Paul Kangas' Stocks in the News
Thursday, May 24, 2007
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PAUL KANGAS: That surge in new home sales helped stocks in the early going today. The Dow surged to a 77 point gain at 10:30, while the NASDAQ Index was up five points. But those gains vanished on worries a revival of new home sales could keep the Fed from easing interest rates. Investors also sold on concerns that the market is overextended. The market's retreat accelerated this afternoon on a number of profit warnings from high tech firms. So stocks ended broadly lower. The Dow Jones Industrial Average dropped 84.52 points to 13,441.13. The NASDAQ Composite tumbled 39.13 points to 2537.92. Standard & Poor's 500 Index down 14.77, ending at 1507.51. In the bond market, the 10-year note rose 2/32 to 97 10/32, putting the yield at 4.84 percent. New York exchange volume leader on 29 million shares today EMC Corp (EMC) moving up $0.25.
Followed by Micron Tech (MU) $0.28 gain there.
But Ford Motor Co (F) dropped $0.27.
General Electric (GE) $0.22 loss.
And then came Motorola (MOT) down $0.42 a share.
Pfizer (PFE) dropped $0.06.
Time Warner (TWX) losing $0.25.
Kraft Foods (KFT) bucked the trend, up $0.12.
Taiwan Semiconductor (TSM) losing $0.11.
And then came Archer-Daniels Midland (ADM) with an $0.87 per share loss.
Boeing Co (BA) itself up $1.85. Bank America today boosted its price target for the stock from $110 to $120 a share and of course you just heard the 787 Dreamliner, its sales are taking off, you might say.
General Motors (GM) down $0.96. The company said the SEC is making another inquiry regarding the company's accounting and that could result in yet another financial restatement.
Brown Shoe Co (BWS) moving up $4.75. First quarter earnings excluding one-time items $0.29, up from last year's $0.23 and that was $0.10 better than Wall Street was expecting.
Bausch & Lomb (BOL) up $3.76. Advanced Medical Optics Corporation is exploring a bid for the company, a bid higher than the $65 a share that it got from Warburg Pincus.
CA Inc (CA), used to be called Computer Associates, moving up, moving down $2.27. Fourth quarter loss, $0.04, not as bad as the $0.07 loss last year, but the company it sees 2008 earnings at around $0.94 to $0.98, well below the Street consensus of $1.03 a share.
New York & Co (NWY), the women's apparel retailer, had first quarter earnings of only $0.01 versus $0.10 a year ago. That was $0.05 below the Street consensus.
Worthington Industries (WOR), the steel company, down $1.84. Goldman Sachs downgraded it from "neutral" to "sell."
And Foot Locker (FL) was down $1.11. First quarter earnings dropped to $0.11 from $0.38 a year ago. Same store sales down 5.1 percent.
On the upside, Toro Co (TTC) gaining $3.53. Second quarter earnings moved up to $1.77 from $1.56 last year, $0.08 better than the Street expected. The company set an additional three million share stock buyback.
NASDAQ's most active, Apple (AAPL) down $2.20.
Then Research in Motion (RIMM) up $4.29. Merrill Lynch boosted its price target from $165 to $190 a share in the belief that Research in Motion will actually benefit from Apple's iPhone launch because AT&T is the only retailer.
Google (GOOG) $0.36 gain.
Microsoft (MSFT) down $0.41.
Intel (INTC) a $0.70 loss there.
Cisco Systems (CSCO) fell $0.57.
Amazon.com (AMZN) bucking the trend, up $0.35.
And then Network Appliance (NTAP) plunging $6.30. Fourth quarter earnings were higher, $0.23 versus $0.15 a year ago. Revenues up 34 percent, but the company sees first quarter revenues dropping as much as 7 percent from the fourth quarter. The Street was looking for about a 1 percent rise.
Qualcomm (QCOM) fell $1.25.
And then Amgen (AMGN) with a $0.17 loss.
New issue today, Greenlight Capital Re Ltd (GLRE), a reinsurance firm, 10 1/4 million shares offered to the public at $19, opened at $23.02. The high of the day, $25.04, backed off $1 but still a nice debut.
And then Komag (KOMG), which makes parts for disk drives, down $4.36. The company issued a second quarter revenue warning and Goldman Sachs repeated a "sell" recommendation on Komag.
Those are the stocks in the news tonight.
