Paul Kangas' Stocks in the News
Thursday, April 16, 2009
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PAUL KANGAS: A mixed start for Wall Street today as a worse than expected 10.8 percent drop in March housing starts dampened interest in the blue chips. At mid-morning, the Dow posted a 55 point loss but the NASDAQ was up 15 points on a strong tech sector. An unexpected decline in new jobless benefit claims helped get the blue chips back on the bullish track, as did optimism about Google's after the bell earnings report. So stocks ended broadly higher. The Dow Industrial Average closed up 95.81 points at 8125.43. The NASDAQ Composite was up 43.64 ending at 1670.44. Standard & Poor's 500 gained 13.24 to 865.30. In the bond market, the 10-year note fell 21/32 to 99 6/32, putting the yield at 2.85 percent.
Most active big board issue on 99 million shares, Citigroup (C) edging up $0.04. Followed by Bank of America (BAC) down a dime.
Chimera Investment (CIM) was up a dime. The company's offering 235 million shares at a price of $3 each and it'll raise $705 million for the company.
Then moving along, American International Group (AIG) a $0.09 gain. The company is selling its 21st century auto insurance unit to rival Zurich Financial Services. The price, nearly $2 billion.
General Electric (GE) a $0.44 gain there. Bernstein Research is boosting its 2009 earnings estimate from $0.81 to $0.94 and still has a target of $13 a share on GE.
JPMorgan Chase (JPM) $0.68 gain. First quarter earnings out this morning at $0.40, down from $0.67 last year, but $0.08 better than expected and the chief executive officer said the company is right now capable of paying back its TARP funds.
Duke Realty (DRE) $0.87 gain.
Wells Fargo (WFC) a dime loss.
Pfizer (PFE) $0.04 advance.
And Regions Financial (RF) had a big gain, $1.70. The chairman and president said the company will post a first quarter profit. Wall Street was thinking it would have a $0.42 per share loss.
Hewlett-Packard (HPQ) doing well, up $1.75. Next Monday the company's expected to introduce a new server system and today, Citigroup said that the company - this quarter's tracking ahead of schedule, ahead of its guidance and it kept its price target of $51 a share.
Nokia (NOK) moving up $1.52. The first quarter earnings were only .10 on the euro, down from .39 euro last year. Revenues dropped 27 percent, but Nokia says that second quarter mobile device market share is rising as the market stabilizes.
Sherwin-Williams (SHW) big gain, $5.85, $0.32 in first quarter earnings, half of what it earned last year, but $0.11 above the Street consensus.
Genuine Parts Co (GPC) $3.05 gain there. First quarter, $0.56, down from $0.75 but $0.07 above the Wall Street estimate.
And Krispy Kreme Doughnuts (KKD) up $1.18 or almost 52 percent rise. Fourth quarter was break even versus a loss of $0.50 last year and the company's in a pact with its lenders to keep it in compliance with its loan covenance.
NASDAQ's most active, Google (GOOG) up $9.24 on those great earnings.
Apple (AAPL) up $3.81 after Nokia's comment that the mobile device market is stabilizing.
That also helped Research in Motion (RIMM) rise $3.61.
Microsoft (MSFT) $0.93 advance.
Intel (INTC) a $0.27 rise there.
$0.52 gain in Cisco Systems (CSCO).
Qualcomm (QCOM) $0.74 advance.
Intuitive Surgical (ISRG) $0.59 gain.
Amazon.com (AMZN) was up $2.54.
And then Oracle (ORCL) moved up $0.59.
And those are the stocks in the news tonight.
