Paul Kangas' Stocks in the News
Wednesday, June 13, 2007
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PAUL KANGAS: That retail sales report helped stocks move nicely higher at the opening. After an hour of trading, the Dow was up 92 points and the NASDAQ up 15. Stock prices held up well over the mid session hours as bond yields eased and then the rally in stocks shifted into high gear after 2:00 when the beige book report showed modest growth with little inflation. The Dow Jones Industrial Average vaulted to a closing gain of 187.34 points at 13,482.35. The NASDAQ Composite soared 32.54 to 2582.31. Standard & Poor's 500 jumped 22.67 ending at 1515.67. In the bond market, the 10-year note gained 21/32 to 94 19/32, putting the yield down to 5.20 percent.
Most active New York exchange issue trading 20.4 million shares, Pfizer (PFE) moving up $0.24.
Followed by General Electric (GE) $0.59 gain there.
ExxonMobil (XOM) rose $1.35.
And Hertz Global Holdings (HTZ) up $1.92. Hertz went public last November at a price of $15 a share and its now on a follow on offering of 45 million shares priced at $22.25 each.
Ford Motor Co (F) moved up $0.24. The "Detroit News" reports the company is aiming to cut its U.S. labor force by 30 percent as it seeks parity with its Asian rivals.
Motorola (MOT) a $0.35 gain there.
Citigroup (C) up $1.08.
Sprint Nextel (S) there you see it, up $0.56.
Kraft Foods (KFT) gained $0.74.
And then EMC Corp (EMC) up $0.29, not a loser in the 10 most actives. That's nice for a change.
United Technologies (UTX) moved up $1.06. Right after the close, the company announced it's boosting its quarterly dividend from $0.26.5 a share to $0.32 a share.
And then another Dow stock, Boeing Co (BA) did well, up nearly $2 a share. The company has sold 600 of its Dreamliners, which are literally flying circles around Airbus, which has only 13 orders for its A350 jet liner.
Alcan (AL) gained $1.06. And the company said through an executive that it could make a counter offer for Alcoa to fend off its $27 billion buyout bid for Alcan. Meanwhile, Bear Stearns downgraded Alcan from "outperform" to "peer perform" and today Alcoa moved up $1.04, closing at $40.48.
Bristol-Myers Squibb (BMY) gained $1.05 after the Citigroup brokerage upgraded it from "hold" to a "buy."
Freeport-McMoran C&G (FCX) up another $2.78, gained about $1.50 yesterday on news that a hedge fund called Atticus Capital holds 6.4 percent and wants the company to explore strategic alternatives.
Verifone Holdings (PAY) up $3.17. The company's been selected as the sole provider of electronic payment systems by China postal savings bank which has 36,000 offices in China, some business to be done there.
Devry (DV) up $2.62. First Analysis upgraded it from "equal weight" to "over weight" in the belief the company's profit margins are coming back to historic levels.
And then Molson Coors Brewing Co (TAP) up $3.88 after UBS Financial brokerage upgraded it from "neutral" to a "buy."
Avalonbay Communities (AVB), this is an apartment real estate investment trust and it's up on takeover speculation by Blackstone Group and some analysts at BMO Capital think this stock could touch as much as $140 per share.
Healthspring (HS) losing $3.52. The managed care company cut its prior 2007 earnings estimate of about $1.60 down to $1.20 to a $1.35 at best.
And then Illinois Tool Works (ITW), a $2.50 gain. Merrill Lynch upgraded it from "neutral" to "buy" today.
Apple (AAPL) topped the NASDAQ actives, down $2.88.
And then Google (GOOG) a $0.47 gain. After the close, eBay said it pulled its advertising from Google's AdWords network, which it says is the source of most of Google's revenues and it said it's just an experiment. There was little change in either stock in after hours trading.
Research in Motion (RIMM) up $3.66.
Microsoft (MSFT) edged up $0.54.
And then Intel (INTC) a $0.47 gain there.
$0.46 rise in Oracle (ORCL).
Comcast "A" (CMCSA) gained $0.72.
Cisco Systems (CSCO) a $0.47 advance.
Dell (DELL) up $0.33.
And Ebay (EBAY) itself moved up $0.52.
Schulman (A) (SHLM), this company's in the plastics resins business and it cut its 2007 earnings estimate from $25 to $30 million, all the way down to $17 to $23 million.
And Stratasys (SSYS), which is involved in 3D printing operations will replace Lone Star Technology in the Standard & Poor's small cap 600 index.
Those are the stocks in the news tonight.
