Paul Kangas' Stocks in the News
Monday, March 19, 2007
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PAUL KANGAS: Stock prices surged steadily higher from the opening bell on Wall Street today, getting a boost from strong Asian and European markets, a firm dollar and that frenzy of merger and buyouts you heard about. By noon, the Dow posted a 116- point gain. NASDAQ was up 26 points. Investor caution ahead of the Federal Reserve's two-day policy meeting, which starts tomorrow, slowed the market's upward momentum this afternoon. But stocks still ended broadly higher. The Dow Jones Industrial Average closed up 115.76 at 12,226.17. The NASDAQ Composite was 21.75 exactly at 2394.41. Standard & Poor's 500 rose 15.11 ending at 1402.06. Over in the bond market, the 10-year note lost 5/32 to par and 14/32, putting the yield at 4.57 percent.
Big board volume leader on nearly 30 million shares, the big hotel, real estate investment trust Host Hotels & Resorts (HST) up $0.58. The only news from the company, it plans to sell $550 million in exchangeable debenture bonds in a private placement.
Ford Motor (F) $0.27 gain.
There you see Servicemaster (SVM) up $1.68. As you heard, the private equity firm Clayton Dubilier and Rice is offering to buy it for $15.62 1/2 per share.
GE (GE) $0.31 gain there.
Pfizer (PFE) moved up $0.37. That was fifth in volume.
AT&T (T) managed to gain $0.60.
CVS Corporation (CVS), the big pharmacy company, up $0.20.
Altria Group (MO) a $0.49 rise there.
And Freeport McMoran (FCX) up $1.73. Bear Stearns upgraded the stock from "peer perform" to "out perform" and of course last Friday, Freeport completed the takeover of Phelps Dodge.
Todco (THE) tenth in volume, big gainer, $6.46. Hercules offshore will acquire this company for a little over 9/10 of Hercules shares and $16 in cash based on the price of Hercules shares today which dropped $125. That bid has a value of about $40 a share for Todco shareholders.
ABN Amro (ABN), you heard the story there, the company and Barclays confirmed that they are in preliminary merger talks. The stock up $5.12.
And then Triad Hospitals (TR) up $2.59. Community Health Services or systems will acquire it for $54 a share cash. Meanwhile, Community Health stock was down $2.02, closing at $34.78.
Infrasource Services (IFS) up $4.17. Quanta Corp. will acquire it for 1.2 of its shares and that stock was up $0.03 today based on that value. It's a $30 a share value for Infrasource Service shareholders.
Genesco (GOO), the footwear company, up $3. There's speculation according to "Women's Wear Daily" that Footlocker might make a tender offer in the range of $44 to $46 a share.
Then DaimlerChrysler (DCX) up $2.76. Goldman Sachs upgraded it from "sell" to "neutral."
And an upgrade on Goodyear Tire & Rubber (GT) which sent it up $1.62. That was KeyBanc, which upgraded it from "hold" to a "buy."
And Wellcare Health Plans (WCG) up $3.80. The company's stock will be added to the Standard & Poor's madcap 400 index after the close of trading tomorrow.
On the downside, Nortel Networks (NT) fell $0.88, traded as low as $25.66. North America's biggest phone equipment maker said its 2007 revenues will be slightly below 2006 revenues.
Apple (AAPL) topped the active list on NASDAQ, up $1.54.
Followed by Google (GOOG) with a gain of $6.38.
Microsoft (MSFT) edge up a half dollar.
Intel (INTC) $0.04 loss.
Qualcomm (QCOM) down $0.77, fifth in volume.
Cisco Systems (CSCO) managed to gain $0.31.
But Amgen (AMGN) down $0.16.
Research in Motion (RIMM) fell $1.29.
Applied Materials (AMAT) a $0.02 loss.
And then Oracle (ORCL), tenth in volume, a $0.48 gain.
Speaking of gains, look at this one, Acadia Pharmaceuticals (ACAD) up $6.92, 103 percent rise. Phase two trials of the company's new schizophrenia drug were quite positive according to indications.
And Atherogenics (AGIX) on the other hand, tumbled $4.74 or 60 percent. The company's lead heart disease treatment had disappointing results in stage three trials.
And then over on the American exchange, Arrhythmia Research (HRT) up $3.46. Fourth quarter earnings came in at $0.21, up from $0.17 a year ago and revenues shot up 98 percent.
Those are the stocks in the news tonight.
