amgen (AMGN) up $0.36, a lot of little gainers there.
Angeion (ANGN) up $4.55. This company makes medical products and it had a turnaround, third quarter earnings of $0.17, versus a loss of $0.07 a share a year ago, nice turnaround.
Those are the stocks in the news tonight.
