Paul Kangas' Stocks In The News
Friday, September 29, 2006
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PAUL KANGAS: That mixed bag of reports on the economy had some positive impact on the Dow at the outset of trading this morning, sending it up 23 points, and eclipsing its record high by 19 points. That move triggered a flurry of pre-set sell orders so by noon, the Dow was down six points, NASDAQ off two. Higher interest rates and oil prices along with pre- weekend caution sent stocks still lower this afternoon, ending a four-day winning streak. The Dow Industrial Average close off 39.38 points at 11,679.07. For the week, it rose in four of the five days for a net advance of 170.97 points. The NASDAQ Composite slid 11.59 points today, ending at 2258.43. It also rose in four of this week`s five sessions for an overall advance of 39 1/2 points exactly. Standard & Poor`s 500 was down 3.30, ending at 1335.85 today. Over in the bond market, the 10-year note fell 4/32 to 101 29/32, lifting the yield to 4.63 percent.
Big board volume leader on 14.4 million shares, Smith Intl (SII), the oil drilling firm, up $0.36. The stock was added to the Standard & Poor`s 500 Index after the close of trading today, replacing Golden West Financial.
Time Warner (TWX) a $0.03 gain there.
Sprint Nextel (S) moved up $0.46.
Tim Hortons wi (THI_w) this is the spin off from Wendy`s. This is the Canadian coffee and donut shop operator, down $0.14 from its first trade today.
Hewlett-Packard (HPQ) was up $0.72, fifth in big board volume.
Then AT&T (T) with a $0.19 gain.
ExxonMobil (XOM) down $0.36.
Chunghwa Telco (CHT) up $0.32. Chunghwa is Taiwan`s biggest phone company and it sold 684 million shares today, mostly coming from Taiwan`s government. That raised $958 million, almost $1 billion.
General Electric (GE) down $0.18.
Pfizer (PFE), tenth in volume, a $0.06 gain. Global Payments (GPN) did well, up $5.07. First quarter earnings, $0.51, well above $0.38 last year, revenues up 16 percent. The company boosted its fiscal 2007 guidance to the $1.79 to $1.85 level and the Street estimate is only $1.74.
Then another good gainer, Azz Inc (AZZ) up $4.55. The electric equipment manufacturer had second quarter earnings of $0.90, way up from $0.24 last year and revenues jumped 31 percent.
Alpharma (ALO) gained $1.79. The company reported positive results from trials of its abuse deterrent, extended release opioid. That`s an opium-like substance that`s supposed to prevent dependence on painkillers, as I understand it.
Then we see another good gain in Goodrich Petroleum (GDP) up $1.38. The company`s bankers have increased its borrowing base, $45 million to a total $150 million. That will help fund the company`s Texas oil drilling operations.
Then a big loser, Chemed (CHE) off $6.68. The company`s Vitas unit is going to exit the hospice market in Phoenix, Arizona and the cost will be about $5 million to Chemed. The company cut its 2006 earnings guidance.
American Vanguard (AVD) off $2.33. The pesticide manufacturer sees an 18 to 15 percent drop in 2006 earnings from the previous year and it was previously estimating a 10 percent growth factor. The company cited lower than expected sales and higher energy costs.
Timken Co (TKR), the roller bearing company, down $3.03. The company cut its third quarter earnings estimate from the range of $0.70 to $0.75, down to $0.50 to $0.55 and also is eliminating 700 jobs. Standard & Poor`s said sell the stock.
There you see NASDAQ`s most active, Research in Motion (RIMM) what a gain, $16.59, traded as high as $104.50. After the close yesterday, second quarter earnings $0.74, way up from $0.56 last year. The company sees third quarter earnings rising to $0.88 to $0.85, $0.95 and a number of analysts upgraded the stock today. Its Blackberry devices are selling like hotcakes.
Intel (INTC) $0.20 loss.
Google (GOOG) fell $1.68.
Apple Computer (AAPL) $0.03 loss there.
Microsoft (MSFT) down a nickel. That was fifth in dollar volume. Cisco Systems (CSCO) dropped a half dollar.
Qualcomm (QCOM) $0.67 loss.
Oracle (ORCL) down $0.25.
EBay (EBAY) a nickel loss.
And Dell (DELL), tenth in volume, off $0.13 a share.
Eastern Co (EML), over on the American Exchange.
Let`s get this initial public offering first, Bare Escentuals (BARE), a cosmetics firm, 16 million shares offered at $22, opened at $28, the high $29.10, backed off a little, but still had a good day.
Then Eastern Co. (EML) on the American, $3.24 gain. The industrial hardware manufacturer announced a three for two stock split.
Those are the stocks in the news tonight.
