Paul Kangas' Stocks in the News
Friday, May 08, 2009
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PAUL KANGAS: The employment report put Wall Street's blue chips in strong rally mode, because it underscored many recent reports hinting at a turnaround in the economy. At mid-day, the Dow posted a 109-point gain, but the laggard NASDAQ Index was up only five points. A generally positive view of the bank stress tests and short covering purchases kept stocks buoyant all afternoon and they closed at the day's best levels. The Dow Industrial Average ended up 164.80 points at 8,574.65. This week, it fell twice and rose three times, had a net gain of 362.24 points. The NASDAQ Composite rose 22.76 to 1,739 even today. It also fell twice and rose three times this week for an overall advance of 19.80 points. The Standard & Poor's 500 Index gained 21.84 points, ending at 929.23 today and it rose 51.71 points for the week overall. Over in the bond market, the 10-year note gained 14/32 to 98 20/32, putting the yield at 3.29 percent.
New York exchange volume leader on 118.2 million shares was Citigroup (C) moving up $0.21. Wells Fargo (WFC) had a good day, up $3.42. The strength of the bank stocks would indicate a generally positive view of the stress test results.
Bank of America (BAC) up $0.66.
Morgan Stanley (MS) $1.06 advance.
American Intl Group (AIG) was up $0.06, all gains on the first five actives.
General Electric (GE) moved up $0.57.
JPMorgan Chase (JPM) rising $3.70.
Pfizer (PFE) up $0.24.
$0.18 rise in Ford Motor Co (F).
And completing this list of plus signs, ExxonMobil (XOM) up $1.87.
McDonald's (MCD) had a good day, up $1.53. The company said April global sales were up 6.9 percent, pretty impressive.
And then Toyota Motor (TM) in the wrong business these days, down $1.07. The company's forecasting a full year loss of $8.6 billion.
American Axle & Manufacturing (AXL) had a huge move up, $2.49 advance. Deutsche Bank upgraded it from "hold" to "buy" on valuation, thought the stock was far too cheap.
And then Allstate (ALL), the insurance company, off $1.48. First quarter operating earnings only $0.84 down from $1.33 last year. That's $0.39 below the Street estimate. Revenues fell 2.5 percent.
On the other hand, an insurance company that did well Metlife (MET) up $3.75 after the Federal Reserve told the company its capital is adequate.
International Rectifier (IRF) down $2.66, over a 16 percent drop. Third quarter loss of $1.13, much bigger than last year's $0.30 per share loss and revenues plunged 42 percent in the period.
Millipore (MIL) up $4.69. Nicely higher first quarter earnings of $1.06 versus $0.80 a year ago and the company boosted its full year earnings guidance. Standard & Poor's repeated a "buy" recommendation on Millipore.
MDC Holdings (MDC) the home builder, up $2.26. The company narrowed its first quarter loss to only $0.88 from $1.58 last year, even though revenues plunged 56 percent.
Assured Guaranty (AGO) up $2.59. First quarter earnings, $0.69. The Street was looking for earnings of only $0.15.
On the downside, Orbital Sciences (ORB) losing $1.20. The latest government budget proposal eliminates a missile defense program in which this company was involved.
NASDAQ's most active, Apple (AAPL) up $0.13.
Then Fifth Third Bancorp (FITB) up $3.14 on relief that the company needs to raise only $1.1 billion which analysts feel will not be a problem.
Google (GOOG) up $10.72. The Sanford Bernstein brokerage boosted its price target to $600 a share in the belief that a recovery in revenues in the fourth quarter will boost full year revenues by 7 percent for Google.
Intel (INTC) a $0.48 drop.
Research in Motion (RIMM) $0.41 gain.
Microsoft (MSFT) up a dime.
Then Cisco Systems (CSCO) $0.22 loss.
Qualcomm (QCOM), $0.55 drop.
Oracle (ORCL) fell a dime.
And then DirecTV (DTV) losing $0.67.
Dryships (DRYS) losing $2.04. That's more than 20 percent on news the company plans its third common stock offering in the past six months which means more earnings dilution.
Those are the stocks in the news tonight.
