BUSINESS
Sunday, August 19, 2012 • A11
MIAMI VALLEY SUNDAY NEWS • WWW.TROYDAILYNEWS.COM
For suburbs, challenge is to lure tourists Metro NYC competes for travelers’
dollars WEST POINT, N.Y. (AP) — The Empire State Building casts a long shadow. Suburbs in the metropolitan area are stepping up efforts to attract tourist dollars, but they have to deal with the proximity of New York City, the country’s biggest magnet for visitors and their money. “We’re definitely in the position of looking to steal some of the crumbs,” said Kristen Matejka of the Long Island Convention and Visitors Bureau. New York City’s tourism industry brought in $32 billion and supported about 320,000 jobs last year, when more than 50 million people visited Gotham. In contrast, neighboring Westchester County says tourism was worth $1.7 billion. Long Island counted $4.8 billion. So how do the island and the Hudson Valley compete with the city that doesn’t sleep? They don’t. “New York City is a major draw, like a London, a Las Vegas, an Orlando,” said Natasha Caputo, Westchester’s tourism director. “We’re not competing with Orlando. “What we try to show is we’re an extension of New York City, enhancing that New York state of mind,” she said.
AP PHOTO/JIM FITZGERALD
A tourist poses with cadets for a photo as others wait their turn during a tour of the U.S. Military Academy at West Point, N.Y., Aug. 3. Suburbs in the New York metropolitan area are stepping up their efforts to attract tourist dollars, not by competing with New York City, but by marketing themselves as complementary destinations. There’s no Broadway or Museum of Modern Art or Yankee Stadium, but there are highly regarded community theaters, regional museums and minor league baseball. The suburbs can also brag that they have a few things the city doesn’t. “New York doesn’t have the specific ocean beaches we have,” Matejka said. It also can’t offer Halloween celebrations focused on the Sleepy Hollow legend in Westchester. And it doesn’t have
John Schieneman, who operates West Point Tours under an Army contract. So tourist agencies do their best to take advantage of New York City’s draw. They also narrow their marketing area, in general, to a few hundred miles. Dave and Deb Maciewicz are in that target zone. They were visiting West Point this month from their home in Barneveld, N.Y., about 200 miles away. “We love the Hudson Valley,”
the U.S. Military Academy in West Point, which attracted about 211,000 visitors last year. But rare is the visitor who comes from Texas or Timbuktu just to see the Hamptons, the Headless Horseman or the Long Gray Line. “I would be hard-pressed to think anyone is making a special trip to this area from a distance just to see West Point unless they’re an old West Pointer or they have a military background,” said
said Dave Maciewicz, 63, a controller at a nonprofit agency. They’ve been to West Point a couple of times, to the Franklin D. Roosevelt homestead in Hyde Park and the nearby Culinary Institute of America. But they also love Christmas in New York City, the Bronx Zoo and the racetrack at Saratoga, said Deb Maciewicz, 58, a registered nurse. Not all the visitors live within driving distance. Feeding the big numbers at West Point is a huge influx of Chinese tourists on East Coast bus trips. On the day the Maciewiczes visited, 21 buses arrived for tours, most while traveling from New York to Boston. Guides speaking Mandarin and Cantonese were available and the tourists bought T-shirts at the gift shop and posed for photos with cadets. “It’s the most famous military academy in the world,” explained Sheng Zhen of Hong Kong, who was leading one group of Chinese. “All the boys dream to be a soldier.” But Schieneman acknowledges those long-distance travelers would not be at West Point if they hadn’t come to see New York. Rob Schweitzer, spokesman for Historic Hudson Valley, which operates six historic sites and runs the Halloween festival, agrees that the city is good for business. “The city has such a vibrancy and such energy from a cultural and tourism standpoint. It’s not a problem to offer people a different experience but a complementary experience: If you’re visiting New York or you’re a New Yorker, come out and see what’s half an hour away.”
Least loved day, Monday, is also Wall Street’s worst NEW YORK (AP) — It’s not just in your head. Mondays really are the worst. Monday is the only day the stock market is more likely to fall than to rise. The Dow Jones industrial average has been down 10 of the past 11 Mondays. And the two worst days in market history are both known as Black Monday. There’s no single reason why Mondays are so blue. Then again, there’s no single reason the market rises or falls on any given day, driven as it is by the whims of traders placing millions of individual buy and sell orders. Some anecdotal evidence comes to mind: Companies are prone to release bad news on Friday nights, when fewer people are paying attention. Monday is the first day investors can react. And when companies collapse, they often do it late Sunday or early Monday, after spending a last weekend trying to stay afloat. See Wachovia and, most famously, Lehman Brothers investment bank, on Sept.
