Paul Kangas' Stocks in the News
Thursday, May 14, 2009
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JEFF YASTINE: On Wall Street, investors ignored worries about the U.S. auto makers and went to work hunting for bargains. The Dow rose about 50 points in the first half of the session, despite a bigger than expected jump in weekly jobless claims. Both the Dow and the NASDAQ kept rising in early afternoon, some profit-taking caught on in the last hour of trading. The Dow went on to close up 46.43 at 8331.32. The NASDAQ rising 25.02 to 1689.21 and the S&P 500 climbing 9.15 to 893.07. In the bond market, the 10-year note rising 6/32 to 100 9/32 and the yield down to 3.09 percent.
Citigroup (C) topping our list, rising $0.14.
Bank of America (BAC) climbing $0.30. They recently sold a chunk of their stake in China Construction Bank but CCB says B of A remains a long- term partner.
Ford Motor Co (F) moving up $0.20. As you heard, executives expect at least break even results by 2011.
MGM Mirage (MGM) off $0.94. Some skeptics in "Baron's" were wondering if the new stock offering will be enough to avert default on MGM's $14 billion load of debt.
And then American Intl Group (AIG) picking up $0.24.
Wells Fargo (WFC) gaining $1.49. Moody's raised its rating on the preferred shares. Moody's says the $8 billion raised last week in the sale of common stock, new common stocks, makes a cut in a preferred dividend less likely.
General Electric (GE) up $0.13.
JPMorgan Chase (JPM) rising $1.49.
Pfizer (PFE) adding a fraction.
And US Bancorp (USB) climbing $0.44.
Wal-Mart Stores (WMT) fell $0.93. Fiscal first quarter results were in line with estimates, $0.77 a share. The retainer hopes to bring in larger crowds with more merchandise priced at $1.
Genworth Financial (GNW) climbed $0.84. Analysts at Raymond James impressed with demand for retirement plans and setting a price target of $5.50 a share.
Investors filing into some of the big (INAUDIBLE) insurers, Aflac (AFL), Hartford Financial (HIG) rising more than $2.
Lincoln National (LNC) gaining $1.82.
And there's a new issue believe it or not, DigitalGlobe (DGI) surging $2.50 despite the terrible market we've seen in these different months. They sold nearly $50 million, 50 million shares at $19 each. They supply satellite images to Google, the government and other parties.
Gildan Activewear (GIL) rising more than $2. It looks like Gilda will not lose its largest wholesale customer to bankruptcy and Gildan reported lower second quarter results but sees business gaining momentum in the second half of the year.
URS Corp (URS), an engineering and construction firm, rising over $3. First quarter earnings rose by more than half and they're optimistic about their future outlook.
Forest City "A" (FCE.A) falling $1.21. The property developer looking to dilute existing shareholders selling 52 million shares of new stock.
And EnerSys (ENS) off more than $2.50. Fourth quarter profits rose more than forecast, but revenues were less than many expected of this maker of industrial batteries.
On the NASDAQ, Apple (AAPL) rising nearly $3.50.
Google (GOOG) dropping more than $2.
Research in Motion (RIMM) up by nearly the same amount.
Intel (INTC) gaining $0.41.
Microsoft (MSFT) up $0.31.
CME Group (CME) falling more than $10. The Obama administration talking about regulating the market for credit default swaps. Those products need a place to trade, something that might be in the Chicago Mercantile Exchange.
Cisco Systems (CSCO) rising a fraction.
Amazon.com (AMZN) gaining nearly $1.
Qualcomm (QCOM) off $0.61.0
First Solar (FSLR) rising $0.93.
Rambus (RMBS) jumped $1.52. The FTC is bowing out of its seven-year antitrust case against Rambus.
And finally, Pansoft Co (PSOF) shares ending up $1.64. Earnings rose sharply to $0.06 a share on a large jump in revenues.
Those are our stocks in the news tonight.
