Paul Kangas' Stocks in the News
Friday, March 23, 2007
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PAUL KANGAS: Wall Street's blue chips opened narrowly mixed on some mild profit taking after four straight days on the upside, but that surprise jump in existing home sales had the market in positive ground by mid-session with the Dow up 30 points and the NASDAQ a fraction higher. The upturn ran into resistance this afternoon as oil moved higher, bonds moved lower and normal pre-weekend caution cooled bullish fervor. The Dow Industrial Average closed up 19.87 at 12,481.01. It rose every day this week for a net advance of 370.60 points or 3 percent. The NASDAQ Composite was down 2.81 today, ending at 2448.93. This index rose in three sessions and fell twice this week for an overall gain of 76.27 points at 3.2 percent. Standard & Poor's 500 today rose 1.57, ending at 1436.11. In the bond market, the 10-year note fell 7/32 to par and 2/32, putting the yield at 4.62 percent.
Big board volume leader Freeport-McMoran (FCX) up $0.39. The company has priced a 41 million share common stock offering at $61.25 each a 25 million share convertible preferred share offering priced at $100 each.
There you see Motorola (MOT) moving up $0.25. You just heard the story there.
Ford Motor Co (F) a $0.19 drop.
General Electric (GE) edged a penny higher. The company announced its GE credit unit is bidding $1.1 billion for Sanyo (ph) electric credit unit.
Pfizer (PFE), fifth in volume, a $0.13 drop. Qwest Communications (Q) rose $0.09.
Nortel Networks (NT) off $0.51.
EMC Corp (EMC) moved up $0.17. JPMorgan upgraded it from "neutral" to "over weight" on the optimistic outlook for the company in the second half.
ExxonMobil (XOM) up $0.62 as oil prices rose.
And CVS Caremark (CVS) $0.26 gain there, fifth - tenth in volume.
General Motors (GM) had a good day, up $1.67. Many analysts think GM is turning around faster than Ford or Daimler Chrysler. GM is planning bonuses for top management for the first time since 2003, much to the consternation of its union people.
Then we see Citigroup (C) rising $0.12. A certain faction on the board of governors of Citigroup is urging management to make a buyout bid for ABN Amro.
Genentech (DNA) down $2.72. That stock down on a forecast from the company that first quarter product sales would be flat with the fourth quarter. Also a small study conducted by the firm of its Avastin (ph) cancer drug, along with chemotherapy, has been halted for safety reasons.
New York Times (NYT) up $0.56. The company boosting its quarterly dividend 31 percent, excuse me, from $0.17.5 to $0.23 a share.
Then Kraft Foods (KFT) stock up $0.15. It's going to be added to the Standard & Poor's 500 index after the close a week from today.
Big gain by Paxar (PXR), up $4.52. The electronics manufacturer will be acquired by Avery Dennison for $30.50 a share cash.
Synnex (SYX) up $2.51. The information technology firm posted good earnings, first quarter, $0.43, up from $0.34 last year. Raymond James financial brokerage upgraded it from "market perform" to "out perform."
Jabil Circuit (JBL) down $2.67. After the close yesterday, the company forecast third quarter results at anywhere from a loss of $0.08 to earnings of $0.04, but the Street was looking for earnings of $0.39 a share.
State Street Corp (STT) up $1.10. UBS upgraded it from "neutral" to"buy."
And then Dreamworks Animation (DWA) up $1.31. Goldman Sachs upgraded this stock from "neutral" to "buy."
Amgen (AMGN) topped the active list on NASDAQ, down $2.45. The company halted the study of its colorectal cancer drug Mextavix (ph).
Google (GOOG) $0.21 loss there.
Apple (AAPL) off $0.44.
Microsoft (MSFT) dropped $0.25.
And Imclone Systems (IMCL) up $4.62 on news of Amgen's setback with its Mextavis colorectal drug and that boosted the prospects for Imclone's Erbitux.
Cisco Systems (CSCO) $0.18 drop.
$0.11 gain for Intel (INTC).
Qualcomm (QCOM) $0.78 loss.
Sandisk (SNDK) off $1.38.
Tenth in volume Oracle (ORCL) losing $0.25.
Kronos Inc (KRON), a human resources firm, up $6.48. Hellman and Friedman private equity firm is going to take Kronos private at a price of $55 a share in cash.
And Bel Fuse cl A (BELFA) up $7.87. This company's got a buyout bid at $40.30 a share cash from Technotrol Corporation.
Those are the stocks in the news tonight.
