Paul Kangas' Stocks in the News
Wednesday, April 15, 2009
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PAUL KANGAS: Wall Street started the day to the downside but it didn't stay there very long. The Dow fell 45 points at the outset of trading as March consumer prices dipped, raising deflation fears. But the blue chips bounced back with a 46 point gain by noontime. The momentum was muted by weakness however in the tech sector on Intel's hazy guidance. The market got a breath of fresh air this afternoon from that encouraging beige book report, sparking a late rally and a positive close. The Dow Industrial Average ended up 109 and settled in at 8029.62. The NASDAQ Composite managed to gain 1.08 to 1626.80. Standard & Poor's 500 rose 10.56 ending at 852.06. In the bond market, the 10-year note rose 5/32 to 99 27/32, putting the yield at 2.77 percent.
New York exchange volume leader on 122 million shares, Citigroup (C) moving down $0.04 in a mixed banking sector.
Bank of America (BAC) was up $0.35.
American International Group (AIG) $0.08 gain there.
General Electric (GE) $0.32 advance.
And then JPMorgan Chase (JPM) up $1.86.
And Wells Fargo (WFC) was up $1.28.
Pfizer (PFE) $0.52 gain.
Ford Motor Co (F) $0.26 loss.
American Express (AXP) up $2.19. The company says its card holders' ability to pay their bills is stabilizing.
Prologis (PLD) tenth in volume was up $1.11.
Wal-Mart Stores (WMT) closed up $0.17, although the CEO said there remains a lot of stress in the economy and he does not see a quick end to the recession.
International Paper (IP) doing very well today, up almost 22 percent with a rise of $1.58. Deutsche Bank upgraded it from "hold" to a "buy," said the outlook is good for the company.
Burger King Holdings (BKC) however, down $4.01. The company says that it sees not much better than $0.33 to $0.35 in third quarter earnings due to declines in March traffic.
AMR (AMR), parent of American Airlines, up $0.79. The company did report a first quarter loss of $1.30 a share, but not as bad as the Street was expecting, which was minus $1.62. Revenues fell 15 percent in the period.
CSX (CSX), that's the big coal hauling railway, first quarter earnings, $0.62, down from $0.85 last year, but $0.11 better than expected. Standard & Poor's, UBS Financial and Stiefel Financial all repeated "buys" on CSX.
The big coal producer, Peabody Energy (BTU) down $3.38. First quarter earnings $0.63, triple last year's $0.21 but the Street was looking for $0.94 and the company cut its 2009 production estimate.
Brokerage Raymond James Financial (RJF) down $2.57. After the close yesterday, the company said second quarter earnings will fall below the $0.37 per share Street consensus.
Another brokerage did well, Piper Jaffray Cos (PJC) up $5.07, even though it reported a first quarter loss of $0.17, worse than last year's $0.09 loss, but the Street was looking for a loss of $0.23 so it did better than expected.
Abbott Labs (ABT) losing $2.05. First quarter earnings jumped 53 percent but revenues were disappointing and the outlook for the company's experimental anti-inflammatory drug outlook is cautious apparently.
NASDAQ's most active Intel (INTC) down $0.39 after a disappointing outlook out of the close last night.
Google (GOOG) up $10.59, earnings due out tomorrow.
Apple (AAPL) $0.67 loss.
Microsoft (MSFT) $0.52 loss.
And then Research in Motion (RIMM) dropping $0.32 a share.
Cisco Systems (CSCO) down $0.37.
Amazon.com (AMZN) fell $2.51.
Gilead Sciences (GILD) $2.11 drop.
Qualcomm (QCOM) gained a dime.
And then Oracle (ORCL) with a $0.28 loss.
Then Charles Schwab (SCHW) $1.69 gain. Company out with first quarter earnings excluding one-time items, $0.21, $0.05 better than the Wall Street core expected.
And then, Infinity Pharmaceuticals (INFI) plunged $2.51 after halting late stage trials of its gastrointestinal cancer drug due to a higher than expected death rate.
