Paul Kangas' Stocks in the News
Monday, May 21, 2007
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PAUL KANGAS: Wall Street`s blue chips started the week with profit takers in charge as the Dow lost 15 points to some early selling while the NASDAQ moved up 10 points. When the broadly based Standard & Poor`s 500 Index surged into record high ground during mid-session, the Dow rebounded with a 23-point advance while the NASDAQ Composite posted a 27-point gain. That strengthen attracted renewed profit taking this afternoon, especially after oil prices spiked higher. So the stocks ended on a mixed note. The Dow Jones Industrial Average closed down 13.65 at 13,542.88. The NASDAQ Composite rose 20.34 points to 2578.79, while the Standard & Poor`s 500 Index gained 2.35 to 1525.10, but that`s still 2 1/2 points below its record closing high. Over in the bond market, the 10-year note rose 4/32 to 97 24/32, putting the yield at 4.79 percent.
The most active New York exchange issue was General Electric (GE) trading 15.8 million shares and as you heard, it's selling its plastics unit to Saudi Arabia's largest industrial company. The price, $11.6 billion. Motorola (MOT) edged up $0.11.
Pfizer (PFE) lost $0.02.
Sprint Nextel (S) moving up $0.61.
And then Alltel (AT) up $4.45 on that $71.50per share cash takeover bid by TPG Capital and Goldman Sachs Capital Partners, nice move there. Elan Corp Plc (ELN), this is the Irish pharmaceutical, up $2.09. The company and its partner Wyatt Corp. have started advance trials for their Alzheimer's disease treatment. Wyatt moved up $2.03 to $58.41. There's great optimism about the success of the drug.
Time Warner (TWX) up $0.21.
AT&T (T) $0.55 loss.
ExxonMobil (XOM) moved up $0.33.
And Micron Tech (MU) was a $0.02 loser.
GlaxoSmithKline plc (GSK) tumbling $4.53. The "New England Journal of Medicine" reported the company's Avandia drug, used to treat Type II diabetes increases risk of death from heart problems. The company strongly disagreed with that article.
Lowes Cos (LOW) off $0.79. First quarter earnings in at $0.48, down from $0.53 a year ago, a penny below the Street estimate. Sales down 6.3 percent in the period and the company sees the second quarter down about 1 to 3 percent.
Dow Jones & Co (DJ) fell $1.85. Peli Research says News Corporation is ready to walk away from its buyout bid unless the controlling Bancroft family responds to its bid.
Then the Williams Companies (WMB) $2.11 gain. The company will sell substantially all of its power assets to Bear Energy which is a unit of Bear Stearns and the price, $512 million.
Atlas Energy Resources (ATN) moving up $4.55. The company will acquire the DTE Gas and Oil unit from DTE Energy and the price, $1.22.5 billion in cash.
Skechers USA (SKX) up $2.97. "Women's Wear Daily" reports the company and Genesco are emerging as two leading takeover targets in the footwear sector. Genesco stock moved up $1.60 to $51.47 on that.
Marvel Entertainment (MVL) gained $2.10. The company has completed a $100 million stock buyback and now has set an additional $200 million stock buyback.
NASDAQ's most active, Google (GOOG) up $0.28. "Wall Street Journal" reports the company and salesforce.com are in talks for an alliance to better compete against Microsoft.
Apple (AAPL) up nearly $2.
And Amazon.com (AMZN) a $5 gain. Positive comments from Citigroup helped the stock stage an upside breakout
Microsoft (MSFT) $0.22 gain.
Intel (INTC) was down $0.07.
Cisco Systems (CSCO) a $0.19 gainer.
And then Qualcomm (QCOM) up $0.92.
And Cytyc (CTYC) up $7.95. Hologic Corp., also in the women's health care sector, will acquire it for a $44.58 as of today. The deal is $16.50 cash, plus a little over a half a share of Hologic.
Hologic (HOLX) fell $3.61 to $54 even as you can see there.
And then Amgen (AMGN) was off or up $0.14 a share.
Luna Innovations (LUNA), look at that percentage gain, up over 68 percent on news the company got FDA approval for its blood circuit monitor.
And those are the stocks in the news tonight.
