Thursday, July 15, 2004

Thursday Close

S&P 500 1,106.69 -.43%
NASDAQ 1,912.71 -.11%
Leading Sectors
Disk Drives +3.72%
Oil Service +2.56%
HMO's +1.81%
Lagging Sectors
Telecom -1.28%
Wireless -1.61%
Drugs -1.66%
Crude Oil 40.80 -.32%
Natural Gas 5.84 -.02%
Gold 405.00 +.15%
Base Metals 112.52 +.51%
U.S. Dollar 87.92 +.39%
10-Yr. T-note Yield 4.48% unch.
VIX 14.71 +6.90%
Put/Call .82 -11.83%
NYSE Arms 1.76 +26.62%
After-hours Movers
RECN +3.21% after beating 4Q estimates.
RMBS +11.45% after beating 2Q estimates and announcing agreement with CDN to deliver portfolio of high-speed serial link solutions.
BSTE +9.65% after boosting 2Q forecast due to continued success in defending its Triage BNP Test franchise.
TSRA +9.3% after boosting 04 guidance.
FARO +7.75% after reaffirming 2Q and 04 forecast.
SYK -3.39% after beating 2Q eps forecast, but slightly missing sales forecast.
HOTT -12.64% after lowering 2Q, 3Q and 4Q estimates.
NFLX -11.72% after missing 2Q eps estimated, but meeting sales estimate and raising 3Q and 4Q estimates.
PMCS -9.96% after beating 2Q eps estimate, but slightly missing sales forecast.
PLXT -10.16% after missing 2Q and lowering 3Q estimates.
Goldman Sachs reiterated Outperform on TRB and PFE.
After-hours News
U.S. stocks finished modestly lower today as better economic and corporate earnings reports failed to spur investor enthusiasm.  After the close, California air-quality regulators will vote next week on a measure that would put a five-minute limit on the idling of diesel trucks and buses statewide, the San Francisco Chronicle reported.  Two American Indian tribes in Kansas plan to buy land Friday to build a $210 million casino resort, the Kansas City Kansan reported.  IBM said second-quarter sales and profits exceeded expectations as the company sold more consulting services to businesses and governments, Bloomberg reported.  The U.S. dollar advanced against the euro and yen in New York after manufacturing in the northeastern U.S. expanded more than forecast this month, easing concern among some investors that the economy is slowing, Bloomberg said.
BOTTOM LINE: The Portfolio finished slightly lower today as my falling retail shorts didn't quite offset my declining biotech longs.  I added a few longs in the afternoon, bringing the Portfolio's market exposure to 25% net long.  One of my new longs is KKD and I am using a $17.75 stop-loss on this position.  Today was disappointing for the bulls as economic reports and earnings reports should have produced a gain for the day.  Election worries and higher oil prices are currently trumping any good news.  Oil prices should subside in the near future while election worries will likely increase for the next several weeks.

No comments: