Paul Kangas' Stocks in the News
Monday, September 10, 2007
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PAUL KANGAS: Wall Street opened with a modest rebound from Friday's steep sell-off with the Dow rising 41 points at the outset of trading, while the NASDAQ rose only five points. That mild comeback disappointed buyers, so by late morning, stocks slumped with the Dow off over 75 points, NASDAQ down 24. The market turned very choppy as investors reacted to a speech from San Francisco Fed Bank President Janet Yellen, saying that she sees increased downside risk to the economy. Strength in the financial and energy sectors however, helped stocks end on a narrowly mixed note. The Dow Industrial Average closed up 14.47 points at 13,127.85. The NASDAQ Composite fell 6.59 to 2559.11, while the Standard & Poor's 500 Index fell 1.85 ending at 1451.70. Over in the bond market, the 10-year note gained 17/32 to 103 13/32 putting the yield down to 4.32 percent
Volume leader on the New York exchange trading 15.5 million shares, Pfizer (PFE) down $0.29. The company did reaffirm its 2007 and 2008 earnings guidance, but it said sales of its Lipitor product will be at the low end of its July forecast.
General Electric (GE) up $0.44.
No change in Ford Motor Co (F).
Countrywide Finl (CFC) down $1. After the close Friday, Countrywide said it's going to cut up to another 20 percent of its employees within the next three months. That would be as many as 12,000 jobs going.
ExxonMobil (XOM) down $0.89. There's speculation OPEC may boost oil production when it starts meeting in Vienna tomorrow.
Citigroup (C) was down $0.18.
EMC Corp (EMC) a $0.17 gain.
Advanced Micro (AMD) down or up $0.33. The company unveiled a new quad four processor, apparently was well received.
There you see Home Depot (HD) down $0.40 despite boosting its revenue forecast.
And JPMorgan Chase (JPM) $0.41 gain.
Bear Stearns (BSC) was up $2.13 on news investor Joseph Lewis (ph) and his investment group have taken a 6.97 percent stake over the last several weeks. That would be over 8 million shares of Bear Stearns.
Koninklijke Philips Electronics NV (PHG) up $1.57. The big European electronics firm company says its operating earnings will more than double by the year 2010.
Avery Dennison (AVY) down $2.02. The office products company cut its 2007 earnings estimate by $0.15 a share below its previous range of $3.90 to $4.10 per share in earnings.
CB Richard Ellis (CBG) commercial real estate services firm down $1.42. Goldman Sachs downgraded it from "buy" to just a "neutral" rating.
Good percentage move here by KMG America (KMA). The company's an insurance benefits administrator and it's going to be acquired by Humana for $6.20 a share in cash. Humana moved up $0.28.
Great Lakes Bancorp (GLK) $1.10 gain there. First Niagara Financial Group will acquire it for $14 a share in cash or on a nearly share per share basis or a combination of the two, up to the option of the (INAUDIBLE) shareholder.
Vmware (VMV) which was spun off by EMC Corp in August at $29, nice move today, up $7.26 as the company plans to unveil a new disaster recovery software system.
NASDAQ's most active Apple (AAPL) up $4.94. The company has sold one million iPhones three weeks ahead of schedule. Also, "BusinessWeek" says that the company may participate in the upcoming government spectrum auction.
Intel (INTC) down $0.12 despite boosting third quarter revenue projections.
Google (GOOG) down $4.87.
Cisco Systems (CSCO) a $0.22 gain.
Then Microsoft (MSFT) with a $0.04 rise.
Research in Motion (RIMM) was up $1.79.
baidu.com (BIDU) gained $4.46.
Dell (DELL) down $0.61.
Qualcomm (QCOM) fell $1.12. American Technology Research downgraded Qualcomm from "buy" to "neutral" on concern Motorola is moving toward using Texas Instruments technology for its 3G phone.
Sandisk (SNDK) was up $0.83.
Pharmasset (VRUS) up $1.60. Early stage trials of its hepatitis treatment for hepatitis C are showing promise.
And then over on the American Exchange, Versar (VSR) closed down $0.09, but this morning it traded as high as $10 a share after the consulting firm reported fiscal 2007 earnings $0.62, way above last year's $0.16 and revenues jumped 69 percent.
Those are the stocks in the news tonight.
