Paul Kangas' Stocks in the News
Tuesday, November 06, 2007
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PAUL KANGAS: Stocks on Wall Street opened higher on some carryover buying which cut yesterday's losses. The Dow rose 46 points at the outset of trading, while the NASDAQ Composite gained 10 points. That surge to new highs in oil sent the market into a mid-day slump as the blue chips fell to a 22-point loss while the NASDAQ was off 10. But strength in the commodity sector, some bottom fishing in the financial group and buying in the tech stocks resulted in a solid late run-up. The Dow Industrial Average ended the day with a gain of 117.54 points, putting it at 13,660.94. The NASDAQ Composite closed up exactly 30.00 points at 2825.18. Standard & Poor's 500 Index rose 18.10 ending at 1520.27. Over in the bond market, the 10-year note fell 10/32 to 102 30/32 putting the yield at 4.38 percent.
For the second day running, Citigroup (C) topped the active list on the big board, trading 43.4 million shares today. The stock down $0.82. Bank America downgraded it from "buy" to "neutral," cut its price target from $45 down to $39 a share and a CIBC World Markets analyst said that the only answer for Citigroup is to break up the company.
Then came a new issue, SandRidge Energy (SD), oil and exploration firm, 28.7 million shares offered at $26, opened at $30.94, the high of the day $32.14, closed at practically the best level of the day.
Wells Fargo & Co (WFC) up $1.02, a little bottom fishing in the financials today you'll see.
General Electric (GE) was down $0.02.
Pfizer (PFE) $0.26 gain.
Then we look over to EMC Corp (EMC) with a $0.09 loss.
Tenet Healthcare (TNC) was up $0.72. That's a 22 percent rise. Tenet reported a third quarter loss of $0.06, but that was a penny better than expected. That excludes one-time items.
Coeur d'Alene (CDT), the gold and silver miner, up $0.52. That's a good percentage move. Gold hit an intra-day of $828 an ounce in the December contract and silver was up $0.60 to $15.38 an ounce today. Bear Stearns thinks Coeur d'Alene stock is under priced.
Bank of America (BAC) up $1.11.
And JPMorgan Chase (JPM), another financial where there's some bottom fishing going on, up $1.34.
Archer-Daniels-Midland (ADM), the big ethanol producer, up $2.37. First quarter earnings, $0.68, up from $0.61 a year ago. Sales jumped 36 percent. Standard & Poor's repeated a "buy" recommendation on ADM.
Nortel Networks (NT) had a good day, up $2.90. Turnaround third quarter earnings of a nickel versus a loss of $0.14 last year and that happened even though revenues fell 8 percent.
Chesapeake Corp (CSK), which is in the packaging products business, third quarter earnings excluding one-time items, $0.34, way up from last year's $0.13.
Valassis Communications (VCI) gained $2.23. A real nice third quarter, $0.34, up from $0.14 last year and revenues were boosted by the acquisition of Advo in March of this year.
Ambac Financial Group (ABK), the bond insurance company, defended itself against Morgan Stanley's recent negative analysis.
And then Cooper Tire & Rubber (CTB) down $3.06. Third quarter operating earnings, $0.28 versus a loss last year, but those earnings were $0.02 below the Street estimate. Down went the stock.
Apple (AAPL) closed at a new high with that gain of $5.61. The company's iPhones go on sale in the UK and Germany this week.
Another record high for Google (GOOG) up $16.14. The Sanford Bernstein brokerage set a new price target of $850 a share.
Baidu.com (BIDU) down $9.18.
Microsoft (MSFT) closed down $0.32. Goldman Sachs removed it from its "buy" list. And late today, the company dismissed its chief information officer, Stewart (ph) Scott for violating company policy, didn't say what policy.
Cisco Systems (CSCO) was up $1.
Research in Motion (RIMM) up $3.07. Credit Suisse upgraded RIMM from "neutral" to "out perform," nice move in the stock.
Yahoo! (YHOO) down $1.43.
And then Intel (INTC) $0.65 gain.
Sun Micro (JAVA) $0.55 loss.
Cognizant Tech (CTSM) tumbling $7.61. Third quarter earnings were higher, $0.32 versus $0.20 last year, but the company cut its fourth quarter revenue forecast and that really hurt the stock.
And here's a stock that's hurting, Momenta Pharmaceuticals (MNTA) with momentum in the wrong way. The FDA rejected the company's thrombosis drug treatment.
And those are the stocks in the news tonight.
