Paul Kangas' Stocks in the News
Tuesday, February 06, 2007
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JEFF YASTINE: The rise in oil prices proved to be only a temporary hindrance to stocks. The Dow moved lower at the start of the session as oil and technical chart resistance for some key indexes, like the S&P 100, proved too hard to overcome. At midday, the Dow was off about 30 points. But from there, the buyers moved back in, gradually pushing the indexes back into positive territory. The Dow closed up 4.57 points to 12,666.31. The NASDAQ Composite rising just a fraction there to 2471.49. And the S&P 500 rising just a little over a point to 1448 even. Bond prices rose, after a government auction of new three-year notes found a lot of buyers. And that helped the 10-year note rise 10/32 to 98 28/32 and pushing the yield down to 4.77 percent.
And starting things off, Corning (GLW) rising a little over $1. A lot of anticipation heading into Friday, when the company will detail its strategies for continued growth to analysts. And there's Ford Motor Co (F) gaining $0.21.
SLM Corp (SLM) losing $0.41 today bouncing off a 52-week low. More punishment from investors after President Bush's latest proposal to cut subsidies to student lenders.
Motorola (MOT) ending off $0.14. Some large shareholders worry that Carl Icahn's efforts to shake things up at the company and seek a spot on the board could be a distraction to the company's turnaround efforts.
And then Cellcom Israel (CEL) losing $0.46, a new issue, 20 million shares priced at $20 each. It serves just under three million subscribers in Israel.
Advanced Micro (AMD) slipping $0.28.
And then General Electric (GE) losing a fraction.
AT&T (T) dropping $0.28.
Pfizer (PFE) down a nickel.
LSI Logic (LSI) with a gain of $0.22.
Avon Products (AVP) logged a $3 gain. Its ongoing restructuring effort giving the beauty products firm a strong foot in China and Latin America. Its latest quarterly revenues topping $2.6 billion.
Shares in MGIC Investment (MTG) rising over $7. The company will acquire a rival mortgage insurer, Radian Group in a stock swap deal worth almost $68 a share. Radian shares rose nearly $6 to a new 52-week high today on that news and the new firm will be called MGIC Radian.
St. Joe Co (JOE) jumping $2.47, better than expected fourth quarter profits, earnings at $0.32 a share. It was $0.09 above analysts' projections and the developer cautiously optimistic its presidential - excuse me, its residential segment rather will perform no worse than last year. Its share are up about 50 percent since last summer's lows.
National Semiconductor (NSM) falling $0.64. The chip maker bracing for an accelerated drop in revenues in the third quarter due to sluggish sales.
And then Prestige Brands Holdings (PBH) sliding over $1.71, a negative reaction to the drug distributor's lower than expected revenues and a disappointing outlook.
And then shares in BP Prudhoe Bay Royalty Trust (BPT) tumbling over $6. Production this year expected to be below forecast in the pipeline.
Over on the NASDAQ, we'll look at - actually shares in Nuance Communications (NUAN) with a third quarter loss of a penny versus last year's third quarter loss of $0.03 a share, but revenues rose 75 percent.
Then looking at the NASDAQ there, Apple (AAPL) gaining $0.21.
Google (GOOG) climbing over $4.
Microsoft (MSFT) dropping a dime.
Cisco Systems (CSCO) losing $0.23, but as you heard after the close, reporting quite a sharp jump, 40 percent jump in profits and the shares jumping more than 4 percent as well in the after hours trading.
Intel (INTC) rising just a fraction there.
And then Research in Motion (RIMM) gaining $0.79.
Similar jump for Yahoo! (YHOO) which also rose $0.79.
Qualcomm (QCOM) dropping $0.23.
Amgen (AMGN)
down $0.18.
And Sun Micro (SUNW) losing $0.11.
And then we see Globalstar (GSAT) falling to earth with a loss of more than 27 percent. The satellite communication firm said sometime next year, nearly all of its satellites will be unable to support two-way communications because of problems with onboard amplifiers which are degrading. Its next generation of satellites not due to be launched until 2009, so that could be a problem. Investors reacting to that.
And then finally Bankrate (RATE) surging over $5. The online consumer finance education site seeing its quarterly revenues rise nearly 50 percent while earnings nearly doubled, excluding stock compensation costs.
Those are our stocks in the news tonight.
