Paul Kangas' Stocks in the News
Friday, July 25, 2008
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PAUL KANGAS: Better than expected durable goods orders help put stocks in the rebound mode at the outset on Wall Street. The Dow posted an 82- point gain after a half hour of trading with the NASDAQ up 24 points. The market pulled back a bit during mid-session, but a further decline in oil prices this afternoon helped stocks end the day with modest gains. The Dow Industrial Average closed up 21.41 at 11, 370.69. This week it fell twice and rose three times, had a net loss of 125.88 points. The NASDAQ Composite gained 30.42 points to 2310.53 today. It also fell twice and rose three times this week, but it gained 27 3/4 points overall. Standard & Poor's 500 Index climbed 5.22 to 1257.76 today, but this week it dipped 2.92 points overall. Over in the bond market, the 10-year note fell 26/32 to 98 6/32, putting the yield at 4.10 percent.
Most active New York exchange issue, Washington Mutual (WM) trading 28 1/2 million shares, stock down $0.19.
Followed by Wachovia (WB) down $1.19. Chief Financial Officer Thomas Wurst plans to leave the company. Standard & Poor's today downgraded the stock from "sell" to "strong sell," Morgan Keegan from "outperform" to market perform" on a valuation basis.
Bank of America (BAC) in the weak financial group, down $1.06.
And then Citigroup (C) losing $0.21.
Ford Motor Co (F) a $0.06 loss there.
Moving along in the actives, General Electric (GE) showed no change. The company is restructuring. It'll reduce six units to four units and then after the close, the company said the SEC issued a Wells notice to its funding unit regarding bidding on municipal securities.
Pfizer (PFE) $0.08 gain.
JPMorgan Chase (JPM) $0.38 advance.
Wells Fargo & Co (WFC) lost $0.06.
And Co Vale do Rio (RIO) down $0.13, up $0.13 I should say.
Arch Coal (ACI) up $4.70, big second quarter earnings out today, $0.78, up from last year's $0.26. Revenues jumped 31 percent. Those earnings $0.14 above the Street estimate and all of this had a very positive impact on the coal stocks in general.
Let's look at a few nice gainers. Consol Energy (CNX), Massey Energy (MEE), Patriot Coal (PCX) and Peabody Energy (BTU) all doing well on the upside.
ITT (ITT) up $4.01. Second quarter earnings, $1.19, up from last year's $1.08 and $0.08 above the Street estimate. Revenue up 38 percent.
Reliance Steel (RS) up $5.59. The company has decided not to proceed with the previously planned $6.75 million public offering of common stock. The company said that's due to market conditions.
And Triumph Group (TGI) up $4.57. First quarter earnings, $1.54, up from $1.04 last year. Sales were up 17 percent. The company's in aircraft parts.
Western Digital (WDC) losing $2.68. Fourth quarter earnings, $0.94, same as last year and despite its 46 percent jump in revenues. Needham Securities downgraded "strong buy" to "buy." The company sees first quarter guidance at $0.89 a share at best. That's $0.10 below the Wall Street estimate.
Abercrombie & Fitch (ANF) down $4.52. Vice President and CFO Michael Kramer plans to resign next month.
City National (CYN) fell $1.36 on lower second quarter earnings of $0.73, down from $1.19 last year. The company also cut full year guidance.
BMC Software (BMC) losing $2.70. First quarter earnings of only $0.01 versus $0.27 last year, but that does include the acquisition charges for Blade Logic.
And kidney dialysis company Davita (DVA) up $3.15. That stock will be added to the Standard & Poor's 500 after the close next Wednesday. It'll replace Clear Channel Corp., which is being acquired.
Apple (AAPL) topped the NASDAQ actives up $3.09.
Qualcomm (QCOM) $2.02 gain.
And then Research in Motion (RIMM) up $2.88.
Google (GOOG) did well, up $16.36.
Microsoft (MSFT) $0.72 advance there.
Cisco Systems (CSCO) a $0.67 gain.
Juniper Networks (JNPR) up exactly $4. Second quarter earnings rose to $0.28 versus $0.20 a year ago. Revenues up 32 percent.
Intel (INTC) $0.34 gain.
Baidu.com (BIDU) after a huge run up yesterday, down $2.68.
And a 41 percent loss in Amazon.com (AMZN).
Crocs (CROX) down $4. After the close yesterday, the company cut its second quarter earnings estimate from $0.42 to $0.47 all the way down to just $0.03 to $0.07 a share.
And Cepheid (CPHD) down $9.54. The company does genetic analysis and its second quarter loss of $0.13 a share was worse than expected. The Street thought a loss of only about $0.06.
Those are the stocks in the news tonight.
