Paul Kangas' Stocks in the News
Friday, July 20, 2007
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PAUL KANGAS: Stocks on Wall Street moved sharply lower at the open today, undermined by Google's earnings shortfall last night and Caterpillar's disappointing results out today. Fresh sub-prime concerns and fear the market was overextended added to the early selling. By 1 p.m. the Dow posted a hefty 197 point loss and the NASDAQ was off 44 points. Afternoon brought a mild recovery in stocks as bonds moved up and oil moved down. But the market still ended broadly lower.
The Dow Industrial Average closed off 149.33 points at 13,851.08. This week, it fell twice and rose three times, had a net loss of 56.17 points. The NASDAQ Composite down 32.44, ending at 2687.60 today. It rose twice and fell three times this week losing 19.40 points overall. The Standard & Poor's 500 Index dropped 18.98 points to 1534.10 today and this week, it rose only once and fell four times, falling 18.40 points overall. Over in the bond market, the 10-year note rose 16/32 to 96 16/32, putting the yield below 5 percent at 4.95.
We should have the most active issue today was General Electric (GE) at the top of the list on 28 1/2 million shares, down $0.59.
Followed by Pfizer (PFE) with a $0.09 loss. Citigroup (C) down $0.40 despite those second quarter earnings which were $0.11 better than the consensus.
Ford Motor Co (F) down $0.28.
And then ExxonMobil (XOM) a $0.35 loss there.
Caterpillar (CAT) tumbled $3.78, but it got as low as $78.26 this morning. Second quarter earnings dropped to $1.24 from $1.52 last year. The Street was looking for $1.49. Revenues were up 7 percent.
JPMorgan Chase (JPM) in the week financial group, down $1.06.
Bank of America (BAC) the same reason, off nearly $1.
And then MF Global Ltd (MF) down $1. This is a brokerage firm and yesterday it went public at $30, but it's never seen that price since.
Time Warner (TWX) $0.33 loss topping out the active list.
Then Schlumberger Ltd (SLB), big oil service company, up $3.23. Second quarter earnings jumped 47 percent over last year, $1.02 versus $0.69. Those earnings were $0.07 better than the Street was expecting incidentally.
Then we have a nice gain in Kinetic Concepts (KCI) up $8.10. Second quarter earnings up 25 percent to $0.81 a share, $0.07 above the Street estimate. Revenues rose 20 percent.
Tempur-Pedic Intl (TPX) a sleeper today in a down market, up $3.35. Second quarter earnings $0.39, up from $0.30 a year ago, $0.04 above the Street estimate.
Capital One Financial (COF) up $2.15. Second quarter earnings rose 36 percent over last year to $1.89.
And then Whirlpool (WHR) losing $6.23, even though second quarter operating earnings were up 60 percent from last year at $2 a share, $0.17 better than the Street was expecting. The stock's had quite a run.
Brunswick (BC) down $2.48. The company sees second quarter earnings coming in at $0.64 to $0.65. That's up from the $0.58 Street estimate, but the company also said 2007 full year earnings will only be $1.20 to $1.35, well down from the estimate on Wall Street of $1.70 a share.
Sonoco Products (SON) in the packaging business, had second quarter earnings down 14 percent to $0.41. That was $0.18 below the Street estimate and that's all despite an 8 percent rise in revenues.
Then Pall Corp (PLL) which is in the filtration business, down $7.67. The company's audit committee began an inquiry into possible understatement of U.S. income tax payments.
And Biovail (BVF) losing $5.49. The FDA did not approve the company's generic version of Glaxosmithkline's antidepressant called Wellbutrin.
Google (GOOG) topped the active list on NASDAQ, down $28.47, traded as low as $509.50 on that shortfall of earnings we reported to you last night.
Apple (AAPL) hitting an all-time closing high, up $3.75. And Piper Jaffray brokerage boosted its price target on Apple from $160 a share, all the way up to $205 a share.
Microsoft (MSFT) down $0.35, a little disappointment with the company's earnings out this week.
Intel (INTC) same reason, down $0.71.
Then Intuitive Surgical (ISRG) up $48.51, rather nice move there. This company makes robotic surgical systems and its second quarter earnings almost doubled, $0.44 last year, $0.79 this year, nice move in the stock to be sure.
Research in Motion (RIMM) down $3.83.
Qualcomm (QCOM) $0.35 loss.
And the same story with Cisco Systems (CSCO).
Sandisk (SNDK) managed to gain $1. After the close yesterday, the company reported second quarter earnings excluding one time items, came in at $0.30 a share. That's well above the Wall Street estimate of $0.16 a share.
And then rounding out the active list on NASDAQ was Broadcom (BRCM) with a $0.45 gain.
Those are the stocks in the news tonight.
