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 started Tuesday with modest losses as an upbeat report on the U.S. housing market failed to override concern about Europe's debt troubles. The Dow Jones Industrial Average fell 22 points to 13,101. The S&P 500 index shed 2 points to 1,407. The Nasdaq Composite retreated 5 points to 3,067. A couple retailers are showing some life following better than expected earnings. Movado is jumping 18% thanks to strong watch sales while retailer, PVH is jumping 5% on earnings. Sanderson Farms is higher by 8% even though the company misses estimates. Heinz is higher by 3% after reaffirming numbers. Nike, Ross Stores, and TJX are higher on upgrades. In the tech space, Apple is lower after reaching an all-time high yesterday. Google is bouncing back after getting hit yesterday. KLA Tencor is lower on a downgrade. Lexmark is jumping 14% for the wrong reasons. The company is exiting the inkjet market and cutting 1700 jobs. The energy sector is perking up in some part to Hurricane Isaac. Hess and Chesapeake are higher on rumors of a takeover. Magellan Petroleum is jumping 30% on a takeover offer. Rare earth producer, Molycorp is higher by 12% on increased production. The financials are quiet for a second straight day, but Bank of Montreal is higher by 2% after beating estimates. Through the first hour the averages moved back to the unchanged level. Through the morning the averages went nowhere. The healthcare space continues to slowly improve. Gilead Science is higher on an upgrade. Bristol Myers is slowing improving after getting hit last month. In the afternoon the averages moved absolutely sideways. Quiet, quiet, day. The Dow Jones Industrial Average fell 21 points to 13,102, led by Hewlett-Packard and Bank of America. The S&P 500 fell a point to 1,409. The Nasdaq Composite edged up 3 points to 3,077.
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