Paul Kangas' Stocks in the News
Friday, November 21, 2008
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PAUL KANGAS: After two straight days of steep losses, Wall Street staged an opening snap-back rally which lifted the Dow 160 points at the outset of trading with the NASDAQ up 28 points. Then from a mid-afternoon fade and a 68 point loss in the Dow, the market took off on that news about Timothy Geithner. At the close, the Dow Industrial Average was sporting a gain of 494.13 points at 8,046.42. This week, it rose twice, fell three times, had a net loss of 450.89 points. The NASDAQ jumped 68.23 today to 1384.35. It also rose twice and fell three times this week, dropping 132 1/2 points overall. The Standard & Poor's 500 Index rose 47.59 points to 800.03 today and for the week, it fell 73.26 points. Over in the bond market, the 10- year note jumped 1 27/32 to 104 19/32, putting the yield at 3.21 percent.
The most active big board issue on 105 million shares was Citigroup (C) losing $0.94. You heard the story. The low today on the stock was $3.05.
Bank of America (BAC) a $0.22 gain.
JPMorgan Chase (JPM) $0.66 loss. Yesterday, the company said it's laying off 3,000 employees in its investment banking unit.
General Electric (GE) had a good day, up $1.19.
Wells Fargo (WFC) falling $0.77, fifth in volume.
Pfizer (PFE) moved up $1.22.
ExxonMobil (XOM) rebounding $7.30 after losing about $5 yesterday, but oil was up a little over $1 a barrel today.
AT&T (T) $0.68 gain.
Time Warner (TWX) moved up $1.05.
And then Motorola (MOT) with a $0.13 advance.
Hewlett Packard (HPQ) gained $2.81 after Goldman Sachs added it to its "buy" list.
And then General Motors (GM) edging up $0.18. The company will idle five North American plants to cut production. Also it's going to return two of its leased corporate jets. It'll still have three under leases. Then also late news today, Ford is exploring getting rid of some of its corporate jets.
Anglogold Ashanti (AU) glittered today, up $5.90. The company secured a $1 billion bridge loan buying it time to refinance so it won't be forced in a fire sale of its gold assets. New York December gold $791.80, up $43.10.
And look at some of the gold stocks that did rather well. Agnico Eagle (AEM), Barrick Gold (ABX), Kinross Gold (KGC), Goldcorp Gold (GG) and Newmont Mining (NEW) all major gainers as the precious yellow did well.
Nike (NKE) up $4.27. The company is boosting its quarterly dividend from $0.23 to $0.25 a share, kind of a note of confidence there.
Foot Locker (FL) down $2.14. Third quarter earnings, $0.18, down from $0.21 last year and $0.07 below the Street estimate. Same store sales fell 1.7 percent.
JM Smucker (SJM) having a good day, up $5.80. Second quarter earnings rose nicely to $1.02 from $0.91 last year, 19 percent increase in sales and Standard & Poor's repeated a "strong buy."
Alpha Natural Resources (ANR) rising $2.85. BMO Capital brokerage upgraded it from "market perform" to "outperform."
But Celanese (CE) moving down $0.86 and it traded as low as $5.71 after the company cut its 2008 outlook and Standard & Poor's downgraded it from a "hold" to a "sell."
Gap (GPS) up $2.59. Higher third quarter earnings, $0.35 from $0.30 last year, a penny above the Street estimate. Citigroup upgraded it from "hold" to a "buy."
NASDAQ's most active, Apple (AAPL) up $2.09.
Followed by Microsoft (MSFT) gaining $2.15.
Google (GOOG) in there with a $2.87 gain.
Cisco (CSCO) a $0.70 rise.
And Research in Motion (RIMM) rising $3.28. The company launched its new Blackberry touch screen phone called the Storm (ph) today and demand appears to be very strong.
Intel (INTC) $0.88 gain.
Oracle (ORCL) up $0.98.
Qualcomm (QCOM) $0.96 advance.
And then Amgen (AMGN) rising $4.77.
Gilead sciences (GILD), tenth in volume, was down $0.07.
And those are the stocks in the news tonight.
