Paul Kangas' Stocks in the News
Tuesday, March 06, 2007
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JEFF YASTINE: After three consecutive down days, the markets were ready for a rebound, as Suzanne mentioned. Overnight gains in Asia and Europe helped the Dow pop 100 points higher at the open, while the NASDAQ spiked 29 points. Former Fed Chairman Alan Greenspan said today there`s a one third chance of a U.S. recession and the Commerce Department reported U.S. factory orders fell more than 5 percent. But neither of those data points could mute the rally and the blue chips plowed onward and upward to end with a triple-digit gain. The Dow closed up 157.18 at 12,207.59. and the NASDAQ added 44.46 to close at 2,385.14. The S&P 500 rising 21.29 to 1,395.41. Over in the bond market, the 10-year note falling 10/32 to 100 24/32, the yield at 4.53 percent.
Topping our list Ford Motor Co (F) gaining $0.06. An AP article says Ford`s worried that its icon brand, the Mustang is starting to show sluggish sales after a styling makeover a few years ago.
Pfizer (PFE) gaining $0.49.
General Electric (GE) picked up $0.17. ExxonMobil (XOM) gaining a little over $1.
Citigroup (C) advanced $1.33. Citi is making an $11 billion offer for Japan`s third largest brokerage house Nikocordio (ph) which went through a recent accounting scandal.
AT&T (T) climbing $0.28.
And then EMC Corp (EMC) up a fraction.
Qwest Comm (Q) losing $0.15
And there`s New Century Financial (NEW) gaining $0.46 or 10 percent after Monday`s 70 percent drop, something (ph) that Century and other sub- prime lenders might make a tasty acquisition snack for a private equity fund because they`ve gotten so cheap.
JPMorgan Chase (JPM) advancing just a little under $1.
And then the Dow`s biggest mover of the day, Altria Group (MO) gaining $2.21. Deutsche Bank gave the stock a "buy" recommendation. The sell off of recent days making it a better value along with a pending spin off its Kraft Foods unit.
And then Wachovia`s analyst making positive noise about the top tier brokerage stocks, Bear Stearns (BSC), Goldman Sachs (GS), Lehman Brothers (LEM) all seeing decent gains and settling near their highs and all three report earnings next week and the analysts think that should help their stocks make back more lost ground.
Shares in Novartis Ag (NVS) soared over $2. The company wants FDA approval to market its newest blood pressure treatment. That news helped offset some grumblings about its CEO Dan Vasella Masila and his $36 million pay package.
Then on to DaimlerChrysler Ag (DCK) which bolted nearly $3 higher. The firm`s been shopping Chrysler division around for a buyer with few takers, but no Blackstone and Cerberus Capital, two private equity firms, have asked to look at the division`s financials and that may help with an eventual buyout deal.
K&F Industries (KFI) jumping over $2. This is being acquired by Maggit-USA for about $27 a share in cash. The company designs aircraft braking systems. Maidenform Brands (MFB) jumping $1.72. The intimate apparel maker scoring big in the first - excuse me, in its latest quarter. Fourth quarter profits weighing in at $0.13 a share. Management targeting double digit earnings growth this year.
Now in the minus column, shares of Volt Information Sciences (VOL) jolted for a loss of $2.04. A poor showing in its telecom services unit leading to a slight drop (ph) in first quarter sales.
And Impac Mortgage Holdings (IMH) rising $0.82, a 20 percent bounce. The company says it is not in the sub-prime lending market, that it is an alt-A lender.
Now onto the NASDAQ where Google (GOOG) recouped more than $16 and Google had something to say about Apple (AAPL) today. It advanced $1.87. Google CEO Eric Schmidt said his company`s working with Apple on several projects. Internet rumors say the two are developing a tablet-style computer but Schmidt did not address that specifically.
Microsoft (MSFT) up for the day.
So was Cisco Systems (CSCO).
Intel (INTC) advancing $0.29.
And then all gainers on our next board. Yahoo! (YHOO) up $0.49.
Research in Motion (RIMM) gaining more than $1.
Qualcomm (QCOM) up $0.41.
Amgen (AMGN) advanced for the day.
And Comcast "A" (CMCSA) up $0.58.
Teva Pharmaceuticals (TEVA) jumping $1.30. It reached a settlement with Biovail which makes the Wellbutrin anti-depressant drug. No financial terms there.
Sykes Enterprises (SYKE) surging over $3. It boosted earnings and revenue guidance today.
And finally, Intermune (ITMN) tumbling nearly $6. Its pulmonary fibrosis drug found little effectiveness in late-stage trials.
