Paul Kangas' Stocks In The News
Monday, November 06, 2006
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PAUL KANGAS: This morning`s barrage of takeovers brought buyers out of hiding on Wall Street as stocks rallied sharply. After an hour of trading, the Dow posted a 72-point gain and the NASDAQ was up 30. The bulls also got a boost from Chicago Fed President Michael Moscow, who said the economy remains on a good footing despite the housing industry slowdown. The rally then continued right onto the final bell, so the Dow Industrial Average closed up 119.51 points at 12,105.55. The NASDAQ Composite jumped 35.16, ending at 2365.95. Standard & Poor`s 500 Index rose 15.48, ending at 1379.78. In the bond market, the 10-year note gained 5/32 to 101 12/32, putting the yield at 4.70 percent.
Big board volume leader on 18.3 million shares, Nortel Networks (NT) moving up $0.13, no specific news I saw.
Pfizer (PFE) up $0.44.
Then General Electric (GE) with a $0.50 gain.
Lucent tech (LU) edged up $0.08.
TXU (TXU) down $4.94, traded as low as $56.02. The company said its 2006 earnings will come in around $5.25 to $5.55 a share and that`s well down from its previous forecast of $5.75 a share. Down went the stock, fifth in volume.
ExxonMobil (XOM) up $0.76.
And then Motorola (MOT) $0.37 gain there.
Boston Scientific (BSX) edged up $0.49, traded as high as $17.26. The company forecast 2007 sales will be up anywhere from 11 to 21 percent.
Time Warner (TWX) an $0.11 gainer.
And then Home Depot (HD), tenth in volume, was up $0.02.
Four Seasons Hotels (FS) up $18.63. Incidentally, our frequent Street critique guest Hillary Kramer, recommended that stock on our program about a month ago and as you heard, an investment group will take it private for $82 a share in cash, big move today, 29 percent.
OSI Restaurant Partners (OSI), of course this is, as you heard, the parent company of the Outback restaurants and investment group here, including the founder, will acquire it and take it private for $40 a share cash.
Bema Gold (BGO) moved up $0.49. Kinross Gold will acquire it for stock. It`ll be .441 shares of Kinross for each share of Bema. That`s a value of about $5.30 as of today and that keeping in mind (ph) is Kinross fell $1.25 to $12.01 on that news.
Columbia Equity Trust (COE) up $1.87. A unit of JPMorgan will acquire this company for $19 a share in cash.
ElkCorp (ELK), which is in the building products, the roofing products business has retained UBS investment bank to assist it in renewing company`s alternatives, which could be a merger or the outright sale of ElkCorp.
Marvel Entertainment (MVL) up $1.45. Third quarter earnings $0.16, down from $0.23 last year, but $0.04 better than the Street thought and the company boosted its 2006 guidance from about $0.55 a share in earnings to as much as $0.64 a share.
Myers Industries (MYE) down $1.72. It had higher third quarter earnings if $0.17 up from $0.14 a year ago, but its lawn and garden equipment sales were quite disappointing and I think that`s what hurt the stock.
Google (GOOG) topped NASDAQ`s most active list with a gain of $5.15.
Then Cisco Systems (CSCO) with a $0.91 rise.
Microsoft (MSFT) edged up $0.11.
Apple Computer (APPL) gained $1.42.
Intel (INTC), fifth in volume on a dollar basis, up $0.31 a share.
Then that big gainer of the day, Kos Pharmaceuticals (KOSP) up nearly $27 or 54 percent on the Abbott Labs acquisition of $78 a share cash. Abbott stock incidentally dropped $0.17.
Research in Motion (RIMM) was up $4.07.
Qualcomm (QCOM) $0.33 drop.
Oracle (ORCL) gained $0.32.
And Yahoo! (YHOO) $0.41 rise there, tenth in volume.
Swift Transportation (SWFT) up $5.79. The largest shareholder as you heard will offer $29 a share to take the company private.
And then Per-Se Technologies (PSTI) up $3.10, almost a 13 percent gain. McKesson Corp. will acquire it for $28 a share in cash. It`s another takeover today.
And then a major loser, Adolor Corp. (ADLR) tumbling $6.25, losing almost 45 percent of its value on news the FDA is requesting more safety information on the company`s drug to treat bowel dysfunctions.
Those are the stocks in the news tonight.
