Paul Kangas' Stocks In The News
Thursday, October 26, 2006PAUL KANGAS: Well, a moderate rise for the Dow at the outset of trading today, up about 20 points, boosted by ExxonMobil stock, which rose to an all-time high on those record earnings. The higher blue chips attracted profit taking which sent the Dow to a 25 point loss at 11:00 a.m., when the NASDAQ was off six points. Lower oil prices and interest rates plus strength in tech stocks helped the market rebound this afternoon. So the Dow Industrial Average closed up 28.98 to its fourth straight record high, putting it at 12,163.66. The NASDAQ Composite was up 22.51 at 2379.10. Standard & Poor's 500 gained 6.86 ending at 1389.08. Over in the bond market, the 10-year note gained 12/32 to 101 6/32, putting the yield at 4.72 percent.
Most active big board issue on nearly 33 million shares, SprintNextel (S) moving up $1.18 on higher third quarter earnings of $0.32 versus $0.25 a year ago and that's despite a 6 percent drop in sales.
GHARIB: Well, those might be good quotations.
Corning (GLW) making a $0.07 comeback after dropping $2 yesterday on a disappointing outlook from the company.
Time Warner (TWX) up $0.16.
There you see ExxonMobil (XOM) up $0.61 on those record earnings and it did hit a record intra-day high of $72.33.
Pfizer (PFE), fifth in volume, was down $0.15 a share.
And Lucent Tech (LU) was down $0.02.
Adv Micro Devices (AMD) moved up $0.67.
And AT&T (T) $0.07 gain there, tenth in big board volume.
General Motors (GM) closed down only $0.35, although it traded as low as $33.87 after Merrill Lynch downgraded it from "buy" to "sell" because of a nice recent run up, end of a good run said Merrill.
Then Boeing (BA) continues to be a drag on the Dow, off $1.72 today. It was $2.73 yesterday when the company said research and development costs will hurt 2007 results.
Aetna (AET), the big life insurance company and also in medical insurance, up $2.86. Third quarter operating earnings rose to $0.84 from $0.61 a year ago and revenues were up 11 percent. Standard & Poor's upgraded the stock from a "hold" to a "buy" today. And then Harman Intl (HAR) which makes high-end audio equipment up $17.23. First quarter earnings $0.85, up from $0.79 last year and $0.04 better than the Street expected. Soleil Securities upgraded the stock from "hold" to a "buy."
Clear Channel (CCU) moved up $3.13. The radio conglomerate confirmed that it's exploring strategic alternatives, including the possibility of going private.
LSI Logic (LSI) moving up $1.18. A real turnaround, third quarter earnings of $0.11 versus a loss of $0.19 a share last year. Revenues up 2.3 percent.
Then we see Skechers USA, the footwear company, up $3.39. Third quarter earnings jumped to $0.49, up from $0.30 a year ago. Revenues up a very respectable 21 percent.
Ford Motor (F) lost a penny.
Varian Medical (VAR) up $6.14. Higher earnings there, fourth quarter, $0.62, up from $0.46 last year. Revenues 18 percent rise.
And then a big loser, Carpenter Tech (CRS) tumbling $13.59. First quarter earnings were higher, $1.94 versus last year's $1.54, but that was $0.21 below the Street consensus and the company's cautious about its sales outlook.
UST Inc (UST), the smokeless tobacco company, third quarter operating earnings lower, $0.71 versus last year's $0.80 and that was a nickel below the Wall Street estimate.
Google (GOOG) down $1.50 after hitting a record closing high yesterday.
Red Hat (RHAT) tumbling $4.68. Oracle, its rival, said it'll offer 1/2 percent support services - half cost support services for the company's Linux customers, a real blow to Red Hat.
Apple Computer (AAPL) up $0.51.
Microsoft (MSFT) closed up $0.04 and then those earnings after the close helped the stock rise about $0.07 to $0.10 from this level in after hours trading.
Comcast "A" (CMCSA) gained $1.24. Third quarter earnings excluding items for Comcast, $0.26, $0.07 above the Street estimate.
Then we see Yahoo! (YHOO) a $0.79 gainer there.
Intel (INTC) up a nickel. Symantec (SYMC) down $1.29. The computer anti-virus firm had second quarter earnings higher, $0.26, versus $0.23 last year, but a penny below the Street estimate.
Cisco Systems (CSCO) was a $0.10 loser.
And then amazon.com (AMZN), which had better than expected earnings out two days ago, a $0.62 gain, tenth in volume.
New issue today, Home Inns & Hotel Management (HMIN), a Chinese firm, 7.9 million shares ADS (ph) offered at $13.80, opened at $22, high, $23.75, had a very good debt.
And then Renovis (RNVS) tumbling $10.77. Last stage trials of its stroke drug showed it wasn't effective and its partner, Astra Zeneca stock fell $4.99 to $61.38.
Those are the stocks in the news tonight.
