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 mostly lower Tuesday after the Commerce Department reported third-quarter growth was less than previously estimated. The Dow Jones Industrial Average fell 23 points to 11,524. The S&P 500 Index declined nearly a point to 1,192. The Nasdaq Composite Index added almost two points to 2,524. After yesterday's thumping the buyers are stepping back. This was supposed to be an up week. On the earnings front, the techs are getting hit following disappointing earnings from HP and Analog Devices. Altera was upgraded, but the stock is lower. Brocade looks good up 12% after beating estimates. Nvidia is up 2% on an upgrade. Apple looks good, but the rest of the big cap techs are lower. Fusion-io is down 10% after issuing more shares. The financials are holding in there after getting clobbered yesterday. Morgan Stanley is lower even though it received an upgrade. Bank of America is lower on news the regulators are demanding that the bank strengthen their balance sheet. Eaton Vance is down 3% even though they beat estimates. In the retail space Campbell Soup is down 6% even as they beat estimates. Chicos is even worse down 16% after missing estimates. Cracker Barrel and DSW are lower following earnings. Jack in the Box, Hormel Foods, and Valspar are higher following earnings. Valspar is up 8%. Through the morning the averages drifted lower gathering momentum into the lunch hour. The Dow dropped 100 points while the Nasdaq fell 20 points. Not a good market. During the lunch hour the averages rebounded to the unchanged level on news the IMF will offer liquidity program for members in need. We'll see how long this rebound lasts. A few other stocks are performing well today like Genesco, Medtronic, and Zale. Medtronic is up 4% while Zale is up 7%. The solar stocks are lower as earnings from that sector continue to disappoint. A recent spin off of ITT Corp, Xylem is down 3% on earnings. The lunch hour rally did not last, but at least we didn't go back to the lows of the day. The averages vacillated within a 50 point range. The Nasdaq hugged the unchanged level as Apple seems to be one of the few techs to remain in the green. In the last hour the averages did nothing. The Dow Jones Industrial Average finished down 53 points at 11,493. The S&P 500 lost 4 points to 1,188. The Nasdaq Composite fell a point to 2,521.
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