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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

9/28-10/2/09

October 2, 2009
U.S. stocks open sharply lower, extending the prior session's steep decline, after the September jobs report indicated that job losses exceeded expectations and the rate of unemployment rose to 9.8%. The Dow Jones Industrial Average fell 58 points to 9,452. The S&P 500 dipped 7 points to 1,022. The Nasdaq Composite declined 8 points to 2,048. Even with all the disappointing economic data, the analysts are still bullish. In the tech sector Google, Microsoft, and Apple were all upgraded. Only Microsoft is lower. The financials are lower once again. Credit Suisse lowered earnings numbers for Bank of America, Citigroup, JP Morgan, and PNC. Bank of America was also upgraded, but the stock is lower. Allstate, US Bancorp, Charles Schwab, Ameritrade, and BB&T were all upgraded. All opened lower, but had a nice turnaround. After the first hour the major averages had a nice turnaround, clawing their way back to the unchanged level. The techs are in the lead. In the retail sector, Pepsi is up 3% on an upgrade. Dreamworks is up 5% on an upgrade from Goldman Sachs. After the first hour, the averages sold off, then rebounded to the unchanged level. Through the morning and into the afternoon, the averages held firm near the unchanged level. Brazil won the bid for the 2016 Summer Olympics today which means more stadiums and buildings. Good news for Gerdau, the Brazilian steel company which is trading up 5%. In the last hour the averages moved back into the red. Not a good start to October. The Dow Jones Industrial Average finished down 21 points at 9,487, leaving the blue chip average with a loss of 1.8% for the week. The S&P 500 Index declined 4 points to 1,025, and a 1.8% slide for the week. The Nasdaq Composite closed at 2,048, off 9 points, leaving the technology-laden index off 2.1% from the week-ago close.

October 1, 2009
U.S. stocks on Thursday began the final quarter of the year modestly down after economic reports included an unexpectedly sharp rise in weekly jobless claims. The Dow Jones Industrial Average shed 42 points to 9,669. Alcoa is up 2% on an upgrade. The S&P 500 Index fell 5 points to 1,051, while the technology-laden Nasdaq Composite dipped 14 points to 2,108. The big news over night was the CEO of Bank of America indicating he will step down at the end of the year. The stock is trading modestly higher this morning. Most of the financials are lower. After the first half an hour, the Dow dropped over 100 points on a weaker than expected manufacturing number, similar to yesterday. Nothing really looks good. The homebuilders are particularly weak. KB Homes is down 5% on a downgrade and housing data. In the tech sector Apple and PMC Sierra were upgraded, but both stocks are lower. Lawson Software is up 5% following earnings. Research in Motion is modestly higher, but that's about it for the good news. Through the morning and into the afternoon, the averages remain weak with the Dow down over 150 points. The Nadaq declined 50 points. Very few stocks are in the green. In the last hour the selling accelerated. No rebound today. The fourth quarter is starting like the third quarter. The Dow Jones Industrial Average finished down 203 points, or 2.1%, at 9,509. The S&P 500 Index declined 27 points, or 2.6%, to close at 1,029. The Nasdaq Composite shed 64 points, or 3.1%, to close at 2,057.

September 30, 2009
U.S. stocks on Wednesday opened modestly higher to cap off one of the best third quarters in years. The Dow Jones Industrial Average gained 4 points to 9,747. The S&P 500 Index added a point to 1,061 while the Nasdaq Composite rose 5 points to 2,129. The financing and leasing company, CIT Group is down 40% on news the company is trying to stave off a bankruptcy. The rest of the financials are modestly higher. Goldman Sachs is modestly higher on an upgrade. Ameriprise is jumping 12% on news the company will acquire the Columbia Asset Management division of Bank of America for a billion dollars. Bank of America is also modestly higher. UBS is modestly lower after announcing a third quarter credit loss. On the earnings front, Nike is jumping 7% after beating estimates. Aeropostale is up 2% on an upgrade. Darden Restaurant and Sealy, however, are lower following earnings. Target is down 2% on a downgrade and upgrade. In the tech sector, Jabil Circuit is up 8% after beating estimates. Micron is lower following earnings. Intel and Ebay were upgraded, however, both are lower. After the first 15 minutes the averages dropped off a cliff following disappointing manufacturing data out of Chicago. After the first half an hour, the Dow was down 120 points. The Nasdaq declined 27 points. Profit-taking into the end of the quarter. Through the morning the averages slowly recovered off the lows of the day. A select number of techs and financials are modestly in the green. By the end of the lunch hour, the averages were in the green. Resilient market. The healthcare sector remains weak today and over the last several months due to pending legislation in Washington. Wellpoint and Humana are down over 2% on downgrades today. Entering the last hour the averages started to sell off only to recover into the close. The Dow Jones Industrial Average finished down 29 points at 9,776, leaving the blue chips up 2.3% for
the month and ahead 15% for the quarter. The S&P 500 Index fell 3 points to end at 1,057, leaving it up 3.6% for September and up 15% ahead for the month. The technology-heavy Nasdaq Composite lost a point to finish at 2,122, giving it a 5.6% monthly rise and 15.7% jump for the just-ended three-month period.

