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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

2/1-2/5/10

February 5, 2010
U.S. stocks open lower once again following the biggest drop since April of last year. This mornings' government unemployment report is drawing mixed reviews. "If you drill down a bit, there's more good news than bad," said Art Hogan, chief market strategist at Jefferies & Co. "We're moving significantly in the right direction year-over-year, and the manufacturing part of the economy is creating jobs." The Dow Jones Industrial Average dropped 34 points to 9,967. The S&P 500 Index shed 3 points to 1,059. The Nasdaq Composite fell a point to 2,124. Even though the averages opened lower, a number of stocks are bucking the trend. A number of big cap techs are higher. Baidu is higher on an upgrade. Netsuite, however, is down 13% following earnings last night. Corning is down 5% on cautious growth prospects. The financials are modestly higher after getting hit yesterday. Metlife is up a percent on an upgrade. Mastercard received a couple of upgrades, but the stock is lower. A REIT, Simon Property is up 4% even though they missed estimates. After the first half an hour the Dow dropped 60 points. The Nasdaq declined 11 points. In the retail space Tyson Foods is up 8% after beating estimates. Gap and Molson Coors are higher on upgrades. Childrens Place was upgraded, but the stock is lower. After the first hour the averages recovered led by the techs. As the morning progressed the averages moved back down. In the afternoon the averages broke down to new lows. Here we go again. The Dow dropped 160 points below 9900. The Nasdaq declined 25 points before rebounding. In the last hour the U.S dollar dipped and the averages rallied like crazy. The Nasdaq came all the way back moving into the green dragging the Dow with it. The Dow sold off again, but then rallied into the close. Whew. The Dow Jones Industrial Average finished up 10 points at 10,012, leaving the blue chips with a 0.6% weekly loss. The S&P 500
Index gained 3 points to 1,066, down 0.7% for the week. The Nasdaq Composite Index rose 15 points, or 0.7%, to 2,141, leaving it off 0.3% from the week-ago close.


February 4, 2010
U.S. stocks opened lower Thursday after a rise in weekly jobless claims dented hopes about Friday's employment report for January. The Dow Jones Industrial Average fell 83 points to 10,186. The S&P 500 Index declined 10 points to 1,086. The Nasdaq Composite shed 15 points to 2,175. Not many stocks look good this morning. On the earnings front Mastercard, Kelloggs, Northrop Grumman, Moodys, Avon, CME Group, Cigna, Diamond Offshore, Reynolds American, Yum Brands, Stanley Furniture, Monster Worldwide, Ameriprise, Novellus, Akamai, Sara Lee, and Pilgrim Pride are all lower following earnings. A few stocks are higher like Burger King, NCR, Clorox, Cisco, Broadcom, and Visa thanks to earnings. In the retail space Macys and Gap are higher after raising guidance. TJX and Aeropostale are lower after raising guidance. As the first hour progressed the averages pushed sharply lower. Not a good sign. The earnings keep coming in great, but plenty of worries around the world about the debt loads of Greece, Portugal, and even the U.S. After the first hour the Dow dropped 170 points. The Nasdaq declined 40 points. Through the morning the averages did not improve. Plenty of upgrades for Research in Motion, Adobe, PNC Bank, Home Depot, Lowes, and Janus Capital. All are trading lower. Entering the lunch hour the question is will Dow 10,000 hold. In the afternoon the averages remained weak, but Dow 10,000 is holding. The big concern is sovereign debt issues in Greece and Portugal. In the last hour the averages pushed to new lows. The Dow Jones Industrial Average sank 268 points, or 2.6%, to 10,002, its worst daily loss since April 20, 2009. The Dow had lapsed under 10,000 just ahead of the close, its first lapse under that level since early November. The S&P 500 Index fell 34 points, or 3.1%, to 1,063. The Nasdaq Composite Index declined 65 points, or 3%, to 2,125.


