Paul Kangas' Stocks in the News
Wednesday, April 11, 2007
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PAUL KANGAS: Wall Street headed lower this morning on some expected profit taking after eight straight sessions of gains. Adding to the weakness, higher oil prices. So at 11:00 a.m., the Dow was off 90 points, the NASDAQ down 18. The market stabilized during mid-session, but then fell again after the minutes of the March Fed policy meeting were released and suggested any rate cut would be unlikely soon. So stocks ended broadly lower. The Dow industrial average closed off 89.23 points putting it at 12,484.62. NASDAQ lost 18.30 to 2459.31. Standard & Poor's 500 Index was down 9.52, ending at 1438.87. In the bond market the 10-year note gained 3/32 to 99 4/32, putting the yield at 4.74 percent.
Most active New York exchange issue on 17.2 million shares, Kraft Foods (KFT) moving up $0.78. Davenport & Company brokerage upgraded the stock from "neutral" to "buy."
Pfizer (PFE) in there with a $0.04 gain.
General Electric (GE) moved up $0.07.
But Halliburton (HAL) down $0.41.
Micron Tech (MU) edged $0.08 higher, fifth in volume.
ExxonMobil (XOM) down $0.80.
And Citigroup (C), you heard all the news there, down $0.60.
Advanced Micro (AMD) an $0.08 drop.
Ford Motor Co (F) down $0.06.
And Wells Fargo & Co (WFC) off $0.24, tenth in big board volume.
Genentech (DNA) closed up $0.13 and just after the close, the company in with first quarter results excluding one-time items, $0.74 a share in earnings. That was $0.07 better than Wall Street was expecting.
Then we see Alcoa (AA) up $0.18, traded as high as $35.76 today. After the close yesterday as we reported, first quarter earnings $0.79, $0.03 above the Street estimate. Revenues were better than expected as well.
Progressive Corp (PGR) of Ohio, the big insurance company, up $0.93. First quarter earnings $0.49, down from $0.55 last year, but still $0.03 better than the Street was expecting.
Western Refining (WNR) fell $2.89. The company and Giant, a big refining firm, are going to challenge the Federal Trade Commission's attempt to enjoin Western's $77 a share takeover proposal for Giant. Giant stock was up $1.51 at $73.39.
Manor Care (HCR) jumped $5.93. The company has retained JPMorgan to assist it in reviewing strategic alternatives in order to enhance shareholder value.
Then Chico's Fas (CHS) up $1.86. After the close yesterday, the company reported better than expected jump of 5.2 percent in March same store sales.
Big Lots (BIG) down $2.07. Keybanc downgraded the stock from "buy" to "hold" and Wedbush Morgan began covering it with just a "hold" recommendation.
United Rental (URI) down $1.05. Yesterday it was up $4.81 on the company's plan to explore strategic alternatives, including the possible sale of the company, but today, JPMorgan downgraded it from "neutral" to "under weight."
Health Net (HNT) down $1.13. Merrill Lynch downgraded that stock from "buy" to just "neutral" rating.
Then FMC Technologies (FTI) off $1.45. UBS financial downgraded it from "buy" to "neutral."
NASDAQ's most active, Intel (INTC) was down $0.21.
Followed by Apple (APPL) with a loss of $1.66.
Google (GOOG) fell $1.97.
Microsoft (MSFT) $0.29 drop.
And Cisco Systems (CSCO), fifth in dollar volume on NASDAQ, was down $0.20 a share.
Research in Motion (RIMM) fell $2.29.
Amgen (AMGN) $0.78 drop.
Dendreon (DNDN) off $3.92. The JMP securities downgraded a "strong buy" to just "outperform." The stock has had a huge rise recently.
Comcast "A" (CMCSA) $0.71 gain.
And then Qualcomm (QCOM) was down $0.90 a share.
American Medical Systems Holdings (AMMD) down $3.22. First quarter sales fell short of the company's forecast and also the company cut its 2007 earnings outlook.
Then we see a little gainer here, VNUS Medical Technologies (VNUS) up $1.11 after the Pacific Growth brokerage began covering the stock with a "buy" recommendation.
And CCA Industries (CAW) down $1.65 in reaction to its failed merger talks with Dubilier & Company.
And those are our stocks in the news tonight.
