Paul Kangas' Stocks in the News
Friday, December 07, 2007
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JEFF YASTINE: For investors, that poor consumer sentiment appeared to offset the improved jobs picture today. The Dow rose about 30 points into the midpoint of the session. Sellers trimmed back on financial stocks on concern the Fed may not cut as aggressively next week as some expected. The NASDAQ was likewise limited to a narrow 10-point range through the day. And with the Fed meeting looming on Tuesday, few traders took new positions. So the Dow closing up 5.69 points to 13,625.58. And this week, the index rose in three out of five sessions for an overall gain of 253.86 points. The NASDAQ falling 2.87 to 2706.16 today and this week, it fell in three out of five sessions for a gain of 45.2 points. And the S&P 500 dropping 2.68 to 1504.66 and it had a weekly advance of about 23 1/2 points. In the bond market, the 10-year note falling 24/32 to 101 4/32 and the yield up to 4.11 percent.
And Citigroup (C) topping our list on a quiet day on Wall Street. Late today the Dow Jones newswires reporting that Citi's board will meet on Monday and may name Vicrum Pandit (ph), the head of investment banking there as Citi's new CEO.
General Electric (GE) down a fraction.
Pfizer (PFE) up $0.23.
Ford Motor Co (F) holding steady, but after the close, the auto maker said it will issue $62 million new shares which will be used to pay down Ford's debt load.
Countrywide Financial (CFC) dropping $0.56.
And then Bank of America (BAC) losing $0.59.
Advanced Micro (AMD) off a fraction.
AT&T (T) dropping $0.35.
Wells Fargo (WFC) off $0.88.
ExxonMobil (XOM)
up $0.06.
American Express (AXP) taking it on the chin with this Dow component falling $2.57 on a pair of downgrades from Steifel Nicholas and Merrill Lynch. The analysts expect belt tightening by consumers to eventually cut profits for credit card issuers.
And then here's another one Capital One Financial (COF) losing almost $3. Morgan Stanley predicting more write offs to cover problem loans as the fallout in consumer finance gets worse.
Then shares in Cascade Corp (CAE) nose diving over $11. (INAUDIBLE) sell order (INAUDIBLE) here following the fork lift maker's shortfall in profits, only about to get earnings of $1 in the latest quarter and that was $0.08 below analyst estimates.
And a sharp pull back in oil futures today clearing the way for a take off in airline stocks. AMR (AMR) rising $0.72 with oil dropping back nearly $2 a barrel.
A few others here, Continental Air (CAL), Delta Air (DAL), United Airlines, all doing quite well today.
And investors also applauding UAL Corp (UAUA) special payout of $2.15 a share.
Some other issues heading south, Amrep (AXR) sliding more than $3. Yet another real estate developer hurt by plummeting land sales. Second quarter profits sank to $0.55 a share from $2.42 a share in the year ago period.
And then First Marblehead (FMD) cutting losses to - after hitting yesterday (ph) low of $15.69, rising deformities (ph) forcing the lender to cut its dividend and cancel a securitization of student loans for the quarter.
Statoil Hydro (STO) caving almost $4. The Norwegian oil concern blaming repairs at its North Sea installations for lower oil output and they'll cut full year and 2008 production in that period.
Now moving onto the NASDAQ, Apple (AAPL) jumping more than $4.
But Google (GOOG) losing $0.39.
Research in Motion (RIMM) dropping $0.23.
Cisco Systems (CSCO) off $0.34.
First Solar (FSLR) rebounding more than $17.
Intel (INTC) dropping a quarter.
Then baidu.com (BIDU) finally a losing day on this one, losing $2.88.
Microsoft (MSFT) dropping a fraction.
Amgen (AMGN) off $3.
And then Comcast "A" (CMCSA) slipping a fraction.
Gemstar-TV Guide Intl (GMST) falling $1.03, while its suitor Macrovision fell more than $5. Macrovision buying Gemstar-TV Guide for $2.8 million from News Corp which owns 41 percent of the company. And Gemstar shareholders will get $6.35 a share. Investors are not happy about the chintzy premium being paid for that. That's why the stock went down.
Smith & Wesson Holding (SWHC) falling nearly $3. The gun maker's shares hitting a one-year low after the company lowered its profit outlook for the second time in two months.
And finally Imax (IMAX) jumping $2.68. The company signing a deal with AMC Entertainment, the theater chain, to put 100 of its giant screen Imax theaters in AMC properties and that will double the number of Imax screens available for those types of films in the U.S.
Those are our stocks in the news tonight.
