Paul Kangas' Stocks in the News
Friday, October 23, 2009
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PAUL KANGAS: Wall Street's blue chips started the day on the upside, but they didn't end that way. In the first hour of trading, the Dow rose 10 points and the NASDAQ jumped 23 points on a strong earnings report from Microsoft. But then a rising dollar had oil and other commodity stocks pushing the broader market lower in the midday period. Burlington Northern's latest outlook prompted weakness in the rail sector and that combined with pre-weekend caution to send stocks near their lows of the day at the final bell. So, the Dow ended down 109.13 at 9,972.18. This week, it rose twice, but fell three times, had a net loss of 23.73 points. The NASDAQ Composite lost 10.82 ending at 2,154.47 today. It also rose twice and fell three times this week for a net loss of 2.33 points. The Standard & Poor's 500 Index dropped 13.31 to 1,079.60 today. For the week overall, it fell 8.08 points. In the bond market, the 10-year note lost 19/32 to 101 4/32, putting the yield at 3.49 percent.
Big board volume leader on 51 million shares, Citigroup (C) showing no change on the day.
Followed by Bank of America (BAC) with a $0.30 loss.
General Electric (GE) fell $0.14.
Pfizer (PFE) down $0.31.
And then a new issue, Dole Food Co (DOLE), the big food company went public today. The IPO was priced at $12.50. It opened at $12.45 and then went to $12.50 again only to slump to the close with a net loss of $0.22 below the offering price.
Sprint Nextel (S) $0.13 loss.
Wells Fargo (WFC) down $0.85.
Boston Scientific (BSX) after recent losses up $0.37.
Ford Motor Co (F) a $0.13 loss there.
And then Synovus Financial (SNV) losing $0.65. Yesterday, the company reported a third quarter loss of $1.27. The Street estimate was for a loss of only $0.67.
Honeywell Intl (HON) a big stock, down $0.27. Third quarter earnings fell to $0.80, although that was $0.08 better than expected, but well down from $0.97 a year ago. Revenues were off 17 percent.
MEMC Electronic (WFR) down $1.56. Third quarter loss of $0.29 versus earnings of $0.80 last year and sales slumped to 43 percent.
Burlington Northern Santa Fe (BNI), the big rail, down sharply, $5.50. The company gave a bleak outlook for the future. Third quarter earnings fell $1.42 from $1.99 last year and revenues down 27 percent. This had quite a negative effect on the rail sector.
CSX (CSX), Kansas City Southern (KSU), Norfolk Southern (NSC) and Union Pacific (UNP) all significant losses on that news from BNI.
Chubb (CB), the big insurance company, down $3.15, although its third quarter operating earnings were $1.56, up from $0.93 last year and the company boosted its 2009 guidance to as much as $6 a share in earnings. However the Stifel Nicholas brokerage downgraded the stock from "buy" to a "hold."
Whirlpool (WHR) up $3.59. Sharply lower third quarter earnings of $1.15, down from $2.15 last year, but the Street estimate was for earnings of only $0.77 for a lot better than expected. Standard & Poor's upgraded it from "sell" to "hold" and the company did boost its 2009 earnings guidance.
Schlumberger Ltd (SLB) the oil service company down $3.40. Third quarter earnings of only $0.65, down from $1.25 last year, but $0.02 better than expected nevertheless.
Amcol International (ACO), which is involved in the mineral products business, up $2.85. Big earnings jump, third quarter, $0.48, $0.19 above the Street estimate.
Chipotle Mexican Grill (CMG) down $7.17. Third quarter earnings jumped to $1.08 from $0.59 a year ago, but the company's forecasting a flat same store sales in 2010. That really hurt the stock.
NASDAQ's most active as you might expect, Microsoft (MSFT) up $1.43, traded as high as $29.35 after third quarter earnings were down 18 percent to $0.40 from $0.48 a year ago, but that was $0.08 above the Street estimate.
And then hardly believable, $25 gain in Amazon.com (AMZN), but after the close yesterday, its third quarter earnings came in at $0.45, $0.12 better than expected and it's upbeat about its holiday forecast.
Apple (AAPL) down $1.26.
Intel (INTC) $0.34 loss.
Baidu (BIDU) $19.71 advance there.
Google (GOOG) was down $0.40.
Cisco Systems (CSCO) dropped a penny.
Broadcom (BRCM) down $2.23. Third quarter earnings about half of what they were last year, $0.16 versus $0.31 and revenues fell as well.
Research in Motion (RIMM) down $1.73.
And then Oracle (ORCL) off $0.14.
Elsewhere, we see Yahoo! (YHOO) closing down $0.45. Billionaire Carl Icahn after the close said he's resigning from the board because it's not necessary to have an activist on it. In after hours trading, Yahoo! fell to around $16.80 a share.
And those are the stocks in the news tonight.
