S&P 500 1,122.41 -1.38%
NASDAQ 1,989.54 -2.12%
Leading Sectors
Utilities +.18%
Restaurants +.12%
Hospitals -.47%
Lagging Sectors
Homebuilders 3.15%
Nanotechnology -3.24%
Papers -3.58%
Other
Crude Oil 37.26 -.53%
Natural Gas 5.93 -.60%
Gold 384.80 -.29%
Base Metals 102.86 -4.18%
U.S. Dollar 91.17 +.84%
10-Yr. Long-Bond Yield 4.47% +1.94%
VIX 16.29 +8.10%
Put/Call .87 +22.54%
NYSE Arms 1.90 +62.39%
After-hours Movers
MACR +20.21% after beating 4Q estimates and raising 1Q guidance.
PHTN +6.13% after missing 2Q estimates, but raising 3Q guidance.
TWX +4.18% after beating 1Q estimates and raising 04 guidance.
JDSU -7.51% after meeting 3Q estimates and lowering 4Q guidance slightly
SWKS -7.75% on profit-taking after beating 2Q estimates and raising 3Q guidance.
Recommendations
Goldman Sachs reiterated Underperform on AKS, BMY, ACAI and Outperform on SYMC, ATI, FOX. GS says to Buy ROV on weakness. The Street.com has a positive column on PD, saying now is a good long-term entry point.
After-hours News
U.S. stocks finished sharply lower Wednesday on Nortel's ongoing scandal, higher interest rates and concerns about the health of the Chinese economy. After the close, Time Warner's CEO Richard Parsons told CNN that business is stabilizing and that "there's a lot more value there than we're getting credit for." Caterpillar forecast its China sales will grow 35% to $1 billion this year, the China Daily reported. The U.S. House voted to make permanent a tax cut for married couples that expires next year after retooling the legislation to allow more low-income Americans to claim a tax credit for working.
BOTTOM LINE: The Portfolio fell slightly today and I did not make any changes in the afternoon, leaving market exposure at 25% net long. Interest rates rose in anticipation of tomorrow's strong GDP report. Economists are expecting 1st quarter U.S. economic growth of 5.0%. I am expecting a number closer to 6.0%. Commodities continued their fall today on rising U.S. interest rates, a rising U.S. dollar and Chinese economic concerns.
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