Thursday, July 01, 2004

Thursday Close

S&P 500 1,128.94 -1.04%
NASDAQ 2,015.55 -1.57%

Leading Sectors
Nanotechnology +.98%
Defense +.94%
Restaurants +.72%

Lagging Sectors
Semis -3.72%
Networking -4.01%
Disk Drives -4.03%

Crude Oil 38.59 -.44%
Natural Gas 6.21 -.08%
Gold 396.40 unch.
Base Metals 109.87 +.50%
U.S. Dollar 88.85 +.06%
10-Yr. T-note Yield 4.56% -.39%
VIX 15.20 +6.0%
Put/Call .93 +19.23%
NYSE Arms 2.81 +162.62%

After-hours Movers
JUNO +9.80% after announcing its board has declared a one-time cash dividend of $60 million payable to the holders of its common and preferred stock.
ESPD -12.83% after lowering 2Q estimates.
NFLX -3.06% after saying 2Q subscriber forecast at high end of range.
NBR -3.52% after cutting 2Q and 04 forecast.

Goldman Sachs raised CZN to Outperform. Goldman reiterated Outperform on ISG, NUE, MON, IACI and IGT.

After-hours News
U.S. stocks finished lower today on a rise in energy prices and weakness in technology, over earnings concerns. After the close, Australia and Malaysia said they may soon start talks on a free-trade agreement that would accelerate plans for a regional agreement with 10 south-east Asian countries, the Australian Financial Review reported. Verizon Wireless agreed to buy Qwest Communications International's wireless assets for $418 million, adding capacity in cities including Denver, Phoenix and Seattle. Nielsen Media Research may proceed with its plans to introduce a new local tv ratings system in Los Angeles next week after a California judge denied Univision TV Group's bid for a delay, Bloomberg reported. Lockheed Martin received a definite order for 22 F/A-22 fighter jets from the U.S. Air Force, setting the value of the contract first announced in March at $2.03 billion, Bloomberg reported.

BOTTOM LINE: The Portfolio finished lower today on weakness in my technology longs. I took a few more profits in the afternoon, leaving the Portfolio 75% net long. It appears to me that investors are overreacting to recent economic data and the rise in energy prices. This may be a result of the coming holiday weekend and repositioning into the new quarter. I would like to see a reversal of the recent selling by not later than next Tuesday.

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