Paul Kangas' Stocks in the News
Friday, July 06, 2007
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PAUL KANGAS: Wall Street opened lower, with the Dow falling 20 points and the NASDAQ down six points at the outset of trading, as that strength in the jobs report sent bond yields higher. The market then rebounded as investors viewed the solid creation of new jobs as proof the economy is still healthy. Buyers continued to brush off the rise in bond yields and a surge in the price of oil to an 11-month high as they lifted stocks to a broadly higher close. The Dow Industrial Average ended up 45.84 points at 13,611.68. This week, it rose in three of the four trading sessions for a net gain of 203.06 points. The NASDAQ Composite was up 9.86 today closing at 2,666.51. This week, it rose in all four sessions and advanced 63.28 points overall. The Standard & Poor's 500 Index closed up 5.04 points today at 1,530.44 today. In the bond market, the 10-year note fell 10/32 to 94 24/32, lifting the yield at 5.19 percent. New York exchange volume leader was Micron Tech (MU) on 15.7 million shares, stock moving up $0.65.
Followed by Ford Motor Co (F) a $0.04 loss.
Time Warner (TWX) down $0.14.
And then Target (TGT) moving up $3.89 on speculation an activist shareholder may push for the sale of the company's credit card business.
General Electric (GE) was fifth in volume and moved down $0.06 a share.
Then ExxonMobil (XOM) rising $1.30. New York August oil, $72.81 a barrel. That's up $1 and I believe that is an 11-month high.
Pfizer (PFE) a $0.02 gain.
Newmont Mining (NEM), the big gold company, up $2.20. After the close yesterday, the company said it's eliminating its entire 1.8 million gold hedge, 1.8 million ounce gold hedge position and it plans to discontinue its merchant banking segment. The company will take a $1.7 billion second quarter charge and it may sell or go public with that merchant banking segment.
Home Depot (HD) up $0.47.
AT&T (T) edged $0.08 higher.
Hilton Hotels (HLT) up another $0.32. Yesterday of course it was up $9.34 on Blackstone Group's $47.50 per share buyout bid. But today, several analysts downgraded the stock after that big rise, still managed a fractional gain.
Macy's (M) up $2.22. The story here, takeover speculation and some say Sears may be one of the suitors, could be a bidder.
Caterpillar (CAT) moved up $1.32. Credit Suisse brokerage made positive comments prior to the quarterly results from the company due out on July 20th.
Bausch & Lomb (BOL) up $3.34. After the close yesterday, the company said Advanced Medical Optics made a $75 a share cash and stock buyout offer. That's $10 better than the offer from Warburg Pincus private equity group.
Tele Norte Celular (TCN), this is a Brazilian cellular company, was up nearly $4 yesterday on takeover speculation. That speculation continued today.
Excel Maritime Carriers ltd (EXM) up $2.34. The company received two long-term charters for two of its major vessels.
Material Sciences (MSC) off $0.53, traded as low as $11.30 after reporting a first quarter loss of $0.02 a share versus earnings of $0.15 last year. The chemical company's first quarter sales were down 20 percent from last year.
And finally Brilliance China Auto ltd (CBA) up $2.95. Interesting, the company is going to de-list its American depository shares from the New York exchange because of declining trading volume and higher administrative costs. It will trade over the counter.
NASDAQ's most active, Apple (AAPL) down $0.45.
Research in Motion (RIMM) $0.84 drop there.
Microsoft (MSFT) off $0.02. The company said yesterday it's going to take a $1 billion charge in the current quarter for extended warranties on its Xbox 360.
Google (GOOG) off $2.23.
Baidu.com (BIDU) moving the other way, up $12.61.
Am Capital Strategies Ltd (ACAS) up $1.46. After the close today, the company's stock was added to the S&P 500 Index, replacing Dollar General, which is being taken over.
Intel (INTC) an $0.08 gain.
Genzyme (GENZ) down $4.02. Late stage trials for the company's treatment for diarrhea failed to meet expectations.
Cisco Systems (CSCO) a dime gain.
And then Ebay (EBAY) up $0.12.
Parametric Technologies (PMTC) plunging $4.34. After the close yesterday, the company cut its third quarter sales forecast from a high of $240 million down to $225 million.
Those are the stocks in the news tonight.
