Paul Kangas' Stocks in the News
Friday, May 16, 2008
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JEFF YASTINE: The housing data did little to inspire market traders. The Dow lost nearly 100 points in the first half of the session as oil climbed to new highs. We'll have more on the oil story a bit later. Adding to the early selling, a report showing consumer sentiment in mid-May hit its lowest level since 1980. Buyers came back after Treasury Secretary Henry Paulson said he sees the pace of U.S. economic growth picking up before the end of the year. That helped the major averages recover most of their early losses. The Dow finished down 5.86 to 12,986.8 and this week, the index fell twice and rose three times for an over gain of 240.92 points. The NASDAQ dropped 4.88 to 2528.85. And it rose in four out of the last five sessions for a gain of 83.33 and the S&P 500 jumping 1.78 points to 1425.35 and the index advanced 37.07 points overall on the week. In the bond market, the 10-year note fell 9/32s to 100 6/32 and the yield at 3.85 percent.
General Electric (GE) topping our list, losing $0.24.
Citigroup (C) fell $0.61.
Prizer (PFE) dropping $0.05.
EMC Corp (EMC) lost $0.08.
Ford Motor Co (F) losing a fraction as well.
Bank of America (BAC) dropped $0.54.
AT&T (T) gaining $0.21.
ExxonMobil (XOM) jumping $1.37. Oil prices set another new record high as you heard, rising to over $126 a barrel today and there is a look at the rest of the group.
BP Plc (BP), Chevron (CVX), ConocoPhillips (COP), Marathon (MRO) all doing very nicely into the closing bell.
Wells Fargo (WFC) losing $0.65.
SprintNextel (S) dropping $0.23.
Genentech (DNA) dropped $1.36. A recent study shows the Avastin treatment improving survival rates in brain cancer patients. The drug maker will also present more encouraging results on other forms of cancer treated with Avastin later this month.
BMC Software (BMC) gaining $1. - excuse me, $2.22. Fourth quarter net income rose over 50 percent thanks to the growing popularity of the company's networking software.
Advanced Auto Parts (AAP) kicked into overdrive. The stock revved over $4 higher. First quarter profits came to $0.86 a share. That was $0.12 above Wall Street estimates. The retailer's new CEO getting high marks from analysts for his efforts to improve profit margins.
And the big percentage gainer of the day was Noah Education Holdings (NED). The stock rose $1.16 to a four-month high. Third quarter profits quadrupled to $0.21 a share, shattering analyst estimates. The company offers interactive educational products through digital learning devices in China.
On the downside, Flagstar Bancorp (FBO) slid $1.10. Investors do not like the bank's plan to sell at a deep discount, more than 11 million shares in a private placement to about a half dozen institutions. Flagstar, a savings and loan based in Michigan, is trying to rebuild its capital after posting a $11 million loss last month.
Kohl's (KSS) getting bagged for a loss of $1.22. The retailer with a weak outlook on its sales after posting same store sales declines of nearly 7 percent. That hurt first quarter profits. And Goldman Sachs was also cautious on the entire department store sector because of the impact of higher oil prices on consumer spending.
Dillard's (DDS), JC Penney Co (JCP), Sears Holdings (SHLD), see that one down $1.92, all settling near their lows of the day.
Now onto the NASDAQ where we have Apple (AAPL) dropping $2.11.
Microsoft (MSFT) lost $0.46.
Google (GOOG) off $0.93.
Research in Motion (RIMM) down $0.35.
Cisco Systems (CSCO) gaining a fraction.
Intel (INTC) edged up a fraction as well.
Yahoo! (YHOO) losing $0.09. In a letter to the "Wall Street Journal," Yahoo! says its board remains quote the best and most qualified group to maximize value for all Yahoo! shareholders.
Qualcomm (QCOM) gained $1.95.
Baidu.com (BIDU) advanced $0.32.
First Solar (FSLR) up more than $4.
China Precision Steel (CPSL) jumped $1.63. Third quarter profits more than double what analysts expected. Revenues more than tripled.
Pharmacopeia (PCOP) gained $0.86. Its blood pressure treatment showing positive results in mid-stage clinical trials.
Astea Intl (ATEA) slid nearly $2, a negative reaction to the company's disappointing first quarter loss of $0.12 a share.
And finally Meta Financial Group (CASH) soaring $5.85. The bank earned a profit in its fiscal second quarter of $1.16 a share and record revenues, not bad for a company that was nearly delisted in April.
And those are our stocks in the news tonight.
