Paul Kangas' Stocks In The News
Tuesday, November 21, 2006
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PAUL KANGAS: Stocks on Wall Street spent the morning in a narrow holding pattern as solid earnings from Deere & Co. were countered by a rise in oil prices. At noon, the Dow had a 17 point gain with the help of a new high in Boeing stock, which we'll detail shortly. Low trading volume ahead of the Thanksgiving holiday kept the market from taking off, but it did end slightly higher. The Dow Industrial Average closed up 5.05 at 12,321.59. The NASDAQ Composite was up 2.12, ending at 2454.84. Standard & Poor's 500 Index gained 2.31 to 1402.81. In the bond market, the 10-year note gained 6/32 to par and 12/32, putting the yield down to 4.58 percent.
The most active big board issue was a new issue, trading 22.6 million shares, Sprint Aerosys (SPR). This used to be a unit of Boeing and it makes aircraft parts, 55.1 million shares offered to the public at $26, opened at $27.55, had a high of $29.30 and closed very close to the high, good day. Nortel Networks (NT) is up $0.09, second in volume.
Then came another aircraft parts maker, Aercap Holdings (AER). This is a Dutch manufacturer of aircraft engines, 26.1 million shares offered to the public at $23, opened at $25, the high $25.01, then it backed down considerably.
Medtronic (MDT) a good gain of $4.60. Second quarter earnings excluding one-time items, $0.59 versus $0.52 a year ago, $0.03 above the Street consensus. JPMorgan upgraded the stock from "neutral" to "over weight." Standard & Poor's upgraded it from "hold" to a "strong buy."
Time Warner (TWX), fifth in volume, was up a dime a share.
Then Pfizer (PFE) a $0.02 gain.
But General Motors (GM) down $1.56. The president of the company's North American operations says GM's restructuring still has a way to go.
Lucent Tech (LU) a $0.02 loss.
Qwest Communications (Q) dropped $0.15.
And then tenth in volume was AT&T (T) with a loss of $0.46 a share.
Alcoa (AA) a $0.72 closing gain. After the close, the company announced a major restructuring, including a number of plant closings and the cutting of 6700 jobs. These moves will save the company $125 million annually. No move in the stock after the close, incidentally.
Deere & Co (DE) gained $5.86. Fourth quarter earnings $1.20, well up from $0.96 a year ago and $0.26 above the Street consensus. But the company is cautious as you heard about 2007.
Brown Shoe Co (BWS) with a well-heeled gain of $6.22. Third quarter earnings $0.93, way up from $0.70 a year ago and $0.09 better than the Street expected. The company boosted its 2006 guidance to about $2.30 a share. Phillips-Van Heusen (PVH), a gain of $3.69, third quarter earnings, $0.89, up from last year's $0.73. Revenues up 7 percent.
And then Sierra Health Services (SIE) up $1.86. Goldman Sachs upgraded the stock from a "sell" to a "neutral" rating.
Agnico Eagle Mines (AEM) up $2.55. The company believes its current drilling projects will result in reaching its 2008 target of 14 to 15 million ounces of gold in its reserves.
Advanced Medical Optics (EYE) down $3.50 a share. The company is recalling certain lots of its complete contact lens care solution and says that move will cut the rest of this year's and all of 2007 revenues by about $40 to $45 million. Its competitor Alcon stock rose $6.10 on that news.
And then Jack in the Box (JBX) jumped $2.82. Fourth quarter earnings $0.92, up from $0.59 a year ago. Same store sales up 5.9 percent.
Google (GOOG) topped the active list on NASDAQ with the huge gain you heard about, new high. The high of the day was $5.10.
Then Apple Computer (AAPL) up $2.13. Speculation is the company will be getting into the mobile phone market with its iPhone.
Intel (INTC) $0.70 drop.
Microsoft (MSFT) edged up $0.03.
Cisco Systems (CSCO) $0.31 loss, fifth in dollar volume.
Broadcom (BRCM) fell $0.97.
Research in Motion (RIMM) gaining $1.09.
Dell (DELL) closed up $0.17. After the close, you heard about those preliminary earnings, $0.30, $0.06 above the Street estimate. I saw the stock in after hours trading as high as $27.21.
Yahoo! (YHOO) $0.42 gain.
And then Marvell Tech Group (MRVL) down $0.51.
Mothers Work (MWRK) up $10.21. This marketer of maternity clothes cut its fourth quarter loss to only $0.11, versus a loss of $1.01 a share a year ago and also gave an upbeat forecast for the rest of this year and next.
And those are the stocks in the news tonight.
