Paul Kangas' Stocks in the News
Friday, July 27, 2007
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PAUL KANGAS: Wall Street opened just slightly lower and that helped it move into a short-lived technical rebound that lifted the Dow to a 21 point gain in the first hour of trading. Continuing worries about widening problems in the credit market prevailed though, bringing a new wave of selling which overcame several minor afternoon rally attempts, especially when oil futures soared over $2 per barrel. Add to that pre-weekend investor caution and stocks ended at the lows of the day. The Dow Jones Industrial Average closed off 208.10 points at 13,265.47 today.
This week it rose twice, fell three times, had an overall loss of 585.61 points or 4.2 percent. The NASDAQ Composite tumbled 37.10 to 2562.24 today. It saw a torturous drop in three of the last five sessions, falling 125.36 points or 4.7 percent for the week overall. The Standard & Poor's 500 Index was down 23.71 ending today at 1458.95. For the week overall, the S&P 500 dropped 75.15 points or nearly 5 percent. In the bond market, the 10-year note gained 10/32 to 97 30/32, lowering the yield to 4.77 percent.
Most active New York exchange issue on nearly 38 million shares, Ford Motor Co (F) moving up $0.14.
But then a weak financial group headed by Citigroup (C) down $0.84.
General Electric (GE) down $0.74.
Pfizer (PFE) lost $0.36.
And JPMorgan Chase (JPM) bucked the trend with a $0.15 gain.
Bank of America (BAC) up $0.18.
ExxonMobil (XOM) down $2.64 despite the jump in oil.
Motorola (MOT) $0.40 loss there.
Alcoa (AA) was down $0.59.
And then Advanced Micro Devices (AMD) an $0.86 loss topped out the active list.
Chevron (CVX) down $2.26 and that's despite big second quarter earnings of $2.52, up from last year's $1.97 and those earnings were $0.22 above the Street estimate, but as you can see, the stock has had a recent spike up.
Celanese (CE) down $2.65. Second quarter loss of $0.76 versus earnings of $0.60 a year ago. Revenues were up 7 percent, nevertheless, a loss.
Cleveland Cliffs (CLF) fell $6.31. Second quarter earnings higher, $1.66, up from last year's $1.53 but the Street was looking for $1.87 so those earnings were $0.21 below the Street estimate.
USB Holding (UBH), one of the stars of the day, up $8.76. KeyCorp will acquire the firm for $575 million in cash and stock. It'll be $8.92 1/2 in cash per share, plus about .46 a share of Key stock for each share of USB Holdings. Today that's worth about $24.85 a share to USB shareholders.
Building Materials (BLG) up $2.10. Second quarter earnings excluding one-time items $0.47, up from the Street estimate of only $0.06 a share. The DA Davidson brokerage issued a "buy."
Then Simpson Manufacturing (SSD), a nice gain of $6.16. Second quarter earnings, $0.58, up from - down from $0.64 last year, but $0.08 above the Street estimate, hence the rise in the stock.
PerkinElmer (PK) up $1.74. Second quarter earnings $0.28, up from $0.21 last year. Revenues up a respectable 16 percent.
Then Western Digital (WDC) fell $1.53, even though fourth quarter earnings jumped to $1.03 from $0.53 last year, but that $1.03 does include a one-time big tax benefit.
McKesson (MCK), the drug wholesaler, down $1.86. Its first quarter earnings were up 28 percent though, $0.77, versus $0.60, but the stock's had a pretty decent rise recently.
Lubrizol (LZ) down $2.71. Second quarter adjusted earnings $1.17, up from $0.94 last year, $0.04 above the Street estimate, but it too has had a recent run up.
Massey Energy (MEE), $0.82 gain, $0.43 in second quarter earnings and that's up from $0.04 last year. Revenues rose 11 percent.
One of the biggest percentage losers, Bluegreen (BXG) losing $1.61. Second quarter earnings fell to $0.13 from $0.21 a year ago.
And then the logistics company, Horizon Lines (HRZ) down $3.49. Flat second quarter earnings, $0.29, same as last year and $0.03 below the Street estimate.
Topping the active list was Apple (AAPL) on NASDAQ, down $2.15.
But Google (GOOG) did all right, up $3.89.
Cisco Systems (CSCO) a $0.77 drop even though the board last night approved a $5 billion stock buyback.
Microsoft (MSFT) down $0.59.
Intel (INTC) there you see it, a $0.46 loss.
Research in Motion (RIMM) down nearly $8 a share.
But Crocs (CROX) up $4.83. The footwear maker is seeing impressive growth, second quarter earnings, $0.58, up from $0.19 a year ago and the company's upbeat on the outlook.
Then Amazon.com (AMZN) edging up $0.03.
Qualcomm (QCOM) $0.41 loss.
And Kyphon (KYPH) up $12.92. This is a takeover. Medtronics will acquire the company for $71 a share in cash.
Lululemon Athletica (LULUV), that's an interesting name. The company if you can believe this, makes yoga apparel, 18.2 million IPO offered at $18 today, opened at $25, the high $28.62 and that closed near the high.
Sepracor (SEPR) however, losing nearly $11 a share. Second quarter earnings half of what they were last year, a nickel versus $0.10. The Street was looking for $0.36 a share.
Those are the stocks in the news tonight.
