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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

8/3-8/7/09

August 7, 2009
U.S. stocks rallied at the open Friday, after the government reported the economy shed a smaller-than-forecast 247,000 jobs in July, while the unemployment rate unexpectedly fell back to 9.4%. The Dow Jones Industrial Average rose 85 points to 9,342, with all but one of its 30 components advancing. The S&P 500 index rose 9 points to 1,005 while the Nasdaq Composite gained 21 points, or 1%, to 1,995. The earnings keep coming in better than expected. Beazer Homes, Chiquita Brands, Crocs, and CBS are all up over 9% on earnings. The techs are performing well. HP is up a percent on an upgrade. Computer Science is higher after easily beating earnings estimates. Google is up a percent to new recent highs. The financials are fatigued, but holding in there. Citigroup is up 5% to $4 a share. The company is looking to spin off more divisions and assets, Jim Cramer at CNBC was bullish last night on the bank titan, and two insiders bought 2 million shares in
the last week. Manulife is lower on a downgrade while RBS is lower by 13% after reporting a quarterly loss. After the first hour the averages remained strong, but off the highs. Most investors were looking for a sell off today and we may still get it later in the day. That wouldn't be a bad thing. We've had a great run. So much for that sell off. The averages rebounded after the first hour with the Dow jumping 150 points to 9400. The Nasdaq jumped 33 points to 2006. Both levels not seen since October. In the afternoon, more of the same. The major averages remain strong near the highs of the day. The railroad and transportation stocks in general are performing great. The Dow Jones Transportation Average us up 4% today and up 25% in the last month. Not bad. In the last hour, we saw a little profit taking. Finally. The Dow Jones Industrial Average rose 114 points, or 1.2%, to 9,370, its highest close since early November. The S&P 500 gained 13 points, or 1.3%, to 1,010 and the Nasdaq Composite ended up 27 points, or 1.4%, at 2,000. For the week, the S&P 500 gained 2.3%, the Dow-30 added 2.2% and the Nasdaq rose 1.1%. Another great week.


August 6, 2009
U.S. stocks opened modestly higher on Thursday, with shares of insurer AIG and other financials pacing the gains. The Dow Jones Industrial Average advanced 42 points to 9,323. The S&P 500 added 4 points to 1,007. The Nasdaq Composite rose 9 points to 2,002. The most beaten up stocks are performing great and I don't know if that's a good sign. AIG is up 10%, Fannie and Freddie Mac are up 5%, and Citigroup is up 5%. The financials keep pushing higher. Citigroup upgraded JP Morgan and American Express. Both are higher. Morgan Stanley is modestly higher after agreeing to pay back TARP money. Blackstone is modestly higher following earnings. That stock is up 300% in the last four months. Bond insurer, MBIA is up 10% after beating estimates. A number of insurance stocks reported solid earnings, however they are all trading lower. Allstate, Prudential, and Manulife are all down over 3% following earnings. The retail sector reported solid retail sales for the
month of July. Macys, Kohls, American Eagle, Wendys, and Activision Blizzard are all higher on either earnings or earnings guidance. Gymboree and TJX are modestly lower on earnings and earnings guidance. After the first half an hour, someone popped a hole in our rally. The Dow went from up 40 points to down 40 points after the first hour of trading. The Nasdaq declined 17 points. Cisco Systems is lower by 1% even though earnings beat estimates. The techs are looking a little tired like the broader market. Through the morning the averages didn't deviate far from the unchanged level. The financials and retailers are holding in there. In the last hour, no rally. The Dow Jones Industrial Average fell 24 points to finish at 9,256. The S&P 500 index lost 5 points to 997, while the Nasdaq Composite declined 19 points to 1,973.


