Market Wrap-Up for Oct.4 (AXP, FCX, SLE, NEM, ABX, SNY, more)


Shutterstock photo

The beginning of the trading week (and month, for that matter) got off to a rough start. Conventional wisdom states that the first couple of trading sessions in a new quarter can be strong because of fund inflows that get put to work in the market.

There's no such thing occurring today, however, continuing the trend from Friday, which also lacked buying sizzle. I saw a report recently from the Employee Benefit Research Institute that said as of 2009, Social Security accounted for almost half elderly women's income, compared with just over a third for elderly men. The big thing I am taking out of this is the fact that the over-reliance on Social Security is a problem for many seniors. I hope that readers see this stat and that it encourages you to get started as soon as possible to building up a richer retirement nest egg.

I am so looking forward to my book, "Be a Dividend Millionaire" to be released sometimes in the spring. It is a book dedicated for the men and women that are working their butts off and who can use a great template in how to get started building a wealthy retirement, with not much money required to get started.

Back to today's action, gold-mining plays were among the commodity sector names seeing red. Stocks like Newmont Mining ( NEM ) and Barrick Gold ( ABX ) pulled down, as did Freeport McMoran ( FCX ) - which was downgraded this morning by a Citigroup analyst. American Express ( AXP ) was sold heavily on news that the company's merchant contracts may be in violation of U.S. antitrust laws, according to a suit just filed by the U.S. government. A couple of deal-rumored names made headlines earlier as pharma play Sanofi-Aventis ( SNY ) went with a hostile bid to acquire Genzyme ( GENZ ). Also, shares of Sara Lee ( SLE ) saw some action on speculation a private equity firm was sniffing around the food play. Private equity firms are desperately looking for places to put their money, so big brands are becoming targets. The usual scenario is that a PE firm will come in and slash costs as many ways possible, so from a jobs' scenario, a takeover in many cases may not be a great thing for the target company's workforce.

I hope everyone had a great weekend, and thanks again for reading!

P.S. Tomorrow's newsletter may be a bit delayed as I have a speaking engagement.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Created by

This article appears in: Investing Stocks
Referenced Stocks: ABX , AXP , FCX , GENZ , NEM , SLE , SNY

More from

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by