Paul Kangas' Stocks In The News
Friday, December 08, 2006
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PAUL KANGAS: An early rise in oil futures led stocks to a lower opening, despite that positive jobs report. At the outset of trading, the Dow fell 15 points, NASDAQ down five. Speculation that Citigroup may be broken up fueled a rebound which lifted the Dow to a 50-point gain at mid-day, when the NASDAQ Index was up 17 points. The gains faded a bit this afternoon amid a weak bond market and normal pre-weekend caution. The Dow Industrial Average still closed up 29.08 at 12,307.49. This week it fell twice, but rose three times for a net advance of 113.36 points. The NASDAQ Composite gained 9.67 to 2,437.36 today. It also fell twice and rose three times this week, had an overall gain of 24.15 points. Standard & Poor`s 500 rose 2.55 ending at 1,409.84 today. Over in the bond market, the 10-year note fell 17/32 to par and 19/32, lifting the yield to 4.55 percent.
For the third consecutive trading session, Ford Motor Co (F) topped the active list today on 68 million shares and finally a gain of $0.07.
Then came Citigroup (C) rising $1.14. It traded as high as $52.65 today on speculation the company may be broken up. Analysts feel the parts may be worth more than the whole, but the company had no comment on those speculative rumors.
Pfizer (PFE) $0.31 gain.
Bank of America (BAC) down $0.83. A Merrill Lynch report suggests this company may acquire Barclays Bank and Barclays stock rose $2.46 to $58.25.
Motorola (MOT) $0.35 drop. That was fifth in big board volume.
Chesapeake Energy (CHK) down $1.52. The company is offering 30 million of its shares to the public in order to raise about $1 billion.
General Electric (GE) an $0.11 gain.
Sprint Nextel (S) down $0.37.
ExxonMobil (XOM) a $0.21 loss.
Time Warner (TWX), tenth in volume, moved up $0.35.
3M Co (MMM) down $1, traded as low as $77.35 after Prudential securities downgraded it from "over weight" to "neutral" and cut the price target from $92 to $84 a share on caution about the company's organic growth outlook.
Then came Verifone Holdings (PAY) up $1.71. Fourth quarter earnings $0.32, nicely above $0.22 a year ago and $0.03 above the Street estimate. Revenues up 20 percent. Credit Suisse boosted its price target from $32 to $40 a share.
Then the Catalina Marketing (POS) up $4.88. The company's in marketing services providing coupons and things like that and Reuters reports the company may put itself up for sale.
Ingersoll-Rand (IR) up $1.25. The company's going to buy back up to $2 billion of its class A shares.
Esterline Tech (ESL) a gain of $2.03, higher fourth quarter earnings, $0.71 versus $0.60 a year ago, revenues up 21 percent.
Then the gold producer Agnico Eagle (AEM) down $2.12 after Merrill Lynch downgraded it from "buy" to "neutral" on a valuation basis.
Initial public offering today, Aegean Marine (ANW), this is a Greek marketer of marine fuel and lubricants; 12.5 million shares offered at $14, opened at $15, high of the day $16.50, had a nice debut.
Microsoft (MSFT) topped the NASDAQ actives, up $0.55.
Followed by Apple Computer (AAPL) a $1.22 gain there.
Google (GOOG) up $1.47.
Research in Motion (RIMM) fell $1.06. Research expects to miss the December 17th deadline to restate its financials because of an ongoing stock option probe.
Intel (INTC) $0.03 gain, fifth in volume on NASDAQ.
Then Cisco Systems (CSCO) a dime rise.
$0.40 gain in Qualcomm (QCOM).
Oracle (ORCL) up $0.30.
And Amgen (AMGN) $0.68 rise there.
Tenth in volume eBay (EBAY) with a $0.46 closing gain.
Two more new issues, Heelys (HLYS) went public today. This company makes those shoes that converted to roller skates, 6.4 million shares offered at $21, opened at $30.30 and the high $38.75, quite a good day there.
And Allegiant Travel (ALGT) went public today. This is a Las Vegas- based discount airline. Five million shares offered at $18, opened at $24, the high of the day $26.25, also a nice debut.
And over on the American exchange, Virco Mfg (VIR), the furniture manufacturer up $1.30 a share. Third quarter turnaround, earnings of $0.41 versus a loss of $0.17 a share last year and sales were up 4.5 percent.
Those are the stocks in the news tonight.
