Paul Kangas' Stocks in the News
Monday, April 14, 2008
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JEFF YASTINE: Well, after Friday's washout and a parade of financial earnings expected this week, few investors wanted to be the first back in the pool. The Dow spent the session bouncing in and out of negative territory, from down 50 in the morning to up 40 by midday. But as oil prices ticked to that new high, buyers turned negative and the indexes finished near their lows of the day. So the Dow dropped 23.36 to end at 12,302.06. The NASDAQ Composite falling 14.42 to 2275.82. And the S&P 500 falling 4.51 to 1328.32. In the bond market, the 10-year note falling 11/32 to 99 27/32 and the yield at 3.52 percent.
And financials leading our list today, Wachovia (WB) dropping $2.26. As you heard, larger than expected losses forcing the banking giant's hand to cut its dividend and raise much-needed cash. General Electric (GE) losing $0.30 after Friday's big drop.
Citigroup (C) losing $0.85. Analysts expecting Citi to post a loss of $0.95 a share when it reports first (ph) quarter results on Friday and more write offs too.
Bank of America (BAC) down $1.36, down in sympathy with Wachovia and those weak financials and there's JPMorgan Chase (JPM) losing $1.03.
Pfizer (PFE) gaining $0.11.
But shares of Petrobras (PBR) gaining nearly $10, over $9. Brazil's national petroleum minister commenting on reports of a huge new oil field discovery upwards of 33 billion barrels in a deep offshore area from Sao Paolo. The company isn't commenting yet on the discovery, but one industry magazine in December said that field if proven, would be the world's third largest.
And that news, coupled with supply disruptions in the U.S. and Nigeria fueling a broad rally in oil stocks. There's Apache (APA), Hess (HES) and Repsol YPF (REP). Both are seen benefiting from their interest in that oil field discovery in Brazil from Petrobras and Murphy Oil (MUR), Transocean (RIG) all seeing decent gains as well.
Ford Motor Co (F) edged up a fraction.
Wells Fargo (WFC) slipping $0.77.
Circuit City (CC) gaining $1.07 on news about retailer turning heads and some analysts scratching their heads over its proposed $1.3 billion buyout by the struggling video chain Blockbuster.
IBM (IBM) climbing $1.28. Goldman Sachs voicing confidence in big blue's ability to deliver double digit earnings growth in the first quarter. That despite weakness in tech spending.
And then Trina Solar Ltd (TSL) jumping almost $6. The solar products maker will not build a $1 billion poly silicon factory. The company says it has plenty of supply to meet its (INAUDIBLE).
Agrium (AGU) perked up nearly $5. CIBC boosting its price target to $110 a share. The fertilizer producer last week announcing expansion efforts in China.
Then Capitalsource (CSE) rising $1.44. The company will buy 22 branches from Fremont General which is under pressure from bank regulators to boost capital reserves and sell of some assets.
Carpenter Technology (CRS) sliding over $9. That's a disappointing third quarter forecast which the specialty (INAUDIBLE) producer seeing third quarter earnings peaking at $1.05 a share, well below forecasts.
Perini (PCR) ending off nearly $4. BMO Capital downgrading the construction firm. Some concerns about earnings forecasts by the company which may be too ambitious.
On the NASDAQ, Apple (AAPL) rising $0.64.
But Google (GOOG) dropping nearly $6. Some experts think Yahoo!'s idea of outsourcing much of its search business to Google will be shot down by antitrust lawyers of the Justice Department.
Research in Motion (RIMM) off $0.38.
Microsoft (MSFT) down for the day.
Baidu.com (BIDU) up by nearly $5. They report results on April 24th.
Intel (INTC) losing $0.55.
First Solar (FSLR) up nearly $6.
Millennium Pharmaceuticals (MLNM) gaining a fraction.
Cisco Systems (CSCO) down by nearly the same amount.
Intuitive Surgical (ISRG) down by nearly $9, but no news.
Crocs (CROX) ending off $0.16 but tumbled more than $5 after hours. The footwear maker drastically cutting its first quarter guidance, warning it may post a loss to cover costs of shutting down a Canadian plant.
Then Nutrisystem (NTRI) rising $1.31. The stock goes into the S&P small cap 600 tomorrow at the close of trading and Tuesday, it replaces the bankrupt Frontier Airlines.
Those are our stocks in the news tonight.
