Paul Kangas' Stocks in the News
Wednesday, March 07, 2007
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JEFF YASTINE: Investors failed to follow through on yesterday's triple- digit gains. Buyers were first encouraged by a bounce in shares for a second day of sub-prime mortgage lenders. By early afternoon, the Dow was up 40. Then the Fed's beige book survey showed some slowing in U.S. regional economies. That news and the jump in oil prices, provided an excuse for a round of selling into the closing bell. So the Dow fell 15.14 points to 12,192.45. The NASDAQ ending off 10.5 at 2,374.64. The S&P 500 dropping 3.44 points to 1,391.97. And in the bond market, the 10-year note rising 11/32 to 101 2/32, putting the yield at 4.49 percent.
Leading things off, Domtar Corp (DTC) heading up the most actives,rising $0.34. This is the new Domtar created through the merger with Weyerhauser's fine paper operations. Pfizer (PFE) gaining $0.08. The FDA approving Lipitor for expanded use as a regimen to reduce heart attacks and strokes. That could offset some of the sales loss when Lipitor loses its patent protection in 2010. Sales worldwide last year reached about $13 billion.
Motorola (MOT) gaining $0.17.
EMC Corp (EMC) losing $0.35.
And there's ExxonMobil (XOM) gaining $0.64 and you just heard Rex Tillerson on the program.
General Electric (GE) falling $0.39 today.
Ford Motor Co (F) losing a fraction.
AT&T (T) dropping $0.57.
And Hewlett-Packard (HPQ) advancing $0.74. China's Ninestar (ph) which makes replacement ink cartridges agreed to stop selling certain cartridges that violate patents on some HP printers.
And there's New Century Financial (NEW) advancing $0.14 with a small rebound for a second day.
Now onto shares of Deere & Co (DE) which surged nearly $4. Lehman Brothers upgraded this stock and the tractor maker. Of course, the analyst sees stronger market demand as farmers take advantage of higher prices for corn and grains with additional plantings.
Chico's Fas (CHS) perked up $2 and change, stronger than expected fourth quarter sales after a downturn in same store sales. Chico's is giving its namesake unit a makeover. Executives also backing current full year earnings estimates.
And shares of Payless Shoes (PSS) stepping more than $2 higher. Fourth quarter profits sharply above estimates and JPMorgan's analyst likes the company's big push into branded footwear with Nike and Disney.
American Axle and Mfg (AXL) jumping over $2. JPMorgan giving that stock an "overweight" rating.
And Fremont General (FMT) advanced $1.75. The sub-prime lender still talking to a half dozen companies to sell its residential mortgage operations.
On the downside, Medifast (MED) off $1.18 with the company giving a disappointing outlook because of higher marketing costs.
And Goodrich Petroleum (GDP) climbing nearly $2. The company is still working on its oil reserves report so it's pushing back fourth quarter results which were due out today until next Tuesday.
Now over to the NASDAQ where Google (GOOG) fell $1.91.
Apple (AAPL) dropping $0.47.
Cisco Systems (CSCO) down $0.09.
Microsoft (MSFT) losing $0.22.
Intel (INTC) dropping $0.28 and Intel says it lost some internal e- mails it was supposed to turn over as evidence in an antitrust lawsuit brought by Advanced Micro Devices.
Research in Motion (RIMM) dropping $0.46.
Amgen (AMGN) losing $0.28.
Qualcomm (QCOM) with a small advance.
And Sandisk (SNDK) advancing as well.
Oracle (ORCL) losing $0.39.
Take Two Interactive (TTWO) jumping $1.34. This is the company with the Grand Theft Auto video game franchise. Two investor groups which control nearly half the outstanding shares want to dump the CEO and much of the current board and that after the company posted losses in recent quarters and had to restate eight years of results because of an options backdating scandal.
CV Therapeutics (CVTX) tumbling nearly $3. The company's Ranexa drug not showing effectiveness in treating acute coronary syndrome.
Rocky Brands (RCKY) dropping more than $2. The footwear company said one year sales fell 11 percent. Fourth quarter results also coming in below estimates.
And finally Friendly Ice Cream (FRN) whipping up a gain of nearly $2 and change, now considering selling itself and it hired Goldman Sachs as its financials advisors.
Those are our stocks in the news tonight.