Sept 29, 2009
U.S. stock indexes on Tuesday opened mildly ahead, with equities drawing a slight lift from a monthly rise in U.S. home prices. The Dow Jones Industrial Average added 15 points to 9804. The S&P 500 Index gained 2 points to 1,065. The Nasdaq Composite rose 3 points to 2,134. Plenty of good news this morning. Publishing company, Gannett is up 17% on bullish comments. Retailer, Big 5 Sporting Goods is up 4% on news the company sees quarterly earnings at the high end of guidance. A number of upgrades in the retail sector including Polo, Xerox, Coke, and JC Penney. The financials are modestly higher. Citigroup is up 3% on an upgrade. Mastercard is up 2% on an upgrade. Regional banks Huntington Bancshares, US Bancorp, and Jefferies are higher on upgrades. At 10 o'clock weaker than expected consumer confidence sent the averages into the red. Only a select number of techs and financials remain in the green. HP and Broadcom are modestly higher on upgrades. Dell is lower even though the company made bullish comments on their business in China. Through the morning and into the afternoon, the averages hovered around the unchanged level. In the last hour the averages drifted lower on light volume. It looks like most money managers are sitting on their hands ahead of the quarter end tomorrow. The Dow Jones Industrial Average finished down 47 points at 9,742. The S&P 500 Index dropped 2 points to 1,060, while the tech-laden Nasdaq Composite declined 6 points to 2,124.


Sept 28, 2009
U.S. stocks opened modestly higher on Monday, with information technology shares fronting the gains in the wake of a number of deals. The Dow Jones Industrial Average rose 49 points to 9,711. The S&P 500 Index gained 6 points to 1,050. The Nasdaq Composite added 14 points to 2,105. Another positive sign the markets are slowly improving is by the merger deals announced in the last several weeks. Today, Xerox announced a $6.4 billion deal to buy Affiliated Computer Services. Xerox is lower, but Affiliated is jumping 16%. Covidien announced a small acquisiton this morning. Agricultural firm C.F. Industries who is being courted by Agruim went on the offensive quietly acquiring a 7% stake in Terra Industries. Terra is up 3%. Rumors of Kraft raising its' bid for Cadbury has that stock modestly lower. After the first half an hour, the Dow jumped over 100 points. The Nasdaq jumped 35 points as the techs perform well. Cisco is up 4% on an upgrade. Google, Micosoft, IBM, Apple, and Amazon are performing well. Research in Motion is one of the few techs lower on disappointing earnings last week. The retail space is modestly higher. Gander Mountain is jumping 36% on news the company will go private once again. Disney is up a percent on an upgrade. Through the morning the averages remain strong with the Dow just under 9800. The techs are performing great with the Nasdaq up nearly 2%. In the afternoon, more of the same. The Dow remained up over 100 points. The Nasdaq remained up 40 points. Volume is light due to the Jewish holiday. Only a select number of stocks are trading lower like Research in Motion, IBM, and Walmart. The Dow Jones Transportation Average is up over a percent. FedEx is jumping 3% on bullish comments from their CEO indicating that freight shipping volume has bottomed. In the last hour, the averages held firm. The Dow Jones Industrial Average rose 124 points, or 1.3%, to close at 9,789. The
S&P 500 Index jumped 18 points, or 1.8%, to close at 1,062. The Nasdaq Composite climbed 39 points, or 1.9%, to close 2,130.