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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

7/5-7/9/10

July 9, 2010
U.S. stocks turned tentatively higher at the open due to renewed hopes about the global economy. Strong gains over the past three sessions have money managers optimistic about earnings season which starts next week. The Dow Jones Industrial Average rose a point to 10,139.83, led by a 1% gain in shares of aluminum giant Alcoa due to report earnings on Monday. The S&P 500 index inched up 42 cents to 1,070, led by the materials and industrials sectors. The Nasdaq Composite rose 4 points to 2,180. In the tech sector, Google is rebounding 2% after conceding to pressures to reenter the Chinese markets. IBM and Texas Instruments are higher on positive analyst comments. Intel is unchanged on a downgrade. Research in Motion is up 3.5% on no news. That company needs a break. The financials are quiet this morning. American Express, Visa, Janus, and Eaton Vance are modestly higher on upgrades. The retailers are modestly higher after getting hit yesterday. Costco is higher on an upgrade. Pep Boys is higher on insider buying. Best Buy is down 2% on a downgrade. The Dow Jones Transports are rebounded along with the major averages this week. Norfolk Southern is up 2% on an upgrade. Within the first hour the averages improved a little bit. The major averages are up 5% for the week, best week in nearly a year. Can't ask for too much today. Through the morning the averages remained quiet just above the unchanged level. The commodities are performing well thanks to a global growth story. Freeport McMoRan is up nearly 4%. The fertilizer stocks are up 3 to 4%. Heading into the last hour the averages accelerated to the upside. A great week. The Dow Jones Industrial Average finished up 58 points at 10,197. The S&P 500 index rose 7 points to 1,077. The Nasdaq Composite rose 21 points, or 1%, to 2,196. For the week, the Dow gained 5.3%, the S&P 500 gained 5.4%, and the Nasdaq advanced 5%, marking the best weekly performance for all three measures since July 2009.

July 8, 2010
U.S. stocks opened higher on Thursday, with investors heartened by news of a drop in jobless claims and reassuring comments from European Central Bank President Jean-Claude Trichet. The Dow Jones Industrial Average gained 80 points to 10,098, led by a 3% gain in shares of General Electric and a 2% rise in shares of American Express. The S&P 500 index rose 9 points, or 1%, to 1,070, led by the industrials sector, up 1.7%, and the energy sector, up 1.3%. The Nasdaq Composite rose 20 points, or 1%, to 2,180. The retail sales came in better than expected this morning, but a number of retailers are lower. Gap is down 7% and American Eagle is down 4% after less than expected same store sales. Ross Stores and TJX are down 4% even though both raised guidance for the year. Kohls is down 4% after missing estimates. Gymboree is lower even though their forecast was better than expected. Nordstrom is modestly higher on strong sales. JCPenney is up 6% and Abercrombie & Fitch is up 8% thanks to strong retail sales. The financials are modestly higher. The diamond of the day goes to Sun Bancorp up 38% after billionaire Wilbur Ross agreed to buy a 25% stake. Goldman Sachs and Morgan Stanley had their numbers cut, but both stocks are modestly higher. In the commodity space, Freeport McMoRan is higher even though one analyst cut their numbers. After the first half an hour the rally had cut it's gains in half, but rebounded after the first hour. The techs like IBM, Google, and Apple are performing well. Research in Motion is one of the few techs trading lower. Through the morning the averages sold off once again. In the early afternoon the averages fell into the red only to rebound once again. In the last hour the averages moved back into the green, accelerating into the close. The Dow Jones Industrial Average finished up 120 points, or 1.2%, to end at 10,138, led by a 3% rise in shares of Du Pont and a 2.5% gain in shares of McDonald's Corp. The S&P 500 index gained 9 points to 1,070, lifted by a 1.3% advance in both the industrials and energy sectors. The Nasdaq Composite rose 15 points to 2,175.

July 7, 2010
U.S. stocks opened slightly higher on Wednesday, as gains in financial shares and energy helped offset continued worries about the global economy. The Dow Jones Industrial Average gained 20 points to 9,767 led by a 1.7% gain in shares of Cisco Systems. The S&P 500 index rose 4 points to 1,032. The Nasdaq Composite rose 14 points to 2,108. Leading the financial sector, shares of State Street rose 10% after the bank said the second-quarter earnings would beat estimates. Bank of New York Mellon is up 4% after announcing a joint venture with a Chinese bank. PNC and Jefferies are higher on upgrades. Oil driller, BP is up 2.6% on news the CEO went to Abu Dhabi to possibly raise capital or take a vacation. Diamond Offshore is higher even though the company was upgraded. After the first half an hour the averages pushed higher. The Dow rose 70 points. The Nasdaq rose 20 points. In the tech space Apple, Atmel, Texas Instruments, EMC, and Fairchild Semi are all higher on upgrades. Google is higher even though they had their price target cut. After the first hour, the Dow rose 100 points. The Nasdaq rose 24 points. So far so good. Through the morning the averages slowly improved. During the lunch hour a minor pullback only spurred more investors to jump in. By the middle of the afternoon the Dow was up 180 points. The Nasdaq rose 40 points. Through the afternoon into the close the averages pushed higher rising about 10,000 for the first time in two weeks. The Dow Jones Industrial Average finished up 275 points, or 2.8%, to close at 10,018, marking the largest one-day point gain in the index since May 27. The S&P 500 rose 3.1% or 32 points to close at 1,060, and the Nasdaq advanced 65 points or 3.1% to close at 2,159.



July 6, 2010
U.S. stocks rallied at the start Tuesday as investors returned from a three-day weekend with abated worries about the global economy. The Dow Jones Industrial Average rose 105 points, or 1.1%, to 9,791. The S&P 500 gained 12 points to 1,035, with gains in all industry groups led by materials. The Nasdaq Composite gained 30 points to 2,124. Well, everything is cheap. Barrons ran articles pointing out a number of blue chip companies trading for less than 10 times earnings and providing dividend yields of 3% or more which is better than 10 year Treasury bonds. That's the definition of cheap. After the first half an hour the averages pushed higher. Everthing looks good. Intel is higher following two upgrades. AMD and Micron were also upgraded. In the oil space, BP is jumping 6% on rumors they will raise capital from a private equity firm to prevent any hostile takeover. Freeport McMoRan is up 4.5% and US Steel is up 5%. The financials look good. A number of the big banks are trading for less than 10 times earnings. BB&T is up 3% on an upgrade. The insurance stocks look good. Prudential is up 3% on an upgrade. In the retail space, Aeropostale is up 3% on a positive article in Barrons. Walgreens and Smithfield Foods are both up over 3% on positive business data. After seven straight down days, we're finally getting a good up day. Through the morning and into the afternoon the averages slowly gave up their rally. By the middle of the afternoon the averages had given up all their gains. Here we go again. In the last hour the averages vacillated back and forth only to rally into the close. The Dow Jones Industrial Average finished up 57 points to close at 9744. The Nasdaq closed up 2 points at 2094, and the S&P 500 Index rose 5 points to close at 1028.


July 5, 2010

Closed for the 4th of July. Happy Independence.