Paul Kangas' Stocks In The News
Wednesday, September 27, 2006
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PAUL KANGAS: Stocks moved higher this morning amid hope that the Dow would close at a record high today. Things were helped along by lower oil prices and a boost in McDonald`s dividend, which we`ll detail shortly. At 11:00 a.m., the Dow was up 44 points, within 10 points of a record high and the NASDAQ was up nine. But then oil prices reversed course, heading higher. The Dow still managed to gain ground on the day and is now only 33 points below a record high. Dow Industrial Average closed up 19.85 at 11,689.24. The NASDAQ Composite was up just over 2 points at 2,263.39. Standard & Poor`s 500 rose just a fraction, quarter of a point, to 1,336.59. Over in the bond market, the 10-year note fell 4/32 to 105 5/32, boosting the yield to 4.60 percent. Big board volume leader on 33 million shares, Time Warner (TWX) down a cent.
Followed by Ford Motor Co (F) with a $0.41 loss.
Verizon Communications (VZ) off $1.18. That prevented the Dow from hitting a new record high or was one of the reasons. The story is that Verizon plans to spend almost $23 billion on a new fiber network which won`t be profitable until 2009.
General Electric (GE) lost a dime.
Fifth in volume was AT&T (T) with a loss of $0.78 a share.
Then Lucent Tech (LU) holding steady.
ExxonMobil (XOM) on that late spike up in oil, $0.70 gain there.
EMC Corp (EMC) was up $0.09.
Valero Energy (VLO) gained $2.24. Citigroup upgraded it from "hold" to "buy" and it did the same thing for two other stocks in that group, mainly Marathon which was up $2.34 and Sunoco, which rose a large fraction.
Getting back to the active list, Texas Instruments (TXN) tenth in volume was up a nickel per share.
Altria Group (MO) up $1.53. That helped the Dow today. That`s a rebound after the stock lost about $6.50 between Monday and Tuesday on that adverse court ruling regarding light cigarettes.
Then we see another big company, homebuilder, Technical Olympic USA (TOA) down $1.47. Standard & Poor`s ratings unit revised its outlook for the company to negative because of an oversupplied housing market in Florida. You`ll notice no comments at the bottom of these charts because of a computer problem tonight.
Worthington Industries (WOR) off $1.69. First quarter earnings were higher, $0.48, up from last year`s $0.32, but a nickel below the Street estimate and the company says cutbacks in production at General Motors, Ford and DaimlerChrysler are hurting the steel processors like Worthington.
HB Fuller Co (FUL) up $4.77. This company`s in adhesives and sealants, coatings, things like that. Third quarter earnings, $0.40 a share, $0.07better than the Street estimate, way up from $0.26 last year and revenues up 8.6 percent. The company sees fourth quarter earnings rising to $0.45 to $0.47 a share.
Actuant (ATU) up $3.11. The big tool manufacturer had sharply higher fourth quarter earnings, $0.82, up from $0.63 last year. Sales up 20 percent and the company boosted guidance for 2007.
Alon USA Energy (ALJ), a refiner and petroleum marketer, up $2.32. The Karis (ph) and Company brokerage upgraded it from "below average" to "average."
And Jabil Circuit (JBL) up $1.07. The company says unaudited net revenues were up 45 percent in the fourth quarter to a record $3 billion.
On the downside, US Airways Group (LCC) off $2.97. The company says it`ll see a slight capacity decline in the fourth quarter and of course today`s spike up in oil was another negative for the airlines.
Intel (INTC) topped the active list with a $0.43 rise. A Federal judge dismissed a large part in Advanced Micro Devices antitrust lawsuit against Intel. AMD stock was down $0.67.
Google (GOOG) fell $3.95.
Apple Computer (AAPL) off $1.20. American Technology Research removed Apple from its focus list.
Then we see Microsoft (MSFT) with a $0.24 gain.
Red Hat (RHAT) a major casualty, down $6.11. Second quarter earnings came in at only a nickel versus $0.09 last year. First Albany brokerage downgraded it from "buy" to just a "neutral" rating.
Amgen (AMGN) up $1.39.
Cisco Systems (CSCO) $0.15 loss.
$0.11 drop in Broadcom (BRCM).
Yahoo! (YHOO) off $0.40.
And Qualcomm (QCOM), tenth in volume, dropped $0.30.
Fox Hollow Tech (FOXH) up $5.50 a share. Merck with take an 11 percent stake in that company. And on the downside, Molecular Devices (MDCC) fell $3.81. The company cut its third quarter earnings and revenue guidance.
And those are the stocks in the news tonight.
