Paul Kangas' Stocks in the News
Friday, September 07, 2007
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JEFF YASTINE: The hope of a pre-meeting rate cut was about all Wall Street's bulls had going for them as stocks headed lower today. The Dow lost 230 points in the first two hours with GM, Alcoa and Intel leading the way down. The NASDAQ dropped 57 in the same period. A small bounce came at midday and that became a chance for short-sellers to reload, selling off stocks into the closing bell. SO the Dow falling almost 250 points to 13,113.38. In this shortened work week, the index rose twice and fell twice for an overall loss of 244.36 points. The NASDAQ dropping 48.62 today and it also fell twice and rose twice this week for an overall loss of 30.66 points. The S&P 500 sliding 25 points today and for the week, it was off 20.44 points. And buyers fled to bonds where the 10-year note surged 1 2/32 to 102 28/32. That dropped the yield to a 20-month low of 4.39 percent.
And now let's take a look at some stocks in the news tonight.
And General Electric (GE) tops our list, losing $0.65 in today's sell off.
Pfizer (PFE) losing $0.37.
And Home Depot (HD) down $1.01.
Ford Motor Co (F) losing $0.26. It's approaching its mid-August lows.
And Citigroup (C) dropped $0.18.
And Bank of America (BAC) falling $0.77. The financials were down today, but not taking the biggest losses among the various sectors.
Motorola (MOT) losing $0.29. The company wants to improve its operating profit margins by shortening its cash conversion cycle and speeding up the time it takes to buy, assemble and ship cell phones out to customers.
Time Warner (TWX) losing a little over $0.50.
EMC Corp (EMC) dropping $0.42.
Countrywide Financial (CFC) losing $0.27. After the close, the lender said it will cut up to 12,000 jobs over the next three months. It's about 20 percent of the workforce. The variety of those cuts depends on credit market conditions. Loan originations will drop 25 percent next year.
And then running down a list of the biggest contributors to the Dow's losses today, Alcoa (AA), aluminum inventories have been building up the past week in London.
American Express (AXP) dropping $1.65.
Caterpillar (CAT) losing over $2.
General Motors (GM) down $1.50. Goldman Sachs cut estimates on General Motors.
Honeywell Intl (HON) down nearly $2. Together, these stocks accounting for about 73 points of today's nearly 250 point decline.
Harley-Davidson (HOG) skidding for a 9 percent loss, managers forecasting a 6 percent drop in 2007 profits after poor sales last month. The stock's off about 30 percent as you can see since late last year.
Office Depot (ODP) plunged to a two-year low. The stock fell over $2. Executives say small businesses are cutting back on their purchases and that will hurt Office Depot's second half results. Analysts cut their profit forecast and price targets.
Wyeth (WYE) finishing down $1.82. A Federal court decision will allow generic competition for Wyeth's largest selling heartburn drug Protonix (ph). Tava Pharmaceuticals wants to make a generic competitor when Protonix goes off patent in 2010.
Then Beazer Homes (BZH) down $1.41. A trustee overseeing $1.3 billion in outstanding notes from Beazer claims Beazer is in default because of the home builder's delays in its financial reports. Beazer says it is not in default and says the default notices from the trustee, U.S. Bank National Association, are quote, without merit.
And then Krispy Kreme Doughnuts (KKD) dunked for a loss of more than $2, reporting large second quarter losses and revenues fell more than 7 percent.
Looking at the NASDAQ, Apple (AAPL) down more than $3. The $100 iPhone rebates to customers announced yesterday will cost the company an estimated $100 million.
Cisco Systems (CSCO) dropping for the day.
Google (GOOG) down more than $4.
Intel (INTC) losing $0.68.
Microsoft (MSFT) off nearly half a dollar.
Research in Motion (RIMM) down more than $3.
Baidu.com (BIDU) reversing from yesterday's highs, down more than $6.50.
Dell (DELL) dropping $1.
Qualcomm (QCOM) losing more than $0.90.
Amazon.com (AMZN) down $1.69.
China Tech Development (CTDC) jumping $1.41. It's a computer network security firm. They want to get into the solar power industry.
And then finally, Interdigital (IDCC) climbing nearly $3. This is a wireless technology firm which raised its estimates on third quarter revenues. Of course, back in mid-August, the same company predicted a third quarter sales decline.
Those are our stocks in the news tonight.
