Paul Kangas' Stocks in the News
Tuesday, December 30, 2008
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JEFF YASTINE: Stocks headed higher from the opening bell, helped by another wad of Treasury bailout cash, this time handed to GMAC. The Dow rose more than 150 points in the first half of the session. GMAC said the money will allow it to rev up lending and that prompted General Motors to start offering five-year, zero percent financing to woo new car and truck buyers. That support for autos helped stocks end the day near their highs. The Dow closing up 184.46 at 8668.39 and the NASDAQ rising 40.38 to end at 1550.7. The S&P 500 adding 21.22 to end at 890.64. In the bond market, the 10-year note gaining 18/32 to 115 2/32 and the yield now down to 2.06 percent.
General Electric (GE) tacking on $0.16, topping our list today.
Bank of America (BAC) rising $0.30.
Citigroup (C) moved up $0.23.
Then Liberty Property (LRY) rose $1.57. A dividend play yielding more than 9 percent you may recall a couple of weeks back, the real estate investment trust cut its outlook due to impairment on property sales.
Pfizer (PFE) rising $0.46.
And there's Ford Motor Co (F) edging up a fraction, rising in sympathy with the Treasury's bailout of GMAC.
ExxonMobil (XOM) climbing $0.57.
Wachovia (WB) up $0.27.
Time Warner (TWX) advancing $0.42.
Dow Chemical (DOW) up $0.23.
But shares in Rohm & Haas Co (ROH) rising more than $6 after plummeting $10 yesterday. Reports out of London suggest Dow Chemical may still be able to make the buy of Rohm & Haas, either with help from a bridge loan or negotiating a lower price for the shares.
And there's General Motors (GM) picking up $0.20. The GMAC bailout means GM can start offering those zero percent interest deals again, but some see more trouble in the need potentially for more bailout cash if the value of GMAC's loan portfolio continues to decline.
Meritage Homes (MTH) firming up nicely, rising $1.57. All the home builders did well today. After the close, the Fed said it will buy up to $500 billion in mortgage-backed securities in January to lower borrowing costs and bring home buyers back to the marketplace.
Iron Mountain (IRM) climbing $2.66. They provide secure records storage. They'll be added to the S&P 500 Index replacing UST.
Bristow Group (BRS) mentioned in "Barron's" over the weekend, today up more than $2. Analyst Jessica Lamont predicting the company, which provides helicopters for oil service work, will continue to prosper.
American Greetings (AM) eking out a gain of $0.54. They posted a huge third quarter loss last week. Today they said they'll acquire a bankrupt rival, Recycled Paper Greetings for cash (INAUDIBLE) worth about $73 million.
China Eastern Air (CEA) sliding $1.10. The carrier tried to hedge rising fuel costs and got burned as oil prices continue to plummet. December loss may top November's $690 million loss.
Moving onto the NASDAQ, Apple (AAPL) fell $0.32, excuse me. More rumors about Steve Jobs health, but Apple saw fit to release a statement today pledging that the company would quote let you know unquote, if Steve Jobs could not fulfill his executive responsibilities.
Google (GOOG) gaining more than $5.
Microsoft (MSFT) up $0.38.
Intel (INTC) up for the day.
Research in Motion (RIMM) down a fraction.
Cisco Systems (CSCO) picked up $0.22.
Oracle (ORCL) advancing $0.61.
Qualcomm (QCOM) up $0.84.
CME Group (CME) up more than $16.
Gilead Sciences (GILD) up $1.44, excuse me.
Integral System (ISYS) advancing $1.81, upgraded by its research firm today. Last week they reported fourth quarter profits of $0.28 a share, a significant gain over previous results.
Axsys Technologies (AXYS) rising more than $4. Analysts at Morgan Joseph saying Axsys sale volumes and prices have not been affected by the weak economy. (INAUDIBLE) telescopes and the like. And finally, Franklin Street Properties (FSP) surging $2.32. They're being added to the S&P small cap 600 index, replacing Alpharma.
And those are the stocks in the news tonight.
