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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

11/16-11/20/09

Nov 20, 2009
U.S. stocks tilted lower at Friday's start as investors fled to the relative safety of the dollar and bonds. The Dow Jones Industrial Average fell 20 points to 10,312. The S&P 500 shed 3 points to 1,091. The Nasdaq Composite Index declined 12 points to 2,144. An earnings disappointment from computer maker Dell is hitting the technology sector. Dell is down 9%, but all the big techs are lower. Research in Motion is lower by a percent on a another downgrade. Intuit is lower by 2% even though they beat estimates. The financials are holding firm even though Congress is working on legislation for too big to fail banks. Aflac is modestly higher on an upgrade. A number of retailers are trading higher on better than expected earnings. Dress Barn, AnnTaylor, Hibbett Sports, and Smuckers are higher following earnings. Nike is unchanged after raising their dividend. Gap is modestly lower on in line earnings. The commoditiy space is trading lower as well. Valero is modestly higher after announcing job cuts. Hess is modestly higher on an upgrade. After the first hour, the averages remain in the red, but not by much. Through the morning and into the afternoon the averages remained quiet and in the red. In the afternoon the averages slowly recovered, but remained in the red. The Dow Jones Industrial Average finished down 14 points at 10,318, leaving it up 0.5% for the week. The S&P 500 Index fell 3 points to 1,091, a level that translates into a weekly loss of 0.2%. The Nasdaq Composite shed 10 points to 2,146, down 1% from the week-ago's close.



Nov 19, 2009
U.S. stocks started lower on Thursday thanks to a rally in the U.S. dollar. The Dow Jones Industrial Average fell 64 points to 10,361. The S&P 500 Index declined 9 points to 1,100. The Nasdaq Composite Index shed 21 points to 2,171. I hate to say it, but the market over the last several weeks has moved lock in step with the U.S. dollar. A number of retailers keep reporting earnings. The numbers are better than expected, but the outlook is mixed. Ross Stores, William Sonoma, Childrens Place, Sears, Gymboree, Petsmart, Dicks, and Hot Topic are all lower following earnings. Dicks and Hot Topic are both down over 10% this morning. Chicos and Best Buy were upgraded this morning, yet both are lower. Gamestop and Whole Foods are modestly higher on upgrades. In the tech sector Bank of America/ Merrill Lynch downgraded the chip stocks sending that sector lower. Intel and Texas Instruments are both down over 4%. AMD received two upgraded, yet the stock is lower by 3%. NetAppliance is trading higher after easily beating estimates. The commodities are lower as well thanks to the strength of the U.S. dollar. After the first half an hour the Dow declined over 130 points. The Nasdaq declined 40 points. In the afternoon, more of the same. In the last hour the averages recovered a little bit. The Dow Jones Industrial Average lost 93 points, or 0.9%, to close at 10,332. The S&P 500 Index dropped 14 points, or 1.3%, to 1,094, while the tech-laden Nasdaq Composite Index declined 36 points, or 1.7%, to close at 2,156.



Nov 18, 2009
U.S. stocks opened lower on Wednesday, after news that U.S. housing construction weakened last month dampened bullish sentiment. The Dow Jones Industrial Average was declined 11 points to 10,425. The S&P 500 index traded up fractionally to 1,110. The Nasdaq Composite fell 6 points to 2,197. A number of earnings out last night also dampened spirits. Salesforce.com and Autodesk are both down over 3% following cautious outlooks. Research in Motion is lower following another downgrade. The big techs like Google, Amazon, Apple, and IBM are all lower. Microsoft opened modestly higher above $30 a share at a new 52 week high following an upgrade. Next year looks like a good year for the PC market. The U.S. dollar dropped this morning causing the commodity space to move up. Gold moved to another new high. Following a number of down days, the financials are perking up. Bank of America is up 3% on a positive letter written by hedge fund manager John Paulson. American Express is higher after agreeing to buy Steve Case's credit card firm for $300 million. Steve Case made his first billion dollars after selling American Online or AOL. GE is modestly higher thanks to encouraging comments about consumer spending on appliances and lighting. After the first hour the averages moved lower. Through the morning the Dow dropped over 60 points before recovering. The strength in the financials are helping the blue chip average. The Nasdaq remains weak down over 15 points. In the afternoon more of the same. The averages remained in the red, but the financials are holding firm. In the last hour the averages clawed their way back to the unchanged level led in part by the financials. The Dow Jones Industrial Average finished down 11 points at 10,426. The S&P 500 index fell 50 cents to 1,109. The Nasdaq Composite fell 6 points to 2,197.


