Paul Kangas' Stocks in the News
Thursday, January 24, 2008
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PAUL KANGAS: KANGAS: Wall Street opened higher, thanks to carry-over momentum from yesterday's stunning comeback rally. The Dow posted a 71-point gain after 30 minutes of trading, while the NASDAQ Composite rose 37 points. The market faded during mid-session as buyers backed away to analyze the details of the stimulus plan. At 1:30 this afternoon, the Dow was up only five points. The market got a boost from the plan and optimism ahead of Microsoft's after-the-bell earnings added to the buying. The Dow Industrial Average closed up 108.44 points at 12,378.61. The NASDAQ Composite added 44.51 ending at 2,360.92, while the Standard & Poor's 500 Index rose 13.47 to 1,352.07. Over in the bond market, the 10-year note fell 28/32 to 104 14/32, putting the yield at 3.71 percent.
Most active big board issue on 44 1/2 million shares was Citigroup (C) moving up another $1.01 after a $1.90 gain yesterday when Bear Stearns upgraded the banking sector. Bank of America (BAC) coming down $0.77, a little profit taking.
Motorola (MOT) an $0.08 gain.
Wells Fargo & Co (WFC) up another $1.64 after a good gain yesterday.
And Pfizer (PFE) $0.24 gain after good earnings out yesterday.
General Electric (GE) a $0.05 advance.
Countrywide Financial (CFC) rose $0.11.
JPMorgan Chase (JPM) down $0.71.
SprintNextel (S) up $0.38.0
And then came Ford Motor Co (F) with a penny loss, traded as low as $6.11 today after a fourth quarter loss of $1.30, but that's a lot less than the nearly $3 loss of a year ago. Meanwhile, Ford is offering buyouts to 54,000 employees.
AT&T (T) in there with a $0.78 loss. Fourth quarter earnings were higher, $0.71, up from $0.61 but that excludes Bell South merger-related charges. The earnings basically in line with most Wall Street analysts.
Nokia (NOK) up $4.05. Fourth quarter earnings jumped 44 percent to 1.8 billion euros and a 34 percent rise in revenues.
And then Nucor (NUE), the steel company, up $3.70. Fourth quarter earnings fell to $1.26 from last year's $1.34, but that was a nickel better than the Street expected and the company sees first quarter earnings of about $1.30.
Franklin Resources (BEN) up $4.73, big earnings fourth quarter, $2.12, up from $1.67 last year, $0.21 above the consensus. The Webush Morgan brokerage repeated a "buy" on Franklin Resources.
ITT Education (GGI) jumping $16.52. Fourth quarter earnings moved up to $1.23 above the Street estimate, well above $0.97 of year ago.
Flotek Industries (FTK) tumbled $7.63. The company cut its 2007 earnings guidance of $1, down to as low as $0.88. The company's in the chemical supplies business.
Wellcare Health (WCG) tumbling $8.51. The "Wall Street Journal" today reported that the board is negotiating the departure of the company's three top executives amid a probe into fraud allegations.
Then we see the bond insurers all falling, very weak today. Insurance regulators quashed hopes for any quick fix for the bond insurers. However, after the close, England's "Evening Star" newspaper reported billion Wilbur Ross is in advanced takeover talks with Ambac and that stock moved up $1 from the price you see here in after hours trading.
Then we see Apple (AAPL) topping the active list on NASDAQ with a loss of $3.47.
But Google (GOOG) bouncing back $25.87 after a big drop yesterday.
Microsoft (MSFT) closed up $1.32 and then advanced to $34.80 or thereabouts in after hours trading in the wake of those good earnings we told you about.
Baidu.com (BIDU) snapping back $37.
Research in Motion (RIMM) down $7. Standard & Poor's noting the stock is down 18 percent this year through yesterday. He said let's upgrade it from "hold" to "buy" and there were people in there buying it today for sure.
First Solar (FSLR) up $6.72. Last night's guest on this program, Hilary Kramer, recommended buying that stock.
Qualcomm (QCOM) up $3.78. Yesterday as we reported, the company had better than expected earnings. It came out after the close for the first quarter.
Then came Intel (INTC) $0.71 gain.
Cisco Systems (CSCO) up $1.08.
And finally, eBay (EBAY) down $1.76, despite higher earnings out yesterday, but the outlook wasn't as good as Wall Street apparently wanted.
Then Middlebrook Pharmaceuticals (MBRK) look at this gain, $1.74 and now it's almost a $3 stock. The news, the FDA has approved the company's once a day pill for strep throat.
And those are the stocks in the news tonight.
