Paul Kangas' Stocks in the News
Tuesday, May 12, 2009
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JEFF YASTINE: High oil prices and lingering questions about the timing of an economic recovery led to a mixed finish on Wall Street today. Weak financial stocks and a new low for General Motors shares led the Dow's early decline, while the NASDAQ tumbled 35 points. Drug and consumer staple stocks helped lead a late day recovery on the Dow. So the Dow rose 50.34 to end the day at 8,469.11 and the NASDAQ cut its loss to just 15.32 points at 1,715.92 and the S&P 500 dropped almost a point to 908.35. In the bond market, the 10-year note falling 3/32 to 99 19/32 and the yield at 3.17 percent.
Citigroup (C) topping our list, losing $0.20. Citi telling the Associated Press that the bulk of its government bailout cash, the TARP loans, is being offered out as loans to state and local governments and other public institutions.
Bank of America (BAC) losing $0.68. Some think that Merrill Lynch might be spun off or sold at some point down the road owing to the difficulties of integrating the two companies and the corporate cultures. Also B of A raised more than $7 billion, reportedly selling shares in China construction bank.
US Bancorp (USB) down $0.61, raising cash with an offering of $3.5 billion in new stock and bonds.
Ford Motor Co (F) sliding $1.07. The latest offering of stocks should tide the auto maker over through early next year.
Wells Fargo (WFC) off $0.83.
Then we have American International Group (AIG) slipping a fraction.
Pfizer (PFE) rising $0.78. Analysts believe Pfizer might raise its dividend after it finishes the acquisition of Wyeth.
General Electric (GE) dropping $0.51.
JPMorgan Chase (JPM) down $0.47.
General Motors (GM) losing $0.29. A half dozen executives, including a former vice chairman, liquidating their stock positions in the sinking auto maker as that June 1st bankruptcy deadline looms.
Anadarko Petroleum (APC) sliding nearly $3. Another firm cashing up, selling 30 million shares to raise $1.3 billion.
Then Foundation Coal (FCL) rising $4.82. It's being acquired by Alpha Natural Resources for about $29 a share based on today's close.
Federal Agricultural Mortgage (AGM) soaring over $4. (INAUDIBLE) surprising analysts with improved first quarter profits. The CEO sees credit losses at manageable levels.
Fluor (FLR) climbing $2.45. The infrastructure services firm had a 50 percent jump in first quarter profits, but they also lost a $2 billion contract to build a refinery in Kuwait. That will hurt results for the year.
Nelnet (NNI) vaulting $1.58. They're a provider of student loans reporting healthy quarterly profits that were far above analyst estimates.
Great Atlantic & Pacific Tea Co (GAP) dropping $2.48. They posted a huge fiscal fourth quarter loss. Pension costs alone more than quadrupled from year ago levels.
Boyd Gaming (BYD) shares falling $1.29. (INAUDIBLE) gaining revenues will continue to weaken in Las Vegas and Atlantic City. Investors taking their chips out of the casino sector today.
On the NASDAQ, Apple (AAPL) falling over $5.
Research in Motion (RIMM) losing $1.47.
Google (GOOG) down more than $8, nearly $9.
Microsoft (MSFT) jumping $0.57.
Intel (INTC) losing $0.16. After the close, the CEO said second quarter orders and billings are ahead of expectations. The stock rose over $0.50 in after hours trading.
Cisco Systems (CSCO) eking out a gain of $0.11.
Qualcomm (QCOM) was down for the day.
So was Oracle (ORCL).
CME Group (CME) rising nearly $17.
Fifth Third Bancorp (FITB) losing a fraction.
Ctrip.com International (CTRP) jumped $4.66. The Chinese online travel service firm said first quarter results topped analyst estimates. They see strong second quarter revenue growth.
And finally, Stec (STEC) rising $3.21. The memory chip company said first quarter profits jumped more than 60 percent; revenues rose 25 percent. It sees second quarter results above estimates.
