Paul Kangas' Stocks in the News
Thursday, November 20, 2008
|
|
|
|
PAUL KANGAS: The Dow fell 142 points at the outset of trading, with the NASDAQ off 25 points. Rumors of an agreement on the auto bailout had the Dow up 110 points at midday, but late-day sell programs sent the market tumbling again. The Dow closed off almost 445 points at 7552.29. Then the NASDAQ down 70.30 at 1316.12, while the Standard & Poor's 500 Index fell 54.14 at 752.44. In the bond market, the 10-year note surged 2 27/32 to 106 9/32, putting the yield all the way down to 3.02 percent, a 50-year low.
Most active New York exchange issue on 72 1/2 million shares was Citigroup (C) down $1.69, even though Saudi Prince (INAUDIBLE) is going to boost his stake from about 4 percent to 5 percent. But there are concerns remaining whether the company has enough capital to withstand billions more in loan losses. That stock down 26 1/2 percent just today.
General Electric (GE) a $1.61 loss there.
And then JPMorgan Chase (JPM) losing $5.09, traded as low as $22.32. The company's going to lay off 3,000 of its investment banking employees; that's 10 percent of the staff.
Bank of America (BAC) down $1.81.
And Wells Fargo (WFC) fell $1.87 despite the fact that the Sandler O'Neill brokerage upgraded it from "sell" to a "hold."
Then Exxon Mobil (XOM) tumbling $4.91 as oil fell below $50 a barrel. The major oils all down. Let's have a look at the majors, BP Plc (BP), Chevron (CVX), ConocoPhililips (COP), Hess (HES) and Marathon Oil (MRO) all significant losses there.
Back to the active list with Pfizer (PFE) down $1.11. The company has withdrawn its bid to make its impotence drug Viagra available without prescription in Europe.
General Motors (GM), the only gainer in the Dow 30 today, up $0.09, but earlier in the day was down to as low as $1.70.
Time Warner (TWX) fell $1.07.
And then tenth in volume, AT&T (T) $0.72 loss.
Wal-Mart Stores (WMT) was down $0.34. The company plans to buy wind power from Duke Energy to supply up to 15 percent of its electricity in about 360 of its stores in Texas.
Major loser, Suntech Power (STP) down $3.54. Third quarter earnings dropped to $0.35 from $0.36 last year, but that was $0.07 below the Street estimate. The company cut its revenue guidance. Standard & Poor's down graded it from "hold" to a "sell."
Ashland (ASH) losing $3.60. It'll cut its quarterly dividend from $0.275 down to only $0.075.
Then a good percentage gainer, Doral Financial (DRL) up nearly $1 and it traded as high as $7.25 this morning after the B. Riley research firm issued a "buy," an upgrade from a "neutral" rating on Dora.
Transdigm Group (TDG), $0.63 loss, although it traded as high as $27.44 in the morning after reporting $0.78 in fourth quarter earnings, well above last year's $0.57. The company's an aircraft engineering firm.
Verifone Holdings (PAY) tumbling $2.65. The company cut its fourth quarter guidance from $0.33 to $0.36 a share in earnings down to only $0.18 to $0.20. JPMorgan downgraded it from "over weight" to "neutral."
And Gamestop (GME) down $3.06. Third quarter earnings, $0.34, up from $0.33 last year, but $0.03 below the Wall Street estimate.
Apple (AAPL) topped the NASDAQ's active, down $5.80. Some analysts are saying that the stock is losing the iPhone premium.
Google (GOOG) down $20.62.
Microsoft (MSFT) $0.76 loss there.
Cisco Systems (CSCO) down $0.61.
And Intel (INTC) fell $0.26 a share.
Research in Motion (RIMM) down $3.81.
Oracle (ORCL) fell $0.60.
Qualcomm (QCOM) dropping $0.80.
Amgen (AMGN) down $3.51.
Baidu.com (BIDU) a loss of $1.39.
Dell (DELL) closed $0.50 higher than what you see here in after hours trading when the company reported third quarter earnings, $0.37, up from $0.34 last year and $0.06 better than the Wall Street estimate.
Those are the stocks in the news tonight.
