As concerns over the coronavirus (also referred to as COVID-19) continue to dominate news headlines, cause volatility in the marketplace, and test investor confidence in securities markets, one thing remains unchanged - Leigh Baldwin & Co. and its commitment to assist clients through turbulent times. Along with the securities markets, we remain open and available to clients, ready to assist with any needs, questions, or concerns as they arise.
U.S. stocks opened sharply higher on Wednesday after a plethora of blue chip stocks including Intel are projecting better sales and earnings. The Dow Jones Industrial Average rallied 160 points to 12,426. United Tech is up 4% thanks to strong earnings and a hike in their outlook. The Standard & Poor's 500 Index rose 15 points to 1,328. The Nasdaq Composite Index advanced 48 points to 2,792. Intel is leading the techs and chips higher. Micron is jumping 7% in sympathy. Qualcomm is up 3% on an upgrade. Cloud computing highflier, VMware is jumping 9% thanks to strong earnings. Yahoo, Riverbed Tech, and EMC are also higher thanks to earnings. Apple is trading up ahead of earnings tonight. Adobe was downgraded, but the stock is higher. IBM beat estimates and raised guidance, yet the stock is lower. Juniper Networks is lower on in-line earnings. Cree is down 2% following earnings. The commodities are also performing well. Freeport McMoran is up 5% after easily beating estimates and providing a supplemental dividend to the annual dividend. The oils look good. Noble Corp and Noble Energy are higher on upgrades. The financials remain frustrating. Wells Fargo beat by a penny, but the stock is down 3%. Piper Jaffray is also lower by 4% after missing estimates. JP Morgan and US Bancorp are lower as well. Huntington Bancorp is higher following earnings. HSBC and Goldman Sachs are higher on upgrades. A small Massachusetts bank is buying a Rhode Island bank for a 50% premium. Not bad. After the first hour the averages improved. The Dow jumped as much as 200 points making a new high for the year. The Nasdaq is up 2% or 52 points at 2800. Through the morning the averages remained strong. The bull is back.
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