Paul Kangas' Stocks in the News
Thursday, March 15, 2007
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JEFF YASTINE: A quiet day of trading after yesterday's rollercoaster. The Dow advanced only about 11 points in early trading, then slid back to break even levels at mid day. A decent profit report from Bear Stearns and a rebound in sub-prime lenders, helped boost financial stocks. Oil prices fell below $58 a barrel after OPEC said it would not make any changes to oil production levels. And stocks remained relatively flat in the final hour of trading. But the Dow did manage to eke out a modest gain of 26.28 points to close at 12,159.68. The NASDAQ Composite rising 6.96 to end at 2378.70 and the S&P 500 advancing 5.11 to 1392.28. And in the bond market, the 10-year note unchanged to 100 22/32 and the yield standing at 4.54 percent. CVS (CVS) topping our list tonight with $1.03 gain. Shareholders giving the drug store chain a thumbs up on its deal to buy Caremark. Caremark Rx shareholders slated to cast their votes tomorrow.
GE (GE) up $0.21. The Dow component's leasing and finance unit is teaming up to buy PHH Corp. for $31.50 a share. PHH is a spin off of Cendant. That stock soared to a two-year high on the news.
Pfizer (PFE) picking up $0.13.
Citigroup (C) gaining $1.05 or 2 percent, part of a recovery rally in all the financial stocks today.
And Dow Chemical (DOW) gaining nearly $2.50 on renewed takeover speculation. The company's been rumored in recent weeks to be the target of a leveraged buyout.
Caremark Rx (CMX), there's the reaction there, jumping $1.67.
And Wells Fargo (WFC) up $0.45.
ExxonMobil (XOM) falling $0.33.
Ford (F) inching up $0.08.
And then Altria (MO) climbing $0.85.
Bear Stearns (BSC) scoring a decent gain of more than $3 on their stock. First quarter profits climbed 8 percent. That was $0.02 above analysts' projections and the investment bank talking up opportunities for distressed mortgages after the fallout in the sub-prime market these days.
Freeport McMoran (FCX) surging nearly $4. Shareholders Wednesday approving its $26 billion acquisition of Phelps Dodge. The new company will retain the Freeport McMoran name.
Then CONSOL Energy (CNX) jumping $1.12 on a buy recommendation from Stifel Nicholas.
And then moving on to Winnebago Industries (WGO) which saw a $3, nearly $3 gain, profits coming at a penny above estimates. RBC Capital seeing signs that Winnebago stock is bottoming although they're waiting for the housing market to come along because that's what's needed to get RB purchases picking up again.
Pep Boys (PBY) gaining $1.75. Car servicing revenues helping that to post a surprise profit for the quarter compared to a year-ago loss.
And in the minus column, Bradley Pharmaceuticals (BDY) falling nearly $3. The company reported lower than expected fourth quarter profits.
On the NASDAQ, Google (GOOG) dropping $1.81.
Apple (AAPL) off $0.43.
Microsoft (MSFT) down a bit.
Qualcomm (QCOM) advancing nearly $0.50.
And then Webex (WEBX) soaring more than $10 or 22 percent. As you heard, the company getting a buyout bid from Cisco for $57 a share. Webex developing software that allows meetings with video, voice and documents to be conducted over the Internet.
Intel (INTC) down a $0.09.
And then Cisco Systems (CSCO) losing $0.04, again, a chance for that company to get into the business communications arena.
Accredited Home Lenders (LEND) rising over $3 or more than 56 percent. Short covering and speculation that accredited will get a takeover bid from a buy willing to take that sub-prime mortgage risk.
And a quick look at some other sub-prime lenders. Countrywide (CFC), Fremont General (FMT), Novastar (NFI), each seeing pretty nice gains today after the battering they've taken over recent weeks.
Then eBay (EBAY) gaining $0.60.
Amgen (AMGN) losing $0.68.
BigBand Networks (BBND) climbing nearly $4. It's an IPO. The Israeli company making gear to allow cable companies to do customized television advertising to specific viewers.
And then MapInfo (MAPS) jumping nearly $7. Pitney Bowes buying this company for $20.25 a share.
Then finally Usana Health (USNA) sliding almost $9. A group called the Fraud Discovery Institute, called Usana's multilevel marketing scheme of nutritional supplements a pyramid scheme.
Those are the stocks in the news tonight.
