Paul Kangas' Stocks in the News
Friday, August 24, 2007
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PAUL KANGAS: Wall Street got an early boost from that solid jump in durable goods orders. Buyers became even more aggressive after the surprisingly strong new home sales data were released, which also suggested the economy was quite healthy. By mid-day, the Dow posted a 65 point gain and the NASDAQ was up 15 points. The steady advance attracted more buyers this afternoon, resulting in a full-fledged rally, lifting the market to its best level of the day at the final bell. The Dow Industrial Average closed up 142.99 points at 13,378.87.
This week, it fell twice and rose three times, had an overall gain of 299.79 points. The NASDAQ Composite was up 34.99, ending at 2,576.69 today. For the week, it fell only once and rose four times, had an overall gain of 71.66 points. Standard & Poor's 500 rose 16.87 to 1,479.37 today and it advanced 33.43 points for the week overall. Over in the bond market, the 10-year note rose 9/32 to 101 1/32, putting the yield at 4.62 percent. Second day running, the most active issue was Countrywide Financial (CFC), traded 15.6 million shares today and the stock down $1.02. Yesterday, its CEO said that the housing industry continued to deteriorate. It could lead the nation into a recession.
Pfizer (PFE) $0.12 gain.
General Electric (GE) $0.29 gain.
EMC Corp (EMC) moved up $0.53.
And then Leucadia Natl (LUK) a $0.67 advance. This stock at the close today replaced Keyspan (ph) in the Standard & Poor's 500 Index. Leucadia also plans to sell 5.5 million of its common shares from time to time.
Ford Motor Co (F) moved up $0.15.
Followed by Wal-Mart Stores (WMT) with a $0.57 gain.
ExxonMobil (XOM) on the higher oil futures, up $1.94.
Time Warner (TWX) fell $0.03.
And then Citigroup (C) topping off the 10 most active with a $0.15 gain.
Nucor (NUE), the big steel company, up $3.58. Merrill Lynch upgraded it from "neutral" to "buy," citing the positive backdrop now for steel pricing.
And that led a number of steel stocks to do well just like Nucor. AK Steel Holdings (AKS) up $2.08.
$4.74 gain in Arcelor Mittal (MT).
Steel Dynamics (STID) gained $3.25.
And US Steel Corp (X) doing well too, up $2.59.
HJ Heinz (HNZ) up $0.21. First quarter earnings came in at $0.63, just like the company predicted a week ago and that was $0.08 above the Wall Street estimate.
Metro PCS Communications (PCS) up $2.82 on speculation the company may merge with Leap Wireless International. Credit Suisse meanwhile says PCS stock is under valued. You may recall it went public in April at a price of $23 a share.
Gap Inc (GPS) gained $1.11. After the close yesterday, out with second quarter earnings of $0.19 versus only $0.15 a year ago. The company also plans to buy back up to $1.5 billion worth of its own stock.
Ann Taylor Stores (ANN) moving up $2.79, even though second quarter earnings fell to $0.50 from $0.59 last year, but that was $0.02 better than the Wall Street consensus. Also Ann Taylor plans to buy back an additional $300 million worth of its stock and it's also launching a new store concept.
Aeropostale (ARO), another apparel retailer, up just $0.12. Second quarter earnings though almost double, $0.19 versus $0.10 a year ago and a penny better than the Street expected.
Bradley Pharma (BDY) gaining $1.33. India's Dr. Ready laboratories has reportedly made a preliminary buyout bid but no details as to what it might be.
AmeriCredit (ACF) down $0.92. Goldman Sachs downgraded it from "neutral" to a "sell" on concerns about the company's outlook.
And then Burger King (BKC) fell $0.86 despite a sharp fourth quarter turnaround with earnings of $0.26 versus a loss of $0.08 last year, but the company's plan for a big increase in capital spending could curtail any big stock buyback and that might have turned a few investors away.
NASDAQ's most active, Apple (APPL) moving up $4.23.
Microsoft (MSFT) $0.51 gain.
Intel (INTC) $0.56 gain.
Google (GOOG) moved up $2.81.
And Marvell Technology Group (MRVL) down $2.10. After the close yesterday, Marvell reported a second quarter loss of $0.10 a share, versus earnings of $0.07 the year before. It also cautioned it's going to take longer than expected to achieve its goal of 50 percent profit margins.
Research in Motion (RIMM) was up $1.40.
Cisco Systems (CSCO) a $0.46 gain.
Sun Microsystems (SUNW) an $0.08 advance.
No change at all in baidu.com (BIDU).
And then Oracle (ORCL) was a $0.57 gainer.
Sonic Solutions (SNIC) tumbled $2.60, a 25 percent drop. First quarter revenues were disappointing to a lot of investors and down went the stock.
And those are the stocks in the news tonight.
