Paul Kangas' Stocks In The News
Friday, February 16, 2007
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PAUL KANGAS: Stocks moved lower this morning on profit taking after a three-day rally. New data on producer prices and housing starts, which we'll detail next, had little impact, but higher oil prices caused some weakness. At noon the Dowwas off 15 points and the NASDAQ down 7. Investors were impressed by the mild morning downturn and bid up the blue chips to another record close. The Dow Jones Industrial Average rose 2.56 to 12,767.57, the third straight record high. This week it rose in four of the five sessions for an overall gain of 186.74 points or 1.5 percent. The NASDAQ Composite fell 0.79 closing at 2496.31 today. This week it climbed three times, fell twice, had a gain of 36.49 or also 1.5 percent. The Standard & Poor’s 500 today closed down 1.27 at 1455.54. Over in the bond market, the 10-year note gained 4/32 to 99 14/32, putting the yield at 4.70 percent.
Big board volume leader on 17.1 million shares, was General Electric (GE) moving down $0.27.
Followed by Pfizer (PFE) with a $0.23 loss.
Sprint Nextel (S) moved up $0.39.
Ford Motor Co (F) a $0.07 drop.
And ExxonMobil (XOM) losing a nickel a share, fifth in volume.
AT&T (T) gained $0.25.
Time Warner (TWX) down $0.08.
Archer-Daniels-Midland (ADM) a $0.13 gainer.
There you see General Motors (GM) down a dime. As you heard reportedly in talks to acquire Chrysler. Incidentally DaimlerChrysler stock was up $3.08 closing at $73.33 a share.
Motorola (MOT), tenth in volume, gained $0.02 a share. AMR (AMR), parent of American Airlines up $0.92. "BusinessWeek" magazine reported that a group including Goldman Sachs and British Air might make a buyout bid for AMR. No comment from any of those parties. Analysts are rather skeptical of the possibility.
Terex (TEX) up $0.90. Citigroup upgraded it from "sell" to "buy" and boosted its price target from $60 to $78 a share.
Colgate-Palmolive (CL) up $0.85, getting a boost from Bank of America, which upgraded it from "neutral" to a "buy" recommendation.
Campbell Soup (CPS) had a good day, up $2.71. Second quarter earnings excluding one-time items $0.68, a nickel above the Street estimate. Sales were up 4.3 percent. The company boosted its 2007 earnings growth forecast from plus 5 to 7 percent to plus 10 to 12 percent, nice increase.
Chipotle Mexican Grill (CMG) up $3.65. Fourth quarter earnings came in at $0.33, more than double the $0.68 last year and $0.05 above the Street estimate. As you recall, this is a spin off from McDonalds.
And Perini (PCR) the huge construction company, up $6.04, a real fourth quarter turnaround. Earnings of $0.72. The Street was expecting only $0.33 in earnings and that’s all against last year’s loss of $0.45 a share.
Mohawk Industries (MHK), the flooring products company, up $9.26. Fourth quarter earnings rose to $1.90, comfortably above $1.47 last year.
And Cascade (CAE) which makes forklifts and things like that, up $4.47. This stock will replace Elk Corp. in the Standard & Poor’s small cap 600 index.
And finally we see Mills Corp (MLS) down $1.22 on the agreement to be acquired and that works out on a per share basis to $25.25 a share in cash.
Microsoft (MSFT) topped the active list on NASDAQ, down $0.72. CEO Steve Ballmer told analysts that sales estimates for its Vista operating system are too high and operating expense estimates are too low, not a good combination.
Google (GOOG) up $8.47.
Qualcomm (QCOM) up $1.20.
And then we see Amgen (AMGN) down $1.55.
Compass Bancshares (CBSS) up $4.33. Banco Bilboa Visciya (ph) will acquire this for either stock or cash worth just about $71.60 a share. Moving along, sixth in volume, Yahoo! (YHOO) gained $0.66.
Apple (AAPL) $0.38 drop.
Intel (INTC) was down $0.08.
Cisco Systems (CSCO) a $0.04.
And Research in Motion (RIMM) up $3.68.
XM Satellite Radio Holdings (XMSR) up $1. Bear Stearns is urging the company to pull off a merger with Sirius Radio Satellite. Sirius stock moved up $0.10 to $3.70 a share.
And then we see Fieldstone Investment (FICC) up $2.38, look at that percentage move, up over 91 percent. Radian Corp, an affiliate of MGIC will acquire the company for $5.53 a share cash.
Those are the stocks in the news tonight.
