Paul Kangas' Stocks In The News
Friday, November 03, 2006
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PAUL KANGAS: Wall Street opened a bit higher on bargain hunting after five straight losses with the Dow rising 22 points at the outset of trading, while the NASDAQ gained four points. That decline in unemployment and news of a bigger than expected rise in service sector activity revived concerns that the Fed may tighten rates again, sending the Dow off 46 points at 1:00 p.m. Then the surge in oil prices kept stocks in moderately lower ground for the rest of day. Dow Industrial Average closed off 32 1/2 points exactly at 11,986.04. It fell every day this week, had a net loss of 104.22 points. The NASDAQ Composite was off 3.23, ending at 2330.79 today. This week, it fell twice, it rose twice and fell three times, had an overall decline of 19.83. Standard & Poor's 500 Index dropped 3.04 today, ending at 1364.30. In the bond market, the 10-year note slid 30/32 to 101 7/32, boosting the yield to 4.72 percent.
Big board volume leader on 16.2 million shares, ExxonMobil (XOM) moving up $0.96 on that surge in oil prices.
Pfizer (PFE) dropped $0.14.
AT&T (T) a $0.30 loss for the third time. The FCC has postponed its meeting to decide about AT&T's takeover of Bell South.
There you see Wal-Mart Stores (WMT) down $0.76 a share.
Time Warner (TWX) was fifth in volume, down $0.14 a share.
Then General Electric (GE) a $0.06 gainer.
CVS Corp (CVS) $0.07 loss. It's of course going to take over Caremark and we'll see that at the bottom of the list.
NRG Energy (NRG) up $4.82. This is a power generation company and it generated some pretty good third quarter earnings, $2.34 a share versus a loss of $0.51 a year ago.
Motorola (MOT) was down $0.14.
And then Caremark Rx (CMX) an $0.11 loss, tenth in volume.
CA Inc (CA) used to be called Computer Associates, down $2.37. Second quarter earnings $0.09, a penny above last year, but new bookings in the period were down 10 percent and the company sees 2007 earnings less than $0.44 a share. On top of that, it delayed a $1 billion stock buyback.
Computer Sciences (CSC) off $3.57. Preliminary second quarter results, earnings of $0.53, same as last year and revenues were flat as well.
International Rectifier (IRF) up $3.85. First quarter earnings rose to $0.47 from $0.36 a year ago. Revenues up a very respectable 26 percent.
Western Digital (WDC) moved up nearly $1, $0.94 gain. First quarter earnings, $0.46, up from $0.31. Revenues up 25 percent. Raymond James financial brokerage upgraded it from "market perform" to "out perform."
Then McDermott Intl (MDR), the oil service company, up $3.76. Third quarter earnings, $0.89, well above $0.53 last year, doing very nicely on the stock too.
Leapfrog Enterprises (LF) tripped up for a loss of $1.53. The company in with third quarter loss of $0.79, versus earnings of $0.52 a year ago and sales plummeted 24 percent during the period.
Perini (PCR), this is a big building contractor, up $4.16. Third quarter earnings up 60 percent over last year, $0.36 versus $0.22 then and that was $0.06 better than Wall Street was expecting, a nice move in the stock.
Goodrich Petroleum (GDP) gained nearly $4 a share. The company's increasing its oil drilling activity in northwestern Louisiana.
Google (GOOG) topped NASDAQ's most active list, up $1.89.
Then the big loser of the day, Whole Foods Market (WFMI) tumbling $13.86. After the close yesterday, as we reported, higher earnings for the fourth quarter, $0.28 versus $0.06 but the company sees slowing sales growth in 2007. Today, a number of brokerages downgraded the stock, including Bank of America downgraded it from "buy" to "neutral," 23 percent loss in the stock.
Qualcomm (QCOM) moved up $0.11.
Apple Computer (AAPL) a $0.69 drop.
Microsoft (MSFT) lost $0.04 a share, fifth in volume.
Intel (INTC) a $0.07 drop.
Then Electronic Arts (ERTS) nice move, up $6.24. Second quarter earnings higher, $0.21 versus $0.15 a year ago. Revenues rose 16 percent and the company boosted its full year earnings guidance.
Cisco Systems (CSCO) $0.28 loss there.
Celgene (CGLD) up $0.57 and very active today because the stock was added after the close to the Standard & Poor's 500 Index.
Oracle (ORCL) $0.49 loss and that was tenth in volume.
Then Red Robin Gourmet Burgers (RRGB) burned for a $12 per share loss, 26 percent on the downside after the company warned fourth quarter earnings will be around $0.33 to $0.38 a share, well below the $0.49 Wall Street estimate. Also the company said full year earnings will be lower than expected.
Those are the stocks in the news tonight.
