Paul Kangas' Stocks in the News
Friday, July 18, 2008
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PAUL KANGAS: Wall Street opened lower on some profit taking after two days of big gains and a rebound in oil prices. The Dow fell 50 points at the outset and the NASDAQ tumbled 36 points on steep losses in Google and Microsoft after yesterday's disappointing results on Outlooks. Citigroup's smaller than expected loss took the sting out of the early selloff though, helping the Dow rebound with a 55 point mid-day gain. The selloff in the tech stocks kept the blue chips hobbled for the rest of the day, but they did post closing gains.
The Dow Industrial Average ended up 49.91 points at 11496.57. This week it feel twice, rose three times, had a net gain of 396.03 points.
The NASDAQ lost 29.52, ending at 2282.78 today. For the week, it also feel twice and rose three times and gained 43.70 points overall.
Standards and Poor's 500 rose a fraction today, .36, ending at 1260.68. For the week it gained 21.19.
In the bond market, the 10-year note fell 24/32 to 98 9/32, putting the yield up to 4.09 percent
Most active New York Exchange issue Citigroup (C) moving up $1.38, traded as high as $20.47 on that smaller than expected loss in the second quarter at $0.54. The Street was expecting a loss of $0.66 a share.
Bank of America (BAC) up nearly $1.00. It's second quarter results are due out next Monday.
General Electric (GE) showed no changed.
Washington Mutual (WM) edging up $0.93.
And then Wachovia (WB) with a $0.47 loss.
Moving along, on the active Pfizer (PFE) was down $0.07.
Wells Fargo (WFC) edged $0.03 higher.
Fannie Mae (FNM), you heard the news there, up $2.47.
JPMorgan Chase (JPM) down $0.78.
And then Freddie Mac (FRE) with a gain of $0.85 a share.
IBM (IBM) had a good day, up $3.37 after the close yesterday. As we reported, second quarter earnings for Big Blue, $1.98. That was $0.16 above the Wall Street estimate. Nice move in the stock today.
Schlumberger Ltd (SLB) up $3.77. Second quarter earnings out today, $1.16 up from last year's $1.02. Revenue is up 20 percent. Standard and Poor's repeated a buy recommendation.
Verasun Energy (VSE) up $1.07, good percentage move. UBS Financial upgraded it from neutral to buy and made positive comments on the ethanol group of stocks in general.
Amcol Intl (ACO), used to be called American Colloid, up $4.72. Company makes clay products and second quarter earnings $0.58 up from last year's $0.49. Sales were up a hefty 28 percent.
Valmont Industries (VMI) up $15.23. Company makes irrigation systems, among other things. Second quarter earnings $1.41, well above last year's $1.03. Sees 2008 revenue growth in the mid-20's range.
Watts Water Technologies (WTS) is up $2.48. Company sees second quarter operating earnings around $0.53. Wall Street estimates make $0.41.
And then came Mattel (MAT), up $2.38. Second quarter earnings out only $0.03 versus $0.06 a year ago. But yesterday, as we reported, a federal jury ruled that Mattel not MGA Entertainment is the rightful owner of a valuable Bratz doll line.
Istar Financial (SFI) losing $2.87 a share. The company sees second quarter adjusted loss of about $1.50 a share. Wall Street was expecting earnings of $0.75.
Great Atlantic & Pacific Tea Co (GAP), the grocery chain, down $6.15. The company reported a first quarter loss of $0.48 a share today, that was $0.07 worse than Wall Street was expecting.
Manpower (MAN) tumbling $8.58. Second quarter earnings $1.34, up from $1.20 last year, but the company sees third quarter earnings of $1.49 at best. The Street was expecting $1.58.
NASDAQ's most active, Google (GOOG), losing $52.12 after the close yesterday. Those disappointing results and outlook brought in sellers today.
Apple (AAPL) up $6.66, third quarter results due out Monday.
Microsoft (MSFT) off $1.66, this earning a little disappointing as was the outlook.
Research in Motion (RIMM) moved up $2.07.
Gilead Sciences (GILD) losing $5.87. After the close yesterday it reported second quarter earnings of $0.47. That was $0.01 above last year, but $0.01 below the Wall Street estimate today. The Jeffries brokerage downgraded it from buy to hold.
Teva Pharma (TEVA) off $1.82. You heard they are buying Barr Pharmaceutical.
Intel (INTC) a $0.10 gain.
Cisco Systems (CSCO) $0.14 gain.
Qualcom (QCOM) $0.37 drop.
Baidu.com (BIDU) fell $11.36.
Overstock.com (OSTK) tumbling $11.39. The company reported a second quarter loss of $0.28 a share. That was in line with Street estimates, but the Stifel Nicolaus brokerage downgraded it from hold to a sell.
And those are the stocks in the News tonight.
