Covington Investment Advisors, Inc. Blog

News, Tips, Commentary, etc.

A Cup of Christmas Caution

 With the memory of the recent Distributed Denial of Service (DDOS) attack on a part of the internet that redirected traffic fresh in my mind, I was taken aback when I read an article stating that over eighty different Sony products that connect to the internet can easily be hacked. And then I read another article about a new botnet attacking the West Coast using the Internet of Things (IoT).  This Internet of Things has many useful, geeky and otherwise, nifty-neato things.  We have thermostats, security cameras, appliances and home entertainment gadgetry that can be remotely accessed by our smartphones and other carry along devices.  Therein lies the double edged sword.  The Mirai botnet used to attack these connected devices has caused some of the largest DDOS attacks this year.  It did not need to infect a PC as we think of computers but instead used the small computers in internet...
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    “One of the greatest dignities of humankind is that each successive generation is invested in the welfare of each new generation.” – Fred Rogers   "Art and music education help children develop abstract thinking that helps them in the business world.” – Alan Greenspan     On October 1, 2016 Covington Investment Advisors sponsored the opening night concert of the 48th season of the Westmoreland Symphony Orchestra.  As the Orchestra began their season the staff and guests of Covington Investment Advisors enjoyed “Brasstacular” at the Palace Theatre.  This concert featured Brandon Ridenour on trumpet with Daniel Meyer conducting.  Musical selections included Trumpet Concerto by Arutiunian; Dvorak’s Symphony No. 8 and the very familiar William Tell Overture by Rossini.   At Covington not only do we strive to meet our clients’ financial goals we also focus on making a difference in our community.  Fostering creativity in our schools is the key to...
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Annuities: Pros & Cons

                             Annuities “Annuities are not bought, they’re sold" An annuity is a contract between you and an insurance company that is designed to meet retirement and other long-range goals, under which you make a lump-sum payment for periodic payments to you in return. There are three types of annuities; fixed, indexed, and variable. Fixed: The Insurance Company agrees to pay you no less than a specified rate of interest during the time your account is growing. Indexed: The Insurance Company credits you with a return that is based on changes in an index (such as the S&P 500 Composite). Variable: You can choose to invest your purchase payments from among a range of different investment options, typically mutual funds. Your payments will be based off of the performance of the investment options you chose. You can choose between an Immediate Payout or a Deferred Payout: Immediate: You exchange your lump...
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S&P Earnings Scorecard

As of 5/31/16, 97% of S&P 500 companies have reported their earnings for the first quarter of 2016. According to S&P Dow Jones Indices, of those that have reported we have operating earnings per share of $24.09 which is a decline of -6.7% from one year ago. The 12 month operating earnings per share is $98.73 for the index, a decline of -11.45% from one year ago and a decline of -1.71% from the previous quarter. This marks the fourth consecutive quarter of declining year-over-year earnings and the fifth consecutive quarter of year-over-year revenue declines.   Source: S&P Dow Jones Indices    The decline in earnings has largely been contributed to two things: the Dollar strength and the decline in Energy related activities. A stronger US dollar negatively impacts earnings for those companies that generate revenue outside the US. In fact, approximately 48% of revenues for S&P 500 companies are derived...
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The Con Artists are Back: Part II

  The Con Artists Are Back: Part II IT’S NOT PARANOIA IF THEY REALLY ARE OUT TO GET YOU!                   I had the pleasure of attending a Cyber Security Conference recently and the opportunity to hobnob with my fellow wizards.  Not surprisingly, several panel discussion members pointed out that about 33%, one third, of all successful attacks on computer systems from single users to large networks are the result of successful social engineering.  This runs the gamut from fraudulent phone calls looking for data or scaring you into sending prepaid cards somewhere, to phishing (pronounced fishing) email attempts which look for usable personal information or a means to enter your computer in order to do future damage, to masquerading as someone who has authority to move money and demanding funds be moved.  The latter group is causing some concern.                  The original Nigerian Prince scam was the brain child of...
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Covington Investment Advisors, Inc.
301 E. Main Street
Ligonier, PA 15658
Phone: 724-238-0151
Fax: 724-238-0148