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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

4/16-4/20/12

April 20, 2012

U.S. stocks began Friday with strong gains on better-than-expected quarterly results from corporations including General Electric and Microsoft. The Dow Jones Industrial Average added 84 points to 13,048. The S&P 500 rose 7 points to 1,383. The Nasdaq Composite advanced 12 points to 3,020. One thing is for sure the earnings are coming in better than expected and surprisingly, the global weakness in Europe and Asia doesn't seem to be hurting guidance. The earnings winners so far this morning include GE, Microsoft, McDonalds, E- Tra de, Capital One, Honeywell, and Schlumberger. Microsoft is up nearly 5% this morning. Other stocks also trading higher following earnings include AMD, Dycom, Under Armour, Kimberly Clark, Johnson Controls, Ingersoll Rand, and Finish Line. A great week for earnings, however not all stocks are trading up on earnings. Tech stock, Riverbed is down 27% on earnings. TemperPedic is down 20% while Sandisk is down 12% on earnings or lack there of. Freescale, Chipotle Mexican Grill, Metlife, Altera, and Royal Caribbean are lower as well on earnings. Through the first hour the averages held on to their gains with the Nasdaq actually improving thanks to Microsoft, Google, and Apple. The financials are one sector not participating so far this morning pretty much unchanged. Through the morning the averages improved with the Dow rising over 100 points thanks to GE, Microsoft, and Verizon. The Nasdaq continues to perform even though Apple is unchanged. In the afternoon the Nasdaq game up most of it's gains thanks to a selloff in Apple. Many techs have given up their gains along with the financials. The rest of the sectors are holding in there. In the last hour Apple, Google, and the Nasdaq pushed lower. The Dow gave half their gains due to the financials. The Dow Jones Industrial Average finished up 65 points at 13,029, leaving it 1.4% ahead from the week-ago close. The S&P 500 added a point to 1,378, up 0.6% for the week. The Nasdaq Composite fell 7 points to 3,000, off 0.4% for the week, its third consecutive weekly slide.

April 19, 2012

U.S. stocks opened mildly lower on Thursday following a flood of earnings and jobless claims data that disappointed for a second week. The Dow Jones Industrial Average fell 20 points to 13,012. The S&P 500 Index shed 2 points to 1,382. The Nasdaq Composite declined 2 points to 3,029. In the tech space Qualcomm had great earnings, but the stock is lower by 4% due to the fact they can't make enough of their product. The news is also hitting Apple's shares. EMC, Tra velZoo and Nokia are lower on earnings as well. The rest of the tech sector looks good. Google is trading higher. Cypress Semi is jumping 18% on earnings. Fairchild Semi, Ebay, F5 Networks, VMware and Lam Research are higher on earnings. In the financial space Morgan Stanley, SLM, BB&T, Bank of America and Tra velers are higher on earnings. KeyCorp, Fifth Third, Blackstone and Fifth Third are lower on earnings. In the energy space Freeport McMoran, Noble, Peabody Energy, and Diamond Offshore are higher on earnings. DuPont is modestly lower on earnings. In the transportation space Union Pacific is modestly lower while Southwest is jumping 4% on earnings. Elsewhere in earnings Verizon, Unitedhealth Group, and Marriott are higher on earnings while Stanley Black & Decker, Philip Morris, Yum Brands, and Sherwin Williams are lower on earnings. Through the first half an hour the averages moved back into the green in a really mixed market. Disappointing economic data out at 10 o'clock caused the averages to drop back into the red led by Apple and the financials, industrials, and consumer staples. However, by the end of the first hour the averages battled back with the Nasdaq moving into the green even as Apple remains in the red. The Dow battled back to the unchanged level. During the lunch hour the averages fell back into the red. A real roller coaster day. First time on a while. Through the afternoon the selling accelerated. The Nasdaq fell 25 points led by a 3% drop in Apple. The Dow fell 90 points as only Tra velers and Verizon remain in the green. Heading into the last hour the Dow fell 130 points before rebounding in the last hour. The same can be said for the Nasdaq. The Dow Jones Industrial Average finished up 68 points at 12,964. The S&P 500 fell 8 points to 1,376. The Nasdaq Composite lost 23 points to 3,007.

