Paul Kangas' Stocks in the News
Friday, November 23, 2007
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PAUL KANGAS: Wall Street staged a broad opening rally as bargain hunters took command after Wednesday's nose dive. In a steady advance, the Dow rose 120 points by noontime while the NASDAQ was up 23. Strength in the financial sector kept the upturn alive and retail stocks were firm on indications that black Friday sales were quite good. At its early 1:00 p.m. closing, the market was at its best level of the day. The Dow Industrial Average ended up 181.84 points at 12,980.88. This week it rose twice and fell twice for a net loss of 195.91 points. The NASDAQ was up 34.45 ending at 2596.60 today. It also rose twice and fell twice in this four-day week and lost 40.64 points overall. Standard & Poor's 500 Index closed up 23.93 at 1440.70 today and it fell 18.04 points for the week. Over in the bond market, the 10-year note gained 4/32 to 102 2/32, putting the yield at a flat 4 percent.
Big board volume leader on a rather 11.6 million shares was Citigroup (C) up $0.97, but signs of bottom fishing in the weak financial group.
GE (GE) $0.50 gainer.
Pfizer (PFE) up $0.63.
Fannie Mae (FNM) did well, up nearly $3 a share.
Ford Motor (F) a $0.24 gain there.
Bank of America (BAC) did all right, up $1.01.
And Target (TGT) up $3.07 on indications that black Friday shoppers are pretty aggressive.
JPMorgan Chase (JPM) up $1.27.
Amer Intl Group (AIG) rose $1.70.
And Wells Fargo (WFC) rounding out the top 10 actives, $0.92 gain.
Boeing (BA) up $2.13. Air France-KLM has ordered three new 737s and two new 777s from Boeing.
Then Air France-KLM (AKH) itself moving up $4.88. The company reported a second quarter profit almost doubled from last year on a 5.8 percent rise in sales.
Rio Tinto (RTP) up $30.32. Reuters reported that BHP Billiton may boost its all-stock buyout bid with a cash sweetener. BHP up $2.97.
Arcelormittal (MT), the big steel company, up $1.71. The firm confirmed it's in talks with controlling shareholders of China Oriental Group about future cooperation and Mittal may boost its stake, which presently stands at 28 percent.
Cnooc Ltd (CEO) up $14.70. Citigroup upgraded it from "hold" to a "buy."
And then Massey Energy (MEE) up $1.32. A higher court overturned a $76 million judgment against the company.
And then Transocean (RIG), these are the news shares, up $4.50. These shares represent the new rate, which includes the acquisition of Global Santa Fe and they will replace shares of the old Transocean in the Standard & Poor's 500 Index after the close next Monday.
Apple (AAPL) topped the NASDAQ actives, up $3.08.
Then Google (GOOG) with a nice $16.18 gain.
Research in Motion (RIMM) up $2.83. The company says it now lets its executives draw up plans that automatically sells stock regardless of any inside information they may later receive.
Microsoft (MSFT) down $0.12.
Baidu.com (BIDU) $0.94 advance there.
Intel (INTC) $0.44 gain.
The same story for Cisco Systems (CSCO).
E*trade Financial (ETFC) moved up $1.07. Rumors of a takeover, suitors rumored to be Schwab or TD Ameritrade.
First Solar (FSLR) down $2.37.
And Qualcomm (QCOM) a $0.07 gain. A Federal judge affirmed a jury verdict that Qualcomm infringed on three Broadcom patents.
Broadcom (BRCM) itself moved up $0.69.
And then UAL Corp (UAUA) moving up $1.23. "BusinessWeek" magazine says United is still interested in a merger with Delta.
And those are the stocks in the news tonight.
