Paul Kangas' Stocks in the News
Wednesday, May 06, 2009
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PAUL KANGAS: Wall Street's opening blue chip rally this morning faded as the NASDAQ turned negative. But two private reports showing job losses were slowing, helped stocks improve and so did optimism that the bank stress tests won't be as bad as some investors fear. Late in the session, the Dow was up 105 points, but the laggard NASDAQ index was a slight drag on the rally. The Dow Industrial Average still closed up 101.63 at 8,512.28. But the NASDAQ gained only 4.98, ending at 1,759.10, while the Standard & Poor's 500 Index rose 15.73 ending at 919.53. Over in the bond market, the 10-year note rose 2/32 to 96 20/32, putting the yield at 3.16 percent
Most active Big Board issue on 137.25 million shares, Citigroup (C), moving up $0.55.
Followed by Bank of America (BAC) with a big gain of $1.85. You've already heard the banking story.
AIG (AIG) was up $0.11. First-quarter results from AIG due out tomorrow, the Street estimate, a loss of $1.80 a share.
Wells Fargo (WFC) did well, up $3.62.
And General Electric (GE) moving up $0.57.
JPMorgan Chase (JPM) a nice gain of $2.40.
Las Vegas Sands (LVS) down $1.05 after several days of big gains, a little profit-taking.
Ford Motor (F) was up $0.41. The company said today that its restructuring is on-track. Then General Motors (GM) up -- down $0.19, the company is requesting an increase in the authorized common shares outstanding. The $62 billion, which, in essence, would allow the 1-100 reverse split, if that should happen.
Pfizer (PFE), a $0.21 loss there, 10th in volume.
Disney (DIS) up $2.72, after the close yesterday, as we reported, better-than-expected earnings today. Barclays upgraded the stock from underweight to overweight.
Dow Chemical (DOW) down a $1.14. The company began an offering of $1.6 billion of common stock. Proceeds will help to -- in the purchase of Rohm & Haas, which Dow is going ahead with.
Devon Energy Corporation (DVN) a big gain of $6.53. Fourth-quarter -- or I should say, first-quarter earnings, $0.48, way down from $1.66 last year, but about $0.20 better than the Street was expecting.
XTO Energy (XTO) up $4.06. First-quarter earnings of $0.91, $0.14 above the Street estimate. A penny only more than last year, but revenues were up 29 percent. And the company is boosting its 2009 oil production growth rate from 14 to 16 percent.
Alpha Natural Resources (ANR) up $4.75, $0.58 in first-quarter earnings, well above last year's $0.39. Standard & Poor's upgraded it from hold to buy.
And U.S. Cellular (USM), a good gain of $6.43, $0.97 first-quarter earnings, well above last year's $0.80. Revenues up 2 percent.
Then we see Speedway Motorsports (TRK) rising $4.73. First-quarter earnings came in at $0.50, down from $0.74 last year. But that was $0.02 better than the Street was expecting.
And Biovail Corp. (BVF) losing $1.35. First-quarter earnings, $0.25, down from $0.35 a year ago. Revenues fell 17 percent. And the company slashed its quarterly dividend from $0.375 to only $0.09 a share. And it will pay GlaxoSmithKline (GSK) $510 million for the rights to Wellbutrin.
Apple (AAPL) topped the NASDAQ's active list, down $0.21. Citicorp says the company may sell its iPhone through other carriers than AT&T (T).
Cisco Systems (CSCO) closed down $0.02. After the close, third- quarter earnings, excluding items, $0.30, down from $0.38 last year, but $0.05 above the Street expectation.
Research In Motion (RIMM) up $1.67. JPMorgan upgraded it from underweight to neutral.
Microsoft (MSFT) no change.
Intel (INTC), a $0.04 drop there, fifth in NASDAQ volume.
Google (GOOG) up $0.48.
A $0.24 rise in Qualcomm (QCOM).
Amazon.com (AMZN) up $0.09.
First Solar (FSLR) did well, up $6.88.
And then DirecTV (DTV) with a $0.73 gain.
And finally shares in private equity firm American Capital Limited (ACAS) plunged $1.50 after the company reported a first-quarter loss and confirmed it was in default on $2.3 billion in debt.
