Paul Kangas' Stocks in the News
Friday, December 14, 2007
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PAUL KANGAS: Wall Street wasted no time this morning in showing its concern over the growing threat of stagflation. The Dow tumbled 100 points at the outset of trading, while the NASDAQ lost 20 points. A pullback in oil futures helped stocks stage a reflex rally which cut the Dow's loss to about 40 points during midday, but there was no depth to the buying and the gloomy news background sent the market skidding to the day's worst level by the final bell. The Dow Industrial average tumbled 178.11 ending at 13,339.85. This week it fell twice, rose three times but lost 285.73 points overall. The NASDAQ Composite was down 32 3/4 points exactly today at 2635.74. It rose twice and fell three times this week for an overall decline of 70.42 points. Standard & Poor's 500 Index fell 20.46 ending at 1467.95 today and it dropped 36.71 points for the week. Over in the bond market, the 10-year note slipped 8/32 to par and 2/32, putting the yield at 4.24 percent.
New York exchange volume leader on 30.6 million shares was Citigroup (C) down $0.31. As you heard, Moody's cut the company's long-term debt rating and the Sander O'Neill (ph) brokerage today downgraded the stock from "buy" to just a "hold."
GE (GE) $0.67 loss. Pfizer (PFE) was off $0.54. U.S. and European regulators highlighted safety concerns over the company's new anti-smoking product called Cantex (ph).
Bank of America (BAC) an $0.89 drop there.
And then Ford Motor Co (F) with a $0.10 loss.
JPMorgan Chase (JPM) fell $0.56.
But Qwest Communications International (Q) up a nickel. The company reinstated an $0.08 per share quarterly dividend.
Countrywide Financial (CFC) down $0.28.
$0.44 loss in Washington Mutual (WM). Lehman Brothers today lowered its price target on Washington Mutual from $30 to $27.25.
Then came Time Warner (TWX), tenth in volume, moving up $0.11.
Black & Decker (BDK) tumbling $6.82. The company cut its fourth quarter earnings estimate from the Street consensus of $1.60 all the way down to $1.03 and that's excluding one-time items. It also will take a $25 million charge in the fourth quarter on a recall of some Dewalt cordless drills. And on top of that, the company said business conditions in North America are worse than it expected.
Retail Ventures (RVI) tumbling $2.40, almost 37, more than 36 1/2 percent. The company reported third quarter loss of $0.48 a share versus a loss of only $0.07 last year. November same store sales were down 7.3 percent.
Quiksilver (ZQK), the apparel manufacturer, down $1.26. Fourth quarter earnings flat, $0.51, same as last year and that's despite a 6 percent rise in revenues. Standard & Poor's and Citigroup both cut earnings estimates.
Amcol Intl (ACO) down $3.92. The oil field services company got a downgrade from the Wedbush Morgan brokerage from "buy" to just a "hold" rating.
Georgia Gulf (GGC) down $1.08. Citigroup cut its price target from $12 to $9 on the company, which is in the vinyl resin business.
And then United Rental (URI) gaining $2.39. A Delaware court ruled the company's lawsuit against Cerberus Capital Management can proceed. United wants to force Cerberus to close on its planned $34.50 per share buyout on which Cerberus failed to perform.
Compton Petroleum (CMZ) was up $1.12. The company's largest shareholder, Centennial Energy Partners, wants the board of directors to review strategic options, including the possible sale of the company.
Apple (AAPL) topped the active list on NASDAQ, down $1.44.
Followed by Research in Motion (RIMM) up $1.68.
Google (GOOG) down $4.09. You heard the news there.
Microsoft (MSFT) a $0.09 gainer.
And Baidu.com (BIDU) moved up $5.92. RBC Capital boosted its price target from $325 to $423 on Baidu.
Intel (INTC) $0.87 loss.
Cisco Systems (CSCO) $0.41 drop there.
First Solar (FSLR) up $3.34.
And then came Dell (DELL) with a $0.03 loss.
And Biomarin Pharmaceutical (BMRN) was up $6.68. The company received FDA approval to market its treatment for a rare disease linked to mental retardation.
Finally, BOE Financial Services of Virginia (BSXT) jumping $8.19. The news: Community Bankers Acquisition Corp. will buy this company for stock worth about $42.50 a share.
And those are the stocks in the news tonight.
