Paul Kangas' Stocks in the News
Friday, June 15, 2007
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PAUL KANGAS: Wall Street opened with a show of strength as investors focused on that minor increase in the core consumer price index. The early rally also triggered plenty of short covering by scared bears. At 11 a.m. the Dow was sporting a 130 point gain and the NASDAQ was up 30 points. That sharp rise attracted profit takers this afternoon but the selling was modest as easing bond yields offset higher oil prices. So for the third straight day stocks closed broadly higher. The Dow Jones Industrial Average ended with a gain of 85.76 at 13,639.48. This week, it fell only once. It rose four times, had a net advance of 250.09 points. The NASDAQ Composite jumped 27.30 ending at 2626.71 today. It fell twice and rose three times this week, gaining 53.17 points overall. The Standard & Poor's 500 Index rose 9.94, ending at 1532.91 today. In the bond market, the 10- year note rose 14/32 to 94 28/32, lowering the yield to 5.17 percent. New York exchange volume leader on 27 million shares, General Electric (GE) moving up $0.32. Followed by Pfizer (PFE) with an $0.08 gain.
AT&T (T) dropped $0.28.
Ford Motor Co (F) edging up $0.26.
And ExxonMobil (XOM) up $1.17 as oil prices edged a bit higher today.
Motorola (MOT) an $0.08 gainer.
Citigroup (C) up $0.31.
Tyco Intl (TYC) rose $0.32.
And Disney (DIS) up $0.61. The SMH capital brokerage upgraded Disney from "neutral" to "buy" on the strong performance of its media network division. SMH put a target price of $44 a share on Disney stock.
Bristol Myers Squibb (BMY) a $0.93 gain to round out the 10 most active.
Monsanto (MON) gaining $1.55. The company boosted its 2007 earnings forecast from the range of $1.60 to $1.65 a share up to $1.75 to $1.80 a share on strong results from its herbicide business.
Then Nymex Holdings (NMX) gained $2.32 on reports that it's exploring its sale to NYSE Euronext and/or the Deutsche bourse or maybe even the Chicago Merc.
Cleveland-Cliffs (CLF) gained $4.29 on takeover speculation. Some say Arcelor Mittal could be a suitor. Meanwhile, Cliffs is going to acquire (INAUDIBLE) resources for $450 million in cash, positive reaction to that.
Cenveo (CVO) up $2.10. That's a positive reaction to its acquisition of Madison Graham color graphics. The acquisition will be accretive to earnings this year for Cenveo.
Build a Bear Workshop (BBW), what can we say but to have the stuffing knocked out of it today. The company cut its second quarter earnings estimate from $0.15 to $0.19 all the way down to only $0.07 to $0.10. The Wall Street estimate is way up there at $0.19 a share.
Media General (MEG) down $1.03. Deutsche Bank cut its price target from $38 down to $34 a share.
And Nationwide Financial Services (NFS) gaining $2.81 after Citigroup upgraded it from "hold" to "buy."
Volume leader on NASDAQ, Intel (INTC) gaining $1.01 after Goldman Sachs upgraded it from "neutral" to a "buy."
Apple (AAPL) up $1.75.
Google (GOOG) gaining $3.05.
Microsoft (MSFT) fell $0.03.
Followed by Cisco Systems (CSCO) a $0.56 gain there.
Qualcomm (QCOM) edged a penny higher.
Comcast "a" (CMCSA) $0.47 rise.
Research in Motion (RIMM) gained $2.58.
Adobe Systems (ADBE) down $1.21 even though it reported second quarter earnings higher, $0.25 versus $0.20 last year, but the company sees third quarter earnings at $0.31 to $0.40 and that's a bit below the Wall Street consensus. Apparently that hurt the stock a bit.
Amgen (AMGN) in there with an $0.80 gain.
Penn National Gaming (PENN) up $10.98. Fortress leads an investment group that will acquire the firm for $67 a share in cash and that had a very salubrious effect on the whole gaming group.
Let's have a look at the rest, several others. Ameristar Casinos (ASCA), Boyd Gaming (BYD), Isle Capris Casinos (ISLE), MGM Mirage (MGM) and Pinnacle Entertainment (PNK) all good gains on that news.
Nvidia (NVDA) gained $1.72 after Raymond James financial brokerage issued a "strong buy."
And over on the American exchange, Coinmach Services (DRA), that's coin machine I think is the shortened version of it, up $1.58. Babcock and Brown investment group will acquire this laundry services company for $13.55 a share.
Those are the stocks in the news tonight.
