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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

5/10-5/14/10

May 14, 2010
U.S. stocks opened steeply lower on Friday with Europe's debt debacle over-shadowing better than expected U.S. retail sales in April. The Dow Jones Industrial Average fell 95 points to 10,687. The S&P 500 Index shed 12 points to 1,144. The S&P 500 Index declined 30 points to 2,363. It looks like we're in the midst of a correction. In the financial space Visa and Mastercard are both down 7% after Senate voted in favor of a measure that would allow the Federal Reserve to regulate fees on credit and debit cards. The big banks like Citigroup, JP Morgan, and Bank of America who are heavy into the credit card business are also lower. Credit Suisse is down 4% on a downgrade. Legg Mason is modestly higher on an upgrade. In the tech space, Google resumes its downward trend. Nothing is looking particularly good. Nvidia is down 10% even though they beat earnings estimates. Netgear, Amazon, Ebay, and Yahoo were upgraded, but only Yahoo is higher. In the retail space Dillards is jumping 10% after beating earnings estimates. Blockbuster is down 20% on concerns the company is facing bankruptcy. Netflix is down 6% on two downgrades. Office Depot is down 3% even though the stock was upgraded. After the first half an hour the Dow fell over 150 points before recovering. The Nasdaq fell 40 points. Here we go again. Through the morning the Dow pushed lower falling 180 points. The Nasdaq declined 57 points. Nothing really looks good. In the afternoon more of the same. The Dow fell over 200 points. The Nasdaq declined 60 points. Nothing looks good. In the last hour the Dow fell over 250 points before recovering into the close, similar to last Friday. The Dow Jones Industrial Average fell 162 points, or 1.5%, to finish at 10,620. For the week, the Dow still gained 2.3%. The S&P 500 index dropped 21 points, or 1.9%, to 1,135, while the Nasdaq Composite fell 47 points, or 2%, to 2,346. The S&P gained 2.2% for the week and the Nasdaq rose 3.6%.


May 13, 2010
U.S. stocks fell at Thursday's start following great earnings from networking equipment giant Cisco Systems. The Dow Jones Industrial Average fell 53 points to 10,843. The S&P 500 fell 6 points to 1,165. The Nasdaq Composite shed 12 points to 2,412. Dow and Nasdaq component Cisco saw it's shares fall nearly 3.3% following great earnings. Most techs are selling off, but they're trying to make a comeback. Google is higher for once on an upgrade ahead of their annual meeting. Software maker, SAP is modestly lower after confirming they will buy Sybase. Sybase is up 14% following a 50% jump yesterday. Not bad. The earnings keep coming in better than expected, however, most stocks are lower. Jack in the Box, Dryships, Wendys, Kohls, Urban Outfitter, and Sony are lower following earnings. Whole Foods is jumping 6% after beating estimates and raising guidance. In the commodity space British Petroleum continues to struggle with their oil spill. The stock is modestly lower. Halliburton and U.S. Steel are higher on upgrades. After the first half an hour the averages remain in the red, but not by much. The financials are quiet this morning. Through the morning the averages remain in the red. In the afternoon the averages were quiet until the last hour. Some weakness in the Euro caused the Dow to drop a quick 100 points. The Nasdaq fell 30 points, but nothing like the volatility we had last Thursday. The Dow Jones Industrial Average finished down 113 points at 10,782. The S&P 500 Index declined 14 points to 1,157. The Nasdaq Composite declined 30 points to 2,394.

May 12, 2010
U.S. stocks rose modestly at Wednesday's start, with investor focus shifting back to the U.S. economy after days spent on debt trouble in Europe. The Dow Jones Industrial Average rose 41 points to 10,788. The S&P 500 Index added 5 points to 1,160. The Nasdaq Composite Index rose 12 points to 2,387. The markets seem to be calming down after last weeks volatility. In the tech space a number of upgrades including Intel, AMD, and Texas Instruments. Apple has continued its' upward trend. Baidu is up 4% after splitting 10 for 1. Rival, Google continues to struggle. Someone keeps selling that stock. In the financial sector a couple of upgrades including Huntington Bancshares, Zions Bancorp, and Comerica. All three are higher. Morgan Stanley is one of the few financials lower, down 3%, after news of a federal investigation into their mortgage business. The commodities look good this morning. Freeport is up 3% as gold pushes to new highs. Potash is up 2% on an upgrade. BP continues to face headline risk as dead dolphins wash up on the shores in the gulf. Ironically, BP's stock is modestly higher. Amazing. In the retail space, Ruby Tuesday is jumping 8% following earnings. Pepsi is higher on an upgrade. Starbucks is higher after launching a new coffee line. Macys is up 2% after beating earnings estimates. Sunpower, Electronic Arts, and Rick Cabaret are lower following earnings. After the first half an hour the Dow jumped 90 points. Disney opened lower this morning after reporting better than expected earnings last night, but is now trading higher. The Nasdaq rose 30 points. Through the morning and into the afternoon the averages continued to improve. The Dow rose 130 points. The Nasdaq rose 38 points. Very few stocks are in the red. Google remains weak. Bank of America, Morgan Stanley, and JP Morgan are lower. Disney is modestly lower. Software maker, Sybase is jumping a mere 50% on rumors of a takeover by
SAP. I hope they're right. In the last hour the averages remained strong. The Dow Jones Industrial Average finished up 148 points, or 1.4%, at 10,896. The S&P 500 index rose 15 points, or 1.3%, to 1,171, while the Nasdaq Composite gained 49 points, or 2%, to 2,425.


