Paul Kangas' Stocks in the News
Monday, July 30, 2007
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PAUL KANGAS: Wall Street opened slightly higher after most foreign markets showed stability overnight. The Dow posted a 44 point gain after an hour of trading, while the NASDAQ rose 7 points. Skittish investors sold into the upturn sending the Dow to a 7 point loss by noon, but when little follow-through selling appeared, bargain hunters took command and sent the blue chips up over 120 points by 3:00 p.m. Stocks then pulled back a bit in the final hour, but the market still ended broadly higher. The Dow Industrial Average closed up 92.84 at 13,358.31. The NASDAQ Composite was up 21.04 at 2583.28, while the Standard & Poor's 500 index rose 14.96 ending at 1473.91. Over in the bond market, the 10-year note fell 10/32 to 97 20/32, putting the yield at 4.81 percent.
Topping the New York exchange active list on 27.4 million shares, Ford Motor Co (F) moving up $0.51.
Followed by General Electric (GE) with a $0.48 gain.
Then Pfizer (PFE) losing $0.03.
JPMorgan Chase (JPM) in a fairly firm banking sector, up $0.52.
Bank of America (BAC) up $0.29.
And then Citigroup (C) managed to gain $0.22.
Time Warner (TWX) a $0.15 rise there.
ExxonMobil (XOM) up $0.42. AG Edwards upgraded Exxon from "hold" to "buy," saying last week's sell off for overdone.
Motorola (MOT) a $0.02 gain there.
And Wells Fargo (WFC) topping out just a sea of plus signs, up $1.05.
Boeing Co (BA) was up $1.83. The company expects to sell to India some 900 airplanes worth $86 billion over the next 20 years, a little business backlog there.
Verizon Communications (VZ) dropped $0.49 despite slightly higher second quarter earnings, $0.58 versus $0.55 last year. That was about in line with estimates. The company's also going to acquire Rural Cellular Corp. and I'll have details on that shortly.
General Motors (GM) did well, up $1.51. Results are due out early tomorrow morning.
Archer-Daniels-Midland (ADM) a $0.12 gain. Fourth quarter earnings jumped to $1.47 from only $0.62 last year, but those earnings do include a one-time $616 million gain on the sale of assets.
Ingersoll-Rand (IR) up $3.63. Citigroup upgraded it from "hold" to "buy" and the company also announced it's selling its Bobcat division to South Korea's Doosan Infracore for about $4.9 billion.
RadioShack (RSH) down $3.25, a real turnaround in the second quarter, earnings of $0.34, versus a loss of $0.02 last year, but sales were well below expectations, down some 15 percent. And Standard & Poor's repeated a "strong sell" on RadioShack stock.
Humana (HUM) up $0.27. Second quarter earnings, $1.28, up from $0.53 last year, but that was $0.06 below the Wall Street consensus.
Mine Safety Appliances (MSA) up $4.23 after the Baird brokerage upgraded it from "neutral" to "outperform."
And MGM Mirage (MGM) up $1.55. Lehman upgraded it from "equal weight" to "over weight" and boosted its price target for MGM from $72 to $82 a share.
And Southwest Gas (SWX) moving up $2.07 after UBS Financial brokerage upgraded it from "neutral" to "buy."
NASDAQ's most active, Apple (AAPL) was down $2.42.
But Google (GOOG) up $4.22.
Microsoft (MSFT) edged a penny higher.
Intel (INTC) $0.31 gain there.
Research in Motion (RIMM) up $4.44.
Cisco Systems (CSCO) gained $0.52.
But Amazon.com (AMZN) down $1.34.
Qualcomm (QCOM) was up $0.86.
Sandisk (SNDK) rising $1.73.
And then topping the active list was Dell (DELL) with a $0.04 loss.
Sun Microsystems (SUNW) closed down $0.03, but just after the close, reported a turnaround, fourth quarter earnings of $0.09, versus a loss of $0.09 last year and those earnings were $0.04 above the Street estimate. In after hours trading, the stock was up about $0.50 from the price you see here.
Valueclick (VCLK) down $5. This company's involved in the sale of online advertising programs. Second quarter earnings a bit higher, $0.17 versus $0.14 and that was a penny below the Street estimate and also the company gave a rather disappointing outlook.
And then as I touched on earlier, Rural Cellular (RCCC) up $10.95. Verizon Wireless will acquire this firm for $45 a share in cash.
And Graham Corp (GHM), over on the American Exchange, up $8.70. The company's involved in steam turbines and heat exchangers, things like that. First quarter earnings $0.66, way up, $0.28 last year. Revenues shot up 37 percent and the company is upbeat on 2008.
And MC Shipping (MCX), which owns tankers and bulk carriers got a buyout bid from Bear Stearns Merchant banking and the price, $14.25 a share in cash.
Those are the stocks in the news tonight.
