Paul Kangas' Stocks in the News
Tuesday, June 12, 2007
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PAUL KANGAS: Wall Street opened sharply lower as another surge in interest rates made any cut by the Federal Reserve unlikely and jeopardized the corporate buyout binge. After an hour of trading, the Dow posted an 85- point loss and the NASDAQ Composite was down 20 points. Weaker oil prices helped stabilize stocks, as did word that former Fed Chief Greenspan is not worried about China selling U.S. Treasuries. But after the 10-year note hit a five-year high, the market tanked. The Dow Jones Industrial Average tumbled to a closing loss of 129.95 points at 13,295.01. The NASDAQ Composite slumped 22.38 points ending at 2,549.77. Standard & Poor's 500 Index fell 16.12 ending at 1,493 even. Over in the bond market, the 10-year note tumbled 30/32 to 93 29/32, lifting the yield all the way to 5.30 percent.
New York exchange volume leader on 16 million shares, Pfizer (PFE) moving down $0.26.
Followed by General Electric (GE) $0.41 loss there.
Qwest Comm Intl (Q) coming back $0.03 after losing 8 percent yesterday on news its CEO Richard Notebaert is planning to retire.
Time Warner (TWX) $0.28 drop.
Then Motorola (MOT) with a $0.04 loss in its stock.
Moving along, AT&T (T) dropped $1.04.
A similar loss in ExxonMobil (XOM) off $1.06.
Ford Motor Co (F) dropped $0.08. The company is considering strategic alternatives for its Jaguar and Land Rover British operations. Citigroup estimates those operations could fetch up to $8 billion.
Wal-Mart Stores (WMT) down $0.90.
And Citadel Bdcstg (CDL) when issued down $0.04. Citadel's in the - well it actually has closed today its purchase of Disney's ABC radio assets.
Lehman Brothers Holdings (LEH) up $0.38, but this morning it traded as high as $78.16 after reporting sharply higher second quarter earnings of $2.21, $0.33 above the Street estimate and way up from $1.69 in the same period a year ago.
Texas Instruments (TXN)
down $0.75. The company has lowered its second quarter sales forecast from $3.6 billion at best to about $3.51 billion at best.
United States Steel (X) dropping $3.59. Bear Stearns downgraded it from "out perform" to "peer perform" in the belief the stock is fully valued at these levels.
Freeport-McMoran C&G (FCX) up $1.53. A hedge fund called Atticus Capital said it owns 6.4 percent of the shares and wants the company to explore strategic alternatives.
Robbins & Myers (RBN) up $3.78. The company makes products for the energy industry and the Keybanc brokerage upgraded it from "hold" to "buy" with a target of $50 a share.
Pier 1 Imports (PIR) up $0.69. Goldman Sachs issued a "buy" with a $10.50 a share price target on that stock.
Investment Technology Group (ITG) up $2.86. DE Shaw Group owns 6.2 percent stake in the company and wants it to buy back stock and evaluate strategic alternatives.
Retail Ventures (RVI) down $2.03. The company's first quarter results excluding one-time items, a loss of $0.21 versus break even a year ago.
And Usec (USU) down $2.55. It's a uranium enrichment company and it denies a "New York Times" report out today claiming the company is struggling to survive, although it did say financing problems could delay work on a new centrifuge project.
And then Dean Foods Co (DF) off $1.39. The company cut its previous second quarter earnings estimate of $0.37 to $0.38 down to $0.30 to $0.31, citing soaring raw milk prices.
NASDAQ's most active, Apple (AAPL) up $0.19.
Followed by Google (GOOG) down $6.59.
Microsoft (MSFT) $0.17 loss there.
Intel (INTC) moved up $0.27 a share.
And then Cisco Systems (CSCO) a $0.26 loss.
Research in Motion (RIMM) down $0.74.
Qualcomm (QCOM) bucked the trend, up $0.42.
And Crocs (CROX) was up $0.21.
But Amazon.com (AMZN) losing $1.10.
And then Oracle (ORCL) down $0.37 a share.
American Commercial Lines (ACLI), marine shipping company, down $2.63. The company cut its 2007 earnings guidance from as high as $1.95 to as low as $1.45 a share, but it said it does plan to buy back up to 200 million of its own shares.
And finally, shares in MFRI (MFRI) surged $3.58 after reporting sharply higher first quarter earnings of $0.15 per share versus only $0.03 a year ago and that was a nickel above Street estimates. This company makes piping systems and filtration products.
