Paul Kangas' Stocks in the News
Tuesday, November 13, 2007
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PAUL KANGAS: Those better than expected results from Wal-Mart and the sharp drop in oil prices set the stage on Wall Street for a strong comeback from four straight sessions of losses. Word from Goldman Sachs and JPMorgan that they would not have big sub-prime debt write downs also helped the Dow surge 173 points by noontime with the NASDAQ Composite up 50 points. The rally got a further boost this afternoon on news that September pending home sales actually rose 0.2 percent when a drop was expected. That helped stocks end at their best levels of the day. Dow Jones Industrial Average vaulted 319.54 points to 13,307.09. NASDAQ Composite soared 89.52 to 2673.65. Standard & Poor's 500 Index jumped 41.87 points ending at 1481.05. Over in the bond market, the 10-year note fell 16/32 to 99 27/32, putting the yield at 4.27 percent.
For the ninth consecutive trading session, Citigroup (C) topped the active list today on 31 1/2 million shares, moving up $2.33. The company as you might expect is reorganizing an investment banking unit.
Then General Electric (GE) $0.96 gain.
EMC Corp (EMC) up $0.89.
Wal-Mart Stores (WMT) had a very good day, up $2.65. As you heard, those third quarter earnings $0.03 ahead of the Street estimates.
JPMorgan Chase (JPM) up $2.66. The CEO of JPMorgan sees just a modest $300 million mark down in collateralized debt obligations.
Bank of America (BAC) up $2.29. The company will write down $3 billion in bad sub-prime debt, but it also said it has a $30 billion gain from its investment in China construction bank.
Pfizer (PFE) a $0.53 advance.
Ford Motor Co (F) moved up $0.13.
AT&T (T) gained $1.20.
Then Mylan (MYL) down $0.68, was number 10 in volume.
Goldman Sachs Group (GS) up $18.33. The CEO there says the company's maintaining a short position in the sub-prime mortgage market and will not be taking any significant write offs.
Then we have Corning (GLW) $2.09 gain. The company says its October results were strong and it's boosting its fourth quarter earnings guidance from $0.38 a share at best to $0.40 a share at best.
Diana Shipping (DSX) up nicely, $5.22. The dry bulk carrier took delivery of a new ship which is already under a four-year charter to BHP Billiton (ph). That whole sector was strong today.
Dryships (DRY) also has chartered several of his ships as has Eagle Bulk Shipping (EGLE) and Excel Maritime (FXM) and Navios Maritime (NM), all nice gainers today, very strong group.
Rio Tinto plc (RTP) up $11.38. Standard & Poor's upgraded it from "sell" to "hold" in the belief BHP Billiton will sweeten its buyout bid.
Then we Encore Energy (ENP) which just went public in September at $21, gaining $3.24 on news the company will boost its annual distribution from $1.40 to $1.55 per unit.
Vmware (VMW) up $10.32. The company unveiled its next generation of the easy to use virtualization software, nice reaction to that.
Aeropostale (ARO) up $2.66. The teen apparel marketer is boosting its stock buyback plan by $250 million. Then we see WABTEC (WAB), which I believe is the acronym for Westinghouse Airbrake and it's going to be added to the Standard & Poor's mid-cap 400 index after the close Friday, replacing Florida Rock Industries, which is being acquired.
And Wendy's Intl (WEN) edged up a nickel on the close. After the close, Triarc said it's still willing to make a buyout offer but said it will be below the one it made in July, at $37 to $41 a share, but it didn't say how much. After the close, Wendy's moved up about $0.50 a share.
Apple (AAPL) topped the active list on $16.20, reportedly in talks with the CEO of China Mobile about bringing the iPhone to China. Google (GOOG) did well, up $28.48.
Research in Motion (RIMM) up nearly $10.
Microsoft (MSFT) gained $1.19.
Baidu.com (BIDU) almost a $40 rebound today.
Cisco Systems (CSCO) up $1.03.
$0.85 gain in Intel (INTC).
Adobe Systems (ADBE) down $1.33. Its CEO, Bruce Chisen (ph), is planning on retiring.
First Solar (FSLR) rebounding $10.37. Broadpoint brokerage began coverage with a "buy" and a price target of $225.
E*Trade Financial (ETFC) bouncing back $1.45 after tumbling $5 yesterday on bankruptcy concerns. BMO Capital today said bankruptcy is not probable for E*Trade.
And over on the American Exchange, a loss of $6.59, the company reported a third quarter loss of $1.56 versus earnings of $1.84 a year ago. Travel Centers (TA)
And those are the stocks in the news tonight.
