Paul Kangas' Stocks in the News
Friday, August 17, 2007
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PAUL KANGAS: Wall Street's response to the discount rate cut was a resounding opening rally which sent the Dow rocketing 322 points at the outset of trading with the NASDAQ vaulting 45 points. The buying frenzy eased a bit over the next several hours, but the Dow maintained its triple digit gain as financial and oil stocks led the upturn. Investor confidence overcame normal pre-weekend selling pressures and the market ended on a strong note. The Dow Jones Industrial Average closed up 233.30 points at 13,079.08. This week it rose only once today and it posted a net weekly loss of 160.46 points. The NASDAQ vaulted 53.96 points ending at 2505.03 today. It also rose only once this week and dropped 39.86 points overall. The Standard & Poor's 500 index was up 34.67 to 1445.94 today. This week it lost 7.70 points overall. In the bond market, the 10-year note gained 3/32 to par and 15/32 lowering the yield at 4.69 percent
New York exchange volume leader on 33 1/4 million shares was Citigroup (C) leading the charge by the financial stocks into higher ground, up $1.26 there.
Then GE (GE) did well, up $1.25.
Countrywide Financial (CFC), big percentage gain, a $2.48 advance. Bank America upgraded it from "sell" to "neutral," although it did cut its price target from $31 down to $21 a share, where it is now. The company's banking unit today assured customers their accounts are backed by the Federal Deposit Insurance Corporation.
More strong financials, Bank of America (BAC) up $1.91.
JPMorgan Chase (JPM) rising $1.54.
Pfizer (PFE) a $0.55 gainer.
Then Wells Fargo (WFC) up $1.85.
Time Warner (TWX) edged up $0.08.
AT&T (T) was up $1.13.
And ExxonMobil (XOM) on higher oil prices gained $3.47.
Hewlett-Packard (HPQ) up $1.10. After the close yesterday as we reported, Hewlett had third quarter earnings of $0.71 a share and that was $0.05 better than the Street was expecting.
Home Depot (HD) edged up $0.49. UBS financial brokerage upgraded it from "sell" to a "neutral" rating.
And then Kohl's Corp (KSS), the department store chain, up $4.63. Second quarter earnings came in at $0.83, well above $0.69 last year, a penny better than the Street expected and Deutsche Bank securities upgraded the stock from "neutral" to a "buy" recommendation.
Parker-Hannifin (PH), which is in the hydraulic machinery business, up $4.77. The company announced a three for two stock split and the fact that it will buy back up to $500 million of its own stock.
Belden Inc (BDC), the electronic cables connector maker, is going to buy back $100 million of its own stock.
Then Leucadia Natl (LUK) rising $2.17. It'll replace KeySpan in the Standard & Poor's 500 Index.
Thornburg Mortgage (TMA) rising $2.66, big percentage move there. AG Edwards upgraded it from "sell" to a "hold" rating.
And there you see JM Smucker (SJM), the jam and jelly maker, up $1.08, big first quarter earnings, $0.71, way above $0.50 last year.
And then on the downside, we see WNS Holdings (WNS), this is an India- based business outsourcing company, JPMorgan downgraded it from "over weight" to just "neutral." After the close yesterday, the company said it lost a major customer and that'll cut revenues in fiscal 2008 by about $12 million.
Apple (AAPL) topped NASDAQ's active list with a gain of $5.01.
Research in Motion (RIMM) did exceedingly well, up $22.50.
Google (GOOG) in there with an $8.52 gain.
Cisco Systems (CSCO) $0.69 rise.
Intel (INTC) was up $0.60 itself.
Microsoft (MSFT) rose $0.44.
Qualcomm (QCOM) $0.61 advance.
Comcast Corp A (CMCSA) up $0.27.
Amgen (AMGN) rose $0.67.
And Dell (DELL) in this sea of plus signs, up $0.39 a share.
Rare Hospitality (RARE) International, look at that gain, up over, almost 36 percent, up $9.87. The news, Darden Restaurants will acquire this company for $38.15 a share in cash. Darden stock was down $1.03 on that news.
And then Accuray Inc (ARAY) plunging $4.62. The company's in the robotic surgery products and after the close yesterday, it did report a turnaround, earnings of a penny versus a loss of $0.49 last year, but there was concern over the company's sales outlook, which is below Street estimates. CIBC World Markets brokerage thinks the company's earnings estimates are too high.
And then Elizabeth Arden (RDEN), a cosmetics company, a big gain of $4.10. Fourth quarter operating earnings of $0.34, versus of loss of $0.04 a share last year and revenues jumped 28 percent in the period. Standard & Poor's boosted its price target on Arden stock by $2, up to $27 a share.
Those are the stocks in the news tonight.
