Paul Kangas' Stocks in the News
Wednesday, October 10, 2007
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PAUL KANGAS: The bad news bears had Wall Street in their grip early on today with plenty of negatives, including Alcoa`s earnings shortfall yesterday and an earnings warning from Chevron. The Dow slid to a 150- point loss by early afternoon. Boeing`s delay in Dreamliner deliveries added to the negative sentiment. More about that delay coming up incidentally. A very firm tech sector however helped the weak blue chips partially recover as the day wore on. The Dow Jones Industrial Average cut its closing loss to 85.84 at 14,078.69. The tech-laden NASDAQ closed up 7.70 at 2811.61 while the Standard & Poor`s 500 Index fell 2.68 to 1562.47. In the bond market, the 10-year note held steady at par and 24/32, putting the yield at 4.65 percent.
Big board volume leader on 15.7 million shares, EMC Corp (EMC) for the second day running it was the most active and today up $0.76. Its VmWear wear spin off at $29 back in August is now worth $107.04 and EMC still owns 87 percent of that stock.
Citigroup (C) down $0.48.
And then Qwest Communications International (Q) $0.49 loss. Ex-CEO Joseph Nacchio of Qwest is asking for his insider trading conviction to be overturned.
Pfizer (PFE) no change today.
Then the big Brazilian firm Co Vale do Rio (RIO) down $0.10 a share.
Moving along if we can, OK, we`ll have a look at some of these others in the active list, General Electric (GE) $0.21 drop.
JPMorgan Chase (JPM) a $0.66.
Then came Alcoa (AA) down $0.99. After the close yesterday as we reported, third quarter earnings $0.64. That was penny below the Wall Street estimate.
Ford Motor Co (F) dropped $0.09.
And then AT&T (T) was off $0.23 a share.
Boeing (BA) itself down $2.77, traded as low as $97.71 today, as you heard, delaying the delivery of that Dreamliner by six months and some of Boeing parts suppliers were hurt by the news from the company.
Honeywell Intl (HON) down a little over a half dollar.
Rockwell Collins (COL) and Spirit Aerosystems (SPA) a little bigger losers there.
Chevron (CVX) down $0.72, traded as low as $90.35. The company says third quarter net profits will be substantially below the record second quarter $5.4 billion because of a sharp drop in refined product margins.
Intl Paper Co (IP) down $0.88. The company warned disappointing land sales will push its third quarter profit below the Street estimate of $0.62 a share. The company says it sees only $0.52.
Then the Shaw Group (SGR) which is an energy services company, up $4.18. Third quarter earnings of $0.67 versus a loss of $0.21 last year. Revenues jumped 31 percent.
Greenbrier Co (GBX) up $2.38. The company`s in an eight-year deal to build 11,900 tank and covered hopper rail cars for a unit of General Electric.
Then Lindsay (LNN) which makes irrigation systems, up $3.42. The company reported fourth quarter earnings higher, $0.32 versus $0.26 a year ago. Revenues up a very respectable 30 percent.
Downey Financial (DSL) down $6.25. Company sees a third quarter loss of $0.84 a share. The Street estimate was for earnings of $1.08. The company said the loss reflects $82 million provision for credit losses and a $9 million drop in the value of some single home lots that it owns.
Apple (AAPL) topped the NASDAQ active list down $1.07.
But Google (GOOG) continues to hit new highs, today up $10.21. Merrill Lynch set a $740 per share price target on Google.
Research in Motion (RIMM) up $1.36.
Costco Wholesale (COST) up $5.81. Fourth quarter earnings excluding one time items, $0.91, up from $0.83 a year ago. Same store sales up 5 percent.
Baidu.com (BIDU) jumping $14.40 a share.
Cisco Systems (CSCO) a $0.19 gain.
Intel (INTC) a $0.04 rise there.
Microsoft (MSFT) up $0.13.
Dryships (DRYS) up $2.35.
And then Oracle (ORCL) up $0.34. You can see the tech stocks did very well today.
Then we see Origin Agritech (SEED) up $4.99. Forbes Asia magazine made some positive comments about that particular stock.
And then, KMG Chemicals (KMGB) tumbled $2.93 after reporting lower than expected fourth quarter profits of $0.18 a share, $0.13 below analyst estimates, quite a drop.