AP PHOTO/RICHARD DREW
In this July 31 photo, specialist Gregg Maloney works at his post on the floor of the New York Stock Exchange. Mondays have proven to be the stock market’s worst day of the week. 15, 2008. Maybe people are just grumpier. They are at least more anxious: The so-called Vix, a gauge of investor fear, tends to go up on Mondays, notes Ryan Detrick, senior technical strategist for Schaeffer’s Investment Research in Cincinnati. The Vix has risen on twothirds of this year’s Mondays. On Tuesdays, the
second-most-anxious day, the Vix was up just 58 percent of the time. Or maybe it’s a fluke another pattern people latch on to to make the market seem more understandable, same as the stories that hemlines go up in bull markets, or that stocks rise if a team from the NFC wins the Super Bowl. Burton Malkiel wrote
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WEEKLY REVIEW
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NYSE
WEEKLY STOCK EXCHANGE HIGHLIGHTS
8,102.07 +57.32
GAINERS ($2 OR MORE)
Name MKors n Checkpnt Ann Inc TrnsRty EnergySol MS CrOil31 Blyth s US Silica n AMN Hlth iP LEEmM
Last Chg 52.09 +9.77 8.64 +1.56 33.89 +6.02 3.85 +.68 2.54 +.44 27.80 +4.75 44.00 +7.50 12.44 +2.07 7.75 +1.20 84.01 +12.01
%Chg +23.1 +22.0 +21.6 +21.5 +21.0 +20.6 +20.5 +20.0 +18.3 +16.7
LOSERS ($2 OR MORE)
Name Molycorp MillMda n MexEqt pf Yelp n InterOil g iP LXR1K iP SER2K BarnesNob ETLg1mVix Orbitz
Last Chg 9.84 -3.06 10.89 -2.83 13.40 -3.06 21.50 -4.35 78.02 -12.99 57.23 -9.53 23.32 -3.76 12.34 -1.97 28.48 -4.24 2.93 -.41
Name ImpacMtg IncOpR ASpecRlty Augusta g eMagin UraniumEn SparkNet WalterInv MeetMe OverhillF
Last Chg %Chg 4.89 +2.74 +127.4 2.20 +.44 +25.0 4.08 +.74 +22.2 2.98 +.51 +20.6 4.22 +.69 +19.5 2.46 +.39 +18.8 6.81 +.96 +16.4 27.56 +3.87 +16.3 2.52 +.33 +15.1 4.55 +.52 +12.9
LOSERS ($2 OR MORE)
Name CKX Lands WizrdSft rs HallwdGp GSE Sy BovieMed KeeganR g Arrhythm Medgen wt CT Ptrs PyramidOil
2,067 1,072 346 48 3,193 54 13,825,877,820
Advanced Declined New Highs New Lows Total issues Unchanged Volume
DIARY
2,424.69 -24.43
GAINERS ($2 OR MORE)
%Chg -23.7 -20.6 -18.6 -16.8 -14.3 -14.3 -13.9 -13.8 -13.0 -12.3
MOST ACTIVE ($1 OR MORE) Name Vol (00) Last Chg BkofAm 4447150 8.00 +.26 SprintNex4235062 5.19 +.27 S&P500ETF4014317142.18+1.34 NokiaCp 1937265 2.74 -.02 Bar iPVix 1699729 11.20 -.22 iShEMkts1646669 40.47 -.26 FordM 1581979 9.63 +.28 GenElec 1485574 21.00 -.10 iShR2K 1460525 81.71 +1.79 Citigroup 1154386 29.03 +.13 Advanced Declined New Highs New Lows Total issues Unchanged Volume
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NYSE MKT
Last Chg %Chg 13.61 -3.37 -19.8 4.04 -.73 -15.3 8.75 -1.29 -12.8 2.00 -.29 -12.7 2.65 -.38 -12.5 2.92 -.38 -11.5 2.70 -.30 -10.0 4.70 -.40 -7.8 3.85 -.31 -7.5 4.54 -.31 -6.4
MOST ACTIVE ($1 OR MORE) Name Vol (00) Last Chg Rentech 185423 2.28 +.12 Vringo 177175 3.35 -.09 CheniereEn148956 14.38 -.28 NovaGld g121602 4.71 +.42 VantageDrl 81334 1.48 -.20 NwGold g 77765 10.61 +.12 GoldStr g 73360 1.32 -.03 UraniumEn 63766 2.46 +.39 NA Pall g 60173 1.82 +.32 GamGldNR 56839 13.99 +.05 DIARY
262 224 26 22 506 20 343,406,293
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NASDAQ
GAINERS ($2 OR MORE)
Name GlobTcAdv CntrlFed rs FSI Intl SecNtl lf MER Tele ConsuPtf Alexza rs Celsion RenewEn n AirMedia
