Paul Kangas' Stocks in the News
Friday, August 03, 2007
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PAUL KANGAS: Stocks on Wall Street opened lower on that rather weak jobs report and after back-to-back triple digit gains in the blue chips, the market was quite vulnerable to some profit-taking. At 11:00 a.m., the Dow was off 85 points and the NASDAQ down 21. Stocks stabilized over the midday hours but the market began to tumble around 2:00 p.m. after those Bear Stearns comments about the turmoil in the credit market and of course the selling accelerated right into the close.
The Dow Jones Industrial Average plummeted to end the day with a loss of 281.42 points at 13,181.91. This week it fell twice and rose three times, had a net loss of 83.56 points. The NASDAQ Composite tumbled 64.73, ending at 2511.25. That was today. It also fell twice and rose three times this week, losing 50.99 points overall. The Standard & Poor's 500 lost 39.14 points to end at 1433.06 today. For the week it dropped 25.89 points overall. In the bond market, the 10-year note jumped 20/32 to 98 17/32, putting the yield down to 4.69 percent.
Once again topping the active board on the big board was General Electric (GE) on 23.4 million shares, got hit a little bit on that sell off, down $0.97.
JPMorgan Chase (JPM) down $0.94. Morgan Stanley raised its industry view on the large cap banks from "in line" to "attractive" and the favorites for Morgan Stanley are JPMorgan, Mellon and PMC Financial, considered them reasonably priced. Then Wells Fargo & Co (WFC) down $1.61 on the weak financial group.
Citigroup (C) losing $1.52.
Countrywide Financial (CFC) fell $1.77, even though the company said its mortgage unit has significant short-term funding liquidity cushions.
Then we move along into the active list, Pfizer (PFE) down $0.34.
Followed by Time Warner (TWX) $0.29 drop there.
Bank of America (BAC) off $0.78.
Ford Motor Co (F) a $0.34 loss.
Then ExxonMobil (XOM) losing $3.10 as oil prices also plunged.
Procter & Gamble (PG) was down $0.42 despite fourth quarter earnings rising to $0.67 from $0.55 a year ago, a penny above the Street estimate. On top of that, the company plans to buy back up to $30 billion of its stock over the next three years. However, P&G also said 2008 earnings guidance will be just a little below the Wall Street estimate.
Ruddick Corp (RDK) which has super markets among other things, had third quarter earnings of $0.44, up from $0.37 a year ago, 11 percent rise in sales and the BB&T brokerage upgraded the stock from "hold" to a "buy."
Cabelas (CAB) up $2.26. The sporting goods retailer had second quarter earnings rising to $0.17 from only $0.13 last year, $0.02 better than the Street was thinking.
Treehouse Foods (THS) gained $1.26. Second quarter earnings $0.29, up from $0.25 a year ago, a penny above the Street estimate. Lehman Brothers upgraded the stock to an "over weight" rating.
On the downside, big loss in MetroPCS Communications (PCS) off $7.86. The wireless phone services company did report sharply higher second quarter earnings, $0.17 versus only $0.06 last year, $0.03 better than the Street estimate, but the company added only 155,000 new subscribers in the second quarter. That was well below the 200,000 new subscribers the Street was expecting. You'll see by the chart the company went public at $23 a share in April.
Chiquita Brands Intl (CCB) slipped you might say down $4.17. Second quarter earnings off 62 percent, $0.27, well down from $0.54 a year ago, $0.18 below the Street estimate.
And Tetra Technologies (TTI) off $6.64. Second quarter earnings fell to only $0.30 from $0.39 a year ago. That was $0.22 below the Street consensus.
Walter Industries (WLT), which is involved in coal, natural gas and even home building, off $3.64. Second quarter earnings fell to $0.33 from $0.86 a year ago. Revenues dropped 7 percent.
New issue today, Concho Resources (CHO), an oil/gas exploration company, went public on 21 million shares at $11.50, opened $11.61, the high of the day, $13.38. It backed off a little bit, still had a successful debut.
Apple (AAPL) topped the active list on NASDAQ, down $4.64.
And then $0.28 drop in Intel (INTC).
Microsoft (MSFT) losing $0.56.
Google (GOOG) down just over $8.
And then Cisco Systems (CSCO) a $0.67 loss.
Research in Motion (RIMM) fell $5.57.
Similar drop in Network Appliance (NTAP), but Network cut its first quarter outlook from previous earnings estimates of $0.14 to $0.15, all the way down to $0.08 to $0.09.
Applied Materials (AMAT) off $0.11.
Sandisk (SNDK) moved up $0.66.
Qualcomm (QCOM) down $1.27.
Take Two Interactive (TTWO) down $2.75 on news the company will delay the introduction of its Grand Theft Auto video game by about six months.
Those are the stocks in the news tonight.
