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Market Wrap-Up for June 29 (FCX, BUCY, MA, V, COH, BTU, BKS, more)

Posted: 6/29/2010 4:26:00 PM
Referenced Stocks: BKS;BTU;BUCY;COH;FCX;JWN;MA;V

The end of quarter buying could not get going despite two early rallies the past few trading sessions that failed to hold. The financial media is pointing to China economic concerns for the weakness, but I'm leaning toward the failure of quarter-end buying being just as big a factor.

Selling today was broad-based, especially hitting commodity and financial plays. Companies like Peabody Energy ( BTU ) , Freeport McMoran ( FCX ) , and Bucyrus International ( BUCY ) led commodity stocks lower. Mastercard ( MA ) and Visa ( V ) pushed the financials lower. Also, retail plays like Coach ( COH ) and Nordstrom ( JWN ) took a hit. Barnes & Noble ( BKS ) was beaten down after the company reported worse-than-expected earnings results. The dividend yield is high, but we are concerned the current payout amount may not hold. Volume picked up with the selling, with 6.13 Billion shares traded on the NYSE, and 2.75 Billion shares on the NASDAQ.

We removed three dividend plays from our recommended list as we continue to position the list in the best way possible as we move forward. We keep reminding investors to address one's portfolio to make any appropriate changes, especially if there are consistent underperformers making up part of one's holdings. We will continue to keep subscribers posted of any more changes we decide to make.

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