Three Down Days in a Row

Sorry for the lack of posting today; I had a few technical issues to address.

Unfortunately, Wall Street made it three losses in a row today. The S&P 500 dropped 0.10% to 1,306.10. This comes on the heels of yesterday’s 0.61% drop and Tuesday’s 2.05% rout.

The good news is that our Buy List swam against the tide and rallied for a 0.32% gain. Abbott Labs (ABT) had a good day thanks to the reversal of a $1.8 billion patent infringement lawsuit. Another one of our Buy List stocks, Johnson & Johnson (JNJ), was one of the plaintiffs but their stock didn’t suffer much. Gilead Sciences (GILD) and Leucadia (LUK) also had good days.

I’m still a little surprised that Medtonic (MDT) is hanging below $40 per share. Despite the troubles from last year, the company is still churning out the profits, and we need to remember that they beat expectations. If you have free cash you’re looking to deploy, MDT is a solid value.

I should also note that, once again, cyclical stocks lagged the market today. The CYC dropped 0.50% which is 40 basis points more than the S&P 500.

Posted by on February 24th, 2011 at 4:40 pm


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.