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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

5/29-5/25/09

May 29, 2009
U.S. stocks opened lower on Friday thanks in part to a modest revision to first-quarter GDP growth and a down beat regional manufacturing survey. The Dow Jones Industrial Average fell 11 points to 8,392. Today may be the last day for GM in the Dow. The S&P 500 index declined a point to 905 while the Nasdaq Composite fell 4 points to 1,747. Similar to all week, stocks are mixed. In the retail space, J. Crew is jumping 20% thanks to better than expected earnings. Big Lots and Office Depot are higher on upgrades. Target is higher after defeating Ackman's proxy contest. Tiffanys is lower on dismal earnings. Burger King is lower on a downgrade.
In the tech sector, Dell is higher after beating estimates. Symantec and Oracle are higher on upgrades. Google looks good. Marvell Techs and Novell are lower following earnings. The financials are quiet. Morgan Stanley is modestly higher after having their earnings estimates raised. There seems to be a growing trend among the analysts to raise earnings estimates for the financials. The commodities continue to push higher. Oil and gold are at multi-month highs. Silver is having its' best month in 22 years. At the end of the first hour, the averages were in the green. The Dow was up 29 points. The Nasdaq rose 7 points. Through the morning and into the afternoon, the averages remained quiet, not far from the unchanged level. The commodities are performing well. Gold closed up 1.7%. Google looks good, the railroads are strong, and J. Crew is jumping 25%. Entering the last hour the averages were modestly in the red and remained near the unchanged level until the last 15 minutes when they shot higher. The Dow Jones Industrial Average finished up 96 points at 8,500. The S&P 500 index rose 12 points to 919, while the Nasdaq Composite rose 22 points, or 1.3%, to 1,774. For the week, the Dow gained 2.7%, the S&P rose 3.6%, and the Nasdaq gained 4.9%. For the month, the Dow rose 4%, the S&P gained 5.3%, and the Nasdaq rose 3.3%.


May 28, 2009
U.S. stocks opened higher on Thursday, after a report that orders for big-ticket items jumped in April, boosting hopes for an economic recovery. The Dow Jones Industrial Average gained 63 points to 8,363. Shares of General Motors are up 13% on a new deal for bondholders. The S&P 500 index rose 8.3 points to 901, while the Nasdaq Composite gained 17 points to 1,749. The averages are higher, but there are plenty of stocks in the red. In the retail space Big Lots, DSW, Coldwater Creek, Heinz, and Costco are all lower following earnings. American Eagle, Chicos, and Aeropostale are lower even though all three were upgraded. Sanderson Farms is jumping 6% after easily beating earnings estimates. In the financial sector, interest rates and mortgage rates had a big jump yesterday. Not exactly good news. Only a few financials are higher. First Niagara is higher after agreeing to pay back government TARP money. In the tech sector, Corning raised LCD volume for the second quarter, yet the stock is lower by 4.5%. IBM and Research in Motion are two techs trading modestly higher. After the first half an hour, the averages dropped into the red on dismal housing numbers. Through the morning the averages rebounded into the green including the financials. That's a good sign. During the lunch hour, the averages sold off, then rallied once again. Entering the last hour, the Dow was up 100 points. The Nasdaq rose 25 points. In the last hour, the averages held firm. The Dow Jones Industrial Average advanced 104 points, or 1.3%, to 8,404. The S&P 500 gained 14 points, or 1.5%, to close at 906. The Nasdaq Composite rose 21 points, or 1.2%, to 1,752.


May 27, 2009
U.S. stocks open slightly lower on the open, amid growing certainty that General Motors will file for bankruptcy after its failed debt-for-stock offer. The Dow Jones Industrial Average fell 31 points to 8,441. GM shares are down 13%. The S&P 500 index declined 3 points to 907, while the Nasdaq Composite dipped 8 points to 1,742. Adding to overall concerns, Monsanto lowered its earnings guidance. That stock is down 5%. The retail sector is mixed this morning. Zale is down 20% after missing estimates. Big Lots is down 6% on a downgrade. Staples, Auto Zone, and Cracker Barrel are lower following earnings. However, Ralph Lauren, American Eagle, Dollar Tree, and Chicos are higher following earnings. The financials are mixed this morning. Goldman Sachs is higher on a upgrade. Bank of America is higher after raising more capital. But KeyCorp and PNC are lower following their attempts to raise more capital. In the tech sector, Google, Research in Motion, and Symantec are higher thanks to upgrades. After the first hour the averages were not far from where they started. The Dow was down 27 points. The Nasdaq rose 11 points. Through the morning the Nasdaq improved while the Dow inched back to the unchanged level. In the afternoon, the averages started to sell off as Treasury interest rates backed up. In the last hour the selling accelerated. The Dow Jones Industrial Average finished down 173 points, or 2%, at 8,300. The S&P 500 index fell 17 points, or 2%, to end at 893, while the Nasdaq Composite dipped 19 points, or 1.1%, to end at 1,731.



May 26, 2009
U.S. stocks turned higher shortly after the open Tuesday, with strength in technology shares offsetting early concerns about North Korea's nuclear tests and concerns about the fate of General Motors. The Dow Jones Industrial Average inched up a point to 8,282. The S&P 500 index rose 50 cents to 887, while the Nasdaq Composite gained 11 points to 1,703. Quiet morning. It seems investors are still recovering from the long weekend. The techs are one of the few sectors performing well this morning. Apple is jumping 4% on an upgrade. Dell is higher ahead of earnings on Thursday. Corning is higher following an upgrade. IBM and Google opened lower, but turned around. The averages shot higher after the first half an hour thanks to better than expected consumer confidence number. The financials are quiet this morning. Bank of Montreal is up 2.5% after beating estimates. GE is higher even though the CEO is cautious about growth going forward. The analyst community is more bullish this morning than last week. Qwest, P&G, Chicas, Aflac, Metlife, Prudential, Qualcomm, American Eagle, Bank of America, and Target were all upgraded. The retailers are performing well thanks to that consumer confidence number. Chicos and American Eagle are hgher ahead of earnings tomorrow. The commodities are one of the few sectors performing poorly this morning thanks in part to the strong dollar. After the first hour, the Dow shot up 150 points. The Nasdaq rose 40 points. The techs are in the lead. Through the morning the averages remained strong near the highs of the day thanks to that consumer confidence number. In the afternoon, the Dow made new highs trading up 200 points on news the government may provide more money to GM. GM's stock rose 35% in the 30 minutes following this news before pulling back. In the last hour the averages held their gains. The Dow Jones Industrial Average finished up 196 points at 8,473. The S&P 500 index rose 23 points, or 2.6%, to end at 910. The Nasdaq Composite rallied 58 points, or 3.5%, to 1,750.


May 25, 2009

Close for Memorial Day.