Last 9.01 2.47 6.19 3.63 2.25 2.94 4.00 4.20 6.46 2.27
Chg +4.01 +.96 +2.15 +1.10 +.65 +.83 +1.04 +1.07 +1.60 +.53
%Chg +80.2 +63.6 +53.2 +43.5 +40.6 +39.3 +35.1 +34.2 +32.9 +30.5
LOSERS ($2 OR MORE) Name Last Chg %Chg Envivio n 2.59 -3.23 -55.5 Groupon n 4.75 -2.69 -36.2 Otelco un 2.17 -.88 -28.9 CarverB rs 4.28 -1.59 -27.1 MagneG rs 3.00 -1.10 -26.8 IdenixPh 5.90 -2.09 -26.2 LiveDeal 5.12 -1.76 -25.6 RoyaleEn 2.16 -.73 -25.3 CitiTrends 11.24 -3.76 -25.1 ForbEnSv 3.64 -.90 -19.8 MOST ACTIVE ($1 OR MORE) Name Vol (00) Last Chg Facebook n375723019.05 -2.76 SiriusXM 3438232 2.56 +.08 Cisco 3307148 19.06 +1.52 Groupon n1783614 4.75 -2.69 Staples 1437601 11.34 -2.07 Microsoft 1430521 30.90 +.68 Intel 1321516 26.33 -.55 PwShs QQQ127942668.32 +1.46 Yahoo 1149183 15.03 -.12 MicronT 1083907 6.57 -.19 Advanced Declined New Highs New Lows Total issues Unchanged Volume
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WEEKLY DOW JONES
Dow Jones industrials
3,076.59 +55.73
1,740 880 182 104 2,694 74 7,937,055,879
about those last two theories in his finance classic, “A Random Walk Down Wall Street.” He stuck them in a section called “A Gaggle of Other Technical Theories to Help You Lose Money.” He found the “blue Monday” phenomenon equally underwhelming. “Far from dependable,” he says, and “most likely due to chance.” Still, there is a pattern. Howard Silverblatt, senior index analyst for S&P Dow Jones Indices, crunched numbers for the Standard & Poor’s 500 stock index back to 1928 and found that melancholy Mondays are a long tradition. Over the past 84 years, the S&P has declined on 52 percent of the Mondays, Silverblatt says. Same goes for the Dow, going back to 1900. On each of the other four days, the market is more likely to rise than fall. The S&P averages a decline of 0.12 percent on Mondays over history. On each of the other four days, the market averages a gain.
Close: 13,275.20 1-week change: 67.25 (0.5%)
13,500
-38.52 MON
2.71
-7.36
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85.33 THUR
25.09 FRI
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STOCKS OF LOCAL INTEREST Wk Wk YTD Chg %Chg %Chg
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AT&T Inc BkofAm Bar iPVix Cisco CocaCola s Disney EnPro Facebook n FifthThird Flowserve FordM GenElec Groupon n HewlettP iShEMkts iShR2K ITW Intel JPMorgCh KimbClk
NY NY NY Nasd NY NY NY Nasd Nasd NY NY NY Nasd NY NY NY NY Nasd NY NY
1.76 37.17 -.32 -0.9 +22.9 .04 8.00 +.26 +3.4 +43.9 ... 11.20 -.22 -1.9 -68.5 .56 19.06 +1.52 +8.7 +5.8 1.02 39.53 +.14 +0.3 +13.0 .60 50.46 +.81 +1.6 +34.6 ... 36.49 +2.48 +7.3 +10.6 ... 19.05 -2.76 -12.6 -50.2 .32 14.40 +.11 +0.8 +13.2 1.44 128.58 +.55 +0.4 +29.5 .20 9.63 +.28 +3.0 -10.5 .68 21.00 -.10 -0.5 +17.3 ... 4.75 -2.69 -36.2 -77.0 .53 19.52 -.18 -0.9 -24.2 .82 40.47 -.26 -0.6 +6.7 1.23 81.71 +1.79 +2.2 +10.8 1.52 60.00 +2.69 +4.7 +28.5 .90 26.33 -.55 -2.0 +8.6 1.20 36.98 +.01 ... +11.2 2.96 83.95 +1.13 +1.4 +14.1
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Kroger NY McDnlds NY MeadWvco NY Microsoft Nasd NokiaCp NY Penney NY PepsiCo NY PwShs QQQ Nasd ProctGam NY Questar NY S&P500ETF NY SearsHldgs Nasd SiriusXM Nasd SprintNex NY Staples Nasd Tuppwre NY US Bancrp NY VerizonCm NY WalMart NY Wendys Co Nasd
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A Wk Wk YTD Chg %Chg %Chg
