Paul Kangas' Stocks in the News
Tuesday, September 23, 2008
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PAUL KANGAS: Wall Street opened higher on a technical rebound from yesterday's drubbing, with some buying inspired by high hopes Congress would swiftly produce a financial rescue plan. An hour into trading, the Dow posted a 109-point gain with the NASDAQ up 30 points. Those gains faded this afternoon as there seemed to be little progress toward a resolution in Congress. So a late selloff sent stocks to the day's lows. At the final bell the Dow Industrial Average closed off 161.52 points at 10,854.17. The NASDAQ Composite fell 25.65, ending at 2,153.33. While the Standard & Poor's 500 Index lost 18.87 to 1,188.22. Over in the bond market, the 10-year note climbed 12/32 to 101 19/32, putting the yield at 3.81 percent.
New York Exchange volume leader on 27 million shares, American International Group (AIG) moving up $0.28. The company's new CEO, Edward Liddy, sees a stronger company emerging from the federal bailout. And he expects to move swiftly to sell some assets to help repay the bailout loan.
Pfizer (PFE) in there with a $0.06 loss.
Citigroup (C) dropped $0.02 after Oppenheimer cut earnings estimates a bit.
Washington Mutual (WM), a $0.13 loss. Moody's downgraded the rating on the company's covered bonds from A3 to BAA1.
Sprint Nextel (S) in there with a $0.27 gain, fifth in volume.
General Electric (GE) lost a $1.20. Merrill Lynch downgraded it from buy to neutral and cut earnings estimates.
National City (NCC), $0.15 gain.
Bank of America (BAC) down $0.85. Oppenheimer cut estimates on that stock.
Petroleo Brasileiro (PBR), the big Brazilian oil, down $3.60.
And the commodity stocks were weak today, including Companhia Vale (RIO), down $2.32, 10th in volume.
Union Pacific (UNP) closed up $0.87. Traded as high as $76.49, after the company this morning boosted its third-quarter earnings estimates because of lower diesel fuel costs.
Air Products & Chemicals (APD) tumbling $7.06. The company cut its fourth- quarter earnings estimate from as much as a $1.42 down to $1.26 at best, citing a fire at one of the company's Korean facilities, and lower demand for its products because of hurricanes Gustav and Ike.
The car rental firm Dollar Thrifty (DTG) off $1.54, loss of over 33 percent of its value after the company said third-quarter results will be challenged by bankruptcy at one of its tour operators and also because of auto depreciation. One of its rivals, Avis (CAR), was down $1.06 at $5.84 in sympathy.
Genco Shipping & Trading (GNK) tumbling $4.90. The Dahlman Rose brokerage downgraded it from buy to hold. And that had a negative impact on other bulk carriers.
Let's have a look at what happened to some of those. Diana Shipping (DSX) off over $2, as was Eagle Bulk Shipping (EGLE), and Navios Maritime (NM) was down $0.88.
Hanger Orthopedic (HGR) down $2.55. The company announced the offering of 2.5 million shares of its stock coming on the behalf of Ares Corporation Opportunities Fund.
And then Downey Financial (DSL), a good percentage move, up nearly 20 percent. Positive reaction apparently to the naming of a new CEO, Charles Rinehart.
Apple (AAPL) topped the NASDAQ's most active, down $4.21. Research In Motion (RIMM), a small move of $0.87.
Microsoft (MSFT) edged up $0.04.
And then Google (GOOG), an $0.87 gain on the close. You heard it launched its new Gphone.
And then Intel (INTC) was up $0.13 a share.
Cisco (CSCO) down $0.38.
Qualcomm (QCOM) a nickel loss.
Oracle (ORCL) down $0.06.
First Solar (FSLR) fell $11.76.
And Baudi.com (BIDU) down $5.13.
ImClone Systems (IMCL) moved up $4.11, Bristol-Myers Squibb (BMY) has sweetened its buyout bid from $60 to $62 a share in the form of a $4.7 billion tender offer.
And those are the "Stocks in the News" tonight.
