Paul Kangas' Stocks in the News
Wednesday, June 03, 2009
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PAUL KANGAS: Wall Street snapped a four session winning streak as profit takers moved in. The Dow fell nearly 100 points in the first hour of trading with the NASDAQ off 19 points. Despite news of a lower than expected .7 percent rise in April factory orders, the market managed to trim its losses in late morning but buyers backed away on caution over what Friday's May unemployment report would show. The blue chips dipped as much as 130 points in late trading before rebounding slightly. So the Dow ended down 65 points at 8675.28. The NASDAQ Composite lost nearly 11 points ending at 1825.92 while the Standard & Poor's 500 Index fell almost 13 points to 931.76. Over in the bond market, the 10-year note gained 20/32 to 97 19/32, putting the yield at 3.54 percent.
Big board volume leader on 35.4 million shares, Citigroup (C) losing $0.12. A New York Federal appeals court has cut the (INAUDIBLE) case against Solomon Smith Barney regarding $200 million in losses in WorldCom.
Bank of America (BAC) down $0.19. The company and five other major banks have satisfied their sales of auction rate debt.
Ford Motor Co (F) $0.23 loss there.
American International Group (AIG) $0.09 drop.
Same story for Pfizer (PFE), although Pfizer got FDA approval for its product Paladia, which is used to treat advanced cancer in dogs.
JPMorgan Chase (JPM) down $0.52.
AT&T (T) lost $0.38.
General Electric (GE) $0.30 drop there.
Wells Fargo & Co (WFC) down $0.26.
Tenth in volume was Keycorp (KEY) losing $0.22 a share.
Wal-Mart Stores (WMT) up $0.95, got a boost from the Baird brokerage which issued an "out perform" rating on Wal-Mart.
Valero Energy (VLO) down $3.98. The company sees a second quarter loss of about $0.50 a share because of extended down time at two of its refineries. Meanwhile, BMO (ph) Capital downgraded the stock from "market perform" to "under perform."
And the whole refining sector was weak today on that pullback in oil prices. Let's have a look at some of the majors. Frontier Oil (FTO) down $2.41.
Sunoco (SUN) losing $2.27.
And a $2.33 loss in Tesoro (TSO).
Aetna (AET) off $1.27. The company cut its 2009 operating earnings guidance from a high of $3.95 a share all the way down to $3.70 at best. Meanwhile, Wachovia downgraded it from "out perform" to "market perform."
Agrium (AGU) losing $3.60 a share. The company is extending for one week its $4.4 billion tender offer for CF Industries and if that is not a well-received offer, Agrium will walk away from the deal.
Cardinal Health (CAH) down another $2.17 after losing $4 yesterday on the company's disappointing outlook. Today the Baird brokerage downgraded it from "out perform" to just a "neutral" rating.
And Williams Sonoma (WSM) losing $1.20. The company posted a first quarter loss of $0.14 a share, versus earnings of a nickel a share a year ago after the Street thought the loss would be bigger and minus $0.21, but in the meantime, Standard & Poor's repeated a "strong sell" and that hurt the stock.
Apple (AAPL) up $1.46.
Followed by Google (GOOG) with a gain of $3.25.
Microsoft (MSFT) edged up $0.33 a share.
Research in Motion (RIMM) down $2.13.
Cisco Systems (CSCO) $0.25 loss there.
Qualcomm (QCOM) $0.33 loss.
Intel (INTC) dropped $0.25.
Amazon.com (AMZN) was up $0.75. Goldman increased price targets on Amazon and also on Baidu (BIDU) which was up $8.86.
EBay (EBAY), tenth in NASDAQ volume, edged a penny higher.
Tivo (TIVO) up $3.72, huge percentage move. After the close yesterday as we reported, the company won a patent lawsuit against Echostar Communications regarding Tivo's DVR technology.
And finally, Antigenics (AGEN) surged $1.12 on news the company's kidney cancer treatment has shown to boost survival rates in certain patients.
