Paul Kangas' Stocks in the News
Thursday, August 02, 2007
|
|
|
|
PAUL KANGAS: Stocks on Wall Street moved higher this morning, with buyers encouraged by yesterday's blue chip rally. Good gains in overseas markets and strong results from Nokia added to the enthusiasm. So, by noon, the Dow posted a 59 point gain and the NASDAQ was up 19 points. A pullback was cushioned by strong Kodak earnings and higher bond prices. That resilience and optimism that tomorrow's employment report would sit well with investors triggered a sharp, final hour rally. The Dow Jones Industrial Average closed up 100.96 points at 13,463.33. The NASDAQ Composite was up 22.82 ending at 2,575.98. Standard & Poor's 500 Index gained 6.39 closing at 1,472.20. Over in the bond market, the 10-year note rose 5/32 to 97 29/32, putting the yield at 4.77 percent.
A familiar name at the top of the big board's active list, General Electric (GE) moving up $0.18 or $0.08 I should say on 19.3 million shares.
Followed by JPMorgan Chase (JPM), fractional gains in a lot of the big financials.
Citigroup (C) up $0.93.
Pfizer (PFE) $0.22 gain there.
Time Warner (TWX) rose $0.26 on the big board.
And then Countrywide Financial (CFC) losing $0.43. It traded as low as $25.40 after bond insurer MBIA said that delinquencies on some sub-prime mortgages serviced by Countrywide are rising, so insurance costs will also go up.
ExxonMobil (XOM) $0.66 loss there.
And then a new issue, Genpact Limited (G), this is a Bermuda-based company that does offshore business outsourcing. There were 35.3 million shares offered to the public at 14. That's where it opened and had a high of $17.10, but pretty good debut on the first day.
Bank of America (BAC) edged up $0.15.
And Nokia (NOK) rising $2.49. Second quarter net income more than doubled from last year and Nokia now has 38 percent market share of the global mobile phone market.
Hewlett-Packard (HPQ) rose $1.50 after UBS Financial brokerage boosted its price target from $55 to $61 a share.
International Paper (IP) losing $1.30. Second quarter operating earnings, $0.52, up from $0.30 last year, but that was $0.02 below the Wall Street consensus.
Eastman Kodak (EK) moved up $1.38. Second quarter earnings of $2.06 versus a $0.98 loss last year. Sales did drop a little over 6 percent. Nortel Networks (NT) and this chart incidentally reflects the one for 10 reverse split. You can see that sharp rise there, but today, second quarter loss of $0.07 versus earnings of $0.78 last year. The Street was looking not for a loss but for earnings of about $0.08 a share.
Checkpoint (CKP) up $3.54. There we see second quarter earnings of $0.37 versus $0.11 and a 19 percent rise in revenues.
Dolby Labs (DLB), the audio technology company, up $4.49. Third quarter earnings up to $0.26 versus $0.17 last year. Revenues up 28 percent and the company boosted its earnings guidance.
Getty Images (GYI), the digital photographer, down $8.70. Second quarter earnings excluding one-time items dropped to $0.57 from $0.59 last year and that was a penny below the Street estimate.
And then Clorox Co (CLX) losing $4.49. Fourth quarter earnings were higher, $1.07 versus $0.92 last year, but $0.03 below the Street estimate.
Then another initial public offering, Dolan Media (DM), it provides processing services for lawyers, 13 1/2 million shares offered to the public at $14.15, $0.50 I should say. The high of the day $18.25, successful first day.
Apple (AAPL) up $1.49. Bank of America began coverage with a "buy" and a $160 a share price target.
Intel (INTC) half dollar gain there.
Cisco Systems (CSCO) $0.36 gain.
Google (GOOG) fell $1.93.
But Research in Motion (RIMM) up $8.66 a share.
$0.22 rise in Microsoft (MSFT).
Checkfree (CKFR) jumping $8.57 on news (INAUDIBLE) Incorporated will acquire it for $48 a share.
Applied Materials (AMAT) down $0.13.
Amazon.com (AMZN) moved up $2.40.
And Qualcomm (QCOM) a $0.65 gain there.
Pharmion (PHRM), look at that gain, $14.39. The company's late stage trials of its Vidaza (ph) blood disorder treatment are showing promise. The stock really reacted positively.
And those are the stocks in the news tonight.
