Paul Kangas' Stocks in the News
Monday, March 23, 2009
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PAUL KANGAS: The latest bank rescue plan was greeted with a massive rally on Wall Street. A surprise 5.1 percent jump in February existing home sales added to the bullish momentum. At midday, the Dow posted a 323-point gain with the NASDAQ Composite up 61 points. An afternoon pullback proved to be very mild and after that, buyers came on stronger than ever with the market soaring for the rest of the day. The Dow Industrial Average vaulted 497.48 points to 7775.86. The NASDAQ Composite jumped 98 1/2 points exactly closing at 1555.77. Standard & Poor's 500 Index shot up 54.38 points to 822.92. Over in the bond market, the 10-year note fell 8/22 (sic) to par 25/32 and that put the yield at 2.66 percent.
Topping the active list on 146.6 million shares, Citigroup (C) moving up $0.51 in a very firm banking group because of the prospect of getting rid of all those toxic assets.
Bank of America (BAC) did very well, up $1.61. American International Group (AIG), another financial, rising nicely, $0.22 advance.
General Electric (GE) up $0.89 even though Moody's cut the company's credit rating two notches, but still rated the company as stable. That was the plus.
Wells Fargo & Co (WFC) up $3.31 on a strong group.
And look at JPMorgan Chase (JPM), a Dow stock, up $5.71.
AT&T (T) did well, up $1.59.
Pfizer (PFE) $0.39 advance there.
ExxonMobil (XOM) up $4.44. Oil in New York was up $1.73, just below $54 a barrel.
And then Alcoa (AA) up $0.86, good percentage move.
Let's have a look at some other big winners in the Dow 30, Boeing (BA), Chevron (CVX), IBM (IBM), 3M Co (MMM) and United Technologies (UTX) all good point and percentage gainers.
US Steel (X) up $2.36. Citigroup made positive comments about the steel industry outlook and rated U.S. Steel a "buy."
Petro-Canada (PCZ), big jump, up $5.28. It's going to merge with Suncor Energy and get 1.28 shares or 40 percent of a new company formed while Suncor will get one share for each of its shares in the new company, but will own 60 percent of the new company. Suncor was down $0.45 a share.
Walgreen Co (WAG) moving up $2.29. Second quarter earnings excluding one time items, $0.69 a share, $0.03 better than the Street was expecting.
Corning (GLW) rose $0.55. Citigroup upgraded a "hold" to "buy" after the company said instead of its previous guidance for a break even first quarter, it will have a profit.
Autozone (AZO) falling $1.31, traded as low as $155.44 after UBS financial downgraded it from "buy" to "neutral."
And Harris (HRS) off $2.68. The CL King brokerage downgraded it from "strong buy" to "accumulate."
The housing stocks stars of the day, Centex (CTX), DR Horton (DHI), Lennar (LEN), Ryland (RYL) and Toll Brothers (TOL) all doing well point wise and percentage wise.
Tiffany & Co (TIF) up $3.14. The company's fourth quarter non GAP earnings came in at $0.85 a share, $0.07 better than the Street consensus. The Cowen brokerage upgraded it from "under perform" to "neutral" rating.
NASDAQ's most active, Apple (AAPL) up $6.07.
Google (GOOG) did well, up $18.44.
Microsoft (MSFT) rising $1.27.
Cisco Systems (CSCO) up $1.07.
And then Intel (INTC) an $0.87 advance. Think Equity made positive comments about Intel.
Qualcomm (QCOM) up $1.76.
Oracle (ORCL) rising $1.15. There's a rumor that Oracle is eyeing Red Hat Corp. as a takeover. Red Hat was up $1.48 at $16.37.
Then Research in Motion (RIMM) rising $3.22.
CME Group (CME) a $35.81 gain, for a high-priced issue, not bad.
Amazon.com (AMZN) up $5.62.
Central European Media Enterprises Ltd (CETV) jumping $4.50 exactly on news that Time Warner will buy a 31 percentage stake for $241.5 million.
Those are the stocks in the news tonight.
