Paul Kangas' Stocks in the News
Wednesday, July 01, 2009
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PAUL KANGAS: Wall Street posted strong early gains as institutions bought up blue chips on hopes the second quarter rally will continue. An hour into trading, the Dow was up 131 points with the NASDAQ gaining 27 points. The market received some support from improved readings in May pending home sales and June manufacturing activity. But buyers backed off a bit this afternoon so stocks ended below the day's best levels. The Dow Jones Industrial Average closed up 57.06 at 8504.06 and then the NASDAQ was up 10.68, closing at 1845.72, while the Standard & Poor's 500 Index gained 4.01 at 923.33. Over in the bond market, the 10-year note fell 3/32 to 96 16/32, putting the yield at 3.55 percent.
Most active big board issue on 32.3 million shares, Bank of America (BAC) down $0.15. A group of public investment funds are suing Bank of America over its acquisition of Merrill Lynch.
Citigroup (C) in there showing no change. Bank analyst Dick Bove boosted his 2009 outlook from a loss of $0.52 a share to a profit of $0.34 a share.
Ford Motor Co (F) down $0.16, even though as you heard, June sales fell less than expected for Ford.
General Electric (GE) $0.06 gain there.
And Pfizer (PFE) down $0.10. The FDA has ordered the company and Glaxosmithkline to add strong black box warnings on their anti-smoking products, Chantix and Zyban respectively and that's due to possible contraction of serious mental problems. Glaxo stock actually moved up $0.70 a share.
Wells Fargo & Co (WFC) $0.12 drop.
And then Sprint Nextel (S) dropped $0.20.
JPMorgan Chase (JPM) $0.29 loss there.
American International Group (AIG) tumbling $5.12. Now this is the first day of trading for the company's one for 20 reverse stock split.
Tenth in volume ExxonMobil (XOM) moved up $0.65.
Oshkosh Corp (OSK), big gain, $3.89. The Department of Defense selected the company to supply 2244 all terrain vehicles worth a little over $1 billion and that order could reach 5000 ATVs.
The stocks of companies that didn't get that contract tanked so to speak. Let's have a look at a couple of those. Force Protection (FRPT) losing strongly, down $3.46.
Navistar (NAV) fell $1.08.
General Mills (GIS) up $2.16. Fourth quarter earnings excluding one- time items, $0.86 a share, $0.06 above the Street estimate and the company has an upbeat outlook.
Yum! Brands (YUM) doing well, up $1.68. Goldman Sachs is bullish on the outlook for the company's international division and upgraded Yum stock from "neutral" to "buy" and boosted its price target from $36 to $40 a share.
Ball Corp (BLL) up $2.69. The company will acquire four Anheuser Busch InBev beverage containing plants, container plants, for $577 million.
And then Constellation Brands (STZ) moving up $0.93. First quarter earnings came in at $0.33 a share, a penny above the Street estimate. Standard & Poor's repeated a "buy" on the stock.
And Marvel Entertainment (MVL) up $1.87. JPMorgan upgraded it from "neutral" to "over weight" on optimism over the company's upcoming "Iron Man II" movie.
Apple (AAPL) topped the active list on NASDAQ, up $0.40.
Followed by Intel (INTC) $0.49 gain.
Microsoft (MSFT) $0.27 rise there.
But Google (GOOG) down $2.60.
Research in Motion (RIMM) fell $1.13.
$6.91 drop in First Solar (FSLR).
Cisco Systems (CSCO) bucked the trend up $0.15.
And Oracle (ORCL) $0.32 gain there.
Qualcomm (QCOM) $0.04 drop.
And then Amazon.com (AMZN) losing $2.06.
And finally, Myriad Genetics (MYGN) sank $9.63 a share after the company warned its fourth quarter revenues will fall about 6 percent below Street estimates of $92 million.