Nov 17, 2009
U.S. stocks opened under pressure on Tuesday, after leaping to 13-month highs in the previous session. The dollar bounced back slightly from 15-month lows, pressuring commodities and related sectors, such as energy, which had rallied on Monday. In early action, the Dow Jones Industrial Average fell 6 points to 10,400. The S&P 500 index dropped a point to 1,107 while the Nasdaq Composite fell 3 points to 2,194. The earnings today are better than expected, but the guidance isn't that great. TJX, Target, and Home Depot are lower following earnings. Pacific Sunwear is the dog of the day down 30% due to cautious comments. Another dog this morning goes to Sunpower down 17% on accounting issues. That's not good. A number of retailers are higher following earnings including Saks and Dillard. Both are up over 7%. In the tech space, Palm is up 5% on an upgrade. Motorola is modestly higher thanks to an upgrade. Apple and Research in Motion are also trading higher. A good day for the smart phone providers. The financials are modestly lower today. Discover was upgraded, yet the stock is modestly lower. In the healthcare space, Covidien is jumping 5% after beating estimates. In the commodity space Devon Energy and ExxonMobil are both higher on upgrades. After the first half an hour the Dow was down 13 points while the Nasdaq declined 4 points. Through the morning the U.S. dollar remained higher keeping the major averages in the red. In the afternoon the averages remained quiet until the last hour when they nudged into the green thanks to the commodities and techs, but not the financials. The Dow Jones Industrial Average finished at 10,437 up 30 points for the day. The S&P 500 Index added a point to 1,110. The Nasdaq Composite rose 5 points to 2,203.


Nov 16, 2009
U.S. stocks opened higher on Monday, with energy shares fronting the gains, after the Commerce Department reported retail sales rebounded in October, lifted mostly by auto sales. The Dow Jones Industrial Average climbed 59 points to 10,329. The S&P 500 Index rose 8 points to 1,102. The Nasdaq Composite rose 11 points to 2,179. The U.S. dollar keeps declining causing oil, gold, and the markets to push higher. The retailers in general are performing well. Dicks, Abercrombie & Fitch, Sears, Radio Shack, Nordstrom, and Coach are all up at least 3% following upgrades. Lowes is modestly higher following earnings. JC Penney is modestly lower on a downgrade. The financials in general are performing well. Citigroup is up 4% on news hedge fund manager Paulson raised his stake in the financial titan. The Canadian banks are perfrom well thanks to upgrades. The tech titans like Google and Apple keep pushing higher. Dell is higher on an upgrade. Intel is higher after raising their dividend. RF Micro Devices is higher after raising their cash flow numbers. Cisco is modestly higher after raising their bid for a European company called Tandberg. The commodity space continues to perform well. U.S. Steel and AK Steel are both jumping 5% thanks to upgrades. ExxonMobil is up 3% following a positive cover piece in Barrons. After the first hour the Dow was up 130 points to new highs for the year above 10400. The Nasdaq rose 28 points to new highs for the year. The S&P 500 is also at new highs for the year. Through the morning and into the afternoon the averages remained strong near the highs of the day. Light volume once again. Gold closed at a new high today while oil is jumping $3. In the last hour, bearish comments from Meredith Whitney regarding the banks sent the financials lower. The major averages pulled back a little, but remained strong. The Dow Jones Industrial Average finished up 139 points, or 1.3%, to close at 10,406, its highest close since Oct. 2, 2008. The S&P 500 index gained 15 points, or 1.5%, to close at 1,109, marking its first close above the key 1,100 level since October of last year. The Nasdaq Composite rose 29 points, or 1.4%, to close at 2,197, its highest close since Sept. 19, 2008.