Paul Kangas' Stocks in the News
Wednesday, December 05, 2007
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JEFF YASTINE: New economic data helped drive the stock markets higher today, right from the start. By the midpoint of the session, the Dow was up almost 200 points. Buyers welcomed a Commerce Department report showing unexpected gains in factory orders and adding to the enthusiasm, a private report by ADP predicting a 189,000 job jump in November's employment numbers. So, the Dow closed up 196.23 at 13,444.96. And the NASDAQ jumping 46.53 to 2,666.36 and the S&P 500 adding 22.22 to 1,485 and a fraction and in the bond market, the 10-year note falling 16/32 to 102 11/32 and the yield at 3.96 percent.
Citigroup (C) topping our list again, gaining $1.14, but an analyst at CIBC World Markets cut earnings targets three years out on Citi in the belief that mortgage losses of up to $6.5 billion next year because of its huge exposure to high-risk mortgages.
Pfizer (PFE) gaining $0.51. The Dow component in a pact with Avalor (ph) to develop compounds for new pain relievers. That should add to Pfizer's portfolio of pain treatments.
General Electric (GE) gaining $0.46.
Advanced Micro (AMD) losing $0.34. There's a bug in AMD's new Barcelona chips, but a spokesman at the company says there's a software patch to fix the problem. Order (ph) shipments not affected we're told.
Ford Motor Co (F) gaining just a penny.
And then Bank of America (BAC) gaining $1.16.
EMC Corp (EMC) up a quarter.
JPMorgan Chase (JPM) advancing $0.75.
Time Warner (TWX) losing a fraction.
Countrywide Financial (CFC) up $0.42.
American Intl Group (AIG) jumping $2.50. CEO Martin Sullivan says the firm is well-diversified to offset exposure to the troubled housing market.
And then Genentech (DNA) sank $6.65 after being halted this afternoon. An FDA panel says there's insufficient data on using the company's colon cancer drug Avastin as a new treatment for breast cancer.
MBIA (MBI) collapsing more than $5. Moody's says it may cut MBIA's AAA rating because of the bond insurer's deteriorating cash position.
First Marblehead (FMD) sliding over $5 on a downgrade from Sandler O'Neal (ph). The analyst concerned the company may be - the bank may be forced to suspend its dividend because of troubles in executing securitizations.
Bristol Myers Squibb (BMY) rising $0.20. The drug maker targeting $1.5 billion in cost savings from a restructuring which announced a 10 percent cut in the work force, widespread plant closings and shedding certain assets.
Electronic Data Systems (EDS) rising $1.49. They'll plan a $1 billion stock buyback and the chairman, Mike Jordan, will step down. It'll be taken over by the CEO Ron Rittenmeyer (ph).
Shares of Guess (GES) going up $2.30 in reaction to a 33 percent jump in third quarter profits. Results were $0.04 above estimates.
And then Blyth (BTH), this is a candle making firm, up more than $4, an impressive turnaround there as third quarter profits came in $0.17 a share, versus a loss in the year ago period.
On the NASDAQ, Apple (AAPL) rising $5.69.
More profit taking in Research in Motion (RIMM), down a little over half a dollar.
Google (GOOG) gaining more than $14.
Microsoft (MSFT) gaining $1.38.
Comcast "A" (CMCSA) down over $2.50. The cable provider seeing lower subscriber growth about a half a million fewer new subscribers than previous forecast.
Intel (INTC) up nearly $1.
Cisco Systems (CSCO) up more than half a dollar.
Baidu.com (BIDU) up another $4.45.
Oracle (ORCL) up $1.19.
First Solar (FSLR) rebounding more than $11 after yesterday's $14 loss.
And then Nvidia (NVDA) up $1.66. The company leaked the specs on its new graphics card which aren't supposed to be released until December 11th.
And finally, InterDigital (IDCC) surging $3.13. The company says it won a $134 million arbitration award against Samsung on a patent infringement case.
