S&P 500: -13.31 (-1.22%)
Another slew of favorable earnings reports and a better-than-expected report on existing homes sales couldn’t lift markets as strength in the U.S. dollar ha devalued asset prices. All ten sectors finished in the red, although technology shares flirted with positive territory. With a stronger dollar, it is no surprise that energy and materials were the worst performing sectors, both declining over 2%.
The S&P 500 posted a weekly loss of 0.74%.
The biggest gainer on our Approved List was T. Rowe Price Group (TROW), finishing the day 10.51% higher. The rally in equity markets played a big part in TROW’s results, as net cash inflows of $7 billion and market appreciation of $43 billion increased the firm’s AUM by more than 15%. AUM gains has a positive impact on not only revenues, but on profitability as well. Also boosting shares was the fact that contribution rates and asset allocation in the retirement market continued to hold up well, which was a big concern earlier in the year.
The biggest loser today on our Approved List was SunPower Corp (SPWRA), which dropped 14.86%. The lack of upside to 2009 and no specific guidance on 2010 caused investors to dump shares. Also weighing on sentiment is uncertainty regarding feed-in tariffs in Germany, a key market for solar power companies.
Lots quick hits to look over during the weekend…
Quick Hits
- For Financial Planners, a Year of Tough Questions
- Squaring the circle: Making sense of asset prices
- Was October 2008 Just a Dress Rehearsal?
- Preventing the Next Financial Crisis
- Dollar’s Doom Puts a Face on New $1 Million Bill
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Peter J. Lazaroff, Investment Analyst
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