Paul Kangas' Stocks in the News
Tuesday, April 10, 2007
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PAUL KANGAS: Stocks on Wall Street drifted higher on light volume this morning, defying a rise in oil prices and that bad news on housing from DR Horton. After an hour of trading, the Dow was up 14 points. NASDAQ rose 10 points. A mid-session slump sent the blue chips to a 17 point deficit, but a firm tech sector kept the NASDAQ higher and that along with optimism about Alcoa`s results, led to a positive close. The Dow Jones Industrial Average ended up 4.71 at 12,573.85. That was its eighth straight gain. The NASDAQ rose 8.43 to 2477.61. Standard & Poor`s 500 up 3.78, ending at 1448.39. Over in the bond market, the 10-year note rose 7/32 to 99 7/32, putting the yield at 4.72 percent.
Big board volume leader on nearly 18 million shares, Seagate Technology (STX) down $1.46, traded as low as $21.27 after the company cut its third quarter sales forecast from about $3 billion down to $2.8 billion. Meanwhile, Needham Securities brokerage downgraded the stock from "strong buy" to "buy."
Kraft Foods (KFT) dropped $0.07.
But General Electric (GE) moved up a dime.0
Pfizer (PFE) no change there.
Micron Tech (MU), fifth in volume, edged $0.04 higher.
Advanced Micro (AMD) lost $0.08.
ExxonMobil (XOM) on those higher prices today, up $0.77.
Halliburton (HAL) was up $0.26.
And then Citigroup (C) an $0.82 rise. The company reportedly is set to slash anywhere from 15 to 25,000 jobs as part of its cost-cutting plan.
Qwest Comm (Q) was down $0.11 and tenth in big board volume.
Moving along, we see Dow Chemical (DOW) giving back $1.12 of yesterday`s gain of $2.16. That was on speculation of a leveraged buyout, but the company says it has had no talks about any leveraged buyout. Down went the stock today.
Cemex Sa (CX), this is the big Mexican cement producer, up nearly $2 a share. Positive reaction to the company boosting its bid for Rinker to just over $79 per American depository receipt. Rinker ADRs were up $3.25 to $78.55 today.
Freeport-McMoran Copper & Gold (FCX) rising $1.48. Lehman Brothers brokerage upgraded it a target from $80 a share to $100 a share target. Also name it as the top pick in sector.
United Rentals (URI) moving up $4.81. The company is going to explore strategic alternatives and that could include the possible sale of the entire firm.
BCE (BCE), that`s the big Canadian phone company, up on takeover speculation but the company downplays any KKR bid or other private equity firm about going private.
Cascade (CAE) makes forklifts and things like that, up $6.12. Fourth quarter earnings jumped to $0.80, a nickel above the Street estimate and way up from $0.63 last year. Sales were up nearly 10 percent during the period.
American Home Mortgage (AHM) losing another $2.37 after dropping almost $4 yesterday when the company cut its first quarter earnings guidance and also slashed its quarterly dividend from $1.12 to $0.70 and today, Citigroup downgraded it from "hold" to a "sell" recommendation.
Giant Industries (G), big refiner, down $1.03. The Federal Trade Commission may try to block Western Refining from acquiring Giant for $77 a share.
Intel (INTC) topped the NASDAQ active list, moving up $0.58.
Dendreon (DNDN) down $1.43. It was up over $5.50 yesterday. Dendreon had the promising treatment for prostate cancer.
Then Google (GOOG) down $1.71.
Apple (AAPL) a $0.60 gainer.
Microsoft (MSFT) $0.17 rise, drop I should say. That was fifth in volume.
Cisco Systems (CSCO) fell $0.21.
Applied Materials (AMAT) moved up $0.76.
Amgen (AMGN) $0.07 loss.
Research in Motion (RIMM) did well, up $2.05.
And Dell (DELL) a $0.20 gain, tenth in dollar volume.
Adolor (ADLR), look at that massive loss, almost 59 percent on the downside. The company and its partner, Glaxosmithkline halted late stage trials for a gall disorder treatment because of safety concerns.
And then we see Simulations Plus (SLP), this is over on the American Exchange, software firm. Second quarter earnings, $0.07, more than double last year`s $0.03 and sales as you see up 71 percent.
Those are the stocks in the news tonight.