April 18, 2012

U.S. stocks started lower Wednesday as investors voiced disappointment with quarterly results from technology bellwethers Intel and International Business Machines. The Dow Jones Industrial Average retreated 65 points to 13,050, with Intel and IBM down the most among its 30 components. The S&P 500 shed 5 points to 1,385 while the Nasdaq Composite fell just 6 points to 3,035. The Nasdaq is holding up thanks to a continued rebound in Apple. That's an amazing stock. Elsewhere in tech, Yahoo is up 3% following earnings. Seagate is up 5% following earnings. Cree is down 6% on a downgrade while Baidu.com is lower on cautious analyst comments. In the financial space PNC and Huntington Bancorp are higher following earnings. Capital One and and Blackstone are higher on upgrades. Piper Jaffray and Blackrock are lower following earnings. Berkshire Hathaway is lower following news Warren Buffett disclosed he has prostate cancer. In the energy space Halliburton is jumping 4% on earnings. Patriot Coal is higher on an upgrade. Chesapeake Energy is lower by 10% on news the CEO borrowed a billion dollars from the company. What's a billion here or there. Through the first hour the averages remain in the red, but no further weakness which is surprising. Through the morning the averages remained in the red. Apple fell into the red, but not by much. The news out of Spain isn't getting any better sparking concerns out of Europe . In the afternoon the selling accelerated with the Dow falling 80 points and the Nasdaq declining 18 points. Heading into the last hour the averages put in an impressive rebound. The Nasdaq moved into the green led by Apple and Google. Truly amazing. The Dow recovered as well even though IBM remains down 3.5%. More earnings are coming out tonight from the likes of American Express, Ebay, F5 Networks, Qualcomm, VMware, Yum Brands, and Marriott. In the last hour the averages sold off back toward the lows of the day. The Dow Jones Industrial Average finished down 82 points at 13,032, led by a 3.5% drop in IBM shares. The S&P 500 lost 5 points to 1,385. The Nasdaq declined 11 points to 3,031.

April 17, 2012

U.S. stocks began sharply ahead Tuesday as improved demand at a Spanish bond auction offset concern about Europe 's debt trouble. The Dow Jones Industrial Average rose 121 points, or 1%, to 13,043. The S&P 500 climbed 10 points to 1,380. The Nasdaq Composite gained 23 points to 3,012. The earnings are starting to flood. In the financial space Goldman , US Bancorp, Comerica, Northern Trust, and State Street are all trading higher following earnings. M&T Bank, Citigroup, and Wells Fargo are higher on upgrades. In the tech space Apple is bouncing back nicely on an upgrade. Qualcomm, Motorola Solutions, Qualcomm, and SAP are higher on upgrades. Intel, IBM, Yahoo, and Cree are higher ahead of earnings tonight. Seagate is modestly lower ahead of earnings tonight. In the retail space Walmart, Under Armour, and Auto Nation are higher on upgrades. Coke is higher following earnings. Through the first hour the averages look great with the Dow rising over 130 points and the Nasdaq jumping 37 points. A risk on day. Through the morning and into the afternoon the averages keep pushing higher. Amazing. Heading into the last hour the Dow rose 200 points with every component in the green. The Nasdaq is roaring up 61 points or 2% thanks to a 4% rally in Apple. In the last hour the averages held on to their gains ahead of the tech earning reports after the close. The Dow Jones Industrial Average finished up 194 points to 13,043. The S&P 500 ended up 21 points at 1,390. The Nasdaq Composite gained 54 points to 3,012.

April 16, 2012

U.S. stocks leapt sharply higher Monday after March retail sales topped expectations, bolstering confidence in the recovery. The Dow Jones Industrial Average rose 124 points to 12,973. The S&P 500 Index added 9 points to 1,379. The Nasdaq Composite climbed 13 points to 3,024. The news overseas wasn't particularly good, but our markets aren't paying attention. The analyst community is in a good mood this morning. Plenty of upgrades. In the financial space JP Morgan, Toll Brothers, Capital One, and Citigroup are all trading higher on positive comments. Citigroup reported better than expected earnings. M&T Bank is also higher on earnings. Charles Schwab is lower by 2% following in line numbers. In the tech space things are very interesting. Seagate is jumping 3% on a positive Barrons article. NCR and F5 Networks were also upgraded. IBM looks good, but the two other bellwethers Google and Apple are getting hit. Google started the sell off down 3%, but then Apple dropped as well. Those two got hit on Friday as well. Cree is down 4% even though one analyst made positive comments. Nokia is down 2% to a new low as Moodys downgraded their debt. In fact, the weakness in Google and Apple dragged the Nasdaq into the red pulling the Dow off its' highs. In the retail space Mattel is down 7% after missing estimates. Home Depot is higher on an upgrade. Dominoes Pizza is also higher on an upgrade. Kohls looks good on a positive Barrons article. After the first hour the averages quieted down with the Dow up 55 points and the Nasdaq down 25 points. Through the morning the averages rebounded and then pulled back once again. In the tech space Google and Apple remain weak. A few more financials, energy, and material stocks succumbed to profit-taking. The consumer discretionary is the weakest sector. In the afternoon the Dow bounced back toward the highs of the day, but the three high flying techs like Google, Apple, and Priceline are still weak near the lows of the day. In the last hour the Dow pulled back as the Nasdaq pushed lower led by Apple and Google. The Dow Jones Industrial Average finished up 71 points to 12,921. The S&P 500 Index slipped 69 cents to 1369. The Nasdaq Composite dropped 22 points to 2988.