Paul Kangas Stocks in the News
Friday, October 19, 2007
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PAUL KANGAS: The weak dollar and record high oil prices put Wall Street in sell off mode and making things worse were lower than expected earnings from Caterpillar, Honeywell and 3M. At noon the Dow had posted a 200 point loss and the NASDAQ had tumbled 40 points. The steep slide brought on recession worries and more selling this afternoon all compounded by options and index expirations. So the Dow tumbled to a closing loss of 366.94 points at 13,522.02. It fell every day this week, had a net decline of 571.06 points. The NASDAQ Composite down 74.15, ending at 2725.16 today. It rose twice and fell three times this week, had a overall loss of 80.52. The Standard & Poor's 500 fell 39.45 ending at 1500.63 today and it lost 61.17 points for the week. In the bond market, the 10-year note climbed 26/32 to 102 26/32, lowering the yield to 4.40 percent.
The most active New York exchange issue on 28.4 million shares, General Electric (GE) losing $0.75.
Citigroup (C) has had a rough week, ending it with a loss of $1.47.
Then came Pfizer (PFE) off $0.47 on yesterday's sharply lower earnings.
ExxonMobil (XOM) dropped $2.91 in a weak energy group.
Bank of America (BAC), the weak financials, down $1.28 there.
Ford Motor Co (F) fell $0.39.
Wells Fargo & Co (WFC) $0.64 drop.
AT&T (T) a $0.44 loss there.
And then Schlumberger Ltd (SLB) tumbling $12.30, traded as low as $98.11. Third quarter earnings were higher, $1.09 versus $0.81 last year and $0.02 above the Street estimate, but Schlumberger says pressure pumping is showing price deterioration and that could hurt its fourth quarter earnings.
Tenth in volume was a new issue, Dupont Fabros (DFT). This is a real estate investment trust, 30.5 million shares offered at $21, opened at $23, the high of the day $23.16 and retained most of that gain. Four Dow stocks reported earnings today, Caterpillar (CAT) leading the group with a loss of $4.09. Third quarter earnings $1.40, up from $1.14 last year, but $0.03 below the Street and the company cut its full year earnings guidance from about $5.80 a share at best down to $5.60 at best.
Then Honeywell Intl (HON) losing $2.37. Third quarter earnings higher, $0.81 versus $0.66 last year, but a penny below the Street consensus.
McDonald's (MCD) down only $0.37. Its third quarter earnings jumped 27 percent to $0.89 a share from $0.68 last year. The stock held up fairly firmly.
And then 3M Co (MMM) tumbling $8.11. Third quarter earnings were higher, $1.32 versus $1.18 but - and that was $0.04 above the Street estimate, but the company cut its full year revenue forecast from growth of 10 percent down to about 7 to 8 percent growth.
There was a gainer, Amcol Intl (ACO) up $2.34. The company's in mineral products and it had third quarter earnings higher, $0.65 versus $0.54 last year on a 27 percent jump in its sales.
And another gainer, Titanium Metals (TIE) moving up $1.06. It'll be added to the Standard & Poor's 500 Index on a date to be announced, replacing Bausch & Lomb.
Back on the downside, Cabelas (CAB) off $2.26. The company sees lower than expected third quarter earnings of $0.18 to $0.20 on softer apparel sales and higher advertising costs.
Then another new issue, Noah Education Holding (NED), this is a Chinese-related company. There were 9.8 million American depository shares offered at $14, opened at $22.90, the high of the day, $23.70.
Google (GOOG) topped the NASDAQ active list with a gain of $5.09. I believe that's a new high.
Apple (AAPL) down $3.08.
Then Research in Motion (RIMM) a loss of $2.14.
Microsoft (MSFT) fell $0.99.
Intel (INTC) $0.67 drop there.
Sandisk (SNDK) tumbled $7.60. After the close yesterday, third quarter earnings, $0.54, $0.20 above the Street estimate, but today it issued a rather disappointing outlook.
Cisco Systems (CSCO) off $1.18.
Baidu.com (BIDU) fell $3.89.
Intuitive Surgical (ISRG) doing very well, up $12.90. Third quarter earnings, $1.04, up from $0.45, $0.79 above the Street estimate.
And then Qualcomm (QCOM) down $1.07.
Then finally, Cybersource (CYBS) up $2.31 on strong third quarter earnings of $0.09, $0.03 above street estimates, sees fourth quarter profits at $0.12 a share.
And those are our stocks in the news tonight.
