Paul Kangas' Stocks in the News
Monday, July 06, 2009
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JEFF YASTINE: The weakness in oil fed into the same worries in the stock market. The Dow opened on the weak side, losing 74 points in the early part of the session. The financials led the way lower. Bank of America and Citigroup shares finished down more than 3 percent. Investors rotated into defensive issues like Merck and Procter & Gamble. That helped the Dow rally back from the lows, while the NASDAQ continued to struggle and stocks ended the day mixed. The Dow rose 44.13 to 8324.87. The NASDAQ fell 9.12 to 1787.40 and the S&P 500 added two points to close at 898.72. In the bond market, the 10-year note fell 2/32 to 96 26/32 and the yield at 3.51 percent.
Starting things off, Bank of America (BAC) losing $0.49. The financials weaker despite a broader blue chip rebound.
Citigroup (C) slipping $0.09.
And Wells Fargo & Co (WFC) a small gain of two pennies.
JPMorgan Chase (JPM) picking up $0.33.
And Pfizer (PFE) gaining $0.09.
Ford Motor Co (F) ended off $0.14.
And then General Electric (GE) rising a fraction.
ExxonMobil (XOM) falling $0.39 on today's big slide in oil prices.
And then Alcoa (AA) dropping $0.60. They report second quarter earnings on Wednesday and analysts say the weaker dollar and rising energy costs may weigh on the results.
Sprint Nextel (S) gaining $0.15.
American Express (AXP) gained $1.25, one of the few financial standouts today. The Stifel Nicolaus firm suggesting American Express may be among the least affected by government financial reform efforts.
AT&T (T) rising $0.21. Their exclusive deal with Apple to sell iPhone's may land them in hot water. The "Wall Street Journal" says the Justice Department is reviewing whether the iPhone contract is anti- competitive. AT&T says it's not aware of any formal probe.
Energy stocks resuming their downward. Massey Energy (MEE) falling $1.20 with pessimism rising again about the timing of a recovery.
LDK Solar Co (LDK) shed $1.02. The company warned that second quarter revenues will be lighter than expected by at least 9 percent and one analyst downgraded a host of solar issues today. We'll see that in a moment.
Regis Corp (RGS) getting a hair cut, losing more than $3.50. They are going to offer more stock in convertible notes as they paid off more than $250 million in debt and of course, all that new stock will be highly diluted to existing shareholders.
Bemis Co (BMS) rising $1.22. The company bought a food packaging unit from Rio Tinto for $1.2 billion.
And then onto the NASDAQ, Apple (AAPL) down $1.41.
Microsoft (MSFT) slipped $0.17.
Research in Motion (RIMM) falling $1.04.
Google (GOOG) gaining $1.12.
Going the other way, Intel (INTC) off $0.18.
Oracle (ORCL) falling $0.37.
And Qualcomm (QCOM) gaining $0.52.
Cisco Systems (CSCO) with a fractional gain there, three pennies.
And there's First Solar (FSLR) losing $4.60. Take the money and run says an analyst at Barclay's. The stock and those of others in the solar sector are up 70 percent since March and a look at the rest in that group, the entire solar sector under fire today.
Energy Conversion Devices (ENER), Suntech Power (STP), Yingli Green Energy (YGE) all finished lower.
Amazon.com (AMZN) falling $1.22. Their unit in Japan must pay back taxes of $119 million. Amazon asked the national taxation authorities to take a look at the ruling.
Data Domain (DDUP) picking up $0.85 after EMC sweetened its buyout offer by 4 percent to $33.50 a share. No word yet on whether NetApp will raise its offer of $40 in cash and stock per share.
Mercury Computer Systems (MRCY) rising $1.35. One analyst thinks this is institutional investors getting involved as the company's restructuring is complete.
And Spectrum Pharmaceuticals (SPPI) off $1.10. The FDA denied approval for Spectrum's cancer drug Zevalin and asked to see more data from the latest medical trial.
And those are the stocks in the news tonight.
