Paul Kangas' Stocks in the News
Friday, June 26, 2009
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PAUL KANGAS: Early gains on Wall Street were short lived on mixed news. May personal income and spending were higher and so was consumer sentiment, but a sharp rise in personal savings was taken by some as a sign people are socking money away for a long recession. The Dow was off 30 to 50 points throughout the day with the NASDAQ up modestly and that's how the market closed. The Dow Jones Industrial Average ended down 34.01 at 8438.39. This week it rose only once and had a net loss of 101.34 points. The NASDAQ Composite closed up 8.68 today at 1838.22. It fell twice, rose three times this week, had a net gain of exactly 10 3/4 points. The S&P 500 lost 1.36 to 918.90 today and for the week overall it was down 2.33 points. In the bond market, the 10-year note climbed 4/32 to 96 21/32, putting the yield at 3.53 percent.
Big board volume leader on 88.3 million shares, Bank of America (BAC) with a $0.40 gain. The company's Manhattan tower is being refinanced for about $1.3 billion.
Then Fannie Mae (FNM) down $0.12.
Wendy's/Arby's (WEN) an $0.08 loss there.
Freddie Mac (FRE) down $0.15, a lot of fallen angels, low priced ones in the active list today.
Unisys (UIS) was up $0.09, fifth in volume.
Citigroup (C) no change there.
Eastman Kodak (EK) $0.37 gain.
Chimera Investment (CIM) a dime loss.
And then Ford Motor Co (F) with a $0.07 drop.
And American Intl Group (AIG), tenth in volume, showed no change. The company's annual shareholders' meeting is next Tuesday.
Moving along, stocks in the news, Chico's Fas (CHS) up $1.45, traded almost 15 million shares. The company gave a guarded outlook at an analyst meeting. The Thomas Weisel brokerage cut second quarter earnings estimate. We have to apologize for the lack of full charts today, but we did have a computer glitch.
Sanofi Aventis (SNY) down $2.20 on concerns about safety of its blockbuster diabetes drug called Lantis (ph) and its possible link to cancer.
Accenture Ltd (ACN) was up $2.08. Third quarter earnings a bit lower, $0.68 versus $0.74 last year, but $0.04 above the Street estimate and Citigroup upped 2009 and 2010 earnings estimates.
KB Home (KBH) down $1.35. Second quarter loss of $1.03, not as bad as last year's $3.30 loss, but sales plunged 40 percent in the period. New home orders are down 31 percent from a year ago. Standard & Poor's downgraded KBH from "hold" to "sell."
Caci Intl (CACI) up $2.55. The Stiefel brokerage issued a "buy" and boosted its price target from $48 to $52 a share on the company's upbeat 2010 outlook.
Robbins & Myers (RBN) down $1.65. The company had third quarter earnings lower, $0.31 versus last year's $0.76, 29 percent drop in sales and the company cut its 2009 earnings guidance from a high of $1.65 down to $1.51 at best.
Azz Inc (AZZ) $0.54 gain. First quarter earnings $0.80, down from $0.82 on a 4 1/2 percent drop in sales. The company says incoming orders are continuing to slow. The stock did trade as low as $31.06 today.
Apple (AAPL) topped the active list on NASDAQ, up $2.58. The company's tripling its stake in British chip maker Imagination Technology which supplies chips to Apple's newest iPhone.
Microsoft (MSFT) $0.44 loss there.
Google (GOOG) up $9.55.
Palm (PALM) a $2.20 gain on the smaller than expected fourth quarter loss out today, only $0.40 a share on the negative. The Street was looking for a loss of $0.62 a share.
Research in Motion (RIMM) up $1.36.
And Amgen (AMGN) $0.88 gain there.
Cisco Systems (CSCO) a $0.12 loss.
A penny drop in Intel (INTC).
Oracle (ORCL) was off $0.33.
And Qualcomm (QCOM) with a $0.15 loss.
And those are the stocks in the news tonight.
