Paul Kangas' Stocks in the News
Thursday, October 29, 2009
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PAUL KANGAS: The third quarter GDP number was just what Wall Street needed to snap out of its recent slump. Buyers took command early on, with the tech sector leading the way higher. The Dow rose steadily all morning long to post a 137 point mid-day gain with the NASDAQ up 32 points. The market continued to add to its strength all afternoon and closed near the day's highs. The Dow Jones Industrial Average was up 199.89 points at 9962.58. The NASDAQ Composite jumped 32.9 -- 37.94 to 2097.55, while the Standard & Poor's 500 Index rose 23.48, ending at 1066.11. In the bond market, the 10-year note fell 22/32 to 101 2/32, putting the yield at exactly 3 1/2 percent.
Big board volume leader on 70 1/2 million shares,Citigroup (C) rising $0.23. Bank of America (BAC) a $0.72 advance.
Sprint Nextel (S) lost $0.15 after reporting a third quarter loss of $0.17 a share, bigger than last year's loss of $0.11. Revenues fell nearly 9 percent.
General Electric (GE) $0.45 gain.
Pfizer (PFE) moved up $0.34.
Motorola (MOT) a $0.78 gain. Third quarter earnings of $0.01 a share, versus a loss of $0.18 last year. The company said cost cuts helped offset a 27 percent drop in sales. Standard & Poor's today repeated a "buy" recommendation on Motorola.
Ford Motor Co (F) a $0.34 advance.
Merck (MRK) was down $0.74. Federal Trade Commission approved its $41 billion takeover of Schering Plough, whose stock fell $0.31. Incidentally, priceline.com will replace Schering Plough in the Standard & Poor's 500 Index.
Wells Fargo (WFC) up $1.11 today.
And JPMorgan Chase (JPM) gained $1.67.
ExxonMobil (XOM) up $0.12. Third quarter earnings however, $0.98. That's $0.05 below the Street estimate, way down from $2.58 a share a year ago, but of course, that stock is down 10 points from its high so that may be discounted.
Procter & Gamble (PG) up $2.31. First quarter earnings came in at $1.06, up from $1.03 last year, $0.07 better than the Street was expecting. Revenues up 2 percent. The company boosted its sales forecast.
Colgate Palmolive (CL) up $1.26. Third quarter earnings up 18 percent to $1.12 versus $0.94 last year, a penny better than expected. Sales were up 1 1/2 percent.
Kellogg Co (K) gained $1.39. Third quarter earnings, $0.94. That's up from $0.89 last year, $0.10 better than expected as the company noted customer loyalty was a real plus for it.
Aetna (AET), the health insurance company, up $1.33, $0.69 in third quarter earnings, down from $1.12 last year, but $0.03 better than expected. Standard & Poor's upgraded it from "hold" to "buy."
Genworth Financial (GNW) up $1.49, big percentage move there. Bank of America upgraded it from "neutral" to "buy" and after the close, Genworth reported third quarter earnings of $0.18 a share. The Street was looking for a $0.02 loss. The stock was over $11 a share in after hours trading.
Lincoln National (LNC) up $3.09, $0.84 in third quarter earnings, down from $1.16 but $0.08 better than expected.
And a big percentage move in Revlon (REV) up $2.49, $0.45 in third quarter earnings, down from $0.57 last year, but the Street was looking for a loss of $0.16 a share.
The big gold company, Newmont Mining (NEM) up $1.50, strong third quarter earnings, $0.79, up from $0.42 last year, $0.24 better than expected.
NASDAQ's most active up $3.95 on Apple (AAPL) recouping most of yesterday's loss.
Microsoft (MSFT) $0.20 gain.
First Solar (FSLR) tumbling $25.11. After the close yesterday, it reported a real shortage in what we thought would be the revenues.
Amazon.com (AMZN) $0.94 gain.
Intel (INTC) $0.19 advance there.
Google (GOOG) up $10.75.
Baidu (BIDU) lost $3.43.
Research in Motion (RIMM) a $0.58 gain.
Cisco Systems (CSCO) half dollar advance there.
And finally, Qualcomm (QCOM) up $0.64.
And those are the stocks in the news tonight.
