Paul Kangas' Stocks in the News
Monday, June 18, 2007
|
|
|
|
PAUL KANGAS: Wall Street began the week with small gains, which quickly evaporated as oil prices moved higher. With no major reports on the economy to influence traders, the market turned quite choppy. At mid- session, the Dow was off 17 points and the NASDAQ down three. Stocks rebounded briefly in early afternoon as bond prices edged a bit higher, but persistently high oil prices prompted a late round of selling right into the closing. The Dow Jones Industrial Average ended with a loss of 26.50 points exactly at 13,612.98. The NASDAQ Composite down .11 at 2626.60. Standard & Poor's 500 off 1.86 ending at 1531.05. Over in the bond market, the 10-year note rose 7/32 to 95 3/32 putting the yield at 5.14 percent.
Big board volume leader on 14 million shares, Pfizer (PFE) down $0.21. Ford Motor Co (F) dropped $0.07.
AT&T (T) $0.27 loss.
But General Electric (GE) down only $0.05. Now the company and Pearson PLC reportedly are in talks to make a joint buyout bid for Dow Jones. Dow Jones stock edged up $0.02 to $59.03 and of course, News Corp. is bidding $60 for Dow Jones already.
EMC Corp (EMC) a $0.44 gain.
And then moving along Motorola (MOT) down $0.22.
Alcoa (AA) a $0.28 gain. The company reportedly is the subject of a possible takeover from BHP Billiton, the big Australian firm and also later today, Billiton reportedly hired Merrill Lynch to explore a bid for Alcan Aluminum.
ExxonMobil (XOM) up $0.42 on the higher oil prices.
Tyco Intl (TYC) a $0.23 loss.
Time Warner (TWX) dropped a penny a share.
United States Steel (X) losing $2.06. UBS financial brokerage downgraded it from "neutral" to reduce in the belief the stock already reflects any buyout bid, but UBS doesn't believe one is imminent.
Ingersoll-Rand (IR) gained $2.39. Bear Stearns upgraded it from "peer perform" to "out perform."
The coal stocks very weak today, Arch Coal (ACI) down $1.82. Goldman Sachs downgraded it from "buy" to "sell" and Goldman turned from "neutral" to "cautious" for the coal industry.
Let's have a look at some other coal stocks that were hurt by that. Alpha Natural Resources (ANR) losing $0.82, downgraded by Goldman Sachs from "buy" to "neutral."
Foundation Coal Holdings (FCL) off $2.04. Goldman Sachs downgraded that from "neutral" to "sell."
And in sympathy with the entire group, Massey Energy (MFS) and Peabody Energy (BTU) on the downside as well, although they weren't specifically downgraded by Goldman Sachs.
Harvest Natural Resources (HNR), a big gainer of the day percentage wise, up $3.68. The story here is that Venezuela has approved an oil joint venture with one of the company's units. The stock really took off on that news.
Genesco (GCO), this is a footwear company, up $4.15. Finish Line Corp will acquire it for $54.50 a share in cash. Finish Line stock fell $1.10 to $11.53.
Lee Enterprises (LEE) down $2.45. The newspaper publisher said same property operating revenues fell 2 percent in May and its third quarter earnings will be $0.48 to $0.50 a share, well below the $0.54 Wall Street estimate.
And Western Digital (WDC) losing $0.81 after JPMorgan downgraded it from "over weight" to just "neutral."
Apple (AAPL) topped the active list up $4.59. The company said the upcoming iPhone will have a longer than expected battery life.
Google (GOOG) up $9.31.
There you see Yahoo! (YHOO) as you heard, closed up $0.81 on that management shake up and after hours well above $29. The company did say second quarter revenues will be at the lower end of its previous guidance.
Intel (INTC) a $0.07 drop.
Microsoft (MSFT) gained $0.02 a share.
Cisco Systems (CSCO) $0.18 drop.
Research in Motion (RIMM) up $2.30.
Oracle (ORCL) was down $0.07 a share.
And then Amgen (AMGN) $0.42 loss.
Amazon.com (AMZN) lost $0.57 a share.
Encysive Pharmaceuticals (ENCY) tumbling $1.78 or 43 percent. The FDA declined to approve the company's treatment for pulmonary hypertension and Standard & Poor's downgraded the stock from "hold" to "sell."
Over on the American exchange, American Technical Ceramics (AMK) up $7.18. ADX Corp. will acquire this company for $24.75 a share.
And another takeover on the American, Friendly Ice Cream (FRN) moving up $0.80. A unit of Sun Capital Partners will acquire this firm for $15.50 a share in cash.
Those are the stocks in the news tonight.
