Paul Kangas' Stocks in the News
Monday, September 17, 2007
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PAUL KANGAS:The oil markets were also waiting for the Fed. October crude prices surged $1.47 to a record high $80.57 a barrel amid hopes for a rate cut and fresh worries about more Atlantic hurricanes. Stocks opened lower pressured by those higher oil prices, profit taking after last week's surge and weak European stock markets. Just before noon, the Dow was off 60 points and the NASDAQ posted a 25-point loss. The market did well to keep its losses from getting worse as investors grew extremely cautious ahead of tomorrow's Fed rate decision. The Dow Industrial Average closed off 39.10 at 13,403.42. The NASDAQ Composite fell 20.52 ending at 2581.66. Standard & Poor's 500 Index down 7.60 at 1476.65. Over in the bond market, the 10-year note fell 2/32 to 102 8/32, putting the yield at 4.47 percent.
New York exchange volume leader on 16.7 million shares, Ford Motor Co (F) moving up $0.25. Bear Stearns analyst today said he likes Ford stock over General Motors if these union talks are successful.
Pfizer (PFE) down $0.16.
Time Warner (TWX) dropped $0.40. "Wall Street Journal" heard on the Street column today says Jeffrey Bewkes will succeed Richard Parsons as CEO later this year, but the change won't bolster the stock price much.
EMC Corp (EMC) $0.53 drop there.
Citigroup (C) fell $0.61.
And then JPMorgan Chase (JPM) losing $0.25.
General Electric (GE) dropped $0.17.
Alcatel-Lucent (ALU) a $0.39 loss.
General Motors (GM) moved up $1.01 on optimism regarding the outcome of those union negotiations apparently.
And Bank of America (BAC) down $0.44. The company warned its third quarter results will be hurt by the volatility in the credit markets.
Monsanto Co (MON) moving up $1.94. The company sees 2007 earnings excluding one-time items will be around $2 a share, up from the company's previous guidance of $1.75 to $1.80 a share.
Marsh & McLennan (MMC) down $1.58. Brian Storms is stepping down immediately as the CEO of Marsh Incorporated. That's the company's insurance broker subsidiary. Meanwhile, Citigroup downgraded Marsh & McLennan stock from "buy" to just a "hold" rating.
SunCom Wireless Holdings (TPC) moving up $3.65. T-Mobile USA will acquire this company for $27 a share in cash.
And EDO Corp (EDO), an electronics firm, up $3.33. It's going to be acquired by ITT for $56 a share.
Aegean Marine Petroleum (ANW), which fuels ships at sea and was up $3.36 last Friday on a Jeffries "buy" recommendation with a $42 a share target, up another $2.11 today.
Newell Rubbermaid (NWL) gaining $2.26. The company boosted its third quarter guidance from about $0.44 a share to $0.48 to $0.50. The Street estimate is only $0.45.
PHH Corp (PHH) down $4.26. The company's in the mortgage services business and its acquisition by a GE unit and Blackstone Group seems to be in jeopardy due to a $750 million short fall in the financing for that acquisition.
Enterra Energy Trust (ENT), big percentage drop there, off $1.87. The company suspended its monthly distribution of $0.06 a share in order to help repay debt.
NASDAQ's most active for the umpteenth time in a row, Apple (AAPL) down $0.40.
But Baidu.com (BIDU) jumping $18.01. RBC Capital brokerage boosted its price target on baidu from $302 to $333 a share.
Google (GOOG) $3.45 loss there.
Intel (INTC) an $0.08 drop.
And there you see Microsoft (MSFT) losing $0.32 on that negative European court decision.
Cisco Systems (CSCO) a $0.06 drop.
Research in Motion (RIMM) fell $0.99.
Amgen (AMGN) an $0.86 loss.
Yahoo! (YHOO) managed to gain $0.22.
And then Oracle (ORCL), tenth in NASDAQ volume was down a nickel a share.
E*Trade (ETFC) closed down only $0.18. After the close however, the company cut its 2007 earnings estimate from $1.60 down to $1.10 a share and in after hours trading, E*Trade stock I saw as low as $13 a share.
Infospace (INSP) down - I should say up $4.13. The company's going to sell its online directory business to IDEARC Incorporated for $225 million in cash. Webush Morgan upgraded Infospace stock price from $19 to $22 a share.
Irobot (IRBT) down $5.35. The company lost out on a contract from the government to make military robots.
And then over on the American exchange, a semiconductor company, Trio- Tech Intl (TRT) plunging $5.37. The company reported lower fourth quarter earnings, $0.21 down from $0.22 a year ago. Revenues fell 3.2 percent, but the company's gross profit margins were lower in the fourth quarter.
Those are the stocks in the news tonight.