May 11, 2010
U.S. stocks dropped at Tuesday's start as investors considered the ramifications of the near $1 trillion rescue plan devised by Europe. The Dow Jones Industrial Average fell 66 points to 10,718. The S&P 500 Index declined 9 points to 1,149. The Nasdaq Composite dropped 23 points to 2,351. Some profit-taking is expected following one of the biggest up days in history. Not many stocks are in the green. Two Dow components Disney and McDonalds are modestly higher. Legg Mason and Fossil are jumping 10% following earnings. LDK Solar and Fluor are higher following earnings. Bond insurer, MBIA is down 10% following earnings. A couple of upgrades are helping lift some individual stocks. Redhat, Buffalo Wild Wing, and GE are modestly higher on upgrades. Ameriprise and Gilead Sciences are higher after announcing billion dollar share buybacks. After the first half an hour the averages started to recover, bouncing off the lows. Through the morning the averages remain in the red, but off the lows. A number of techs are in the green. Heading into the lunch hour the major averages moved into the green. In the afternoon the Dow rose 50 points. The Nasdaq rose 21 points. Intel is higher after making positive comments at an analyst meeting. Citigroup was upgraded by Deutsche Bank after meeting with management. The commodities remain one of the weakest categories. Gold closed at a new high, but it isn't helping Freeport McMoRan. In the middle of the afternoon the Dow rose 80 points and then gave up all of those gains. Here we go again. England has made it official announcing the resignation of the Prime Minister. The Conservatives are taking control. In the last hour the Dow fell into the red. The Dow Jones Industrial Average finished down 36 points at 10,748. The S&P 500 Index shed 4 points to 1,155. The Nasdaq Composite inched up 64 cents to 2,375.

May 10, 2010
U.S. stocks shot higher after European Union leaders reached agreement on a nearly $1 trillion rescue package for their sovereign debt issues. The U.S. Federal Reserve also made comments indicating they would supply loans to overseas countries. The Dow Jones Industrial Average jumped 394 to 10,774. The S&P 500 Index gained 40 points to 1,161. The Nasdaq Composite surged 101 points to 2,366. Everything looks good today as the bulls push the shorts to cover. A majority of blue chips are up 3%, 4% or 5%. A few more upgrades as the analysts recover from the shell-shock od last week. In the financial sector Stifel, Genworth, Northern Trust, US Bancorp, and PNC were upgraded. All four up are up 4% or more. Moodys is down 10% on a downgrade and an SEC investigation. The techs look good. Yahoo and Intel are up 5% on upgrades. Some other upgrades include Nike, Cemex, Ensco, and Boeing. All are higher. On the earnings front Tyson Foods, Dish Networks, and Louisiana Pacific are higher after reporting numbers. After the first hour the averages remain strong with the Dow up 400 points. Only Walmart is lower in the Dow. The Nasdaq rose 94 points. Very few stocks are in the red. Dean Foods is the dog of the day down a whopping 25% after missing earnings estimates and suspending guidance. In the afternoon the Dow dipped a little, up only 360 points. The Nasdaq remained strong up 24 points. A few stocks are in the red including Walmart, BP, and Goldman Sachs. That's not a group Walmart wants to be in. In the last hour the averages sold off, then rebounded into the close. The Dow Jones Industrial Average finished up 404 points, or 3.9%, to end at 10,785, its biggest gain since March of 2009. The S&P 500 rose 48 points, or 4.4%, to 1,159.73, also the biggest gain since March 2009. The tech-heavy Nasdaq Composite gained 109 points, or 4.8%, to 2,374., its first triple-digit gain since Oct. 2008.