Paul Kangas' Stocks in the News
Monday, June 04, 2007
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PAUL KANGAS: Wall Street began the day with modest losses on profit taking from last week's big gains, along with those higher oil prices and that steep sell-off in Shanghai. At 11:00 a.m., the Dow was off 30 points and the NASDAQ down six. That relatively minor weakness encouraged buyers as did more takeover activity and stock buybacks. So the market clawed its way back to a positive close. The Dow Jones Industrial Average gained 8.21 to another record high at 13,676.32. The NASDAQ Composite up 4.37 at 2618.29. Standard & Poor's 500 Index gained 2.84 to 1539.18, its fourth straight record high. In the bond market, the 10-year note rose 7/32 to 96 21/32, putting the yield at 4.93 percent.
Volume leader on the New York exchange, trading 59 million shares, Solectron (SLR) moving up $0.51. Flextronics Corp. will acquire this one, Solectron for $3.89 a share in cash or for .345 shares of Flextronics. That would be worth $3.98 today considering that Flextronics stock lost $0.16 to $11.54. Wal-Mart Stores (WMT) up $1.74. Friday as we reported, the company set a $15 billion stock buyback and today HSBC and JPMorgan upgraded the stock from "neutral" to "over weight." Morgan Stanley set a $70 a share target.
General Electric (GE) $0.36 gain.
Pfizer (PFE) down $0.16.
Avaya (AV) was up $0.64. "Wall Street Journal" reports TPG Capital and Silverlake Partners are ready to acquire Avaya for about $17 a share.
Time Warner (TWX) lost $0.08.
EMC Corp (EMC) moved up $0.22.
And then Ford Motor Co (F) an $0.08 drop.
Motorola (MOT) off $0.06 even though CIBC World markets brokerage upgraded Motorola from "sector perform" to "out perform."
And then ExxonMobil (XOM) showed no change, tenth in volume.
Continental Airlines (CAL) down $2.43. After the close Friday, the company said its May revenues slipped almost 1 percent versus a gain of 1 percent a year ago and that hurt Continental and the other airlines as well as did a rise in oil prices. Let's have a look at some of the other major carriers.
AMR Corp (AMR), UAL Corp (UAUA), US Airways Group (LCC) all on the downside today.
Anadarko Petroleum (APC) a $2.30 gain. The company said in order to pay down debt, it is going to sell two natural gas systems to Atlas Pipeline Partners for $1.85 billion. Atlas stock was up $3.33 on that news.
Elsewhere in the energy sector, Dominion Resources (D) edge up $0.23. It is going to sell $6.5 billion of its natural gas assets to Lowe's whose stock moved up $1.33 and XTO Energy whose stock gained $3.24 to $61.61 a share.
Elsewhere, Occidental Petroleum (OXY) moved up $2.05. Citigroup named it as its top pick in the energy sector.
Volume leader on NASDAQ, Apple (AAPL) up $2.93. The company confirmed the iPhone will be available on June 29th.
Google (GOOG) moving up $6.67.
Microsoft (MSFT) $0.13 advance.
Intel (INTC) dropped $0.20.
And then Cisco Systems (CSCO) a $0.15 gainer.
Amazon.com (AMZN) was up $1.84.
Research in Motion (RIMM) up $2.75.
Onyx Pharmaceuticals (ONXX) gained $2.64. The company and Bayer announced their Nexavar tablet significantly extended overall survivor of liver cancer patients.
And then Amgen (AMGN) a $0.03 drop.
Sandisk (SNDK) was up $1.19.
Palm (PALM) up $1.48. The company is selling a 25 percent stake to Elevation Partners for $325 million and incidentally, U2's lead singer, Bono, is a partner in Elevation Partners.
And then finally we see a nice gain in Digene (DIGE), up $12.05. It's going to be acquired for $61.25 a share in cash or stock by a Dutch genetic test equipment maker.
Those are the stocks in the news tonight.
