Paul Kangas' Stocks In The News
Tuesday, October 24, 2006
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PAUL KANGAS: Stocks on Wall Street spent the morning mostly lower despite some strong earnings, with Texas Instrument's cautious outlook dragging down the tech sector. By 1:00 p.m., the Dow was off 20 points and so was the NASDAQ Composite. That rather mild setback convinced traders to come back to the buy side this afternoon, so stocks cut their losses and closed on a mixed note. The Dow Industrial Average ended up 10.97 at a new record closing high of 12,127.88. The NASDAQ however, lost 10.72 to 2,344.84, while the Standard & Poor's 500 Index rose .36 ending at 1,377.38. In the bond market, the 10-year note gained 2/32 to par and 13/32, putting the yield at 4.82 percent.
Big board volume leader on 41.3 million shares, Lucent Tech (LU) moving up $0.15. Fourth quarter earnings out, $0.07, same as last year, but $0.03 above the Street consensus. Alcatel, which is in the process of taking over Lucent, was up $0.86 at $12.89.
Then Pfizer (PFE), $0.47 loss.
A new issue, Douglas Emmett (DEI_w), this is a real estate investment trust, 66 million shares offered at $21 to the public, opened at $23.75, high of the day $24 and backed off just a little, pretty good debut.
Texas Instruments (TXN), a drag on the tech sector with a loss of $1.36. After the close yesterday, it did have higher third quarter earnings of $0.47, up from last year's $0.39, but it lowered its fourth quarter outlook and that's what hurt the stock.
Advanced Micro Devices (AMD) $0.08 gain, fifth in big board volume.
Ford Motor Co (F) moved up $0.40. Goldman Sachs upgraded it from "sell" to "neutral."
General Motors (GM) gained one full dollar. It's expected to report a third quarter profit tomorrow of somewhere around $0.50 a share.
First Data Corp (FDC) $0.54 rise.
Halliburton Co (HAL), which had better than expected earnings out yesterday, up $1.58.
And Altria Group (MO) down $0.34. Tomorrow the board meets at Altria and earnings are also due out.
Dupont Co (DD), which of course is a Dow stock, up $0.55. Third quarter earnings of $0.52 versus a loss of $0.09 last year, but the company sees lower than expected full year earnings of $2.85.
Phelps Dodge (PD) down $1.45. Third quarter earnings came in at $4.36, down from the estimate out of Wall Street of $4.80, but way up from $1.81 last year. The low of the stock today was $0.96 incidentally.
Coach (COH) bagged a gain of $2.88. First quarter earnings $0.34, up from $0.24 last year. Sales jumped 23 percent and those earnings were $0.03 above the Street consensus.
Lockheed Martin (LMT) up $0.92. Third quarter earnings, $1.46, well above $0.96 last year, $0.22 above the Wall Street estimate.
On the other hand, Northrop Grumman (NOC) fell $1.13. Third quarter operating earnings at $0.87 a share and that was $0.20 below the Street estimate.
Centene (CNC), which is in the managed health care business, had third quarter earnings nicely higher, $0.31 versus last year's $0.27 and revenues jumped 58 percent.
Brinker Intl (EAT) the big restaurant chain, up $6.95. First quarter earnings $0.57, up from $0.43 last year. Revenues, a 6.6 percent increase.
On the downside, Alaska Air Group (ALK) fell $3.20. Third quarter earnings down to $1.93 from last year's $2.16. The company cited higher operating costs.
And then Lexmark Intl (LXK) down $3.09. Third quarter earnings, $0.85, up from last year's $0.59, but the company's forecasting flat fourth quarter revenue and earnings will drop to about $0.70 to $0.80 a share.
Google (GOOG) topped the active list on NASDAQ, down $7.47 after hitting a record closing high yesterday, a little profit taking.
Microsoft (MSFT) a $0.17 drop.
Amgen (AMGN) moved up $1.57. The company got the OK from the Federal Trade Commission to acquire privately held Avidia for $290 million. That's another biotech firm.
Apple Computer (AAPL) $0.41 drop.
Intel (INTC) $0.17 gain, fifth in volume.
Research in Motion (RIMM) up $3.66.
Sandisk (SNDK) up $1.43.
$0.16 gain in Yahoo! (YHOO).
Qualcomm (QCOM) down $1.37.
And Cisco Systems (CSCO) a $0.09 drop there, tenth in volume.
Netflix (NFLX) up $4.29. Third quarter earnings, $0.18 versus only $0.11 last year. Revenues soared 48 percent. JPMorgan boosted earnings estimates.
And then Travelzoo (TZOO) up $6.22. Third quarter earnings more than double last year, $0.28, versus $0.13 and revenues jumped 31 percent.
Those are the stocks in the news tonight.
