Colorado stocks doing twice as well as national

Filed under: Banking & Finance |

Colorado stocks appear to be performing twice as well as those from across the nation.

The Standard & Poor’s 500 was up 3.6 percent and the Dow Jones was up 4.1 percent through the beginning of the week. However, companies based in the state saw gains of 8 percent, according to the Bloomberg Rocky Mountain News Index, which tracks the stocks of 114 companies based in Colorado.

The gains represented a 52-week high, according to the index

Chipotle Mexican Grill was up 141.8 percent from its $22 offering price in less than a full quarter of trading, and the state’s telecom sector also performed well, with Time Warner Telecom up 84 percent and Level 3 Communications up 80.5 percent.

Broomfield-based Sirenza Microdevices posted a 91.8 percent return.

The state’s energy and mining sectors, however, showed opposite results. Newmont Mining fell 6.3 percent, Gasco Energy fell 17.2 percent

Local advisers win honors

Bloomberg’s Wealth Manager Magazine has named the Colorado Springs-based Rainsberger Wealth Advisors as one of the state’s premier wealth management and consulting firms for 2005.

RWA was ranked in the top 450 nationwide, and in the top 15 in Colorado. This is Rainsberger’s third time to appear on Bloomberg’s list.

Rainsberger provides fee-only personalized financial planning, retirement and investment management guidance for high net worth business owners.

Fed targeting youngsters

Attention future Alan Greenspans and Ben Bernankes of the world: the Federal Reserve has created a Web site just for you.

The central bank last week launched www.federalreserve.gov/kids for youth ages 11 to 14. The site is hosted by a smart-looking eagle and offers visitors a lesson about the Fed’s history. To round out the site’s educational merits, children are asked to take a 10-question quiz about what they’ve learned about the Federal Reserve.

The Web site is part of the Fed’s effort to improve the financial literacy of young people.

Wells Fargo going green

Wells Fargo has named eight environmental experts from the worlds of industry, academia and nonprofits to its environmental advisory board.

The board will help Wells Fargo “bring a thoughtful and balanced approach to integrating environmental considerations into our business practices,” banking officials said in a prepared statement.

The board is part of the bank’s commitment to integrate environmental responsibility into its operations.

Bank online, save a tree

Bank of America has announced it will do its part to save the nation’s forests.

Officials have announced the bank will donate a dollar to The Nature Conservancy for every customer who agrees to stop receiving a paper copy of his or her monthly bank statement.

The Nature Conservancy is an international, nonprofit organization that seeks to preserve land and water.

The donations will be limited to $500,000. The bank expects to save money on printing, postage and other costs.

About 3 million Bank of America customers have volunteered to forego their monthly paper statement and get their account information online.

IRS seeks phishy e-mails

The Internal Revenue Service has created an electronic mailbox where taxpayers can send suspicious e-mails they receive.

The e-mails can be sent to phishing@irs.gov.

Phishing is a term used for attempts to steal personal information via the Internet.

The new mail box allows taxpayers to send copies of possibly fraudulent e-mails involving misuse of the IRS name and logo to the agency for investigation.

The IRS can use bogus e-mails and links to trace the hosting Web sites and alert authorities.

However, because of the volume the new mailbox is expected to receive, IRS officials said they will not be able to acknowledge receipt or reply to those who submit e-mails.

Officials said the IRS does not send unsolicited e-mails or ask for detailed personal information, and the agency never asks for passwords access information for credit cards.

Rob Larimer covers banking and finance for the Colorado Springs Business Journal.