Paul Kangas' Stocks in the News
Friday, July 10, 2009
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PAUL KANGAS: A number of negatives had Wall Street under selling pressure today. Among them, a drop in world markets, an earnings warning from Chevron, a decline in June consumer sentiment and growing uncertainty over the upcoming slew of corporate earnings reports. The Dow declined steadily to post an 84 point loss at mid-day with the NASDAQ off 12 points. But then the market stabilized in slow afternoon trading and it turned mixed by the final bell. So the Dow Industrial Average closed off only 36.65 at 8146.52. This week, the blue chips rose three times, fell twice for an overall loss of 134.22 points. The NASDAQ Composite was up 3.48 ending at 1756.03 today. That marked its third day of advancing, but it's still down 40.49 points on the week. Standard & Poor's 500 Index lost 3.55 ending at 879.13 today and it was off 17.29 points for the week overall. Over in the bond market, the 10-year note rose 31/32 to 98 18/32. That put the yield at 3.30 percent.
Most active big board issue on 30.3 million shares, Bank of America (BAC) down $0.09. Next week, Bank of America and a number of other major banks will report results. Scott Gurvey will have a preview on this program tonight shortly.
Citigroup (C) in there with a $0.10 loss.
And then came CIT Group (CIT) down $0.33. CIT Group according to an unconfirmed report, the FDIC is unlikely to guarantee this company's bond sales due to its deteriorating financial condition.
General Electric (GE) an $0.08 loss.
And then American Intl Group (AIG) an uptick for a change, up $2.26. Today the company said it's seeking government approval to pay out previously agreed to bonuses to the tune of $235 million. The company claims that would help retain key personnel.
Wells Fargo (WFC) $0.41 drop.
Ford Motor Co (F) moved up $0.09.
Pfizer (PFE) a $0.09 loss.
JPMorgan Chase (JPM) down $1.28
And then came Taiwan Semi (TSM) with a $0.22 gain.
Chevron (CVX) losing $1.68. The company warned that its lower refining margins are going to hurt second quarter results. Nevertheless, Standard & Poor's repeated a "buy" on Chevron stock.
IBM (IBM) fell $1.25. Goldman Sachs downgraded it from "buy" to "neutral." IBM's earnings due out next week on the 15th.
Engineering firm Shaw Group (SGR) down $2.47. Third quarter earnings plummeted 85 percent to only $0.09 a share from $0.62 a year ago and not surprisingly, the company cut its full year earnings estimate.
Potash Saskatchewan Corp (POT) tumbling $8.44. Reportedly, India has purchased Potash from a large Russian firm at a sharp discount to what major producers are asking. That news had an impact on the sector, negative as you might expect.
Agrium (AGU), Intrepid Potash (IPI), and Mosaic (MOS) all down considerably.
MEMC Electronic (WFR) edged up $0.48. Citigroup upgraded it from "hold" to a "buy."
And then NBTY Inc (NTY) up $1.11. The company's preliminary third quarter sales figures are topped Wall Street's expectations.
And Navigant Consulting (NCI) up $0.94. JMP Securities likes the company's cost controls and good employee retention numbers, so it upgraded the stock from "market perform" to "out perform."
NASDAQ's most active Apple (AAPL) moving up $2.16. Goldman Sachs boosted its price target on Apple from $1.45 to $1.60 a share.
Google (GOOG) gained just over 4 points
Intel (INTC) a $0.02 gain.
Microsoft (MSFT) down a nickel.
Research in Motion (RIMM) $0.27 advance there.
Cisco Systems (CSCO) up $0.17, although the company denied a report from the Thomas Weisel brokerage that it's about to cut 2000 jobs in addition to those announced last February, denied the report.
Amgen (AMGN) $0.32 loss there.
Qualcomm (QCOM) moved up $0.38.
Baidu (BIDU) a $2.49 advance.
And then tenth in volume was Oracle (ORCL) with a $0.17 gain.
Those are the stocks in the news tonight.
