Paul Kangas' Stocks In The News
Friday, November 24, 2006
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PAUL KANGAS: Wall Street opened with a sell-off triggered by a sharp drop in the U.S. dollar, which we'll detail shortly. The Dow fell 65 points at the outset of trading, while the NASDAQ lost 13 points. The market made a mid-session rebound attempt which fell short partly because of extremely light volume ahead of the early closing at 1:00 p.m. As a result, the major averages ended moderately lower. The Dow Industrial Average lost 46.78 points, ending at 12,280.17. In this four-day trading week, the Dow rose twice, fell twice, had a net loss of 62.39 points. The NASDAQ Composite closed down 5.72 at 2460.26 today. It rose in three of this week's four sessions, had an overall gain of 14.40 points. The Standard & Poor's 500 Index fell 5.14 points to 1400.95 today. In the bond market, the 10-year note gained 2/32 to par and 18/32, putting the yield at 4.55 percent.
The most active big board issue wasn't so active, 5.9 million shares of Lucent Tech (LU) traded and no change at $25.59.
United Microelectronic (UMC) moved up $0.25.
Followed by Pfizer (PFE) with a $0.21 loss.
Taiwan Semi (TSM) moved up $0.17.
AT&T (T) no change, not a lot of action on that board was there, pretty dull day. Time Warner (TWX) $0.27 drop.
Followed by Citigroup (C) $0.46 loss.
ExxonMobil (XOM) dropped $0.53.
General Electric (GE) down $0.30.
And then a gainer, Newmont Mining (NEM) moving up $0.67. No gold trading in New York today, but the London afternoon fix (ph) was way up at $639.50 the ounce and the whole gold sector was strong.
Let's have a look at some major gold stocks, Agnico Eagle (AEM) and Anglogold Ashanti (AU) doing well.
Barrick Gold (ABX), Goldcorp (GG) and Meridian Gold (MDG) all nice gains.
Cameco (CCJ) up $1.69. This is a uranium mining company and after the close Wednesday, it said it's in a non-binding memorandum of understanding with a Russian nuclear company called Tenex and they will pursue joint ventures in uranium exploration, development and production, nice move in the stock there today.
Systemax (SYX) up $2.08. Second quarter earnings, $0.19, almost quintuple last year's $0.04 and sales were up a respectable 8.1 percent.
Advanced Semiconductor Engineering (ASX), these are the ADRs. It's a Taiwanese chip testing company. It's up on speculation Carlisle Group might make a buyout bid for $5.94 per ADR. Then another takeover speculation stock, Technip (TKP). This is a French oil gas engineering firm and the rumor has it that ENI Corp was going to make a takeover bid, but both firms denied that there was anything going on in the way of a merger.
J. Crew Group (JCG), specialty retailer of apparel doing very well today, up $2.76. It was up $5.17 last Wednesday, a real turnaround in third quarter earnings of $0.40 versus a loss of a penny a year ago.
Air France-KLM (AKH) down $2.51. First the company reported a 26 percent rise in the latest quarterly earnings but the stock down on the company's tentative talks about a business combination with the troubled carrier Alitalia. That seemed to have hurt the stock a bit.
Mills Corp (MLS) up $1.12. Colony Capital is going to take over the company's troubled New Jersey mall project.
Volume leader on NASDAQ, Apple Computer (AAPL) up $1.32 at a new closing high. That's on optimism that iPod holiday sales will be strong.
Google (GOOG) down $3.01.
Microsoft (MSFT) $0.16 drop.
Research in Motion (RIMM) moved up $1.95.
Intel (INTC), fifth in dollar volume, down $0.14.
Dell (DELL) was up $0.20.
Cisco Systems (CSCO) a $0.07 drop.
Qualcomm (QCOM) $0.23 gainer.
Yahoo! (YHOO) down $.46.
Tenth in volume was Rambus (RMBS) with a nice gain of $1.71.
Pointer Telocation Ltd. (PNTR), look at that gain, 89 1/2 percent, up $7.16. That stock was up $2.10 on Wednesday on a turnaround, third quarter earnings of $0.14, versus a loss of $0.14 a year ago. It's an Israeli company that provides roadside towing and repair services, huge move in the stock.
Mothers Work (MWRK), which sells maternity clothing, down $3.75. The controlling Mathias family sold 476,000 shares for estate planning purposes.
And those are the stocks in the news tonight.
