Paul Kangas' Stocks In The News
Thursday, October 19, 2006
|
|
|
|
PAUL KANGAS: Stocks opened slightly lower on light profit-taking, but then rebounded on solid earnings reports from companies like Coca-Cola, Honeywell and Pfizer, which lifted the Dow to a mid-morning gain of 25 points at the 12,018 level, while the NASDAQ Composite was up five points. Higher oil prices pushed the market modestly lower at midday, but then more good earnings prompted renewed buying in the blue chips and boosted the Dow to that first ever close above 12,000. The Dow Industrial Average gained 19.05 points to a record 12,011.73. The NASDAQ Composite up 3.79 ending at 2340.94; Standard & Poor's 500 was up exactly one point to 1366.96. In the bond market, the 10-year note fell 8/32 to par and 22/32, putting the yield at 4.79 percent.
The most active New York exchange issue on 37 1/2 million shares, Advanced Micro Devices (AMD) major casualty, down $3.22. Yesterday, third quarter earnings came out after the close and they were higher, but there is concern about the company's fading profit margins and today JPMorgan downgraded the stock from "neutral" to "under weight."
Then Pfizer (PFE) with a $0.42 loss, even though third quarter earnings were higher. After tax adjustments, $0.54 a share, $0.09 above the Street.
Cypress Semi (CY) down $2.13. A turnaround, third quarter earnings of $0.06 versus a loss of $0.04 last year, but the company said it's ended its attempt to sell itself and I think that's what hurt the stock.
Boston Scientific (BSX) an $0.88 gain. After the close yesterday, third quarter earnings excluding expenses for its Guidant acquisition earned $0.20, down from $0.46 the year before, but that was $0.03 higher than the Street expected.
Then McDonald's (MCD) a $0.70 loss, even though third quarter earnings came in at $0.68, a dime more than last year, but that was just in line with Wall Street estimates. The stock's had a good run recently too.
Nokia Corp (NOK) $0.52 drop. Third quarter earnings, $0.27, $0.03 below the Wall Street estimate.
General Electric (GE) in there with a $0.28. Then Time Warner (TWX) moved up $0.11.
AT&T (T) gained $0.81. The company's Cingular unit had a third quarter profit that tripled.
And then Sprint Nextel (S), tenth in volume, a $0.28 loss.
Citigroup (C) down $0.32. The company had third quarter operating earnings of $1.06, up from last year's $0.97, $0.03 above the Street estimate, but as you can see, the stock's had a pretty good run recently, a little profit taking.
And then Coca-Cola Co (KO) $0.95 gainer. Third quarter earnings, $0.62, up from last year's $0.54. That was $0.03 better than the Wall Street consensus.
Honeywell Intl (HON) another Dow stock, but this one down $1.05 despite higher earnings. Third quarter, $0.66, versus $0.54 a year ago, $0.03 better than the Street was expecting.
Continental Airlines (CAL) moved up $0.41, big jump in third quarter earnings to $1.36 versus $0.80 last year and that was $0.14 better than analysts were predicting.
Hershey Foods (HSY) down $2.32 a share, $0.78 and third quarter earnings $0.03 below the Street estimate. Standard & Poor's cut 2006 earnings estimates by $0.07 a share, down to $2.48 a share in earnings.
McGraw-Hill Companies (MHP) up $3.77, good third quarter earnings, $1.06, up from last year's $1 and it sees 2006 earnings overall at around $2.53 to $2.55 a share.
Wyeth (WYE), the big drug company a $0.14 loss. Third quarter earnings however were 33 percent higher than last year, $0.85, up from $0.64. Revenues rose 9 percent.
And then the best point gainer in the Dow was Altria Group (MO) moving up $1.85. The company will release third quarter earnings next Wednesday. That's a day later than normal and that's because the board is having its annual meeting and might announce details of a tax-free spin off of what it doesn't - hasn't already sold in Kraft.
Apple Computer (AAPL) topped the active list on NASDAQ and that was up $4.46 on yesterday's better than expected earnings.
Then Google (GOOG) up $6.75. You heard about those earnings, $0.20 better than the Street expected. The stock at $459 in after hours trading.
Intel (INTC) $0.08 loss there.
Microsoft (MSFT) down $0.23.
Cisco Systems (CSCO) a $0.02 loss. That was fifth in volume.
Then Ebay (EBAY) a $2 gain on yesterday's better than expected earnings after the bell.
Yahoo! (YHOO) a $0.15 rise.
Citrix Systems (CTXS) tumbling $6.91. After the close yesterday, third quarter earnings just barely higher, $0.25 versus $0.23 last year. Sales were quite disappointing.
Dell (DELL) down $1.58. Gardner Incorporated, a research firm, says Hewlett-Packard has overtaken Dell as the biggest personal computer shipper.
And finally, Sandisk (SNDK), tenth in volume, was up $1.59.
And those are the stocks in the news tonight.
