Paul Kangas' Stocks in the News
Monday, April 09, 2007
|
|
|
|
PAUL KANGAS: Wall Street began the week with modest gains thanks in part to last Friday's stronger than expected March employment report. The Dow rose 22 points at the outset of trading, while the NASDAQ gained three points. After a late morning bout of profit-taking, stocks rebounded as oil prices plunged and Dow Chemical stock rallied on takeover speculation.
At 1:00 p.m., the Dow Jones Industrial Average was up 28 points, but market bears sold into that strength and it resulted in a mixed close. The Dow Industrial Average ended up only 8.94 at 12,569.14. The NASDAQ Composite actually fell 2.16 ending at 2469.18. Standard & Poor's 500 Index rose .85 to 1444.61. Over in the bond market, the 10-year note rose 1/32 to 99 1/32, putting the yield at 4.75 percent.
Advanced Micro (AMD) . the active list trading 20 million, up $0.49. You just heard the story. Then Micron Tech (MU) off $0.33. Last Wednesday as we reported, the company had a second quarter loss of $0.07 a share versus earnings last year.
Kraft Foods (KFT) on its own now, down $0.27.
General Electric (GE) a $0.24 loss.
Time Warner (TWX) dropped $0.03 a share. That was fifth in volume.
Halliburton (HAL) losing $0.34.
Followed by ExxonMobil (XOM) on today's weak oil prices.
Pfizer (PFE) up $0.16.
Assurant (AIZ) down $1.25 even though after the close today, the stock was added to the Standard & Poor's 500 Index replacing Realogy.
And then tenth in volume was Dow Chemical (DOW) up $2.16, traded as high as $47.60. A British tabloid called "Sunday Express" reported that the company could get a $50 billion buyout bid over the next few days. That would work out to around $52 to $58 a share.
Mirant (MIR), the energy firm, up $3.44. It's going to consider the sale of the entire company after it sells its Philippine and Caribbean business and some U.S. plants. AG Edwards sees its possible suitors, Dynergy, NRG Group and Reliant Energy.
Alaska Air Group (ALK) losing $1.15. The company is predicting a first quarter loss and today Credit Suisse brokerage downgraded the stock from "out perform" to "neutral," cut its price target from $58 to $49 a share.
EDO Corp (EDO) up $1.21. The Friedman Billings brokerage upgraded it from "market perform" to "out perform," boosted its price target from $28 to $32 a share after the company received a defense contract for counter IED systems, IED standing for improvised explosive devices, those dreaded things we heard about it Iraq.
American Home Mortgage (AHM) down $3.92. The company now sees first quarter earnings at only $0.40 to $0.60 a share, well down from its previous guidance of $1.11 to $1.17 and it's due to conditions in the secondary mortgage market. The company is also cuttings its quarterly dividend from $1.12 a share down to only $0.70.
Intl Rectifier (IRF) losing $2.83. The company said certainly previously issued financial statements are not reliable because of material weaknesses in internal control at one of its foreign units. The Sandra Morris brokerage downgraded the stock from "buy" to "neutral."
Herbalife Ltd (HLF) losing $1.96. The Whitney number five limited partnership has terminated talks about taking over the company. It had offered $38 a share.
Then Peabody Energy (BTU) moving up $2.13. Friedman Billings Ramsey brokerage upgraded it from "market perform" to "out perform."
Intel (INTC) topped the NASDAQ's most active list with a gain of $0.52.
Dendreon (DNDN) shooting up $5.53. The company has a promising treatment for prostate cancer.
Google (GOOG) down $3.30. The company issued a formal apology to its Chinese rival, sohu.com for causing confusion regarding Google's new search tool.
Apple (AAPL) down $1.03, but after the close, it said it's now sold 100 million iPods in less than six years now.
Microsoft (MSFT) a $0.02 gainer. That was fifth in dollar volume.
Research in Motion (RIMM) up $0.49.
Cisco Systems (CSCO) $0.14 gain.
But Amgen (AMGN) down $1.14.
Qalcomm (QCOM) $0.62 loss there.
Tenth in volume EBay (EBAY) edging $0.03 higher per share.
Nuvelo (NUVO) moving up $1.96, almost a 53 percent gain. There's speculation Bayer Corporation of Germany will use this company's experimental blood clot dissolver in some new test trials.
And Daktronics (DAKT), this is the company that makes those big electronic scoreboards. After the close last Thursday, the company cut its fourth quarter guidance. As you can see it was a rather sharp cut.
Those are the stocks in the news tonight.
