Paul Kangas' Stocks in the News
Friday, June 29, 2007
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PAUL KANGAS: Buyers took the upper hand on Wall Street at the open because most of those economic reports suggested the economy is still healthy and inflation is not a big problem. After an hour of trading, the Dow posted a 79 point gain and the NASDAQ Composite was up 15 points. Stocks began to weakened late in the day as oil prices rose above $70 per barrel and then end of quarter portfolio shuffling added to the selling and helped send stocks to a lower close. The Dow Industrial Average ended off 13.66 at 13,408.62. This week it rose only once and fell four times but still had a net gain of 48.36 points. The NASDAQ Composite was down 5.14 to 2603.23 today. It rose twice and fell three times this week and gained 14.27 points overall. The Standard & Poor's 500 Index was down 2.36 today at 1503.35. In the bond market, the 10-year note gained 19/32 to 95 29/32, lowering the yield to 5.03 percent.
Big board volume leader on 21 million shares, General Electric (GE) moving up $0.16.
Followed by AT&T (T) $0.76 rise there.
Gen Growth Properties (GGP) fell $0.05, but it was very active as the stock replaced after the close, replaced Mellon financial in the Standard & Poor's 500 Index. This is a real estate investment trust.
Pfizer (PFE) down $0.06.
And Ford Motor (F) itself down $0.07 a share.
Sprint Nextel (S) lost $0.42.
ExxonMobil (XOM) on the higher oil prices rose $0.28.
Citigroup (C) $0.52 drop there.
JPMorgan Chase (JPM) in the weak financials, down $0.51.
And LSI Corp (LSI) down another $0.14 after dropping nearly $1 yesterday on word it's going to cut 13 percent of its workforce and have a second quarter loss of $0.03 per share.
Boeing (BA) did well, up $1. Four Chinese firms will supply the company with $500 million in parts.
Then we see Robbins and Myers (RBN), this is a company that makes equipment for the pharmaceutical energy and industrial markets and it's a third quarter turnaround, earnings of $0.77 versus a loss of $0.01 per share a year. The stock did well.
Talbots (TLB) up $2.77. The company has named Trudy Sullivan as president and CEO. She was the president of Liz Clairborne (ph), positive reaction to that news.
AZZ Inc (AZZ), this company makes electrical equipment and components. First quarter, $0.34, down from $0.35 a year ago, but it boosted its 2008 earnings estimate to the range of $1.65 to $1.75 a share.
Fair Isaac (FIC), this is a business software provider, Sandal Asset Management said it owns a 5 percent stake in Fair Isaac and is urging the company to hire a financial advisor to review strategic alternatives, including the possible sale of the company.
Fluor Corp (FLR) up $5.89. JP Morgan upgraded it from "neutral" to "overweight." Yesterday Fluor won a big U.S. Army logistics contract. Stock had a strong (ph) climb there.
American Home Mortgage (AHM) down $2.53. The company says it's going to have a second quarter loss on substantial charges for credit-related expenses. And the company withdrew its 2007 earnings guidance. Meanwhile, the Friedman, Billings brokerage downgraded it from "market perform" to "under perform."
Office Depot (ODP) losing $1.51. After the close yesterday, the company said its second quarter North American sales are down 4 to 5 percent.
And CHC Helicopter (FLI) doing well, up $1.20. Stat (ph) Oil has awarded the company two contracts worth $1.1 billion in Canadian funds for helicopter services in the Norwegian sea area.
NASDAQ's most active, Research in Motion (RIMM)
, look at that gain, up $4.40. After the close yesterday as we reported, the company out with first quarter earnings of $1.20, $0.14 above the Street estimate and also it declared a three for one split, really had an impact today.
Apple (AAPL) up $1.48 on the introduction today of its iPhone of course.
Microsoft (MSFT) $0.36 drop there.
Google (GOOG) fell $2.31.
No change in Cisco Systems (CSCO).
Then Intel (INTC) an $0.18 loss there.
Starbucks (SBUX) was off $0.21.
Qualcomm (QCOM) dropped $0.07 a share.
Apollo Group (APOL) bucking the trend, up $7.65. Third quarter earnings came in at $0.75 a share, but that's the same as last year and yet better than expected and the company also said it's going to buy back up to $500 million of its own stock. Standard & Poor's today issued a "buy" recommendation.
Baidu (BIDU) up $5.75. Citigroup upgraded its price target on Baidu from $150 to $195 a share as the company continues to dominate the Chinese Internet market.
And then over on the American exchange, this water company, Biw Limited (BIW) up $5.70. The company's going to sell itself for $23.75 a share to a partnership between south central Connecticut regional water authority and a Connecticut water company. They're getting together there with a rather nice price.
And those are the stocks in the news tonight.
