Paul Kangas' Stocks in the News
Friday, April 20, 2007
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PAUL KANGAS: Wall Street`s blue chips charged into higher ground right out of the starting gate on those stronger earnings, sending the Dow to a 120 point gain after an hour of trading, while the NASDAQ was up 22 points. Gains in overseas markets kept the rally alive. The Dow easily broke above the 12,900 level with frantic short covering. So the industrial average closed at a record high for the third straight day. The Dow gained 153.35 at 12,961.98 today. It rose every day this week for an advance overall of 349.85 points. The NASDAQ Composite rose 21.04 ending at 2526.39 today. It gained twice, but fell three times this week, still had a net gain of 34.45 points overall. Standard & Poor`s 500 Index closed up 13.62 at 1484.35 today. Over in the bond market, the 10-year note fell 2/32 to 99 19/32, putting the yield at 4.68 percent.
The most active New York exchange issue trading 35.2 million shares was Pfizer (PFE) losing a dime a share. First quarter earnings excluding restructuring charges came in at $0.68 and that was $0.11 above the Street estimate, but the problem was the company cut 2007 earnings guidance and warned that its Novast (ph) and Lipitor drug sales are being hurt by tough competition.
General Electric (GE) up $0.13.
ExxonMobil (XOM) had a good day, up $2.30. Oil was strong and incidentally, Exxon earnings are due out next Thursday.
Bank of America (BAC) up $0.13.
Advanced Micro (AMD) down $0.12 a share.
AT&T (T) gained $0.56.
Citigroup (C) up $0.33.
Ford Motor Co (F) a penny rise.
And then EMC Corp (EMC) down $0.03.
Kraft Foods (KFT) a $0.24 gain.
American Express (AXP) up $2.05. First quarter earnings $0.88, up from $0.70 last year and $0.08 better than the Street was expecting, a nice move in the stock.
Caterpillar (CAT) up $3.20. First quarter earnings $1.23, up from last year`s $1.20, $0.15 above the Street consensus and the company boosted its 2007 earnings guidance.
General Motors (GM) a $0.31 gain. The company is requesting a de- listing from the London Stock Exchange in order to cut costs, parts of its cost-cutting program.
Honeywell International (HON) yet another Dow stock, up $2.34. First quarter earnings $0.66, $0.04 above the Street estimate and up from $0.52 a year ago. The company also boosted its 2007 earnings estimate and the amount by $0.15.
McDonald`s (MCD) down $0.42, one of two losers in the Dow 30. Pfizer was the other one. Even though McDonald`s had first quarter earnings of$0.62, up from $0.49 a year ago, that was in line with estimates. Revenues up a better than expected 11 percent. The company`s going to sell 1600 of its store to Latin America, in Latin America to a franchise group.
H&R Block (HRB) a $0.73 gain. The company is selling its sub-prime unit called Option One mortgage to Cerberus Capital for anywhere from $1 billion to $700 million. The company was hoping to get $1.3 billion.
Genesco (GCO), the footwear company, up $6.57. Footlocker has made a buyout offer of $46 a share. Footlock stocked edge up $0.59.
Capitol Bancorp Ltd (CBC) plunging $6.40 just like first quarter earnings plunged to $0.36 from $0.61 a year ago, $0.28 below the Street estimate. The company cited challenges in the Great Lakes region for the sharp drop.
Mentor (MNT), which makes medical instruments, plunging $8.25. The company cut 2007 sales estimate from as much as $315 million to as little as $300 million.
Robert Half Intl (RHI), the staffing company, down $3.31. First quarter earnings $0.42, up from $0.38 last year, but that was $0.04 below the Street estimate and the Stiefel Nicholas (ph) brokerage downgraded it from "hold" to a "sell."
Then Oakley (OO), which makes eyewear products had a real big first quarter, $0.08 in earnings versus only $0.03 last year. Sales jumped 31 percent. The company boosted 2007 guidance too.
Google (GOOG) topped the active list on NASDAQ, up $10.83 after those great earnings yesterday.
$0.35 gain in Intel (INTC).
Microsoft (MSFT) $0.33 rise.
Apple (AAPL) a $0.70 gain.
Cisco Systems (CSCO) up $0.31 a share.
Yahoo! (YHOO) down a nickel.
$0.35 loss in Amgen (AMGN).
Qualcomm (QCOM) $0.08 gain Ebay (EBAY) $0.33 rise.
And Oracle (ORCL) a $0.24 gain.
Epicept (EPCT) up $1.67. The company`s study of its Azixa product shows promise in treating brain tumors.
And Factory Card & Party Outlet (FCPO) up $2.67. Fourth quarter earnings of $0.07 versus a loss of $0.38 a share a year ago.
Those are the stocks in the news tonight.
