Paul Kangas' Stocks in the News
Friday, October 26, 2007
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PAUL KANGAS: Wall Street opened in rally mode as those high oil prices and lower consumer sentiment report were overshadowed by Microsoft's big earnings that we told you about last night, as well as an upbeat outlook from Countrywide Financial, which we'll detail next. After an hour of trading, the Dow was up 85 points and the NASDAQ posted a 44-point gain. The market pulled back during mid-session but came on strong again in the growing belief this afternoon that the Fed would cut rates next week. The Dow Industrial Average surged to a closing gain of 134.78 points at 13,806.70. This week it fell twice and rose three times for a net gain of 284.68 points. The NASDAQ Composite rose 53.33 to 2804.19 today and it also fell twice and gained three times this week, advancing 79.03 points overall. The Standard & Poor's 500 Index gained 20.88 to 1535.28 today and it rose 34.65 points for the week. Over in the bond market, the 10-year note fell 4/32 to 102 24/32, putting the yield at 4.40 percent.
New York exchange volume leader on 22.8 million shares, Countrywide Financial (CFC) a big gain of $4.23 on that upbeat outlook you heard about earlier.
Then came Citigroup (C) up $1.40.
Time Warner (TWX) edged up $0.64.
Merrill Lynch (MER) up $5.19. The "New York Times" reported CEO Stan O'Neal floated the idea of merging with a large bank like perhaps Wachovia, but it didn't sit well with the board and now there's talk that O'Neal could be replaced by Blackrock CEO Lawrence Fink (ph) or big board chief John Thain.
Then Pfizer (PFE) fifth in volume, was a $0.02 gainer.
EMC Corp (EMC) up $0.08.
General Electric (GE) itself up $0.22.
Bank of America (BAC) rose $1.03.
And ExxonMobil (XOM) a $0.64 rise.
And then came Ford Motor Co (F) up $0.07 a share.
Wellcare Health (WCG) down another $11.31. That stock plunged $72 a share yesterday. It's hard to pick up on this chart, but it happened on news that Federal and state agents raided the company's headquarters in Tampa, Florida. Today, Connecticut's attorney general said one of the company's affiliates is being probed, but the company itself said it's done nothing to misstate earnings. And late today, the SEC is requesting information from Wellcome Health plans.
Genworth Financial (GNW), the spin off from General Electric, down or up $2.32. Third quarter operating earnings nicely higher, $0.83 versus $0.63 a year ago. Revenues were up nearly 10 percent.
Baker Hughes (BH), the oil field company, down $3.64 despite higher third quarter earnings of $1.22 versus last year's $1.09, but the company said the near-term outlook for its North American business is uncertain and that no doubt brought the stock down.
Waste Management (WMI) losing $3.02. Lower third quarter earnings, $0.54, down a penny from last year. Revenues fell 1.1 percent.
DeVry (DV), the adult education company, up $15.06. First quarter earnings jumped to $0.37 from $0.29 a year ago. Revenues up 14 percent. Bear Stearns upgraded the stock from "market perform" to "out perform."
Then Tesoro (TSO), the refining company, up $7.28. Kirk Kerkorian's Tracinda Corporation plans a cash tender offer for 21.9 million shares or 16 percent of the stock at a price of $64 a share.
Puget Energy (PSD) up $3.85 on news that a consortium of investors will acquire the company for $30 a share.
Microsoft (MSFT) topped the active list on NASDAQ today, up $3.04, traded as high as $36.03 today. After the close as we reported yesterday, first quarter earnings, $0.45, $0.06 better than the Street expected.
Apple (AAPL) up $1.92.
And Baidu.com (BIDU) jumping just over $19. Its third quarter profits more than doubled to $0.70 from $0.31 a year ago, $0.07 better than the Street estimate. Revenues up 108 percent over last year's quarter.
Research in Motion (RIMM) up $0.87.
Google (GOOG) did well, rising $6.09.
Yahoo! (YHOO) $2.29 advance.
Comcast "A" (CMCSA) down a nickel.
While Intel (INTC) gained a nickel.
Cisco Systems (CSCO) $0.72 rise.
And then BEA Systems (BEAS) down $1.03. Oracle said the company's $21 per share asking price on a takeover is impossibly high. Oracle's $17 a share buyout bid expires this Sunday and this afternoon, Carl Icahn, a major stockholder said he wants a shareholder vote on the whole matter.
Graham Corp (GHM), over on the American exchange, what a gain there, up $12.59. The company makes oil refinery ejector systems and it's in with second quarter earnings of $1.10, was up from $0.14 last year. Sales were up 45 percent. Graham set a five for four stock split and will boost its quarterly dividend by - or to $0.03 on the post-split shares.
And those are the stocks in the news tonight.
