Paul Kangas' Stocks in the News
Monday, June 25, 2007
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PAUL KANGAS: Wall Street opened higher as that drop in existing home sales gave investors some assurance the Fed won't be raising rates anytime soon. The early rally was also fueled by bargain hunting after Friday's big tumble and Goldman Sachs' upgrade today on General Motors shares to a "buy." At noon, the Dow was up 110 points, NASDAQ posted a 13 point advance. The gains evaporated this afternoon on renewed worries about hedge fund losses and a rebound in oil prices. So the Dow Industrial Average closed down 8.21 at 13,352.05. The NASDAQ Composite lost 11.88 at 2577.08 while the Standard & Poor's 500 Index fell 4.82 points ending at 1497.74. Over in the bond market, the 10-year note gained 12/32 to 95 16/32. That lowered the yield to 5.09 percent.
New York exchange volume leader as it was last Friday is Blackstone Group (BX). Of course it went public Friday at a price of $31, moved up $35 and a fraction during the day and closed there, but today a little profit taking, $2.62 drop and it traded as low as $31.90. It traded 24.8 million shares today.
General Electric (GE) a $0.03 loss.
And then Ford Motor (F) dropping a dime.
Followed by Pfizer (PFE) with a $0.02 gain.
Then ExxonMobil (XOM) a $0.15 loss.
AT&T (T) was up $0.23.
First Data Corp (FDC) $0.57 loss.
Citigroup (C) fell $0.72.
Motorola (MOT) $0.07 drop there.
Schlumberger (SLB) down $2.04. Morgan Stanley said the oil service group is due for a correction after some sharp recent gains.
Let's have a look at some other in the oil service sector. We see Halliburton (HAL) down a fraction.
But Smith Intl (SH) and Weatherford Intl (WFT) dropping well over $1 each.
General Motors (GM) an $0.81 gain, traded as high as $36.84. This morning Goldman Sachs upgraded it from "neutral" to "buy" in the belief that talks with its union will realize sizable concessions from labor.
Chevron (CVX) was up $1.40. Bank America today upgraded it from "neutral" to "buy" citing the company's deep water growth strategy, apparently impressed by that.
And then Boeing (BA) a $0.35 drop, although the company is raising its Jetliner prices almost 6 percent in order to keep up with rising labor and raw material costs.
Avis Budget Group (CAR) down $1.92. Morgan Stanley downgraded it from "equal weight" to "under weight" because of weak second car rental prices in the leisure sector.
Let's have a look at some other stocks in that sector that got downgraded, $ thrifty (Dollar Thrifty) (DTD) off $2.40.
Hertz Global Holdings (HTZ) was down just a fraction.
Walgreen (WAG) down $0.72 even though third quarter earnings nicely higher at $0.56, up from $0.46 a year ago and that was $0.02 better than the Wall Street consensus.
Stanley Works (SWK) gained $1.37. Soleil Securities began covering it with a "buy" last week, kind of a delayed reaction.
On the downside, American Oriental Bioengineering (AOB), this is a company that makes plant-based pharmaceutical products. It plans on selling 13 million of its common shares in a secondary offering and this week's "Barron's" magazine has negative comments, including allegations that the company has made muddled disclosures and misleading claims, negative in "Barron's" definitely.
Bear Stearns (BSC) off $4.65. CIBC World Markets brokerage cut its price target from $1.80 down to $159, saying the company faces risk in the U.S. mortgage market in the coming three months.
Volume leader on NASDAQ, Apple (AAPL) down $0.66.
And then Google (GOOG) a $2.44 gain.
No change in Microsoft (MSFT).
Cisco Systems (CSCO) up $0.11.
Intel (INTC) down $0.22 a share.
Research in Motion (RIMM) fell $4.88.
Amgen (AMGN) losing a dime.
Qualcomm (QCOM) $0.46 loss there.
Yahoo! (YHOO) up $0.26.
Nvidia (NVDA) down $1.15 a share.
Elsewhere, US Xpress Enterprises "A" (XPRSA), this is a big trucking company, a management-led group has made a $20 a share buyout bid for U.S. Xpress, stock did rather nicely.
And those are the stocks in the news tonight.
