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 open fixed as the earnings keep flooding in. The Dow Jones Industrial Average fell 7 points to 7,879. The S&P 500 Index climbed 2 points to 845, while the Nasdaq Composite added a point to 1,648. The techs are performing well this morning. Apple, Ebay, and Netgear are higher following earnings. VMware, EMC, and Xilinx are lower after earnings. The restaurants and retailers remain on fire. Yum Brands, Chipotle Mexican Grill, Black & Decker, Philip Morris, Jetblue, Goodrich, Auto Nation, Hershey, and Radio Shack are all higher following earnings. Aeropostale is higher on an upgrade. Marriott is jumping thanks to better than expected earnings. UPS is one of the dogs of the day, falling 6% after lowering guidance. The financials are mostly higher expect for a select few regionals. PNC, Fifth Third, Janus, and Suntrust are higher following earnings. CIT Group is down 6% after posting a big loss and suspending their dividend. In the commodity space Diamond Offshore, Ensco, Conoco Phillips, and Suncor are higher after easily beating estimates. Steel maker, Nucor is down 7% after missing estimates. After the first hour, the Dow fell 30 points. The Nasdaq was down by just 2 points. Through the morning, the averages pushed lower on light volume. During the lunch hour, the averages recovered back to the unchanged level. The financials remain in the green. In the last hour, unlike yesterday, the averages rallied into the close. The Dow Jones Industrial Average finished up 70 points at 7,957. The S&P 500 Index climbed 8 points to 851, while the Nasdaq Composite added 6 points to 1,652.
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