Paul Kangas' Stocks in the News
Thursday, September 06, 2007
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JEFF YASTINE: Stocks racked up modest gains today on solid sales from several retailers, which we'll detail next. The Dow stair-stepping higher though through the first half of the session. So, by midday, the blue chips were up 60 points, the NASDAQ up 15. And from there, stocks moved sideways and investors moved to the sidelines ahead of tomorrow's August employment report. So, the Dow ended with a gain of 57.88 at 13,363.10. And then the NASDAQ Composite rising 8.37 to 2,614.32. The S&P 500 climbing 6.26 to 1,478.55. In the bond market, the 10-year note falling 12/32 to 101 29/32 and the yield at 4.51 percent.
On the top of our list, General Electric (GE) gaining $0.65.
And then there's Bob Nardelli's old firm, Home Depot (HD) dropping $1.29. The stock's off 8 percent since last week when the shares hit a one- month high. The company not too optimistic about a recovery in the housing market any time soon.
Wal-Mart Stores (WMT) rising $0.31. As we mentioned earlier, Wal-Mart delivering stronger than expected sales last month as consumers stocked up on school supplies.
Pfizer (PFE) down a fraction. The drug maker starting late stage trials for a combination therapy to treat lung cancer.
And then Time Warner (TWX) dropping $0.12.
Ford Motor Co (F) with just a fractional gain.
Then B Bilbao Vizcaya (BBV) slipping $0.09. A Spanish bank buying (INAUDIBLE) bank shares and today announcing the ratio of cash and stock that will go back to shareholders.
Citigroup (C) losing $0.34.
And Bank of America (BAC) dropping $0.16. The brokerage and banking stocks mostly sitting out of today's market gains after setting one-month highs back in mid-August.
And then AT&T (T) rounding out the actives with a small gain.
And shares in Barrick Gold (ABX) jumped nearly $3 today. The December contract for New York gold breaking above $700 an ounce and notching its highest price since May 9th. Gold stocks following suit on expectations that tomorrow's employment report will highlight weakness in the U.S. economy and perhaps force a rate cut by the Fed.
Taking a look at some other mining stocks today, Agnico Eagle (AEM), Goldcorp (GC), Gold Fields Ltd (GFI), Newmont Mining (NEM) all doing nicely and settling near their highs of the day.
Rio Tinto Plc (RTP) jumping nearly $16. Market rumors are that Rio Tinto could get a joint buyout offer from BHP Billiton and another Brazilian metals firm, Rio Doce (ph).
Still giant Nucor (NUE) ended up nearly $2.50. It'll buy back up to 30 million shares of stock, also declared a special dividend of $0.50 a share.
General Mills (GS) climbing $1.43. The cereal maker boosting first quarter guidance. Consumers apparently not turned off by price hikes on General Mills most popular cereal brands.
Then Volt Info Sciences (VOL) posting a nice gain of more than $4. Healthy demand for telecom services driving impressive third quarter profits of $0.40 a share. That was $0.07 above estimates.
J. Crew Group (JCG) socked for a loss of more than $4. The retailer's profits missing estimates because of disappointing sales.
Now onto the NASDAQ, Apple (APPL) dropping $1.75. If you own an Apple iPhone, you have a $100 in-store credit coming to you from Apple. The company announcing that rebate deal today in an effort to quell grumbling about yesterday's deep price cuts by current iPhone owners.
And then Google (GOOG) dropping over $4. The Internet rife with rumors that Google's building its own G phone to give Google an inside edge in the wireless device sector.
Cisco Systems (CSCO) slipping $0.38.
Microsoft (MSFT) up for the day.
So was Intel (INTC), gaining $0.16.
Microchip Tech (MCMP) picking up $0.23. It'll be added to the S&P 500 replacing Compass Bank Shares.
amazon.com (AMZN) advancing a little over $2.50 or nearly $2.50.
baidu.com (BIDU) another new high there, advancing $0.42.
Research in Motion (RIMM) also up for the day.
Biogen Idec (BIIB) gaining more than $3.50. The company reaffirming its price targets for the year. They see revenues and earnings up by 15 to 20 percent over that period.
Finally, Alabama National (ALAB) surging nearly $24, more than 40 percent, after RBC Centura, that's the U.S. unit of Royal Bank of Canada, making a buyout offer of $80 a share. RBC has been hungering for U.S. banks in the south lately after purchasing Atlanta's Flag Financial in December and it now has more 200 branches in the southeast.
That's a look at our stocks in the news tonight.
