S&P 500 1,100.43 +.46%
NASDAQ 1,881.06 +1.23%
Leading Sectors
HMO's +4.0%
Airlines +2.93%
Semis +2.93%
Lagging Sectors
Restaurants -.29%
Consumer -.35%
Iron/Steel -2.71%
Other
Crude Oil 42.90 +.35%
Natural Gas 6.18 unch.
Gold 390.50 +.18%
Base Metals 110.86 +.70%
U.S. Dollar 89.95 +.22%
10-Yr. T-note Yield 4.57% -.22%
VIX 15.68 -2.91%
Put/Call .64 -4.48%
NYSE Arms .92 -17.86%
After-hours Movers
AIRT +9.20% on continued rise after reporting strong 1Q results.
GILD +6.81% after beating 2Q estimates substantially.
ISIL +4.68% after slightly missing 2Q estimates, but maintaining 3Q forecast.
MGAM -26.2% after missing 3Q estimates and lowering 04 forecast.
APCC -12.9% after missing 2Q forecast and giving weaker outlook.
SYNA -11.6% after meeting 4Q estimates, but lowering 1Q forcast.
THQI -10.5% after missing 1Q estimates and lowering 2Q outlook.
FLML -6.58% after disappointing 2Q report.
Recommendations
Goldman Sachs reiterated Underperform on MKL, CNA and DUK. Goldman reiterated Outperform on AIG, AHC, XOM and AFL. MGI Pharma's(MOGN) drugs that are taken by caner patients to alleviate the side effects of treatment will help further boost the company's sales, Business Week reported. Albertson's(ABS) share price may more than double to $51 in the next 12 to 18 months, Business Week said. Audible(ADBL), a provider of audio books, magazines and newspapers on the Internet, will benefit as more readers flock to its service, Business Week reported.
After-hours News
U.S. stocks finished higher today on stabilizing oil prices, stronger earnings reports and short covering. After the close, the U.S. Supreme Court is expected to rule that Visa and MasterCard cannot ban banks from issuing other credit cards, allowing American Express to distribute bank-issued cards, Business Week reported. Boston Scientific's Taxus stent, which was recalled after being linking to three deaths and 43 serious injuries, will be used again at Brigham & Women's Hospital, on of several large hospitals to suspend use of the device, the Wall Street Journal reported. Senator Kerry's supporters in the U.S. presidential election are challenging Ralph Nader's candidacy in some states and hired Vermont Governor Howard Dean to help persuade voters not to support him, Business Week said. Some hedge fund managers have been informed they have been barred from bidding for shares through the retail portion of Google's IPO, Dow Jones reported. Janus Capital said a client plans to withdraw $5 billion in funds, Bloomberg reported. Intel delayed the release of a faster version of its Pentium desktop processor until next year, Bloomberg said.
BOTTOM LINE: The Portfolio finished substantially higher today as several of my technology longs increased significantly. I did not trade in the afternoon and the Portfolio is still 125% net long. The tone of the market was pretty good today as several sectors saw good gains and the advance/decline line was strong in the face of stubbornly high oil prices. U.S. stocks should see more gains in the near-term. A pull-back in energy could turn the recent rally into something more substantial. However, weakness will likely resurface in the coming weeks on the same worries that have recently plagued shares.
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