S&P 500 1,114.94 +.17%
NASDAQ 1,976.15 +.59%
Leading Sectors
Disk Drives +1.65%
Networking +1.47%
Biotech +1.35%
Lagging Sectors
Homebuilders -1.16%
Telecom -1.54%
Oil Service -1.73%
Other
Crude Oil 40.57 -.32%
Natural Gas 6.70 -.48%
Gold 388.40 +.03%
Base Metals 106.71 +1.09%
U.S. Dollar 89.79 -.04%
10-Yr. T-note Yield 4.65% -1.38%
VIX 15.97 +.06%
Put/Call 1.00 +16.28%
NYSE Arms 1.12 +88.67%
After-hours Movers
TECD +6.21% after beating 1Q estimates substantially and raising 2Q guidance.
DLTR +5.80% after beating 1Q estimate and re-affirming 2Q/04 forecast.
Recommendations
Goldman Sachs said day 2 of Steel Conference solidified positive outlook for the sector, favorite is NUE. Goldman reiterated Outperform on AMLN.
After-hours News
U.S. stocks finished mostly higher Wednesday as falling oil prices and interest rates offset terrorism concerns and weaker-than-expected economic reports. After the close, U.S. Senator Feinstein asked for a safety review of a malaria drug made by Roche Holding AG after six American soldiers who were given the medicine suffered brain damage, UPI reported. Softbank tentatively agreed to buy a controlling stake in Japan Telecom for $2.68 billion from Ripplewood Holdings, a NY-based investment firm, Nikkei News reported. The Sudanese government signed a series of agreements with the country's main rebel group aimed at ending more than two decades of civil war that has killed more than 1.5 million people, Bloomberg said. Fox Broadcasting may take in about $40 million in advertising sales from tonight's two-hour finale of "American Idol," Bloomberg reported. Thousands of men over age 60 who are told that they don't have prostate cancer based on blood tests may have undetected diseases, including advanced tumors, according to a study in the May 27 New England Journal of Medicine, Bloomberg reported. Senator Kerry will accept his party's nomination in July in Boston rather than wait in order to avoid federal election spending limits, Bloomberg reported.
BOTTOM LINE: The Portfolio had a good day today and I made a few changes in the afternoon. I took substantial profits in a few of my internet and Chinese ADR longs. I then added several telecom equipment and biotech longs, leaving the Portfolio with 125% net long market exposure. ARRS is one of my new longs and I am using a $5.00 stop-loss on the position. I expect stocks to continue to consolidate recent gains in the very near-term on higher-than-expected inflation data, however the rally should resume on Tuesday barring any significant terror acts over the holiday weekend.
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