Paul Kangas' Stocks In The News
Tuesday, October 10, 2006
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PAUL KANGAS: You could have gotten whiplash watching the Dow seesaw today. Stocks opened lower, with the blue chips falling 15 points and the NASDAQ Composite losing 5. Then stocks rallied as oil prices fell, with the Dow edging just above its record high a little before noon. That triggered a flurry of selling, then a bounce back to a new record closing high by a half a point. The Dow ended up 9.36 at 11,867.17. The NASDAQ up 3.66 at 2,315.43. Standard & Poor`s 500 Index rose 2.76, ending at 1,353.42. Over in the bond market, the 10-year note fell 15/32 to par 29/32, lifting the yield to 4.76 percent.
Most active big board issue, the big drug chain, CVS Corp (CVS) no change. Sixteen million shares traded, even though the September same store sales were up 8.8 percent. The stock held steady and it did boost its third quarter earnings target from $0.31 to $0.33 a share. There you see Sprint Nextel (S) down $0.04.
Pfizer (PFE) a $0.09 loss.
Exxon Mobil (XOM) moved up $0.65, even though Goldman Sachs downgraded it from "buy" to "neutral."
Citigroup (C) was up or down $0.26. That was fifth in volume.
Then we move along to AT&T (T) with a $0.59 gain.
General Electric (GE) $0.14 rise.
And the same story with Advanced Micro Devices (AMD).
Nabors Industries (NBR), the oil driller, up $2.08. There`s optimism about the company`s third quarter earnings which are due out on the 24th of October. There are also rumors today the company may be the target of a leveraged buyout. The company refused comment.
Time Warner (TWX), tenth in volume was a $0.12 gainer.
Anheuser Busch (BUD) up nearly $1, traded as high as $48.72. The "Times" of London reported that Edward Lampert`s (ph) ESL Investments is preparing to launch a $56 a share bid for Anheuser Busch.
Genentech (DNA) down $0.68. Just after the close, the company out with third quarter results, $0.59, $0.12 better than the Street consensus, but the stock dropped about $1 in after hours trading nevertheless.
Legg Mason (LM) up $3.23 on the close, but after the close, it issued a second quarter earnings warning, said to earn about $1 and that`s $0.15 below the Street estimate at least and the stock tumbled $10 a share in after hours trading.
Monsanto co (MON) off $1.02. Merrill Lynch cut its 2007 earnings estimate on a likely 5 to 8 percent reduction in soybean plantings this fall. Fourth quarter earnings incidentally due out tomorrow for Monsanto.
Then the big grocery chain, Supervalu (SVU) up $1.38, $0.61 in second quarter earnings, way up from $0.24 last year. HSBC boosted its price target from $34 to $41 a share on Supervalu.
American Electric Power (AEP) gained $2.01. Company reaffirmed its 2006 earnings guidance, could earn as much as $2.80 a share. It also plans to boost its quarterly dividend by $0.02 a share. Consol Energy (CNX), the coal company, up $2.10. Coal prices jumped today on news that this company`s going to have production cuts at two of its Kentucky mines. This helped a number of other coal stocks like Arch Coal (ACI), Massey Energy (MEE) and Peabody Energy (BTU), all gainers of $2 or more.
Standard Pacific (SPF), the home builder, up $1.25. Despite housing industry being in a slump, JPMorgan upgraded several stocks from "neutral" to "over weight" like this one in the belief that they bottomed out. Let`s have a look at two others that got an upgrade.
DR Horton (DHI) up $0.92.
And Toll Brothers (TOL) with a gain of $1.48.
Google (GOOG) topped the active list on NASDAQ, down $2.35.
Intel (INTC) $0.27 gain there.
Apple Computer (AAPL) $0.82 loss.
Qualcomm (QCOM) up $0.83.
And then Research in Motion (RIMM) after a big gain yesterday, down $0.85.
Cisco Systems (CSCO) a $0.02 gainer.
Followed by Oracle (ORCL) which was up $0.19. After the close, Department of Justice said Oracle will pay $98.5 million to settle allegations that its Peoplesoft unit overcharged the U.S. government.
Microsoft (MSFT) a $0.03 drop.
Yahoo! (YHOO) $0.56 loss there.
And then tenth in big board volme, Sears Holdings (SHLD) with a nice gain of $4.17 a share.
And those are the stocks in the news tonight.
