Paul Kangas' Stocks in the News
Friday, February 09, 2007
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JEFF YASTINE: A roller coaster ride for stocks today, as fears of a glut in the memory chip market pushed the tech sector sharply lower. The Dow was up about 40 points in the early going on a brokerage upgrade of Dow component General Motors. But at midday, Micron Technology said it was seeing a collapse in the price of its memory chip products. That sparked a 40-point decline on the NASDAQ, on fears about demand for technology products in general. Pre-weekend portfolio shuffling helping the markets trim their losses in the final hour of trading. So the Dow ended off 56.8 points at 12,580.83. For the week, it rose three times and fell twice for an overall loss of a little over 72 points. The NASDAQ dropped 28.85 points to 2459.82. And for the week, it rose twice and fell three times for an overall loss of 16.06 points. And the S&P 500 dropping 10.25 to 1438.06. And bond prices fell with the 10-year note dropping 12/32 to 98 24/32, dropping the yield up to 4.79 percent.
Equity Office Properties (EOP) leading our active list, rising $0.03. The company and Blackstone Group concluding their $39 billion merger today and you get a $0.03 pop on the stock.
Ford Motor Co (F) rising $0.18. Deutsche Bank giving the stock a "buy" rating, recommending investors take Ford and GM for a spin, believing that both auto makers will make headway on health care costs when they renegotiate their labor contract with the UAW.
And there's Fortress Investment (FIG) gaining $12.50 to the upside. This is the first U.S. hedge fund to go public, 34 million shares priced at $18.50 each. The symbol is FIG or F-I-G and it raised $630 million.
General Motors (GM) jumping $2.21, a three-month high for the stock again after those comments from Deutsche Bank.
And EMC Corp (EMC) rising $0.06.
General Electric (GE) slipping $0.21.
But investors charging out of Mastercard (MA) shares. Some are worried about shrinking margin growth. That stock went public in May at $39 and it's nearly tripled since then.
Texas Instruments (TXN) slipping $0.16.
And then Alcatel-Lucent (ALU) falling $0.37 as they put that new merger them. The company will cut 13,000 jobs and also posted a huge loss for the quarter as well.
New Century Financial (NEW) falling over $1. The sub-prime lender continuing to nosedive on mounting losses from bad debts on holders (ph) sub-prime loans.
And there's a look at Micron Technology (MU) falling $0.34, but well off its lows. The chip maker rattling Wall Street today with a forecast calling for 30 to 40 percent drop in memory chip prices in the current quarter, saying it's seeing a collapse in those prices.
NYSE Group (NYX) falling over $5. Some analysts worry the big board's new electronic trading system is losing market share to the NASDAQ system because trading volumes have been light. Goldman Sachs taking NYSE Group off its "buy" list.
BMC Software (BMC) sliding about $2.34. Earnings in the third quarter $0.03 above estimates, but fourth quarter results expected to be markedly lower.
Agco Corp (AG) getting plowed under. Investors disappointed in the tractor company's first quarter guidance due to production-related problems.
And another one shunned for its poor outlook, Brady Corp (BRC) sliding a little over $3.50.
Then we have shares in Callway Golf (ELY) getting clubbed for a loss of $1.82. The golf equipment maker souring investors with its full year forecast.
Over at the NASDAQ, Apple (AAPL) shedding nearly $3.
Google (GOOG) dropping more than $9.
Microsoft (MSFT) dipped a fraction.
So did Intel (INTC).
And Cisco Systems (CSCO) off $0.50, $0.40, excuse me, $0.43.
Broadcom (BRCM) gaining $0.55. Chip maker seeing fourth quarter profits fall but sales topped estimates. Some analysts see the company having success working off excess inventories.
Research in Motion (RIMM) down $4.
Sears Holdings (SHLD) gaining $0.66, but it was up more than $5 early in the day.
Qualcomm (QCOM) gaining a nickel.
Amgen (AMGN) of $0.73.
Then we have Silicon Image (SIMG) losing nearly $3. The chip maker seeing first quarter revenue forecast below earlier forecasts because of what it said was a seasonably soft March quarter.
And then finally Achillion Pharmaceuticals (ACHN) tumbling over $9. Its experimental hepatitis C drug came up a failure in early clinical trials. It and Gilead Sciences will discontinue development of that compound.
Those are our stocks in the news tonight.
