S&P 500 1,140.53 -.66%
NASDAQ 2,050.24 -.47%
Leading Sectors
Broadcasting +1.32%
Oil Service +1.03%
Fashion +.50%
Lagging Sectors
Internet -.94%
Airlines -1.22%
Telecom -1.34%
Other
Crude Oil 36.27 +3.72%
Natural Gas 5.89 1.45%
Gold 424.30 +1.07%
Base Metals 112.54 -.25%
U.S. Dollar 88.27 -.39%
10-Yr. Long-Bond Yield 4.16% +.24%
VIX 15.76 +2.87%
Put/Call .70 -14.63%
NYSE Arms 1.85 +103.30%
After-hours Movers
YHOO +9.7% after beating 1Q estimates, raising 2Q and 04 guidance and announcing 2-for-1 split.
HOTT -4.84% on disappointing March same-store-sales.
BSTE +5.71% after substantially raising 1Q estimates.
Internet-related companies up across the board on YHOO news.
Recommendations
Goldman Sachs raised estimates on ALL and reiterated Outperform. GS reiterated Outperform on YHOO, IGT, AGI, UTX, IBM, PFE and DNA.
After-hours News
U.S. stocks finished slightly lower Wednesday on rising energy prices, violence in Iraq, lower-than-expected earnings from Alcoa/Seagate and profit-taking. After the close, Dell(DELL), Research in Motion(RIMM), Genentech(DNA) and Yahoo!(YHOO) all made positive announcements regarding business conditions. France, Russia and China blocked enforcement of United Nations sanctions of Iraq, contributing to former dictator Saddam Hussein's theft of money from the oil-for-food program, Bloomberg reported. The U.S.-led coalition in Iraq vowed to defeat the Mahdi militia of fugitive cleric al-Sadr while attempting to kill and capture militants in the town of Fallujah, Bloomberg reported.
BOTTOM LINE: The Portfolio had a relatively good day. I added a few tech positions into afternoon weakness, bringing the Portfolio's market exposure to 75% net long. Considering the news, I thought the indices held up very well. After-hours reports were very encouraging as multiple companies made positive market-moving announcements. Condoleezza Rice's testimony tomorrow may affect trading as well. I expect stocks to open higher in the morning and peak before mid-day as investors take profits ahead of the holiday weekend on terror/war fears.
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