Paul Kangas' Stocks in the News
Thursday, October 16, 2008
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PAUL KANGAS: Wall Street opened narrowly mixed, supported by consumer prices holding steady in September. But by noon, disappointment had taken hold of traders again and the Dow posted over a 300 point loss with the NASDAQ off 43 points. But that sell-off attracted aggressive buyers who thought the market had successfully tested a bottom. So, the Dow Industrial Average vaulted to a closing gain of 401.35 points at 8979.26. The NASDAQ Composite jumped 89.38 to 1717.71, while the Standard & Poor`s 500 Index was up 38.59 closing at 946.43. Over in the bond market, the 10-year note fell 5/32 to par and 8/32, putting the yield at 3.97 percent.
The most active big board issue on 32 million shares, General Electric (GE) up $0.64.
Followed by Citigroup (C) down $0.33 giving back a little of the recent gains.
Bank of America (BAC) a $0.43 advance.
ExxonMobil (XOM) was up $7.10 despite oil falling below $70 a barrel.
Pfizer (PFE), fifth in volume, a $0.70 gain there.
Co Vale do Rio (RIO) up $0.50.
Followed by JPMorgan Chase (JPM) with a $2.00 advance.
American International Group (AIG) showed no change on the day.
Petroleio Brasil (PBR) a $0.48 gain there.
And then Ford Motor Co (F) with a $0.03 loss, tenth in volume.
Wal-Mart Stores (WMT) a standout, up $4.57. Discount retailers are very firm in this market due to the weakening economy and Wal-Mart of course the leader.
Continental Air (CAL) up $2.91. The company did report a third quarter loss of $1.32 a share, but that was $0.23 better than expected. Also, falling oil prices helped not only Continental, but all the major airlines. Look at those nice gains AMR (AMR), Delta Air (DAL), Northwest Air (NWA), United (UAUA) and US Airways Group (LCC), UAL I should say.
Agnico Eagle (AEM) among the very weak gold sector today. December gold contract in New York down $34.50 to $804.50 an ounce as inflation fears eased on that flat September consumer price index, all major losers in this group here.
Barrick Gold (ABX)
Goldcorp (GG)
Kinross Gold (KQC)
Newmont Mining (NEM)
Moving along, Archer-Daniels (ADM) up $1.75 after Merrill Lynch upgraded it from "neutral" to "buy" on a valuation basis.
Major loser, Badger Meter (BMI) tumbling $9.35, traded as low as $22.07 after reporting flat third quarter earnings, $0.39, same as last year and $0.08 below the Street estimate. Also the company said it`s seeing customers delaying orders because of the weak economy.
Hershey Co (HSY), investors sweet on it today, up $2.27. Third quarter earnings, $0.64. That`s down $0.04 from last year, but right in line with Wall Street estimates and the stock did well.
Peabody Energy (BTU), the coal producer, up $4.44. Third quarter earnings soared to $1.36 from only $0.12 last year, $0.49 better than the Street expected and revenues were up 59 percent.
NASDAQ`s most active, Apple (AAPL) up $3.94.
Followed by Google (GOOG) up $13.85. After the close, Google announced third quarter earnings came in at $4.92, well above the Street estimate of $4.75 and in after hours trading, Google stocked jumped another $37 a share.
Microsoft (MSFT) moving up $1.53. The company`s vision of a partnership with Yahoo! is still very much alive as we`ll find out momentarily from Scott Gurvey in his upcoming report.
Research in Motion (RIMM) up $3.49.
Intel (INTC) an $0.89 advance there.
Cisco Systems (CSCO) up $1.18.
Qualcomm (QCOM) up $2.58.
Yahoo! (YHOO) gained $1.24. As I mentioned, Microsoft has continuing interest in a possible combination.
Then Oracle (ORCL) up $1.04.
And Amazon.com (AMZN) rose $1.57, nice move in that NASDAQ active list.
Those are the stocks in the news tonight.
