Paul Kangas' Stocks In The News
Tuesday, September 26, 2006
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JEFF YASTINE: Those low interest rates in the bond market set the stage for a bullish romp for stocks. The Dow jumped nearly 70 points at the open, helped by a new Conference Board survey showing a rebound in consumer confidence. Profit-taking whittled those gains, but with oil prices low and the Dow close to an all-time high, it was just too much for the bulls to resist and the Dow going on to surge 93 1/2 points higher to close at 11,669.39. The NASDAQ picked up 12 1/4 points to 2261.34 and the S&P 500 rising nearly 10 to 1336.34. In the bond market, the 10-year note dropping 11/32 to 102 9/32, the yield at 4.59 percent.
Time Warner (TWX) topping our list, gaining $0.47 and a new yearly high, again on optimism for a turnaround at America Online.
Altria Group (MO) losing $1.30, hitting new three-month lows also on continued worries about fighting that new class action lawsuit over so- called light cigarettes.
General Electric (GE) gaining $0.55.
Ford Motor Co (F) adding $0.26.
ExxonMobil (XOM) jumping $1.37.
Then we have Lucent Tech (LU) which eked out a small gain.
Pfizer (PFE) gaining a nickel. Texas Instrument (TXN), part of a strong semiconductor chip sector today, rising $0.48.
And then a new issue, Mindray Medical (MR) jumping over $4. This is a Chinese medical device maker, specializing in diagnostic and ultrasound equipment, a decent gain, going public with 20 million American depositary shares.
AT&T (T) slipping $0.14.
And then we have Johnson & Johnson (JNJ) rising $0.48. The company suing Boston Scientific and Abbott Labs over the acquisition of Guidant. J&J claims Guidant was sending confidential information to the two firms, giving them an advantage in the bidding. Johnson & Johnson seeking over $5 billion in damages.
Then on to Reliance Steel (RS) which jumped nearly $4. The west coast steel maker saying it expects another quarter of record profits because of improving business conditions and that news helped all the other steel stocks today.
Alleghany Technologies (ATI) surging over 7 percent.
Nucor (NUE), Ryerson (RYI), Steel Dynamics (STLD), US Steel (X) each rallying about 5 percent.
And then Lear (LEA) rising $1.64. The company may sell its European and possibly its U.S.-based automotive interior divisions, that with financing from Wilbur Ross.
And then on the downside, Advanced Medical Optics (EYE) tumbling over $7.50. Executives see earnings coming in below previous estimates, because of less demand for laser vision corrective surgery.
Pentair (PNR) sinking nearly $3. The downturn in the housing sector causing a ripple effect for this company which makes spas and swimming pool products.
And then another one taking a hit on the slump in housing, Eagle Materials (EXP) down over $4. It makes gypsum wallboard products and cement.
Then Piper Jaffray Co (PCJ) losing a little over $4.50. Wachovia downgraded that brokerage firm on valuation.
Now on to the NASDAQ, Apple Computer (AAPL) rising nearly $2, hitting an eight-month high. Yesterday ThinkEquity partners set a $100 price target on that stock.
Google (GOOG) gaining a little over $2.50.
Intel (INTC) jumping $0.55, again semiconductors quite strong today.
Microsoft (MSFT) gaining $0.25.
Cisco Systems (CSCO) up $0.27.
Then on to Oracle (ORCL) rising $0.22.
Yahoo! (YHOO) was down for the day.
But Dell (DELL) gaining a little over half a dollar.
Broadcom (BRCM) down $0.50.
Ebay (EBAY) up $1.45. Analysts at Goldman Sachs see continued improvements at the online auctioneer.
Acorda Theraputics (ACOR) jumping $2.50 after gaining $6 yesterday. New clinical tests showing significant improvement for multiple sclerosis patients taking the company`s experimental drug.
Anormed (ANOR) soaring nearly $3. The company getting a take over bid from Millenium Pharmaceuticals. That`s 40 percent above a bid by Genzyme last month.
Merix Corp (MERX) plunging over $3. That company issuing a first quarter profit warning.
And then we have Avid Technology (AVID) tumbling over $6, also a profit warning there, coming in sharply below estimates.
And finally, Warner Chilcott Ltd (WCRX) sliding more than $2, just went public last month. The FTC filing a motion claiming that its (INAUDIBLE) chewable oral contraceptive could hurt the market for a generic version of the drug.
And those are our stocks in the news tonight.
