Paul Kangas' Stocks in the News
Wednesday, October 31, 2007
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PAUL KANGAS: Stocks on Wall Street moved steadily higher this morning as optimism that there would be a Fed rate cut overshadowed that surge in oil futures. At midday, the Dow posted a 75 point gain and the NASDAQ was up 24 points. When the rate cut came at 2:15, investors quickly wiped out the Dow's 90-point gain on the Fed's renewed concern about inflation. In the final hour, however, aggressive buyers returned and the market ended on a very positive note. The Dow Industrial Average closed up 137.54 points at 13,930.01. The NASDAQ Composite was up 42.41 ending at 2859.12. Standard & Poor's 500 rose 18.36 to 1549.38. Over in the bond market, the 10-year note fell 24/32 to 102 4/32, putting the yield at 4.48 percent.
Most active New York exchange issue on 23.6 million shares was Citigroup (C) down $0.21. Morgan Stanley downgraded it from "over weight" to "under weight."
Qwest Communications (Q) rebounded $0.12 from $1.12 lost yesterday when its third quarter earnings of $0.14 came in a penny below the Street estimate. And today, JPMorgan downgraded Qwest from "over weight" to "neutral."
General Electric (GE) in there with a $0.68 gain.
ExxonMobil (XOM), whose earnings are due out tomorrow, up $0.85.
Bank of America (BAC) a $0.29 gain there.
Pfizer (PFE) was up $0.16.
Ford Motor Co (F) edged $0.07 higher.
Newmont Mining (NEM), the big gold stock, up $4.42 to a 52-week high. Third quarter earnings doubled for Newmont, $0.88 versus $0.44 a year ago. Revenues jumped 49 percent.
AT&T (T) rose $0.38.
And then EMC Corp (EMC) with a $0.27 gain, was tenth in volume.
Mastercard (MA) moving up $32.40, traded as high as $194.78 after reporting third quarter earnings of $2.31, way up from $1.42 a year ago. Revenues jumped 20 percent. The company's going to buy back up to $750 million of its own stock.
McKesson (MCK), the pharmaceutical products distributor, up $7.55. Second quarter operating earnings rose to $0.82 from $0.66 a year ago. Revenues up 9.2 percent. Citigroup upgraded it from "hold" to a "buy" recommendation.
Chicago Bridge & Iron (CBI) up $5.46. Third quarter earnings, $0.61, almost double last year's $0.33. Revenues jumped 36 percent. Standard & Poor's repeated a "buy" on that stock.
Fair Isaac (FIC), the data management services firm, fourth quarter earnings nicely higher, $0.52 versus $0.35 a year ago. Citigroup upgraded it from "hold" to a "buy."
And then Chemed (CHE) plunging $7.55. This company owns Roto Rooter among other things. Third quarter earnings excluding one time items, $0.69 and that was $0.09 below the Wall Street estimate.
Omnicare (OCR) fell $5.61. Third quarter earnings $0.35, down from $0.43 a year ago. Revenues fell 3.6 percent. Standard & Poor's repeated a "sell" recommendation.
Monaco Coach (MNC), the RV maker, down $3.29. Its third quarter had earnings of $0.12 versus a loss of $0.24 last year, but the company said fourth quarter earnings will only be $0.02 to $0.04. The Street estimate was for $0.10 in earnings.
Microsoft (MSFT) topped the active list on NASDAQ, moving up $1.24. That's a new yearly high.
Apple (AAPL) up $2.95.
Google (GOOG), first time ever, above $700 by that gain of $12.23.
And then Garmin Ltd (GRMN) plunging $13.08. The company made a $3.3 billion buyout bid for Dutch digital map maker Tele Atlas and that bid tops Tom Tom's buyout bid by about 15 percent.
Baidu.com (BIDU) moving up $11.49.
Research in Motion (RIMM) up $3.31.
Cisco Systems (CSCO) $0.45 gain.
Intel (INTC) rose $0.63.
Dell (DELL) was up $0.80. Late yesterday, Dell restated four years of financial statements so that makes the company up to date with the SEC.
And Dryships (DRYS) rebounding $9.86 after a sharp loss yesterday.
And finally tonight, a new issue, Chinese insurance firm, CNinsure ADR (CISG) soaring $9.29. The company offering 11.8 million American depository shares at $16. The stock opened at $26, and hit a high of $28.74.
