Paul Kangas' Stocks in the News
Wednesday, October 29, 2008
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PAUL KANGAS: Wall Street's blue chips started and ended the day with modest losses after yesterday's huge rally. The Dow was down 70 points at the outset of trading while the NASDAQ lost 20 points. That mild sell off inspired a rebound with the Dow up 85 points just ahead of the Fed's mid- afternoon rate cut. The Dow then fell to a 120 point loss, only to make a strong 250 point comeback, which believe it or not vanished in the last moments of today's volatile trading session. So the Dow Industrial Average closed down 74.16 and that puts it at 8990.96. The NASDAQ Composite held on to a closing gain of 7.74 at 1657.21, while the Standard & Poor's 500 Index lost 10.42 at 930.09. Over in the bond market, the 10-year note fell 3/32 to 101 4/32 putting the yield at 3.86 percent.
Most active New York exchange issue on 20 million shares, General Electric (GE) losing $0.29.
Then Citigroup (C) with a $0.56 drop.
National City (NCC) fell $0.07.
Wachovia (WB) losing a half dollar.
ExxonMobil (XOM) down $0.21.
Most of these stocks were in the plus column earlier in the day. Bank of America (BAC) down $0.70.
Pfizer (PFE) lost $0.63.
Wells Fargo (WFC) dropping $2.35.
JPMorgan chase (JPM) $1.89 loss.
And then Ford Motor Co (F), the only gainer in the 10 most active, edged up just $0.01.
Las Vegas Sands (LVS), now there's a gain, 80 percent, up nearly $4 and it traded as high as $10.96 today. The Singapore tourist board is working closely with the company to ensure successful completion of the firm's casino resort in Singapore. The casino group generally was strong on that news and also news from MGM Mirage (MGM) which had a good gain of $3.42. MGM plans to issue debt secured by its casino assets in New York in order to bolster its balance sheet.
Procter & Gamble (PG) down $1.90, traded as - that's about the low of the day, actually. First quarter, $1.03, up from $0.92 last year. That was just in line with Street estimates and the company did cut its full year guidance a bit.
Corning (GLW) down $0.91, traded as low as $9.88 after reporting third quarter earnings up 24 percent, $0.49 versus $0.38 a year ago, but the company did warn the fourth quarter results will fall far short of expectations.
Big insurance company Aetna (AET) losing $2.25. Third quarter earnings, $0.58, well down from $0.95 a year ago and it cut its 2008 earnings guidance.
Agco (AG), the farm equipment company, down or up $1.12. Third quarter earnings, $1.04, up from $0.80 last year. Revenues jumped 22 percent.
Atlas Pipeline (APL) losing almost $3 a share after Citigroup downgraded it from "buy" to a "sell."
Sealed Air (SEE) losing $4.65. Third quarter earnings, $0.28 versus $0.40 last year and the company cut its 2008 guidance from a high of $1.51 down to $1.07 per share at best.
William Sonoma (WSM), this is a home products retailer, down $2.49. The company sees a third quarter loss of $0.10 to $0.12 a share versus its prior guidance of break even too earnings of $0.04.
BorgWarner (BWA) down $1.63. Third quarter earnings fell to $0.44 from $0.56 last year on flat sales.
And then FMC Corp (FMC), the chemical company, up $6.65 on higher third quarter earnings of $1.13 versus $0.69 last year, $0.11 above the Street estimate.
Topping the NASDAQ actives, Apple (AAPL) up $4.64. Rumors making the rounds today, the company's going to soon announce a large stock buyback.
Google (GOOG) down $10.75.
Microsoft (MSFT) dropped a dime.
Research in Motion (RIMM) managed to gain $0.83.
Intel (INTC) a $0.92 loss there.
Cisco Systems (CSCO) down $0.44.
Oracle (ORCL) fell $0.33.
Qualcomm (QCOM) off nearly $1.
Amazon.com (AMZN) edged up $0.85.
And Apollo Group (APOL) up $6.14. This is the company that owns University of Phoenix and fourth quarter earnings jumped to $1.43 from $0.60 last year. Enrollments are up 19 percent.
And finally, Dell (DELL) fell $1.02 after BMO Capital markets cut the computer maker's full fiscal year earnings target from $1.56 down to $1.36 per share.
