Paul Kangas' Stocks in the News
Monday, September 24, 2007
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PAUL KANGAS: Wall Street opened slightly lower on some mild profit taking after last week's upsurge. But stocks then moved higher on hopes that General Motors and the UAW would soon reach a new labor pact. The Dow was up 40 points just before the 11 a.m. strike deadline with the NASDAQ Composite 18 points higher. When the GM talks failed and the strike was called, the market lost its footing and went into a slow downward spiral for the rest of the session. The Dow Jones Industrial Average closed off 61.13 points at 13,759.06. The NASDAQ Composite lost 3.27 ending at 2667.95, while the Standard & Poor's 500 Index was down 8.02 points at 1517.73. Over in the bond market, the 10-year note fell 2/32 to par and 28/32, putting the yield at 4.64 percent.
New York exchange volume leader on 23 3/4 million shares, EMC Corp (EMC) a nice move up, $1.48. Citigroup upgraded it from "hold" to "buy" and Bear Stearns upgraded it from "peer perform" to "out perform" and both brokerages cited the benefits of the company's 87 percent ownership of VM Wear, whose stock has soared since its August IPO at $29. VM Wear today was up $4.52 at $83.83, benefitting from "buy" recommendations from UBS Financial and Citigroup.
Ford Motor Co (F) up $0.25.
Pfizer (PFE) lost $0.17.
Citigroup (C) down $0.92.
General Motors (GM) itself off just $0.20 on the strike news.
AT&T (T) lost $0.26.
First Data Corp (FDC) moving up $0.14.
General Electric (GE) $0.40 lost.
Primewest Energy (PWI), this is a Canadian oil and gas producer, up $6.32. Abu Dhabi's state energy company will acquire this firm for $26.75 a share in cash.
Then came AMR (AMR) down $3.49. The company says that third quarter revenues will rise 3.7 to 4.7 percent, but that's considerably slower than its rivals and on top of that, Solane (ph) securities today downgraded AMR from "buy" to just a "hold." All this news had very negative impact on other major carriers.
Continental Air (CAL), Delta Air Lines (DAL), UAL Corp (UAUA) and US Airways Group (LCC) all significant losers today.
Motorola (MOT) edged up $0.16 a share. The story here, RBC Capital upgraded it from "sector perform" to "out perform" citing improvement at the company's handset division.
Then NYSE Euronext (NYX) up $1.76. The "New York Times" reported the company is going to shut two of its trading floors in the next few weeks as face to face transactions are giving way to more and more computer trades.
BHP Billiton Ltd (BHP), the big Australian conglomerate, up $3.41. Reportedly the company will announce later this week it discovered potentially the world's largest gold resources in south Australia, nice move in the stock today.
Petrochina Co Ltd ADR (PTR) up $13.90. China's stock regulator approved the company's plan to launch an IPO of local currency shares on the Shanghai stock exchange.
Standard Pacific (SPR), the home builder, down $1.05. The company's eliminating its quarterly cash dividend to $0.04 a share and it's going to offer $100 million in convertible notes.
Then another nice move by Aegean Marine Petroleum (ANW) up $2.30, positive comments in this week's "Barron's" about the marine fuel supplier which should benefit from the increase in the building of new ships, more business.
Las Vegas Sands (LVS) up $9.69. Jeffries brokerage repeated a "buy" and boosted its price target from $124 to $163 a share.
Then Lowe's Companies (LOW) closed down $0.07 but after the close, the company warned its full year earnings could fall below its August forecast of $197 a share. In after hours trading, Lowe's stock fell $2 from this closing price here.
And then Target (TGT) down $1.35. After the close, it warned its September same store sales would rise only 1 1/2 to 2 1/2 percent, well below its previous guidance for a 4 to 6 percent rise. In after hours trading, Target stock fell about $3 from this level.
Apple (AAPL) topped the active list up $4.13. Citigroup upgraded its target from $160 to $185 a share, boosted 2008 earnings estimates.
Google (GOOG) up $7.92.
Microsoft (MSFT), there you see it, up $0.43.
Baidu.com (BIDU) up $18.81.
Research in Motion (RIMM) gained $1.32.
Then Intel (INTC) an $0.11 gainer.
Cisco Systems (CSCO) $0.42 drop.
Oracle (ORCL) was off $0.19.
Comcast (CMCSA) a $0.20 drop.
Qualcomm (QCOM) managed to move up $0.81 a share.
C-Cor Inc (CCBL) rising $2.14. This company is going to be acquired for $13 a share, $13.75 a share in cash or stock by ARRIS Corporation or ARRIS Group as we see here.
And those are the stocks in the news tonight.
