Paul Kangas' Stocks in the News
Tuesday, September 11, 2007
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PAUL KANGAS: That decline in the trade gap helped buyers take command on Wall Street this morning. The bulls also saw the market as oversold after Friday's steep sell-off and its failure to rebound yesterday. By 1:00 p.m. the Dow had climbed 137 points and the NASDAQ Composite was up 28. Stocks added to their gains this afternoon when the Bernanke speech did not quash hopes for a rate cut next week. So the Dow Industrial Average closed up 180.54 points at 13,308.39. The NASDAQ Composite jumped 38.36 points to 2597.47. The Standard & Poor's 500 Index gained 19.79 ending at 1471.49. Over in the bond market, the 10-year note fell 14/32 to 103 even, putting the yield at 4.37 percent.
Most active New York exchange issue, trading 18 million shares, Countrywide Financial (CFC) down $0.33. The company says it's working on a new strategic bail out plan similar to the Bank America plan. That according to the "New York Post."
EMC Corp (EMC) up $0.36.
And then General Electric (GE) a $0.31 gain.
Followed by Pfizer (PFE) up $0.23.
Citigroup (C) was a gainer by $0.71 a share.
ExxonMobil (XOM) rising $2.08, even though the OPEC plans to cut back or increase production I should say, but oil prices did rise today despite that.
Ford Motor Co (F) $0.06 gain there.
Bank of America (BAC) rising $0.49.
Wells Fargo & Co (WFC) $0.98 gain.
And then tenth in big board volume was AT&T (T) with a nice gain of $1.03 a share.
Boeing Co (BA) up $2.11. The company has received a $1.1 billion tanker maintenance contract for the United States Air Force. It's good for a 10-year period.
Then we see General Motors (GM) rising $1.33. The company has submitted two proposals to the United Auto Workers union regarding health care and labor costs, some optimism there could be agreement. Also, GM's European chief expects GM sales in Europe to rise 20 percent above expectations next year.
LSI Corp (LSI) moved up 47 percent. That's almost a 7 percent gain. Deutsche Bank securities upgraded it from "hold" to "buy" on the prospects for higher third quarter revenues from LSI with improving profit margins.
Western Digital (WDC) gained nearly $1. Excluding charges related to the company's acquisition of Komag, the company sees third quarter earnings at $0.61 to $0.65 a share, well above the $0.48 per share Wall Street estimate.
ArcelorMittal Sa (MT), the big aluminum producer, up $2.61. The company predicting its steel shipments will rise 20 percent from now to the year 2012.
On the downside, King Pharmaceuticals (KG) fell $1.06. A Federal appeals court has ruled the company's blood pressure medicine, called Altace has an invalid patent.
Radian Group (RDN) up $1.72, insider buying, a CEO boosted its stake by 15,000 shares yesterday to a total of 104,000 and Radian's chairman bought 3400 shares.
And speaking of insider buying, American Eagle Outfitters (AEO) up $2.14. Its chairman last Friday bought 848,000 shares of the stock.
NASDAQ's most active was Apple (AAPL) down $1.22.
Followed by Intel (INTC) $0.31 gain there.
Google (GOOG) did well, up $6.85.
Baidu.com (BIDU) rising $8.94.
And Amgen (AMGN) a $2.84 gain there.
Cisco Systems (CSCO) edged up $0.42.
Imclone Systems (IMCL) up nearly $7 a share. The company's Erbitux product along with chemotherapy has shown to extend survival rates in lung cancer patients.
Microsoft (MSFT) $0.45 gain.
Research in Motion (RIMM) up $0.75.
And Qualcomm (QCOM) was up $1.24 a share.
United Retail Group (URG), look at that gain, 78 percent, up $5.92 on news Redcats USA will acquire the company for $13.70 a share.
And finally, shares of Trubion Pharmaceutical (TRBN) fell $5.89 after announcing plans for additional testing of its rheumatoid arthritis drug.
