Paul Kangas' Stocks in the News
Tuesday, November 04, 2008
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JEFF YASTINE: On Wall Street it was up, up and away from the opening bell thanks to today's election. The Dow gained 300 points in the first half of the session. Investors looked past a report on factory orders which plunged for a second straight month. Energy stocks benefited from the steep gain in oil prices and that helped the indexes hold onto the closing gain into the closing bell. The Dow Jones rising 305.45 to end at 9625.28. The NASDAQ adding 53.79 to 1780.12 and the S&P 500 tacking on 39.45 to close at 1005.75. And in the bond market, the 10-year note rising 1 16/32 to 102 6/32 and the yield at 3.73 percent.
General Electric (GE) topping our list, gaining $1.47. A "Journal" report says GE Capital may be eligible to participate in the Treasury Department's $700 billion financial bailout package.
American International Group (AIG) rising $0.27.
Bank of America (BAC) up $0.92.
Citigroup (C) advancing $0.69.
National City (NCC) rising $0.18.
JPMorgan Chase (JPM) gained $1.44.
And then there's ExxonMobil (XOM) rising $3.20 as oil jumped more than $6 to $70.53 a barrel today, helped a lot of energy stocks.
Pfizer (PFE) moving up $0.65.
Procter & Gamble (PG) gaining $1.67.
Wachovia (WB) with the financials pretty much holding their own today, up $0.35.
Archer Daniels (ADM) plunging (ph) $3.22. Profits weighed in at $1.61 a share. That was more than twice analysts expected. Sales were up a healthy 65 percent.
And in other earnings beat Mastercard (MA) climbing more than $26. Profits rose an impressive $2.47 a share. Cost-cutting efforts offset weakness by lower credit card use from consumers. And Visa shares rose 14 percent in sympathy today.
Principal Financial (PFG) gaining traction to the upside from the October lows, rising more than $5. The insurer says it has more than enough cash on hand for its needs.
Comstock Resources (CRK) rising $4.09. Third quarter profits of the oil and gas producer rising more than five fold.
On the downside, shares of airline stocks losing altitude. Continental Airlines (CAL) said November revenues will moderate due to the slowing economy. Today's $6 jump in oil prices another negative and the stock falling $2.51.
Here's a look at Tenent Healthcare (THC). It fell $1.51. That's due to a larger than expected third quarter loss, lots of delinquencies on medical bill payments from consumers.
Then Health Net (HNT), another health care issue, sliding $2.44. The managed care provider had a huge earnings shortfall which clouded the outlook for the second half and full year results.
Herbalife Ltd (HLF) sank nearly $6. The vitamin distributor issued a profit warning for the fourth quarter and for 2009 results.
Let's look at the NASDAQ where we have Apple (AAPL) rising more than $4, $4 and a fraction. As Susie mentioned, a key executive who helped developed the iPod switching hats will take on an advisor role to Steve Jobs.
Google (GOOG) surged over $20. The FCC says a certain portion of the broadcast TV transmission signal can be used to deliver wireless broadband service and that might deliver more service to Google.
Microsoft (MSFT) rising $0.91.
First Solar (FSLR) advancing more than $15.
Cisco Systems (CSCO) rising $1.13.
Research in Motion (RIMM) advancing $2.03.
Intel (INTC) up $0.62.
Baidu.com (BIDU) up nearly $30 today.
Qualcomm (QCOM) advancing $0.76.
Oracle (ORCL) up $0.57.
Intuitive Surgical (ISRG) rising $19.50. The Needham brokerage upgrading the shares, $225 price target there.
Amylin Pharmaceuticals (AMLN) falling $2.76. The FDA will delay review of Amylin's diabetes drug due to technical issues regarding the testing. That could push the full roll out to 2011.
FCStone Group (FCSX) dropped $2.41. It will take a $25 million hit for bad debt.
And finally, Animal Health International (AHII) off $3.76. They had a 70 percent drop in first quarter profits, also issuing a profit warning for their full-year results.
