Paul Kangas' Stocks in the News
Friday, November 07, 2008JEFF YASTINE: The economic news was uniformly bad this morning, so of course, stocks moved higher. The Dow jumped to a 230 point gain early on and held that lead despite the dismal employment report and horrendous losses at GM and Ford. We'll have more about those losses in a moment. Late in the session, the Obama press conference led to a round of selling, but the indexes proved resilient, closing near the highs of the day. The Dow climbing 248 points to 8943.81. The index rose twice and fell three times this week for an overall loss of 381.2 points. The NASDAQ Composite rising 38.7 to end at 1647.4. It rose in three out of the last five sessions for an overall loss of 73 1/2 points and the S&P 500 rising 26.11 to 930.99. But it fell 37.76 points on the week overall. In the bond market, the 10- year note dropping 26/32 to 101 22/32 and the yield at 3.79 percent.
Starting things off, Wells Fargo (WFC) gaining $0.73. The bank raised $11 billion to fund its buy of Wachovia. That amount was about half of what Wells Fargo originally hoped for. Analysts think they'll need to come back to the supper table and serve up more stock for sale in the future.
General Electric (GE) rising $0.52.
Citigroup (C) up $0.30.
ExxonMobil (XOM) gaining $4.39.
And then we have Wachovia (WB) gaining $0.19.
Here's a look at some other financials. Bank of America (BAC) gaining $0.37. The financials holding their own for the most part today.
Ford Motor Co (F) gaining a fraction. You heard about them earlier.
American Intl Group (AIG) rising $0.24.
Pfizer (PFE) up $0.49.
General Motors (GM) dropping $0.42. And again, you heard the news. The stock halted mid-morning while GM announced those huge quarterly losses and again, looking forward to next June, when the company says it could come up quote, significantly short of capital.
Shares of Procter & Gamble (PG) perking up $1.14. The nation's patent office upholding for a second time Procter & Gamble's patent covering plastic Folgers coffee containers, a bit of a row going on there.
Autonation (AN) gaining much-needed mileage. CEO Mike Jackson with a show of confidence there. He's cutting debt and meeting loan covenants along with a plan to make space (INAUDIBLE) vehicles which he has said in the last couple of days are selling a lot more than domestic vehicles for what few vehicles are moving off showrooms these days.
Fluor (FLR) over $7 surge there. Third quarter earnings more than doubled to $1.01 a share. That was a dime above analyst projections.
While we're on the subject of oil, World Fuel Services (INT) rising more than $6 on strong profits from its marine and aviation operations. Profits nearly tripled from year ago levels.
And a buyout to tell you about, Landamerica Financial Group (LFG) soaring almost $4. Fidelity National Financial wants to swap $125 billion in stock. Fidelity shares jumped over $2 in reaction.
And then Genworth Financial (GNW) buckled over $2. The firm cut its dividend, reported a third quarter loss and said it would not offer any more financial forecast. It's also looking to sell some assets to raise cash.
And a look at some home builders under pressure in the wake of the National Association of Realtors reading for pending home sales. They dropped 4.6 percent. Lennar (LEN), KB Home (KBH), MDC Holdings (MDC), Toll Brothers (TOL) all with more than 4 percent losses on the day.
Turning to the NASDAQ, there's Apple (AAPL) losing $0.86.
Google (GOOG) lost just a fraction there.
Microsoft (MSFT) though gaining $0.62.
Qualcomm (QCOM) up $2.61.
Research in Motion (RIMM) rising $0.69.
Cisco Systems (CSCO) advancing $0.64.
Intel (INTC) up $0.76.
First Solar (FSLR) up more than $6.
Oracle (ORCL) gaining some there.
And Baidu.com (BIDU) up more than $8.
Nvidia (NVDA) gaining $1.10. Quarterly results much better than analyst forecast there.
And then we have OSI Pharmaceuticals (OSIP), their lung cancer drug Tarceva showing progress in helping to slow down the progress of lung cancer in a test recently.
Priceline.com (PCLN) gaining $7.50. The company guided fourth quarter estimates lower. Third quarter results were better than expected. That's the ninth quarter in a row that the company had exceeded analyst forecasts.
And finally, Delta Petroleum (DPTR) climbing, excuse me, tumbling $1.47. Tracinda Corp. is backing out of the deal to buy a larger stake in the company because Delta and their share price has plummeted so much since that original deal with announced. Tracinda is keeping its one third stake ownership in the company.
And those are our stocks in the news tonight.
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