Paul Kangas' Stocks in the News
Thursday, August 09, 2007
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PAUL KANGAS: Wall Street opened with a 185 point plunge on the Dow on those mounting fears both here and abroad about turmoil in the U.S. mortgage and credit markets. The sell-off deepened after AIG Corp warned it is seeing mortgage delinquencies spreading from sub-prime into alt A (ph) loans. Then a feeble early afternoon rally attempt failed and the market tumbled into the close with the worst of the selling coming in the final minutes of trading. The Dow Jones Industrial Average lost 387.18 points at 13,270.68. The NASDAQ was down 56.49, ending at 2556.49. Standard & Poor's 500 plunged 44.40 to close at 1453.09. Over in the bond market, the 10-year note climbed to 21/32 to 99 26/32, pushing the yield down to 4.78 percent.
Most active New York exchange issue on 29.6 million shares, General Electric (GE) down $1.52, even the big caps hurt by this sell off.
And that goes for Citigroup (C) with a loss of $2.59.
$0.47 drop in Pfizer (PFE).
Time Warner (TWX) dropped $0.32.
And then Ford Motor Co (F) with a $0.49 drop.
JPMorgan Chase (JPM) another weak financial, off $2.34.
Bank of America (BAC) losing $1.35.
Motorola (MOT) a $0.29 loss.
And then ExxonMobil (XOM) plunging almost $4 a share.
And EMC Corp (EMC) down $0.66, not a gainer in the 10 most active.
Home Depot (HD) down $2.01. The company's in discussions to cut the $10.3 billion sale price of its building supply unit. Also it's cutting the price of its 250 million share tender offer for its stock from a range of $39 to $44, down to a range of $37 to $42 and the stock hurt by that news obviously.
And then Goldman Sachs Group (GS) down $11.05. "Wall Street Journal" today reported it sold some positions in two of its hedge funds.
And then another big financial, Bear Stearns Cos (BSC) down $7.07. Standard & Poor's repeated a "strong sell" on Bear Stearns due to problems in several of its hedge funds as we touched on.
Nationwide Financial (NFS) off $4.67. Standard & Poor's downgraded it from "hold" to "sell" because of weakness in the company's fixed annuity sales.
Then a retailer, Macy's (M) down $1.98. July same store sales fell 1.4 percent. The Street was looking for about a 1.5 percent drop, so a little better than expected.
JW Nordstrom (JWN) off $0.53. That's holding up pretty well. July same store sales were up 9.4 percent. The Street (INAUDIBLE) just a 4.2 percent gain.
Then Magna International (MGA) up $3.88, bucking the overall trend. Big earnings second quarter, $2.35, up from last year's $1.75. The Street was expecting only $1.83 and the Canadian auto parts maker wants to help Chrysler expand internationally.
Chesapeake Corp (CSK) down $1.53. Second quarter loss of $0.65 versus a loss of only $0.25 last year. The company blamed reduced tobacco packaging sales.
And then Campbell Soup Co (CPB) down $1.70. The company is considering the sale of its Godiva chocolate unit.
And then a new issue came to market today, Wuxi Pharmatech (WX) I believe it's pronounced, Wuxi. It's a Chinese biotech research company, an IPO of 13.2 million American depository shares offered at $14, opened at $18.50 and the high of the day $19.65, closed near the high.
Apple (AAPL) topped the active list, down $7.62.
Cisco Systems (CSCO) a $0.28 loss.
Google (GOOG) off $11.05. The high flyers getting their wings clipped today.
Microsoft (MSFT) a $0.70 drop. And Intel (INTC) fell $0.76 a share.
Research in Motion (RIMM) off just over $10.
Qualcomm (QCOM) $1.93 drop.
Applied Matl (AMAT) off $0.57.
A gainer, Nvidia (NVDA), up $0.54.
And then Ebay (EBAY) down $0.12. Knot Inc (KNOT) up $4.65. The company is a wedding content provider online and apparently a lot of people tied the knot. Second quarter earnings, $0.15, $0.05 above the Wall Street estimate.
And on the downside, Limelight Network (LLNW), as you can see that stock just went public in June at $15, but it had a second quarter loss of $0.23, versus $0.04 in earnings a year ago and it's predicting a third quarter loss as well.
And that's a look at our stocks in the news tonight.
