Paul Kangas' Stocks In The News
Tuesday, October 31, 2006
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PAUL KANGAS: Some mixed signs today on how the economy is doing. On one hand, consumers seem to be growing less confident. The Conference Board says its consumer confidence index edged down in October to 105.4. Analysts had expected a higher reading, and say the slide was due to concerns about business conditions in general, and the job market in particular. But despite that concern about jobs, another report shows wages and benefits paid to workers grew at the fastest pace in more than two years. That news came from the Labor Department, which says its employment cost index was up 1 percent in the third quarter.
Both of those factors helped send the blue chips down 31 points at the outset of trading, with the NASDAQ up 3 points. Renewed weakness in oil lifted stocks into positive ground at midday, but end-of-month institutional window-dressing turned the markets very choppy, with the Dow off as much as 60 points this afternoon. Still, there was a rally and they closed narrowly mixed. The Dow Industrial Average lost only 5.77, ending at 12,080.73. The NASDAQ Composite rose 2.94 to 2,366.71. Standard & Poor`s 500 up 0.01 at 1,377.94. In the bond market, the 10-year note rose 18/32 to 102 4/32, putting the yield all the way down to 4.60 percent.
Big Board volume leader on 38.3 million shares, Pfizer (PFE) losing $0.55. The company`s experimental drug combination for boosting good cholesterol shows that the combination also boosts blood pressure more than first thought.
Qwest Communications (Q) down $0.38, despite a third-quarter turnaround with earnings of $0.09 versus an $0.08 loss last year. Thos earnings $0.02 above the Street consensus.
Time Warner (TWX) edged up $0.07.
Verizon Communications (VZ) down $0.65.
Lucent (LU) dropped a penny. That was fifth in volume.
Then General Electric (GE) losing $0.09.
But AT&T (T) moved up $0.33.
Exxon Mobil (XOM) a $0.58 gain.
Omnicare (OCR) down $4.62. This is the geriatric pharmaceutical services company. Third-quarter earnings just a touch lower than last year, $0.63 versus $0.64, but $0.09 below the Street estimate. And Standard & Poor`s downgraded the stock from buy to just a hold.
Conoco-Phillips (COP), tenth in volume, was up $0.44.
Proctor & Gamble (PG), a big Dow stock, down $0.42. It traded as low as $62.50 today. First-quarter earnings higher, $0.79 versus $0.77 a year ago, a penny above the Street estimate. But the company`s forecast for fourth-quarter was not particularly inspiring.
IBM (IBM) moved up $0.83. Big Blue is going to increase the stock buyback program by $4 billion.
Trammell Crow (TCC), this is a commercial real estate services firm, and a similar firm, CB Richard Ellis (CBG) will acquire Trammell for $49.51 a share. Ellis stock was up $1.81 to $30.03.
WMS Industries (WMS), the gaming machine company, first-quarter earnings higher, $0.20 versus $0.18 a year ago. The Jefferies brokerage upgraded the stock from hold to a buy.
Group 1 Automotive (GPI) doing well, up $4.42. Third-quarter earnings of $1.10, way up from $0.88 a year ago. And the company boosted its overall 2006 earnings guidance.
Barr Pharmaceuticals (BRL) up $2.32. Citigroup upgraded it from hold to a buy recommendation.
And then C&D Technologies (CHP), which is in the power storage system business, sees a third-quarter loss worse than previously expected, and sees further losses for the rest of the year, well into the fourth quarter.
Oshkosh Truck (OSK) down $4.65. Fourth-quarter earnings higher, $0.66 versus $0.58 a year ago. But $0.06 below the Wall Street consensus.
Google (GOOG) topped the NASDAQ`s most active list, losing $0.18.
While Microsoft (MSFT) gained that much.
Apple Computer (AAPL) up $0.66.
Intel (INTC) an $0.08 gain.
Cisco Systems (CSCO) rose $0.23 a share, fifth in volume.
Baidu.com (BIDU) closed down $8.72. And then the -- after the close, the Chinese Internet company reported sharply higher third-quarter earnings, $0.31 versus $0.03. But the company`s fourth-quarter revenue outlook was at the low-end of Street expectations. And the stock dropped another $3.38 in after-hours trading.
Yahoo! (YHOO) a $0.39 gain.
Dell (DELL) rose $0.96. UBS Financial upgraded it from reduce to neutral, saying profit margins have bottomed out.
Research In Motion (RIMM) a $0.93 loss there.
And Celgene (CELG) up $3.59. Friday that stock will be added to the Standard & Poor`s 500 Index.
Avanir Pharmaceuticals (AVNR) losing about half of its value, down $3.42. The FDA requests more information on the company`s Zenvia treatment for emotional expression disorder.
And then Sirna Therapeutics (RNAI) up almost 96 percent after the close yesterday. As we reported, Merck (MRK) it will acquire the company for $13 a share.
And those are the "Stocks in the News" tonight.
