Check the background of this firm on FINRA's BrokerCheck.

Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

Check the background of this firm on FINRA's BrokerCheck.

Day Traders Diary

12/3/12

Equities began the day on a positive note as an upbeat European trade paved the way for a higher open. However, the strength was short-lived as the S&P 500 marked its session high during the opening minutes, and headed back towards its flat line once the November ISM Index was reported below expectations at 49.5 (51.2 Briefing.com consensus). By the close, the major averages sold off closing near the lows of the day.
The materials sector was the biggest laggard as chemical producers saw broad weakness. In addition, utility and industrial stocks underperformed as well. The telecom space was the only advancer as defensive trade took hold.
Telecom and technology stocks are resisting broad market pressure as the two sectors trade higher by 0.2%. Among telecoms, sector giant Verizon Communications closed unchanged on an upgrade from Nomura to a 'Buy' from 'Neutral. The other major providers also closed unchanged.
Looking at technology, Apple rose modestly after announcing the iPhone 5 will be available in South Korea on December 7, with more than 50 additional countries being added in December, including Brazil, Russia and Taiwan. The stock is attempting to regain its 200-day moving average at $600.
In notable analyst action, Dell surged 4% after Goldman Sachs upgraded the stock to 'Buy' from 'Sell.'
Also of note, Computer Sciences rose 3% after Equifax agreed to purchase certain credit service business assets of Computer Sciences. In addition, Cowen has upgraded CSC to 'Outperform' from 'Neutral.'
SunCoke Energy dropped 8% after the company elected to defer the proposed initial public offering of the equity of its subsidiary, SunCoke Energy Partners. The offering is expected to be initiated once market conditions improve.
Elsewhere, Newmont Mining fell 3%. Earlier, the company announced that President and Chief Operating Officer Gary Goldberg will become President and Chief Executive Officer. In addition, Mr. Goldberg will join the company's board of directors on March 1, 2013.
Not a good day for materials, industrials, energy, and transports. Risk off day for sure.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.