Paul Kangas' Stocks in the News
Thursday, April 30, 2009
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PAUL KANGAS: On Wall Street, a surprise drop in new weekly jobless benefit claims overrode uneasiness tied to Chrysler's bankruptcy. That helped the Dow jump 110 points in the first hour of trading with the NASDAQ Composite up 38 points. Better than expected earnings from Dow Chemical, Tyco and Kellogg couldn't keep the rally alive though. Selling linked to end of month portfolio shuffling led to a mixed close. The Dow Industrial Average in with a loss of 17.61 at 8,168.12. The NASDAQ Composite managed to gain 5.36 at 1717.30, while the Standard & Poor's 500 Index lost .83 to 872.81. In the bond market, the 10-year note lost 3/32 to 96 29/32, putting the yield at 3.12 percent.
Big board volume leader on 48 3/4 million shares, Bank of America (BAC), shareholders yesterday elected a new chairman, Walter Massey and Ken Lewis will remain as CEO and no longer the chairman.
Citigroup (C) $0.07 drop.
Ford Motor Co (F) $0.53 gain. The company said it doesn't expect any disruption to its operations due to the Chrysler bankruptcy.
General Electric (GE) in there with a $0.43 advance.
Wells Fargo (WFC) was up $0.04.
JPMorgan Chase (JPM) down $1.48, a little profit taking.
Pfizer (PFE) $0.07 loss.
American International Group (AIG) down $0.03.
Co Vale do Rio (RIO) $0.45 gain.
And then tenth in volume, Las Vegas Sands (LVS) with a $0.10 gain.
MGM Mirage (MGM) up $2.20, a 35 percent jump. The company got a big break today. The company and Dubai World are in a deal with City Centers lenders to fully fund the completion of that Las Vegas project for its scheduled opening late this year, a big break for Mirage.
Disney (DIS) $0.89 gain there. The company will become an equity partner in the popular Hulu video website founded by NBC Universal News and News Corp. I should say.
ExxonMobil (XOM) $1.77 loss. The first quarter earnings were lower from last year, $0.92 versus $2.02, $0.03 below the Street estimate, but the company did say it's going to buy back up to $5 billion of its own stock in the second quarter.
Procter & Gamble (PG) a $0.98 drop there. Higher earnings, third quarter, $0.84 versus $0.82, $0.04 better than expected, but the company cut its fiscal 2009 earnings and sales targets and gave no guidance at all to 2010.
Dow Chemical Co (DOW) up $2.49. First quarter earnings excluding one- time items, $0.12 a share. The Street estimate was for a $0.20 loss so much better than expected.
Cigna (CI) down $1.06. First quarter earnings excluding one-time items, $0.87 and that was $0.03 below the Wall Street estimate.
Owens-Illinois (OI) $5.93 jump, $0.55 in first quarter earnings, down from $1.08 last year, but that was $0.19 better than expected.
Kellogg Co (K) up $2.61, $0.84 first quarter, up from $0.81 last year and that was a nickel above the Street consensus.
And then Build a Bear Workshop (BBW) down $1.42, big percentage drop. The company had a second -- first quarter loss of $0.02 versus earnings of $0.32 last year. Sales plummeted 21 percent. Standard & Poor's made a bearish downgrade from "hold" to "sell."
Moving along we see hopefully, NASDAQ's most active, Apple (AAPL) $0.69 gain.
Look at that gain in First Solar (FSLR), up $0.35.62. First quarter earnings more than tripled last year, $1.99 versus $0.57, $0.48 better than expected on the Street.
Google (GOOG) up $4.50.
Microsoft (MSFT) dropped or gained a penny.
Research in Motion (RIMM) up $2.71.
Intel (INTC) $0.43 advance.
Cisco Systems (CSCO) $0.07 gain.
Qualcomm (QCOM) down $0.76.
Oracle (ORCL) a $0.26 loss there.
And then Amazon.com (AMZN) gained $0.73.
Green Mountain Coffee (GMCR), huge gain, $19.58. The company said Wal- Mart has agreed to sell its single cup coffee brewing system in over 3,000 stores. The company also reported second quarter earnings of $0.50, more than double last year.
Those are the stocks in the news tonight.
