Paul Kangas' Stocks In The News
Thursday, December 07, 2006
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PAUL KANGAS: Wall Street opened higher on an early drop in oil prices. The Dow jumped 40 points at the outset of trading. NASDAQ rose three points. But buyers then backed away on caution ahead of tomorrow's employment report, so, by noon the Dow was off 11 points, NASDAQ down 12. A rebound in oil futures and weakness in tech stocks sent the market deeper into the red. The Dow Industrial Average closed off 30.84 at 12,278.41. The NASDAQ was down 18.17 ending at 2,427.69. Standard & Poor's 500 dropped 5.61 to 1,407.29. In the bond market, the 10-year note rose 1/32 to 101 4/32, putting the yield at 4.49 percent.
Topping the active list on the New York Stock Exchange was Ford Motor Co (F) on 81 million shares. The stock down $0.20. As we reported, the company is boosting its borrowing for restructuring from $18 billion, all the way up to about $24 billion. Pfizer (PFE) was down $0.06.
And then ExxonMobil (XOM) a $0.60 drop.
Motorola (MOT) fell $0.54.
And General Electric (GE) a nickel gain. That was fifth in volume.
Ford, we saw Ford already. Let's have a look at the six most active and that was Corning (GLW) down $0.84. UBS financial brokerage says that there's concern that the weakening demand for flat panel TVs might carry over into LCDs, which is what Corning makes.0
Then EMC Corp (EMC) a $0.20 drop.
The Gap (GPS) was up $0.65. The company had no comment on rumors its CEO was planning to step down.
Citigroup (C) a $0.07 loss.
And then Time Warner (TWX) tenth in volume up $0.14. The "London Financial Times" reported the company is weighing options regarding its AOL business, might want to have it as a separate operation.
Home Depot (HD) a $0.99 drop and that's on the company's finding stock option grant backdating has occurred over the past 26 years.
Then came Hershey Foods Co (HSY) down $1.72. The company is predicting just single digit 2006 earnings growth. Goldman Sachs downgraded it from "buy" to "neutral." Merrill Lynch cut its 2007 earnings estimate from $2.70 all the way down to $2.55.
Advanced Auto Parts (AAP) was up $1.09. Citicorp upgraded it from "hold" to a "buy" and boosted its price target from $37 to $44 a share on the company's approved earnings growth outlook.
Then we take a look at NCI Building Systems (NCS) down $3.67. Fourth quarter earnings were higher, $1.33 versus last year's $0.96, but that was a penny below the Street estimate. The company also sees a difficult first quarter, because many of its customers have excess inventories.
Sabine Royalty Trust (SBR) down $5.03. Citigroup downgraded it from "hold" to "sell" because of lower than expected 2007 production estimates from the company.
Retail Ventures (RVI) gained $1.32. The company's considering the sale of its Value City department store operations.
Then we see Angelica Corp (AGI), which is in the linen and apparel rentals business. The company was upgraded by the Morgan Joseph brokerage from "hold" to a "buy."
Most active NASDAQ issue was Apple Computer (AAPL) down $2.79 in the weak high tech sector.
And then Google (GOOG) down $6.07.
Oracle (ORCL) a $0.38 loss.
Microsoft (MSFT) down $0.14.
Research in Motion (RIMM) tumbled $6.69. RBC Capital downgraded it from "out perform" to "sector perform" and so did the Morgan Keegan brokerage, same downgrade.
Intel (INTC) $0.25 loss, sixth in volume.
Qualcomm (QCOM) a $0.04.
And then a $0.21 loss in Cisco Systems (CSCO).
Baidu.com (BIDU)
down $8.63. It's been very strong over the last few days on its plans to expand into Japan.
And then Akamai Tech (AKAM) up $3.65. The stock was upgraded by Cowan & Company to an "out perform" rating.
Vanda Pharmaceuticals (VNDA) up $10.65, big move there. Late stage trials of the company's schizophrenia drug are showing promise.
And Keystone Automotive Industries (KEYS) down $8.21. The company's going to contest a judge's ruling recently that it infringed on some Ford patents on the F-150 truck.
And those are the stocks in the news tonight.
