Paul Kangas' Stocks in the News
Wednesday, October 03, 2007
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PAUL KANGAS: Wall Street headed lower early today on continued profit taking after Monday's record high on the Dow. The blue chip index fell 70 points at the outset of trading, while the NASDAQ lost 18. Adding to the losses, reaction to yesterday's late day news of Micron Technology's fourth quarter loss and Morgan Stanley starting Intel stock at an "under weight" rating this morning. The sell-off attracted bargain hunters as the Dow cut its loss to 25 points at noon, but weakness in the tech sector blunted any recovery attempts. So the market went on to close broadly lower. The Dow Industrial Average ended down 79.26 points at 13,968.05. NASDAQ Composite fell 17.68 at 2,729.43. Standard & Poor's 500 down 7.04 points, ending at 1,539.15. Over in the bond market, the 10-year note lost 9/32 to 101 15/32, putting the yield at 4.56 percent.
Most active New York exchange issue on 16.4 million shares, Micron Tech (MU) losing $1.05. After the close yesterday, the company reported a fourth quarter loss of $0.21 a share, versus earnings of $0.08 a year ago. The company cited lower memory chip prices.
Co Vale do Rio (RIO) down $3.15. The Brazilian mining conglomerate's stock, which has had a sharp recent rise, was downgraded by JPMorgan from "over weight" to "neutral" on that valuation basis.
Ford Motor Co (F) down $0.14.
While Pfizer (PFE) gained that much.
Then Citigroup (C) a $0.03 advance and that was fifth in volume.
General Electric (GE) $0.57 drop.
Wal-Mart Stores (WMT) moved up $0.26.
Advanced Micro (AMD) closed with a $0.03 gain but traded as low as $12.80 this morning after Morgan Stanley started coverage with an "under weight" rating.
Time Warner (TWX) $0.14 gain.
And then Home Depot (HD) $0.51 advance there.
General Motors (GM) moved up $0.44. Bank America upgraded it from "sell" to "neutral" on the better than expected UAW contract that it has.
Then we see IBM (IBM) losing $1.96. The European Commission opened an in-depth investigation of the company's plan to acquire Swedish software firm Telelogic. There are concerns about unfair competition apparently.
Procter & Gamble (PG) $0.32 drop. The company reportedly hired Blackstone Group to help sell its Duracell battery operations, its Pringles potato chip operation and its Folgers coffee division, a little sell here and there.
And then ConocoPhillips (COP) was down $1.41. The company sees third quarter profit from its refineries significantly lower as profit margins are falling, also sees third quarter production at 180,000 barrels a day. That's lower than the second quarter output.
WNS Holdings Ltd (WNS) up $4.68. The company provides offshore business processing outsourcing and it boosted its 2008 financial outlook. It sees revenues of $295 million, up from its best previous estimate of $291 million.
Temple-Inland (TIN), the forest products company, up $2.13. Lehman upgraded it from "equal weight" to "over weight" mainly because of the recent weakness in the stock.
CSX Corp (CSX), the big rail, down $1.10. Morgan Stanley downgraded it from "equal weight" to "under weight" because of Morgan's flat growth outlook for the company.
And then Las Vegas Sands (LVS) tumbling $17.03 on lower than expected gaming revenues from its Macau casino, says Morgan Stanley.
And then a big loss in LDK Solar Co (LDK) down $16.66 in regular trading. In after hours it was down to $46.33. (INAUDIBLE) the company's financial controller left the company amid poor controls and an inventory discrepancy. The stock just went public in June at $27 and it's been as high as $76 a share.
NASDAQ's most active, Apple (AAPL) down $0.53.
Followed by Google (GOOG) $0.37 loss.
baidu.com (BIDU) on profit taking, down $6.41.
Intel (INTC) down $0.57. Morgan Stanley coverage on that one with an "under weight" rating.
Research in Motion (RIMM) managed to edge up $0.02 a share.
Wynn Resorts (WYNN) tumbling $16.43. Gaming revenues from the company's Macau casino well below the Morgan Stanley forecast there.
Cisco Systems (CSCO) $0.56 drop.
$0.25 loss in Microsoft (MSFT).
Garmin Ltd (GRMN) off another $3.58. That stock's off over $20 this week on concerns Nokia's pending acquisition of Navteq could hurt the company's outlook.
And then Sears Holdings (SHLD) up $2.31. The company had no comment on rumors it's eyeing Circuit City as a possible takeover. Circuit City moved up $0.41.
And finally, a new issue Constant Contact (CTCT) soaring $11.64. This company provides e-mail marketing software, went public with 6.7 million shares priced at $16. The stock opened at $26.50, traded as high as $30.76.
