S&P 500 1,095.42 +.05%
NASDAQ 1,858.26 -.58%
Leading Sectors
Iron/Steel +8.25%
Cyclicals +1.38%
Transports +1.22%
Lagging Sectors
Airlines -1.27%
Hospitals -1.68%
Disk Drives -2.35%
Other
Crude Oil 42.66 -.56%
Natural Gas 6.12 -.28%
Gold 391.60 -.05%
Base Metals 110.09 +1.62%
U.S. Dollar 89.79 unch.
10-Yr. T-note Yield 4.58% -.60%
VIX 16.15 -2.42%
Put/Call .67 -6.94%
NYSE Arms 1.12 +43.59%
After-hours Movers
CNCT +6.37% after beating 2Q estimates and raising 3Q/04 guidance.
JDSU +6.67% after beating 4Q estimates and maintaining 1Q outlook.
SFNT +13.84% after beating 2Q estimates and raising 3Q guidance.
ALDA +17.3% after reporting better-than-expected 2Q.
INSP +27.23% after substantially beating 2Q estimates and raising 3Q/04 guidance.
WFMI -5.05% after missing 3Q estimates, but raising 04 outlook.
ESRX -13.1% after missing 2Q estimates, lowering 04 outlook and announcing it is being investigated by 19 states.
Recommendations
Goldman Sachs reiterated Underperform on HMT, AVP, AG and Outperform on SAP, VZ. OMC rated Focus 1 stock of the week at Merrill Lynch.
After-hours News
U.S. stocks finished mixed today as a short-covering rally boosted shares this afternoon. After the close, Saudi Arabia proposed deployment to Iraq of a military force drawn from Islamic nations to supplement and perhaps eventually replace the U.S.-led coalition, Saudi Foreign Minister Saud al-Faisal said. The U.S. plans to spend $53 million over five years on a multinational program to capture methane from coal mines and landfills in developing countries to provide energy and reduce the gas' affect on global warming, Bloomberg reported. JDS Uniphase, the world's largest maker of parts for fiber-optic networks, said its fourth-quarter net loss narrowed to $24.3 million after sales rose for the first time in 12 quarters, Bloomberg said.
BOTTOM LINE: The Portfolio finished unchanged today on the addition of a few new longs in the afternoon, leaving market exposure at 100% net long. One of my new longs is CYMI and I am using a stop-loss of $25.50 on this position. While not a great day by any means, it could have been much worse and should be viewed as a positive. Barring any domestic terror attacks, U.S. stocks should rally through week's end.
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