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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

8/16-8/20/10

August 20, 2010
U.S. stocks fell further at the open Friday, adding to the sharp losses from the previous session which saw the latest batch of data continuing to signal a slowdown in the economy. The Dow Jones Industrial Average fell 53 points to 10,216, weighed down by a 1% drop in shares of aluminum giant Alcoa. Shares of Dow component Hewlett-Packard fell 0.8% after the computer maker posted better than expected earnings. The S&P 500 index fell 4 points to 1,070, weighed down by its energy, telecom, and industrials sub-sectors. The Nasdaq Composite dropped 4 points to 2,174. Along with HP, Dell is lower as well following better than earnings. Salesforce.com is strong up 8% following better than expected earnings. Other companies reporting earnings include Foot Locker, Aeropostale, Gap, AnnTaylor, Hormel, Smuckers, and Hibbett Sports. Hibbett Sports is down 8% while Smuckers and Hormel are modestly higher. A number of upgrades and downgrades this morning. McAfee received a number of downgrades after getting bought out yesterday. Rival Symantec received an upgrade and is acting better on optimism that company may get bought out as well. In the tech space, Corning and Research in Motion are lower on downgrades. Research in Motion is near its 52 week low. In the financials space, Bank of America made a 52 week low this morning. The banks can't seem to get out of their own way. After the first hour the averages moved lower with the Dow dropping over 100 points. Through the morning the averages bounced off the lows, but remained weak. In the afternoon the averages slowly improved heading into the last hour. The Dow Jones Industrial Average fell 57 points to end at 10,213, with 22 of its 30 components falling. Shares of Hewlett-Packard weighed the most on the blue-chip average, losing 2.2% after the computer giant's earnings. For the week, the Dow fell 0.9%. On Friday, the S&P 500 index fell 3 points to 1,071, weighed by the energy sector. The Nasdaq Composite, however, still rose fractionally on Friday, to end at 2,179 up 0.3% for the week.

August 19, 2010
U.S. stocks opened lower on Thursday after the Labor Department reported jobless claims rose unexpectedly last week, offsetting cheer that came with news that Intel was buying McAfee. The Dow Jones Industrial Average fell 38 points to 10,378. The S&P 500 declined 3 points to 1,090. The Nasdaq Composite shed 4 points to 2,211. Intel is trading down 2% while McAfee is jumping 57%. Rival, Symantec is up 6% in sympathy and on an upgrade. On the earnings front, Applied Materials and NetApp are up 2% on better than expected numbers. Brocade is down 4% on in line numbers. In the retail space Petsmart, Gymboree, Hot Topic, Childrens Place, Ross Stores, Toro, and Dollar Tree are higher following earnings. Retailers trading lower following earnings include Gamestop, Dicks, William Sonoma, Staples, Sears, Radio Shack, Bon Ton, Buckle, and 1-800 Flowers. After the first half an hour the averages dropped off a cliff thanks to weak manufacturing numbers. The Dow dropped over 130 points. The Nasdaq declined 24 points. Here we go again. Through the morning the averages remained weak. In the afternoon the Dow dropped 200 points before recovering a little bit. The Nasdaq declined 47 points before recovering a little bit. Google is lower today on its six year anniversary of going public. In the last hour the averages recovered a little bit, but not much. The Dow Jones Industrial Average finished down 144 points, or 1.4%, at 10,271. Intel led a decline in all 30 components on the blue-chip average, with a drop of 3.5%. The S&P 500 fell 18 points, or 1.7%, to 1,075, with financials leading a decline in all 10 industry groups. The Nasdaq Composite fell 36 points, or 1.7%, to 2,178.

