Paul Kangas' Stocks in the News
Tuesday, October 30, 2007
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PAUL KANGAS: The trend on Wall Street was down this morning as buyers backed away on caution ahead of the Fed's rate decision tomorrow. Lower earnings from U.S. Steel and Procter & Gamble's rather disappointing outlook were also market negatives. The Dow posted a 55-point midday loss, with the NASDAQ off only four points. Stocks trimmed their losses a bit in the afternoon as oil futures fell sharply, but the rally attempt failed on increasing jitters over Wednesday's Fed outcome. The Dow Industrial Average closed off 77.79 points at 13,792.47. The NASDAQ Composite lost just a fraction, .73 at 2816.71, while the Standard & Poor's 500 Index fell 9.96 ending at 1531.02. Over in the bond market, the 10-year note ended unchanged at 102 28/32, leaving the yield at 4.38 percent.
Most active New York exchange stock, 27.3 million shares trading was Qwest Comm Intl (Q) down $1.12, big percentage loss. The company came in with third quarter earnings excluding a big tax benefit, $0.14 a share and that was a penny below the Street estimate. The company also disappointed investors by putting off a decision on paying a dividend. (C) fell $0.58.
Pfizer (PFE) a $0.06 loss.
EMC Corp (EMC) down $0.25.
Procter & Gamble (PG) was down $2.88. First quarter earnings were higher, $0.92 versus $0.79 a year ago, sales up 8 percent. But the stock down on commodity price pressures and the slowing economy, not a very happy outlook.
General Electric (GE) down $0.08.
Followed by ExxonMobil (XOM) with a loss of $2.47. Earnings due out Thursday I believe.
Ford Motor Co (F) edged up $0.03.
Co Vale do Rio (RIO), the Brazilian mining firm, down $0.70.
And then came Micron Tech (MU) with a $0.36 gain.
United States Steel (X) plunged $7.88. Third quarter earnings also plunged, $2.27 versus $3.42 a year ago. That's despite a 6 percent rise in sales and the company predicting a lower fourth quarter.
Another metals company, Commercial Metals Co (CMC) down $4.25. Fourth quarter earnings fell to $0.86 from $1.04 last year. These two earnings reports had the whole metals sector under pressure.
Let's have a look at some of the biggies. AK Steel Holding (AKS), Allegheny Tech (ATI), Cleveland Cliffs (CLF) and Nucor (NUE) all substantial losses on the day.
Wellcare Health Plans (WCG), speaking of substantial losses, another loss of $6.58. As we know, Federal and state agents are probing the company's Medicaid activity. Three lawsuits have been filed so far and it's hard to believe, but that stock a week ago today closed at $122.27, over $100 loss in one week.
Agco (AG), the farm equipment maker, up $4.81. Third quarter earnings excluding one-time items, $0.77 and that was $0.47 better than the Street was estimating. And the company boosted its full year earnings guidance to boot.
Corn Products Intl (CPO) down $6.24. Third quarter earnings were higher, $0.66 versus $0.49 last year, but that was a penny below the Street estimate and the company cited the higher cost of corn.
Goodyear Tire (GT) up $2.05. Third quarter earnings of $0.67 versus a loss of $0.47 last year. Revenues rose 3 percent over last year.
Bradley Pharmaceuticals (BDY) doing well, up $3.66. Nycomed U.S. will acquire this company for $20 a share in cash.
And the postal machine company Pitney Bowes (PB) plunging $7.06. Third quarter earnings fell to $0.58 from $0.64 a year ago and that was below even the company's guidance of $0.68 to $0.72 a share.
NASDAQ's most active, Apple (AAPL) up $1.91. The company had said since last Friday, it's already sold two million copies of its new operating system called Leopard.
Google (GOOG) up $15.54. "Wall Street Journal" reported Verizon is in talks with the company to be the first carrier to use Google software on its phones.
Microsoft (MSFT) a $1 gain.
Baidu.com (BIDU) up $5.50.
Research in Motion (RIMM) $0.86 drop.
Yahoo! (YHOO) down $0.96.
Cisco Systems (CSCO) a $0.20 gainer there.
Dryships (DRYS) down $22.97 on talks that bulk shipping rates might be lowered.
Intel (INTC) a penny gain.
And then Dell (DELL) up $0.33, tenth in volume.
Genoptix (GNDX), this is a new issue today, offers lab services to health clinics for diagnosing things like cancer. Five million shares offered at $17, opened at $25, the high of the day, $27.30, backed off a little, bit a strong debut for that company.
Then Smith & Wesson Holding (SWHC), this is the firearms firm, cut its 2008 earnings outlook to $0.53 a share in earnings. That's $0.10 below its previous guidance.
And those are the stocks in the news tonight.
