Paul Kangas' Stocks in the News
Tuesday, February 10, 2009
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PAUL KANGAS: Wall Street thought the latest bank bailout was long on optimism but short on details as we heard. Blue chips spent the entire session deep in the minus column, plunging more than 400 points on the Dow in the final half hour of trading before finding some late support. The Dow Industrial Average ended down 381.99 points at 7,888.88. The NASDAQ plunged 66.83 to 1,524.73, while the Standard & Poor's 500 Index tumbled 42.73 points to 827.16. Over in the bond market, the 10-year note surged on flight to safety
Bank of America (BAC) down $1.33 or over 19 percent. Of course the whole bank sector did some backpedaling today. The main criticism on the Geithner plan was the lack of details and of course, there's the uncertainly about whether it'll work.
But Citigroup (C) down for the same reason, $0.60 drop.
General Electric (GE) down $1.02.
JPMorgan Chase (JPM) off $2.66.
Pfizer (PFE) in there with a $0.64 loss.
Wells Fargo (WFC) fell $2.71.
Co Vale do Rio (RIO) down $1.18.
Sprint Nextel (S) off $0.27.
Time Warner (TWX) down $0.69. The Sanford Bernstein brokerage downgraded Time Warner from "out perform" to "market perform."
And completing this sea of minus signs, Petrobras (PBR) off $1.54.
The Dow stocks with the biggest losses. Here's a list. American Express (AXP) off $1.78.
$2.59 drop in Boeing (BA).
And Chevron (CVX), Intl Bus Machine (IBM) and 3M Company (MMM) all more than $3 losses there.
Wal-Mart Stores (WMT) down $1.56. As you heard, it's going to lay off 700 to 800 workers at its Arkansas home offices. But today, Citigroup also cut earnings estimates and sees the grocery retailers getting into a price war. Let's have a look at some of the big grocery chains.
Kroger (KR), Safeway (SWY) and Supervalu (SVU) all down substantially on that news today. Citigroup downgrades also.
Molson Coors (TAP) off $3.20. Fourth quarter earnings dropped to $0.49 from $0.96 a year ago. The company said part of the problem was a stronger dollar, hurt their sales abroad.
Principal Finl (PFG) tumbling $5.04. That's one of the biggest percentage losers today. Fourth quarter operating earnings down to $0.69 from $0.87 last year and a 13 percent drop in revenues and today, Moody's cut its rating outlook for that company.
Amer Finl Grp (AFG) however up $2.10 despite lower fourth quarter earnings of $1.04 versus $1.21 a year ago, but the company boosted its 2009 earnings guidance to as much as $4 a share.
Corrections Corp Amer (CXW) down $4.02. The company owns and maintains prisons around the country. Fourth quarter earnings higher, $0.32 versus $0.28 a year ago, but the company sees its first quarter earnings dropping to $0.24 to $0.26 due to heavy expansion costs.
Charles River Labs (CRL) up $1.14. The drug development firm had fourth quarter earnings of $0.59, down from $0.65 a year ago, but $0.04 better than the Street was expecting.
Apple (AAPL) topped the active list on NASDAQ, down $4.68.
Google (GOOG) tumbling $20.26.
Microsoft (MSFT) fell $0.64.
Intel (INTC) an $0.83 drop.
And Research in Motion (RIMM) fell $1.96.
More minus signs, Cisco Systems (CSCO) off $0.80.
Qualcomm (QCOM) down $1.63.
Oracle (ORCL) $0.47 drop.
Amazon.com (AMZN) down $3.40.
And then First Solar (FSLR) off $3.71.
Yahoo! (YHOO) was off $1.15. The Needham brokerage downgraded it from "buy" to "hold."
And Brooks Automation (BRKS), which supplies products to ship makers, had a $0.48 first quarter loss, much more than last year's $0.01 per share loss and during the quarter, revenues dropped 31 percent from the previous quarter.
And those are the stocks in the news tonight.
