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Leigh Baldwin & Co.

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

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The Week In Review

7/11-7/15/11

July 15, 2011
U.S. stocks open higher thanks to better than expected earnings from Google and a number of M&A deals. The Dow Jones Industrial Average rose 46 points to 12,483. The Standard & Poor's 500 Index rose 7 points to 1,316. The Nasdaq Composite Index rose 22 points to 2,784. On the earnings front, Google is up a whopping 11% thanks to strong earnings and a plethora of upgrades. Unfortunately, Google's good news is not translating to other tech stocks. Apple is higher on an upgrade, but less than a percent. Broadcom and Marvell are unchanged on downgrades. Cypress Semi is modestly lower on a downgrade. Many of the chips have struggled of late. Intel is higher, but by less than a percent. On the M&A front, Clorox is up 7% thanks to a takeover off from Carl Icahn. In the energy space, Petrohawk Energy is up 60% after agreeing to be taken over by BHP Billiton. Rival, Chesapeake Energy is up 6% on an upgrade. Conoco Phillips, Freeport McMoran, Transocean, and Nobel Corp are higher on upgrades. In the financial space, Citigroup is higher following earnings. Webster Financial and Arrow Financial are modestly higher on earnings. JPM Morgan is higher on an upgrade and strong earnings yesterday. Through the first hour the averages perform well only to succumb to profit-taking once again. The financials were the first sector to sell off with the Dow falling into the red. The techs and commodities are holding up. Through the morning and into the afternoon more of the same. Google is leading the techs. The commodities look good and that's about it. By the middle of the afternoon, the Dow had fallen 40 points only to rebound in the last hour. The financials remain the weak link. Bank of America made a new 52 week low. The commodities and techs remain strong. Apple jumped 2% in the last hour closing at a new 52 week and all time high. The Dow Jones Industrial Average finished up 42 points to 12,479 led by a 1.7% rise in Caterpillar. The S&P 500 gained 7 points to 1,316 led by a 12% rise in Google, wowing investors with earnings. The Nasdaq Composite added 27 points, or 1%, to 2,789. For the week, the Dow lost 1.4%, the S&P 500 fell 2.1%, and the Nasdaq Composite lost 2.5%.

July 14, 2011
U.S. stocks opened higher on Thursday with sentiment lifted after the government reported applications for jobless benefits slid to a three-month low last week. The Dow Jones Industrial Average rose 8 points to 12,500. The Standard & Poor's 500 Index climbed 2 points to 1,319. The Nasdaq Composite Index rose 3 points to 2,800. Plenty of news this morning. Southern Union is up 4% after Williams raised their takeover price. Conoco Phillips is jumping 6% after announcing they will split the company into two divisions to help unlock shareholder value. On the earnings front, JP Morgan is up nearly 3% on solid earnings helping lift the financial sector. Hartford is modestly lower after disclosing their catastrophic losses for the quarter. Not a great quarter for the insurance stocks, but the good news is its' over. Capital One is modestly lower even though one analyst made positive comments. Yum Brands is up 2% after beating estimates. Marriott International is weak down 6% after lowering guidance following earnings last night. Through the first hour the US dollar slipped back causing the Dow to rally 80 points. The Nasdaq rose 17 points. In the tech space Fairchild Semi is up 6% following earnings. AMD is higher even though they had their numbers cut. EMC is higher on an upgrade. Apple looks good. So far so good. Through the morning the rally fizzled similar to yesterday with a rebound in the US dollar. By the lunch hour, the Dow remained up just 15 points while the Nasdaq was unchanged. In the afternoon the averages vacillated all over the place. The Dow fell as much as 70 points before rebounding. The Nasdaq is getting hit pretty good down 30 points. Google is trading down 10 points ahead of earnings tonight. In the last hour the averages did not improve. The Dow Jones Industrial Average finished down 54 points, at 12,437. The S&P 500 lost 8 points to 1,308. The Nasdaq Composite fell 34 points, or 1.2%, to 2,762. After the close, Google jumped 58 points or 10% following blow out earnings.

