Paul Kangas' Stocks in the News
Wednesday, February 06, 2008
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JEFF YASTINE: All that talk of slowing growth led Wall Street into negative territory late in the day. That as recession worries trumped the Dow's 125 point bounce early in the session. Stocks had moved higher as investors reacted to Disney's strong earning out last night. The buying faded in early afternoon trading as the market digested those Plosser comments and the selling continued into the close. So the Dow ended down 65.03 at 12,200.10 and the NASDAQ fell 30.82 to end at 2278.75, putting it firmly in bear territory, down 20 percent from its October highs. And the S&P 500 finished down 10.19 at 1326.45. In the bond market, the 10-year note falling 8/32 to 105 11/32 and the yield at 3.6 percent. Starting things off, Citigroup (C) heading up our actives, falling $0.13.
General Electric (GE) dropping a penny there.
Ford Motor Co (F) losing $0.12.
Bank of America (BAC) down $0.04.
And Pfizer (PFE) off a nickel.
Here's ExxonMobil (XOM) losing $0.67 with today's bit of a sell off in the oil markets.
Then Time Warner (TWX) gaining $0.31. Fourth quarter net income fell more than 40 percent but investors like CEO Jeff Bewkes plan to cut costs, split of America Online's Internet access business and also cut Time Warner's stake in Time Warner cable.
Disney (DIS) gaining $1.43. Analysts applauding the media giant's first quarter performance. The weakness in the U.S. dollar giving foreign tourists an excuse to book more vacations at Disney's U.S. theme park.
Hewlett-Packard (HPQ) off $0.82.
JPMorgan Chase (JPM) down $0.17.
And then CME Group (CME) stung for a loss of over $103. The Justice Department raised antitrust issues over the exchange group's trade clearing activities and that also could put the proposed acquisition of Nymex under greater scrutiny since that deal would also combine trade clearinghouses of the nation's two largest remaining futures markets.
And there's the action in Nymex Holdings (NMX) dropping nearly $19.
And then Neustar (NSR) shares falling over $7. The firm reported healthy fourth quarter results, but warned it would miss analyst 2008 earnings forecasts by about 10 percent.
Here's another one down on weak 2008 outlooks, National Financial Partners (NFP) nosediving over $9. Analysts at Bank of America slicing earnings growth projections in 2008.
Macy's (M) down $1.16. The retail group said it will cut 2,500 jobs and restructure some operations after last month's 7 percent drop in same store sales.
And then Polo Ralph Lauren (RL) going the other way, gaining over $5 on a surprise earnings beat. Third quarter profits reached $1.03 a share. That was $0.31 above analyst estimates.
Then Tyco Electronics (TEL) rising more than $2. First quarter earnings more than tripled to $1.90 a share, helped by sizable tax gains and also the company's underwater fiber optic cables carrying a lot of data and generating a lot of cash for the company which was spin off from Tyco International a while ago.
And finally, MBIA (MBI) down $0.62, but rose more than $1 after hours. The bond insurer will raise more cash and try to hold onto that triple A credit rating by selling $750 million in convertible preferred stock. It will also restate a smaller fourth quarter loss.
Onto the NASDAQ where Apple (AAPL) fell more than $7 in today's sell off.
Microsoft (MSFT) dropping $0.55.
Google (GOOG) off more than $5.
Cisco Systems (CSCO) dipped $0.18. Second quarter profits rose more than 7 percent and matched analyst estimates, but the company sees weakness in orders that could continue for several months and noted caution among its U.S. and European customers. The stock fell to $21 and change in after hours activities.
And finally, Baidu.com (BIDU) dropping more than $23. Google is setting up its own download operation for free and unlicensed, excuse me, licensed music titles in China and that's the last thing that Baidu needs for its business in China there.
Research in Motion (RIMM) ending off more than $4.
Yahoo! (YHOO) falling $0.41.
Intel (INTC) off $0.20.
First Solar (FSLR) down more than $6.
Oracle (ORCL) going the other way, gaining $0.42.
JDS Uniphase (JDSU) surging more than $2. Profits came in above estimates. Excluding special items, they earned $0.22 a share. Remember when this was a $1,000 stock back in March of 2000.
And finally, Riverbed Technology (RVBD) losing $2 1/2. Excluding special items, Riverbed earned $0.20 a share. That was a penny above estimates. But a Needham analyst downgraded the stock and down it went.
