Paul Kangas' Stocks in the News
Tuesday, November 27, 2007
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JEFF YASTINE: Investors today though shrugging off concerns about the consumer and focused on Abu Dhabi`s move to take a $7.5 billion stake in Citigroup. That set up a nice relief rally in the broader market, with the Dow shooting 240 points higher by midday. Oil prices fell by more than $3 a barrel to below $95 a barrel and that also provided a bullish tone to equities. The NASDAQ suffered an early afternoon swoon after Goldman Sachs said it saw weaker home prices and a higher chance of a recession in 2008. But the indexes came back strong in the last hour and finished near their highs of the day. The Dow closing up 215 points at 12,958.44. The NASDAQ rising 39.81 to 2,580.80 and then the S&P 500 gaining 21.01 to end at 1,428.23. And in the bond market, the 10-year note falling 28/32 to 104, excuse me, 102 14/32, lifting the yield to 3.95 percent.
Where else would you expect to find Citigroup (C) today except at the top of our list, gaining $0.46 of course on news about that $7.5 billion bail out from the Abu Dhabi investment authority. An analyst at Punk Ziegel (ph) issued a "buy" despite the threat of more write offs and defends the bank`s earnings potential after a major restructuring. Pfizer (PFE) gaining $0.58.
General Electric (GE) gaining $0.72.
Fannie Mae (FNM) up a little over $0.40, $0.48 to be exact. "BusinessWeek" noting a number of Fannie Mae executives buying large blocks of shares in the open market at these levels the past few days.
EMC Corp (EMC) advancing $0.82.
Ford Motor Co (F) then gaining a fraction. Bank of America
Bank of America (BAC) gaining $1.06 in sympathy with Citigroup.
AT&T (T) rising $0.38.
JPMorgan Chase (JPM) gaining $1.89.
And Countrywide Financial (CFC) also advancing with the financials today, up $0.33.
Defensive stocks like Altria Group (MO) helping the Dow`s performance today. Goldman Sachs giving higher odds for a recession next year and that gave the green light for investors to move into defensive shares like Altria. The stock gaining $1.91.
Barclays Plc (BCS) up $3.49 after the British bank backed its full year 4 percent earnings growth forecast.
Cummins (CM) logging a gain of $3.25. The company received a $400 million credit line from GE Capital.
Alaska Air Group (ALK) climbing $1.33. Goldman Sachs upgrading those shares.
And then Tesoro (TSO) sliding $3.04. Kirk Kerkorian`s investment firm withdrawing its $64 a share tender offer which would have given them a 20 percent stake in Tesoro. The company recently adopted a poison pill strategy designed to thwart a takeover attempt.
Genesco (GCO) getting socked for a loss of $4.73. Federal prosecutors want information on Genesco`s proposed merger with Finish Line. UBS was supposed to provide financing for that deal, but now alleges fraud.
Now let`s look at Arbitron (ARB) which hit a 52-week low. The company delaying the roll out of a portable device that automatically measures what radio station someone`s listening to, helping their ratings there.
Signet Group (SIG) down $3.55. The parent company of the Kay and Jerod jewelry store chains says weakness in U.S. consumer spending will tarnish holiday sales.
On the NASDAQ, Apple (AAPL) rising a little over $2.25.
Google (GOOG) up $7.50.
Baidu.com (BIDU) advancing another $15 today.
Research in Motion (RIMM) up $4.14. An analyst at UBS giving the stock a $150 price target.
Microsoft (MSFT) gaining a fraction.
But Cisco Systems (CSCO) going the other way.
Intel (INTC) though up $0.74.
Genlyte Group (GLYT) getting that buyout deal from Phillips Electronics at $95.50 yesterday, down a little bit today on profit taking.
Garmin Ltd (GRMN) advancing another $6.
First Solar (FSLR) though down about $4.38.
Staples (SPLS) rising a little over $2. Nice bounce after 2 1/2-year lows touched yesterday, profits $0.02 a share ahead of estimates. The emphasis on selling ink and toner, much higher profit margin items there.
Activision (ATVI) advancing $2.61. The company raised its profit estimates for the quarter and the year. The CEO says the company`s most profitable year ever should be 2007.
And finally, AspenBio Pharma (APPY) logging a gain of $1.77. The biopharmaceutical firm developing a blood test to screen for appendicitis for emergency room use. The company pursuing a pre-market notification clearance with the FDA.
Those are our stocks in the news tonight.
