Paul Kangas' Stocks in the News
Wednesday, May 02, 2007
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PAUL KANGAS: Emboldened by yesterday's late rally on Wall Street, buyers took command this morning amid more solid earnings reports and a stronger than expected 3.1 percent rise in March factory orders. At 11:00 a.m., the Dow was up 90 points. The NASDAQ rose 23. A drop on oil prices and some frantic short covering had the blue chips up 115 points in mid-afternoon, but then some late profit taking pared the gains by the final bell. So the Dow Industrial Average closed up 75.74 points but at a new record of 13,211.88. The NASDAQ Composite rose 26.31 ending at 2557.84. Standard & Poor's 500 Index gained 9.62 to 1495.92. In the bond market, the 10-year note lost 2/32 to 99 26/32, putting the yield at 4.65 percent.
For the fourth consecutive trading session, General Electric (GE) topped the big board active list today on 18.6 million shares and the stock moved up $0.21. Then Time Warner (TWX) a $0.35 gain there. First quarter earnings excluding one-time items $0.22, up from last year's $0.20 and that was $0.02 above the Street estimate.
Pfizer (PFE) gained a penny.
AT&T (T) down $0.16.
Verizon Communications (VZ) was up $1.09 a share.
Motorola (MOT) gained a dime.
Qwest Communications (Q) $0.28 rise.
Cablevision Systems (CVC) up $3.23. As you heard, the Dolan family taking it private at a price of $36.26 a share.
SprintNextel (S)
was up $0.66 despite lower first quarter earnings, excluding items $0.18 versus $0.26 last year, $0.04 below the Street estimate. Stock still higher.
LSI Corp (LSI) was up $0.21 topping off the active list.
Mastercard (MA) charged up $11.50 to the good today. First quarter earnings up 70 percent to $1.57 a share from $0.94 a year ago. That was $0.41 better than the Street expected. Revenues were up 24 percent, great day for Mastercard.
Pepsico (PEP) did well, up $0.62. The company has boosted its stock buyback program by $1 billion to a total of $4.3 billion over the next few years. It also is boosting its annual dividend from $1.20 to $1.50 per share.
Yum! Brands (YUM) up $3.61, nicely higher first quarter earnings of $0.70 versus $0.59 a year ago and that was $0.06 above the Street consensus.
Chipotle Mexican Grill (CMG) up $11.83, a 56 percent jump in first quarter earnings over last year, $0.38 versus $0.26, very nice day for the stock as well.
On the downside, CEC Entertainment (CEC), the parent company of Chuckie Cheese restaurants, down $2.37. First quarter earnings $0.95. That's up from $0.84 last year, but $0.03 below the Street expectation and the company sees second quarter earnings falling to $0.33 to $0.35 a share.
Cooper Tire & Rubber (CTB) up nearly $3 today. First quarter earnings of $0.33 versus a loss of $0.08 a share last year. The Street was looking for earnings of only $0.14, so much better than expected.
Nortel Networks (NT) and keep in mind that this chart reflects the one for 10 reverse split recently. But the company says first quarter sales should be about $2.5 billion and gross margins should be 40 percent or better.
General Cable (BGC) up $5.15. First quarter earnings, $0.71, way up from $0.41 a year ago and the company sees second quarter earnings around the dollar mark, maybe a little better.
Harris (HRS) down $4.54. After the close yesterday, the company reported third quarter earnings of $1.52, way up from $0.52 a year ago and it says it's going to buy back up to $600 million in stock. But the company's earnings guidance was disappointing and that apparently what hurt the stock.
Microsoft (MSFT) topped NASDAQ's actives, up $0.21.
Followed by Apple (AAPL) $0.92 gain.
Cisco Systems (CSCO) up $0.81.
Intel (INTC) a $0.13 rise.
Google (GOOG) fell $3.22.
Amgen (AMGN) a $0.03 loss.
$0.86 drop in Amazon.com (AMZN).
Comcast (CMCSA) was up $0.44.
Qualcomm (QCOM) a half dollar gain.
And Cognizant Technology (CTSH) down $4.11. First quarter earnings, $0.50, versus $0.32 a year ago, $0.02 above the Street, but the guidance was uninspiring according to analysts.
Cavium Networks (CAVM), new issue today. It's in the semiconductor business, 6 3/4 million shares offered at $13.50, opened at $16.50, the high $17.83, then backed off a little.
And finally, Neurochem (NRMX) fell $2.49 after announcing a private placement of $80 million in convertible notes.
