Paul Kangas' Stocks in the News
Thursday, January 25, 2007
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PAUL KANGAS: That huge loss at Ford Motor and a drop in existing home sales which we'll detail shortly put Wall Street in a very much of a profit taking mood after two days of big gains. The Dow fell to a 55 point loss by midday and the NASDAQ was off 19 points. Then a rise in interest rates caught investors by surprise and triggered an all-embracing sell-off this afternoon, led by the financial and homebuilding sectors. The Dow Industrial Average closed down 119.21 points at 12,502.56. The NASDAQ Composite tumbled 32.04 to 2434.24. Standard & Poor's 500 off 16.23 ending at 1423.90. Over in the bond market, the 10-year note fell 16/32 to 98 1/32 putting the yield all the way up to 4.88 percent.
Big board volume leader on 31.3 million shares, Ford Motor Co (F) managing to gain $0.02 despite that massive loss we reported.
And then Nokia (NOK) a $0.90 gain. Fourth quarter profits up 19 percent from a year ago and a 13 percent boost in sales.
Taiwan Semiconductor (TSM) down $0.72.
Followed by Texas Instruments (TXN) $0.47 gain there.
Motorola (MOT) $0.02 gain. That was fifth in volume.
AT&T (T) down $0.08, although the company reported higher fourth quarter earnings of $0.50, up from $0.46 last year and revenues were up 23 percent, but the stocks had a pretty good move up recently.
LSI Logic (LSI) down $0.77. Fourth quarter earnings higher, $0.14 versus $0.09 last year, but the company sees only $0.08 to $0.10 in first quarter earnings. The Street's been looking for $0.13.
Pfizer (PFE) $0.46 loss there.
Advanced Micro Devices (AMD) edged up $0.02.
And General Electric (GE), tenth in volume, dropped $0.30 a share.
General Motors (GM) up $0.40. As you heard, it's delaying its fourth quarter results to the first week in February, but GM also said it may sell its Allison transmission subsidiary in order to raise cash and cut some debt.
Equity Office Properties (EOP) up $2.20. Blackstone Group, the private equity fund is boosting its buyout bid from $48.50 up to $54 a share and that even tops Tornado's (ph) $52 a share buyout bid.
Nucor (NUE), the big steel company, up $3.45. Fourth quarter earnings moved to $1.35 from $1.09 last year, $0.22 better than the Street was expecting.
21st Century Insurance (TW) up $4.34 on news that AIG Corp is offering $19.75 a share for the 38 percent of 21st that it doesn't already own.
Ikon Office Solutions (IKN) losing $2.10. First quarter earnings $0.21, same as last year and the company wasn't pleased with it and not pleased that second quarter estimates, which are just about the same, $0.19 to $0.21.
Avnet (AVT) did well, up $3.49. Second quarter earnings jumped to $0.67, well above last year and that was $0.06 better than the Street consensus.
Lyondell Chemical (LYO) up $2.17, big fourth quarter earnings, $0.87, up from last year's $0.54, $0.20 above the Street estimate.
And then Louisiana Pacific (LPX) lost $0.66 after Prudential downgraded it from "over weight" to "neutral" and cut its price target from $31 down to $25 a share.
Google (GOOG) topped the NASDAQ active list, losing almost $11. Of course it was up about $20 yesterday.
EBay (EBAY) up $2.45. After the close yesterday as we reported, eBay had better than expected earnings.
Apple (AAPL) $0.45 loss.
Microsoft (MSFT) closed down $0.64, but those better than expected earnings after the close had the stock up $0.50 from this price in after hours trading.
Cisco Systems (CSCO) $0.67 gain or loss I should say.
And then Intel (INTC) $0.24 loss.
Qualcomm (QCOM) down $0.46.
Yahoo! (YHOO) $0.73 loss there.
Sun Micro (SUNW) edged up $0.19.
Research in Motion (RIMM), tenth in volume, $0.69 loss.
Amgen (AMGN) $0.29 loss in regular trading. After the close, fourth quarter earnings came in at $0.90, up from $0.75 a year ago, but $0.05 below the Street estimate. In after hours trading, I saw Amgen all the way down to $73 a share.
Those are the stocks in the news tonight.
