Paul Kangas' Stocks in the News
Friday, November 28, 2008
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PAUL KANGAS: Wall Street started the shortened trading day with mild profit taking after four straight sessions of gains. An hour into the session, the Dow was off 12 points, NASDAQ down 16. Impressed by the market's resilience to profit taking, buyers took command by noontime and they continued to bolster stocks right on to the end of month portfolio window dressing and went right on into the close at 1:00 p.m. The Dow Industrial Average posted a gain of 102.43 points at 8829.04. It rose in all of this week's four trading sessions for a net gain of 782.62 points or 9.7 percent. The NASDAQ Composite was up 3.47 to 1535.57 today. It rose three times this week, fell just once, had an overall advance of 151.22 points or 10.9 percent. Standard & Poor's 500 Index up 8.56 to 896.24 today and for the week, it gained 96.21 points or 12 percent. In the bond market, the 10- year note gained 1 20/32 to 107 3/32, putting the yield all the way down to 2.93 percent.
Citigroup (C), big board volume leader, 27.7 million shares, traded up $1.24. On Wednesday as we reported, the stock gained nearly a point on news that the Mexican business tycoon Carlos Slim bought 26 million shares or about $150 million in stock.
General Electric (GE) up $0.98.
Ford Motor (F) rising $0.54 on hopes that there will be a bailout soon, perhaps next week.
Bank of America (BAC) up $0.82.
And Pfizer (PFE) $0.36 advance there.
Wells Fargo (WFC) gained $0.24.
JPMorgan Chase (JPM) rising $1.04.
AIG (AIG) edged up $0.06.
ExxonMobil (XOM) down $0.74.
And General Motors (GM) gained $0.43. The company's trying to sell $257 million of its European assets.
Procter & Gamble (PG) moved up $1.19 on news it took a 1 percent stake in British retailer Ocado (ph), first time they're in retailing over there.
Goldman Sachs (GS) up $2.49. The company is going to sell a euro benchmark debt issue that will be guaranteed by the FDIC.
Let's have a sampling of retail stocks on this black Friday and we can see quite a mixture. Family Dollar (FDO) down $1.11.
$0.14 gain in JC Penney (JCP).
$0.39 gain in Macy's (M).
But losses of over $1 in Target (TGT) and Tiffany (TIF)
Callon Petroleum (CPE) lost over 66 percent of its value today. The company suspended all operations at its Entrata (ph) oil field in deep water Gulf of Mexico because of the high cost and because of the recent sharp drop in oil prices.
Chesapeake Energy (CHK) gaining $3.06. The company filed with the SEC to issue up to 50 million of its shares it would use for acquisition purposes.
Frontline (FRO), this is the Norwegian shipping company, is going to cut its quarterly dividend to $0.50 a share from $1.50 in last year's third quarter.
And then Panosonic (PC) down $2.71. The company cut its 2009 earnings and sales forecasts and Nomura security brokerage downgraded the stock from "buy" to "neutral."
Finally, New D&B Corp (DNB) moving up $3.48. That stock will be added to the Standard & Poor's 500 Index after the close next Monday, replacing Liz Claiborne stock.
NASDAQ's most active Apple (AAPL) down $2.33.
Google (GOOG) managed to gain $0.87.
Microsoft (MSFT) $0.27 loss there.
Intel (INTC) $0.17 drop.
Research in Motion (RIMM) fell $2.23.
Cisco Systems (CSCO) up $0.15.
Oracle (ORCL) a nickel loser.
Baidu.com (BIDU) was down $6.87. The company plans to overhaul the way it ranks advertisers after it was accused of allowing unlicensed medical product suppliers to actually buy higher rankings.
Qualcomm (QCOM) $0.12 gain.
And then First Solar (FSLR) down $2.33.
Yahoo! (YHOO) $0.93 gain there on news that Carl Icahn bought another seven million shares and that boosts his stake to 5.5 percent.
Finally we see Thoratec (THOR), a maker of medical devices, up $1.79. That stock is going to be added to the Standard & Poor's madcap 400 after the close next Monday.
And those are the stocks in the news tonight.
