Paul Kangas' Stocks in the News
Friday, May 11, 2007
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PAUL KANGAS: Wall Street rebounded sharply from yesterday's sell off as that tame producer price index quashed fears of inflation problems, while the soft retail sales made a Fed rate cut more likely. At noon, the Dow posted a 100 point gain while the NASDAQ Composite was up 22 points. The market's strong comeback convinced buyers to come off the sidelines, including those who wanted to cover short positions and cut their losses, all of which resulted in sharply closing much higher gains than we see. The Dow Industrial Average ending with a gain of 111.09 at 13,326.22. This week, it fell twice, rose three times, had a net advance of 61.60 points. The NASDAQ Composite was up 28.48, ending at 2562.22 today. It also fell twice and rose three times this week, falling 9.93 points overall. Standard & Poor's 500 Index closed up 14.38 at 1505.85 today. Over in the bond market, the 10-year note fell 8/32 to 93 20/32, putting the yield at 4.68 percent. Most active big board issue on 16.1 million shares, Advanced Micro (AMD) moving up $0.63. Nvidia Corp. said that chip set sales for AMD-based computers will start gaining in this current quarter.
AT&T (T) was up $0.68.
Pfizer (PFE) a $0.24 rise.
Citigroup (C) fell $0.09.
American Intl Group (AIG) a Dow stock, was up $0.30. The company out after the close yesterday with first quarter earnings excluding one-time items, $1.68, up from $1.29 last year, $0.13 above the Street estimate.
Then we see Johnson & Johnson (JNJ) with a $0.23 loss.
Followed by a new issue, Solera Holdings (SLH). Solera provides software for the auto insurance industry and today, the stock went public, 26 1/4 million shares offered at 16, opened at $16.05 and the high of the day, $18.70, closed near the high, so a good debut.
Motorola (MOT) a $0.37 rise.
ExxonMobil (XOM) up $1.79.
And then General Electric (GE) a $0.19 gain.
Lyondell Chemical (LYO) up $3.68. A Russian-controlled firm called Access Industries I should say has gotten the right to acquire an 8.3 percent stake in Lyondell and the sell is none other than Occidental Petroleum and the price, $32.11 per share.
Alcatel-Lucent (ALU) was up $0.57. First quarter income dropped 35 percent, but that was better than expected and the company sees second quarter revenues rising 10 percent over the first quarter. Meanwhile, Credit Suisse brokerage today upgraded the stock of Alcatel from "neutral" to "out perform" on the outlook for the company's cost-cutting plan.
Spectrum Brands (SPC), this is a company that owns Rayovac batteries and Remington products, Bear Stearns upgraded it from "peer perform" to "out perform," says the stock is worth about $13 a share, although yesterday Spectrum did report a second quarter loss of $0.18 per share.
World Fuel Services (INT) tumbling $6.73. First quarter earnings fell to $0.51 from $0.52 a year ago. That was $0.10 below the Street estimate, even though revenues were up about 6.6 percent. The company blamed a big drop in jet fuel prices early in the first quarter.
Foot Locker (FL) down $1.64. The company sees first quarter earnings of only $0.10 to $0.11 now. That's well down from its previous $0.34 to $0.37 per share guidance. Bank of America cut its price target from $28 to $23 a share.
Post Properties (PPS) up $3.05. Standard & Poor's upgraded it from "sell" to "hold" and noting the company's considering a takeover offer.
And then another new issue, JMP Group (JMP), this is an investment banking firm, eight million shares offered at $11, opened at $11.50, the high of the day, $12.99, backed off a little bit.
Amgen (AMGN) topped the NASDAQ active list, down $1.03. Citigroup downgraded it from "hold" to "sell" on the FDA's urging the company to increase restrictions on its anemia drug. Lazard today also said sell the stock.
Apple (AAPL) was up $1.40.
Microsoft (MSFT) $0.31 gain.
Google (GOOG) up $5.27.
Cisco Systems (CSCO) $0.34 rise there.
Intel (INTC) gained $0.07.
And Nvidia Corp (NVDA) itself up $2.32. First quarter earnings on Nvidia jumped to $0.33 from $0.24 a year ago, $0.02 better than the Street consensus.
Research in Motion (RIMM) $0.76 gain.
Applied Materials (AMAT) up $0.59.
And then Qualcomm (QCOM) $0.95 gain.
Foster Wheeler (FWLT) up another $8.02. Last Wednesday it was up $14 when it had a first quarter turnaround with earnings of $0.18 versus a loss of $1.25 last year and today, Citigroup upped its price target from $53 to $94 a share. It's already above that.
Those are the stocks in the news tonight.
