Paul Kangas' Stocks in the News
Friday, June 08, 2007
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PAUL KANGAS: Stocks on Wall Street staged a conscious reflect rebound this morning after a 400-point plunge in the Dow over just the previous three trading sessions. An hour into trading, the Dow posted a 37 point gain. NASDAQ was up 15. There was little upward progress over the next three hours, but buyers grew bolder as bond prices improved and oil prices dropped sharply. With the tech stocks leading the way higher, the market went on to post hefty closing gains. Dow Industrial Average soared 157.66 points at 13,424.39. This week, it rose twice, but fell three times, had a net loss of 243.72. The NASDAQ Composite was up 32.16 ending at 2573.54 today. It also rose twice and fell three times this week, falling 40.38 points overall. Standard & Poor's 500 closed up 16.95 at 1507.67 today. And over in the bond market, the 10-year note gained 8/32 to 95 11/32, pushing the yield down to 5.11 percent.
New York exchange volume leader on 15.6 million shares, General Electric (GE) moving up $0.56.
Followed by Pfizer (PFE) $0.23 gain there.
AT&T (T) moved up $0.74.
Advanced Micro (AMD) $0.39 gain.
Time Warner (TWX) was up $0.29.
Then National Semi (NSM), the star of the tech sector, up $3.79. Fourth quarter earnings out today lower, $0.28 versus $0.34 a year ago, but that was $0.06 above the Wall Street estimate and the company has emerged from an inventory glut of its products used in mobile phones, good news there.
ExxonMobil (XOM) up $0.72.
Citigroup (C) gained $0.81.
Avaya (AV) a $0.03 gain.
And Texas Instruments (TXN) up $1.58 on the coattails of NSM's good or better than expected earnings. And also Texas could benefit from a setback for Qualcomm, which I'll get to shortly.
General Motors (GM) gained $1.32 on speculation the company could agree on a labor pact between Delphi and the UAW very soon and that would help Delphi emerge from bankruptcy.
Mastercard (MA), up $4.17. That's after a judge ordered Visa USA, its rival to stop charging a settlement service fee to its top 100 debit card issuers who switched over to Mastercard. Then Tyco Intl (TYC) up $1.17. The company will spin off its health care and electronics businesses in concert with its plan to split into three separate publicly traded companies. At the end of June, Tyco will distribute 500 million shares of Covidien, that's the health care segment and also 500 million shares of Tyco Electronics and they will go to Tyco shareholders and then after that, the company itself will have a one for four reverse split, one for four reverse.
United States Steel (X) up $9.25. Speculation that German steel maker Thyssenkrupp might make a buyout bid there. The stock did nicely today.
Cascade Corp (CAE), which makes forklifts, up $8.03. First quarter earnings excluding one time items $1.07, way up from $0.84 last year. Revenues up a respectable 15 percent. Administaff (ASF) up $1.41. The company is boosting its stock buyback plan by a million shares to a total of 10.5 million.
Nike (NKE) down $1.14. Bank America downgraded it from "buy" to "neutral" on industry pressures in the U.S., did the same downgrade on Footlocker, but that stock showed no change.
Then we see First American (FAF) down $2. Lehman downgraded it from "overweight" to "equal weight" because the company is experiencing higher claims.
Apple (AAPL) topped the active list on NASDAQ, anther record high, up $0.42.
And then Google (GOOG) $0.43 gain.
Microsoft (MSFT) the same gain.
Qualcomm (QCOM) up $0.85 despite losing a patent infringement case to Broadcom. Late yesterday, the International Trade Commission barred Qualcomm from importing newer handset chips into the country, but exempted existing mobile products on the market and that news was a big plus for Texas Instruments as I touched on earlier.
Intel (INTC) $0.52 gain there.
Nothing but pluses on this active board, Cisco Systems (CSCO) up $0.63.
Research in Motion (RIMM) gained $1.64.
Amazon.com (AMZN) rising $1.20.
Oracle (ORCL) $0.33 gain.
And then Amgen (AMGN) with a $0.73 gain.
New issue out today, Limelight Networks (LLNW), 16 million shares offered at 15, opened at $22.56, had a high of $24.33, then backed off a little bit, still a nice debut.
And Akamai Technologies (AKAM) up $3.37. WL Hambrecht brokerage upgraded it from "hold" to a "buy."
And those are the stocks in the news tonight.
