S&P 500 1,128.84 +.06%
NASDAQ 2,002.17 -1.12%
Leading Sectors
Drugs +3.57%
Oil Service +2.28%
Energy +1.27%
Lagging Sectors
Semis -2.85%
Disk Drives -3.33%
HMO's -3.55%
Other
Crude Oil 37.85 +.75%
Natural Gas 5.73 unch.
Gold 400.30 +.50%
Base Metals 111.32 -.28%
U.S. Dollar 90.04 -.03%
10-Yr. Long-Bond Yield 4.39% +.78%
VIX 15.74 +.77%
Put/Call .84 +5.00%
NYSE Arms .95 +53.23%
After-hours Movers
LEXR -21.04% after missing 1Q estimates and lowering 04 forecast.
DCLK -16.25% after missing 1Q estimates and lowering 2Q guidance.
NFLX -10.99% on profit-taking after meeting 1Q estimates and raising 2Q and 04 guidance.
CREE +4.44% after beating 3Q estimates and raising 4Q guidance.
PMCS -8.06% on profit-taking after beating 1Q estimates and raising 2Q guidance.
IPIX -20.25% after reporting disappointing 1Q results.
Recommendations
Goldman Sachs reiterated Outperform on CEN, PEP, KMT and CAL. GS reiterated Underperform on UIS. Greg Manning Auctions(GMAI), the seller of collectible stamps and coins that has seen its stock price increase more than 700% since June, is still undervalued, Business Week reported.
After-hours News
U.S. stocks finished mixed on strength in drug and energy shares and weakness in tech stocks. After the close, Japan said it would relax the requirement of having all cattle it purchases from the U.S. tested for mad cow, the Nihon Keizai reported. New York Senator Hillary Clinton said she wouldn't consider being Democratic presidential candidate John Kerry's running mate, NBC news reported. One month of inflation data may not be conclusive enough to change the Fed's long-term forecast on prices, Federal Reserve Governor Ben Bernanke said. IBM said first-quarter net income rose 16% and sales rose 11%. IBM's CFO John Joyce said that "Customer's existing infrastructure is the oldest it's been in nearly 20 years. There's a need for customers to update."
BOTTOM LINE: The Portfolio fell slightly today and I took profits in a few winning tech longs in the afternoon, bringing the Portfolio's market exposure to market neutral(longs-shorts=0). My short-term trading indicators turned negative today and the fact that many companies reporting very good earnings still fell does not bode well for the short-term direction of the market, thus my conservative postioning.
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