February 3, 2010
U.S. stocks declined at Wednesday's start after results from Pfizer and a number of other companies disappointed. Investors seem to be growing nervous ahead of Friday's employment report. The Dow Jones Industrial Average fell 26 points to 10,270. The S&P 500 Index declined 3 points to 1,099. The Nasdaq Composite Index shed 4 points to 2,185. A number of companies are lower following earnings. Polo, Pfizer, Lazard, Ryder, Western Union, Comcast, IP, Metlife, Tesoro, Wolverine Worldwide, and Time Warner are all lower following results. Black N Decker, News Corp, NetLogic, Aflac, and Annaly Mortgage are higher. A number of stocks are higher on upgrades including McDonalds, Imax, Walmart, Johnson Controls, UPS, and Vail Resorts. A number of stocks in the same sector are moving in opposite direction. Ryder and the Dow transports are lower today yet UPS and FedEx look good. In the insurance space, Metlife is weak following earnings while Aflac looks good after earnings. After the first hour the averages remained in the red. In the retail space Goldman Sachs upgraded Dicks and McDonalds. Both are higher. Lowes is lower on a downgrade from Goldman. Under Armour is lower on cautious comments out of Barrons.


February 2, 2010
U.S. stocks on Tuesday tilted mostly higher at the start ahead of data on the housing market and a plethora of earnings reports. The Dow Jones Industrial Average added 5 points to 10,190. The S&P 500 Index rose a point to 1,090. The Nasdaq Composite Index inched up half a point to 2,171. The earnings keep flooding in. Cummins Engine, UPS, ADP, Hershey Foods, Lexmark, ADM, DR Horton, Dow Chemical, Whirlpool, Suncor, and Emerson Electronics all reported this morning. Emerson is up 8%, Lexmark is up 12%, DR Horton is up 10%, while Dow Chemical is down 2%. The financials are quiet ahead of Paul Volcker's speech to Congress regarding curbing the powers of the big banks. The credit card companies like American Express, Visa, Mastercard, Capital One, and Discover are all higher on upgrades. The techs are mixed this morning. Palm is up 3% on an upgrade. Oracle, Altera, and Intel are higher on upgrades. The big name techs like Google, Apple, and IBM opened lower. In the retail space AnnTaylor is up 12% after raising guidance. Barnes & Noble is jumping 9% following news last night a private equity firm increased their stake in the firm. In the commodity space Alcoa and Freeport McMoRan are jumping thanks to upgrades at Citigroup. Exxon Mobil is up a percent on an upgrade and strong earnings yesterday. Suncor Energy is down 3% following earnings this morning. After the first hour the averages shot high. The Dow rose 65 points. The Nasdaq increased by 10 points. As the morning progressed the Dow remained strong thanks to the financials. The techs pulled back. In the afternoon the averages remained strong, pushing to new highs. The Dow rose 100 points. The Nasdaq rose 17 points. The financials are struggling thanks to harsh words from Volcker limiting the trading activities of the big banks. Moodys came out with threats to downgrade the U.S. debt and yet the market would not sell off. The Dow Jones Industrial Average finished up 111 points at 10,296. The S&P 500 Index rose 14 points to 1,103. The Nasdaq Composite Index climbed 18 points to 2,190.


February 1, 2010
U.S. stocks rose firmly in early action Monday, with December income and spending data helping lift sentiment at the outset. The Dow Jones Industrial Average rose 62 points to 10,129. The S&P 500 index rose 7 points to 1,081, while the Nasdaq Composite rose 12 points to 2,159. Everything looks pretty good this morning. The financials are modestly higher. Northern Trust is up 4% on insider buying and an upgrade. Allstate is up a percent on rumors they may shed 20% of their assets. Citigroup is up a percent on news they are looking to sell their private equity unit. The techs are trading higher. Cisco is up a percent ahead of earnings later this week. AMD, Akamai Tech, and Baidu.com are all higher by 4% on upgrades. Research in Motion is modestly higher on an upgrade. On the earnings front, Sysco and Exxon are higher following earnings. Gannett is down 9% following earnings. At 10 o'clock the averages pushed higher following better than expected manufacturing data. After the first hour the Dow rose 90 points. The Nasdaq rose 12 points. The healthcare sector opened lower on lackluster earnings from Humana. Humana opened down 4%, but then rebounded. Through the morning and into the afternoon the averages remained strong. Commodities are also performing well. Very few stocks in the red. In the last hour the averages remained strong closing near the highs of the day. Finally an up day. The Dow Jones Industrial Average finished up 118 points, or 1.2%, at 10,185. The S&P 500 ended up 15 points, or 1.4%, at 1,089. The Nasdaq Composite closed up 24 points, or 1.1%, at 2,171.