Paul Kangas' Stocks in the News
Monday, November 10, 2008
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PAUL KANGAS: On Wall Street, the blue chips started the day in rally mode, but didn't end that way. The Dow was up 160 points at the outset of trading, taking its cue from the strong rallies in Asia and Europe. Those rallies were prompted by China's $586 billion economic stimulus plan, which we'll detail shortly. The early gains faded against bearish developments however, like a huge loss at Fannie Mae and analyst "sell" recommendations on General Motors stock. So the market ended on the down side. Dow Industrials Average closed off 73.27 points at 8870.54. The NASDAQ Composite was off 30.66, ending at 1616.74, while the Standard & Poor's 500 Index lost 11.78 to 919.21. In the bond market, the 10-year note gained 10/32 to 101 31/32, putting the yield at 3.76 percent.
Big board volume leader on 28.1 million shares, American International Group (AIG) moving up $0.17. As you heard, Uncle Sam boosted the company's rescue funding by a considerable amount to say the least.
General Electric (GE) in there with a $0.41 loss.
$0.61 drop in Citigroup (C).
Bank of America (BAC) fell $1.01.
And Wells Fargo & Co (WFC) down $0.88.
Moving along in the actives, General Motors (GM) lost one full dollar today and the story here is it traded as low as $3.02 after Deutsche Bank downgraded it from "hold" to "sell," has a price target of zero, saying General Motors stock is worthless. On top of that, the company's going to cut 5500 hourly worker jobs at the start of 2009.
JPMorgan Chase (JPM) down $1.35.
Sprint Nextel (S) fell $0.14.
And finally a gainer, ExxonMobil (XOM) edging up just $0.07.
Pfizer (PFE), tenth in volume, was down $0.26.
American Express (AXP) off $0.133. After the close, the Federal Reserve cleared the company to become a bank holding company. In after hours trading, AXP stock was up $0.50 from the price you see here.
Alcoa (AA) edged up $0.59, traded as high as $12.04 and that of course is on China's economic stimulus package, which could boost aluminum demand.
And then McDonald's (MCD) up $1.01. October global sales for McDonald's up 8.2 percent. Domestic same store sales up 5.3 percent.
Goldman Sachs (GS) down $6.57. That's at a 5 1/2 year low on fears it'll have poor forth quarter results. They're due out on December 15 incidentally.
Consolidated Edison (ED) losing $2.81. Third quarter net tumbled 42 percent from last year, $0.66, versus $1.15 then.
NRG Energy (NRG) off $1.30. The board of directors unanimously decided against Exelon's unsolicited all-stock buyout bid saying it significantly undervalues the company.
Allied Capital (ALD) losing almost 44 percent of its value, down $3.19, after reporting a third quarter loss of $1.78 a share, much bigger than last year's loss of $0.63. Standard & Poor's downgraded the stock from "buy" to "hold" today.
Outdoor advertising company Clear Channel Outdoor Holdings (CCO) off $2.22, third quarter earnings of only $0.06, down from $0.15 last year. Revenues fell 13 percent.
Cooper Tire & Rubber (CTB) losing $1.70 or almost 22 percent. Keybanc downgraded it from "hold" to "under weight." Friday, the company had a third quarter loss out of $0.94 a share.
Ecolab (ECL) down $3.21. The German firm Hankel (ph) has asked the company to make arrangements to sell its entire 30 percent stake in Ecolab. It'll use the funds for an acquisition. That would be 72.7 million shares.
NASDAQ's most active, Apple (AAPL) down $2.36.
Google (GOOG) off $12.36.
Microsoft (MSFT) a $0.20 loss. Third quarter results from Microsoft due tomorrow.
Research in Motion (RIMM) fell $2.07.
Cisco Systems (CSCO) lost a penny.
And then Intel (INTC) $0.28 loss there.
$0.35 drop in Qualcomm (QCOM).
First Solar (FSLR) $11.17 in the red.
And Baidu.com (BIDU) off $6.72.
Amgen (AMGN) lost $0.09 a share, tenth in volume.
American Capital Ltd (ACAS) tumbling $5.90. Third quarter earnings fell to only $0.72 from $1.18 a year ago. It suspended its quarterly dividend of $1.05 for the rest of the year.
Moving along, Centennial Communications (CYCL), look at that gain, 102 percent, up nearly $4. The company's going to be acquired by AT&T for $8.50 a share in cash.
And Dish Network (DISH) plunging $2.28. Third quarter earnings fell to only $0.20 from $0.45 a year ago. Standard & Poor's issued a "strong sell" recommendation.
Those are the stocks in the news tonight.
