Paul Kangas' Stocks In The News
Thursday, December 28, 2006
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JEFF YASTINE: Little movement in the stock market today, as traders began making an early exit for the New Year holiday. The Dow edged lower through the first half of the session, after a spike in interest rates took the wind out of the financial stocks. At midday, the Dow was off about 30 points. That brought out some buying interest and helped push stocks off their lows. The Dow briefly set a new intraday record high, but then ended down a little over 9 points, 9.05 at 12501.52. The NASDAQ losing 5.65 points to 2425.57 and the S&P 500 closing down 2.11 to end at 1424.73. And bond prices fell sharply as that generally stronger economic data quashed any last hopes for an early 2007 rate cut by the Federal Reserve, the 10- year note falling 8/32 to 99 17/32 and the yield at 4.69 percent.
But first starting things off, Ford Motor (F) losing $0.08. It topped the actives with 11.6 million shares changing hands.
And then Pfizer (PFE) losing $0.08. That's despite a Chinese court ruling that upheld Pfizer's patents on its anti-impotence drug Viagra. The court also imposed fines on two Chinese drug makers selling Viagra knock offs.
EMC Corp (EMC) losing a dime.
Citigroup (C) losing $0.53 as bond prices rose sharply and interest rates - excuse me, bond prices fell sharply and interest rates rose as today's stronger than expected economic reports rattled the bond markets a bit.
Then we have GE (GE) losing $0.31.
ExxonMobil (XOM) rising $0.37. Investors there shrugging off the latest oil inventory data.
AT&T (T) gaining $0.08.
Time Warner (TWX) off a dime.
Valero Energy (VLO) losing $0.40.
Verizon Communications (VZ) gaining $0.18.
JCPenney (JCP) shares falling $0.76. The company fired its chief operating officer Catherine West. Penney's gave no reason for the move, but said CEO Mike Ullman will assume West's duties.
And then we have Giant Industries (G) down $0.80. The company says a fire has temporarily shut down its New Mexico diesel fuel refinery.
Shares of L-3 Communications (LLL) rising $0.36. The company's contesting the loss of a potential $4.6 billion U.S. Army linguistics contract. A Goldman Sachs analyst doubts L-3 lost the contract on cost and says it was more likely due to past performance. The brokerage does not expect the Army to reverse its decision.
Then Greenbrier Co (GBX) shares adding $1.21. This is a maker of railroad freight cars and it rebounded after an early earnings warning last week.
Then Nabors Industries (NBR) falling $0.30. The company has ended its efforts to buy Moncla companies, but the oil and gas driller says the companies may work together in the future.
Star Gas Partners (SGU) down $0.18. The home heating oil distributor says it will restate earnings going back two years because of accounting errors.
And then shares of ABN Amro Holdings (ABN) falling $0.09, with the bank holding company cuttings its North American work force by 5 percent year. That's about 900 jobs.
Then NASDAQ Apple Computer (AAPL), there's that reaction, down $0.65. As you heard a moment ago, investors reacting still somewhat negatively to those published reports about Apple CEO Steve Jobs and allegations receiving unauthorized stock options.
Google (GOOG) shares falling a little over $5. The stock under profit taking pressure after several days on the upside.
Cisco Systems (CSCO) was a $0.12 gain.
Microsoft (MSFT) down a fraction.
Research in Motion (RIMM) up $0.19.
Then Intel (INTC) up two pennies.
Qualcomm (QCOM) up a bit.
And so is Amgen (AMGN).
Oracle (ORCL) gaining a dime.
Yahoo! (YHOO) though losing $0.39.
Benihana Class "A" (BNHNA) shares rising $3.38. The Sanders Morris brokerage upgrading the restaurant chain from "buy" to "strong buy," citing good same store sales growth and good balance sheet leverage.
Then Asiainfo Holdings (ASIA) rising $1.25, 19 percent. The company in a deal to upgrade China telecoms business support systems.
And finally Champion Industries (CHMP) rising $1.86. Late yesterday the commercial printer and maker of office supplies reported fourth quarter earnings of $0.20 a share. That was well up from $0.06 in the year ago period.