July 13, 2011
U.S. stocks opened moderately higher Wednesday, poised for their first rise in four days and extending gains booked in parts of Europe and Asia. Investors are temporarily shrugging off concerns about a European debt default and instead looking towards Federal Reserve Chairman Ben Bernanke's upcoming testimony. The Dow Jones Industrial Average rose 70 points to 12,516, lead by Caterpillar, and Alcoa. The S&P 500 added 7 points to 1,321 with energy and consumer discretionary stocks leading gains in all sectors. The Nasdaq Composite rose 22 points, or 0.8%, to 2,804.05. After the first half an hour the averages jumped on encouraging comments from Fed Chairman indicating he is ready to assist the market with hints to a QE3 if the economy and employment continue to languish. The energy sector led the charge. Canadian Natural Resources and Cliffs Natural Resources are jumping 3% on upgrades. AK Steel is up 4% on an upgrade. The fertilizers also look good. Actually everything looks good. In the tech space Google and Apple are higher on upgrades. IBM is up ahead of earnings next Monday. The chips are lacking the other techs. Broadcom is up a percent even though it was downgraded. The industrials look good. Caterpillar is up 3%. Cummins is up 4% on news of a CEO succession plan. The one sector that can't get going is the financials. Bank of America is the only Dow component trading lower. Allstate is modestly higher after disclosing their catastrophic losses for the quarter. Capital One is lower after easily beating earnings estimates. JP Morgan is higher ahead of earnings tomorrow. After the first hour the Dow rose 150 points while the Nasdaq jumped 40 points. Through the morning the averages remained strong near the highs of the day. In the afternoon the rally started to fizzled. By the last hour the rally was rapidly depleting. Not a good sign. The Dow Jones Industrial Average finished up 44 points, at 12,491. The S&P 500 gained 4 points to 1,317. The Nasdaq Composite added 15 points to 2,796.

July 12, 2011
U.S. stocks open quietly this morning after a drumming yesterday. Concerns over a spreading Europe debt crisis eased in the wake of a successful Italian bond auction overnight. The Dow Jones Industrial Average declined 6 points to 12,498. The S&P 500 dipped 2 points to 1,317. The Nasdaq Composite fell 10 points to 2,792. Alcoa kicked off the earning season last night beating estimates by a penny. The stock is unchanged this morning along with most of the commodity sector. Arch Coal is higher on an upgrade. Cliffs Natural Resources is unchanged even though the company doubled their dividend. That's a good sign. Chevron is modestly higher on encouraging comments. The fertilizers look good this morning. In the tech space, the chips are weak following a 12% decline in Microchip after lowering guidance last night. Novellus is down 8% even though they beat estimates last night. KLA Tencor raised their dividend, but the stock is lower. Ebay, Google, Apple, and Oracle were all upgraded, but most are lower. Cree is lower on cautious comments. The retail sector is lower. Trex is down 14% after lowering guidance. Gamestop is down 3% on a downgrade. Priceline is lower even though it was upgraded. Through the first hour the averages vacillated around the unchanged level. Google looks good in the tech sector. Cisco is higher on rumors they are cutting jobs and Research in Motion is higher on rumors of a takeover. The financials except for Bank of America are looking better. M&T Bank is higher on an upgrade. The commodities also are inching into the green. Quiet morning and afternoon. Through the afternoon the averages tried to rally due to the Fed minutes. However the rally didn't last. In the last hour, the averages moved back down selling off into the close. The Dow Jones Industrial Average lost 58 points to 12,446 led by a 1.9% drop in Boeing and a 1.8% fall in Intel . The S&P 500 sank 5 points to 1,313. The Nasdaq Composite dropped 20 points to 2,781.91.

July 11, 2011
U.S. stocks started Monday's trading with a steep selloff, as disappointment over the previous sessions jobs report and worries about a spreading European debt crisis weighed. The Dow Jones Industrial Average fell 109 points to 12,550, led by a 2.2% drop in Bank of America shares and a 2.2% decline in Alcoa ahead of earnings. The S&P 500 dropped 15 points, or 1.1%, to 1,328, with all 10 subsectors lower. The Nasdaq Composite dropped 29 points, or 1%, to 2,830. Not the best way to start the week as every sector is trading lower. The European financial crisis is hitting the financials. Bank of America is right back to its' 52 week low. All the commodities are lower. Fertilizer firm, Mosaic is down 4% thanks to litigation costs tied to an injunction. Cemex is down 3% on a downgrade. In the tech space AMD and Cree are lower on downgrades. Google is higher on an upgrade. Amazon was upgraded, but the stock is lower. Netflix is one of the few tech/retailers trading higher on an upgrade touching a 52 week high. In the retail space TJX is up a percent on an upgrade. Fossil is acting well making a new 52 week high. That company is on a roll, however, the rest of the market is struggling. Through the first hour the averages tried to bounce, but then sold back off. Through the morning and into the afternoon, things did not improve. The Dow fell as much as 170 points while the Nasdaq dropped 60 points or 2%. Not good. In the last hour the averages improved a little bit into the close. The Dow Jones Industrial Average finished down 151 points, or 1.2%, at 12,505 with every Dow component in the red. The S&P 500 fell 24 points, or 1.8%, to 1,319. The Nasdaq Composite fell 57 points, or 2%, to 2,802.