Paul Kangas' Stocks in the News
Wednesday, January 02, 2008
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JEFF YASTINE: The Dow held its own in the first half hour of trading, but at 10:00 a.m. Eastern, the Institute for Supply Management`s manufacturing survey showed a sharp decline and that raised fears again about an economic recession. The Dow dropped more than 200 points after that over the next three hours. An afternoon rally attempt failed and both indexes finished near their lows of the day. So the Dow falling 220.86 to close at 13,043.96 and then the NASDAQ dropped 42.65 to 2609.63. The S&P 500 ended down 21.2 to finish at 1447.16. In the bond market, the 10-year note gaining 1 2/32 to 102 25/32, dropping the yield down to 3.91 percent.
And SLM Corp (SLM), Sallie Mae, the student lender, leading our actives, 20 million shares falling $0.78, no specific news there. Citigroup (C) down $0.52. At least one analyst thinks Citi's new management will seek larger than expected write offs during the fourth quarter. Dick Buvay (ph) of Punk Siegel (ph) lowered his 2007 and 2008 earnings estimates for Citigroup.
Pfizer (PFE) gaining $0.18.
GE (GE) losing $0.31. The company's GE Capital unit and Blackstone, the private equity group, calling of their $2 billion deal to buy one of the largest mortgage originators PHH.
Bank of America (BAC) losing $0.70. The analyst at Sanford Bernstein sees a bigger write off there, $5.5 billion for the fourth quarter.
Then we have Ford Motor (F) topping our list here, down $0.13.
Advanced Micro Devices (AMD) losing $0.36 or almost 5 percent. Bank of America downgrading eight semiconductor stocks. AMD was one of them that really hurt the NASDAQ today.
EMC Corp (EMC) losing $0.51.
Qwest Comms Intl (Q) off $0.21.
JPMorgan Chase (JPM) down $1.10. Sanford Bernstein, again, an analyst there seeing $1 billion more in write downs at JPMorgan in the fourth quarter.
There were some gainers today, notably the gold stocks. Barrick Gold (ABX) rising $3.97 on today's record high gold price of $860 an ounce in New York trading and that helped all the other gold stocks.
Goldcorp Inc (GG), Gold Fields (GFI), Kinross Gold (KGC), Newmont Mining (NEM) all doing very well into the closing bell.
Boeing (BA) shares down $0.84.
And then we have AMR Corp (AMR), parent of American Airlines, falling $0.73. Goldman Sachs sees a larger than expected $0.71 a share loss at AMR in the fourth quarter.
Then Delta Air Lines (DAL) losing $1.10. Oil at nearly $100 a barrel, not helping any of the airline stocks get off the ground today.
BJ's Wholesale (BJ) down more than $4. JPMorgan downgrading the stock because of its high valuation.
Then LDK Solar (LDK) rising $2.36. The solar panel maker expecting up to $1 billion in sales for this year.
Verifone Holdings (PAY) shares fell $3.44. The company needs to restate earnings for most of 2007, but Verifone doesn't see those restatements coming out before March at the earliest.
Textron (TXT) shares down $4.49. Citigroup downgraded those based on a big 50 percent jump in the stock price last year.
On the NASDAQ, Apple (AAPL) topping the actives, falling more than $3.
Google (GOOG) off more than $6.
Research in Motion (RIMM) just up a fraction.
Microsoft (MSFT) losing $0.38.
Intel (INTC) getting caught up in that Bank of America downgrade of the chip makers, down $1.31.
Then we have Baidu.com (BIDU) off nearly $8.
Cisco Systems (CSCO) off $0.53.
Amazon.com (AMZN) bucking the trend, up $3.61. Citigroup says Amazon has one of the best fundamental outlooks among the Internet stocks.
Qualcomm (QCOM) losing nearly $1.
Oracle (ORCL) off about $0.09.
Then we have Akeena Solar (AKNS) adding nearly $3.50, a 43 percent jump after inking the deal with Suntech Power Holdings. It will allow wider distribution of its solar panel technology.
And finally, shares of Echostar Holding Corp (SATS), this is a new issue, rising $13 or 73 percent, first day of trading. It's a spin off of Echostar Communications and it contains their set top box business and certain satellite assets.
Those are our stocks in the news tonight.
