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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

11/23-11/27/09

November 27, 2009
U.S. stocks fell sharply at the open on Friday, as traders returned from the Thanksgiving holiday to be met by global nervousness over debt woes for Dubai World. The Dow Jones Industrial Average dropped 201 points, or 1.9%, to 10,261, weighed down by more than 3% drops in shares of Alcoa, Caterpillar, and General Electric. The S&P 500 index fell 26 points, or 2.3%, to 1,084, while the Nasdaq Composite slumped 50 points, or 3%, to 2,125. The good news is very few U.S. firms have direct exposure to Dubai. Citigroup has modest exposure to the United Arab Emirates region. Citigroup and the rest of the U.S. banks are only modestly lower. The bigger exposure is for European investment banks like Barclays and Duetsche Bank. Both are lower by 6%. Another foreign bank HSBC is lower by 6% as well. The bigger impact in the U.S. is foreign investors flocking to the U.S. dollar for safety. The markets have moved inversely with the dollar for some time. The bump in the dollar is also hitting the commodities. The price of oil is lower by 5%. Gold is down 2.5%. After the first half an hour the averages bounced a little off the lows, but virtually everything is lower. Through the morning more of the same. Volume is light as many investors are taking off this abbreviated trading day. In the last hour, noon to 1pm, the averages tried to rebound, then sold off. The Dow Jones Industrial Average finished down 154 points, or 1.5%, at 10,309. The S&P 500 index fell 19 points to 1091. The Nasdaq Composite ended down 37 points, or 1.7%, at 2,138. For the week, the Dow fell 0.1%, the S&P 500 fell 0.01% and the Nasdaq dropped 0.4%.


November 26, 2009

Markets are closed. Happy Thanksgiving.


November 25, 2009
U.S. stocks were mildly up after better-than-anticipated data on the jobs market. The Dow Jones Industrial Average gained 5 points to 10,439. The S&P 500 added 55 cents to 1,106. The Nasdaq Composite rose 4 points to 2,173. A couple of earnings reports out this morning. Tiffany is up 4% after beating estimates and raising guidance. J. Crew is up 7% after beating estimates. Deere is unchanged after beating estimates by 20 cents. On the upgrade front NetAppliance, Google, Gamestop, Motorola, and Heinz are higher following upgrades. The analysts love the market. After the first hour the averages remain in the green, but not by much. Today should be a quiet as many leave early for the holiday. Through the morning and into the afternonn the averages did not deviate far from the unchanged level. Volume dried up as the day progressed. The Dow Jones Industrial Average finished up 30 points at 10,464. The S&P 500 Index climbed 4 points to 1,110. The Nasdaq Composite added 6 points to 2,176.


November 24, 2009
U.S. stocks started mildly lower on Tuesday, with energy shares pacing the decline as oil futures dropped 80 cents to under $77 a barrel. The Dow Jones Industrial Average dropped 16 points at 10,434. The S&P 500 Index shed 2 points to 1,104. The Nasdaq Composite declined 5 points to 2,170. Plenty of earnings for this abbreviated week. Hewlett Packard, Brocade, Barnes & Noble, Borders, Hormel, and Heinz are trading lower following earnings. Analog Devices, American Eagle, Dollar Tree, Medtronic, DSW, and Cracker Barrel are all higher following earnings. After the open the averages pushed lower. One deal this morning with Windstream buying Iowa Telecom for $1.1 billion. Iowa Telecom is jumping 25%. A number of upgrades this morning. Prudential, Campbell Soup, Analog Devices, Guess, GE, and Blackrock were all upgraded. The analyst are in love with the stock market again. After the first hour the Dow dropped over 90 points, but is now trying to recover. The Nasdaq declined 16 points. Through the morning and into the afternoon, the averages slowly recovered. In the afternoon a number of Dow components moved into the green including AT&T, GE, Exxon, Travelers, J&J, Verizon, and McDonalds. Entering the last hour the averages were back to the unchanged level, but unfortunately never made it back in positive territory. The Dow Jones Industrial Average finished down 17 points at 10,433. The S&P 500 Index declined less than a point closing at 1,105, while the Nasdaq Composite shed 6 points to 2,169.


November 23, 2009
U.S. stocks rallied at Monday's start, with energy and materials fronting the gains as gold and other commodities soar thanks to a weaker U.S. dollar. The Dow Jones Industrial Average rose 107 points to 10,426. The S&P 500 Index climbed 14 points to 1,106. The Nasdaq Composite gained 27 points to 2,173. Virtually everything is working this morning. A few earnings reports from Campbell Soup, LDK Solar, Tyson, BJs, and Valspar. Only Valspar is lower. LDK Solar is jumping 7%. Plenty of upgrades this morning. The analysts are in love with stocks once again. Wellpoint, Cigna, DR Horton, ExxonMobil, Chevron, AK Steel, Playboy, Carnival, Mosaic, Anntaylor, and American Express were all upgraded. All are trading higher. Barrons wrote positive pieces on AT&T and BB&T. Both are up 2%. At 10 o'clock, better than expected housing data sent the averages higher. The Dow rose 170 points almost touching 10500. The Nasdaq rose 40 points. The techs, financials, commodities, and retailers all look good. Everything is working. Through the morning the averages remained strong, but off the highs of the day. In the afternoon the Dow dripped lowr, but remained up over 100 points. The financials and retailers are pulling back. In the last hour the averages rebounded into the close. The Dow added 132 points, or 1.3%, to close at 10,450. The S&P 500 Index rose 14 points, or 1.4%, to 1,106. The Nasdaq Composite climbed 29 points, or 1.4%, to close at 2,176.