Paul Kangas' Stocks in the News
Monday, May 05, 2008
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JEFF YASTINE: Higher oil prices and the disappointment over the Microsoft/Yahoo! deal made for a disappointing day for investors. The Dow dropped about 110 points in the first 90 minutes of the session. Transportation stocks, truckers, airlines, pummeled as oil crossed the $120 a barrel mark. The NASDAQ touched its lows during the afternoon session, down 18, as selling in Microsoft and Yahoo! shares outweighed gains in Apple and Google. The Dow finishing the session off 88.66 at 12,969.54 and the NASDAQ sliding 12.87 to 2464.12. The S&P 500 dropping 6.4 to 1407.49. And the bond market, the 10-year note falling 4/32 to 96 31/32 and the yield at 3.87 percent.
SprintNextel (S) gained $0.83. Deutsche Telecom may (INAUDIBLE) in SprintNextel, the nation's third largest wireless carrier and the "Wall Street Journal" said executives at Sprint may spin off the Nextel division because they're unhappy with the performance of that unit since the deal was completed nearly three years ago. Citigroup (C) dropping $0.64, part of a somewhat weaker financial group today.
Countrywide Financial (CFC), there's the news there, losing $0.62 and Bank of America confirming that it does intend to go through with that takeover with NIGHTLY BUSINESS REPORT.
Pfizer (PFE) dropping $0.09.
Ford Motor Co (F) eking out a gain of $0.06.
General Electric (GE) dropping $0.16.
Bank of America (BAC), there's the reaction there, sliding $0.82.
Time Warner (TWX) advanced $0.38.
Advanced Micro (AMD) up $0.37.
AT&T (T) dropping $0.28.
Merck (MRK) slipping $0.39, but after the close, the Dow component announced plans to cut up to 1200 jobs. That stock has fallen from $60 in recent months. The drug maker under pressure to cut costs and conserve cash after failing to win approvals for some key cholesterol drugs.
Continental Resources (CLR) rising more than $7. Soaring oil prices giving first quarter profits a nice boost. Earnings jumping 60 percent and revenues nearly doubling.
And then coal (ph) producer Alpha Natural Resources (ANR) hot today, rising nearly $6. First quarter profits tripling to over $25 million from a year ago. Coal exports for steel production and power generation helping to boost coal production or coal prices to record contract levels. That news helping all the coal stocks today.
Arch Coal (ACI), Consol Energy (CNX), Massey Energy (MEE), Peabody Energy (BTU), Walter Industries (WLT) all doing very nicely.
Then Marvel Entertainment (MVL) rising almost $3. Stronger than expected first quarter results today and in addition, "Iron Man," the latest movie based on a Marvel comic book series, raked in over $100 million at the box office in its opening weekend.
Aircastle Ltd (AYR) taking flight, gaining more than $2. The aircraft leasing company with a new credit line of nearly $800 million.
And then Tidewater (TDW) tumbling more than $6. Fourth quarter earnings there were $0.10 below Wall Street expectations and Standard & Poor's downgrading the provider of marine transportation services.
On the NASDAQ as you heard, late today Jerry Yang telling Reuters Yahoo! is ready to listen if Microsoft has anything new to say but the damage to Yahoo! (YHOO) stock considerable, down more than $4 in regular trading.
Apple (AAPL) though gaining $3.79. American Technology Resources raised its price target on that stock to $210 a share.
Google (GOOG) gaining more than $13. Some analysts see that company as the main beneficiary of the fallout between Microsoft and Yahoo! and the uncertainty of where companies may want to place their search ad buys.
Microsoft (MSFT) dropping $0.16.
Research in Motion (RIMM) gaining more than $1. The stock back to its old all-time highs that were set in November of last year.
Baidu.com (BIDU) jumping over $12.
Cisco Systems (CSCO) though losing $0.47.
First Solar (FSLR) dropping more than $7.
Intel (INTC) losing $0.19.
Oracle (ORCL) gaining just a fraction.
American Capital Strategies Ltd (ACAS) sliding $2.24. Some analysts worry about the impact of large investment loss write offs with new mark to market (ph) accounting rules coming up soon.
And then finally, Zoltek Companies (ZOLT) falling more than $2.37. The company dismissed its CFO after finding some accounting issues in payments to a subsidiary. Zoltek's chairman and CEO will assume the CFO title until a new executive can be hired.
Those are the stocks in the news tonight.
