Paul Kangas' Stocks In The News
Thursday, September 14, 2006
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JEFF YASTINE: American consumers went on a shopping spree of sorts last month, racking up stronger-than-expected sales at retailers. The Commerce Department says retail sales rose 0.2 percent in August, spurred by purchases of back to school items and automobiles. A drop of 0.1 percent had been expected. Economists say lower gasoline prices put more money in consumers` pockets, some of which then went into retailers` cash registers. And that improving retail environment wasn`t quite enough to put the Dow ahead for the session. The index dropped nearly 50 points at the start, as sellers locked in profits after four straight days of gains. But the index rebounded a bit, ending near break even. So the blue chips closed off about 16 points at 11,527.39. The NASDAQ eked out a one point advanced, settling at 2228.73 and the S&P 500 falling 1 3/4 points to 1316.28. And the bond market, the 10-year note falling 8/32 to 100 20/32, the yield at 4.79 percent.
Ford Motor Co (F) tops our list, losing a dime. As you heard, Ford and the UAW agreeing to a deal offering buyouts to all of Ford`s UAW workforce in the U.S. The auto maker expecting to announce the details of a major round of plant closings and layoffs tomorrow to improve its financial situation.
ExxonMobil (XOM) losing $0.65. Oil prices with another (INAUDIBLE) dropping more than $0.60 to just about $63 a barrel.
Time Warner (TWX) losing a fraction.
Lucent Tech (LU) also down a fraction.
AT&T (T) rising about $0.39.
Boston Scientific (BSX) rising $0.19.
And then General Electric (GE) losing a fraction. Again, as you heard, GE selling its advance material division to Apollo Management for $3.8 billion. Gap (GPS) picked up $0.20.
And then EMC Corp (EMC) slipping $0.14.
ConocoPhillips (COP) dropping $0.72.
Anadarko Petroleum (APC) falling $0.92. The oil and gas producer has agreed to sell a unit in Canada to Canadian natural resources for $4.1 billion.
Bear Stearns Cos (BSC) rising nearly $3.50. The stock and bond trading giant helped by stock and bond trading and it helped offset declines in investment banking fees. The company is ordering (ph) a 16 percent jump in third quarter earnings.
Applica rising (APN) rising $1.22. The small appliance maker with a $6 per share cash buyout offer from its largest shareholder, Harbinger Capital Partners. The catch though is that Applica has to call of its pending merger with Hamilton Beach. Applica shares have more than quadrupled from their yearly lows.
Pilgrims Pride (PPC) rising nearly $2.50. JPMorgan believes the company will eventually succeed in acquiring Gold Kist, a rival poultry producer.
And then Benetton Group (BNG) adding $1.38. The Italian clothing retailer reporting first half revenues rising almost 7 percent. Deutsche Bank sees that as a successful turnaround prospect.
Iamgold (JAG), falling $1.32. The gold miner in a $1.2 billion, that`s U.S. dollars, stock swap merger with Cambior, which is another Canadian gold mining firm and by the way, gold prices today tanking another $10 to about $586 an ounce. That`s near the lows of the year for the metal.
Gerber Scientific (GRB) dropping $2.25, a little over $2.25. The stock getting an analyst downgrade. Other than that, no news from the company.
And then shares in St. Joe Co (JOE) losing nearly $2.50 on a pair of analyst downgrades. The land developer last week said it is exiting the home building business.
And Haverty Furniture (HVT) slipped $1.58. Raymond James downgrading Haverty shares amid worries that the housing downturn will mean fewer furniture sales.
Now on to the NASDAQ where Apple Computer (AAPL) lost a fraction. Google (GOOG) dropping a little over $2.50 on profit taking.
Microsoft (MSFT) edged up $0.35, Microsoft raising its quarterly dividend from $0.09 a share to $0.10 a share.
Intel (INTC) falling a nickel.
Cisco Systems (CSCO) gaining by the same amount.
Hansen Natural (HANS) jumping $3.62. Goldman Sachs putting Hansen on its conviction buy list.
Sandisk (SNDK) up for the day.
Qualcomm (QCOM) dropping a dime.
Akamai Tech (AKAM) climbing $1.68 and getting a boost from an upgrade from Deutsche Bank.
And then Oracle (ORCL) gaining a fraction.
XM Satellite (XMSR) rising $1.18. An upgrade from Credit Suisse which believes the stock has a good risk reward. It`s fallen by about 50 percent year to date.
Kendle International (KNDL) surging over $5. Analysts believe it will benefit from its buyout of CRL Clinical.
And finally, Diodes (DIOD) advanced more than $3. The semiconductor maker raising its revenue growth forecast and it sees gross margins to be about the same as last quarter.
