Paul Kangas' Stocks in the News
Thursday, June 14, 2007
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PAUL KANGAS: That mild rise in the May core producer price index helped stocks on Wall Street build on yesterday's strong rally. The Dow rose 68 points at the outset of trading, while the NASDAQ Composite gained 17. The market held its early gains over the mid-session hours as bond yields were steady. At 2:00 p.m., the Dow posted a 78-point advance, but then a 2 percent rise in oil prices cooled buying enthusiasm and trimmed the market's closing gains. The Dow Jones Industrial Average rose 71.37 to end the day at 13,553.72. The NASDAQ rose 17.10 points to 2,599.41. Standard & Poor's 500 Index gained 7.30 at 1,522.97. In the bond market, the 10- year note fell 6/32 to 94 14/32, lifting the yield at 5.23 percent.
New York exchange volume leader on 16.3 million shares, General Electric (GE) rising $0.16.
Followed by Pfizer (PFE) with a $0.04 gain.
Motorola (MOT) moved up $0.20.
General Motors (GM) gaining $1.50 on optimism an agreement will soon be worked out between Delphi Corp and the United Auto Workers so Delphi can emerge from bankruptcy.
AT&T (T) gained $0.58. Bear Stearns boosted its price target for the stock by $1 up to $44 a share and repeated an "out perform" rating on AT&T.
Ford Motor Co (F), $0.10 gain there.
EMC Corp (EMC) moved up $0.42.
Taiwan Semiconductor (TSM) $0.22 gain.
Tyco Intl (TYC) fell $0.26. The company's plan to spin off two businesses to shareholders could be delayed because of its failure to fulfill its obligations to bond holders.
And Progressive Corp (PGR), the insurance company, up $1.45. The company set a recapitalization plan which includes a special cash dividend of $2 a share, an additional 100 million share buyback and eventually the sale of $1 billion of hybrid debt securities.
Eastman Kodak (EK) up $2.16 having a good day. The company introduced a new sensor technology that nearly eliminates the need for flash photography. Standard & Poor's upgraded Kodak stock from a "sell" to a "hold" rating.
Terra Nitrogen Co LP (TNH) doing well, up $5.20. Goldman Sachs noted that fertilizer stocks had been firm on higher corn prices which encouraged farmers to plant more corn and of course then, buy more fertilizers. The group has been doing well.
Input/Output Inc (IO) up $0.98, traded as high as $17.06. Companies in a joint venture with Hydrotechnology Ventures to develop a system for monitoring offshore hydrocarbon reservoirs.
ITT Educational Services (ESI) down $6.42. Lehman Brothers downgraded the stock from "over weight" to just "equal weight."
And Sanofi-Aventis (SNY) losing $1.74. As we reported yesterday, the FDA, a panel there has rejected the company's Acomplia weight loss drug because of risks of depression and even possible suicide.
NASDAQ's most active was Apple (AAPL) gaining $1.25. The company said over one million copies of its Safari web browser have been downloaded since the company gave the green light last Monday.
Google (GOOG) down $2.40.
Intel (INTC) $0.56 gain.
Microsoft (MSFT) moved up $0.13.
And then Cisco Systems (CSCO) a $0.30 gain.
Comcast "A" (CMCSA) rose $0.65.
Oracle (ORCL) up $0.34.
Research in Motion (RIMM) a $0.37 rise.
Qualcomm (QCOM) $0.02 gain.
And then Amgen (AMGN) up $0.09 a share.
Dell (DELL) edged up $0.39. The company however will delay filing its 2008 first quarter report due to questions arising from its independent accounting investigation.
Then Hoku Scientific (HOKU), look at that percentage gain, the stock up $2.15. The company received a 10-year $678 million contract to supply polysilicone to Suntech Power Holdings.
And then we see Clearwire (CLWR) up $4.63. The Internet company will offer services through satellite to its customers. That stock just went public last March as 25 incidentally.
And then over on the American exchange, International Absorbents (IAX) up almost - over 53 1/2 percent. The company quintupled its first quarter earnings from last year, $0.10 versus only $0.02 then and sales were up 26 percent.
Those are the stocks in the news tonight.
