Paul Kangas' Stocks in the News
Wednesday, July 18, 2007
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PAUL KANGAS: Wall Street moved broadly lower this morning, no doubt reflecting those sub-prime concerns which in turn put investors in a profit taking mood. Stocks headed steadily lower despite a mere 0.2 percent rise in June consumer prices and a stronger than expected 2.3 percent rise in June housing starts. At midday, the Dow was off 130 points, NASDAQ down 35. Stocks cut their losses after Fed chief Bernanke's remarks were seen as less bearish than feared and bonds rallied. So the Dow Industrial Average closed off a more modest 53.33 points at 13,918.22. The NASDAQ Composite lost 12.80 ending at 2,699.49. Standard & Poor's 500 Index fell 3.20 ending at 1546.17. In the bond market, the 10-year note gained 4/32 to 95 29/32, putting the yield at 5.03 percent.
Most active New York exchange issue on 39 1/2 million shares, that's active, Pfizer (PFE) moving down $0.83, traded as low as $24.72. Second quarter earnings excluding one-time items, $0.42, up from $0.33 a year ago, but $0.08 below the Street estimate and the company says it's getting increased competition from generic products.
General Electric (GE) $0.26 loss.
Followed by Citigroup (C) $0.86 drop there.
Ford Motor Co (F) lost a dime.
But ExxonMobil (XOM) up $2.06 as oil hit $75 a barrel as you heard earlier.
JPMorgan Chase (JPM) down $1.18. Second quarter earnings $1.20, up from $0.99 a year ago, $0.11 above the Street consensus, but the company said it's increasing its loan loss provisions. That seemed to hurt the stock a bit.
Macy's (M) moving up $3.06. "Women's Wear Daily" magazine reports that the Kohlberg Kravis Roberts is considering a $52 a share takeover bid.
Bank of America (BAC) lost $0.44.
Time Warner (TWX) down $0.24.
And then Wal-Mart Stores (WMT) was off $0.31 a share.
IBM (IBM) closed up $0.31. Just after the closing bell, the company reported second quarter results, earnings of $1.50, up from $1.30 last year, $0.03 above the Street estimate. In after hours trading, the stock was very close to $115 a share, moved up nicely.
Altria Group (MO) down $0.98 despite second quarter operating earnings of $1.15, up from $1.05 last year, $0.02 above the Street estimate, but a lot of these big blue chips have had big gains that are vulnerable to profit taking.
And United Technologies (UTX) is another one of them, down $1.28, even though its second quarter earnings were $1.16, up from $1.09 last year, a penny above the Street estimate.
AMR (AMR), parent of American Airlines, $0.48 loss. Second quarter results, $1.08 in earnings, down from $1.14 last year and $0.11 below the Wall Street estimate.
CSX Corp (CSX), the big rail, up $2.53. Second quarter earnings jumped to $0.71 versus $0.58 last year and that was $0.07 better than the Street was expecting.
The big Canadian rail, Canadian Pacific Railway (CP) -- that should be up $11.01, not $0.11. It's a huge gain. The story is, the company said earlier this year it got a highly conditional inquiry from Brookfield Asset Management above perhaps takeover talks.
CIT Group (CIT) down $6.26. It's in the consumer finance and home loan business and it had a second quarter loss of $0.70 a share versus earnings last year. It also cut second half earnings estimates by $0.25 a share.
Humana (HUM), the big health insurer, up $6.11. Second quarter earnings, $1.28, versus only $0.53 last year, $0.11 better than the Street was expecting.
Apple (AAPL) topped the NASDAQ active list, $0.79 loss there.
Intel (INTC) down $1.27, had good earnings out yesterday, but there's worry about lower than expected profit margins.
Google (GOOG) earnings due out tomorrow for the second quarter, down $5.50.
Microsoft (MSFT) gained $0.14.
Yahoo! (YHOO) $1.33 loss. After the close yesterday as we reported, the company had second quarter earnings that were flat, same as last year.
Research in Motion (RIMM) up $0.36.
Cisco Systems (CSCO) a $0.29 loss.
Baidu.com (BIDU) down $12.39. A music website has filed suit against the company.
Sandisk (SNDK) $0.45 gain.
Comcast (CMCSA) was up $0.84 a share.
And EBay (EBAY) closed down $0.20 just after the final bell. Second quarter earnings for eBay $0.34, up from $0.24 a year ago, $0.02 above the Street estimate, but in after hours trading, the stock was down about $0.40 from its price.
And those are the stocks in the news tonight.