August 18, 2010
U.S. stocks opened lower Wednesday, with energy companies leading the retreat after an unexpected rise in U.S. supply had crude-oil futures lapsing under $75 a barrel. The Dow Jones Industrial Average fell 40 points to 10,364. The S&P 500 Index shed 4 points to 1,088. The Nasdaq Composite declined 11 points to 2,198. For a second time this week, the averages drop sharply on the open only to claw their way back. A number of stocks are trading lower following earnings including Bob Evans, Eaton Vance, Target, BJs, and Deere. Chico's is jumping 7% on in-line earnings. Analog Devices is up 3% after beating earnings estimates. In the tech sector Salesforce.com and Amazon are higher on upgrades. The financials are quiet this morning. The commodities are quiet except for Potash which is up 2.6% on hopes that BHP raises their takeover target. After the first hour the averages remain in the red with the Dow down 40 points and the Nasdaq down 2 points. Through the morning, the averages slowly improved, moving into the green during the lunch hour. In the afternoon the Dow rose 50 points. The Nasdaq rose 16 points. The rally, while slow, is broad based with pretty much everything moving into the green. In the tech sector Google is lower after data indicated they lost some market share. The broader market actually pulled back in the last hour. The first hour and the last hour have not been kind to the markets as of late. The Dow Jones Industrial Average finished up 9 points at 10,415. The S&P 500 gained a point to 1,094. The Nasdaq Composite added 6 points to 2,215 points.
August 17, 2010
U.S. stocks opened higher on Tuesday after an unexpectedly solid rise in the nation's industrial output helped bolster sentiment. Solid earnings from retailers Walmart and Home Depot are also supporting equities. The Dow Jones Industrial rose 50 points to 10,352. S&P 500 gained 7 points to 1,086 while the Nasdaq Composite added 16 points to 2,198. Walmart and Home Depot are trading up 2%. Another Dow component, Honeywell is up 2% on an upgrade. The best performing sector is the fertilizers. Potash is jumping 25% after rejecting a takeover offer from BHP Billiton. Rivals like Agrium, Intrepid Potash, and CF are also trading up 5%. Other commodity stocks are performing well including Freeport, Cleveland Natural Resources, and U.S. Steel. Other companies reporting earnings include Agilent, Urban Outfitters, TJX, and Saks. All are higher. Abercrombie & Fitch is lower by 8% even though they beat estimates. After the first hour the averages remain strong near the highs of the day. The techs look good except for Research in Motion. That stock is down 2.5% following lackluster sales of the new Torch phone. The financials are quiet this morning. Through the morning the averages kept improving with the Dow rising over 100 points. The Nasdaq rose 34 points. The techs and the commodities are in the lead. In the afternoon the Dow rose to 150 points before pulling back in the last hour. The Dow industrials jumped 103 points to end at 10,405. Gains for the blue-chip average were led by a 3.4% gain in shares of Home Depot along with fellow Dow component Walmart. The S&P 500 index rose 13 points, or 1.2%, to end at 1,092, lifted by a 2.3% gain in the materials sector. The Nasdaq Composite 27 points, or 1.3%, to 2,209.
August 16, 2010


U.S. stocks opened lower on Monday, extending a losing streak into a fifth consecutive session, as data from Japan furthered worries about the global economy. The Dow Jones Industrial Average fell 59 points to 10,243. The S&P 500 declined 6 points to 1,073. The Nasdaq Composite shed 11 points to 2,162. The Dow dropped a quick 90 points before recovering. The analyst community seems to be turning on this market as well. Within the tech sector Intel, AMD, Analog Devices, and Corning all received downgrades. Corning made a small acquisition over the weekend. VMware is modestly higher on an upgrade. The diamond of the day goes to 3Par up 85% after Dell agreed to acquire the firm for $1.15 billion. Rival, Compellent Tech is higher on hopes they will be acquired as well. The financials opened lower, but rebounded to the unchanged level. Blackrock is modestly lower on news Bank of America may pare some of its stake in Blackrock. Genworth is modestly higher on an upgrade. In the retail space Lowes is up 3% following earnings. Their paint provider, Valspar is down 2% following earnings. Sysco is also lower following earnings. Petsmart is higher thanks to an upgrade. Within the first hour the averages battled all the way back to the unchanged level. Chesapeake Energy, and Schlumberger are higher thanks to upgrades. The fertilizer stocks and Freeport McMoRan look good this morning as well. How can the commodity stocks be performing so well when everything else is not? Through the morning and into the afternoon the averages remain pretty much unchanged. The averages did dip into the last hour only to rally back to the unchanged level by the close. For the fifth straight day the Dow Jones declined, falling just a point to 10,302. The S&P 500 closed unchanged at 1,079, with materials and tech stocks in the lead. The Nasdaq Composite ended up 8 points at 2,181, coming back a bit from last week's rout.