Paul Kangas' Stocks in the News
Friday, January 26, 2007
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PAUL KANGAS: Wall Street extended yesterday's sharp sell-off this morning, as those strong numbers on new home sales and durable goods orders triggered investor concern the Fed might hike interest rates again. The Dow slipped steadily to a 49-point loss by noon, when the BASDAQ was off only three points. The market dipped a bit lower in early afternoon on that rise in oil prices, but a firm tech sector helped stocks improve and closed mixed. The Dow Industrial Average closed off only 15.54 at 12,487.02. This week it rose twice and fell three times, dropping 78.51 points overall. The NASDAQ Composite gained 1.25 exactly today to 2,435.49. It fell twice and rose three times this week for a net loss of 15.82 points. Standard & Poor's 500 Index lost 1.72 to 1,422.18 today. Over in the bond market, the 10-year note rose 1/32 to 98 2/32, putting the yield at 4.88 percent.
The most active big board issue trading 16.3 million share today was Ford Motor Co (F) moving up $0.20.
And then Halliburton Co (HAL), the big oil services company, down $0.59. Halliburton's fourth quarter earnings lower, $.70 or I should say $0.64, down from $1.04 last year but that was $0.03 better than the Street was expecting, stock still down.
General Electric (GE) $0.27 loss.
AT&T (T) fell $0.39.
And then Countrywide Financial (CPC) was up $1.71 on heavy volume. The "Financial Times" of London reported that Bank of America is in talk to acquire Countrywide.
Pfizer (PFE) a $0.07 loss.
Bank of America (BAC) itself down $0.36.
Texas Instruments (TXN) up $0.55.
EMC Corp (EMC) $0.23 loss.
And tenth in volume, Motorola (MOT) losing $0.21.
Caterpillar (CAT), big Dow stock, up $1.46. Fourth quarter earnings moved up to $1.32 from last year's $1.20 a share, but that was $0.02 below the Street estimate. However, the company reaffirmed its 2007 earnings target and that gave investors confidence.
Another Dow stock on the board today, Honeywell Intl (HON) losing $0.07 despite fourth quarter earnings rising to $0.72 from $0.61 a year ago. Sales were up 14 percent. All those figures about in line with Street estimates.
MEMC Electronic Materials (WFR), look at that gain, up $8.59. Fourth quarter earnings nearly tripled, $0.56 versus only $.22 last year. Revenues soared 39 percent. The company sees first quarter earnings coming in at $3 a share on improving profit margins, a lot of good news for that issue.
Novelis (NVL), the aluminum producer, up $7.17. The word is out that it has been in talks about being acquired by an Indian conglomerate and some other parties as well.
Intl Rectifier (IRF) up $4.74. Second quarter earnings excluding one- time items $0.58 versus $0.37 last year, $0.04 better than the Street was expecting.
And then Tempur-Pedic Intl (TPX), the mattress maker shareholders should have a good night's sleep tonight. Fourth quarter earnings $0.36, up from $0.30 last year, in line with estimates and the company sees its earnings guidance as quite positive and so did the Street.
Technitrol (TNL) tumbling $4.16. The electronic parts maker had fourth quarter earnings higher, $0.40 versus $0.29 last year but the Street was looking for $0.45 and also the company sees flat to slightly lower first quarter revenues.
Cash America Intl (CSH), this is the pawn broker chain. Fourth quarter earnings $0.71, up from $0.55 a year ago, but the company sees first quarter earnings dropping to only $0.60 to $0.64 a share.
Harman Intl Industries (HAR), the high-quality audio equipment maker, second quarter earnings jumped to $1.22 from last year's $1.07. That was $0.02 above the Street estimate, but the company sees 2000 earnings overall at $4.35 and that's $0.10 below the Street consensus.
Western Digital (WDC) fell $1.69. Second quarter earnings $0.57, up from $0.47 last year, but Goldman Sachs says the company's over reliant on Dell and internal inventory build up will keep the stock on hold.
NASDAQ's most active, Apple (AAPL) losing $0.87.
Microsoft (MSFT) $.15 gain.
Google (GOOG) up $7.75.
Amgen (AMGN) fell $3.35. After the close yesterday as we reported, fourth quarter earnings for Amgen were $0.90. That was up from last year, but $0.05 below the Street estimate the company's also had disappointing trial results from two of its cancer treatments.
Cisco Systems (CSCO) a $0.13 gain. That was fifth in dollar volume on NASDAQ.
Intel (INTC) $0.07 loss.
$0.80 drop in EBay (EBAY).
Research in Motion (RIMM) fell $1.68.
Qualcomm (QCOM) down $0.65.
And tenth in volume, Oracle (ORCL) moving up $0.17 a share.
Rambus (RMBS) up $1.57 on speculation it may win a patent dispute that it's been having with Hynix (ph) Semiconductor.
Those are the stocks in the news tonight.
