Paul Kangas' Stocks in the News
Thursday, July 02, 2009
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PAUL KANGAS: Stocks on Wall Street were hammered by that worse than expected jobs report, which dashed recent hopes that the economy was stabilizing. Neither a better than expected 1.2 percent jump in May factory orders, nor a drop in new weekly jobless benefit claims did much to cushion the sell-off. By noon, the Dow was down nearly 180 points and the NASDAQ off 45 points. The market remained at the broadly lower midday levels right on through to the close, but the close was anything but normal for the New York Stock Exchange. The big board extended trading by 15 minutes so it could process orders delayed by glitches in its computer network. So the Dow Jones Industrial Average finally closed down 223.32 points at 8,280.74. In this four-day week, it rose twice, fell twice, had a net loss of 157.65 points. The NASDAQ Composite tumbled 49.20 to close at 1,796.52 today. It also rose twice and fell twice this week for an overall loss of 41.70 points. Standard & Poor's 500 down 26.91 to 896.42 today and for the week, it lost 22.48 points. Over in the bond market, the 10-year note gained 13/32 to 96 29/32, putting the yield at exactly 3.50 percent.
Topping the big board active list on 26.8 million shares, Bank of America (BAC) down $0.41.
Then Citigroup (C) with a $0.09 drop. Citigroup and GE Capital and GE (GE) down $0.32 also, but Citigroup and GE Capital have preliminary talks to connect their credit card businesses, but they decided against the idea, couldn't agree on price.
Moving along, Ford Motor Co (F) a $0.02 drop there.
Pfizer (PFE) fell $0.42.
Sprint Nextel (S) dropped $0.29.
Wells Fargo (WFC) $1.06 loss.
JPMorgan Chase (JPM) fell $1.50.
Keycorp (KEY) $0.04 drop.
And Wal-Mart Stores (WMT) was down $0.58, tenth in volume.
Oil stocks weak because of the weakness in the economy as that jobs report suggested. ExxonMobil (XOM), Chevron (CVX), Conocophillips (COP) and Hess (HES), Marathon Oil (MRO) all substantial losers today.
And the staffing stocks weak because of the weak economy, no jobs around for the moment. Manpower (MAN) down $3.
Almost $1 drop in Monster Worldwide (MWW).
And Robert Half International (RHI) down $2.23.
Boeing (BA) was down $1.40 even though the company delivered 125 commercial aircraft in the second quarter. That's only one less than a year ago.
Then Continental Air (CA) moved up $0.57. Morgan Stanley upgraded it from "equal weight" to "over weight."
And Oshkosh (OSK) up another $1.50, follow through strength after gaining $3.89 yesterday after the company was awarded a Department of Defense contract for about $1 billion worth of all-terrain vehicles.
Johnson Controls (JCI) down $2.06. Deutsche Bank downgraded it from "buy" to a "hold."
And then Aquity Brands (AYI) losing $2.12. Third quarter earnings excluding items, $0.54 a share, $0.03 below the Wall Street estimate.
And this self storage company, Sovran Selfstorage (SSS) down $1.49. The company is cutting its quarterly dividend from $0.64 to only $0.45 a share.
And finally, M&T Bank (MTB) up $1.24. The Raymond James financial brokerage started coverage of the stock with an "out perform" rating.
The NASDAQ actives, Apple (AAPL) down $2.81.
Microsoft (MSFT) $0.67 loss there.
Google (GOOG) fell $10.50 a share.
Intel (INTC) $0.32 drop there.
Research in Motion (RIMM) fell $0.25.
Not a gainer to be seen in this active list on NASDAQ. Cisco Systems (CSCO) down $0.30.
$0.70 drop in Oracle (ORCL).
Amazon.com (AMZN) fell $2.28.
Qualcomm (QCOM) $0.48 loss there.
And then rounding out the 10 most actives, Dell (DELL) with a $0.42 loss.
Elsewhere, Illumine (ILMN) tumbling $4.68. The company cut its second quarter revenue guidance from a high of $173 million to $161 million at best and it blames the short fall in its lighting array (ph) business.
Another loser was Sepracor (SEPR) down $3.22. The company's early phase II studies of its depression treatment failed to meet the goals.
Those are the stocks in the news tonight.
