Paul Kangas' Stocks in the News
Tuesday, May 01, 2007
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PAUL KANGAS: Wall Street's blue chips opened higher, with the Dow recouping most of yesterday's 58 point loss. But a 12-point drop in the NASDAQ Composite acted as a drag on the market, as did news of lower than expected March pending home sales. At mid-day the Dow was off six points and NASDAQ down 10 points. That big premium bid for Dow Jones stock and a slump in oil prices helped the market rally this afternoon, lifting the Dow to a record closing high. It ended up 73.23 points at 13,136.14. The NASDAQ Composite gained 6.44 to 2,531.53. Standard & Poor's 500 Index rose 3.93 points ending at 1,486.30. In the bond market, the 10-year note lost 4/32 to 99 28/32, putting the yield at 4.64 percent.
For the third consecutive trading session, General Electric (GE) topped the active list today on 18.8 million shares. The stock moving up $0.24.
Then the big winner of the day, Dow Jones & Co (DJ) up $19.87 and it traded as high as $58.47, but that closing gain puts the stock up nearly 55 percent today in reaction to that $60 a share cash buyout bid from the News Corp "B" (NWS) which fell $1.01 itself.
Motorola (MOT) a $0.13 gain.
The same story with Pfizer (PFE), $013 on the plus side.
LSI Corp (LSI) down $0.32.
AT&T (T) edged up $0.12.
Procter & Gamble (PG) down $1.35. Third quarter earnings out today, up 14 percent, $0.74 versus $0.63 last year. That was just in line with Street estimates.
ExxonMobil (XOM) was up $0.28.
And then came EMC Corp (EMC) with a $0.12 loss.
Archer-Daniels-Midland (ADM) fell $2.10. Third quarter earnings are higher, $0.56 versus $0.53 last year, but that was $0.06 below the Wall Street estimate.
Avon Products (AVP) moved up $1.13. Third quarter earnings almost tripled, $0.34 versus only $0.12 last year, $0.07 better than the Street was expecting.
Automatic Data Processing (ADP) up $1.85. Third quarter earnings comfortably higher, $0.70 versus $0.64 last year.
RR Donnelley & Sons (RRD) moved up $2.20. First quarter earnings, $0.63, up from $0.51 a year ago and a nickel above the Street estimate.
Big loser was Liz Claiborne (LIZ) tumbling $7.72. First quarter earnings excluding one-time items only $0.22, down from $0.60 a year ago and $0.38 below the Street estimate. Merrill Lynch downgraded the stock to a "neutral" rating.
Drew Industries (DW) up $5.23. First quarter earnings fell 6 percent, $0.44 versus $0.47 last year, but the Street was looking for only $0.28 in earnings and they came up with $0.44.
RTI Intl Metals (RTI) plunging almost $14. First quarter earnings, $0.95, up from $0.47 last year, but $0.14 below the Wall Street consensus.
And then Chemed (CHE) up $7.36. First quarter operating earnings, $0.73 a share, $0.18 better than the Street was expecting.
Microsoft (MSFT) topped the actives on NASDAQ, up $0.25.
Apple (AAPL) $0.33 loss.
Google (GOOG) down $2.38.
$0.14 gain in Intel (INTC).
Cisco Systems (CSCO) edged up $0.12 a share.
Amazon.com (AMZN) down $0.15.
But Amgen (AMGN) was up $0.96.
Medimmune (MEDI) $0.08 drop there.
Qualcomm (QCOM) a $0.03 loss.
And Sun Micro (SUNW) $0.16 loss.
MAF Bancorp (MAFB) up $14.29. National City will acquire it for $56 a share in stock.
And finally, Community Bank (CMTY) surged $8 1/2 on news it will be acquired by Susquehanna Bancshares for $34 per share in cash or 1.48 shares of Susquehanna stock.