.46 22.03 -.35 -1.6 -9.0 2.80 87.36 -.84 -1.0 -12.9 1.00 28.76 +.58 +2.1 +7.8 .80 30.90 +.68 +2.3 +19.0 .26 2.74 -.02 -0.7 -43.2 ... 24.10 +.70 +3.0 -31.4 2.15 73.39 +1.26 +1.7 +10.6 .51 68.32 +1.46 +2.2 +22.4 2.25 67.00 +.23 +0.3 +.4 .65 19.96 -.48 -2.3 +.5 2.70 142.18 +1.34 +1.0 +13.3 .33 59.49 +8.07 +15.7 +87.2 ... 2.56 +.08 +3.2 +40.7 ... 5.19 +.27 +5.5 +121.8 .44 11.34 -2.07 -15.4 -18.4 1.44 54.21 +.46 +0.9 -3.1 .78 33.11 -.05 -0.2 +22.4 2.00 44.06 -.54 -1.2 +9.8 1.59 71.99 -1.69 -2.3 +20.5 .08 4.37 -.08 -1.8 -18.5
Stock Footnotes: g = Dividends and earnings in Canadian dollars. h = Does not meet continued-listing standards. lf = Late filing with SEC. n = New in past 52 weeks. pf = Preferred. rs = Stock has undergone a reverse stock split of at least 50 percent within the past year. rt = Right to buy security at a specified price. s = Stock has split by at least 20 percent within the last year. un = Units. vj = In bankruptcy or receivership. wd = When distributed. wi = When issued. wt = Warrants. Mutual Fund Footnotes: b = Fee covering market costs is paid from fund assets. d = Deferred sales charge, or redemption fee. f = front load (sales charges). m = Multiple fees are charged. NA = not available. p = previous day’s net asset value. s = fund split shares during the week. x = fund paid a distribution during the week.Gainers and Losers must be worth at least $2 to be listed in tables at left. Most Actives must be worth at least $1. Volume in hundreds of shares. Source: The Associated Press. Sales figures are unofficial.
Nobody names a restaurant T.G.I. Monday’s. The Titanic sank on a Monday, for crying out loud. It wasn’t always like this, with Mondays representing the dreaded beginning of the workweek in Western countries. Monday probably got its bad name when the Roman emperor Constantine invented the weekend, as David Ewing Duncan, author of a book on the history of the calendar, is fond of saying. Constantine made Sunday a rest day, an attempt to please both sunworshippers, who were already observing it, Duncan says, and Christians, who Constantine knew could be persuaded because they believed in the resurrection of Christ on a Sunday. So Monday, named for the moon, became the day for going back to work. Which, in some ways, is only fitting. “There’s always been some mystery around the moon,” Duncan says. “Much like how the stock market works on Mondays.”
(The best is Wednesday, averaging an increase of 0.08 percent.) This year follows the pattern: For both the S&P and the Dow, Monday is the only day to average a loss. Notably horrible was Monday, June 11, when the Dow fell 142 points because of worries about Spanish debt. Almost as bad were June 25, also capsized by worries about Spain, and April 9, after an anemic jobs report. “Maybe over the weekend, that’s when reality sets in,” says Tim McCandless, senior stock analyst at Bel Air Investment Advisors in Los Angeles. Three of the five worst days in the history of the S&P 500 were Mondays, including two days known as Black Monday: Oct. 19, 1987, when stocks plunged more than 20 percent, and Oct. 28, 1929, which helped set off the Great Depression. So pity the poor Monday. Even pop culture is stacked against it. The Mamas & the Papas sang that every other day of the week is fine.
