Paul Kangas' Stocks in the News
Thursday, September 20, 2007
|
|
|
|
PAUL KANGAS: The weak dollar and strong gold prices had Wall Street on the defensive at the opening today. Stocks were also vulnerable to profit taking after two days of big gains. But the losses were rather small this morning as the Dow fell 30 points at worst and the NASDAQ was off only about five. The markets stair-stepped a bit lower this afternoon though as oil and gold surged still higher, while the dollar continued lower, causing the market to close near its low of the day. The Dow Jones Industrial Average ended off 48.86 points at 13,766.70. The NASDAQ Composite was off 12.19 ending at 2,654.29, while the Standard & Poor's 500 Index lost 10.28 points at 1,518.75. Over in the bond market, the 10-year note slid 1 8/32 to par and 12/32, putting the yield all the way up to 4.70 percent. Big board volume leader on 15 1/4 million shares, Pfizer (PFE) losing $0.36. Followed by Citigroup (C). Financial gave back some of their recent gains today.
General Electric (GE) $0.25 loss there.
AT&T (T) bucked the trend, up $0.45.
Ford Motor Co (F) down $0.15 a share.
Motorola (MOT) moved up $0.47 after the Cowan and Company brokerage upgraded it from "neutral" to "out perform."
Major loser, Circuit City Stores (CC) dropping 18 percent. A second quarter loss of $0.38 a share versus a gain of $0.06 last year. The Street estimate wasn't for a loss of $0.38. It was for a loss of only $0.12. Same store sales in the period down 6.2 percent and the company sees more weakness in the third quarter.
JPMorgan Chase (JPM) down $0.61.
Time Warner (TWX) dropped a dime.
And then Bank of America (BAC) losing $0.28 a share.
Fedex Corp (FDX) was off $3.06. First quarter earnings were up 4 percent to $1.58 versus $1.53 a year ago. Revenues up 8 percent, but the company said second quarter earnings will come in around $1.60 to $1.75. That's well below the Street estimate of $1.97 a share, so the stock lost a little ground.
American Greetings (AM) carding a gain of $1.84 today, a real turnaround. Second quarter earnings of $0.16 a share versus a loss of $0.22 a year ago.
China Eastern Airlines (CEA) soaring $26.24, traded higher than that, $124.50. The company reportedly is in a joint venture with AVIC Corp. That's a Chinese aircraft manufacturer and they will operate a regional carrier in China starting next year.
Meridian Gold (MDG) up $2.08. First of all, you've heard how strong gold was today, almost at $740 an ounce. And then on top of that, Yamana Gold has sweetened its cash part of its tender offer for Meridian by $2.50 Canadian to $6.50. That's the cash part of the bid. The stock offer remains the same in that takeover bid.
Cott Corp (COT), the beverage firm, down $1.95. The company said it no longer believes it can meet its previous 2007 earnings and revenue guidance. Now it sees flat revenue growth and operating income substantially below the levels of 2006.
Clarcor (CLC), which is in the filtration and packaging products business, tumbling $4.89. Third quarter earnings excluding one-time items, $0.45 a share, $0.04 below the Street estimate and the company cut its full year earnings estimate by $0.02 a share.
Apple (AAPL) topped the active list on NASDAQ, down $0.46.
Then Google (GOOG) bucking that trend with a gain of nearly $6 a share.
Microsoft (MSFT) down $0.25.
baidu.com (BIDU), after some huge recent gains, up $0.13.
Same story with Intel (INTC) up $0.13.
Research in Motion (RIMM) fell $1.57.
Cisco Systems (CSCO) $0.12 gainer.
Oracle (ORCL) was up $0.20.
And Comcast "A" (CMCSA) a $0.60 loss.
Qualcomm (QCOM) up $0.50 a share.
A very hot initial public offering today, Athenahealth (ATHN), this is a company that provides Internet services to help doctors handle insurance claims and things like that. 6.3 million shares offered to the public at $18, opened at $30, the high of the day, $38.74 and it closed near the high at $35.50 with a gain of $17.50. What a hot new issue there.
Biocryst Pharmaceuticals (BCRX) however tumbling $3.78. The company's mid-stage trials of its flu vaccine produced no results better than placebos.
Those are the stocks in the news tonight.
