Paul Kangas' Stocks in the News
Wednesday, July 08, 2009
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JEFF YASTINE: Another sharp decline in energy prices put Wall Street's bull out to pasture. The Dow lost about 60 points in the first half of today's session. That tracked a sharp 4 percent decline in oil prices, a nearly $3 slide to $60.22 a barrel. But the selling appeared to bring in the proverbial bargain hunters. The NASDAQ rallied and so did the Dow back to break-even levels. The Dow closed up 14.81 to 8178.41. The NASDAQ added a point, but the S&P 500 fell 1 1/2 to 879.56 and buyers flocked to the Treasury's $19 billion sale of 10-year notes and that lead to a huge rally in bonds. The 10-year note gaining 1 7/32 to 98 16/32 and the yield at 3.31 percent.
Financials leading the list today with Bank of America (BAC) down $0.31. Most of the financials heading south.
Citigroup (C) down $0.07.
And then General Electric (GE) still acting like a financial stock, down $0.30.
Discover Financial (DFS) down a quarter.
And there's Wells Fargo (WFC) losing $0.42.
Keycorp (KEY) also down $0.21.
JPMorgan Chase (JPM) falling a dime.
And then finally, there's Alcoa (AA) gaining a nickel on that smaller -- after the hours rather -- but during regular trading down a little bit smaller than expected loss.
Pfizer (PFE) eked out a gain of $0.02.
Ford Motor Co (F) ending off $0.18.
Then Newmont Mining (NEM) falling $1.42. Gold prices fell over $20 to $909 an ounce in New York trading with that broad move out of hard assets in recent days.
NRG Energy (NRG) climbed $1.27. Exelon making a $7 billion play for this company, but NRG thinks that deal still not sweet enough and the board doesn't want to hold merger talks with Exelon for now.
Dyncorp International (DCP) rising over $2. The defense contractor will provide logistical support for troops in Afghanistan, a $650 million contract there.
Family Dollar Stores (FDO) gained $3.43. Third quarter profits rose 36 percent. The retailer boosting guidance and benefiting greatly from a decision to accept food stamps as payment for products.
And a pair of competitors bringing up in sympathy, 99 Cents Stores (NDN) and Dollar Tree (DLTR) both doing well today.
Shares in Advanced Auto Parts (AAP) rising $2.40. One research group, FTN Equity, sees the stock climbing to $50 a share as we all keep our cars longer.
And that helped two other stocks, Autozone (AZO) and O'Reilly Automotive (ORLY) shares shifting into overdrive today.
Starwood Hotels (HOT), they fell $1.04. Analysts at Baird don't see a hotel industry recovery before the second half of next year.
Then onto the NASDAQ where we have Amgen (AMGN) soared over $7. The company's pending osteoporosis treatment reportedly outperforming a competing drug made by Novartis in containing the spread of cancer in breast cancer patients. Citigroup setting a price target of $69 a share.
Apple (AAPL) gained $1.82.
There's Research in Motion (RIMM) losing $0.74.
Then we have Microsoft (MSFT) with a fractional gain.
And Google (GOOG) up nearly $6. As Scott told you, Google preparing to roll out its own operating system targeting Microsoft.
Intel (INTC) down $0.31.
Oracle (ORCL) a gain of $0.39.
Cisco Systems (CSCO) down $0.l1.
CME Group (CME) down $18. There will be a lot less volume on the Merc and other commodity trading platforms if Federal regulators move forward with proposals for limiting the number of contracts traders can move.
Qualcomm (QCOM) losing $0.13.
Shares in Whole Foods Market (WFMI) gained $1.54. Pali Research considers the weakness there overdone. They see earnings improving over the next six months.
And finally, Aryx Therapeutics (ARYX) leveled for a loss of nearly $2. Aryx said their anti-clotting drug came up short compared to Coumadin in the latest clinical trials.
