Paul Kangas' Stocks In The News
Wednesday, January 10, 2007
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PAUL KANGAS: Wall Street headed lower this morning after Chevron issued a profit warning due to falling oil prices. At midday, the Dow was off 36 points, the NASDAQ down three. Stocks rallied on reassuring comments about the economy from Chicago Fed President Moskow, with gains in Alcoa and Apple helping lift the market to a positive close. The Dow Industrial Average gained 25.56 points ending at 12,442.16, NASDAQ Composite rose exactly 15.50 points to 2459.33, while the Standard & Poor's 500 Index was up 2.74 at 1414.85. Over in the bond market, the 10-year note fell 7/32 to 99 16/32, lifting the yield to 4.69 percent.
Once again topping the active list on the big board on 28.3 million shares today, Sprint Nextel (S) moving up $0.40 after dropping over $2 yesterday on the company's forecast of flat 2007 revenues. It also yesterday got downgrades from Deutsche Bank and Credit Suisse. Then came ExxonMobil (XOM) reflecting the lower oil prices, down $1.10.
Pfizer (PFE) moved up $0.03. The company is considering according to reports, an over the counter form of Viagra.
EMC Corp (EMC) a $0.20 gain there.
Motorola (MOT) dropped a dime, fifth in volume.
ConocoPhillips (COP) another weak oil, down nearly $2 there.
AT&T (T) a $0.09 gainer.
Ford Motor Co (F) down $0.06.
Corning (GLW) moved up $0.50.
Then Alcoa (AA), tenth in volume was up $1.71. After the close yesterday as we reported, the big aluminum manufacturer reported fourth quarter earnings $0.74, $0.09 above the Street consensus.
And speaking of aluminums, International Aluminum Corp (IAL) up $2.10. Genstar Capital affiliate is going to acquire this company for $53 a share in cash.
Elsewhere, Chevron (CVX), one of the weak oil, down $1.22. After the close yesterday, Chevron said fourth quarter earnings will fall below the third quarter level because of the drop in oil prices.
AMR (AMR), the airlines were strong on the weak oil prices, $2 gain there after Calyon Securities upgraded it from "add" to "buy" and Calyon also upgraded some other carriers the same way from "add" to "buy," including Continental Air (CAL), UAL Corp (UAUA), and US Airways Group (LCC), all nice gainers today.
Nacional Telefonos/ Venezuela (VNT) up $1.80. That stock plunged $6.70 on Venezuela's plan to nationalize the telecom industry. It rebounded today after Venezuela ruled out confiscation and said shareholders could be compensated, that's could be compensated.
Volt Information Sciences (VOL) up $6.62 on top of a $6.55 gain yesterday when the company reported fourth quarter earnings of $0.86 a share, $0.24 better than the Wall Street estimate.
Intercontinental Exchange (ICE) rising $10.60. The company's futures unit has set a volume record for the second straight session yesterday. They're doing big business there.
Oxford Industries (OXM), the apparel marketer, down $6.46. Second quarter earnings, $0.68, up from $0.57, but a penny below the Street estimate and the company cut this year's estimate from as high as $3.45 in earnings to as low as $3.
NASDAQ's most active, Apple Computer (AAPL) up $4.43 at a record high due to iPhone fever.
Google (GOOG) up $3.96.
Research in Motion (RIMM), which plunged over $11 yesterday on the threat of competition from the iPhone, up $4.10 today. Some analysts believe that the company's Blackberry addicts are not like to jump ship that easily.
Intel (INTC) $0.49 gain there.
Microsoft (MSFT) was down $0.30, fifth in dollar volume.
Cisco Systems (CSCO) $0.21 gainer.
Yahoo! (YHOO) up $1.12.
Sun Micro (SUNW) $0.27 gain there.
But Broadcom (BRCM) was down $0.97.
And Sears Holdings (SHLD) up $5.86. The company sees fourth quarter earnings topping the Wall Street estimate by as much as $0.53 a share.
And finally, shares in Ocean Bio-Chem (OBCI) jumped a hefty 179 percent on news that its cleaning and polishing products will be available in 2700 Wal-Mart stores.
