Paul Kangas' Stocks in the News
Friday, November 09, 2007
|
|
|
|
PAUL KANGAS: Wall Street opened with steep losses triggered by those mortgage woes at Wachovia and the posting of a big third quarter loss by Fannie Mae. A surprisingly sharp drop in the University of Michigan's consumer sentiment index added to the selling. At 11:00 a.m. the Dow was off 180 points and the NASDAQ down 57. The market remained sharply lower as oil futures edged higher and the tech sector was undermined by a disappointing outlook from Qualcomm. The Dow Industrial Average closed off 223.55 points at 13,042.74. This week it rose just once and lost 552.36 points overall. The NASDAQ Composite tumbled 68.06 points to 2627.94 today. It also rose only once this week and fell 182.44 points overall. The Standard & Poor's 500 Index fell 21.07 points ending at 1453.70 today and it lost 55.95 points for the week. Over in the bond market, the 10- year note rose 20/32 to par and 11/32, putting the yield at 4.21 percent.
For the seventh consecutive trading session, Citigroup (C) topped the active list with a gain of $0.20, the first gain that it's had in those seven sessions, traded almost 50 million shares today.
Then EMC Corp (EMC) down $0.76.
General Electric (GE) $0.64 loss.
Pfizer (PFE) dropped $0.28.
Bank of America (BAC) actually up a bit today, $0.48.
And Wells Fargo & Co (WFC) managed an $0.18 gain.
JPMorgan Chase (JPM) down $0.30.
Then a new issue, China Nepstar (NPO), this is the largest drug store chain in China, 20.6 million American depository shares offered at $16.20. That's where it opened, the high of the day $20.11, backed off a little from the high, but still a successful debut.
Ford Motor Co (F) down $0.28.
And then American Intl Group (AIG) with a gain of $1.06.
General Motors (GM) topped the Dow percentage losers that trade on the big board this week with that loss of 15.4 percent.
Followed by IBM (IBM), Citigroup (C), Home Depot (HD) and Hewlett- Packard (HPQ). Those are the biggest percentage losers that trade on the big board.
Fannie Mae (FNM) down $0.80 on the close, but it traded as low as $44.54 this morning after reporting a third quarter loss of $1.56 a share, bigger than last year's $0.79 per share loss. Standard & Poor's downgraded the stock from "buy" to "hold" today.
Interestingly, some of the bond insurers showing Ambac Financial (ABK), Assured Guaranty (AGO) and MBIA (MBI) all posting decent gains. Assured Guaranty was as high as $21.13 before it backed off a little.
Dolby Labs (DLB), this is the audio equipment firm up $3.82 on sharply higher fourth quarter earnings, $0.39, up from $0.22 a year ago. Revenues jumped 26 percent.
Estee Lauder Cos (EL) up $3.17. The company's boosting its annual dividend from $0.50 to $0.55. It's adding 20 million shares to its stock buyback plan and CEO William Lauder said he plans to step down in two years. Today, Bear Stearns brokerage upgraded the stock from "peer perform" to "out perform."
Arbor Realty (ABR) up $1.07. Big third quarter earnings $1.02, up from $0.63 a year ago. Revenues shot up 69 percent. Standard & Poor's repeated a "buy" recommendation.
MetroPCS Communications (PCS) tumbling $4.70. That's in sympathy with Leap Wireless International's subscriber forecast. We'll get to that. PCS earnings are due next Wednesday and incidentally, that company did call off its merger with Leap Wireless. We'll get to that also.
World Fuel Services (INT) down $7.65. Third quarter earnings fell to $0.51 from $0.59 a year ago, $0.09 below the Street estimate, said higher costs offset a 30 percent jump in revenues.
Apple (AAPL) topped the NASDAQ's most active, down $10.10. The profit taking hitting some of these high flying tech, high tech stocks.
Google (GOOG) down almost $30.
Research in Motion (RIMM) $11.26 loss there.
Microsoft (MSFT) fell $1.01.
Cisco Systems (CSCO) down $1.05. Then we get some more losses in the high tech sector, Baidu.com (BIDU) off nearly $15.
Qualcomm (QCOM) down $1.66. Fourth quarter earnings out today, $0.67 versus $0.36 a year ago, but Qualcomm said fiscal 2008 results will be 7 percent below Wall Street projections.
Intel (INTC) $0.78 drop there.
Oracle (ORCL) fell $0.99.
And First Solar (FSLR), which was up about $27 yesterday, backing off $17.58.
Priceline.com (PCLN), look at that gain, $19.41. Third quarter earnings jumped to $2.27 from $1.05 a year ago, almost $1 more than the Wall Street estimate.
Leap Wireless Intl (LEAP) down $21.38 after the company warned its subscriber growth rate is slowing and it's going to have to restate some financials as far back as the year 2004 because of accounting errors.
And those are the stocks in the news tonight.
