Paul Kangas' Stocks in the News
Thursday, November 06, 2008
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JEFF YASTINE: A second day of steep selling on Wall Street as investors worried about tomorrow's October employment report and the big losses expected at GM and Ford. Shares of GM and Citigroup touched new multi-year lows today and weak chain store sales, which we'll detail in a moment added to the selling. So as you can see there, the Dow went on to end the day down 443 points or almost 5 percent. The NASDAQ tumbled almost 73 points to 1608.70. And the S&P 500 fell 47.89, ending at 904.88. In the bond market, the 10-year note gained 2/32 to 102 16/32 and the yield down to 3.69 percent.
Another frightening tailspin for the blue chips and there you see Citigroup (C) dropping $1.11.
General Electric (GE) losing $1.59.
Bank of America (BAC) off $2 - excuse me, $1.63.
Wachovia (WB) losing $0.60.
Wells Fargo (WFC) losing $2.91. Tonight they priced an $11 billion offering. They'll pay for the Wachovia buyout. They're selling 407 million shares priced at $27 each.
And then ExxonMobil (XOM) sliding $3.73. The December contract for oil sliding to $60 and change per barrel. That's a low not seen since January of last year.
Pfizer (PFE) losing $0.63.
National City (NCC) down a nickel.
JPMorgan Chase (JPM) off nearly $1.
AT&T (T) losing $1.16.
And there's Disney (DIS) down $1.42. After the bell, the entertainment giant out with fourth quarter profits, those earnings $0.42 a share and $0.06 below estimate and the stock was down about $1 after hours.
Hewlett-Packard (HPQ) down $2.61. Analysts see slower growth in sales of computers, especially after Cisco's warning last night about overseas markets.
And some of the other Dow big losers of the day, American Express (AXP), Boeing (BA), Chevron (CVX), IBM (IBM), United Tech (UTX), all big losers there.
And here's one you don't see very often, Toyota Motors (TM), those shares off more than 13 after reporting a 69 percent drop in second quarter profits. That's their largest quarterly drop ever and also they're being hurt by the rally in the yen in recent weeks.
Las Vegas Sands (LVS) nosediving nearly $4. The casino company said it may default on some debt. It faces the possibility of bankruptcy and the company's Venetian casinos in Las Vegas and Macao are seeing many fewer gamblers at the tables and at the same time, the company's trying to fund more projects in China and Singapore. Owners (INAUDIBLE) had once been the world's third richest man back when this was a $140 stock.
FTI Consulting (FCN) plunging almost $15. Management says the credit crisis has a lot of companies postponing projects with FTI. Earnings were $0.09 below estimates.
Goldman Sachs (GS) down more than $6. Morgan Stanley erased earlier profit projections, now a loss of at least $1.09 a share for Goldman.
And another stock getting whacked, Syniversus Holdings (SVR) off nearly $8 or 44 percent. Alcatel and Sprint Nextel are looking to develop more mobile phone applications in house rather than have Syniversus do it.
Now over to the NASDAQ where we see Apple (AAPL) with another loss. It was down more than $4.
Google (GOOG) losing $11.02.
Cisco Systems (CSCO) off $0.45 after warning about business slowing down overseas last night.
Microsoft (MSFT) losing $1.20.
Research in Motion (RIMM) off a little over $5.
Intel (INTC) dropping $1.19.
And then Qualcomm (QCOM) losing $2.12. They gave a cautious outlook late today.
First Solar (FSLR) tumbling almost $8.50, still reeling from yesterday's profit warning from rival Sun Power.
Oracle (ORCL) losing nearly $1.
Amgen (AMGN) down $2.86.
Amazon.com (AMZN) off $4.76. A Citigroup analyst downgrading the shares, noting the steep declines in consumer spending above other online consumer retailers.
And finally Activision Blizzard (ATVI) rising $1.03. Those shares rising after the video game firm maker reporting strong third quarter results and they still expect decent holiday sales and thanks to sales of its huge guitar hero video game. Revenues came in more than $80 million above estimates, some good news for a change.
Those are the stocks in the news tonight.
