Paul Kangas' Stocks in the News
Wednesday, June 10, 2009
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PAUL KANGAS: A boost in earnings guidance from Home Depot helped boost Wall Street's blue chips at the opening today. But the market turned lower over the next few hours as a surge in oil prices fueled inflation fears. July crude hit a new high for the year, up $1.32 to $71.33 a barrel. At mid-day, the Dow posted a 26 point loss and the NASDAQ was off 15 points. Then a poorly received 10-year Treasury note auction sent the Dow to a 113 point loss in mid-afternoon but a late rebound managed to cut that deficit. Dow Industrial Average closed down only 24.04 points at 8739.02. The NASDAQ down 7.05 at 1853.08. Standard & Poor's 500 lost 3.28 ending at 939.15. In the bond market, the 10-year note closed down 22/32 at 93 10/32, putting the yield up to 3.95 percent.
Big board volume leader on 57.6 million shares, Citigroup (C) edging up $0.07. The company began a long-delayed $58 billion stock swap that could lead to government owning 34 percent of the bank.
Bank of America (BAC) an $0.08 loss there.
$0.17 drop in General Electric (GE).
Pfizer (PFE) $0.08 loss.
$0.75 drop in Wells Fargo (WFC).
And a $0.07 loss in Ford Motor Co (F).
JPMorgan Chase (JPM) $0.42 loss there.
Sprint Nextel (S) down $0.11.
American Intl Group (AIG) $0.05 drop.
And then Altria Group (MO) down $0.28, nothing but fractional losses on that board.
Alcoa (AA) managed to gain $0.34, traded a little bit higher, but Desjardins securities boosted its price target from $12 to $15 a share on Alcoa.
Home Depot (HD) edged up only $0.04, but it traded as high as $25.12 this morning after the company revised its fiscal 2009 earnings guidance to $1.37 a share at best. That's above the $1.33 Street estimate for Home Depot.
US Steel (X) up $2.31. Keybanc upgraded it from "hold" to "buy" just as Morgan Stanley did yesterday as we reported.
Oxford Industries (OXM), the apparel maker, had first quarter earnings of $0.42, well down from $0.59 last year, but $0.17 better than expected on the Street. Sales were down 21 percent.
99 Cents Stores (NDN) up $1.88. Fourth quarter earnings of $0.10 versus a loss of $0.06 last year. Standard & Poor's upgraded it from "hold" to "buy."
And then the Barnes Group (B) down $1.04. The aircraft parts maker has withdrawn its 2009 earnings guidance because of uncertainty in the transportation sector and that accounts for one third of its business.
Home builder NCI Building (NCS) down $1.12, $0.37 second quarter loss out today versus earnings of $0.85 a year ago and a loss a penny worse than expected. Sales tumbled 46 percent.
CB Richard Ellis (CBG) up $1.11. The company sees a break even second quarter, maybe even earnings of up to $0.07 a share. It'll offer $400 million in subordinated notes in a private placement.
And the world's largest RV maker, Thor Industries (THO) up $1.66. Third quarter earnings came in at $0.21, a lot better than the $0.10 Street estimate. The stock up nicely.
And then we see Lasalle Hotels (LHO) losing $1.48. It plans a public offering of 10 million shares priced at $14.75 each. Standard & Poor's repeated a "sell" on the stock.
Apple (AAPL) topped the active list, down $2.47.
Then Google (GOOG) off $3.02. The Department of Justice requests that Google turn over documents regarding its settlement with book publishers who allowed their work to be digitized on the Internet.
Microsoft (MSFT) $0.47 gain.
Research in Motion (RIMM) up $1.43. Goldman Sachs repeated a "buy" on that one.
And then Cisco Systems (CSCO) $0.13 loss there.
Baidu (BIDU) $10.86 drop.
Intel (INTC) $0.04 gain.
Oracle (ORCL) $0.25 loss.
First Solar (FSLR) up $3.87.
And finally, Qualcomm (QCOM) rounded out the NASDAQ most actives list, rising $0.04.
