Paul Kangas' Stocks in the News
Friday, November 14, 2008
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PAUL KANGAS: Wall Street started the day with a broad sell-off as recession fears heated up on news of poor retail sales, which we'll detail shortly. In a straight line decline, the Dow tumbled 319 points by noon with the NASDAQ down 68 points. Then a spirited reflex rally lifted the Dow to a 75 point gain at 3 p.m., but those gains vanished in the last hour as buyers backed away ahead of the weekend and the G20 summit. The Dow Jones Industrial Average closed off 337.94 points at 8497.31. The index fell in four of the last five sessions, dropping 446 1/2 points on the week. The NASDAQ Composite lost 79.85 to 1516.85 today. The NASDAQ also had just one session on the upside this week and it had an overall loss of 130.55 points. Standard & Poor's 500 Index fell exactly 38.00 points to 873.29 today, but it was down 57.70 points for the week overall. Over in the bond market, the 10-year note gained 29/32 to par and 2/32, putting the yield at 3.74 percent.
Most active New York exchange issue on 26 million shares, Citigroup (C) edging up $0.07. The "Wall Street Journal" today reported the company's going to have another round of huge layoffs and it'll raise interest rates on millions of its current credit card customers. It plans to hold a town hall meeting Monday morning with employees to talk about the company's prospects and also, there has been some insider buying in Citigroup stock.
General Electric (GE) $0.84 loss there.
Bank of America (BAC) dropped $0.68.
Procter & Gamble (PG) down $1.94, a weak retailing sector.
JPMorgan Chase (JPM) off $2.72.
Wells Fargo (WFC) fell $0.36.
ExxonMobil (XOM) dropping $1.73.
Sprint Nextel (S) bucked the trend with a $0.06 gain.
Then Pfizer (PFE) down $0.45.
And tenth in volume, AT&T (T) losing $1.02 per share.
Nokia (NOK) down $1.56. The company cut its estimates for mobile device sales volumes for not only this year, but next year as well.
Then Morgan Stanley (MS) down $1.18. A analyst at Fox Pitt (ph) cut its previous fourth quarter earnings estimate for Morgan Stanley from $0.85 in the black to minus $0.06 a share. The stock was as low as $11.51 this morning.
Boeing (BA) down $2.12. The company has delayed delivery of its first 747-8 freighter from late 2009 to the third quarter of 2010 due to supply chain problems and of course that machinists strike also is delaying the passenger model delivery of that plane.
Abercrombie & Fitch (ANF) down $4.65. Third quarter earnings fell to $0.72 from $1.29 last year. Same store sales down 14 percent. The company said fourth quarter same store sales will likely be down 26 percent.
JCPenney Co (JCP) another weak retailer, off $2.01. Third quarter earnings, $0.55 down from $1.17 last year. Same store sales down 10 percent. The company sees fourth quarter same store sales also losing 10 percent.
Emerson Electric (EMR) off $2.51.
JPMorgan downgraded it from "neutral" to "under perform."
And then a gainer believe it or not, Dean Foods (DF) up $0.54 and it traded as high as $15.63 this morning after the Stiefel Nicholas brokerage upgraded it from "hold" to "buy."
And then Hewitt Associates (HEW), the human resources company, fourth quarter earnings, $0.50, up from $0.47 last year. Revenues up 8 percent and it's going to buy back up to $300 million of its own stock. It was as high as $27.81 this morning.
Apple (AAPL) was the most active NASDAQ issue as usual, down $6.20.
Google (GOOG) off $2.06.
Microsoft (MSFT) fell $1.19.
Cisco Systems (CSCO) $0.64 drop there.
And Research in Motion (RIMM) down $3.80 after Standard & Poor's said it believes Research in Motion's growth prospects have narrowed.
Moving along in the actives, Intel (INTC) down $1.11.
Oracle (ORCL) fell $0.82.
Qualcomm (QCOM) down $1.88.
Amgen (AMGN) fell $1.37.
And Gilead Sciences (GILD) down $0.38.
Medcath (MDTH), which operates hospitals, plunging $6.92. Fourth quarter earnings came in at only $0.02 a share, down from $0.11 last year. Wall Street was expecting earnings of $0.27 a share.
Those are the stocks in the news tonight.
