Paul Kangas' Stocks In The News
Thursday, November 09, 2006
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PAUL KANGAS: Wall Street's blue chips moved lower this morning as oil prices rose and the University of Michigan's November consumer sentiment index fell. But the NASDAQ headed higher on yesterday's good earnings we told you about from Cisco. So at noon, the Dow was down 32 points, but the NASDAQ was up 12. Persistent weakness in the drug, defense, and healthcare stocks dragged the market in general down this afternoon, resulting in a broadly lower close. The Dow Industrial Average lost 73.24, ending at 12,103.30. The NASDAQ Composite off 8.93 ending at 2,376.01. Standard & Poor's 500 Index dropped 7.39 to 1,378.33. In the bond market, the 10-year note gained 4/32 to 99 and 31/32, putting the yield at 4.63 percent.
For the second day running, big board volume leader, Pfizer (PFE) today on 37 million shares, down $0.78.
Then Texas Instruments (TXN) a $0.69 loss.
Lucent Tech (LU) dropped a penny.
AT&T (T) losing $0.95.
Fifth in volume, Motorola (MOT) a $0.27 drop there.
CB Richard Ellis (CBG) bucked that trend with a gain of $1.30. The big real estate services company got an upgrade from JPMorgan and also JPMorgan boosted 2007 earnings estimates from $1.69 to $1.92, boosted its price target for Ellis stock from $31 to $38 a share and after the close, Ellis stock was added to the Standard & Poor's 500 Index, a lot of news there on that stock today.
EMC Corp (EMC) up $0.34.
CVS Corp (CVS) down $1.01.
Sprint Nextel (S) rose $0.25.
And then ExxonMobil (XOM) on the higher oil prices, up $0.80 today.
American Intl Group (AIG), the big insurance firm and a Dow stock, reported earnings right after the close today. Third quarter earnings jumped to $1.61 from only $0.66 a year ago. In after hours trading, the stock was up about $0.40 from this price.
Then we see Hewlett-Packard (HPQ) up $0.68. Goldman Sachs boosted its 12-month price target for the stock from $42.50 up to $46 a share.
JC Penney Co (JCP) up $1.35. Second quarter earnings or I should say third quarter earnings 22 percent higher than last year at $1.26 versus $0.94 there and that was $0.03 above the Street estimate. Same store sales rose 5.2 percent.
Goldcorp (GG) rising $2.22. The company's CEO forecast gold prices will hit $850 an ounce in the next two years. The New York December gold contract today was up $18.50, ending at $636.80 the ounce.
Borders Group (BGP) rising $2.11. Reportedly, William Ackman (ph), the head of Pershing Square Capital Management, has purchased an 11 percent stake in Borders.
BMC Software (BMC) up $2.87. Second quarter earnings, $0.37, up from $0.27 a year ago. Revenues up nearly 7 percent. The company also boosted 2007 earnings estimates.
Big loser of the day, Westwood One (WON), this provides radio and television stations with programming and third quarter earnings dropped to $0.12 from $0.22 a year ago. Revenues fell 15 percent. The company's board will evaluate alternatives to enhance shareholder value.
Two public offerings today, KBW Inc (KBW). This is the former Keefe Bruyette and Woods, the investment bank boutique, 6.8 million shares offered at $21, high, $26, the high was $27.38 and then it backed off just a little bit.
Onebeacon Insurance (OB) was offered to the public at $25 and a 24 million share offering.
Cisco Systems (CSCO) topped the active list, up $1.61. The high today, $27.44 on those earnings that we told you about after the close yesterday.
Apple Computer (AAPL) $0.89 gain.
Microsoft (MSFT) up $0.28.
Google (GOOG) fell $2.73.
Research in Motion (RIMM) a $0.12 loss, fifth in volume.
And then Qualcomm (QCOM) dropping $1.45. Japan's trade commission warned the company it may have to investigate the business practices that the company's using in Japan.
Intel (INTC) $0.29 loss.
Dell (DELL) moved up $0.80.
Broadcom (BRCM) $0.03 gain.
Tenth in volume, Yahoo! (YHOO) up $0.55.
Hansen Natural (HANS), the beverage company, down $4.14. Remember this is the four for one split stock, but the company is delaying its quarterly financial report due to an ongoing review of its stock option grants.
And those are the stocks in the news tonight.
