Paul Kangas' Stocks in the News
Monday, August 11, 2008
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PAUL KANGAS: Wall Street opened slightly lower as some investors cashed in on last week's big gains, but after seeing the Dow drop only 25 points and the NASDAQ actually gain 10 points early on, buyers appeared and those buyers became more aggressive when oil pulled back at midday. By early afternoon, the Dow posted 115-point gain with the NASDAQ up 42 points. The rally lost a lot of its momentum over the next few hours but the market still held moderate gains at the final bell. The Dow Industrial Average closed up 48.03 points at 11,782.35. The NASDAQ Composite was up 25.85 ending at 2439.95, while the Standard &Poor's 500 Index added exactly 9 points, closing at 1305.32. Over in the bond market, the 10-year note fell 16/32 to par and 1/32, lifting the yield to exactly 4 percent.
Most active New York exchange issue on 13 1/2 million shares, Citigroup (C) moving up $0.43. Pfizer (PFE) edged up $0.04. The company agreed to settle litigation regarding its cholesterol drug Lipitor with Canadian drug maker Apotex. General Electric (GE) up $0.31. The company says its exceeded its $1 billion sales goal from infrastructure projects at the Beijing Olympics. It now stands at $1.7 billion in sales.
Bank of America (BAC) up $1.13.
Wells Fargo (WFC) gained $1.44.
And then Qwest Communications (Q) $0.20 advance there. Citigroup upgraded it from "hold" to "buy."
Ford Motor Co (F) on the downside by a dime.
And Co Vale do Rio (RIO) down almost $1.
Home Depot (HD) up $1.14.
And JPMorgan (JPM) an $0.82 gain there, tenth in volume.
The airline stocks because of the lower oil prices and a prediction by Morgan Stanley that the industry will turn a profit in 2009, if oil stays around $115 a barrel helped and UBS also boosted the price targets for a number of the major airline stocks. All of these were up over $1 at one stage today and they all ended very nicely higher, percentage.
AMR Corp (AMR)
Continental Airlines (CAL)
UAL Corp (UAUA)
US Airways (LCC)
A very weak group of course gold, New York December gold plummeted $36.50 an ounce. That's $828.30 an ounce. Anglogold Ashanti (AU) and Barrick Gold (ABX) and Kinross Gold (KGC), Newmont Mining (NEM), Yamana Gold (AUY) all down and they were down a lot more in the early part of the day.
The coal stocks also weak in the very strong sell off in commodities. We see Arch Coal (ACI), Consol Energy (CNX), Patriot Coal (PCX) and Peabody Energy (BTU) well on the downside.
Sysco (SYY) up $1.28. The food distribution company had a fourth quarter earnings report of $0.55, up from $0.49 a year ago. That was $0.03 better than the Street was expecting.
Clear Channel Outdoor Holdings (CCO), which is into billboards and mall displays and things like that, had higher second quarter earnings, $0.23, up from $0.19 a year ago and that was $0.05 above the Street consensus.
Emulex (ELX) moving up $0.93, traded as high as $13.70 after Citigroup upgraded it from "sell" to a "buy."
And Whirlpool (WHR) moving $3.83 to the positive. Longbow Research sees the company's profit margins improving as the year progresses.
And then one of the best percentage gainers was Beazer Homes (BZH), up $0.97, traded as high as $8.20. Friday it reported a narrower third quarter loss than last year and today, JPMorgan trimmed its 2008 loss estimate from $15 a share to $13.40.
Apple (AAPL) topped the actives list on NASDAQ, up $4.01. "Wall Street Journal" reported users had downloaded 60 million programs from the company's online (INAUDIBLE) store.
Research in Motion (RIMM) down $2.33.
Amazon.com (AMZN) moving up $7.58. Citigroup is upbeat on the sales outlook for the company's Kindall (ph) electronic reader. Google (GOOG) up $5.83.
Microsoft (MSFT) $0.23 drop there, fifth in volume.
$0.15 gain in Intel (INTC).
Qualcomm (QCOM) fell $1.44.
Cisco Systems (CSCO) a $0.37 advance.
baidu.com (BIDU) down $14.86.
And then Oracle (ORCL) was off $0.44 a share.
Ciena (CIEN) moved up $1.16. Morgan Keegan brokerage upgraded it from "market perform" to "out perform."
But on the downside, Sterling Construction (STRL) fell $1.71 despite higher second quarter earnings of $0.37, up from last year's $0.32. But that was a few cents below the Street estimate of $0.43 and the company cut its 2008 earnings guidance from a high of $1.57 down to $1.36 at best.
Those are the stocks in the news tonight.
