MBJ/Sovereign Wealth Index takes weekly dip, still up 15.8% on the year - Memphis Business Journal:

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In other corporate news, the U.S. Treasury announcef that 10 of the 19largesy U.S. financial institutions, including U.S. Bancorp JPMorgan Chase (JPM) and Goldman Sachs will be allowed torepay $68 billioh of TARP funds. In economicf news, the Fed’s Beige Book stated that there are signw that the economic decline is with several districts indicating that theirt expectationshave improved. Initiapl unemployment claims for the week ended June 6fell 24,00o0 to 601,000, which was betterf than consensus estimate of 615,000. And the May retailo sales numbers were aboutas expected, postingb a moderate increase of 0.
5% for both total sales and excluding For the week, the Dow Jone s industrial average gained 0.4%, closing just beloqw 8,800, putting it in positivr territory for the year. The Nasdaq advanced 0.5% and the S&oP 500 gained 0.7%. While the Memphis Business Journal/Sovereighn Wealth Management Index of local stockxs has historically moved in the same direction as the majotrequity indices, last week was an exception. The MBJ/SWMM Index fell -1.6% for the week ended June 12, with 9 of the 13 component stockssuffering losses. Local stocks fallinhg during the week PinnacleAirlines Corp., -12.8%; Mueller Industries, Inc., AutoZone, Inc., -2.6%; Thomas Betts Corp., -2.
4%; Education Realty Inc., -2.4%; Buckeye Technologies, Inc., -2.1%; and Mid-America Apartment Communities, -1.9%. Fred’s, Inc., fell -7.6 for the week after announcing net sales for the firsy quarter of 2009 decreasedto $458.4 millio n from $464.3 million in 2008, a quarter-over-quarter declinr of $5.9 million or 1.3%. Fred’s attributed the declines to the company’s store closinhg program coupled with ongoing economic challenges impacting their customers’ disposable income. FedEx shares fell -4.8% for the week.
Most of that loss occurre d onJune 12, following a recommendation from popular market maven Jim Cramef for investors to sell FedEx and buy sharee of rival UPS. Memphis-based stocks posting gains for the week First HorizonNational Corp., +2.3%; GTx, +7.4%; International Paper Co., +9.2%; and Wright Medical Inc., +0.8%. After a down week, the MBJ/SWM Indezx is now up 15.8% for 2009, with eighf of its 13 component stocks sporting gains forthe year.