52-Week High Low 13,338.66 5,390.11 499.82 8,327.67 2,498.89 3,134.17 1,422.38 14,951.57 847.92 4,137.15
10,404.49 3,950.66 410.92 6,414.89 1,941.99 2,298.89 1,074.77 11,208.42 601.71 3,169.44
Name
STOCK MARKET INDEXES
Dow Jones Industrials Dow Jones Transportation Dow Jones Utilities NYSE Composite NYSE MKT Composite Nasdaq Composite S&P 500 Wilshire 5000 Russell 2000 Lipper Growth Index
MONEY RATES
Prime Rate Discount Rate Federal Funds Rate Treasuries 3-month 6-month 5-year 10-year 30-year
Name PIMCO TotRetIs Vanguard TotStIdx Vanguard InstIdxI Fidelity Contra American Funds CapIncBuA m Vanguard 500Adml American Funds IncAmerA m Vanguard TotStIAdm American Funds GrthAmA m Vanguard InstPlus American Funds CpWldGrIA m American Funds InvCoAmA m American Funds WAMutInvA m FrankTemp-Franklin Income A m Fidelity Magellan Putnam GrowIncA m Putnam MultiCapGrA m Janus RsrchT Janus WorldwideT d Fidelity Advisor HiIncAdvT m
Last 3.25 0.75 .00-.25
Pvs Week 3.25 0.75 .00-.25
0.09 0.14 0.80 1.81 2.93
0.10 0.14 0.71 1.66 2.75
Last
Wk Chg
Wk %Chg
YTD %Chg
12-mo %Chg
13,275.20 5,194.38 478.91 8,102.07 2,424.69 3,076.59 1,418.16 14,793.92 819.89 4,025.64
+67.25 +130.83 -6.23 +57.32 -24.43 +55.73 +12.29 +150.65 +18.34 +66.94
+.51 +2.58 -1.28 +.71 -1.00 +1.84 +.87 +1.03 +2.29 +1.69
+8.66 +3.48 +3.06 +8.36 +6.42 +18.10 +12.77 +12.16 +10.66 +13.92
+22.72 +23.04 +14.94 +16.24 +10.11 +31.37 +26.22 +25.35 +25.81 +24.02
Australia Britain Canada Euro Japan Mexico Switzerlnd
CURRENCIES Last
Pvs Day
.9597 1.5691 .9888 .8115 79.55 13.1325 .9746
.9505 1.5740 .9862 .8090 79.25 13.1416 .9717
British pound expressed in U.S. dollars. All others show dollar in foreign currency.
MUTUAL FUNDS
Total Assets Obj ($Mlns) NAV CI 163,565 11.36 LB 71,581 35.35 LB 65,440 130.29 LG 58,441 77.34 IH 57,830 52.92 LB 56,946 131.12 MA 56,152 17.87 LB 55,757 35.37 LG 54,360 32.99 LB 45,853 130.29 WS 45,246 35.57 LB 44,594 30.64 LV 40,156 31.24 CA 39,553 2.20 LG 12,191 72.55 LV 4,095 14.16 LG 2,813 54.88 LG 1,311 31.73 WS 759 43.56 HY 540 10.13
Total Return/Rank 4-wk 12-mo 5-year -0.3 +6.4/A +9.0/A +4.1 +20.5/B +2.2/A +4.2 +21.5/A +1.9/B +3.3 +17.4/C +4.2/B +2.3 +12.0/A +2.0/C +4.2 +21.4/A +1.9/B +2.2 +14.0/A +3.1/B +4.2 +20.7/B +2.4/A +5.0 +15.9/D +1.2/D +4.2 +21.5/A +1.9/B +5.1 +10.1/B +0.5/B +5.0 +18.7/C +0.8/C +3.2 +20.2/A +1.2/B +2.4 +13.1/A +4.0/C +4.5 +12.0/E -1.7/E +4.7 +17.2/C -1.8/D +5.6 +17.4/C +2.3/C +5.9 +14.9 +3.3 +6.6 +3.9 -3.0 +1.9 +12.6/A +6.9/D
Pct Min Init Load Invt NL 1,000,000 NL 3,000 NL 5,000,000 NL 2,500 5.75 250 NL 10,000 5.75 250 NL 10,000 5.75 250 NL200,000,000 5.75 250 5.75 250 5.75 250 4.25 1,000 NL 2,500 5.75 500 5.75 500 NL 2,500 NL 2,500 4.00 2,500
CA -Conservative Allocation, CI -Intermediate-Term Bond, ES -Europe Stock, FB -Foreign Large Blend, FG -Foreign LargeGrowth, FV -Foreign Large Value, IH -World Allocation, LB -Large Blend, LG -Large Growth, LV -Large Value, MA -Moderate Allocation, MB -Mid-Cap Blend, MV Mid-Cap Value, SH -Specialty-heath, WS -World Stock, Total Return: Chng in NAV with dividends reinvested. Rank: How fund performed vs. others with same objective: A is in top 20%, E in bottom 20%. Min Init Invt: Minimum $ needed to invest in fund. Source: Morningstar.