Paul Kangas' Stocks in the News
Monday, June 29, 2009
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PAUL KANGAS: Wall Street came alive on the upside today, especially the blue chips. Helping those gains, buying linked to end of quarter portfolio shuffling by the institutions. The market held its early gains throughout the mid-session period and also into the afternoon. So stocks managed to close near their best levels of the day. The Dow Industrial Average ended with a gain of 90.99 at 8529.38. The NASDAQ Composite was up 5.84 closing at 1844.06. Standard & Poor's 500 Index rose 8.33 to 927.23. In the bond market, the 10-year note climbed 13/32 putting the yield at 3.48 percent.
Big board volume leader on a little over 70 million shares, Bank of America (BAC) moving up $0.44.
Then MetroPCS Communications (PCS) down $0.41. This stock was added to the Standard & Poor's 500 Index after the close today so you saw a lot of index fund buying, hence the active list for the stock.
Citigroup (C) down a penny.
American International Group (AIG) down $0.13.
And then Ford Motor Co (F) moved up $0.17.
Wells Fargo & Co (WFC) $0.66 gain.
General Electric (GE) edged a penny higher.
ExxonMobil (XOM) in a strong oil group, up $1.53 after oil jumped over $2 a barrel to $71.50 a barrel.
JPMorgan Chase (JPM) was up $0.15.
And then Regions Financial (RF) with a $0.12 gain.
Alcoa (AA) down $0.32. FBR Capital markets up -- I should say downgraded the stock from "market perform" to "under perform."
Another Dow stock, Hewlett-Packard (HPQ) doing well, up $1.37. Deutsche Bank brokerage made positive comments about the company's push for netbooks.
SLM Corp (SLM), the old Sallie Mae, up $0.78. Student lending stocks like this one were higher today after the Department of Education released details of contracts for servicing student loans that had been recently awarded like one that SLM got. The terms sat well on Wall Street.
And that went for other student lending company, Nelnet (NNI) which was up $1.31 on the news.
TRW Automotive (TRW) doing well, up $2.35. The company received a favorable amendment to its credit facility and JPMorgan brokerage upgraded it from "neutral" to "over weight."
Ball Corp (BLL) up $2.36. This company makes beverage containers of all types and the Baird brokerage upgraded it from "neutral" to "out perform."
Interoil (IOC) gained $4.52 on speculation that two major Chinese oil companies want a stake in IOC's natural gas venture in Papua, New Guinea.
And Aecom Technology (ACM), this is an architectural and engineering firm. The stock up $2.76. The Sterne Agee brokerage is confident about the company's prospects for global growth and also impressed by its considerable backlog of work.
NASDAQ's most active, there you see it, Apple (AAPL) down $0.47. You heard about Steve Jobs coming back to work.
Microsoft (MSFT) up $0.51. Deutsche Bank boosted its price target on Microsoft from $22 to $30 a share.
Intel (INTC) a $0.09 gain.
Cisco Systems (CSCO) rose $0.08.
Google (GOOG) down $1.18.
Research in Motion (RIMM) fell $1.02.
Then Amgen (AMGN) rising $0.31.
Oracle (ORCL) a $0.26 gain there.
A dime loss in Qualcomm (QCOM).
And then Baidu (BIDU) with a $3 loss.
Biogen Idec (BIIB) down $2.75. Last Friday late, the tenth patient that is taking its multiple sclerosis drug Tysabri was diagnosed with the same rare brain infection as the other nine patients contracted.
And those are the stocks in the news tonight.
