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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

6/22-6/25/09

June 25, 2009
U.S. stocks opened lower on Thursday, after the government reported an unexpected rise in claims for unemployment in the latest week, a day after the Federal Reserve stated continued worries over the economy but didn't signal any plans to boost or curb liquidity. The Dow Jones Industrial Average fell 15 points to 8,285. The S&P 500 index fell 2 points to 898, while the Nasdaq Composite fell 5 points to 1,786. Plenty of earnings last night and this morning. Nike is lower by 4% after the sneaker giant posted a 30% drop in its fiscal fourth-quarter profits and said orders are down 12%. The rest of the retailers look better. Herman Miller and Bed Bath & Beyond are both up 9% on earnings. Hertz is up 7% on earnings. Deere and JC Penney are higher by 4% thanks to upgrades. The techs are mixed. Redhat is down 7% following earnings last week. Seagate is also lower on earnings. Analog Devices and Microsoft are higher on upgrades. The financials are quiet. Legg Mason is up 3% on an upgrade. Paychex is lower by 6% after missing estimates by 6 cents last night. After the first hour, the averages rebounded. The Dow rose 50 points. The Nasdaq rose 20 points. Through the morning the averages remained in the green, then jumped a 100 points during the lunch hour. Boeing turned around helping the blue chip average. Homebuilder, Lennar is having a good day, up 15% on earnings this morning. Some stocks are not rebounding. Bank of America is lower after the Citigroup analyst expects another quarterly loss. Research in Motion is lower as well. In the last hour, the averages rebounded toward the highs of the day. The Dow Jones Industrial Average finished up 172 points at 8,472. The Nasdaq Composite gained 37 points, or 2.1%, to 1,829 while the S&P 500 rose 19 points, or 2.1%, to close at 920.


June 24, 2009
U.S. stocks opened higher Wednesday after the government reported a better-than-expected rise in orders for U.S. durable goods, bouncing back after three days of losses. The Dow Jones Industrial Average rose 48 points to 8,371. No rebound in Boeing after a dismal day yesterday. The S&P 500 gained 7 points to 902. The Nasdaq Composite advanced 21 points to 1,786. Oracle is leading the charge within the techs, up 6% after beating earnings estimates last night. Palm is up 5% thanks to an upgrade ahead of earnings later in the week. Most of the techs look good. The financials are performing well for a second day. Deutsche Bank is jumping 6% on an upgrade. RBC made positive comments on Wells Fargo and Bank of America. Both are higher. The commodities are performing well. Potash is up 2% on positive comments in Barrons. On the earnings front, Monsanto and Rite Aid are higher on earnings. Supervalu is lower by 13% after guiding earnings lower. Through the morning, the Dow jumped 100 points before pulling back. Boeing is weighing on the Dow now down 4.5%. The Nasdaq rose 33 points and actually continued to improve through the afternoon. At 2:15, the Fed left rates unchanged as expected, but the Dow did sell off, falling into the red. In the last hour, the selling accelerated. The Dow Jones Industrial Average finished in negative territory for a fourth consecutive day, down 23 points at 8,299. The S&P 500 ended well off its earlier highs at 900 up 5 points. The Nasdaq Composite gained 27 points to 1,792.

June 23, 2009
U.S. stocks edged higher on Tuesday, led by the financial sector, with investors bargain hunting after the biggest one-day drop in two months. The Dow Jones Industrial Average rose 10 points to 8,349. The S&P 500 Index gained 3 points to 896 while the Nasdaq Composite added 6 points to 1,772. At 10 o'clock, the averages moved into the red after a report that showed existing home sales rose less than expected last month and a separate report showing home prices fell in April. In the afternoon, the averages rebounded on light, light volume. In the tech sector, Jabil Circuit looks good thanks to solid earnings last night. In the last hour, the averages rallied, then faltered. The Dow Jones Industrial Average fell 16 points to 8,322. Shares of Boeing slipped more than 6% after the company delayed the first flight of its 787 Dreamliner. The S&P 500 index rose 2 points to 895, while the Nasdaq Composite slipped a points to 1,764.

June 22, 2009
U.S. stocks on Monday fell at the start amid worries that the global economy might be stuck in recession longer than previously thought. The Dow Jones Industrial Average fell 106 points to 8,436.4. The S&P 500 declined 13 points to 908, while the Nasdaq Composite dropped 25 points to 1,802. Nothing looks good this morning. The financials are lower. Manulife is down 14% after lowering guidance on Friday. The techs are lower even though there are positive comments out there on Apple, Cisco, Oracle, LSI Logic, and Marvell. Marvell is the only one trading higher after raising revenue guidance. Research in Motion is lower by 4% after less than stellar earnings last week. In the retail space, Walgreens is down 3% after missing estimates by 3%. Deckers Outdoors, Hertz, and Coach were upgraded, but all three are lower. The commodities are also lower. Oil and gold sell off as the U.S. dollar rises. After the first half an hour, the Dow dropped 110 points. The Nasdaq declined 37 points. Volume may remain light as many traders are out on the island watching golf. Through the morning, the averages pushed lower without much of a fight. In the afternoon, the Dow dropped nearly 200 points. The Nasdaq fell 56 points. In the last hour the averages lifted a little from the lows of the day only to falter into the close. The Dow Jones Industrial Average finished down 200 points, or 2.4%, at 8,339, its worst point and percentage drop since April 20. The S&P 500 shed 28 points, or 3.1%, to 893, leaving it negative for the year, while the Nasdaq Composite declined 61 points, or 3.4%, to 1,766.