Paul Kangas' Stocks in the News
Wednesday, July 25, 2007
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JEFF YASTINE: Those worries about the debt market kept stocks on a volatile course for most of the day. The Dow rising more than 100 points in the opening minutes, as many investors expected Tuesday's big sell-off to be the end of a selling climax. Instead, worries resurfaced about corporate financing and it wasn't just Chrysler. Investment banks also had trouble selling debt for the largest leveraged buyout in Europe. That's Kohlberg Kravis Roberts' purchase of Alliance Boots. So the NASDAQ chopped lower before buyers emerged, taking the session into a positive close. The Dow rising 68.12 to 13,785.07 and then the NASDAQ climbing 8.31 to 2,648.17 and the S&P 500 rising 7 points to 1,518.09. In the bond market, the 10-year note rising just one tick to 96 28/32 and the yield at 4.9 percent.
Starting things off, Ford Motor Co (F) losing $0.29. The company denied market rumors that it's interested in acquiring 11 percent stake in German auto maker Volkswagen.
And then Citigroup (C) down $0.06.
JPMorgan Chase (JPM) down $0.07, the financials finding a little bit of stability today.
And then General Electric (GE) gaining $0.20.0
Pfizer (PFE) edged up, excuse me, edging down $0.11.
And then Corning (GLW) sliding $1.48. Second quarter profits fell 5 percent. Overall sales were shy of analyst targets. A labor strike in Europe also figured into that sales miss.
And then Bank of America (BAC) gaining $0.78. The banking giant boosting its dividend by $0.08 to $0.64 a share and helping bring the shares up off a 52-week low.
ExxonMobil (XOM) gaining $1.95. Oil prices soared more than $2 a barrel, boosting all the oil stocks today.
And then EMC Corp (EMC) falling $0.14.
AT&T (T) gaining $0.82. Lehman Brothers boosting its price target to $50 a share in the wake of Tuesday's stronger than expected profits from telephone.
Boeing (BA) vaulting over $3. Healthy second quarter profits, $0.14 above analyst estimates and management also raising full year estimates based on a big order backlog and a ramp up in deliveries of commercial aircraft.
Then Aflac (AFL) jumping over $4. The disability insurer appearing to overcome competitive pressures in its top market, Japan and earnings in the second quarter coming in above, excuse me, a penny above estimates.
Then shares in Skechers USA (SKX) getting kicked for a loss of over $6. Second quarter results missed their profit target by $0.11 and analysts cut estimates for upcoming quarters, noting higher costs associated with the launch of new Skechers products.
Then Aaron Rents (RNT) down over $3. Expansion plans will hurt profits in the second half of the year, the company forecasting results to be about $0.06 above, excuse me, below what analysts expected.
Then CEC Entertainment (CEC) down a little over $3. Higher gas prices and competition from kids films apparently blamed for disappointing second quarter results at its Chucky Cheese's pizzeria units.
Then over to the NASDAQ where there's Apple (APPL) gaining a little over $2 in regular trading. As you heard at the top of the program, better than expected profits after the close. The stock up more than $12 after hours.
And then Amazon.com (AMZN) gaining nearly $17 in regular trading. The company last night saying its net income more than tripled and it beat estimates by $0.03 a share.
Cisco Systems (CSCO) picked up $0.15.
And then Baidu.com (BIDU) surged over $8, after the close reporting also better than expected second quarter profits. Those shares up more than $36 after hours.
And then Dade Behring (DADE) up $18.35. The clinical diagnostics firm the target of a buyout from Siemens which is offering $77 a share in cash.
Applied Materials (AMAT) gaining $0.44.
Comcast "A" (CMCSA) up $0.23.
Amgen (AMGN) gained $0.72.
Ebay (EBAY) up half a dollar.
And Biogen Idec (BIIB) gaining nearly $3.
Then Joy Global (JOYG) off a little over $7, the profit warning the company says the U.S. coal market is hurting its third quarter results and likely it will miss in the fourth quarter as well.
And then finally, Bladelogic (BLOG), this is an IPO, gaining over $8, priced at $14, hit the market at $24. Analysts said the IPO was helped by Hewlett-Packard's $1.6 billion buyout of Bladelogic competitor Opsware and that deal was announced earlier this week.
