Tickers in this Article: NEM, AMT, BMY, MTB, STB, AIB, EXEL
June was a horrendous month to be an equity investor as the stock market correction that began in April 2010 continued to grind its way through the pockets of long-only investors. Despite this carnage, there were several large capitalization stocks in the S&P 500 that performed well during the month of June.

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June Winners
Newmont Mining (NYSE:NEM) was up 14% in June 2010 as this mining company benefited from the surging price of gold, which seems to set a new record price every week. Newmont Mining has beaten earnings estimates for the last three quarters, and has seen analyst estimates for the June quarter and full years 2010 and 2011 move steadily higher over the last month.

The latest news that moved Newmont Mining higher was a report from UBS that raised price targets on all the gold mining stocks. The company reports earnings on July 28, 2010, and will probably have another solid month in July as long as investors keep herding into gold.

American Tower (NYSE:AMT) owns and operates thousands of communication sites for wireless and broadcasting, and is leveraged to the growth of broadband across the United States and elsewhere. Investors should beware that this stock trades at 42 times 2011 earnings estimates of $1.04 per share, and also carries a debt load of around $4.1 billion. The company finished up 10% in June.

Bristol Myers Squibb (NYSE:BMY) also had a great month, and was up 9% in June. It's not perfectly clear why Bristol Myers Squibb had such performance. The company has seen its earnings estimates for the quarter and full year fall slightly over the last 30 days, and the company abandoned a drug candidate to treat cancer that it was jointly developing with Exelixis (Nasdaq:EXEL).

The company does have a rock solid balance sheet, with cash and short-term investments of $7.7 billion, compared to total long-term debt of $6.1 billion, as of March 31. This may give comfort to investors in a time of major uncertainty in the economy. Other attractive characteristics for Bristol Myers Squibb is the company's more than reasonable valuation of only 10.5 times 2011 earnings estimates of $2.36 per share and a dividend yield of 5%.

M & T Bank (NYSE:MTB) was up 9% in June 2010. The company's shares defied the negative market trend due to rumors that Banco Santander, S.A., (NYSE:STD) a large Spanish bank, was in talks to buy MTB. Allied Irish Banks (NYSE:AIB) owns a large position in M & T Bank and might be ready to sell to raise capital.

The Bottom Line
Although the equity markets turned in a horrendous performance in June 2010, there were some winners in the stock market during the month. These stocks were spread across different sectors and moved higher for a variety of reasons, ranging from earnings momentum to buyout speculation. (Find out if mutual fund managers can successfully pick stocks or if you're better off with an index fund. To learn more, see Is Stock Picking A Myth?)

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