Paul Kangas' Stocks in the News
Friday, January 23, 2009
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JEFF YASTINE: The Dow spiraled almost 200 points lower, while the NASDAQ shed 28 points in the first moments of trading. But that attracted buyers to the financials and large technology stocks. Citigroup rose nicely; so did Intel. The NASDAQ reversed its losses by midday. And later, even the Dow turned positive for a few minutes, despite heavy selling in GE shares. But the day still ended mixed. The Dow fell 45.24 to close at 8077.56. For the week, the index fell in three out of the last four sessions for an overall loss of 203.66 points. That's about 2.5 percent. But the NASDAQ Composite rose 11.80 to settle at 1477.29. This week the index rose twice and fell twice, dropping, 52 and a fraction or 3.4 percent. And the S&P 500 climbing 4.45 points ending at 831.95 and for the week, down a little more than 18 points or 2 percent. Over in the bond market, the 10-year note falling 5/32 to 109 23/32 and the yield at 2.62 percent.
Citigroup (C) topping our list, rising $0.36.
And Bank of America (BAC) up $0.53. The financials all doing quite well today.
And there's General Electric (GE) losing $1.45. GE Capital a major eyesore and the quarterly results plunging 44 percent. A few analysts expected GE to announce a dividend cut, but Jeff Immelt vows to leave the current dividend and AAA bond rating intact.
Pfizer (PFE) rising $0.24. The drug maker's reportedly in talks to buy Wyeth for an estimated $60 billion. Lipitor, Pfizer's cholesterol drug will go off patent soon and the new drug pipeline is empty so Pfizer needs to find a partner.
JPMorgan Chase (JPM) gaining $1.18.
And then we have Wells Fargo (WFC) rising a fraction.
ExxonMobil (XOM) dropping $0.19.
Sprint Nextel (S) rising $0.08.
And Compania Vale (RIO) up $0.29.
And Wyeth (WYE), there's the reaction there from that talk of the potential merger with Pfizer, rising nearly $5.
On to Alcoa (AA) where they're keeping their $0.17 a share quarterly dividend intact and the stock rising $0.08.
Aflac (AFL) finding support, rising $1.59. After yesterday's 37 percent plunge, executives saying their company's financial position is strong and they're keeping their profit forecasts in place. Analysts are Raymond James and S&P issuing "strong buys" on that stock today.
Shares in Southwest Air (LUV) tumbled nearly $2. Calyon Securities says Southwest has little protection against a renewed surge in oil prices and told investors to sell the stock. Oil prices finished at $46.47 a barrel today.
Capital One Financial (COF) sliding $2.62. The stock fell to a 10-year low after posting a fourth quarter loss of $3.67 a share, loan losses as the recession intensifies.
A rarity here on another bank stock, Bancorpsouth (BXS) up $3.26. They posted a fourth quarter profit of $0.38 a share and that was $0.07 above analyst expectations.
Tempur-Pedic International (TPX) climbing $1.48. The mattress maker posting a small profit, one penny a share, despite a 35 percent drop in sales and the company's forecast tempering fears of a housing market- related nightmare. Investors can celebrate with a pillow fight.
And then Harley-Davidson (HOG) falling $0.90. The road rage from investors on the cycle maker's skidding fourth quarter profits and production cuts. Harley also cutting 1100 positions.
Onto the NASDAQ where Google (GOOG) surged over $18. The search engine handsomely beating Wall Street earnings targets with its results last night. Stiffel Nicholaus (ph) and Standard & Poor's issuing a green light to buy that one.
Apple (AAPL) unchanged.
Microsoft (MSFT) gaining a fraction.
Research in Motion (RIMM) tacking on $0.31.
Cisco Systems (CSCO) up more than half a dollar.
Qualcomm (QCOM) ended up $0.51. The big cap tech stocks all doing quitge nicely today.
Intel (INTC) up $0.30. Chairman Craig Barrett (ph) announced his retirement after 35 years.
Oracle (ORCL) up $0.13.
Amgen (AMGN) down a little over $2.
First solar (FLSR) up $0.21.
Geron (GERN) jumped nearly $2. FDA regulators giving the green light for doctors to begin fewer trials on an experimental stem cell treatment for spinal cord injuries.
And in the minus column, Microsemi (MSCC) tumbling $2.22, a disappointing sales forecast and Oppenheimer noting uncertainty regarding the CEO's academic credentials and that's another negative.
And those are our stocks in the news tonight.
