Paul Kangas' Stocks in the News
Tuesday, June 23, 2009
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PAUL KANGAS: Stocks on Wall Street rebounded slightly from yesterday's drubbing early on, but the attempt was undermined by that shortfall in existing home sales and news from Boeing about its 787 Dreamliner, which we'll detail shortly. At 11:00 a.m. the Dow posted a 36-point loss and the NASDAQ was off eight points. What transpired at the president's news conference had little impact as the market churned about narrowly right onto the closing bell. The Dow Jones Industrial Average ended down 16.10 at 8322.91. The NASDAQ Composite lost 1.27 ending at 1764.92, while the Standard & Poor's 500 Index gained 2.06 ending at 895.10. Over in the bond market, the 10-year note rose 16/32 to 95 28/32, putting the yield at 3.62 percent.
Most active big board issue and it has been so frequently lately, Bank of America (BAC) trading 53.8 million shares today, up $0.29.
Followed by Citigroup (C) with a penny gain.
And then General Electric (GE) rose $0.08.
JPMorgan Chase (JPM) up $0.70.
Wells Fargo (WFC) $0.40 rise there, not much news or action in the bank stocks today
Pfizer (PFE) a $0.06 loss.
Ford Motor Co (F) was up $0.15. The company is going to get about $5.9 billion in U.S. government loans to spur development of more fuel- efficient vehicles.
Colonial Bancgroup (CNB) down $0.15.
AT&T (T) was up $0.51.
And then Huntsman (HUN), the chemical company, down $0.09. Huntsman will give $1.73 billion in cash and financing from Credit Suisse and Deutsche Bank, ending a long and bitter battle over the collapse of Apollo Group's $6.5 billion buyout of Huntsman.
And now we see Boeing (BA) stock down $3.03, traded as low as $42.52 today and of course you heard the 787's flight has been delayed for the fifth time and some of the company's parts suppliers were impacted negatively today. Let's have a look at them.
Goodrich Corp (GR), Precision Cast Parts (PCP), Rockwell Collins (COL) and Spirit Aerosystems (SPR) not big closing losses, but keep in mind most of these stocks rebounded nicely off their lows of the day.
Fedex (FDX) a $0.70 gainer. JPMorgan upgraded it from "neutral" to "overweight."
And then Motorola (MOT) had some good karma today, its stock up $0.24. AT&T is going to start selling Motorola's new Karma cell phone and in addition to that, the Bank of America Merrill Lynch brokered (sic) upgraded it from "neutral" to "buy."
MetroPCS Communications (PCS) rose $0.71, little index fund buying there. The stock will replace Tyco Electronics in the Standard & Poor's 500 Index.
Conagra Foods (CAG) an $0.84 gain there. UBS financial upgraded it from "neutral" to "buy" on the company's improving sales.
And Actuant (ATU) down $1.98. The company started a public offering of nine million of its common shares. That will dilute the shares outstanding by 16 percent.
Equity Lifestyle Properties (ELS), this is a company that operates these manufactured home communities and it started a four million share public offering of its stock, a little dilution factor.
Cytec Industries (CYT), specialty chemical company, down $1.62. The company said it's going to have a second quarter loss due to slow demand for its products and it cut its 2009 earnings guidance from a high of $1.75 a share all the way down to $0.90 a share at best.
Then Bridgepoint Education (BPI) falling $1.11. Credit Suisse downgraded it from "out perform" to "neutral" on valuation.
Apple (AAPL) topped the active list on NASDAQ, down $3.36.
Research in Motion (RIMM) gaining $1.49.
Microsoft (MSFT) $0.06 gain there.
Google (GOOG) fell $1.67.
Intel (INTC) $0.13 advance. Intel's in a pact with Nokia to develop a new platform for mobile devices and that's something, an area where Intel has been aiming to get into for a long time.
Moving along, Qualcomm (QCOM) $0.09 gain there.
Cisco Systems (CSCO) $0.16 advance.
Oracle (ORCL) dropped $0.10 a share, but after the close, Oracle had fourth quarter earnings out, $0.46 a share, $0.02 better than the Street expected. In after hours trading, I saw the stock a little about $20.50 a share.
Baidu (BIDU) down $5.18.
And then a $2.12 gain in First Solar (FSLR), tenth in volume.
Rambus (RMBS) down $2.98. The company cut its second quarter revenue guidance from a high of $30 million down to $27.2 million, also plans an offering of the $150 million in convertible notes.
Let's end on a high note and I do mean high, Monogram Biosciences (MGRM) up 169 percent, not bad. The company is going to be acquired by Laboratory Corp. of America for $4.55 a share.
Those are the stocks in the news tonight.
