Paul Kangas' Stocks in the News
Tuesday, March 18, 2008
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PAUL KANGAS: Stocks on Wall Street took off in early trading today, as investors breathed a sigh of relief that those quarterly results weren't worse at Goldman Sachs and Lehman Brothers. The anticipation of a big cut in the Fed funds rate also helped boost the Dow 274 points by noon, with the NASDAQ up 47 points. When the Fed cut rates 0.75 percent instead of the expected full point, stocks pulled back briefly. But as the dollar rebounded and financial stocks soared, the market roared back. The Dow Jones Industrial Average vaulted to a closing gain of 420.41 points at 12,392.66. The NASDAQ Composite jumped 91.25 points to 2,268.26. Standard & Poor's 500 Index soared 54.14 ending at 1,330.74. In the bond market, the 10-year note fell 1 20/32 to par and 3/32, putting the yield at 3.49 percent.
Once again at the top of the active list on the big board, Citigroup (C), 45 1/2 million shares traded the stock, rebounding $2.09 from a 10- year low on the close yesterday. General Electric (GE) up $1.81, good day there.
And Bear Stearns (BSC), a good percentage gain, up $1.10, traded as high as $8.50. Standard & Poor's said there's speculation around that shareholders will not OK JPMorgan's buyout bid at $2 a share, may insist on a higher price than that.
Bank of America (BAC) in the strong group, up $2.97.
Lehman Brothers (LEH), what a day, up $14.74. As you heard, first quarter earnings $0.81, $0.09 above the Street estimate. Standard & Poor's upgraded it from "sell to "hold" and Goldman Sachs added to the "buy" list with a price target of $45, which it surpassed today with ease.
JPMorgan Chase (JPM) doing well, up $2.40.
Ford (F) an $0.18 gain. India's Tata Motors has secured $3 billion in financing for the purchase of Ford's Jaguar and Land Rover units.
Pfizer (PFE) $0.43 gain.
Washington Mutual (WM) in that strong financial group, up $1.36.
And then came Wells Fargo (WFC) with a gain of $2.76 a share.
Fannie Mae (FNM) up $6.01. There's optimism around that Federal regulators may lift at least part of the capital surplus mandate allowing Fannie Mae and its cousin Freddie Mac to expand their role in the troubled housing mortgage market. Freddie Mac stock was up $5.40 to $26.02.
And then the mortgage stocks, related stocks in general, big gains, Annaly Capital (NLY), Capstead Mortgage (CMO), Countrywide Financial (CFC), MBIA (MBI) And Thornburg Mortgage (TMA), all good percentage advances today.
FactSet Research (FDS) up $7.90. Second quarter earnings were up 11 percent at $0.59 or on an adjusted basis, $0.62 a share and that was $0.02 above the Wall Street estimate.
NYSE Euronext (NYX), parent of the big board, up $5.73. The company will buy back $1 billion of its own stock. It's boosting its annual dividend by 20 percent to $1.20 a share. Standard & Poor's repeated a "hold" on the stock, but lowered its price target from $80 down to $65 a share.
Then Kirby Corp. (KEX) up $7.76. The company boosted its first quarter earnings guidance from around $0.60 a share to $0.66 a share or better.
Xerium Technologies (XRM), huge drop, 74 percent, off $3.28. The news, this paper producer has delayed filing its annual report.
Then we move along to another big loser, Getty Realty (GTY) down $11.55. The company revised its fourth quarter 2007 earnings from $0.45 down to only $0.02 and all of 2007 earnings from $1.73 down to $1.37 a share.
And yet another sizable loser, Sunrise Senior Living (SRZ) down $3.35. The company missed the New York Stock Exchange deadline for filings its 10K report for 2006. Apple (AAPL) topped the NASDAQ actives, up $6.09.
Followed by Google (GOOG) with a $19.29 gain.
Microsoft (MSFT) moved up $1.12. Yahoo! told Microsoft that its takeover bid is too low, considering Yahoo!'s promising outlook.
Research in Motion (RIMM) up $6.88.
Cisco Systems (CSCO) $1.29 advance there.
Baidu.com (BIDU) down $0.57.
But Intel (INTC) moved up $0.90.
Yahoo! (YHOO) itself gaining $1.81.
Amgen (AMGN) down $1.87. Moody's put the company's ratings on review for a possible downgrade.
Apple, I should say Applied Materials (AMAT) up $0.86, tenth in NASDAQ volume.
Dynavax Technologies (DVAX) plunging $3.06 a share. The FDA told the company to halt trials of its hepatitis treatment due to safety concerns.
And those are the stocks in the news tonight.
