Paul Kangas' Stocks in the News
Tuesday, January 16, 2007
|
|
|
|
PAUL KANGAS: Wall Street opened slightly higher on some pent-up buying demand after the long weekend. That demand boosted the Dow 15 points at the outset of trading, while the NASDAQ gained three points. The market turned modestly lower by late morning as the energy sector lost ground on falling oil prices and tech stocks dropped after two analysts downgraded Cisco. The positive implications of sharply lower oil prices however, boosted the blue chips this afternoon and the market closed mixed. Dow Industrial Average rose 26.51 to 12,582.59. That's its third straight record closing high. The NASDAQ fell 5.04 to 2497.78. Standard & Poor's 500 Index gained 1.17 to 1431.90. Over in the bond market, the 10-year note rose 6/32 to 99 even, putting the yield at 7. - I should say 4.75 percent.
Most active New York exchange issue today on 21.4 million shares, Ford Motor (F) inching up $0.05 a share.
Followed by Pfizer (PFE) with a $0.13 gain.
ExxonMobil (XOM) on that sharp drop in oil, down $1.03.
General Electric (GE) moved up $0.22. The company will buy the aerospace division of a British firm called Smith Group. The price: $4.8 billion in cash. Meanwhile, Deutsche Bank upgraded GE's price target from $41 to $43 a share.
Motorola (MOT) in there with a $0.14 gain, fifth in big board volume.
Advanced Micro Devices (AMD) down another $0.13, dropped almost $2 Friday on an earnings warning from the company.
Sprint Nextel (S) dropped a dime.
Time Warner (TWX) moving up $0.08.
ConocoPhillips (COP) another weak oil, down $1.02.
EMC (EMC) tenth in volume, lost $0.09 a share.
AMR (AMR), parent of American Airlines, up $2.67. The whole airline group very strong today on the sharp drop in oil. Fourth quarter results for AMR are due tomorrow. The Street is looking for a loss of $0.07 a share. And today, Citigroup boosted its price target on AMR stock from $34 all the way to $46 a share.
FedEx (FDX) up $2.82. Of course, the drop in oil good for it and JPMorgan on top of that upgraded it from "neutral" to "over weight."
Nokia (NOK) up $0.36 a share. Goldman Sachs changed its mind, said instead of selling it, you should buy the stock in the belief a rebound is overdue.
Monsanto (MON) up $2.53. Positive comments about it in this week's "Barron's" financial and also NIGHTLY BUSINESS REPORT's market monitor guest Friday Chris Orndorff recommending buying Monsanto stock.
Commerce Bancorp (CBH) down $2.89. Fourth quarter earnings $0.40, up from $0.26. That was just in line with estimates and the Federal Reserve is investigating the company for various banking transactions. A nice gain in Fairpoint Communications (FRP) rising $2.87. It'll buy wireless operations or wire line operations in the states of Maine, New Hampshire and Vermont from Verizon. The price: $2.7 billion, positive reaction.
Mills Corp. (MLS) the REIT, up $2.56. Fairlawn Group is proposing to buy $499 million of Mills stock for $20 a share and then later today, an Israeli company called Gazette Globe offered to buy $500 million worth of Mills stock at a price of $21 a share on average.
WCI Communities (WCI) gained $1.45. Carl Icahn sees the stock as undervalued, boosted his stake in the company to 14.6 percent.
NASDAQ's most active, Apple Computer (APPL) up $2.48. First quarter earnings due out from Apple tomorrow. The Street's looking for $0.78 a share.
Google (GOOG) down $0.72.
Intel (INTC) $0.17 rise there.
Symantec (SYMC) down $2.69. The company cut its third quarter earnings guidance from the range of $0.14 to $0.15 a share down to only $0.10 to $0.11 a share.
Cisco Systems (CSCO) off $0.88. Bank America downgraded it from "buy" to "neutral." Prudential downgraded Cisco from "over weight" to "neutral."
Microsoft (MSFT) a nickel loss there.
Research in Motion (RIMM) down $5.21.
Yahoo! (YHOO) off $0.16.
Baidu.com (BIDU) up $2.74.
Tenth in volume Oracle (ORCL) losing $0.20 a share.
Zevex International (ZVX), huge gain, 36 percent with that rise of $3.39. This is a manufacturer of medical devices and it will be acquired by Moog Incorporated for $13 a share in cash.
And Smith and Wollansky (SWRG) up $2.26. Landry's restaurant wants to buy not just a stake in this company. It wants to acquire all of Smith and Wollansky and the price is $7.50 a share in cash.
Those are the stocks in the news tonight.