August 5, 2009
U.S. stocks opened modestly lower on Wednesday, with investors retreating after four days of gains following a private-sector report offering little improvement on unemployment data. The Dow Jones Industrial Average shed 32 points to 9,287. P&G is lower by 3% after beating estimates by a penny. The S&P 500 Index lost a point to 1,004, while the Nasdaq Composite also lost a point to 2,009. After the open the averages pushed lower following disappointing manufacturing numbers. On the earnings front Electronic Arts, BMC Software, Kraft, Transocean, and Dean Foods are all trading lower. Orbitz and Whole Foods are both up over 20% following strong earnings. Polo Ralph Lauren, Agrium, and Devon Energy are also higher following earnings. The financials remain the champs. Bank of America goes up 2-3% every day. Citigroup is higher following news the US Bancorp is higher thanks to an upgrade. REIT, American Capital Strategists is lower by 13% following
disappointing earnings. After the first hour, the Dow was down 100 points. The Nasdaq declined 22 points. The financials remain in the green. Through the morning the averages remained in the red, but off the lows. The financials still look great. In the afternoon, more of the same. Entering the last hour, the Dow was down only 27 points. The Nasdaq was down 19 points. The financials still look great. In the last hour, the averages almost got back to the unchanged level only to sell of once again. U.S. stocks finished lower on Wednesday, with health care and energy shares weighing the most, as Wall Street snapped a four-day winning streak. The Dow Jones Industrial Average finished up 39 points at 9,280. The S&P 500 Index slipped 2 points to 1,002 while the Nasdaq Composite shed 18 points to 1,993.


August 4, 2009
U.S. stocks declined at Tuesday's start, snapping a four-day winning streak that had the S&P 500 topping 1,000 for the first time since early November. The Dow Jones Industrial Average fell 20 points to 9,266. Caterpillar is one of the few Dow components higher after reaffirming earnings. The S&P 500 declined 4 points to 997, while the Nasdaq Composite shed 13 points to 1,994. Not many stocks or sectors are trading higher. Rowan, Simon Property, Tenet Healthcare, Progressive Energy, ADM, D.R. Horton, Duke Energy, Toyota, UBS, Cedar Fair, Texas Roadhouse, Vornado Realty, Louisiana Pacific, St. Joe, and Marvel Entertainment are lower following earnings. Martin Marietta is one stock trading higher following earnings. At 10 o'clock, the averages clawed back toward the unchanged level thanks to better than expected housing data. So far it's a quiet day. Through the morning the averages continued to hover near the unchanged level. The financials will not
sell off. Heading into the lunch hour, the averages slowly moved into the green. The financials are acting great. In the afternoon, entering the last hour, the averages moved into the red only to rebound into the close. Resilient. The Dow Jones Industrial Average finished up 33 points to 9,320. The S&P 500 rose 3 points to 1,005, while the Nasdaq Composite gained 2 points to 2,011.



August 3, 2009
Up, up, and away. U.S. stocks received another boost early on Monday after a better-than-expected report on U.S. manufacturing fueled further optimism following similar global economic signals overnight. The Dow Jones Industrial Average jumped 86 points to 9,245. The S&P 500 index gained 9 points to 996, while the Nasdaq Composite rose 15 points to 1,993.Everything looks good. The financials are performing. CNA Financial is up 12% on earnings while HSBC is up 7% on earnings. Discover Financial is up 4% on an upgrade. Bank of America is up 4% following a good week last week. The techs are performing well. Ebay is up 4% after receiving the cover of Barrons. Nvidia and Cisco Systems are both up 2% on upgrades. Google is up 2% to new recent highs. Their CEO is resigning from the Apple board of directors. Other earnings are coming in from Molson Coors, MGM, Marathon Oil, Loews, and Humana. All five are up more than 2%. Tyson Foods is lower by 4% after beating estimates. Clorox is down by 3% after maintaining guidance. After the first hour, the Dow rose over 100 points. The S&P 500 touched 1000 for the first time since November and the Nasdaq rose 20 points. Everyone is saying that this market needs to pull back which it should, but it doesn't seem to want to, not yet. Through the morning the averages tried to sell off, but it didn't last. In the afternoon the Dow jumped back above 100 points. The Nasdaq rose 26 points above 2000. In the last hour, no sell off. Resilient. The Dow Jones Industrial Average finished up 114 points, or 1.3%, at 9,286, its highest close since November 4th. The S&P 500 index rose 15 points, or 1.5%, to end at 1,002, also its highest close since Nov. 4th. The Nasdaq Composite gained 30, or 1.5%, to end at 2,008, its highest close since Oct. 1st.