Paul Kangas' Stocks in the News
Friday, January 30, 2009
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PAUL KANGAS: That big drop in GDP sent buyers to the sidelines this morning and quashed Wall Street's hopes for a technical rebound from yesterday's steep sell-off. Two hours into trading, the Dow posted a 130 point loss with the NASDAQ down 25 points. News of more job cuts and some disappointing corporate results kept the market broadly lower this afternoon. Then selling linked to end of month portfolio adjusting added to the declines giving Wall Street its worst January in 30 years. The Dow Industrial Average closed off 148.15 at 8000.86. This week it fell twice and rose three times, had a net loss of 76.70 points. The NASDAQ Composite was down 31.42 at 1476.42 today. It also fell twice and rose three times this week, had a net drop of .87. Standard & Poor's 500 lost 19.26 to 825.88 today and for the week overall it was down 6.07 points. In the bond market, the 10-year note gained 7/32 to 107 23/32, putting the yield at 2.84 percent.
The most active big board issue on 42.1 million shares, Bank of America (BAC) down $0.20.
Then Citigroup (C) with a $0.35 loss.
General Electric (GE) fell $0.59.
JPMorgan Chase (JPM) bucked the trend, up $0.08.
Wells Fargo (WFC) a $0.12 gain there, even though UBS cut Wells Fargo's price target from $32 to $19 a share.
Pfizer (PFE) down $0.54.
And then ExxonMobil (XOM), you heard about the earnings just a moment ago and Standard & Poor's upped its price target on ExxonMobil's stock by $2 to $93 a share.
Sprint Nextel (S) was down $0.14.
$0.09 gain in AT&T (T).
Then Co Vale Do Rio (RIO) was down $0.28 a share, tenth in volume.
Procter & Gamble (PG) down $3.72 despite reporting second quarter earnings nicely higher, $1.58 versus $0.98 last year, but $0.63 of that earnings statement was due to the gain on the sales of the company's Folgers coffee unit. Standard & Poor's meanwhile cut earnings estimates and still repeated a "strong buy," so quite a mixture of news there.
Genentech (DNA) down $2.85. Roche is going to start a cash tender offer for all the stock it doesn't already own, $86.50 per share. That's down from its first tender offer at $89 a share.
Allstate (ALL) down another $1.83 after plunging over $6 yesterday on lower fourth quarter earnings. Today, Moody's Investor Service cut its long-term debt rating from A2 to A3.
Affiliated Computer (ACS) up $1.13. Second quarter earnings, $0.85, down from $0.90 last year, but that was $0.06 better than the Street was expecting.
And Flowserve (FLS), which makes valves and pumps and things like that, up $3.04. The company now sees 2008 revenues somewhat above its previous guidance and so the earnings look (ph) better than the $7.50 that it previously guided also.
Triumph Group (TGI), which is in the aircraft parts business, up $3.77. Third quarter earnings came in at $1.33, well up from $1 last year on a 3.7 percent rise in sales and Standard & Poor's repeated a "buy" on Triumph stock.
Lindsay (LNN) plunging $5.83. The company warned its second quarter revenues from its irrigation products will fall about 30 to 40 percent from year ago levels.
Wilmington Trust (WL) down $2.50. Fourth quarter loss of $1.02 versus earnings of $0.65 last year. Standard & Poor's downgraded it from "hold" to a "sell."
Starwood Hotels (HOT) losing $1.28. Oppenheimer brokerage downgraded it from "outperform" to just "market perform."
And the staffing company Hewitt Associates (HEW) up $1.61. That stock will be added to the Standard & Poor's 400 midcap index next Friday, replacing Puget Energy, which is being bought out.
Most active NASDAQ issue, Amazon.com (AMZN) up $8.82. After the close yesterday, fourth quarter earnings as we reported, $0.52, $0.13 above the Street estimate. Today, Standard & Poor's boosted its price target from $59 to $68 a share.
Apple (AAPL) in there with a loss of $2.87.
Then came Google (GOOG) off $4.79.
Research in Motion (RIMM) gained $0.63.
And Cisco Systems (CSCO) $0.96 drop.
Microsoft (MSFT) was down $0.49.
Juniper networks (JNPR) off $2.81. Credit Suisse cut its price target on Juniper from $16 to $14 a share, just about made it there today.
Qualcomm (QCOM) $0.58 loss.
First Solar (FSLR) did well, up $5.91.
And then Intel (INTC) with a $0.47 loss, was tenth in volume.
Broadcom (BRCM) losing $1.58. The company reported a fourth quarter loss of $0.32 a share versus earnings of $0.16 a year ago.
And Sunpower (SPWRA) a nice gain of $4.88. Fourth quarter earnings in at $0.70, way up from $0.39 last year and revenues soared 79 percent
Those are the stocks in the news tonight.
