Paul Kangas' Stocks in the News
Monday, November 24, 2008
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PAUL KANGAS: Shares of Citigroup skyrocketed today on news the struggling bank is getting more money from the Federal government. The package contains a $20 billion loan and pledge to buy billions of dollars in toxic assets. Citi's rescue is the latest government effort to contain the financial meltdown. Erika Miller looks at whether it will work.
Not surprisingly, by far the volume leader on 88 million shares, Citigroup (C) up $2.18. You heard the news and the stock closed almost 58 percent today.
General Electric (GE) doing well, up $1.23.
And then JPMorgan Chase (JPM) in the strong financial sector, up $4.86.
Bank of America (BAC) rose $3.12.
Wells Fargo (WFC) participating with a gain of $4.26.
ExxonMobil (XOM) up nearly $3 as oil jumped about $4.50 a barrel in New York today.
Pfizer (PFE) a $0.37 gain.
AT&T (T) rose $1.75. The company signed a new three-year contract to provide integrated network solutions for Indianapolis Power & Light.
Time Warner (TWX) in there with a $0.40 loss.
And then the big Brazilian petroleum firm, Petro Brasil (PBR) up $1.91 on the higher oil prices in New York.
US Bancorp (USB) up $2.57. The company is acquiring the banking operations of Downey Savings and Loan and PFF Bank and Trust, positive reaction to that news.
A major loser, Landamerica Financial (LFG) losing 80 percent, 88 percent of its value on news that Fidelity National Financial has terminated its merger proposal, which was originally $125 million in stock or a little over $8 a share for Landamerica shareholders. FNM was up $0.96.
Target (GT) up $2.36. After evaluating various real estate structure ideas proposed by Pershing Square, the company decided not to pursue them, positive reaction on that news.
Campbell Soup (CPB) fell $2.75. First quarter earnings excluding one-time items, $0.77, up from $0.69 last year, a penny above the Street estimate, but profit margins during the period fell by 2 percent. That didn't sit well with investors at all.
Cigna (CI), big insurance company, up $1.60. Citigroup upgraded it from "sell" to "hold" on a valuation basis.
And then Genentech (DNA) up $3.92. The company said its phase three study of its product Avastin in combination with some other drugs improved the survival time of breast cancer patients.
Xerox (XRX) was up $0.94, almost 18 percent rise there. The company sees fiscal 2009 earnings between $1 and $1.25 a share and it said it has no need to access capital markets in the foreseeable future.
On the down side, Cooper Industrial (CBE) dropping $1.75. The company sees fourth quarter earnings below its previous guidance of $0.83 to $0.92 a share.
And Valspar (VAL), the paint and coatings company up $2.23, higher fourth quarter earnings, $0.42, up from $0.38 last year. Sales were up a respectable 8.3 percent.
And then Alpharma (ALO) jumping $2.69. King Pharmaceuticals will acquire the company for $37 a share in cash.
Volume leader on NASDAQ as it usually is, Apple (AAPL) up $10.37, nice rally there.
But Google (GOOG) didn't participate, down nearly $5.
Microsoft (MSFT) $1.01 gain.
Research in Motion (RIMM) up $0.46.
Similar advance in Intel (INTC), fifth in NASDAQ volume.
Cisco (CSCO) up $1.23.
Oracle (ORCL) gained $0.26.
Qualcomm (QCOM) rising $2.65. The Stiefel Nicolaus brokerage upgraded Qualcomm from "hold" to a "buy."
Amgen (AMGN) rising $1.09.
And then tenth in volume, First Solar (FSLR) up $19.81, doing very well.
As did Omrix Biopharmaceuticals (OMRI) jumping $3.63 on news that Johnson & Johnson will acquire the company for $25 per share in cash.
And those are the stocks in the news tonight.
