Paul Kangas' Stocks In The News
Friday, June 13, 2008
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PAUL KANGAS: Judging by Wall Street's strong opening, investors took today's data on consumer prices in stride and focused on the tame core rate. Another plus was a slump in oil futures. By midday, the Dow surged to a 138-point gain and the NASDAQ was up 44 points. A decline in the University of Michigan's consumer sentiment index led to an early afternoon pullback in stocks, but continuing strength in the dollar helped the market make a solid late comeback. The Dow Industrial Average closed up 165.77 points at 12,307.35. This week it fell just once, advancing 97.54 points overall. The NASDAQ Composite jumped 50.15 to 2454.50 today. It rose twice and fell three times this week, losing 20.06 points overall. Standard & Poor's 500 Index gained 20.16 today, but for the week it fell 0.65 overall. Over in the bond market, the 10-year note fell 12/32 to 96 28/32, putting the yield at 4.26 percent.
New York exchange volume leader on 32.6 million shares, Keycorp (KEY) down another $0.25 after tumbling $3.73 a share yesterday when the company said it's cutting its annual dividend 50 percent, going from $1.50 down to $0.75 a share, also said it plans to raise $1.65 billion in new equity capital.
General Electric (GE) managed to gain $0.10.
And then Citigroup (C) up $0.59.
But Wachovia (WB) down $1.12. The story here, Lehman Brothers analyst said he expects the company to cut its dividend again.
Bank of America (BAC) moved up $0.34 a share, fifth in big board volume.
Pfizer (PFE) $0.26 gain. The company might make a bid for 65 percent of Indian drug maker Rambaxi (ph) Laboratories.
Lehman Brothers (LEH) bouncing back $3.11. That's a rebound after five straight days of losses.
Ford Motor Co (F) moved up $0.27.
JPMorgan Chase (JPM) $1.57 gainer.
And Coca-Cola Co (KO) down $1.72. Now that is in sympathy with Coca- Cola Hellenic Bottling (CCH) over in Greece, which tumbled $8.76 after the company cut its 2008 earnings guidance from growth of 12 percent to only growth now estimated by the company at 6 percent. Down went that stock.
And another rival, Pepsi Bottling Group (PBG) down in sympathy as well, off $0.77.
Massey Energy (MEE) up $5.77. The coal company's stock will be added to the Standard & Poor's 500 Index on June 20th, replacing Office Max which will replace Massey in the Standard & Poor's small cap 600 index, musical chairs there.
We see LDK Solar Co (LDK), $2.55 gain. It signed a five-year contract to supply solar wafers to a large Chinese company.
On the downside, Brasil Telecom (BRP) down $6.15. JPMorgan downgraded the stock from "neutral" to "under weight" rating.
Allied Waste (AW) rising $1.08. Late today, Republic Services said it's in merger talks to take over Allied Waste for cash and stock worth about $15.23 a share for Allied.
Lindsay Corp (LNN) up $11.51. Third quarter earnings due this coming Wednesday and analysts see better than expected results than the Wall Street estimate of $1.22. Strong demand for corn and other crops has boosted demand for this company's irrigation system.
NASDAQ's most active, Apple (AAPL) down $0.89.
Microsoft (MSFT) $0.83 gain.
Google (GOOG) you heard the story there between Google and Yahoo! up $18.56, but Yahoo! (YHOO) down a nickel.
Research in Motion (RIMM) a $3.37 advance.
Qualcomm (QCOM) gained $1.01.
$0.41 advance for Cisco Systems (CSCO).
Intel (INTC) up $0.61.
Baidu.com (BIDU) gained $11.42.
And First Solar (FSLR) up $12.59 on that one.
Then we see RF Industries (RFIL), a radio frequency communications product company, up $1.54, big percentage move. Third quarter earnings tripled to $0.15 from a nickel a year ago on record sales of $4.5 million.
On the downside, Maxygen (MAXY), this is a biotech research firm, off $1.36 on fears that Amgen might just sue for patent infringement regarding the company's cancer drug.
And those are the stocks in the news tonight.
