Paul Kangas' Stocks In The News
Wednesday, November 22, 2006
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PAUL KANGAS: Stocks opened higher with the Dow boosted by strength in Alcoa on its restructuring plan we told you about last night. The NASDAQ market was up on Dell's solid earnings out last night. The Dow rose 12 points at the outset of trading, NASDAQ up seven. Then weakness in General Motors and Boeing stocks trimmed the Dow's gains, but the techs held on. So the blue chips closed up 5.36 at 12,326.95. The NASDAQ Composite was up 11.14 ending at 2465.98. Standard & Poor's 500 Index gained 3.28 to 1406.09. In the bond market, the 10-year note gained 4/32 to par and 16/32, putting the yield at 4.56 percent
Big board volume leader on 21 million shares was Lucent Technology (LU) dropping a penny. Then General Motors (GM), that major casualty, off $1.53, traded as low as $30.70 on that news that Kirk Kerkorian is selling 14 million shares.
Qwest Communications (Q) $0.03 gain.
EMC Corp (EMC) $0.37 rise.
And Time Warner (TWX), fifth in volume, was up $0.08 per share.
Nortel Networks (NT) $0.03 gain there.
DirecTV (DTV) moved up $0.25. This stock will replace Freescale Semiconductor in the Standard & Poor's 500 Index on a date to be announced.
Then came Nokia (NOK) with a $0.53 gain.
Pfizer (PFE) up $0.03.
And tenth in volume, General Electric (GE) with a $0.19 gain.
Alcoa (AA), another Dow stock, up $1.24. The company said its plant restructuring will save it $125 million annually. It will cut over 13,000 jobs in the process.
Caterpillar (CAT) up $0.60. The company said that sales to China will quadruple as a percentage of global sales by the year 2010.
Deere & Co (DE) up another $2.82, was up $5.86 yesterday on strong fourth quarter earnings of $1.20, $0.26 above the Street estimate and today Wachovia upgraded it from "market perform" to "out perform."
Freeport-McMoran C&G (FCX) up $3.39. Now last Monday, as we reported, the company made a $26 billion buyout bid for Phelps Dodge. Now there's speculation BHP Billiton of Australia may be considering a buyout for Freeport.
J. Crew Group (JCG), this is the specialty apparel retailer, the stock just went public in late June at $20 and here it is at $40.52 after reporting third quarter earnings of $0.40 a share versus a loss of a penny last year. Revenues up 23 percent. The company boosted 2007 guidance.
Payless Shoesources (PSS) up $3.98. Third quarter earnings nicely higher, $0.46 versus $0.33 a year ago. Sales on a same store sales basis up 5.2 percent.
BJ's Wholesale (BJ) up $2.95. The warehouse retailer's president and CEO Mike Wedge (ph) has resigned. JPMorgan upgraded the stock from "neutral" to "over weight."
And then Imperial Chemical ADR (ICI) up $2.79. The company's going to sell its Quest flavors and fragrances unit for about $2.5 billion.
Google (GOOG) topped the active list on NASDAQ, down $1.64 after hitting an all-time high yesterday.
Dell (DELL) up $2.31. As we reported, after the close yesterday, preliminary third quarter earnings, $0.30, $0.06 above the Street estimate.
Apple Computer (AAPL) up $1.71.
Microsoft (MSFT) no change there.
Intel (INTC) up $0.16 a share, fifth in dollar volume.
Yahoo! (YHOO) gained $1.35.
Cisco Systems (CSCO) an $0.11 rise.
Research in Motion (RIMM) up $1.11.
Sears Holdings (SHLD) gaining $4.74.
And IAC/interactive (IACI) up $1.66. It will replace Lucent in the Standard & Poor's 500. Lucent of course is being acquired by Alcatel.
Then we see Pointer Telocation (PNTR) up $2.10. It's an Israeli company. Third quarter earnings, $0.14 versus a loss of $0.14 last year.
And finally, shares of apparel retailer Coldwater Creek (CWTR) fell $2.55 on a disappointing outlook.
