S&P 500 1,084.10 -1.06%
NASDAQ 1,876.64 -1.45%
Leading Sectors
Oil Service +.40%
Energy -.22%
Drugs -.26%
Lagging Sectors
Iron/Steel -2.46%
Networking -2.83%
Nanotechnology -3.37%
Other
Crude Oil 41.53 -.05%
Natural Gas 6.42 unch.
Gold 379.80 +.05%
Base Metals 99.92 -2.06%
U.S. Dollar 90.95 -.77%
10-Yr. Long-Bond Yield 4.69% -1.66%
VIX 19.96 +8.07%
Put/Call 1.22 +27.08%
NYSE Arms .99 +85.42%
After-hours Movers
MLNM +16.52% after saying its Velcade medicine helped people with a blood cancer called multiple myeloma live longer.
CSC +5.16% after beating 4Q estimates, raising 1Q and 04 guidance.
ENDP -11.09% after saying it had decided to launch it oxycodone extended-release tablets after an appellate court decision.
Recommendations
Goldman reiterated Outperform on CLX, SRE, KMI, EQT, ATG, PFE, GS reiterated Underperform on SGP and BMY. Jim Cramer, of TheStreet.com, said long-term investors should look at buying CMLS.
After-hours News
U.S. stocks finished lower Monday as violence in Iraq and concerns over slowing Asian economies continued to worry investors. After the close, the UK government said it may send another 3,000 troops to Iraq before coalition forces hand over power to Iraq's interim government on June 30, the London-based Times said. U.S. government bonds rallied after a report showed international investors increased their holdings of the securities by a record $61.5 billion in March, Bloomberg reported. Agilent Technologies, the world's largest maker of scientific test gear, reported that sales rose 25% to the highest level since 2001 and above analysts' estimates, Bloomberg reported. SBC Communications tomorrow will receive notice that 100,000 employees represented by the Communications Workers of America may go on strike. The Pentagon said it suspended payment of $159.5M to Halliburton for meals served at 64 Army dining facilities in Iraq because the documentation submitted by the company is incomplete, Bloomberg said.
BOTTOM LINE: The Portfolio fell today as my tech and basic material longs dropped. Some of my long positions hit stop-loss points in the afternoon. The Portfolio is 75% net long after exiting these positions. The rally I expected in the afternoon materialized, but failed. However, the 1-1.5% losses for the major U.S. indices today came on light volume and could have been much worse considering the news. As well, bonds rallied strongly, the ARMS, Put/Call, VIX all spiked and oil stabilized. I continue to expect a decent rally beginning at any time.
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